Document and Entity Information
Document and Entity Information - Mar. 31, 2015 - shares | Total |
Document And Entity Information | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Mar. 31, 2015 |
Document Fiscal Year Focus | 2,015 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | NIDEC CORP |
Entity Central Index Key | 1,158,967 |
Current Fiscal Year End Date | --03-31 |
Entity Voluntary Filers | No |
Entity Well-known Seasoned Issuer | Yes |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 294,108,416 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - JPY (¥) ¥ in Millions | Mar. 31, 2015 | Mar. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | ¥ 269,902 | ¥ 247,740 |
Trade notes and accounts receivable, net of allowance for doubtful accounts of 1,126 million on March 31, 2014 and 830 million on March 31, 2015: | ||
Notes | 15,221 | 12,188 |
Accounts | 222,396 | 184,096 |
Inventories | 171,011 | 124,325 |
Other current assets | 51,984 | 48,067 |
Total current assets | 730,514 | 616,416 |
Marketable securities and other securities investments | 21,516 | 16,437 |
Investments in and advances to affiliated companies | 2,167 | 2,018 |
Long-term Investments, Total | 23,683 | 18,455 |
Property, plant and equipment: | ||
Land | 47,377 | 46,328 |
Buildings | 190,330 | 177,583 |
Machinery and equipment | 426,352 | 364,453 |
Construction in progress | 33,830 | 18,372 |
Property, Plant and Equipment, Gross, Total | 697,889 | 606,736 |
Less-Accumulated depreciation | (358,911) | (308,063) |
Property, Plant and Equipment, net | 338,978 | 298,673 |
Goodwill | 172,430 | 152,368 |
Other non-current assets, net of allowance for doubtful accounts of \467 million on March 31, 2014 and \465 million on March 31, 2015 | 89,534 | 81,026 |
Total assets | 1,355,139 | 1,166,938 |
Current liabilities: | ||
Short-term borrowings | 52,401 | 22,600 |
Current portion of long-term debt | 45,485 | 29,245 |
Trade notes and accounts payable | 194,998 | 166,383 |
Accrued expenses | 33,375 | 31,045 |
Other current liabilities | 37,890 | 33,285 |
Total current liabilities | 364,149 | 282,558 |
Long-term liabilities: | ||
Long-term debt | 184,612 | 299,411 |
Accrued pension and severance costs | 19,576 | 17,912 |
Other long-term liabilities | 33,504 | 26,264 |
Total long-term liabilities | ¥ 237,692 | ¥ 343,587 |
Commitments and contingencies (Notes 21 and 22) | ||
Equity: | ||
Common stock authorized 2014 and 2015: 960,000,000 shares; issued: 2014 290,150,160 shares / 2015 294,108,416 shares | ¥ 77,071 | ¥ 66,551 |
Additional paid-in capital | 105,459 | 65,197 |
Retained earnings | 427,842 | 367,485 |
Accumulated other comprehensive income (loss): | ||
Foreign currency translation adjustments | 131,330 | 54,540 |
Net unrealized gains and losses on securities | 7,412 | 4,185 |
Net gains and losses on derivative instruments | (1,072) | (24) |
Pension liability adjustments | (2,844) | (323) |
Treasury stock, at cost: 2014 14,343,952 shares / 2015 9,636 shares | (27) | (39,640) |
Total Nidec Corporation shareholders' equity | 745,171 | 517,971 |
Noncontrolling interests | 8,127 | 22,822 |
Total equity | 753,298 | 540,793 |
Total liabilities and equity | ¥ 1,355,139 | ¥ 1,166,938 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - JPY (¥) ¥ in Millions | Mar. 31, 2015 | Mar. 31, 2014 |
Statement Of Financial Position [Abstract] | ||
Trade notes and accounts receivable, allowance for doubtful accounts | ¥ 830 | ¥ 1,126 |
Other non-current assets, allowance for doubtful accounts | ¥ 465 | ¥ 467 |
Common stock, authorized | 960,000,000 | 960,000,000 |
Common stock, issued | 294,108,416 | 290,150,160 |
Treasury stock, shares | 9,636 | 14,343,952 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Income Statement [Abstract] | |||
Net sales | ¥ 1,028,385 | ¥ 875,109 | ¥ 709,270 |
Operating expenses: | |||
Cost of products sold | 786,207 | 674,903 | 572,634 |
Selling, general and administrative expenses | 85,781 | 77,534 | 84,760 |
Research and development expenses | 45,179 | 37,808 | 34,278 |
Costs and Expenses, Total | 917,167 | 790,245 | 691,672 |
Operating income | 111,218 | 84,864 | 17,598 |
Other income (expense): | |||
Interest and dividend income | 2,359 | 2,376 | 1,831 |
Interest expense | (1,487) | (1,526) | (679) |
Foreign exchange (loss) gain, net | 804 | (56) | (2,973) |
(Loss) gain on marketable securities, net | 70 | 245 | (87) |
Other, net | (5,593) | (1,443) | (2,292) |
Nonoperating Income (Expense), Total | (3,847) | (404) | (4,200) |
Income before income taxes | 107,371 | 84,460 | 13,398 |
Income taxes | (29,111) | (25,658) | (6,562) |
Equity in net income (loss) of affiliated companies | 29 | (25) | 13 |
Consolidated net income | 78,289 | 58,777 | 6,849 |
Less: Net loss (income) attributable to noncontrolling interests | (2,073) | (2,505) | 1,137 |
Net income attributable to Nidec Corporation | ¥ 76,216 | ¥ 56,272 | ¥ 7,986 |
Earning per share-basic | |||
Net income attributable to Nidec Corporation | ¥ 272.32 | ¥ 206.82 | ¥ 29.64 |
Earning per share-diluted | |||
Net income attributable to Nidec Corporation | 256.73 | 193.50 | 27.49 |
Cash dividends paid | ¥ 57.50 | ¥ 42.50 | ¥ 45 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Consolidated net income | ¥ 78,289 | ¥ 58,777 | ¥ 6,849 |
Other comprehensive income (loss), net of tax | |||
Foreign currency translation adjustments | 77,751 | 43,429 | 62,158 |
Net unrealized gains and losses on securities | 3,243 | 2,980 | 151 |
Net gains and losses on derivative instruments | (1,048) | (266) | 169 |
Pension liability adjustments | (2,534) | 738 | (433) |
Total other comprehensive income (loss) | 77,412 | 46,881 | 62,045 |
Total comprehensive income (loss) | 155,701 | 105,658 | 68,894 |
Less: Comprehensive (income) loss attributable to noncontrolling interests | (3,037) | (3,961) | (487) |
Comprehensive income (loss) attributable to Nidec Corporation | ¥ 152,664 | ¥ 101,697 | ¥ 68,407 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - JPY (¥) ¥ in Millions | Common stock | Additional Paid-in capital | Retained earnings | Accumulated other comprehensive income (loss) | Treasury stock, at cost | Nidec Corporation total shareholders' equity | Non- controlling interests | Total |
Beginning Balance (in shares) at Mar. 31, 2012 | 290,150,160 | |||||||
Beginning Balance at Mar. 31, 2012 | ¥ 66,551 | ¥ 66,762 | ¥ 326,777 | ¥ (47,468) | ¥ (42,440) | ¥ 370,182 | ¥ 55,429 | ¥ 425,611 |
Comprehensive income (loss): | ||||||||
Net income | 7,986 | 7,986 | (1,137) | 6,849 | ||||
Other comprehensive income (loss) | ||||||||
Foreign currency translation adjustments | 60,547 | 60,547 | 1,611 | 62,158 | ||||
Net unrealized gains and losses on securities | 174 | 174 | (23) | 151 | ||||
Net gains and losses on derivative instruments | 169 | 169 | 169 | |||||
Pension liability adjustments | (469) | (469) | 36 | (433) | ||||
Total other comprehensive income (loss) | 60,421 | 1,624 | 62,045 | |||||
Total comprehensive income (loss) | 68,407 | 487 | 68,894 | |||||
Purchase of treasury stock | (31,277) | (31,277) | (31,277) | |||||
Change in ownership of subsidiaries in connection with share exchange transaction | 3,270 | 16,710 | 19,980 | (19,980) | ||||
Dividends paid to shareholders of Nidec Corporation | (12,125) | (12,125) | (12,125) | |||||
Dividends paid to noncontrolling interests | (1,421) | (1,421) | ||||||
Acquisitions of new subsidiaries | 3,570 | 3,570 | ||||||
Capital transaction with consolidated subsidiaries and other | 486 | 486 | 79 | 565 | ||||
Ending Balance (in shares) at Mar. 31, 2013 | 290,150,160 | |||||||
Ending Balance at Mar. 31, 2013 | ¥ 66,551 | 70,518 | 322,638 | 12,953 | (57,007) | 415,653 | 38,164 | 453,817 |
Comprehensive income (loss): | ||||||||
Net income | 56,272 | 56,272 | 2,505 | 58,777 | ||||
Other comprehensive income (loss) | ||||||||
Foreign currency translation adjustments | 41,904 | 41,904 | 1,525 | 43,429 | ||||
Net unrealized gains and losses on securities | 2,998 | 2,998 | (18) | 2,980 | ||||
Net gains and losses on derivative instruments | (266) | (266) | (266) | |||||
Pension liability adjustments | 789 | 789 | (51) | 738 | ||||
Total other comprehensive income (loss) | 45,425 | 1,456 | 46,881 | |||||
Total comprehensive income (loss) | 101,697 | 3,961 | 105,658 | |||||
Purchase of treasury stock | (2,838) | (2,838) | (2,838) | |||||
Change in ownership of subsidiaries in connection with share exchange transaction | (4,279) | 20,655 | 16,376 | (16,376) | ||||
Dividends paid to shareholders of Nidec Corporation | (11,425) | (11,425) | (11,425) | |||||
Dividends paid to noncontrolling interests | (894) | (894) | ||||||
Capital transaction with consolidated subsidiaries and other | (1,042) | (450) | (1,492) | (2,033) | ¥ (3,525) | |||
Ending Balance (in shares) at Mar. 31, 2014 | 290,150,160 | 290,150,160 | ||||||
Ending Balance at Mar. 31, 2014 | ¥ 66,551 | 65,197 | 367,485 | 58,378 | (39,640) | 517,971 | 22,822 | ¥ 540,793 |
Comprehensive income (loss): | ||||||||
Net income | 76,216 | 76,216 | 2,073 | 78,289 | ||||
Other comprehensive income (loss) | ||||||||
Foreign currency translation adjustments | 76,790 | 76,790 | 961 | 77,751 | ||||
Net unrealized gains and losses on securities | 3,227 | 3,227 | 16 | 3,243 | ||||
Net gains and losses on derivative instruments | (1,048) | (1,048) | (1,048) | |||||
Pension liability adjustments | (2,521) | (2,521) | (13) | (2,534) | ||||
Total other comprehensive income (loss) | 76,448 | 964 | 77,412 | |||||
Total comprehensive income (loss) | 152,664 | 3,037 | 155,701 | |||||
Conversion of convertible bond | ¥ 10,520 | 34,582 | 29,130 | 74,232 | 74,232 | |||
Conversion of convertible bond (in shares) | 3,958,256 | |||||||
Purchase of treasury stock | (2,159) | (2,159) | (2,159) | |||||
Change in ownership of subsidiaries in connection with share exchange transaction | 5,175 | 11,960 | 17,135 | (17,135) | ||||
Dividends paid to shareholders of Nidec Corporation | (15,859) | (15,859) | (15,859) | |||||
Dividends paid to noncontrolling interests | (611) | (611) | ||||||
Capital transaction with consolidated subsidiaries and other | 505 | 682 | 1,187 | 14 | ¥ 1,201 | |||
Ending Balance (in shares) at Mar. 31, 2015 | 294,108,416 | 294,108,416 | ||||||
Ending Balance at Mar. 31, 2015 | ¥ 77,071 | ¥ 105,459 | ¥ 427,842 | ¥ 134,826 | ¥ (27) | ¥ 745,171 | ¥ 8,127 | ¥ 753,298 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Cash flows from operating activities: | |||
Consolidated net income | ¥ 78,289 | ¥ 58,777 | ¥ 6,849 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 45,102 | 39,497 | 34,935 |
Amortization | 8,284 | 6,814 | 4,785 |
Loss (gain) on marketable securities, net | (70) | (245) | 87 |
Loss (gain) on sales, disposal or impairment of property, plant and equipment | (275) | 534 | 10,300 |
Loss recovery and gain on property, plant and equipment damaged in flood | (62) | (4,027) | |
Deferred income taxes | 6,602 | 9,146 | (12,055) |
Equity in net (income) loss of affiliated companies | (29) | 25 | (13) |
Foreign currency adjustments | 1,634 | (3,498) | 1,744 |
Accrual for pension and severance costs, net payments | 1,583 | (4,240) | (396) |
Changes in operating assets and liabilities: | |||
Decrease (increase) in notes and accounts receivable | (20,109) | (19,957) | 53,221 |
Decrease (increase) in inventories | (29,565) | (10,070) | 14,090 |
(Decrease) increase in notes and accounts payable | 10,054 | 14,299 | (1,257) |
(Decrease) increase in accrued income taxes | 220 | 3,899 | (7,263) |
Other | (9,845) | (7,700) | 9,286 |
Net cash provided by operating activities | 91,875 | 87,219 | 110,286 |
Cash flows from investing activities: | |||
Additions to property, plant and equipment | (58,042) | (40,297) | (61,368) |
Proceeds from sales of property, plant and equipment | 3,110 | 2,601 | 1,036 |
Insurance proceeds related to property, plant and equipment damaged in flood | 2,772 | 880 | |
Purchases of marketable securities | (6) | (309) | (147) |
Proceeds from sales or redemption of marketable securities | 68 | 1,059 | 692 |
Acquisitions of business, net of cash acquired | (27,343) | (23,350) | (79,884) |
Proceeds from sales of business, net of cash divested | 3,381 | 210 | 332 |
Other | (2,398) | (5,864) | 4,605 |
Net cash used in investing activities | (81,230) | (63,178) | (133,854) |
Cash flows from financing activities: | |||
(Decrease) increase in short-term borrowings | 29,592 | (11,821) | (52,199) |
Proceeds from issuance of long-term debt | 78 | 30,000 | 71,307 |
Repayments of long-term debt | (30,104) | (34,323) | (12,392) |
Proceeds from issuance of corporate bonds | 50,000 | 100,000 | |
Redemption of corporate bonds | (4,250) | ||
Purchases of treasury stock | (2,159) | (2,838) | (31,277) |
Payments for additional investments in subsidiaries | (292) | (217) | (92) |
Dividends paid to shareholders of Nidec Corporation | (15,859) | (11,425) | (12,125) |
Dividends paid to noncontrolling interests | (611) | (894) | (1,421) |
Other | (153) | (761) | (684) |
Net cash provided by (used in) financing activities | (19,508) | 13,471 | 61,117 |
Effect of exchange rate changes on cash and cash equivalents | 31,025 | 16,808 | 25,581 |
Net increase in cash and cash equivalents | 22,162 | 54,320 | 63,130 |
Cash and cash equivalents at beginning of year | 247,740 | 193,420 | 130,290 |
Cash and cash equivalents at end of year | ¥ 269,902 | ¥ 247,740 | ¥ 193,420 |
Nature of operations
Nature of operations | 12 Months Ended |
Mar. 31, 2015 | |
Nature of operations | |
Nature of operations | 1. Nature of operations: NIDEC Corporation (the “Company”) and its subsidiaries (collectively “NIDEC”) are primarily engaged in the design, development, manufacture and marketing of i) small precision motors, which include spindle motors for hard disk drives, motors for optical disk drives, small precision fans, motor appliances and other small motors; ii) automotive, appliance, commercial and industrial products, which are used in various electric household appliances, commercial and industrial equipment and automobiles; iii) machinery, which includes, test systems, measuring equipment, power transmission equipment, factory automation systems, press machines, card readers and industrial robots; iv) electronic and optical components, which include camera shutters, camera lens units, switches, trimmer potentiometers, processing and precision plastic mold products; and v) other products, which include other services. Manufacturing operations are located primarily in Asia (China, Thailand, Vietnam and the Philippines), North America and Japan, and sales subsidiaries are primarily located in Asia, Japan, North America and Europe. NIDEC sells its products to the manufacturers of hard disk drives, various electric household appliances, automation equipment, automotive components, home video game consoles, telecommunication equipment and audio-visual equipment. |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Mar. 31, 2015 | |
Summary of significant accounting policies | |
Summary of significant accounting policies | 2. Summary of significant accounting policies: The Company and its subsidiaries in Japan maintain their records and prepare their financial statements in accordance with accounting principles generally accepted in Japan, and its foreign subsidiaries in conformity with those of their countries of domicile. Certain adjustments and reclassifications have been incorporated in the accompanying consolidated financial statements to conform with accounting principles generally accepted in the United States of America. Significant accounting policies after reflecting adjustments for the above are as follows: Estimates - The preparation of NIDEC’s consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Some of the more significant estimates include the valuation of inventories, allowance for doubtful accounts, depreciation and amortization of long-lived assets, valuation allowance for deferred tax assets, valuation of investment securities, fair value of financial instruments, uncertain tax positions, pension liabilities, the recoverability of long-lived assets and goodwill, and fair value of assets acquired and liabilities assumed. Actual results could differ from those estimates. Basis of consolidation and accounting for investments in affiliated companies - The consolidated financial statements include the accounts of the Company and those of its majority-owned subsidiary companies. All significant intercompany transactions and accounts have been eliminated. Companies over which NIDEC exercises significant influence, but which it does not control, are classified as affiliated companies and accounted for using the equity method. Consolidated net income includes NIDEC’s equity in current earnings (losses) of such companies, after elimination of unrealized intercompany profits. On occasion, NIDEC may acquire additional shares of the voting rights of a consolidated subsidiary or dispose of a part of those shares or a Nidec consolidated subsidiary may issue its shares to third parties. With respect to such transactions, all transactions for changes in a parent’s ownership interest in a subsidiary that do not result in the subsidiary ceasing to be a subsidiary are recognized as equity transactions. Translation of foreign currencies - Non monetary asset and liability accounts of foreign subsidiaries and affiliates are translated into Japanese yen at the year-end exchange rates and all income and expense accounts are translated at exchange rates that approximate those prevailing at the time of the transactions. The resulting translation adjustments are included as a component of accumulated other comprehensive income in shareholders’ equity. Monetary assets and liabilities denominated in foreign currencies are translated at the year-end exchange rates and the resulting transaction gains or losses are taken into income. Cash and cash equivalents - Cash and cash equivalents include all highly liquid investments, with original maturities of three months or less that are readily convertible to known amounts of cash and are so near maturity that they present insignificant risk of changes in value because of changes in interest rates. Inventories - Inventories are stated at the lower of cost or market. Cost is determined principally on the weighted average cost basis. Cost includes the cost of materials, labor and applied factory overhead. Projects in progress, which mainly relate to production of factory automation equipment based on contracts with customers, are stated at the lower of cost or market, cost being determined as the accumulated production cost. Marketable securities - Marketable securities consist of equity securities that are listed on recognized stock exchanges and debt securities. Equity securities designated as available-for-sale are carried at fair value with changes in unrealized gains or losses included as a component of accumulated other comprehensive income in shareholders’ equity, net of applicable taxes. Realized gains and losses are determined on the average cost method and are reflected in the statement of income. Other than temporary declines in market value of individual securities classified as available-for-sale are charged to income in the period the loss occurs. Debt securities designated as held-to-maturity securities are recorded at amortized cost, adjusted for the amortization or accretion of premiums or discounts. Derivative financial instruments - NIDEC manages the exposures of fluctuations in foreign exchange rate, interest rate and commodity prices through the use of derivative financial instruments which include foreign exchange forward contracts, interest rate swap agreements and commodity future contracts. NIDEC does not hold derivative financial instruments for trading purposes. Derivatives are accounted for under ASC 815, “Derivatives and Hedging.” All derivatives are recorded as either assets or liabilities on the balance sheet and measured at fair value. Changes in the fair value of derivatives are charged in current earnings. However certain derivatives may qualify for hedge accounting as a cash flow hedge, if the hedging relationship is expected to be highly effective in achieving offsetting of cash flows of the hedging instruments and hedged items. Under hedge accounting, changes in the fair value of the effective portion of these derivatives designated as cash flow hedge derivatives are deferred in accumulated other comprehensive income and charged to earnings when the underlying transaction being hedged occurs. NIDEC designates certain foreign exchange forward contracts, interest rate swap agreements and commodity future contracts as cash flow hedges. NIDEC formally documents all relationships between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives designated as cash flow hedges to specific assets and liabilities on the balance sheet or forecasted transactions. NIDEC also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting cash flows of hedged items. When it is determined that a derivative is not a highly effective hedge or that it has ceased to be a highly effective hedge, NIDEC discontinues hedge accounting prospectively. When a cash flow hedge is discontinued, the previously recognized net derivative gains or losses remain in accumulated other comprehensive income until the hedged transaction occurs, unless it is probable that the forecasted transaction will not occur at which point the derivative gains or losses are reclassified into earnings immediately. Property, plant and equipment - Property, plant and equipment are stated at cost. Major renewals and improvements are capitalized; minor replacements, maintenance and repairs are charged to expense in the year incurred. Depreciation of property, plant and equipment is computed on the straight-line method at rates based on the estimated useful lives of the assets. Estimated useful lives range from 7 to 47 years for factories to produce NIDEC’s products, 50 years for the head office and sales offices, from 3 to 18 years for leasehold improvements, and from 2 to 15 years for machinery and equipment. Depreciation expense amounted to ¥34,935 million, ¥39,497 million, and ¥45,102 million for the years ended March 31, 2013, 2014 and 2015, respectively. Lease- NIDEC capitalizes leases and related obligations when any of the four criteria are met within the guidance of ASC 840 “Leases”. Under ASC840, these leases and related obligations are capitalized at the commencement of the lease at the lower of the fair value of the leased property and the present value of the minimum lease payments. Goodwill and other intangible assets - Goodwill and other intangible assets are accounted for under ASC350, “Intangibles - Goodwill and Other”. Goodwill acquired in business combinations is not amortized but tested annually for impairment. NIDEC tests for impairment at the reporting unit level on January 1st of each year. In addition, NIDEC tests for impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. This test is a two-step process. The first step of the goodwill impairment test, used to identify potential impairment, compares the fair value of the reporting unit with its carrying amount, including goodwill. If the fair value, which is based on discounted future cash flows, exceeds the carrying amount, goodwill is not considered impaired. If the carrying amount exceeds the fair value, the second step must be performed to measure the amount of the impairment loss, if any. The second step compares the implied fair value of the reporting unit’s goodwill with the carrying amount of that goodwill. Other intangible assets include proprietary technology and customer relationships, as well as software and other intangible assets acquired in business combinations. Intangible assets with an indefinite life are not subject to amortization and are tested for impairment once on January 1st of each year or more frequently if an event occurs or circumstances change. Intangible assets with a definite life are amortized on a straight-line basis over their estimated useful lives. The weighted average amortization period for proprietary technology, customer relationships and software are 11 years, 18 years and 6 years, respectively. Long-lived assets - NIDEC reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. An impairment loss would be recognized when the carrying amount of an asset group exceeds the estimated undiscounted future cash flows expected to result from the use of the asset group and its eventual disposition. The amount of the impairment loss to be recorded is calculated as the excess of the assets group’s carrying value over its fair value. Long-lived assets that are to be disposed of other than by sale are considered to be held and used until the disposal. Long-lived assets that are to be disposed of by sale are reported at the lower of their carrying value or fair value less costs to sell. Reductions in carrying value are recognized in the period in which long-lived assets are classified as held for sale. Revenue recognition - NIDEC recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred, the sales price is fixed or determinable and collectibility is reasonably assured. For small precision motors, automotive, appliance, commercial and industrial products and electronic and optical components, these criteria are generally met at the time a product is delivered to the customers’ site which is the time the customer has taken title to the product and the risk and rewards of ownership have been substantively transferred. These conditions are met at the time of delivery to customers in domestic sales (FOB destination) and at the time of shipment for export sales (FOB shipping point). Revenue for machinery sales is recognized upon receipt of final customer acceptance. At the time the related revenue is recognized, NIDEC makes provisions for estimated product returns. Revenue from a part of sales of automotive, appliance, commercial and industrial products under long-term construction type arrangements are recognized under the percentage-of-completion method. Under the percentage-of-completion method, revenue is recognized as a percentage of estimated total revenue that incurred costs to date bear to estimated total costs after giving effect to estimates of costs to complete based upon the most recent information. Research and development expenses- Research and development expenses, mainly consisting of personnel and depreciation expenses at research and development branches, are charged to operations as incurred. Advertising costs - Advertising and sales promotion costs are expensed as incurred. Advertising costs were ¥ 296 million, ¥477 million, and ¥525 million for the years ended March 31, 2013, 2014 and 2015, respectively. Income taxes - The provision for income taxes is computed based on the pretax income included in the consolidated statement of income. The asset and liability approach is used to recognize deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. NIDEC recognizes the financial statement effects of tax positions when it is more likely than not, based on the technical merits, that the tax positions will be sustained upon examination by the tax authorities. Benefits from tax positions that meet the more-likely-than-not recognition threshold are measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon settlement. Interest and penalties accrued related to unrecognized tax benefits are included in other, net in the consolidated statements of income. Earnings per share - Basic net income per common share is calculated by dividing net income by the weighted-average number of shares outstanding during the reported period. The calculation of diluted net income per common share is similar to the calculation of basic net income per share, except that the weighted-average number of shares outstanding includes the additional dilution from potential common stock equivalents such as convertible bonds and options. Reclassification Certain reclassifications of previously reported amounts have been made to the consolidated financial statements and footnotes for the years ended March 31, 2013 and 2014 to conform to the current year presentation. Accounting Changes As of April 1, 2014, NIDEC adopted FASB Accounting Standards Codification™ (ASC) 740 “Income Taxes” updated by Accounting Standards Update (ASU) No. 2013-11 “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” ASU 2013-11 clarifies that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward if such settlement is required or expected in the event the uncertain tax position is disallowed by the taxing authority. In situations where a net operating loss carry forward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction or the tax law of the applicable jurisdiction does not require, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. This standard is a provision for disclosure, and the adoption of this standard did not have any impact on NIDEC’s consolidated financial position, results of operations or liquidity. Recent Accounting Pronouncements to be adopted in future periods In April 2014, the FASB issued ASU No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” Under the new standard, a disposal of a component or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when the component meets the criteria to be classified as held for sale or is disposed. The amendments in this update also require additional disclosures about discontinued operations and disposal of an individually significant component of an entity that does not qualify for discontinued operations. ASU 2014-08 is effective for annual and interim periods beginning after December 15, 2014. Early adoption is permitted. The impact of the adoption of ASU 2014-08 on NIDEC’s consolidated financial position, results of operations and liquidity will depend on, and may be significant depending on, the size and nature of any future disposal. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” Under the new standard, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity should recognize revenue when (or as) it satisfies a performance obligation by transferring a promised good or service to a customer, and the transaction price should be allocated to performance obligation in the contract. The new standard also requires an entity to disclose sufficient information to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. ASU 2014-09 is effective for annual and interim periods beginning after December 15, 2016. Early application is not permitted. NIDEC is currently evaluating the potential impact from adopting ASU 2014-09 on its consolidated financial position, results of operations and liquidity. |
Acquisitions and dispositions
Acquisitions and dispositions | 12 Months Ended |
Mar. 31, 2015 | |
Acquisitions and dispositions | |
Acquisitions and dispositions | 3. Acquisitions and dispositions On April 2, 2012, NIDEC acquired all of the voting rights in The Minster Machine Company (“Minster”), which consists of machinery product category, particularly medium-sized and large-sized high-speed, high-rigidity press machines and large-sized press machines for dies for motor parts for cash of ¥ 9,202 million, in order to continue to pursue NIDEC’s group-wide growth strategy by seeking to increase sales by expanding our business not only in NIDEC’s existing electronic parts market but also in wider markets, including the beverage can and automobile parts markets. The Minster Machine Company was subsequently renamed Nidec Minster Corporation. On May 31, 2012, NIDEC acquired all of the voting rights in Ansaldo Sistemi Industriali S.p.A. (“Nidec ASI”), an Italian company, which consists of automotive, appliance, commercial and industrial products business for cash of ¥ 36,564 million, where NIDEC has increasingly focused our efforts as one of the principal growth area, in order to accelerate the global expansion of NIDEC’s industrial motor business by gaining sales platforms in markets where NIDEC currently does not have significant sales and by expanding NIDEC’s product offering to include a wide range of products that are currently not in our product portfolio. Ansaldo Sistemi Industriali S.p.A was subsequently renamed Nidec ASI S.p.A. On September 28, 2012, NIDEC acquired all of the voting rights in Avtron Industrial Automation, Inc. (“Avtron”), which consists of rich system engineering resources, experience, the customer relationship and a sales channel in North America for cash of ¥ 4,861 million, in order to strengthen the industrial motor and automation solutions business and accelerate our strategy to achieve synergies with acquired companies. On October 2, 2012, NIDEC acquired 51.4% of the voting rights of SCD Co., Ltd. (“SCD”), a South Korean company, which consists of development, manufacturing and sale of motor drive units for refrigerators and motors for air conditioners for cash of ¥ 3,305 million, in order to gain an opportunity to enter into business with South Korean home appliance manufacturers that have a strong presence in emerging economies, and seek to expand sales of its rich product line-up. On November 1, 2012, NIDEC acquired all of the voting rights in Kinetek Group Inc. (“Kinetek”), which conducts its commercial motor business on a global basis and occupies a leading position in various markets for commercial motors used in such end-products as elevators/escalators, commercial food refrigerators, floor care equipment, golf and utility vehicles, material handling vehicles and aerial lifts for cash of ¥ 35,697 million, in order to strengthen NIDEC’s commercial motor business. On December 28, 2012, NIDEC acquired 51.0% of the voting rights of Nidec Kaiyu Auto Electric (Jiangsu) Co., Ltd. (“Kaiyu”), a Chinese company, which consists of development, manufacturing and sale of brush motors for electric power steering (“EPS”) systems and automotive fans for cash of ¥ 1,018 million, in order to acquire technologies for brush motors for EPS systems, which NIDEC currently does not possess, and business opportunities in the Chinese automobile market, new entry into which has been difficult. On January 1, 2014, NIDEC acquired all of the voting rights in Mitsubishi Materials C.M.I. Corporation (“CMI”), a Japanese company, which consists of development, manufacturing and sale of small motors, electric contact products and other products for cash of ¥ 5,228 million, in order to strengthen our automotive product business and enhance our product portfolio. On March 31, 2014, NIDEC acquired all of the voting rights in Honda Elesys Co., Ltd. (“Elesys”), a Japanese company, which consists of development, manufacturing and sale of automobile electronic control units for car bodies for cash of ¥ 24,320 million, mainly in order to combine our EPS motors with Elesys’ electronic control units (ECU) to be transformed into a module business, and create sales synergies by utilizing Nidec Group’s sales network for automotive motors. On February 2, 2015, NIDEC acquired all of the voting rights in Geräte- und Pumpenbau GmbH Dr. Eugen Schmidt (“GPM”), a German company, which consists of development, manufacturing and sale of automotive oil pumps and modules for passenger cars and commercial vehicles for cash of ¥ 30,024 million, in order to further transform its business model from one based solely on motors to one based on modularization / systematization and to accelerate its shift to high value-added businesses. On February 2, 2015, NIDEC disposed of all of the voting rights in Nidec Logistics Corporation to Maruzen Showa Unyu Co., Ltd. for cash of ¥ 5,000 million. Gain on sales of the subsidiary’s stocks of ¥ 1,182 million arising from the disposition was included in selling, general and administrative expenses in the consolidated statement of income for the year ended March 31, 2015. Pursuant to ASC 805 “Business Combinations,” previous year’s consolidated financial statements have been retrospectively adjusted to reflect NIDEC’s valuation of the fair values of the assets acquired and the liabilities assumed upon the acquisition of CMI and Elesys in the fiscal year ended March 31, 2014. During the three months ended December 31, 2014, NIDEC completed its valuation of such assets and liabilities of CMI and Elesys. The effects of the adjustments for each consolidated financial statement were as follows: Consolidated balance sheet as of March 31, 2014 Current assets ¥448 million, property, plant and equipment ¥(208) million, goodwill ¥(2,559) million, intangible assets ¥3,262 million, other noncurrent assets ¥77 million, liability ¥1,132 million and equity ¥(112) million. All of intangible assets are subject to amortization and consist of customer relationships of ¥1,981 million, developed technologies of ¥1,280 million and other intangible assets of ¥1 million. NIDEC has estimated the weighted average amortization period for the customer relationships and developed technologies to be 6 years and 9 years, respectively. Consolidated statement of income for the year ended March 31, 2014 Operating income ¥(204) million, income before income taxes ¥(204) million and net income attributable to Nidec Corporation ¥(132) million. In addition, NIDEC is currently evaluating the fair values of the assets acquired and the liabilities assumed upon the acquisitions of GPM. These assets and liabilities have been recorded on NIDEC’s consolidated balance sheet based on preliminary management estimation as of March 31, 2015. NIDEC continues to gather information to evaluate primarily inventories, property, plant and equipment and intangible assets that NIDEC has acquired. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date. Yen in millions February 2, 2015 GPM Cash and cash equivalents ¥ Accounts receivable Inventories Other current assets Property, plant and equipment Goodwill Intangible assets Other non-current assets Total assets acquired Accounts payable ) Other current liabilities ) Other non-current liabilities ) Total liabilities assumed ) Noncontrolling interests Net assets acquired ¥ All goodwill was allocated to the Nidec Motors & Actuators segment and not considered to be tax-deductible. Acquisition-related cost of ¥ 559 million was included in selling, general and administrative expenses in the consolidated statement of income for the year ended March 31, 2015. The following represent the unaudited pro forma results of operations of NIDEC for the years ended March 31, 2013, 2014 and 2015, as if the acquisitions of these companies had occurred on April 1, 2012 and 2013. The unaudited pro forma results of operations are presented for comparative purposes only and are not necessarily indicative of the results of operations that may occur in the future or that would have occurred had the acquisitions been in effect on the dates indicated. The unaudited pro forma results of operations of NIDEC for the years ended March 31, 2013 and 2014, as if the acquisitions of CMI and Elesys had occurred on April 1, 2012. Yen in millions For the year ended March 31 (Unaudited) 2013 2014 Pro forma net sales ¥ ¥ Pro forma net income Yen Pro forma net income attributable to Nidec Corporation per share — Basic ¥ ¥ — Diluted The unaudited pro forma results of operations of NIDEC for the years ended March 31, 2014 and 2015, as if the acquisition of GPM had occurred on April 1, 2013. Yen in millions For the year ended March 31 (Unaudited) 2014 2015 Pro forma net sales ¥ ¥ Pro forma net income Yen Pro forma n et income a ttributable to Nidec Corporation per share — Basic ¥ ¥ — Diluted Note: NIDEC implemented a two-for-one stock split on its common stock as of April 1, 2014. Each p ro forma n et income a ttributable to Nidec Corporation per share has been adjusted to reflect the effect of the stock split. |
Goodwill and other intangible a
Goodwill and other intangible assets | 12 Months Ended |
Mar. 31, 2015 | |
Goodwill and other intangible assets | |
Goodwill and other intangible assets | 4. Goodwill and other intangible assets: Intangible assets subject to amortization are summarized as follows: Yen in millions March 31 2014 2015 Gross carrying amounts Accumulated amortization Carrying amounts Gross carrying amounts Accumulated amortization Carrying amounts Proprietary technology ¥ ¥ ¥ ¥ ¥ ¥ Customer relationships Software Other Total ¥ ¥ ¥ ¥ ¥ ¥ The weighted average amortization periods for proprietary technology, customer relationships and software are 11 years, 18 years and 6 years, respectively. Total amortization of intangible assets for the years ended March 31, 2013, 2014 and 2015 amounted to ¥4,627 million, ¥6,393 million and ¥7,173 million, respectively. Total indefinite lived intangible assets amounted to ¥7,920 million and ¥9,106 million as of March 31, 2014 and 2015, respectively. The estimated aggregate amortization expense for intangible assets for the next five years is as follows: Years ending March 31, Yen in millions 2016 ¥ 2017 2018 2019 2020 NIDEC has completed the annual impairment test for existing goodwill and indefinite lived intangible assets as required by ASC 350 as of January 1, 2015. For the years ended March 31, 2013, 2014 and 2015, NIDEC has determined that the fair value of each reporting unit which includes goodwill has been in excess of its carrying amount. Accordingly, for the years ended March 31, 2013, 2014 and 2015, no goodwill impairment loss has been recorded. As a result of the annual impairment test for existing indefinite lived intangible assets, for the years ended March 31, 2013, 2014 and 2015, impairment loss of indefinite lived intangible assets has not been recorded. The changes in the carrying amount of goodwill by operating reportable segment for the years ended March 31, 2014 are as follows: Yen in millions Balance as of April 1, 2013 Acquisition Impairment loss Translation adjustments and Others Balance as of March 31, 2014 Goodwill: Nidec Electronics (Thailand) ¥ ¥ — ¥ — ¥ ¥ Nidec (Zhejiang) — — Nidec Sankyo — Nidec Copal — — — Nidec Copal Electronics — — — Nidec Techno Motor — — — Nidec Motor — — Nidec Motors & Actuators — All Others — — ¥ ¥ ¥ — ¥ ¥ The changes in the carrying amount of goodwill by operating reportable segment for the years ended March 31, 2015 are as follows: Yen in millions Balance as of April 1, 2014 Acquisition Impairment loss Translation adjustments and Others Balance as of March 31, 2015 Goodwill: Nidec Electronics (Thailand) ¥ ¥ — ¥ — ¥ ¥ Nidec (Zhejiang) — — Nidec Sankyo — — Nidec Copal — — — Nidec Copal Electronics — — — Nidec Techno Motor — — — Nidec Motor — — Nidec Motors & Actuators — All Others — — ¥ ¥ ¥ — ¥ ¥ NIDEC has partially reclassified reportable segment. Accordingly, previous period amounts have been reclassified. Reportable segment information is described in Notes 23 (2). |
Supplemental cash flow informat
Supplemental cash flow information | 12 Months Ended |
Mar. 31, 2015 | |
Supplemental cash flow information | |
Supplemental cash flow information | 5. Supplemental cash flow information: The supplemental information associated with the consolidated statements of cash flows for the years ended March 31, 2013, 2014 and 2015 are as follows: Yen in millions For the year ended March 31 2013 2014 2015 Cash paid during the fiscal year for: Income taxes ¥ ¥ ¥ Interest Non-cash investing and financing activities: Capital lease obligations Conversion of convertible bond — — Change in ownership of subsidiaries in connection with share exchange transaction —Change in common stock —Change in treasury stock |
Allowance for doubtful accounts
Allowance for doubtful accounts | 12 Months Ended |
Mar. 31, 2015 | |
Allowance for doubtful accounts | |
Allowance for doubtful accounts | 6. Allowance for doubtful accounts: NIDEC estimates losses for uncollectible accounts based on historical experience and the evaluation of the likelihood of success in collecting specific customer receivables. An analysis of activity within the allowance for doubtful accounts for the years ended March 31, 2013, 2014 and 2015 are as follows: Yen in millions 2013 2014 2015 Allowance for doubtful accounts at beginning of the year ¥1,002 ¥1,375 ¥1,593 Provision for doubtful accounts, net of reversal ) Write-offs ) ) ) Translation adjustment and other Allowance for doubtful accounts at the end of the year ¥1,375 ¥1,593 ¥1,295 |
Inventories
Inventories | 12 Months Ended |
Mar. 31, 2015 | |
Inventories | |
Inventories | 7. Inventories: Inventories consist of the following: Yen in millions March 31 2014 2015 Finished goods ¥ ¥ Raw materials Work in process Supplies and other ¥ ¥ |
Other current assets
Other current assets | 12 Months Ended |
Mar. 31, 2015 | |
Other current assets | |
Other current assets | 8. Other current assets: Other current assets as of March 31, 2014 and 2015 consist of the following: Yen in millions March 31 2014 2015 Other receivable ¥ ¥ Deferred tax assets (Note 16) Costs on uncompleted construction contracts Prepaid expenses Other ¥ ¥ |
Marketable securities and other
Marketable securities and other securities investments | 12 Months Ended |
Mar. 31, 2015 | |
Marketable securities and other securities investments | |
Marketable securities and other securities investments | 9. Marketable securities and other securities investments: Marketable securities and other securities investments include debt and equity securities of which the aggregate fair value, gross unrealized gains and losses and cost are as follows: Yen in millions March 31, 2014 Cost Gross unrealized gains Gross unrealized losses Fair value Available-for-sale Equity securities ¥ ¥ ¥ ¥ Debt securities — — — — Held-to-maturity Japanese government debt securities — ¥ ¥ ¥ ¥ Securities not practicable to estimate fair value Equity securities ¥ Yen in millions March 31, 2015 Cost Gross unrealized gains Gross unrealized losses Fair value Available-for-sale Equity securities ¥ ¥ ¥ — ¥ Debt securities — — Held-to-maturity Japanese government debt securities — ¥ ¥ ¥ — ¥ Securities not practicable to estimate fair value Equity securities ¥ During the years ended March 31, 2013, 2014 and 2015, the net unrealized gain on available-for-sale securities included as a component of accumulated other comprehensive income, net of applicable taxes, increased by ¥174 million, increased by ¥2,998 million and increased by ¥3,227 million, respectively. Proceeds from sale of marketable securities were ¥692 million, ¥1,059 million and ¥68 million for the years ended March 31, 2013, 2014 and 2015, respectively. On those sales, gross realized gains were ¥347 million, ¥242 million and ¥26 million, respectively. On the other hand, gross realized losses were ¥0 million and ¥12 million for the years ended March 31, 2013 and 2014, respectively. For the year ended March 31, 2015, gross realized losses did not occur. NIDEC holds long-term investment securities that are classified as “marketable securities and other securities investments.” The securities issued by various non-public companies are recorded at cost, as their fair values are not readily determinable. NIDEC’s management employs a systematic methodology to assess the recoverability of such investments by reviewing the financial position of the underlying companies and the prevailing market conditions in which these companies operate to determine if NIDEC’s investment in each individual company is impaired and whether the impairment is other-than-temporary. If any impairment is assessed to be other-than-temporary, the cost of the investment is written-down by the impaired amount and the amount is recognized as a realized loss for the reporting period which the assessment is made. The amounts of NIDEC’s investment securities that have been in continuous unrealized loss position were not material for the years ended March 31, 2014 and 2015. NIDEC presumes the value of investment securities is impaired if the fair value is below the original cost. Among the impaired investment securities, NIDEC presumes a decline in value of debt and equity securities is other-than-temporary if the fair value is significantly below the original cost for an extended period of time. The presumption of an other-than-temporary impairment may be overcome if there is evidence to support that the decline is temporary in nature due to the existence of other factors which overcome the duration or magnitude of the decline. However, even if a fair value is not significantly less than the original cost, the value of investment securities is impaired when specific factors indicate the decline in the fair value is other-than-temporary. For the years ended March 31, 2014 and 2015, held-to-maturity securities of ¥400 million and ¥400 million were pledged as collateral for the deferred payments of certain taxes based on the Japanese Custom Act and Consumption Tax Law, respectively. |
Other non-current assets
Other non-current assets | 12 Months Ended |
Mar. 31, 2015 | |
Other non-current assets | |
Other non-current assets | 10. Other non-current assets: Other non-current assets as of March 31, 2014 and 2015 consist of the following: Yen in millions March 31 2014 2015 Intangible assets *1 ¥ ¥ Other *2 ¥ ¥ Notes: *1 “Intangible assets” information is described in Note 4 “Goodwill and other intangible assets”. *2 “Other” primarily consists of long-term prepaid expenses and deferred tax assets. |
Short-term borrowings and long-
Short-term borrowings and long-term debt | 12 Months Ended |
Mar. 31, 2015 | |
Short-term borrowings and long-term debt | |
Short-term borrowings and long-term debt | 11. Short-term borrowings and long-term debt: Short-term borrowings at March 31, 2014 and 2015 consist of the following: Yen in millions March 31 2014 2015 Loans, principally from banks with average interest at March 31, 2014 and 2015 of 0.31% and 0.17% per annum, respectively ¥ ¥ ¥ ¥ As of March 31, 2015, NIDEC had unused lines of credit amounting to ¥273,558 million with banks. Under these programs, NIDEC is authorized to obtain short-term financing at prevailing interest rates. Long-term debt at March 31, 2014 and 2015 are comprised of the following: Yen in millions March 31 2014 2015 Unsecured loans, representing obligations principally to banks Due 2014 to 2026 in 2014 with interest ranging from 0.00% to 6.80% per annum in 2014 ¥ — Due 2015 to 2026 in 2015 with interest ranging from 0.17% to 6.40% per annum in 2015 — ¥ Secured loans, representing obligations principally to banks Due 2015 to 2024 in 2015 with interest ranging from 1.45% to 3.50% per annum in 2015 — Zero coupon convertible bonds due 2015 Convertible at ¥5,313 for one common share Unsecured straight bonds due 2017 Interest at 0.39% per annum in 2014 and 2015 Unsecured straight bonds due 2019 Interest at 0.60% per annum in 2014 and 2015 Unsecured straight bonds due 2022 Interest at 0.96% per annum in 2014 and 2015 Unsecured straight bonds due 2016 Interest at 0.21% per annum in 2014 and 2015 Unsecured straight bonds due 2014 Issued by subsidiaries in 2011 which was newly consolidated in 2013 Interest at 0.72% per annum in 2014 — Capital lease obligations Due 2014 to 2019 in 2014, with interest ranging from 0.00% to 15.74% per annum in 2014 — Due 2015 to 2020 in 2015, with interest ranging from 0.00% to 15.74 % per annum in 2015 — Less - Bonds current portion due within one year ) ) Less - Long-term debt current portion due within one year ) ) Less - Capital lease obligation current portion due within one year ) ) ¥ ¥ Detail of Euro Yen denominated zero coupon convertible bonds due 2015 is as follows; Yen in millions March 31 2014 2015 Principal amount ¥ ¥ Unamortized premium Total ¥ ¥ The Euro Yen Convertible Bonds with Stock Acquisition Rights due 2015, which are listed at Singapore Stock Exchange, were issued on September 21, 2010, and are redeemable at 100% of principal amount on September 18, 2015 (maturity date). On April 1, 2014, the Company completed a two-for-one stock split. As a result, the conversion price of the Company’s Euro Yen Convertible Bonds with Stock Acquisition Rights due 2015 is adjusted from ¥10,626 to ¥5,313 and the number of potential shares based on conversion options associated with the convertible bonds is changed from 9,010,916 to 18,021,833, pursuant to the Terms and Conditions of the Bonds set forth in the Offering Circular. The number of potential shares based on conversion options associated with the convertible bonds is 4,036,325 as of March 31, 2015. The bonds are included in the calculation of diluted earnings per share as their impact is dilutive. The bonds were reclassified from Long-term debt to Current portion of long-term debt, since the bonds will be redeemed at maturity within one year. The bonds decreased ¥74,436 million from ¥95,891 million as of March 31, 2014 to ¥21,455 million as of March 31, 2015 due to exercises of stock acquisition rights relating to convertible bonds, which led to the allocation of treasury stock and issuances of new shares. NIDEC was not required to bifurcate any of the embedded features contained in the bonds for accounting purposes. The aggregate amounts of annual maturity of long-term debt after March 31, 2015 are as follows: Yen in millions Year ending March 31 2016 ¥ 2017 2018 2019 2020 2021 and thereafter ¥ Standard agreements with certain banks in Japan include provisions that collateral (including sums on deposit with such banks) or guarantees will be furnished upon the banks’ request and that any collateral furnished, pursuant to such agreements or otherwise, will be applicable to all present or future indebtedness to such banks. As of March 31, 2015, certain subsidiary pledges machinery, land and marketable securities with the sum of book value of ¥2,236 million as collateral for ¥1,372 million of long-term debt. |
Other current liabilities
Other current liabilities | 12 Months Ended |
Mar. 31, 2015 | |
Other current liabilities | |
Other current liabilities | 12. Other current liabilities: Other current liabilities as of March 31, 2014 and 2015 consist of the following: Yen in millions March 31 2014 2015 Accounts payable for property, plant and equipment ¥ ¥ Advances received Income taxes payable Product warranty liabilities Other ¥ ¥ “Other” primarily consists of derivative liabilities and deferred tax liabilities. |
Pension and severance plans
Pension and severance plans | 12 Months Ended |
Mar. 31, 2015 | |
Pension and severance plans | |
Pension and severance plans | 13. Pension and severance plans: The Company and certain subsidiaries sponsor pension and retirement plans, which entitle employees, under most circumstances, to lump-sum indemnities or pension payments based on current rates of pay and length of service or the number of “points.” Under normal circumstances, the minimum payment prior to retirement age is an amount based on voluntary retirement. Employees receive additional benefits upon involuntary retirement, including retirement at the mandatory retirement age. For the year ended March 31, 2015, certain subsidiaries in Japan modified the terms of the defined benefit plan. According to the changes, gains and loss from prior service credit were recognized in consolidated financial statements. Information regarding NIDEC’s employees’ defined benefit plans is as follows: Japanese plans: Yen in millions March 31 2014 2015 Change in benefit obligation: Benefit obligation at beginning of year ¥14,079 ¥17,666 Service cost Interest cost Actuarial loss Acquisition and other — Plan amendment ) ) Benefits paid ) ) Change in plan assets: Fair value of plan assets at beginning of year Actual return on plan assets Employer contribution Acquisition and other — Benefits paid ) ) Fair value of plan assets at end of year Funded status ¥(5,889 ) ¥(3,265 ) Amounts included in the consolidated balance sheet are comprised of: Yen in millions March 31 2014 2015 Accrued pension and severance costs ¥ ¥ Other non-current assets ) ) Net amounts recognized ¥ ¥ Amounts included in accumulated other comprehensive income (loss) as pension liability adjustments are comprised of: Yen in millions March 31 2014 2015 Actuarial loss ¥ ) ¥ ) Prior service credit Pension liability adjustments, pre-tax ¥ ) ¥ ) The accumulated benefit obligations for all defined benefit pension plans were ¥17,400 million and ¥17,876 million for the years ended March 31, 2014 and 2015, respectively. The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for which the accumulated benefit obligations exceed plan assets are as follows: Yen in millions March 31 2014 2015 Projected benefit obligations ¥14,889 ¥11,056 Accumulated benefit obligations Fair value of plan assets ¥ ¥ Weighted-average assumptions used to determine benefit obligations as of March 31, 2014 and 2015 are as follows: March 31 2014 2015 Discount rate % % Rate of compensation increase % % Weighted-average assumptions used to determine net pension and severance costs for the years ended March 31, 2013, 2014 and 2015 are as follows: For the year ended March 31 2013 2014 2015 Discount rate % % % Expected return on plan assets % % % Rate of compensation increase % % % Yen in millions For the year ended March 31 2013 2014 2015 Components of net periodic (benefit) cost: Service cost ¥ ¥ ¥ Interest cost Expected return on plan assets ) ) ) Amortization of net actuarial loss Amortization of prior service credit ) ) ) Net periodic pension cost ¥ ¥ ¥ Prior service cost and actuarial gain and loss are amortized using the straight-line method over the average remaining service period of active employees. The estimated prior service credit and net actuarial loss for the defined benefit pension plans that will be amortized from accumulated other comprehensive income into benefits cost for the year ending March 31, 2016 are ¥175 million and ¥60 million, respectively. Foreign plans: Yen in millions March 31 2014 2015 Change in benefit obligation: Benefit obligation at beginning of year ¥ ¥ Service cost Interest cost Actuarial gain(loss) ) Acquisition and other ) Foreign currency exchange rate changes Benefits paid ) ) Change in plan assets: Fair value of plan assets at beginning of year Actual return on plan assets Employer contribution Foreign currency exchange rate changes and other Benefits paid ) ) Fair value of plan assets at end of year Funded status ¥ ) ¥ ) Amounts included in the consolidated balance sheet are comprised of: Yen in millions March 31 2014 2015 Accrued pension and severance costs ¥ ¥ Net amounts recognized ¥ ¥ Amounts included in accumulated other comprehensive income (loss) as pension liability adjustments are comprised of: Yen in millions March 31 2014 2015 Actuarial gain(loss) ¥ ¥ ) Pension liability adjustments, pre-tax ¥ ¥ ) The accumulated benefit obligations for all defined benefit pension plans were ¥21,768 million and ¥25,936 million for the years ended March 31, 2014 and 2015, respectively. The projected benefit obligations, accumulated benefit obligations and fair value of plan assets for which the accumulated benefit obligations exceed plan assets are as follows: Yen in millions March 31 2014 2015 Projected benefit obligations ¥ ¥ Accumulated benefit obligations Fair value of plan assets ¥ ¥ Weighted-average assumptions used to determine benefit obligations as of March 31, 2014 and 2015 are as follows: March 31 2014 2015 Discount rate % % Rate of compensation increase % % Weighted-average assumptions used to determine net pension and severance costs for the years ended March 31, 2013, 2014 and 2015 are as follows: For the year ended March 31 2013 2014 2015 Discount rate % % % Expected return on plan assets % % % Rate of compensation increase % % % Yen in millions For the year ended March 31 2013 2014 2015 Components of net periodic (benefit) cost: Service cost ¥ ¥ ¥ Interest cost Expected return on plan assets ) ) ) Amortization of net actuarial loss Net periodic pension cost ¥ ¥ ¥ Actuarial gain and losses are amortized using the straight-line method over the average remaining service period of active employees. The estimated net actuarial losses for the defined benefit pension plans that will be amortized from accumulated other comprehensive income into benefits cost for the year ending March 31, 2016 is ¥143 million. Japanese plans and foreign plans: NIDEC’s policy and objective for plan asset management is to generate a stable return on the investment over the long term, which enables NIDEC’s pension funds to meet future benefit payment requirements under risks which NIDEC considers permissible. NIDEC formulates “basic” portfolio that suits the above-mentioned policy, and ensures that plan assets are allocated under this “basic” portfolio. NIDEC evaluates its actual return and revises the “basic” portfolio, if necessary. NIDEC’s portfolio for plans consists of three major components: approximately 2% is invested in equity securities, approximately 4% is invested in debt securities, and approximately 94% is invested in other investment vehicles, primarily consisting of investments in pooled funds and life insurance company general accounts. The equity securities are selected from stocks that are listed on the securities exchanges. The debt securities are selected from Japanese and foreign government bonds, public debt instruments, and corporate bonds. Pooled funds included in other assets invest in equity and debt securities in mixture selected from same as above two categories. As for investments in life insurance company general accounts, the contracts with the insurance companies include a guaranteed interest rate and return of capital. The three levels of input used to measure fair value are more fully described in Note 19. The fair values of NIDEC’s pension plan assets at March 31, 2014 and 2015, by asset category, are as follows: Yen in millions Fair Value at Fair Value Measurements Using Inputs Considered as March 31, 2014 Level 1 Level 2 Level 3 Equity securities: Japanese companies ¥ ¥ ¥ – ¥ — Foreign companies – — Debt securities: — Pooled funds *1 – — Other assets: Cash and cash equivalents – — Life insurance company general accounts – — Pooled funds *2 – — Others – — Total ¥ ¥ ¥ ¥ — *1 These funds invest in approximately 68 % Japanese bonds, 32 % foreign bonds. *2 These funds primarily invest in listed equity securities consisting of approximately 7 % Japanese companies and 31 % foreign companies, and debt security consisting of approximately 6 % Japanese bonds and 37 % foreign bonds. Yen in millions Fair Value at Fair Value Measurements Using Inputs Considered as March 31, 2015 Level 1 Level 2 Level 3 Equity securities: Japanese companies ¥ ¥ ¥ — ¥ — Foreign companies — — Debt securities: Pooled funds *1 — — Other assets: Cash and cash equivalents — — Life insurance company general accounts — — Pooled funds *2 — — Others — — Total ¥ ¥ ¥ ¥ — *1 These funds invest in approximately 65 % Japanese bonds, 35 % foreign bonds. *2 These funds primarily invest in listed equity securities consisting of approximately 4 % Japanese companies and 28 % foreign companies, and debt security consisting of approximately 7 % Japanese bonds and 47 % foreign bonds. Level 1 assets are comprised primarily of cash and cash equivalents and equity securities, which are valued using an unadjusted quoted market price in active markets with sufficient volume and frequency of transactions. Level 2 assets are comprised primarily of pooled funds that invest in equity and debt securities, and investments in life insurance company general accounts. Pooled funds are valued at their net asset values that are calculated by the sponsor of the fund and have daily liquidity. The net asset value is based on the fair value of the underlying assets owned by the fund, minus its liabilities then divided by the number of units outstanding. Investments in life insurance company general accounts are valued at conversion value. The table below sets forth a summary of changes in the fair value of plan assets categorized as Level 3 for the years ended March 31, 2014 and 2015. Others Yen in millions March 31 March 31 2014 2015 Balance at beginning of year ¥ ¥ — Actual return on plan assets and other — Transfers out of level 3 * ) — Balance at end of year ¥ — ¥ — * All the level 3 assets were transferred into level 2 for the year ended March 31, 2014 because we got the ability to redeem the level 3 assets at net asset value at the measurement date. Others consist primarily of interests in common/collective trusts. The investments employ a funds of funds strategy in various hedge funds with multiple strategies. These investments are valued using the net asset values as provided by the funds. NIDEC expects to contribute approximately ¥1,375 million to its defined benefit plans for the year ending March 31, 2016. The future benefit payments for defined benefit plans are expected as follows: Yen in millions Japanese plans Foreign plans 2016 ¥ ¥ 2017 2018 2019 2020 Years 2021-2025 ¥ ¥ Certain subsidiaries have a number of multiemployer plans. Total amounts of cost recognized for certain subsidiaries’ contributions to the plans were ¥182 million, ¥169 million and ¥169 million for the years ended March 31, 2013, 2014 and 2015, respectively. NIDEC expects to contribute approximately ¥159 million for the year ending March 31, 2016. Certain subsidiaries have a number of defined contribution plans. Total amounts of cost recognized for certain subsidiaries’ contribution to the plans were ¥1,999 million, ¥2,617 million and ¥3,103 million for the years ended March 31, 2013, 2014 and 2015, respectively. NIDEC expects to contribute approximately ¥3,181 million for the year ending March 31, 2016. |
Other long-term liabilities
Other long-term liabilities | 12 Months Ended |
Mar. 31, 2015 | |
Other long-term liabilities | |
Other long-term liabilities | 14. Other long-term liabilities: Other long-term liabilities as of March 31, 2014 and 2015 consist of the following: Yen in millions March 31 2014 2015 Deferred tax liabilities (Note 16) ¥ ¥ Other ¥ ¥ “ Other” primarily consists of u nrecognized tax benefits, accrued interest and penalty. |
Equity
Equity | 12 Months Ended |
Mar. 31, 2015 | |
Equity | |
Equity | 15. Equity: The Japanese Company Law (the “Company Law”) provides that an amount equal to 10% of cash dividends from retained earnings by the Company and its Japanese subsidiaries must be appropriated as a legal reserve. No further appropriations are required when the sum of the legal reserves reaches 25% of stated capital. These reserves currently exceed 25% of stated capital and are available for dividends under the Company Law subject to approval at the shareholders’ meeting. Certain foreign subsidiaries are also required to appropriate their earnings to legal reserves under the laws of the respective countries. The amount of statutory retained earnings of the Company available for dividend payments to shareholders was ¥91,137 million and ¥185,289 million for the years ended March 31, 2014 and 2015, respectively. In accordance with customary practice in Japan, the appropriations are not accrued in the financial statements for the period to which they relate, but are recorded in the subsequent accounting period. Retained earnings for the year ended March 31, 2015 includes amounts representing final cash dividends of ¥11,764 million, ¥40 per share. Repurchased treasury stock is not entitled to a dividend under the Company Law. NIDEC resolved to repurchase its own shares at several meetings of its Board of Directors during the years ended March 31, 2014 and 2015. In accordance with the resolution, NIDEC repurchased 1,000,000 shares of treasury stock for the aggregate cost of ¥2,696 million during years ended March 31, 2014. NIDEC owned 14,343,952 shares, or ¥40,527 million and 36 shares, or ¥0 million of treasury stock repurchased for the years ended March 31, 2014 and 2015, which were restricted regarding the payment of cash dividend. On October 1, 2012, NIDEC made the Nidec Sankyo Corporation (“NSNK”) a wholly owned subsidiary through a share exchange transaction. NIDEC allocated 6,350,630 shares of its common stock held in treasury to holders of NSNK stock in connection with the share exchange transaction. As a result of the share exchange transaction, NIDEC’s equity interests in NSNK increased from 77.1% to 100%. On October 1, 2013, NIDEC made the Nidec Copal Corporation (“NCPL”) a wholly owned subsidiary through a share exchange transaction. NIDEC allocated 4,856,764 shares of its common stock held in treasury to holders of NCPL stock in connection with the share exchange transaction. As a result of the share exchange transaction, NIDEC’s equity interest in NCPL increased from 66.5% to 100%. On October 1, 2013, NIDEC made the Nidec Tosok Corporation (“NTSC”) a wholly owned subsidiary through a share exchange transaction. NIDEC allocated 2,624,000 shares of its common stock held in treasury to holders of NTSC stock in connection with the share exchange transaction. As a result of the share exchange transaction, NIDEC’s equity interest in NTSC increased from 72.3% to 100%. On October 1, 2014, NIDEC made the Nidec Copal Electronics Corporation (“NCEL”) a wholly owned subsidiary through a share exchange transaction. NIDEC allocated 3,160,575 shares of its common stock held in treasury to holders of NCEL stock in connection with the share exchange transaction. As a result of the share exchange transaction, NIDEC’s equity interest in NCEL increased from 65.4% to 100%. On October 1, 2014, NIDEC made the Nidec-Read Corporation (“NRCJ”) a wholly owned subsidiary through a share exchange transaction. NIDEC allocated 1,421,498 shares of its common stock held in treasury to holders of NRCJ stock in connection with the share exchange transaction. As a result of the share exchange transaction, NIDEC’s equity interest in NRCJ increased from 65.5% to 100%. NIDEC implemented a two-for-one stock split on NIDEC’s common stock as of April 1, 2014. Therefore, NIDEC adjusted shares of common stock and those of treasury stock under the assumption that the stock split had been implemented on March 31, 2012, retrospectively. Retained earnings relating to equity in undistributed earnings reflect ¥152 million, ¥168 million and ¥155 million of accumulated deficit of the companies accounted for by the equity method for the years ended March 31, 2013, 2014 and 2015. The changes in accumulated other comprehensive income (loss) by component are as follows: Yen in Millions Foreign currency translation adjustments Net unrealized gains (losses) from securities Net gains (losses) from derivative instruments Pension liability adjustments Total For the year ended March 31, 2014: Balance at March 31, 2013 ) Other comprehensive income (loss) before reclassifications ) Amounts reclassified from accumulated other comprehensive income (loss) - ) ) ) Net change during the current period other comprehensive income (loss) ) Balance at March 31, 2014 ) ) Yen in Millions Foreign currency translation adjustments Net unrealized gains (losses) from securities Net gains (losses) from derivative instruments Pension liability adjustments Total For the year ended March 31, 2015: Balance at March 31, 2014 ) ) Other comprehensive income (loss) before reclassifications ) ) Amounts reclassified from accumulated other comprehensive income (loss) ) ) ) ) Net change during the current period other comprehensive income (loss) ) ) Balance at March 31, 2015 ) ) Reclassification out of accumulated other comprehensive income (loss) are as follows: Yen in Millions Amount Reclassified from Accumulated other comprehensive income (loss) *1 Affected line items in consolidated statement of income For the year ended March 31, 2014: Net unrealized gains (losses) from securities ) Gain from marketable securities, net Income taxes ) Consolidated net income — Net income attributable to noncontrolling interests ) Net income attributable to Nidec Corporation Net gains (losses) from derivative instruments ) Cost of products sold, Interest expense Income taxes ) Consolidated net income — Net income attributable to noncontrolling interests ) Net income attributable to Nidec Corporation Pension liability adjustments ) *2 Income taxes ) Consolidated net income Net income attributable to noncontrolling interests Net income attributable to Nidec Corporation Total amount reclassified, net of tax and noncontrolling interests ) *1 Amounts in parentheses indicate gains in consolidated statement of income. *2 This accumulated other comprehensive income (loss) component is included in the computation of net periodic pension cost. Yen in Millions Amount Reclassified from Accumulated other comprehensive income (loss) *1 Affected line items in consolidated statement of income For the year ended March 31, 2015: Foreign currency translation adjustments ) Other, net, Selling,general and administrative expenses — Income taxes ) Consolidated net income — Net income attributable to noncontrolling interests ) Net income attributable to Nidec Corporation Net unrealized gains (losses) from securities ) Gain from marketable securities, net Income taxes ) Consolidated net income — Net income attributable to noncontrolling interests ) Net income attributable to Nidec Corporation Net gains (losses) from derivative instruments Cost of products sold, Interest expense ) Income taxes Consolidated net income — Net income attributable to noncontrolling interests Net income attributable to Nidec Corporation Pension liability adjustments ) *2 Income taxes ) Consolidated net income Net income attributable to noncontrolling interests ) Net income attributable to Nidec Corporation Total amount reclassified, net of tax and noncontrolling interests ) *1 Amounts in parentheses indicate gains in consolidated statement of income. *2 This accumulated other comprehensive income (loss) component is included in the computation of net periodic pension cost. Tax effects allocated to each component of other comprehensive income (loss) and reclassification adjustments, including amounts attributable to noncontrolling interests for the years ended March 31, 2013, 2014 and 2015 are as follows: Yen in millions Pre-tax amount Tax benefit/ (expense) Net-of-tax amount For the year ended March 31, 2013: Foreign currency translation adjustments: Foreign currency translation adjustments arising during period ¥ ¥ — ¥ Reclassification adjustments for gains and losses realized in net income — Net unrealized gains (losses) from securities: Unrealized holding gains arising during period ) Reclassification adjustments for gains and losses realized in net income ) Net gains (losses) from derivative instruments qualifying for cash flow hedges: Unrealized gains arising during period ) Reclassification adjustments for gains and losses realized in net income ) Pension liability adjustment: Actuarial losses arising during period ) ) ) Prior service cost arising during period — — — Reclassification adjustments for actuarial gains and losses realized in net income ) Reclassification adjustments for prior service credit and cost realized in net income ) ) Other comprehensive income (loss) ¥ ¥ ) ¥ For the year ended March 31, 2014: Foreign currency translation adjustments: Foreign currency translation adjustments arising during period ¥ ¥ — ¥ Reclassification adjustments for gains and losses realized in net income — — — Net unrealized gains (losses) from securities: Unrealized holding gains arising during period ) Reclassification adjustments for gains and losses realized in net income ) ) Net gains (losses) from derivative instruments qualifying for cash flow hedges: Unrealized losses arising during period ) ) Reclassification adjustments for gains and losses realized in net income ) ) Pension liability adjustment: Actuarial gains arising during period ) Prior service cost arising during period ) Reclassification adjustments for actuarial gains and losses realized in net income ) Reclassification adjustments for prior service credit and cost realized in net income ) ) Other comprehensive income (loss) ¥ ¥ ) ¥ Yen in millions Pre-tax amount Tax benefit/ (expense) Net-of-tax amount For the year ended March 31, 2015: Foreign currency translation adjustments: Foreign currency translation adjustments arising during period ¥ ¥ — ¥ Reclassification adjustments for gains and losses realized in net income ) — ) Net unrealized gains (losses) from securities: Unrealized holding gains arising during period ) Reclassification adjustments for gains and losses realized in net income ) ) Net gains (losses) from derivative instruments qualifying for cash flow hedges: Unrealized losses arising during period ) ) Reclassification adjustments for gains and losses realized in net income ) Pension liability adjustment: Actuarial losses arising during period ) ) Prior service cost arising during period ) Reclassification adjustments for actuarial gains and losses realized in net income ) Reclassification adjustments for prior service credit and cost realized in net income ) ) Other comprehensive income (loss) ¥ ¥ ¥ |
Income taxes
Income taxes | 12 Months Ended |
Mar. 31, 2015 | |
Income taxes | |
Income taxes | 16. Income taxes: The components of income before income taxes comprise the following: Yen in millions For the year ended March 31 2013 2014 2015 Income (loss) before income taxes: The Company and domestic subsidiaries ¥ ) ¥ ¥ Foreign subsidiaries ¥ ¥ ¥ The provision for income taxes consists of the following: Yen in millions For the year ended March 31 2013 2014 2015 Current income tax expense/(benefit): The Company and domestic subsidiaries ¥ ¥ ¥ Foreign subsidiaries Total current Deferred income tax expense (benefit): The Company and domestic subsidiaries ) Foreign subsidiaries ) Total deferred ) Total provision ¥ ¥ ¥ NIDEC is subject to a number of different income taxes, which, in the aggregate, indicate a statutory rate in Japan of approximately 38.0% in 2013 and 2014 and approximately 36.0% in 2015. Reconciliation of the differences between the statutory tax rate and the effective income tax rate is as follows: For the year ended March 31 2013 2014 2015 Statutory tax rate % % % Increase (reduction) in taxes resulting from: Tax benefit in foreign subsidiaries ) ) ) Tax on undistributed earnings Valuation allowance ) ) Liabilities for unrecognized tax benefits ) Reversal of deferred tax assets related to foreign tax credit — — Deduction for foreign taxes — Withholding tax on dividends from overseas subsidiaries Changes in Japanese income tax rates — Other ) Effective income tax rate % % % The effective income tax rate decreased 3.3 percentage points from 30.4% for the year ended March 31, 2014 to 27.1% for the year ended March 31, 2015. This main factor was because the reversal of deferred tax assets related to foreign tax credit that increased tax rate for the year ended March 31, 2014 did not occur for the year ended March 31, 2015. On March 31, 2015, the government in Japan enacted the 2015 tax reform bill, which resulted in various changes to the calculation of statutory income taxes for companies were promulgated in Japan. As a result, the normal statutory corporate income tax rate in Japan was reduced from approximately 36.0% to approximately 33.0% from April 1, 2015, and further to approximately 32.2% from April 1, 2016. The statutory tax rate used for calculating deferred tax assets and liabilities, where temporary differences would be realized after April 1, 2016, was accordingly reduced from approximately 36.0% to approximately 33.0% or approximately 32.2%, as applicable. Tax benefit in foreign subsidiaries primarily relates to income sourced from foreign subsidiaries mainly in Thailand and the Philippines. In Thailand, NIDEC received privileges under the promotional certificates issued in March and August 2010. Under these privileges, NIDEC received an exemption from corporate income tax for a period of eight years from the date of commencement of certain revenue-generating activities identified by the promotional certificate. In the Philippines, NIDEC received certain tax incentives in September 2011, which included an income tax holiday for four years. The aggregate amounts and per share effects of tax holidays are as follows: Yen in millions For the year ended March 31 2013 2014 2015 Aggregate amounts of tax holidays ¥ ¥ ¥ Yen Per share - Basic ¥ ¥ ¥ - Diluted ¥ ¥ ¥ NIDEC implemented a two-for-one stock split on our common stock effective April 1, 2014. Therefore, the per share effects of tax holidays have been accordingly adjusted to reflect the effect of the stock split. The significant components of deferred tax assets and liabilities are as follows: Yen in millions March 31 2014 2015 Deferred tax assets: Inventories ¥ ¥ Property, plant and equipment Accrued bonus Accrued enterprise tax Pension and severance plans Operating loss carryforwards for tax purposes Accrued vacation Accrued expenses Other Gross deferred tax assets Less - Valuation allowance ) ) Net deferred tax assets Deferred tax liabilities: Basis difference of acquired assets ) ) Undistributed earnings not permanently reinvested ) ) Marketable securities ) ) Intangible assets ) ) Other ) ) Total deferred tax liabilities ) ) Net deferred tax liabilities ¥ ) ¥ ) Operating loss carryforwards for tax purposes on March 31, 2015 in Japan and foreign countries amounted to approximately ¥ 26,810 million and are available as an offset against future taxable income. With the exception of ¥ 3,861 million with no expiration period, the majority of these carryforwards expire in years 2016 to 2035. The valuation allowance mainly relates to deferred tax assets of consolidated subsidiaries with operating loss carryforwards for tax purposes that are not expected to be realized. The net changes in the total valuation allowance for deferred tax assets for the years ended March 31, 2013, 2014 and 2015 consist of the following: Yen in millions March 31 2013 2014 2015 Valuation allowance at beginning of year ¥ ) ¥ ) ¥ ) Additions ) ) ) Deductions Impact on newly acquired companies ) ) — Valuation allowance at end of year ¥ ) ¥ ) ¥ ) Deferred tax assets and deferred tax liabilities are included in the consolidated balance sheets as follows: Yen in millions March 31 2014 2015 Deferred tax assets: Other current assets ¥ ¥ Other non-current assets Deferred tax liabilities: Other current liabilities ) ) Other long-term liabilities ) ) Net deferred tax liabilities ¥ ) ¥ ) Management of NIDEC intends to reinvest certain undistributed earnings of foreign subsidiaries for an indefinite period of time. As a result, no deferred tax liability has been recorded on undistributed earnings of these subsidiaries, which are not expected to be remitted in the foreseeable future, aggregating ¥242,366 million as of March 31, 2015. NIDEC estimates an additional deferred tax liability of ¥19,044 million would be required at such time if the full amount of these accumulated earnings were expected to be remitted. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: Yen in millions For the year ended March 31, 2013 2014 2015 Balance at April 1 ¥ ¥ ¥ Additions for tax positions of the current year Additions for tax positions of prior years — — Reduction for tax positions of prior years — ) — Balance at March 31 ¥ ¥ ¥ Total amount of unrecognized tax benefits that would reduce the effective tax rate, if recognized, is ¥2,482 million. Although NIDEC believes its estimates and assumptions of unrecognized tax benefits are reasonable, uncertainty regarding the final determination of tax audit settlements and any related litigation could affect the effective tax rate in the future periods. A significant change to the unrecognized tax benefits might occur within the next twelve months. NIDEC does not expect that such change will have a significant impact on consolidated results of operations and financial position. NIDEC recognizes interest and penalties related to unrecognized tax benefits as a component of other, net in the consolidated statements of income. The interest and penalties for the fiscal years ended March 31, 2013, 2014 and 2015, respectively, had no material impact on its consolidated results of operations. The total gross accrued interest and penalty were ¥89 million and ¥96 million at March 31, 2014 and 2015, respectively. NIDEC remains subject to income tax examination for the tax returns related to the years beginning on and after April 1, 2008, with various tax jurisdictions including Japan. |
Reconciliation of the differenc
Reconciliation of the differences between basic and diluted earnings per share | 12 Months Ended |
Mar. 31, 2015 | |
Reconciliation of the differences between basic and diluted earnings per share | |
Reconciliation of the differences between basic and diluted earnings per share | 17. Reconciliation of the differences between basic and diluted earnings per share: The tables below set forth a reconciliation of the differences between basic and diluted net income attributable to Nidec Corporation per share for the years ended March 31, 2013, 2014 and 2015. Thousands of Yen in millions shares Yen Net income attributable to Nidec Corporation Weighted- average shares Net income attributable to Nidec Corporation per share For the year ended March 31, 2013: Basic net income attributable to Nidec Corporation per share: Net income attributable to Nidec Corporation ¥ ¥ Effect of dilutive securities: Zero coupon convertible bonds ) Diluted net income attributable to Nidec Corporation per share: Net income attributable to Nidec Corporation ¥ ¥ For the year ended March 31, 2014: Basic net income attributable to Nidec Corporation per share: Net income attributable to Nidec Corporation ¥ ¥ Effect of dilutive securities: Zero coupon convertible bonds ) Diluted net income attributable to Nidec Corporation per share: Net income attributable to Nidec Corporation ¥ ¥ Yen in millions Thousands of shares Yen Net income attributable to Nidec Corporation Weighted- average shares Net income attributable to Nidec Corporation per share For the year ended March 31, 2015: Basic net income attributable to Nidec Corporation per share: Net income attributable to Nidec Corporation ¥ ¥ Effect of dilutive securities: Zero coupon convertible bonds ) Diluted net income attributable to Nidec Corporation per share: Net income attributable to Nidec Corporation ¥ ¥ NIDEC implemented a two-for-one stock split on our common stock effective April 1, 2014. Therefore, the earnings per share have been accordingly adjusted to reflect the effect of the stock split. |
Derivatives
Derivatives | 12 Months Ended |
Mar. 31, 2015 | |
Derivatives | |
Derivatives | 18. Derivatives: NIDEC manages the exposures to fluctuations in foreign exchange rate, interest rate and commodity prices through the use of derivative financial instruments which include foreign exchange forward contracts, interest rate swap agreement and commodity future contracts. NIDEC does not hold derivative financial instruments for trading purpose. NIDEC is exposed to credit risk in the event of non-performance by counterparties to the derivative contracts, but such risk is considered to be mitigated by the high credit rating of the counterparties. Cash flow hedges NIDEC uses foreign exchange forward contracts, interest rate swap agreements and commodity future contracts designated as cash flow hedges to protect against a portion of foreign exchange rate risks, interest rate risks and commodity prices risks inherent in its forecasted transactions related to purchase commitments. Derivatives not designated as hedges NIDEC is unable or has elected not to apply hedge accounting to some of these derivatives from time to time. The changes in the fair value of these contracts are recorded in “Other income (expense)”. The contractual amounts outstanding of derivative instruments Derivatives designated as cash flow hedges are as follows: Yen in millions March 31, 2014 March 31, 2015 Foreign exchange forward contracts ¥ ¥ Interest rate swap agreements Commodity futures Derivatives not designated as hedging instruments are as follows: Yen in millions March 31, 2014 March 31, 2015 Foreign exchange forward contracts ¥ ¥ Currency option contracts — Fair values of derivative instruments Derivatives designated as cash flow hedges are as follows: Asset Derivatives Yen in millions Balance sheet location March 31, 2014 March 31, 2015 Foreign exchange forward contracts Other current assets ¥ ¥ Commodity futures Other current assets — Liability Derivatives Yen in millions Balance sheet location March 31, 2014 March 31, 2015 Foreign exchange forward contracts Other current liabilities ¥ ¥ Interest rate swap agreements Other current liabilities Commodity futures Other current liabilities Derivatives not designated as hedging instruments are as follows: Asset Derivatives Yen in millions Balance sheet location March 31, 2014 March 31, 2015 Foreign exchange forward contracts Other current assets ¥ — Currency option contracts Other current assets — Liability Derivatives Yen in millions Balance sheet location March 31, 2014 March 31, 2015 Foreign exchange forward contracts Other current liabilities — ¥ The effect of derivative instruments on the consolidated statements of income for the year ended March 31 Derivatives designated as cash flow hedges are as follows: Gains (losses) recognized in accumulated other comprehensive income Yen in millions For the year ended March 31 2013 2014 2015 Foreign exchange forward contracts ¥ ¥ ) ¥ ) Interest rate swap agreements ) ) Commodity futures ) ) Gains (losses) reclassified from accumulated other comprehensive income into income (effective portion) Statement of Yen in millions income For the year ended March 31 location 2013 2014 2015 Foreign exchange forward contracts Cost of sales ¥ ¥ ¥ Interest rate swap agreements Interest expense ) ) ) Commodity futures Cost of sales ) ) ) The amount of hedge ineffectiveness and net gains (losses) excluded from the assessment of hedge effectiveness was not material for the year ended March 31, 2015. A net loss of ¥ 766 million in accumulated other comprehensive income at March 31, 2015 is expected to be reclassified into earnings within the next 12 months. As of March 31, 2015, the maximum length of time over which NIDEC hedged its exposure to variability in future cash flows for forecasted transactions was approximately 23 months. Derivatives not designated as hedging instruments are as follows: Gains (losses) recognized in income Statement of Yen in millions income For the year ended March 31 location 2013 2014 2015 Foreign exchange forward contracts Foreign exchange gain (loss), net ¥ ¥ ¥ ) Currency option contracts Foreign exchange gain (loss), net ) |
Fair Value
Fair Value | 12 Months Ended |
Mar. 31, 2015 | |
Fair Value | |
Fair Value | 19. Fair Value: Under Statement of ASC 820, “Fair Value Measurements and Disclosures”, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that reflect the assumptions market participants would use in valuing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect NIDEC’s assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available in the circumstances. The hierarchy is broken down into three levels. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs (other than quoted prices) that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 inputs are unobservable inputs for the asset or liability. Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Assets and liabilities that are measured at Fair Value on a Recurring Basis: The following tables provide information by level for assets and liabilities that are measured at fair value, as defined by ASC 820, on a recurring basis. Yen in millions Fair Value at Fair Value Measurements Using Inputs Considered as March 31, 2014 Level 1 Level 2 Level 3 Assets: Marketable securities ¥ ¥ — — Derivatives — — Total assets: ¥ ¥ ¥ — Liabilities: Derivatives ¥ ¥ ¥ — Yen in millions Fair Value at Fair Value Measurements Using Inputs Considered as March 31, 2015 Level 1 Level 2 Level 3 Assets: Marketable securities ¥ ¥ — Derivatives — Total assets: ¥ ¥ ¥ — Liabilities: Derivatives ¥ ¥ ¥ — Level 1 securities and derivatives including commodity futures are valued using an unadjusted quoted market price in active markets with sufficient volume and frequency of transactions. Level 2 securities are valued using non-active market prices for identical assets. Level 2 derivatives including foreign exchange contracts are valued using quotes obtained from counterparties or third parties, which are periodically validated by pricing models using observable market inputs, such as foreign currency exchange rates, and interest rates. Fair value of financial instruments: The carrying amount and estimated fair values of NIDEC’s financial instruments, excluding those disclosed elsewhere, are summarized as follows: Yen in millions Yen in millions March 31, 2014 March 31, 2015 Carrying amount Estimated fair value Carrying amount Estimated Fair value Asset (Liability): Cash and cash equivalents ¥ ¥ ¥ ¥ Short-term investments Long-term investments Short-term loan receivable Long-term loan receivable Short-term borrowings ) ) ) ) Long-term debt including the current portion and excluding capital lease obligation and bonds ) ) ) ) Bonds including the current portion ¥ ) ¥ ) ¥ ) ¥ ) The following are explanatory notes relating to the financial instruments. Cash and cash equivalents, short-term investments, short-term loans receivable and short-term borrowings: In the normal course of business, substantially all cash and cash equivalents, short-term investments (time deposits), short-term loans receivable and short-term borrowings are highly liquid and are carried at amounts that approximate fair value. Long-term investments: NIDEC’s long-term investments are time deposits which are due over one year from the year ended March 31, 2015 to original maturity and are classified as Level 2 instruments. The fair value of long-term investments was estimated by discounting expected future cash flows. Long-term loan receivable: NIDEC’s long-term loan receivable instruments are classified as Level 2 instruments. The fair value of long-term loans was estimated by discounting expected future cash flows. Long-term debt: NIDEC’s long-term debt instruments are classified as Level 2 instruments. The fair value of long-term bank loans (including the current portion and excluding the capital lease obligation and bonds) was estimated based on the discounted amounts of future cash flows using NIDEC’s current incremental borrowing rates for similar liabilities. Bonds: NIDEC’s bonds instruments are classified as Level 2 instruments. The fair value of bonds issued by NIDEC was estimated based on the quoted market price for NIDEC bond instruments in markets that are not active. The carrying amounts of “Trade notes and accounts receivable” and “Trade notes and accounts payable” approximate fair value because of the short maturity of these instruments. The table described above excludes these financial instruments. |
Related party transactions
Related party transactions | 12 Months Ended |
Mar. 31, 2015 | |
Related party transactions | |
Related party transactions | 20. Related party transactions: As of March 31, 2015, the Chief Executive Officer (“CEO”) of the Company, a business entity indirectly owned by the CEO (“the business entity”), and the CEO’s immediate family member held 8.7%, 3.7% and 1.8% of the outstanding shares of the Company, respectively. In October 2012, the Company entered into a share exchange transaction with NSNK to make NSNK a wholly owned subsidiary of the Company. The Company allocated 6,350,630 shares of the Company’s common stock held in treasury into shareholders of NSNK except for the Company. The CEO was allocated 306,272 shares of the Company’s common stock held in treasury in exchange for shares of NSNK which the CEO had owned. This related party transaction with the CEO was at arm’s-length. This related party transaction did not have a material impact on NIDEC’s consolidated financial position, results of operations and liquidity. In October 2013, the Company entered into a share exchange transaction with NCPL to make NCPL a wholly owned subsidiary of the Company. The Company allocated 4,856,764 shares of the Company’s common stock held in treasury into shareholders of NCPL except for the Company. The CEO was allocated 589,992 shares of the Company’s common stock held in treasury in exchange for shares of NCPL which the CEO had owned. This related party transaction with the CEO was at arm’s-length. This related party transaction did not have a material impact on NIDEC’s consolidated financial position, results of operations and liquidity. In October 2013, the Company entered into a share exchange transaction with NTSC to make NTSC a wholly owned subsidiary of the Company. The Company allocated 2,624,000 shares of the Company’s common stock held in treasury into shareholders of NTSC except for the Company. The CEO and the business entity were allocated 322,400 shares and 49,600 shares of the Company’s common stock, respectively, held in treasury in exchange for shares of NTSC which the CEO and the business entity had owned. These related party transactions with the CEO and the business entity was at arm’s-length. These related party transactions did not have a material impact on NIDEC’s consolidated financial position, results of operations and liquidity. In October 2014, the Company entered into a share exchange transaction with NCEL to make NCEL a wholly owned subsidiary of the Company. The Company allocated 3,160,575 shares of the Company’s common stock held in treasury into shareholders of NCEL except for the Company. The CEO was allocated 282,624 shares of the Company’s common stock held in treasury in exchange for shares of NCEL which the CEO had owned. This related party transaction with the CEO was at arm’s-length. This related party transaction did not have a material impact on NIDEC’s consolidated financial position, results of operations and liquidity. In October 2014, the Company entered into a share exchange transaction with NRCJ to make NRCJ a wholly owned subsidiary of the Company. The Company allocated 1,421,498 shares of the Company’s common stock held in treasury into shareholders of NRCJ except for the Company. The CEO and the business entity were allocated 182,250 shares and 51,030 shares of the Company’s common stock, respectively, held in treasury in exchange for shares of NRCJ which the CEO and the business entity had owned. These related party transactions with the CEO and the business entity was at arm’s-length. These related party transactions did not have a material impact on NIDEC’s consolidated financial position, results of operations and liquidity. |
Lease commitments
Lease commitments | 12 Months Ended |
Mar. 31, 2015 | |
Lease commitments | |
Lease commitments | 21. Lease commitments: NIDEC leases certain assets under capital lease and operating lease arrangements. An analysis of leased assets under capital leases is as follows: Yen in millions March 31 Class of property 2014 2015 Machinery and equipment ¥ ¥ Other leased assets Less — Accumulated amortization ) ) ¥ ¥ Amortization expenses under capital leases for the years ended March 31, 2013, 2014 and 2015 were ¥524 million, ¥1,305 million and ¥1,109 million, respectively. The future minimum lease payments under capital leases together with the present value of the net minimum lease payments as of March 31, 2015 are as follows: Yen in Millions Year ending March 31: 2016 ¥ 2017 2018 2019 2020 2021 and thereafter — Total minimum lease payments Less — Amount representing interest ) Present value of net minimum lease payments Less — Current obligations ) Long-term capital lease obligations ¥ Rental expenses under operating leases for the years ended March 31, 2013, 2014 and 2015 were ¥2,719 million, ¥2,586 million and ¥2,911 million, respectively. The minimum rental payments required under operating leases relating primarily to land, buildings and equipment having initial or remaining non-cancelable lease terms in excess of one year as of March 31, 2015 are as follows: Yen in millions Year ending March 31: 2016 ¥ 2017 2018 2019 2020 2021 and thereafter Total minimum future rentals ¥ NIDEC is a lessor in direct financing leases and operating leases for which a portion of the land, office and manufacturing facilities is subleased over various terms. The direct financing leases did not have a material impact on our consolidated financial position or results of operations. Rental revenues under operating leases for the years ended March 31, 2013, 2014 and 2015 were ¥412 million, ¥175 million and ¥39 million, respectively. The future minimum lease payments to be received under operating leases that have remaining non-cancelable terms as of March 31, 2015 are as follows: Yen in millions Year ending March 31: 2016 ¥ 2017 2018 2019 2020 2021 and thereafter Total minimum future rentals ¥ |
Other commitments and contingen
Other commitments and contingencies, concentrations and factors that may affect future operations | 12 Months Ended |
Mar. 31, 2015 | |
Other commitments and contingencies, concentrations and factors that may affect future operations: | |
Other commitments and contingencies, concentrations and factors that may affect future operations | 22. Other commitments and contingencies, concentrations and factors that may affect future operations: Commitments - Commitments outstanding at March 31, 2015 for the purchase of property, plant and equipment and other assets approximated ¥3,356 million. Contingencies - NIDEC has guaranteed approximately ¥237 million of lease contracts for customers in connection with the purchase for NIDEC’s products at March 31, 2015. No material claims have been made against guarantees, and based on our past experience and current expectations, NIDEC does not anticipate any material claims. NIDEC is contingently liable under bid bonds, advance payment bonds, performance bonds, warranty bonds and payment bonds, totaling ¥7,697 million as of March 31, 2015, primarily for guarantees of our performance on projects currently in execution or under warranty. No material claims have been made against guarantees, and based on our past experience and current expectations, NIDEC does not anticipate any material claims. Product warranty — NIDEC guarantees the performance of products delivered and services rendered for a certain period or term. Estimates for warranty cost are made based on historical warranty claim experience. The changes in product warranty liability for the years ended March 31, 2014 and 2015 are summarized as follows: Yen in millions March 31 2014 2015 Balance at beginning of year ¥ ¥ Addition Utilization ) ) Foreign exchange impact ) Balance at end of year ¥ ¥ |
Segment information
Segment information | 12 Months Ended |
Mar. 31, 2015 | |
Segment information | |
Segment information | 23. Segment information: (1) Enterprise-wide information: Product information – The following table provides product information for the years ended March 31, 2013, 2014 and 2015: Yen in millions For the year ended March 31 2013 2014 2015 Net sales: Small precision motors: Hard disk drives spindle motors ¥ ¥ ¥ Other small precision motors Sub-total Automotive, appliance, commercial and industrial products Machinery Electronic and optical components Others Consolidated total ¥ ¥ ¥ The “Hard disk drives spindle motors” group of products consists of hard disk drives spindle motors for 3.5-inch and 2.5-inch hard disk drives. The “Other small precision motors” group of products consists of brushless motors for many types of products, including optical disk drive motors, OA equipment motors, brushless fans, which are used in many types of products, including computers and game machines for the purpose of lowering the temperature of central processing units in these products, automotive fans, vibration motors for mobile phones, brush DC motors for many types of products, stepping motors, and motor application products. The “Automotive, appliance, commercial and industrial products” group of products consists of home appliances, commercial and industrial motors and related products, automotive motors, and automotive components. The “Machinery” group of products consists of test systems, measuring equipment, power transmission equipment, factory automation systems, card readers, industrial robots and press machines. The “Electronic and optical components” group of products consists of camera shutters, camera lens units, switches, trimmer potentiometers, processing and precision plastic mold products. “Others” consists of other services and other components. Geographic information – Revenues from external customers, which are attributed to countries based on the location of the Company or the subsidiaries that transacted with the external customer for the years ended March 31, 2013, 2014 and 2015, and long-lived assets as of March 31, 2014 and 2015 are as follows: Yen in millions For the year ended March 31 2013 2014 2015 Net sales: Japan ¥ ¥ ¥ U.S.A. Singapore Thailand The Philippines China Other Consolidated total ¥ ¥ ¥ Yen in millions March 31 2014 2015 Long-lived assets: Japan ¥ ¥ U.S.A. Singapore Thailand The Philippines China Other Consolidated total ¥ ¥ (2) Operating segment information: The operating segments reported below are defined as components of an enterprise for which separate financial information is available and regularly reviewed by NIDEC’s chief operating decision maker. NIDEC’s chief operating decision maker utilizes various measurements to assess segment performance and allocate resources to segments. NIDEC has changed NIDEC’s segment reporting so that it is in line with the changes NIDEC recently made in NIDEC’s management decision-making process. Since October 2014, the Nidec Tosok group has been included in the Nidec Motors & Actuators segment. In addition, the Nidec Elesys group which was previously included in the All Others segment has been included in the Nidec Motors & Actuators segment. The Nidec Dalian segment is no longer identified as a reportable segment and included in All Others segment due to its immateriality. Furthermore, Corporate, which is composed of basic research expenses and head office expenses, has been regarded as a component of Adjustments. The Nidec GPM group which was newly consolidated since February 2015 has been included in the Nidec Motors & Actuators segment. All prior period segment information has been reclassified in accordance with the current period presentation to enable comparisons between the relevant amounts for the years ended March 31, 2013, 2014 and 2015. The Nidec Corporation segment comprises Nidec Corporation in Japan, which primarily develops and sells hard disk drives spindle motors, DC motors, fans and automotive products. The Nidec Electronics (Thailand) segment comprises Nidec Electronics (Thailand) Co., Ltd., a subsidiary in Thailand, and its consolidated subsidiaries, which primarily produce and sell hard disk drives spindle motors. This segment also includes other subsidiaries in Asia which produce components for hard disk drives. The Nidec (Zhejiang) segment comprises Nidec (Zhejiang) Corporation, a subsidiary in China, which primarily produces and sells hard disk drives spindle motors. The Nidec Singapore segment comprises Nidec Singapore Pte. Ltd., a subsidiary in Singapore, and its consolidated subsidiary, which primarily sell hard disk drives spindle motors, DC motors and fans. The Nidec (H.K.) segment comprises Nidec (H.K.) Co., Ltd., a subsidiary in Hong Kong, and its consolidated subsidiaries, which primarily sell hard disk drives spindle motors, DC motors and fans. The Nidec Philippines segment comprises Nidec Philippines Corporation, a subsidiary in the Philippines, and its consolidated subsidiary, which primarily produce and sell hard disk drives spindle motors. The Nidec Sankyo segment comprises Nidec Sankyo Corporation, a subsidiary in Japan, and its consolidated subsidiaries, which primarily produce and sell DC motors, machinery, automotive products and electronic parts. This segment also includes Nidec Sankyo CMI, which was newly consolidated for the three months ended March 31, 2014. The Nidec Copal segment comprises Nidec Copal Corporation, a subsidiary in Japan, and its consolidated subsidiaries, which primarily produce and sell optical and electronic parts and machinery. The Nidec Copal Electronics segment comprises Nidec Copal Electronics Corporation, a subsidiary in Japan, and its consolidated subsidiaries, which primarily produce and sell electronic parts. The Nidec Techno Motor segment comprises Nidec Techno Motor Corporation, a subsidiary in Japan, and its consolidated subsidiaries, which primarily produce and sell commercial and industrial products. The Nidec Motor segment comprises Nidec Motor Corporation and other subsidiaries in North America, which are subsidiaries of Nidec Americas Holdings Corporation, an intermediate holding company in the United States, as well as other subsidiaries in Latin America, Asia and Europe, which primarily produce and sell home appliance, commercial and industrial products. One of the subsidiaries previously reported as part of this segment has been transferred to the Nidec Motors & Actuators segment for the year ended March 31, 2015. All prior period segment information has been reclassified in accordance with the current period presentation to enable comparisons between the relevant amounts. The Nidec Motors & Actuators segment comprises Nidec Motors & Actuators (Germany) GmbH in Germany, other subsidiaries in Europe and North America, and other manufacturing subsidiaries in Japan and Asia, which primarily produce and sell automotive products. One of the subsidiaries previously reported as part of the Nidec Motor segment has been transferred into this segment for the year ended March 31, 2015. In addition, the Nidec Tosok group and the Nidec Elesys group are included in this segment since October 2014. This segment also includes the Nidec GPM group which was newly consolidated since February 2015. All prior period segment information has been reclassified in accordance with the current period presentation to enable comparisons between the relevant amounts. The All Others segment comprises subsidiaries that are operating segments but not designated as reportable segments due to their immateriality. NIDEC evaluates performance based on segmental operating income or loss, which consists of sales and operating revenues less operating expenses. All segmental operating income or loss is accounted for under Japanese GAAP, except for Nidec Electronics (Thailand), Nidec (Zhejiang), Nidec Singapore, Nidec (H.K), Nidec Philippines, Nidec Motor and Nidec Motors & Actuators. Therefore, NIDEC’s segmental data has not been prepared under U.S. GAAP on a basis that is consistent with NIDEC’s consolidated financial statements or on any other single basis that is consistent between segments. There are several differences between U.S. GAAP and the underlying accounting bases used by management. The principal differences that affect segmental operating income or loss include accounting for pension and severance costs, and leases. NIDEC’s segmental operating income or loss is presented in accordance with financial reporting principles and practices generally accepted in Japan. Management believes that monthly segmental information is available on a timely basis and that it is sufficiently accurate at the segment income or loss level for management’s purposes. The following tables show net sales to external customers and other financial information by operating segment for the years ended March 31, 2013, 2014 and 2015: Yen in millions For the year ended March 31 2013 2014 2015 Net sales to external customers: Nidec Corporation ¥ ¥ ¥ Nidec Electronics (Thailand) Nidec (Zhejiang) Nidec Singapore Nidec (H.K.) Nidec Philippines Nidec Sankyo Nidec Copal Nidec Copal Electronics Nidec Techno Motor Nidec Motor Nidec Motors & Actuators All Others Total Adjustments *1 ) ) Consolidated total ¥ ¥ ¥ *1 Adjustments primarily relate to the difference between recognition of revenue at the time of shipment and at the time of customer receipt. NIDEC had sales to one customer of ¥74,897 million for the year ended March 31, 2013 within the Nidec Corporation, Nidec Electronics (Thailand), Nidec (Zhejiang), Nidec Singapore, Nidec (H.K.) and “All Others” segments, that exceeded 10% of NIDEC’s net sales. There was no certain customer group which exceeded 10% of the consolidated net sales for the years ended March 31, 2014 and 2015. Yen in millions For the year ended March 31 2013 2014 2015 Net sales to other operating segments: Nidec Corporation ¥ ¥ ¥ Nidec Electronics (Thailand) Nidec (Zhejiang) Nidec Singapore Nidec (H.K.) Nidec Philippines Nidec Sankyo Nidec Copal Nidec Copal Electronics Nidec Techno Motor Nidec Motor Nidec Motors & Actuators All Others Total Intersegment elimination ) ) ) Consolidated total — — — Yen in millions For the year ended March 31 2013 2014 2015 Operating income (loss): Nidec Corporation ¥ ¥ ¥ Nidec Electronics (Thailand) Nidec (Zhejiang) ) ) Nidec Singapore Nidec (H.K.) Nidec Philippines Nidec Sankyo Nidec Copal ) ) Nidec Copal Electronics Nidec Techno Motor Nidec Motor Nidec Motors & Actuators All Others Total Reclassification *1 ) U.S. GAAP adjustments and Others *2 ) ) ) Consolidation adjustments mainly related to elimination of intersegment income or loss Corporate*3 ) ) ) ¥ ¥ ¥ *1 Some items are reclassified from other expenses (income) and included in operating expenses (income). Main reclassification is income or loss from sales or disposals of fixed assets for the years ended March 31, 2013, 2014 and 2015. *2 Others is mainly from the amortization of identifiable intangible assets related to business combinations for the years ended March 31, 2013, 2014 and 2015 . *3 Corporate includes basic research expenses and head office expenses. Yen in millions For the year ended March 31 2013 2014 2015 Depreciation: Nidec Corporation ¥ ¥ ¥ Nidec Electronics (Thailand) Nidec (Zhejiang) Nidec Singapore Nidec (H.K.) Nidec Philippines Nidec Sankyo Nidec Copal Nidec Copal Electronics Nidec Techno Motor Nidec Motor Nidec Motors & Actuators All Others Total U.S. GAAP adjustments*1, Corporate, and Others*2 ) ) ) Consolidated total ¥ ¥ ¥ *1 Some l eased assets are not capitalized in the operating segments but are capitalized under U.S. GAAP. *2 The amount of each segment includes amortization of intangible assets. Others mainly represent adjustments to exclude the amortization of intangible assets in order to reconcile amounts to consolidated total of depreciation in consolidated statements of cash flows. Yen in millions March 31 2014 2015 Segment assets: Nidec Corporation ¥ ¥ Nidec Electronics (Thailand) Nidec (Zhejiang) Nidec Singapore Nidec (H.K.) Nidec Philippines Nidec Sankyo Nidec Copal Nidec Copal Electronics Nidec Techno Motor Nidec Motor Nidec Motors & Actuators All Others Total Elimination of intersegment assets and corporate, net of taxes*1 ) ) Identifiable intangible assets and other fair value adjustments Goodwill U.S.GAAP adjustments and Others *2 ) ) Consolidated total ¥ ¥ *1 Elimination of intersegment assets and corporate, net of taxes include corporate assets, which do not belong to any operating segment, of ¥ 76,190 millions and ¥ 63,856 millions as of March 31, 2014 and 2015, respectively. The depreciation related with the corporate assets is allocated to each operating segment in accordance with the rational allocation method. *2 Others is mainly due to the reclassification of deferred tax assets and liabilities on consolidation. Yen in millions For the year ended March 31 2014 2015 Capital expenditure for segment assets: Nidec Corporation ¥ ¥ Nidec Electronics (Thailand) Nidec (Zhejiang) Nidec Singapore Nidec (H.K.) Nidec Philippines Nidec Sankyo Nidec Copal Nidec Copal Electronics Nidec Techno Motor Nidec Motor Nidec Motors & Actuators All Others Total Corporate Consolidated total ¥ ¥ NIDEC did not have significant non-cash items other than depreciation in reported profit. Intersegment sales were made at prices that approximate current market value. |
Subsequent events
Subsequent events | 12 Months Ended |
Mar. 31, 2015 | |
Subsequent events | |
Subsequent events | 24. Subsequent events: Dividends for the fiscal year ended March 31, 2015 Subsequent to March 31, 2015, the Company’s Board of Directors declared a cash dividend of ¥11,764 million payable on June 3, 2015 to stockholders as of March 31, 2015. Exercise of Euro Yen denominated zero coupon convertible bonds (the “Bonds”) due 2015 NIDEC’s treasury stock and issued shares of common stock were delivered from April 1, 2015 to June 24, 2015 upon exercise of the stock acquisition rights of the bonds. (Balance of the outstanding principal amounts of the bonds as of March 31, 2015: ¥21,445 million) The details of the principal amounts of the exercised bonds, the used treasury stock and the issued shares of common stock are as follows: 1. Total principal amounts of the exercised bonds ¥ 6,455 million 2. Class of shares Common stock 3. Total number of the used treasury stock 1,340 shares 4. Total amount of the used treasury stock ¥ 12 million 5. Total number of the issued shares of common stock 1,213,589 shares 6. Increase in common stock ¥ 3,223 million 7. Increase in additional paid-in capital ¥ 3,223 million Completion of Acquisition of Motortecnica s.r.l. On May 15, 2015, Nidec ASI S.p.A., NIDEC’s wholly owned subsidiary, acquired all of the voting rights in Motortecnica s.r.l. (“Motortecnica”). 1. Purpose of transaction Motortecnica oprerates design, manufacturing, repair, maintenance and servicing of electrical rotating machinery, with focus areas of remanufacturing and refurbishment. Following the acquisition, NIDEC seeks to strengthen its service business and expand in the generators market. 2. Funds for transaction Own funds |
Summary of significant accoun32
Summary of significant accounting policies (Policies) | 12 Months Ended |
Mar. 31, 2015 | |
Summary of significant accounting policies | |
Estimates | Estimates - The preparation of NIDEC’s consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Some of the more significant estimates include the valuation of inventories, allowance for doubtful accounts, depreciation and amortization of long-lived assets, valuation allowance for deferred tax assets, valuation of investment securities, fair value of financial instruments, uncertain tax positions, pension liabilities, the recoverability of long-lived assets and goodwill, and fair value of assets acquired and liabilities assumed. Actual results could differ from those estimates. |
Basis of consolidation and accounting for investments in affiliated companies | Basis of consolidation and accounting for investments in affiliated companies - The consolidated financial statements include the accounts of the Company and those of its majority-owned subsidiary companies. All significant intercompany transactions and accounts have been eliminated. Companies over which NIDEC exercises significant influence, but which it does not control, are classified as affiliated companies and accounted for using the equity method. Consolidated net income includes NIDEC’s equity in current earnings (losses) of such companies, after elimination of unrealized intercompany profits. On occasion, NIDEC may acquire additional shares of the voting rights of a consolidated subsidiary or dispose of a part of those shares or a Nidec consolidated subsidiary may issue its shares to third parties. With respect to such transactions, all transactions for changes in a parent’s ownership interest in a subsidiary that do not result in the subsidiary ceasing to be a subsidiary are recognized as equity transactions. |
Translation of foreign currencies | Translation of foreign currencies - Non monetary asset and liability accounts of foreign subsidiaries and affiliates are translated into Japanese yen at the year-end exchange rates and all income and expense accounts are translated at exchange rates that approximate those prevailing at the time of the transactions. The resulting translation adjustments are included as a component of accumulated other comprehensive income in shareholders’ equity. Monetary assets and liabilities denominated in foreign currencies are translated at the year-end exchange rates and the resulting transaction gains or losses are taken into income. |
Cash and cash equivalents | Cash and cash equivalents - Cash and cash equivalents include all highly liquid investments, with original maturities of three months or less that are readily convertible to known amounts of cash and are so near maturity that they present insignificant risk of changes in value because of changes in interest rates. |
Inventories | Inventories - Inventories are stated at the lower of cost or market. Cost is determined principally on the weighted average cost basis. Cost includes the cost of materials, labor and applied factory overhead. Projects in progress, which mainly relate to production of factory automation equipment based on contracts with customers, are stated at the lower of cost or market, cost being determined as the accumulated production cost. |
Marketable securities | Marketable securities - Marketable securities consist of equity securities that are listed on recognized stock exchanges and debt securities. Equity securities designated as available-for-sale are carried at fair value with changes in unrealized gains or losses included as a component of accumulated other comprehensive income in shareholders’ equity, net of applicable taxes. Realized gains and losses are determined on the average cost method and are reflected in the statement of income. Other than temporary declines in market value of individual securities classified as available-for-sale are charged to income in the period the loss occurs. Debt securities designated as held-to-maturity securities are recorded at amortized cost, adjusted for the amortization or accretion of premiums or discounts. |
Derivative financial instruments | Derivative financial instruments - NIDEC manages the exposures of fluctuations in foreign exchange rate, interest rate and commodity prices through the use of derivative financial instruments which include foreign exchange forward contracts, interest rate swap agreements and commodity future contracts. NIDEC does not hold derivative financial instruments for trading purposes. Derivatives are accounted for under ASC 815, “Derivatives and Hedging.” All derivatives are recorded as either assets or liabilities on the balance sheet and measured at fair value. Changes in the fair value of derivatives are charged in current earnings. However certain derivatives may qualify for hedge accounting as a cash flow hedge, if the hedging relationship is expected to be highly effective in achieving offsetting of cash flows of the hedging instruments and hedged items. Under hedge accounting, changes in the fair value of the effective portion of these derivatives designated as cash flow hedge derivatives are deferred in accumulated other comprehensive income and charged to earnings when the underlying transaction being hedged occurs. NIDEC designates certain foreign exchange forward contracts, interest rate swap agreements and commodity future contracts as cash flow hedges. NIDEC formally documents all relationships between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives designated as cash flow hedges to specific assets and liabilities on the balance sheet or forecasted transactions. NIDEC also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting cash flows of hedged items. When it is determined that a derivative is not a highly effective hedge or that it has ceased to be a highly effective hedge, NIDEC discontinues hedge accounting prospectively. When a cash flow hedge is discontinued, the previously recognized net derivative gains or losses remain in accumulated other comprehensive income until the hedged transaction occurs, unless it is probable that the forecasted transaction will not occur at which point the derivative gains or losses are reclassified into earnings immediately. |
Property, plant and equipment | Property, plant and equipment - Property, plant and equipment are stated at cost. Major renewals and improvements are capitalized; minor replacements, maintenance and repairs are charged to expense in the year incurred. Depreciation of property, plant and equipment is computed on the straight-line method at rates based on the estimated useful lives of the assets. Estimated useful lives range from 7 to 47 years for factories to produce NIDEC’s products, 50 years for the head office and sales offices, from 3 to 18 years for leasehold improvements, and from 2 to 15 years for machinery and equipment. Depreciation expense amounted to ¥34,935 million, ¥39,497 million, and ¥45,102 million for the years ended March 31, 2013, 2014 and 2015, respectively. |
Lease | Lease- NIDEC capitalizes leases and related obligations when any of the four criteria are met within the guidance of ASC 840 “Leases”. Under ASC840, these leases and related obligations are capitalized at the commencement of the lease at the lower of the fair value of the leased property and the present value of the minimum lease payments. |
Goodwill and other intangible assets | Goodwill and other intangible assets - Goodwill and other intangible assets are accounted for under ASC350, “Intangibles - Goodwill and Other”. Goodwill acquired in business combinations is not amortized but tested annually for impairment. NIDEC tests for impairment at the reporting unit level on January 1st of each year. In addition, NIDEC tests for impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. This test is a two-step process. The first step of the goodwill impairment test, used to identify potential impairment, compares the fair value of the reporting unit with its carrying amount, including goodwill. If the fair value, which is based on discounted future cash flows, exceeds the carrying amount, goodwill is not considered impaired. If the carrying amount exceeds the fair value, the second step must be performed to measure the amount of the impairment loss, if any. The second step compares the implied fair value of the reporting unit’s goodwill with the carrying amount of that goodwill. Other intangible assets include proprietary technology and customer relationships, as well as software and other intangible assets acquired in business combinations. Intangible assets with an indefinite life are not subject to amortization and are tested for impairment once on January 1st of each year or more frequently if an event occurs or circumstances change. Intangible assets with a definite life are amortized on a straight-line basis over their estimated useful lives. The weighted average amortization period for proprietary technology, customer relationships and software are 11 years, 18 years and 6 years, respectively. |
Long-lived assets | Long-lived assets - NIDEC reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. An impairment loss would be recognized when the carrying amount of an asset group exceeds the estimated undiscounted future cash flows expected to result from the use of the asset group and its eventual disposition. The amount of the impairment loss to be recorded is calculated as the excess of the assets group’s carrying value over its fair value. Long-lived assets that are to be disposed of other than by sale are considered to be held and used until the disposal. Long-lived assets that are to be disposed of by sale are reported at the lower of their carrying value or fair value less costs to sell. Reductions in carrying value are recognized in the period in which long-lived assets are classified as held for sale. |
Revenue recognition | Revenue recognition - NIDEC recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred, the sales price is fixed or determinable and collectibility is reasonably assured. For small precision motors, automotive, appliance, commercial and industrial products and electronic and optical components, these criteria are generally met at the time a product is delivered to the customers’ site which is the time the customer has taken title to the product and the risk and rewards of ownership have been substantively transferred. These conditions are met at the time of delivery to customers in domestic sales (FOB destination) and at the time of shipment for export sales (FOB shipping point). Revenue for machinery sales is recognized upon receipt of final customer acceptance. At the time the related revenue is recognized, NIDEC makes provisions for estimated product returns. Revenue from a part of sales of automotive, appliance, commercial and industrial products under long-term construction type arrangements are recognized under the percentage-of-completion method. Under the percentage-of-completion method, revenue is recognized as a percentage of estimated total revenue that incurred costs to date bear to estimated total costs after giving effect to estimates of costs to complete based upon the most recent information. |
Research and development expenses | Research and development expenses- Research and development expenses, mainly consisting of personnel and depreciation expenses at research and development branches, are charged to operations as incurred. |
Advertising costs | Advertising costs - Advertising and sales promotion costs are expensed as incurred. Advertising costs were ¥ 296 million, ¥477 million, and ¥525 million for the years ended March 31, 2013, 2014 and 2015, respectively. |
Income taxes | Income taxes - The provision for income taxes is computed based on the pretax income included in the consolidated statement of income. The asset and liability approach is used to recognize deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. NIDEC recognizes the financial statement effects of tax positions when it is more likely than not, based on the technical merits, that the tax positions will be sustained upon examination by the tax authorities. Benefits from tax positions that meet the more-likely-than-not recognition threshold are measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon settlement. Interest and penalties accrued related to unrecognized tax benefits are included in other, net in the consolidated statements of income. |
Earnings per share | Earnings per share - Basic net income per common share is calculated by dividing net income by the weighted-average number of shares outstanding during the reported period. The calculation of diluted net income per common share is similar to the calculation of basic net income per share, except that the weighted-average number of shares outstanding includes the additional dilution from potential common stock equivalents such as convertible bonds and options. |
Reclassification | Reclassification Certain reclassifications of previously reported amounts have been made to the consolidated financial statements and footnotes for the years ended March 31, 2013 and 2014 to conform to the current year presentation. |
Accounting Changes and Recent Accounting Pronouncements to be adopted in future periods | Accounting Changes As of April 1, 2014, NIDEC adopted FASB Accounting Standards Codification™ (ASC) 740 “Income Taxes” updated by Accounting Standards Update (ASU) No. 2013-11 “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” ASU 2013-11 clarifies that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward if such settlement is required or expected in the event the uncertain tax position is disallowed by the taxing authority. In situations where a net operating loss carry forward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction or the tax law of the applicable jurisdiction does not require, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. This standard is a provision for disclosure, and the adoption of this standard did not have any impact on NIDEC’s consolidated financial position, results of operations or liquidity. Recent Accounting Pronouncements to be adopted in future periods In April 2014, the FASB issued ASU No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” Under the new standard, a disposal of a component or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when the component meets the criteria to be classified as held for sale or is disposed. The amendments in this update also require additional disclosures about discontinued operations and disposal of an individually significant component of an entity that does not qualify for discontinued operations. ASU 2014-08 is effective for annual and interim periods beginning after December 15, 2014. Early adoption is permitted. The impact of the adoption of ASU 2014-08 on NIDEC’s consolidated financial position, results of operations and liquidity will depend on, and may be significant depending on, the size and nature of any future disposal. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” Under the new standard, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity should recognize revenue when (or as) it satisfies a performance obligation by transferring a promised good or service to a customer, and the transaction price should be allocated to performance obligation in the contract. The new standard also requires an entity to disclose sufficient information to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. ASU 2014-09 is effective for annual and interim periods beginning after December 15, 2016. Early application is not permitted. NIDEC is currently evaluating the potential impact from adopting ASU 2014-09 on its consolidated financial position, results of operations and liquidity. |
Acquisitions and dispositions (
Acquisitions and dispositions (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Summary of Estimated Fair Value of Assets Acquired and Liabilities Assumed at Acquisition Date | Yen in millions February 2, 2015 GPM Cash and cash equivalents ¥ Accounts receivable Inventories Other current assets Property, plant and equipment Goodwill Intangible assets Other non-current assets Total assets acquired Accounts payable ) Other current liabilities ) Other non-current liabilities ) Total liabilities assumed ) Noncontrolling interests Net assets acquired ¥ |
Mitsubishi Materials C.M.I. Corporation ("CMI") and Honda Elesys Co., Ltd. ("Elesys") | |
Unaudited Pro Forma Results of Operations | The unaudited pro forma results of operations of NIDEC for the years ended March 31, 2013 and 2014, as if the acquisitions of CMI and Elesys had occurred on April 1, 2012. Yen in millions For the year ended March 31 (Unaudited) 2013 2014 Pro forma net sales ¥ ¥ Pro forma net income Yen Pro forma net income attributable to Nidec Corporation per share — Basic ¥ ¥ — Diluted |
Gerte- und Pumpenbau GmbH Dr. Eugen Schmidt ("GPM") | |
Unaudited Pro Forma Results of Operations | The unaudited pro forma results of operations of NIDEC for the years ended March 31, 2014 and 2015, as if the acquisition of GPM had occurred on April 1, 2013. Yen in millions For the year ended March 31 (Unaudited) 2014 2015 Pro forma net sales ¥ ¥ Pro forma net income Yen Pro forma n et income a ttributable to Nidec Corporation per share — Basic ¥ ¥ — Diluted |
Goodwill and other intangible34
Goodwill and other intangible assets (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Goodwill and other intangible assets | |
Schedule of Finite-Lived Intangible Assets by Major Class | Yen in millions March 31 2014 2015 Gross carrying amounts Accumulated amortization Carrying amounts Gross carrying amounts Accumulated amortization Carrying amounts Proprietary technology ¥ ¥ ¥ ¥ ¥ ¥ Customer relationships Software Other Total ¥ ¥ ¥ ¥ ¥ ¥ |
Schedule of Expected Amortization Expense | Years ending March 31, Yen in millions 2016 ¥ 2017 2018 2019 2020 |
Goodwill Allocated to Operating Segment | Yen in millions Balance as of April 1, 2013 Acquisition Impairment loss Translation adjustments and Others Balance as of March 31, 2014 Goodwill: Nidec Electronics (Thailand) ¥ ¥ — ¥ — ¥ ¥ Nidec (Zhejiang) — — Nidec Sankyo — Nidec Copal — — — Nidec Copal Electronics — — — Nidec Techno Motor — — — Nidec Motor — — Nidec Motors & Actuators — All Others — — ¥ ¥ ¥ — ¥ ¥ Yen in millions Balance as of April 1, 2014 Acquisition Impairment loss Translation adjustments and Others Balance as of March 31, 2015 Goodwill: Nidec Electronics (Thailand) ¥ ¥ — ¥ — ¥ ¥ Nidec (Zhejiang) — — Nidec Sankyo — — Nidec Copal — — — Nidec Copal Electronics — — — Nidec Techno Motor — — — Nidec Motor — — Nidec Motors & Actuators — All Others — — ¥ ¥ ¥ — ¥ ¥ |
Supplemental cash flow inform35
Supplemental cash flow information (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Supplemental cash flow information | |
Schedule of Cash Flow, Supplemental Disclosures | Yen in millions For the year ended March 31 2013 2014 2015 Cash paid during the fiscal year for: Income taxes ¥ ¥ ¥ Interest Non-cash investing and financing activities: Capital lease obligations Conversion of convertible bond — — Change in ownership of subsidiaries in connection with share exchange transaction —Change in common stock —Change in treasury stock |
Allowance for doubtful accoun36
Allowance for doubtful accounts (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Allowance for doubtful accounts | |
Schedule of Allowance for Doubtful Account Activity | Yen in millions 2013 2014 2015 Allowance for doubtful accounts at beginning of the year ¥1,002 ¥1,375 ¥1,593 Provision for doubtful accounts, net of reversal ) Write-offs ) ) ) Translation adjustment and other Allowance for doubtful accounts at the end of the year ¥1,375 ¥1,593 ¥1,295 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Inventories | |
Schedule of Inventory, Current | Yen in millions March 31 2014 2015 Finished goods ¥ ¥ Raw materials Work in process Supplies and other ¥ ¥ |
Other current assets (Tables)
Other current assets (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Other current assets | |
Schedule of Other Current Assets | Yen in millions March 31 2014 2015 Other receivable ¥ ¥ Deferred tax assets (Note 16) Costs on uncompleted construction contracts Prepaid expenses Other ¥ ¥ |
Marketable securities and oth39
Marketable securities and other securities investments (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Marketable securities and other securities investments | |
Investments in Debt and Marketable Equity Securities and Certain Trading Assets Disclosure | Yen in millions March 31, 2014 Cost Gross unrealized gains Gross unrealized losses Fair value Available-for-sale Equity securities ¥ ¥ ¥ ¥ Debt securities — — — — Held-to-maturity Japanese government debt securities — ¥ ¥ ¥ ¥ Securities not practicable to estimate fair value Equity securities ¥ Yen in millions March 31, 2015 Cost Gross unrealized gains Gross unrealized losses Fair value Available-for-sale Equity securities ¥ ¥ ¥ — ¥ Debt securities — — Held-to-maturity Japanese government debt securities — ¥ ¥ ¥ — ¥ Securities not practicable to estimate fair value Equity securities ¥ |
Other non-current assets (Table
Other non-current assets (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Other non-current assets | |
Schedule of other non-current assets | Yen in millions March 31 2014 2015 Intangible assets *1 ¥ ¥ Other *2 ¥ ¥ Notes: *1 “Intangible assets” information is described in Note 4 “Goodwill and other intangible assets”. *2 “Other” primarily consists of long-term prepaid expenses and deferred tax assets. |
Short-term borrowings and lon41
Short-term borrowings and long-term debt (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Schedule of Short-term Borrowings | Yen in millions March 31 2014 2015 Loans, principally from banks with average interest at March 31, 2014 and 2015 of 0.31% and 0.17% per annum, respectively ¥ ¥ ¥ ¥ |
Schedule of Long-term Debt Instruments | Yen in millions March 31 2014 2015 Unsecured loans, representing obligations principally to banks Due 2014 to 2026 in 2014 with interest ranging from 0.00% to 6.80% per annum in 2014 ¥ — Due 2015 to 2026 in 2015 with interest ranging from 0.17% to 6.40% per annum in 2015 — ¥ Secured loans, representing obligations principally to banks Due 2015 to 2024 in 2015 with interest ranging from 1.45% to 3.50% per annum in 2015 — Zero coupon convertible bonds due 2015 Convertible at ¥5,313 for one common share Unsecured straight bonds due 2017 Interest at 0.39% per annum in 2014 and 2015 Unsecured straight bonds due 2019 Interest at 0.60% per annum in 2014 and 2015 Unsecured straight bonds due 2022 Interest at 0.96% per annum in 2014 and 2015 Unsecured straight bonds due 2016 Interest at 0.21% per annum in 2014 and 2015 Unsecured straight bonds due 2014 Issued by subsidiaries in 2011 which was newly consolidated in 2013 Interest at 0.72% per annum in 2014 — Capital lease obligations Due 2014 to 2019 in 2014, with interest ranging from 0.00% to 15.74% per annum in 2014 — Due 2015 to 2020 in 2015, with interest ranging from 0.00% to 15.74 % per annum in 2015 — Less - Bonds current portion due within one year ) ) Less - Long-term debt current portion due within one year ) ) Less - Capital lease obligation current portion due within one year ) ) ¥ ¥ |
Schedule of Maturities of Long-term Debt | Yen in millions Year ending March 31 2016 ¥ 2017 2018 2019 2020 2021 and thereafter ¥ |
Yen Denominated zero coupon convertible bonds due 2015 | |
Schedule of Long-term Debt Instruments | Yen in millions March 31 2014 2015 Principal amount ¥ ¥ Unamortized premium Total ¥ ¥ |
Other current liabilities (Tabl
Other current liabilities (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Other current liabilities | |
Other Current Liabilities | Yen in millions March 31 2014 2015 Accounts payable for property, plant and equipment ¥ ¥ Advances received Income taxes payable Product warranty liabilities Other ¥ ¥ |
Pension and severance plans (Ta
Pension and severance plans (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Allocation of Plan Assets | Yen in millions Fair Value at Fair Value Measurements Using Inputs Considered as March 31, 2014 Level 1 Level 2 Level 3 Equity securities: Japanese companies ¥ ¥ ¥ – ¥ — Foreign companies – — Debt securities: — Pooled funds *1 – — Other assets: Cash and cash equivalents – — Life insurance company general accounts – — Pooled funds *2 – — Others – — Total ¥ ¥ ¥ ¥ — *1 These funds invest in approximately 68 % Japanese bonds, 32 % foreign bonds. *2 These funds primarily invest in listed equity securities consisting of approximately 7 % Japanese companies and 31 % foreign companies, and debt security consisting of approximately 6 % Japanese bonds and 37 % foreign bonds. Yen in millions Fair Value at Fair Value Measurements Using Inputs Considered as March 31, 2015 Level 1 Level 2 Level 3 Equity securities: Japanese companies ¥ ¥ ¥ — ¥ — Foreign companies — — Debt securities: Pooled funds *1 — — Other assets: Cash and cash equivalents — — Life insurance company general accounts — — Pooled funds *2 — — Others — — Total ¥ ¥ ¥ ¥ — *1 These funds invest in approximately 65 % Japanese bonds, 35 % foreign bonds. *2 These funds primarily invest in listed equity securities consisting of approximately 4 % Japanese companies and 28 % foreign companies, and debt security consisting of approximately 7 % Japanese bonds and 47 % foreign bonds. |
Changes in Fair Value of Plan Assets Categorized as Level Three | Others Yen in millions March 31 March 31 2014 2015 Balance at beginning of year ¥ ¥ — Actual return on plan assets and other — Transfers out of level 3 * ) — Balance at end of year ¥ — ¥ — * All the level 3 assets were transferred into level 2 for the year ended March 31, 2014 because we got the ability to redeem the level 3 assets at net asset value at the measurement date. |
Schedule of Expected Benefit Payments | Yen in millions Japanese plans Foreign plans 2016 ¥ ¥ 2017 2018 2019 2020 Years 2021-2025 ¥ ¥ |
Japanese plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Net Funded Status | Japanese plans: Yen in millions March 31 2014 2015 Change in benefit obligation: Benefit obligation at beginning of year ¥14,079 ¥17,666 Service cost Interest cost Actuarial loss Acquisition and other — Plan amendment ) ) Benefits paid ) ) Change in plan assets: Fair value of plan assets at beginning of year Actual return on plan assets Employer contribution Acquisition and other — Benefits paid ) ) Fair value of plan assets at end of year Funded status ¥(5,889 ) ¥(3,265 ) |
Schedule of Amounts Recognized in Balance Sheet | Yen in millions March 31 2014 2015 Accrued pension and severance costs ¥ ¥ Other non-current assets ) ) Net amounts recognized ¥ ¥ |
Schedule of Net Periodic Benefit Cost Not yet Recognized | Yen in millions March 31 2014 2015 Actuarial loss ¥ ) ¥ ) Prior service credit Pension liability adjustments, pre-tax ¥ ) ¥ ) |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | Yen in millions March 31 2014 2015 Projected benefit obligations ¥14,889 ¥11,056 Accumulated benefit obligations Fair value of plan assets ¥ ¥ |
Schedule of Net Benefit Costs | Yen in millions For the year ended March 31 2013 2014 2015 Components of net periodic (benefit) cost: Service cost ¥ ¥ ¥ Interest cost Expected return on plan assets ) ) ) Amortization of net actuarial loss Amortization of prior service credit ) ) ) Net periodic pension cost ¥ ¥ ¥ |
Japanese plans | Benefit Obligations | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Assumptions Used | March 31 2014 2015 Discount rate % % Rate of compensation increase % % |
Japanese plans | Net Periodic Benefit Cost | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Assumptions Used | For the year ended March 31 2013 2014 2015 Discount rate % % % Expected return on plan assets % % % Rate of compensation increase % % % |
Foreign plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Net Funded Status | Foreign plans: Yen in millions March 31 2014 2015 Change in benefit obligation: Benefit obligation at beginning of year ¥ ¥ Service cost Interest cost Actuarial gain(loss) ) Acquisition and other ) Foreign currency exchange rate changes Benefits paid ) ) Change in plan assets: Fair value of plan assets at beginning of year Actual return on plan assets Employer contribution Foreign currency exchange rate changes and other Benefits paid ) ) Fair value of plan assets at end of year Funded status ¥ ) ¥ ) |
Schedule of Amounts Recognized in Balance Sheet | Yen in millions March 31 2014 2015 Accrued pension and severance costs ¥ ¥ Net amounts recognized ¥ ¥ |
Schedule of Net Periodic Benefit Cost Not yet Recognized | Yen in millions March 31 2014 2015 Actuarial gain(loss) ¥ ¥ ) Pension liability adjustments, pre-tax ¥ ¥ ) |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | Yen in millions March 31 2014 2015 Projected benefit obligations ¥ ¥ Accumulated benefit obligations Fair value of plan assets ¥ ¥ |
Schedule of Net Benefit Costs | Yen in millions For the year ended March 31 2013 2014 2015 Components of net periodic (benefit) cost: Service cost ¥ ¥ ¥ Interest cost Expected return on plan assets ) ) ) Amortization of net actuarial loss Net periodic pension cost ¥ ¥ ¥ |
Foreign plans | Benefit Obligations | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Assumptions Used | March 31 2014 2015 Discount rate % % Rate of compensation increase % % |
Foreign plans | Net Periodic Benefit Cost | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Assumptions Used | For the year ended March 31 2013 2014 2015 Discount rate % % % Expected return on plan assets % % % Rate of compensation increase % % % |
Other long-term liabilities (Ta
Other long-term liabilities (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Other long-term liabilities | |
Schedule of Other Long-term Liabilities | Yen in millions March 31 2014 2015 Deferred tax liabilities (Note 16) ¥ ¥ Other ¥ ¥ |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Equity | |
Changes in Accumulated Other Comprehensive Income (Loss) by Component | Yen in Millions Foreign currency translation adjustments Net unrealized gains (losses) from securities Net gains (losses) from derivative instruments Pension liability adjustments Total For the year ended March 31, 2014: Balance at March 31, 2013 ) Other comprehensive income (loss) before reclassifications ) Amounts reclassified from accumulated other comprehensive income (loss) - ) ) ) Net change during the current period other comprehensive income (loss) ) Balance at March 31, 2014 ) ) Yen in Millions Foreign currency translation adjustments Net unrealized gains (losses) from securities Net gains (losses) from derivative instruments Pension liability adjustments Total For the year ended March 31, 2015: Balance at March 31, 2014 ) ) Other comprehensive income (loss) before reclassifications ) ) Amounts reclassified from accumulated other comprehensive income (loss) ) ) ) ) Net change during the current period other comprehensive income (loss) ) ) Balance at March 31, 2015 ) ) |
Reclassification Out of Accumulated Other Comprehensive Income (Loss) | Yen in Millions Amount Reclassified from Accumulated other comprehensive income (loss) *1 Affected line items in consolidated statement of income For the year ended March 31, 2014: Net unrealized gains (losses) from securities ) Gain from marketable securities, net Income taxes ) Consolidated net income — Net income attributable to noncontrolling interests ) Net income attributable to Nidec Corporation Net gains (losses) from derivative instruments ) Cost of products sold, Interest expense Income taxes ) Consolidated net income — Net income attributable to noncontrolling interests ) Net income attributable to Nidec Corporation Pension liability adjustments ) *2 Income taxes ) Consolidated net income Net income attributable to noncontrolling interests Net income attributable to Nidec Corporation Total amount reclassified, net of tax and noncontrolling interests ) *1 Amounts in parentheses indicate gains in consolidated statement of income. *2 This accumulated other comprehensive income (loss) component is included in the computation of net periodic pension cost. Yen in Millions Amount Reclassified from Accumulated other comprehensive income (loss) *1 Affected line items in consolidated statement of income For the year ended March 31, 2015: Foreign currency translation adjustments ) Other, net, Selling,general and administrative expenses — Income taxes ) Consolidated net income — Net income attributable to noncontrolling interests ) Net income attributable to Nidec Corporation Net unrealized gains (losses) from securities ) Gain from marketable securities, net Income taxes ) Consolidated net income — Net income attributable to noncontrolling interests ) Net income attributable to Nidec Corporation Net gains (losses) from derivative instruments Cost of products sold, Interest expense ) Income taxes Consolidated net income — Net income attributable to noncontrolling interests Net income attributable to Nidec Corporation Pension liability adjustments ) *2 Income taxes ) Consolidated net income Net income attributable to noncontrolling interests ) Net income attributable to Nidec Corporation Total amount reclassified, net of tax and noncontrolling interests ) *1 Amounts in parentheses indicate gains in consolidated statement of income. *2 This accumulated other comprehensive income (loss) component is included in the computation of net periodic pension cost. |
Schedule of Tax Effects Allocated and Reclassification Adjustments | Yen in millions Pre-tax amount Tax benefit/ (expense) Net-of-tax amount For the year ended March 31, 2013: Foreign currency translation adjustments: Foreign currency translation adjustments arising during period ¥ ¥ — ¥ Reclassification adjustments for gains and losses realized in net income — Net unrealized gains (losses) from securities: Unrealized holding gains arising during period ) Reclassification adjustments for gains and losses realized in net income ) Net gains (losses) from derivative instruments qualifying for cash flow hedges: Unrealized gains arising during period ) Reclassification adjustments for gains and losses realized in net income ) Pension liability adjustment: Actuarial losses arising during period ) ) ) Prior service cost arising during period — — — Reclassification adjustments for actuarial gains and losses realized in net income ) Reclassification adjustments for prior service credit and cost realized in net income ) ) Other comprehensive income (loss) ¥ ¥ ) ¥ For the year ended March 31, 2014: Foreign currency translation adjustments: Foreign currency translation adjustments arising during period ¥ ¥ — ¥ Reclassification adjustments for gains and losses realized in net income — — — Net unrealized gains (losses) from securities: Unrealized holding gains arising during period ) Reclassification adjustments for gains and losses realized in net income ) ) Net gains (losses) from derivative instruments qualifying for cash flow hedges: Unrealized losses arising during period ) ) Reclassification adjustments for gains and losses realized in net income ) ) Pension liability adjustment: Actuarial gains arising during period ) Prior service cost arising during period ) Reclassification adjustments for actuarial gains and losses realized in net income ) Reclassification adjustments for prior service credit and cost realized in net income ) ) Other comprehensive income (loss) ¥ ¥ ) ¥ Yen in millions Pre-tax amount Tax benefit/ (expense) Net-of-tax amount For the year ended March 31, 2015: Foreign currency translation adjustments: Foreign currency translation adjustments arising during period ¥ ¥ — ¥ Reclassification adjustments for gains and losses realized in net income ) — ) Net unrealized gains (losses) from securities: Unrealized holding gains arising during period ) Reclassification adjustments for gains and losses realized in net income ) ) Net gains (losses) from derivative instruments qualifying for cash flow hedges: Unrealized losses arising during period ) ) Reclassification adjustments for gains and losses realized in net income ) Pension liability adjustment: Actuarial losses arising during period ) ) Prior service cost arising during period ) Reclassification adjustments for actuarial gains and losses realized in net income ) Reclassification adjustments for prior service credit and cost realized in net income ) ) Other comprehensive income (loss) ¥ ¥ ¥ |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Income taxes | |
Schedule of Income before Income Tax, Domestic and Foreign | Yen in millions For the year ended March 31 2013 2014 2015 Income (loss) before income taxes: The Company and domestic subsidiaries ¥ ) ¥ ¥ Foreign subsidiaries ¥ ¥ ¥ |
Schedule of Components of Income Tax Expense (Benefit) | Yen in millions For the year ended March 31 2013 2014 2015 Current income tax expense/(benefit): The Company and domestic subsidiaries ¥ ¥ ¥ Foreign subsidiaries Total current Deferred income tax expense (benefit): The Company and domestic subsidiaries ) Foreign subsidiaries ) Total deferred ) Total provision ¥ ¥ ¥ |
Schedule of Effective Income Tax Rate Reconciliation | For the year ended March 31 2013 2014 2015 Statutory tax rate % % % Increase (reduction) in taxes resulting from: Tax benefit in foreign subsidiaries ) ) ) Tax on undistributed earnings Valuation allowance ) ) Liabilities for unrecognized tax benefits ) Reversal of deferred tax assets related to foreign tax credit — — Deduction for foreign taxes — Withholding tax on dividends from overseas subsidiaries Changes in Japanese income tax rates — Other ) Effective income tax rate % % % |
Summary of Income Tax Holiday | Yen in millions For the year ended March 31 2013 2014 2015 Aggregate amounts of tax holidays ¥ ¥ ¥ Yen Per share - Basic ¥ ¥ ¥ - Diluted ¥ ¥ ¥ |
Schedule of Deferred Tax Assets and Liabilities | Yen in millions March 31 2014 2015 Deferred tax assets: Inventories ¥ ¥ Property, plant and equipment Accrued bonus Accrued enterprise tax Pension and severance plans Operating loss carryforwards for tax purposes Accrued vacation Accrued expenses Other Gross deferred tax assets Less - Valuation allowance ) ) Net deferred tax assets Deferred tax liabilities: Basis difference of acquired assets ) ) Undistributed earnings not permanently reinvested ) ) Marketable securities ) ) Intangible assets ) ) Other ) ) Total deferred tax liabilities ) ) Net deferred tax liabilities ¥ ) ¥ ) |
Summary of Valuation Allowance | Yen in millions March 31 2013 2014 2015 Valuation allowance at beginning of year ¥ ) ¥ ) ¥ ) Additions ) ) ) Deductions Impact on newly acquired companies ) ) — Valuation allowance at end of year ¥ ) ¥ ) ¥ ) |
Components of net deferred tax assets | Yen in millions March 31 2014 2015 Deferred tax assets: Other current assets ¥ ¥ Other non-current assets Deferred tax liabilities: Other current liabilities ) ) Other long-term liabilities ) ) Net deferred tax liabilities ¥ ) ¥ ) |
Reconciliation of the Beginning and Ending Amounts of Unrecognized Tax Benefits | Yen in millions For the year ended March 31, 2013 2014 2015 Balance at April 1 ¥ ¥ ¥ Additions for tax positions of the current year Additions for tax positions of prior years — — Reduction for tax positions of prior years — ) — Balance at March 31 ¥ ¥ ¥ |
Reconciliation of the differe47
Reconciliation of the differences between basic and diluted earnings per share (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Reconciliation of the differences between basic and diluted earnings per share | |
Schedule of Earnings Per Share Reconciliation | Thousands of Yen in millions shares Yen Net income attributable to Nidec Corporation Weighted- average shares Net income attributable to Nidec Corporation per share For the year ended March 31, 2013: Basic net income attributable to Nidec Corporation per share: Net income attributable to Nidec Corporation ¥ ¥ Effect of dilutive securities: Zero coupon convertible bonds ) Diluted net income attributable to Nidec Corporation per share: Net income attributable to Nidec Corporation ¥ ¥ For the year ended March 31, 2014: Basic net income attributable to Nidec Corporation per share: Net income attributable to Nidec Corporation ¥ ¥ Effect of dilutive securities: Zero coupon convertible bonds ) Diluted net income attributable to Nidec Corporation per share: Net income attributable to Nidec Corporation ¥ ¥ Yen in millions Thousands of shares Yen Net income attributable to Nidec Corporation Weighted- average shares Net income attributable to Nidec Corporation per share For the year ended March 31, 2015: Basic net income attributable to Nidec Corporation per share: Net income attributable to Nidec Corporation ¥ ¥ Effect of dilutive securities: Zero coupon convertible bonds ) Diluted net income attributable to Nidec Corporation per share: Net income attributable to Nidec Corporation ¥ ¥ |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Derivatives | |
Schedule of Derivative Instruments | Derivatives designated as cash flow hedges are as follows: Yen in millions March 31, 2014 March 31, 2015 Foreign exchange forward contracts ¥ ¥ Interest rate swap agreements Commodity futures Derivatives not designated as hedging instruments are as follows: Yen in millions March 31, 2014 March 31, 2015 Foreign exchange forward contracts ¥ ¥ Currency option contracts — |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | Derivatives designated as cash flow hedges are as follows: Asset Derivatives Yen in millions Balance sheet location March 31, 2014 March 31, 2015 Foreign exchange forward contracts Other current assets ¥ ¥ Commodity futures Other current assets — Liability Derivatives Yen in millions Balance sheet location March 31, 2014 March 31, 2015 Foreign exchange forward contracts Other current liabilities ¥ ¥ Interest rate swap agreements Other current liabilities Commodity futures Other current liabilities Derivatives not designated as hedging instruments are as follows: Asset Derivatives Yen in millions Balance sheet location March 31, 2014 March 31, 2015 Foreign exchange forward contracts Other current assets ¥ — Currency option contracts Other current assets — Liability Derivatives Yen in millions Balance sheet location March 31, 2014 March 31, 2015 Foreign exchange forward contracts Other current liabilities — ¥ |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | Derivatives designated as cash flow hedges are as follows: Gains (losses) recognized in accumulated other comprehensive income Yen in millions For the year ended March 31 2013 2014 2015 Foreign exchange forward contracts ¥ ¥ ) ¥ ) Interest rate swap agreements ) ) Commodity futures ) ) Gains (losses) reclassified from accumulated other comprehensive income into income (effective portion) Statement of Yen in millions income For the year ended March 31 location 2013 2014 2015 Foreign exchange forward contracts Cost of sales ¥ ¥ ¥ Interest rate swap agreements Interest expense ) ) ) Commodity futures Cost of sales ) ) ) Derivatives not designated as hedging instruments are as follows: Gains (losses) recognized in income Statement of Yen in millions income For the year ended March 31 location 2013 2014 2015 Foreign exchange forward contracts Foreign exchange gain (loss), net ¥ ¥ ¥ ) Currency option contracts Foreign exchange gain (loss), net ) |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Fair Value | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | Yen in millions Fair Value at Fair Value Measurements Using Inputs Considered as March 31, 2014 Level 1 Level 2 Level 3 Assets: Marketable securities ¥ ¥ — — Derivatives — — Total assets: ¥ ¥ ¥ — Liabilities: Derivatives ¥ ¥ ¥ — Yen in millions Fair Value at Fair Value Measurements Using Inputs Considered as March 31, 2015 Level 1 Level 2 Level 3 Assets: Marketable securities ¥ ¥ — Derivatives — Total assets: ¥ ¥ ¥ — Liabilities: Derivatives ¥ ¥ ¥ — |
Fair Value, by Balance Sheet Grouping | Yen in millions Yen in millions March 31, 2014 March 31, 2015 Carrying amount Estimated fair value Carrying amount Estimated Fair value Asset (Liability): Cash and cash equivalents ¥ ¥ ¥ ¥ Short-term investments Long-term investments Short-term loan receivable Long-term loan receivable Short-term borrowings ) ) ) ) Long-term debt including the current portion and excluding capital lease obligation and bonds ) ) ) ) Bonds including the current portion ¥ ) ¥ ) ¥ ) ¥ ) |
Lease commitments (Tables)
Lease commitments (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Lease commitments | |
Schedule of Capital Leased Assets | Yen in millions March 31 Class of property 2014 2015 Machinery and equipment ¥ ¥ Other leased assets Less — Accumulated amortization ) ) ¥ ¥ |
Schedule of Future Minimum Lease Payments for Capital Leases | Yen in Millions Year ending March 31: 2016 ¥ 2017 2018 2019 2020 2021 and thereafter — Total minimum lease payments Less — Amount representing interest ) Present value of net minimum lease payments Less — Current obligations ) Long-term capital lease obligations ¥ |
Operating Leases of Lessee Disclosure | Yen in millions Year ending March 31: 2016 ¥ 2017 2018 2019 2020 2021 and thereafter Total minimum future rentals ¥ |
Schedule of Future Minimum Rental Payments for Operating Leases | Yen in millions Year ending March 31: 2016 ¥ 2017 2018 2019 2020 2021 and thereafter Total minimum future rentals ¥ |
Other commitments and conting51
Other commitments and contingencies, concentrations and factors that may affect future operations (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Other commitments and contingencies, concentrations and factors that may affect future operations: | |
Schedule of Product Warranty Liability | Yen in millions March 31 2014 2015 Balance at beginning of year ¥ ¥ Addition Utilization ) ) Foreign exchange impact ) Balance at end of year ¥ ¥ |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Segment information | |
Schedule of Entity-Wide Information, Revenue from External Customers by Products and Services | Yen in millions For the year ended March 31 2013 2014 2015 Net sales: Small precision motors: Hard disk drives spindle motors ¥ ¥ ¥ Other small precision motors Sub-total Automotive, appliance, commercial and industrial products Machinery Electronic and optical components Others Consolidated total ¥ ¥ ¥ |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area | Yen in millions For the year ended March 31 2013 2014 2015 Net sales: Japan ¥ ¥ ¥ U.S.A. Singapore Thailand The Philippines China Other Consolidated total ¥ ¥ ¥ Yen in millions March 31 2014 2015 Long-lived assets: Japan ¥ ¥ U.S.A. Singapore Thailand The Philippines China Other Consolidated total ¥ ¥ |
Schedule of Segment Reporting Information, by Segment | Yen in millions For the year ended March 31 2013 2014 2015 Net sales to external customers: Nidec Corporation ¥ ¥ ¥ Nidec Electronics (Thailand) Nidec (Zhejiang) Nidec Singapore Nidec (H.K.) Nidec Philippines Nidec Sankyo Nidec Copal Nidec Copal Electronics Nidec Techno Motor Nidec Motor Nidec Motors & Actuators All Others Total Adjustments *1 ) ) Consolidated total ¥ ¥ ¥ *1 Adjustments primarily relate to the difference between recognition of revenue at the time of shipment and at the time of customer receipt. Yen in millions For the year ended March 31 2013 2014 2015 Net sales to other operating segments: Nidec Corporation ¥ ¥ ¥ Nidec Electronics (Thailand) Nidec (Zhejiang) Nidec Singapore Nidec (H.K.) Nidec Philippines Nidec Sankyo Nidec Copal Nidec Copal Electronics Nidec Techno Motor Nidec Motor Nidec Motors & Actuators All Others Total Intersegment elimination ) ) ) Consolidated total — — — Yen in millions For the year ended March 31 2013 2014 2015 Operating income (loss): Nidec Corporation ¥ ¥ ¥ Nidec Electronics (Thailand) Nidec (Zhejiang) ) ) Nidec Singapore Nidec (H.K.) Nidec Philippines Nidec Sankyo Nidec Copal ) ) Nidec Copal Electronics Nidec Techno Motor Nidec Motor Nidec Motors & Actuators All Others Total Reclassification *1 ) U.S. GAAP adjustments and Others *2 ) ) ) Consolidation adjustments mainly related to elimination of intersegment income or loss Corporate*3 ) ) ) ¥ ¥ ¥ *1 Some items are reclassified from other expenses (income) and included in operating expenses (income). Main reclassification is income or loss from sales or disposals of fixed assets for the years ended March 31, 2013, 2014 and 2015. *2 Others is mainly from the amortization of identifiable intangible assets related to business combinations for the years ended March 31, 2013, 2014 and 2015 . *3 Corporate includes basic research expenses and head office expenses. Yen in millions For the year ended March 31 2013 2014 2015 Depreciation: Nidec Corporation ¥ ¥ ¥ Nidec Electronics (Thailand) Nidec (Zhejiang) Nidec Singapore Nidec (H.K.) Nidec Philippines Nidec Sankyo Nidec Copal Nidec Copal Electronics Nidec Techno Motor Nidec Motor Nidec Motors & Actuators All Others Total U.S. GAAP adjustments*1, Corporate, and Others*2 ) ) ) Consolidated total ¥ ¥ ¥ *1 Some l eased assets are not capitalized in the operating segments but are capitalized under U.S. GAAP. *2 The amount of each segment includes amortization of intangible assets. Others mainly represent adjustments to exclude the amortization of intangible assets in order to reconcile amounts to consolidated total of depreciation in consolidated statements of cash flows. Yen in millions March 31 2014 2015 Segment assets: Nidec Corporation ¥ ¥ Nidec Electronics (Thailand) Nidec (Zhejiang) Nidec Singapore Nidec (H.K.) Nidec Philippines Nidec Sankyo Nidec Copal Nidec Copal Electronics Nidec Techno Motor Nidec Motor Nidec Motors & Actuators All Others Total Elimination of intersegment assets and corporate, net of taxes*1 ) ) Identifiable intangible assets and other fair value adjustments Goodwill U.S.GAAP adjustments and Others *2 ) ) Consolidated total ¥ ¥ *1 Elimination of intersegment assets and corporate, net of taxes include corporate assets, which do not belong to any operating segment, of ¥ 76,190 millions and ¥ 63,856 millions as of March 31, 2014 and 2015, respectively. The depreciation related with the corporate assets is allocated to each operating segment in accordance with the rational allocation method. *2 Others is mainly due to the reclassification of deferred tax assets and liabilities on consolidation. Yen in millions For the year ended March 31 2014 2015 Capital expenditure for segment assets: Nidec Corporation ¥ ¥ Nidec Electronics (Thailand) Nidec (Zhejiang) Nidec Singapore Nidec (H.K.) Nidec Philippines Nidec Sankyo Nidec Copal Nidec Copal Electronics Nidec Techno Motor Nidec Motor Nidec Motors & Actuators All Others Total Corporate Consolidated total ¥ ¥ |
Subsequent events (Tables)
Subsequent events (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Subsequent events | |
Details of the principal amounts of the exercised bonds, the used treasury stock and the issued shares of common stock | 1. Total principal amounts of the exercised bonds ¥ 6,455 million 2. Class of shares Common stock 3. Total number of the used treasury stock 1,340 shares 4. Total amount of the used treasury stock ¥ 12 million 5. Total number of the issued shares of common stock 1,213,589 shares 6. Increase in common stock ¥ 3,223 million 7. Increase in additional paid-in capital ¥ 3,223 million |
Schedule of Acquisition of Motortecnica s.r.l. | On May 15, 2015, Nidec ASI S.p.A., NIDEC’s wholly owned subsidiary, acquired all of the voting rights in Motortecnica s.r.l. (“Motortecnica”). 1. Purpose of transaction Motortecnica oprerates design, manufacturing, repair, maintenance and servicing of electrical rotating machinery, with focus areas of remanufacturing and refurbishment. Following the acquisition, NIDEC seeks to strengthen its service business and expand in the generators market. 2. Funds for transaction Own funds |
Summary of Significant Accoun54
Summary of Significant Accounting Policies (Details) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Significant Accounting Policies [Line Items] | |||
Depreciation | ¥ 45,102 | ¥ 39,497 | ¥ 34,935 |
Advertising costs | ¥ 525 | ¥ 477 | ¥ 296 |
Proprietary technology | Weighted Average | |||
Significant Accounting Policies [Line Items] | |||
Weighted average amortization period (in years) | 11 years | ||
Customer relationships | Weighted Average | |||
Significant Accounting Policies [Line Items] | |||
Weighted average amortization period (in years) | 18 years | ||
Software | Weighted Average | |||
Significant Accounting Policies [Line Items] | |||
Weighted average amortization period (in years) | 6 years | ||
Factories to produce NIDEC's products | Minimum | |||
Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, estimated useful life (in years) | 7 years | ||
Factories to produce NIDEC's products | Maximum | |||
Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, estimated useful life (in years) | 47 years | ||
Head office and sales offices | |||
Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, estimated useful life (in years) | 50 years | ||
Leasehold Improvements | Minimum | |||
Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, estimated useful life (in years) | 3 years | ||
Leasehold Improvements | Maximum | |||
Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, estimated useful life (in years) | 18 years | ||
Machinery and equipment | Minimum | |||
Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, estimated useful life (in years) | 2 years | ||
Machinery and equipment | Maximum | |||
Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, estimated useful life (in years) | 15 years |
Acquisitions and dispositions55
Acquisitions and dispositions (Details) - JPY (¥) ¥ in Millions | Feb. 02, 2015 | Mar. 31, 2014 | Jan. 01, 2014 | Dec. 28, 2012 | Nov. 01, 2012 | Oct. 02, 2012 | Sep. 28, 2012 | Apr. 02, 2012 | May. 31, 2012 |
Minster Machine (Nidec Minster) | |||||||||
Business Acquisition [Line Items] | |||||||||
Business acquisition, cash paid | ¥ 9,202 | ||||||||
Ansaldo Sistemi Industriali S.p.A. ("Nidec ASI") | |||||||||
Business Acquisition [Line Items] | |||||||||
Business acquisition, cash paid | ¥ 36,564 | ||||||||
Avtron Industrial Automation, Inc. ("Avtron") | |||||||||
Business Acquisition [Line Items] | |||||||||
Business acquisition, cash paid | ¥ 4,861 | ||||||||
SCD Co., Ltd. | |||||||||
Business Acquisition [Line Items] | |||||||||
Business acquisition, percentage of ownership acquired | 51.40% | ||||||||
Business acquisition, cash paid | ¥ 3,305 | ||||||||
Kinetek Group Inc. ("Kinetek") | |||||||||
Business Acquisition [Line Items] | |||||||||
Business acquisition, cash paid | ¥ 35,697 | ||||||||
Nidec Kaiyu Auto Electric (Jiangsu) Co., Ltd. ("Kaiyu") | |||||||||
Business Acquisition [Line Items] | |||||||||
Business acquisition, percentage of ownership acquired | 51.00% | ||||||||
Business acquisition, cash paid | ¥ 1,018 | ||||||||
Mitsubishi Materials C.M.I. Corporation ("CMI") | |||||||||
Business Acquisition [Line Items] | |||||||||
Business acquisition, cash paid | ¥ 5,228 | ||||||||
Honda Elesys Co., Ltd. ("Elesys") | |||||||||
Business Acquisition [Line Items] | |||||||||
Business acquisition, cash paid | ¥ 24,320 | ||||||||
Gerte- und Pumpenbau GmbH Dr. Eugen Schmidt ("GPM") | |||||||||
Business Acquisition [Line Items] | |||||||||
Business acquisition, cash paid | ¥ 30,024 |
Acquisitions and dispositions56
Acquisitions and dispositions (Details 2 ) - Nidec Logistics Corporation ¥ in Millions | Feb. 02, 2015JPY (¥) |
Business disposition, cash received | ¥ 5,000 |
Business disposition, gain on sales of stocks in subsidiary | ¥ 1,182 |
Acquisitions and dispositions57
Acquisitions and dispositions (Details 3 ) - 12 months ended Mar. 31, 2014 - Mitsubishi Materials C.M.I. Corporation ("CMI") and Honda Elesys Co., Ltd. ("Elesys") - JPY (¥) ¥ in Millions | Total |
Business combination, adjustment, current assets | ¥ 448 |
Business combination, adjustment, property, plant and equipment | (208) |
Business combination, adjustment, goodwill | (2,559) |
Business combination, adjustment, intangible assets | 3,262 |
Business combination, adjustment, other noncurrent assets | 77 |
Business combination, adjustment, liability | 1,132 |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Equity Interests | (112) |
Business combination, adjustment, operating income | (204) |
Business combination, adjustment, income before income taxes | (204) |
Business combination, adjustment, net income attributable to Nidec Corporation | (132) |
Customer relationships | |
Business combination, adjustment, intangible assets | ¥ 1,981 |
Weighted average amortization period (in years) | 6 years |
Developed technologies | |
Business combination, adjustment, intangible assets | ¥ 1,280 |
Weighted average amortization period (in years) | 9 years |
Other intangible assets | |
Business combination, adjustment, intangible assets | ¥ 1 |
Acquisitions and dispositions58
Acquisitions and dispositions (Details 4) - JPY (¥) ¥ in Millions | Mar. 31, 2015 | Feb. 02, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Business Acquisition [Line Items] | ||||
Goodwill | ¥ 172,430 | ¥ 152,368 | ¥ 132,775 | |
Mitsubishi Materials C.M.I. Corporation ("CMI") and Honda Elesys Co., Ltd. ("Elesys") | ||||
Business Acquisition [Line Items] | ||||
Cash and cash equivalents | ¥ 2,740 | |||
Accounts receivable | 7,325 | |||
Inventories | 3,861 | |||
Other current assets | 2,082 | |||
Property, plant and equipment | 9,555 | |||
Goodwill | 13,790 | |||
Intangible assets | 48 | |||
Other non-current assets | 767 | |||
Total assets acquired | 40,168 | |||
Accounts payable | (2,861) | |||
Other current liabilities | (4,618) | |||
Other non-current liabilities | (2,665) | |||
Total liabilities assumed | (10,144) | |||
Noncontrolling interests | 0 | |||
Net assets acquired | ¥ 30,024 |
Acquisitions and dispositions59
Acquisitions and dispositions (Details 5) ¥ / shares in Units, ¥ in Millions | Apr. 01, 2014 | Mar. 31, 2015JPY (¥)¥ / shares | Mar. 31, 2014JPY (¥)¥ / shares | Mar. 31, 2013JPY (¥)¥ / shares |
Business Acquisition [Line Items] | ||||
Common stock, stock split | 2 | |||
Mitsubishi Materials C.M.I. Corporation ("CMI") and Honda Elesys Co., Ltd. ("Elesys") | ||||
Business Acquisition [Line Items] | ||||
Pro forma net sales | ¥ 928,910 | ¥ 755,775 | ||
Pro forma net income | ¥ 57,656 | ¥ 9,428 | ||
Pro forma net income attributable to Nidec Corporation per share | ||||
Basic | ¥ / shares | ¥ 211.91 | ¥ 34.99 | ||
Diluted | ¥ / shares | ¥ 198.27 | ¥ 32.50 | ||
Gerte- und Pumpenbau GmbH Dr. Eugen Schmidt ("GPM") | ||||
Business Acquisition [Line Items] | ||||
Pro forma net sales | ¥ 1,065,579 | ¥ 909,356 | ||
Pro forma net income | ¥ 77,253 | ¥ 56,795 | ||
Pro forma net income attributable to Nidec Corporation per share | ||||
Basic | ¥ / shares | ¥ 276.03 | ¥ 208.75 | ||
Diluted | ¥ / shares | ¥ 260.22 | ¥ 195.30 | ||
Selling, General and Administrative Expenses | ||||
Business Acquisition [Line Items] | ||||
Business acquisition, Acquisition-related cost | ¥ 559 |
Goodwill and other intangible60
Goodwill and other intangible assets (Details) - JPY (¥) ¥ in Millions | Mar. 31, 2015 | Mar. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amounts | ¥ 96,951 | ¥ 88,095 |
Accumulated amortization | 32,099 | 24,147 |
Carrying amounts | 64,852 | 63,948 |
Proprietary technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amounts | 12,465 | 12,968 |
Accumulated amortization | 3,467 | 2,552 |
Carrying amounts | 8,998 | 10,416 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amounts | 55,219 | 50,138 |
Accumulated amortization | 13,919 | 9,626 |
Carrying amounts | 41,300 | 40,512 |
Software | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amounts | 21,659 | 18,001 |
Accumulated amortization | 10,979 | 8,624 |
Carrying amounts | 10,680 | 9,377 |
Other intangible assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amounts | 7,608 | 6,988 |
Accumulated amortization | 3,734 | 3,345 |
Carrying amounts | ¥ 3,874 | ¥ 3,643 |
Goodwill and other intangible61
Goodwill and other intangible assets (Details 2) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Goodwill and Intangible Assets Disclosure [Line Items] | |||
Total amortization of intangible assets | ¥ 7,173 | ¥ 6,393 | ¥ 4,627 |
Total indefinite lived intangible assets | ¥ 9,106 | ¥ 7,920 | |
Weighted Average | Proprietary technology | |||
Goodwill and Intangible Assets Disclosure [Line Items] | |||
Weighted average amortization period (in years) | 11 years | ||
Weighted Average | Customer relationships | |||
Goodwill and Intangible Assets Disclosure [Line Items] | |||
Weighted average amortization period (in years) | 18 years | ||
Weighted Average | Software | |||
Goodwill and Intangible Assets Disclosure [Line Items] | |||
Weighted average amortization period (in years) | 6 years |
Goodwill and other intangible62
Goodwill and other intangible assets (Details 3) ¥ in Millions | Mar. 31, 2015JPY (¥) |
Goodwill and other intangible assets | |
2,016 | ¥ 7,997 |
2,017 | 7,292 |
2,018 | 6,565 |
2,019 | 5,949 |
2,020 | ¥ 4,985 |
Goodwill and other intangible63
Goodwill and other intangible assets (Details 4) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Goodwill [Line Items] | |||
Beginning Balance | ¥ 152,368 | ¥ 132,775 | |
Acquisition | 13,790 | 9,223 | |
Impairment loss | 0 | 0 | ¥ 0 |
Translation adjustments and Others | 6,272 | 10,370 | |
Ending Balance | 172,430 | 152,368 | 132,775 |
Nidec Electronics (Thailand) | |||
Goodwill [Line Items] | |||
Beginning Balance | 7,645 | 6,994 | |
Translation adjustments and Others | 1,303 | 651 | |
Ending Balance | 8,948 | 7,645 | 6,994 |
Nidec (Zhejiang) | |||
Goodwill [Line Items] | |||
Beginning Balance | 1,142 | 1,044 | |
Translation adjustments and Others | 191 | 98 | |
Ending Balance | 1,333 | 1,142 | 1,044 |
Nidec Sankyo | |||
Goodwill [Line Items] | |||
Beginning Balance | 28,685 | 27,312 | |
Acquisition | 1,266 | ||
Translation adjustments and Others | 109 | 107 | |
Ending Balance | 28,794 | 28,685 | 27,312 |
Nidec Copal | |||
Goodwill [Line Items] | |||
Beginning Balance | 16,462 | 16,462 | |
Ending Balance | 16,462 | 16,462 | 16,462 |
Nidec Copal Electronics | |||
Goodwill [Line Items] | |||
Beginning Balance | 6,561 | 6,561 | |
Ending Balance | 6,561 | 6,561 | 6,561 |
Nidec Techno Motor | |||
Goodwill [Line Items] | |||
Beginning Balance | 2,049 | 2,049 | |
Ending Balance | 2,049 | 2,049 | 2,049 |
Nidec Motor | |||
Goodwill [Line Items] | |||
Beginning Balance | 63,078 | 55,008 | |
Translation adjustments and Others | 3,675 | 8,070 | |
Ending Balance | 66,753 | 63,078 | 55,008 |
Nidec Motors & Actuators | |||
Goodwill [Line Items] | |||
Beginning Balance | 16,313 | 7,423 | |
Acquisition | 13,790 | 7,957 | |
Translation adjustments and Others | 401 | 933 | |
Ending Balance | 30,504 | 16,313 | 7,423 |
All others | |||
Goodwill [Line Items] | |||
Beginning Balance | 10,433 | 9,922 | |
Translation adjustments and Others | 593 | 511 | |
Ending Balance | ¥ 11,026 | ¥ 10,433 | ¥ 9,922 |
Supplemental cash flow inform64
Supplemental cash flow information (Details) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Cash paid during the fiscal year for: | |||
Income taxes | ¥ 22,290 | ¥ 12,613 | ¥ 25,879 |
Interest | 1,463 | 1,636 | 395 |
Non-cash investing and financing activities: | |||
Capital lease obligations | 70 | 499 | 206 |
Conversion of convertible bond | 74,344 | ||
Treasury stock, at cost | |||
Other Significant Noncash Transactions [Line Items] | |||
Change in ownership of subsidiaries in connection with share exchange transaction | (11,960) | (20,655) | (16,710) |
Share Exchange Transaction | Common stock | |||
Other Significant Noncash Transactions [Line Items] | |||
Change in ownership of subsidiaries in connection with share exchange transaction | 5,175 | 4,279 | 3,270 |
Share Exchange Transaction | Treasury stock, at cost | |||
Other Significant Noncash Transactions [Line Items] | |||
Change in ownership of subsidiaries in connection with share exchange transaction | ¥ 11,960 | ¥ 20,655 | ¥ 16,710 |
Allowance for doubtful accoun65
Allowance for doubtful accounts (Details) - Allowance-for-doubtful accounts - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Allowance for doubtful accounts at beginning of the year | ¥ 1,593 | ¥ 1,375 | ¥ 1,002 |
Provision for doubtful accounts, net of reversal | (388) | 366 | 166 |
Write-offs | (37) | (267) | (90) |
Translation adjustment and other | 127 | 119 | 297 |
Allowance for doubtful accounts at the end of the year | ¥ 1,295 | ¥ 1,593 | ¥ 1,375 |
Inventories (Details)
Inventories (Details) - JPY (¥) ¥ in Millions | Mar. 31, 2015 | Mar. 31, 2014 |
Inventories | ||
Finished goods | ¥ 75,423 | ¥ 51,671 |
Raw materials | 51,172 | 39,974 |
Work in process | 39,309 | 29,011 |
Supplies and other | 5,107 | 3,669 |
Inventories | ¥ 171,011 | ¥ 124,325 |
Other Current Assets (Details)
Other Current Assets (Details) - JPY (¥) ¥ in Millions | Mar. 31, 2015 | Mar. 31, 2014 |
Other current assets | ||
Other receivable | ¥ 19,901 | ¥ 13,906 |
Deferred tax assets (Note 16) | 9,549 | 10,438 |
Costs on uncompleted construction contracts | 9,701 | 9,572 |
Prepaid expenses | 6,612 | 5,225 |
Other | 6,221 | 8,926 |
Other current assets | ¥ 51,984 | ¥ 48,067 |
Marketable securities and oth68
Marketable securities and other securities investments (Details) - JPY (¥) ¥ in Millions | Mar. 31, 2015 | Mar. 31, 2014 |
Available-for-sale Securities, Fair Value to Amortized Cost Basis | ||
Equity securities, cost | ¥ 7,630 | ¥ 7,652 |
Equity securities, gross unrealized gains | 11,423 | 6,731 |
Equity securities, fair value | 19,053 | 14,383 |
Debt securities, cost | 330 | |
Debt securities, fair value | 330 | |
Held -to-maturity | ||
Cost | 8,360 | 8,052 |
Gross unrealized gains | 11,425 | 6,733 |
Gross unrealized losses | 0 | |
Fair value | 19,785 | 14,785 |
Securities not practicable to estimate fair value, cost | 1,733 | 1,654 |
Japanese government debt securities | ||
Held -to-maturity | ||
Held-to-maturity securities, cost | 400 | 400 |
Held-to-maturity securities, gross unrealized gains | 2 | 2 |
Held-to-maturity securities, fair value | ¥ 402 | ¥ 402 |
Marketable securities and oth69
Marketable securities and other securities investments (Details 2) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Marketable securities and other securities investments | |||
Increase (decrease) in net unrealized gain on available-for-sale securities included as a component of accumulated other comprehensive income, net of applicable taxes | ¥ 3,227 | ¥ 2,998 | ¥ 174 |
Proceeds from sales of marketable securities | 68 | 1,059 | 692 |
Gross realized gains on marketable securities | 26 | 242 | 347 |
Gross realized losses on marketable securities | 12 | ¥ 0 | |
Held-to-maturity securities pledged as collateral for the deferred payments of certain taxes | ¥ 400 | ¥ 400 |
Other Non-Current Assets (Detai
Other Non-Current Assets (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2015 | Mar. 31, 2014 |
Other non-current assets | ||
Intangible assets | ¥ 73,958 | ¥ 71,868 |
Other | 15,576 | 9,158 |
Other non-current assets | ¥ 89,534 | ¥ 81,026 |
Short-term borrowings and lon71
Short-term borrowings and long-term debt (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2015 | Mar. 31, 2014 |
Short-term borrowings and long-term debt | ||
Short-term borrowings | ¥ 52,401 | ¥ 22,600 |
Unused lines of credit | 273,558 | |
Notes Payable to Banks | ||
Short-term borrowings and long-term debt | ||
Short-term borrowings | ¥ 52,401 | ¥ 22,600 |
Short Term Debt Weighted Average Interest Rate | 0.17% | 0.31% |
Short-Term Borrowings and Lon72
Short-Term Borrowings and Long-Term Debt (Details 2) ¥ / shares in Units, ¥ in Millions | Apr. 01, 2014item¥ / shares | Mar. 31, 2015JPY (¥)item¥ / shares | Mar. 31, 2014JPY (¥)item¥ / shares |
Short-Term Borrowings and Long-Term Debt | |||
Long-term debt and capital lease obligations | ¥ 230,097 | ¥ 328,656 | |
Less-Current portion due within one year | (45,485) | (29,245) | |
Long-term portion | 184,612 | 299,411 | |
Common stock, stock split | 2 | ||
Capital Lease Obligations | |||
Short-Term Borrowings and Long-Term Debt | |||
Long-term debt and capital lease obligations | 3,481 | 4,861 | |
Less-Current portion due within one year | ¥ (1,924) | ¥ (1,667) | |
Capital Lease Obligations | Minimum | |||
Short-Term Borrowings and Long-Term Debt | |||
Long-term debt, interest rate | 0.00% | 0.00% | |
Capital Lease Obligations | Maximum | |||
Short-Term Borrowings and Long-Term Debt | |||
Long-term debt, interest rate | 15.74% | 15.74% | |
Unsecured loans due 2014 to 2026 | |||
Short-Term Borrowings and Long-Term Debt | |||
Long-term debt and capital lease obligations | ¥ 77,804 | ||
Unsecured loans due 2014 to 2026 | Minimum | |||
Short-Term Borrowings and Long-Term Debt | |||
Long-term debt, interest rate | 0.00% | ||
Unsecured loans due 2014 to 2026 | Maximum | |||
Short-Term Borrowings and Long-Term Debt | |||
Long-term debt, interest rate | 6.80% | ||
Unsecured loans due 2015 to 2026 | |||
Short-Term Borrowings and Long-Term Debt | |||
Long-term debt and capital lease obligations | ¥ 53,789 | ||
Unsecured loans due 2015 to 2026 | Minimum | |||
Short-Term Borrowings and Long-Term Debt | |||
Long-term debt, interest rate | 0.17% | ||
Unsecured loans due 2015 to 2026 | Maximum | |||
Short-Term Borrowings and Long-Term Debt | |||
Long-term debt, interest rate | 6.40% | ||
Secured loans due 2015 to 2024 | |||
Short-Term Borrowings and Long-Term Debt | |||
Long-term debt and capital lease obligations | ¥ 1,372 | ||
Secured loans due 2015 to 2024 | Minimum | |||
Short-Term Borrowings and Long-Term Debt | |||
Long-term debt, interest rate | 1.45% | ||
Secured loans due 2015 to 2024 | Maximum | |||
Short-Term Borrowings and Long-Term Debt | |||
Long-term debt, interest rate | 3.50% | ||
Zero Coupon Convertible Bonds Due 2015 | |||
Short-Term Borrowings and Long-Term Debt | |||
Long-term debt and capital lease obligations | ¥ 21,455 | ¥ 95,891 | |
Less-Current portion due within one year | ¥ (21,455) | ¥ (100) | |
Long-term debt, conversion price | ¥ / shares | ¥ 5,313 | ¥ 5,313 | ¥ 10,626 |
Principal amount | ¥ 21,445 | ¥ 95,750 | |
Unamortized premium | 10 | 141 | |
Total | ¥ 21,455 | ¥ 95,891 | |
Redemption price as percentage of principal amount | 100.00% | ||
Number of convertible shares | item | 18,021,833 | 4,036,325 | 9,010,916 |
Debt obligations, decrease | ¥ 74,436 | ||
Unsecured straight bonds due 2017 | |||
Short-Term Borrowings and Long-Term Debt | |||
Long-term debt and capital lease obligations | ¥ 65,000 | ¥ 65,000 | |
Long-term debt, interest rate | 0.39% | 0.39% | |
Unsecured straight bonds due 2019 | |||
Short-Term Borrowings and Long-Term Debt | |||
Long-term debt and capital lease obligations | ¥ 15,000 | ¥ 15,000 | |
Long-term debt, interest rate | 0.60% | 0.60% | |
Unsecured straight bonds due 2022 | |||
Short-Term Borrowings and Long-Term Debt | |||
Long-term debt and capital lease obligations | ¥ 20,000 | ¥ 20,000 | |
Long-term debt, interest rate | 0.96% | 0.96% | |
Unsecured straight bonds due 2016 | |||
Short-Term Borrowings and Long-Term Debt | |||
Long-term debt and capital lease obligations | ¥ 50,000 | ¥ 50,000 | |
Long-term debt, interest rate | 0.21% | 0.21% | |
Unsecured straight bonds due 2014 | |||
Short-Term Borrowings and Long-Term Debt | |||
Long-term debt and capital lease obligations | ¥ 100 | ||
Long-term debt, interest rate | 0.72% | ||
Long term debt, excluding zero coupon convertible bonds due 2015 | |||
Short-Term Borrowings and Long-Term Debt | |||
Less-Current portion due within one year | ¥ (22,106) | ¥ (27,478) |
Short-Term Borrowings and Lon73
Short-Term Borrowings and Long-Term Debt (Details 3) ¥ in Millions | Mar. 31, 2015JPY (¥) |
Short-term borrowings and long-term debt | |
2,016 | ¥ 45,485 |
2,017 | 81,842 |
2,018 | 66,601 |
2,019 | 442 |
2,020 | 15,295 |
2021 and thereafter | ¥ 20,432 |
Short-Term Borrowings and Lon74
Short-Term Borrowings and Long-Term Debt (Details 4) - Certain Subsidiaries ¥ in Millions | Mar. 31, 2015JPY (¥) |
Short-Term Borrowings and Long-Term Debt | |
Book value of machinery, land and marketable securities pledged | ¥ 2,236 |
Long term debt, secured by machinery, land and marketable securities | ¥ 1,372 |
Other Current Liabilities (Deta
Other Current Liabilities (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2015 | Mar. 31, 2014 |
Other current liabilities | ||
Accounts payable for property, plant and equipment | ¥ 7,989 | ¥ 9,857 |
Advances received | 7,813 | 7,152 |
Income taxes payable | 6,039 | 4,557 |
Product warranty liabilities | 3,887 | 2,701 |
Other | 12,162 | 9,018 |
Other current liabilities | ¥ 37,890 | ¥ 33,285 |
Pension and severance plans (De
Pension and severance plans (Details) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | ¥ 21,890 | ||
Fair value of plan assets at end of year | 28,258 | ¥ 21,890 | |
Japanese plans | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 17,666 | 14,079 | |
Service cost | 1,167 | 927 | ¥ 910 |
Interest cost | 188 | 180 | 197 |
Actuarial gain (loss) | 832 | 196 | |
Acquisition and other | 4,278 | ||
Plan amendment | (190) | (143) | |
Benefits paid | (1,469) | (1,851) | |
Benefit obligation at end of year | 18,194 | 17,666 | 14,079 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 11,777 | 7,827 | |
Actual return on plan assets | 1,029 | 576 | |
Employer contribution | 3,167 | 1,135 | |
Acquisition and other | 3,202 | ||
Benefits paid | (1,044) | (963) | |
Fair value of plan assets at end of year | 14,929 | 11,777 | ¥ 7,827 |
Funded status | ¥ (3,265) | ¥ (5,889) |
Pension and severance plans (77
Pension and severance plans (Details 2) - JPY (¥) ¥ in Millions | Mar. 31, 2015 | Mar. 31, 2014 |
Pension and severance plans | ||
Accrued pension and severance costs | ¥ 19,576 | ¥ 17,912 |
Japanese plans | ||
Pension and severance plans | ||
Net amounts recognized | 3,265 | 5,889 |
Japanese plans | Accrued Pension And Severance Costs | ||
Pension and severance plans | ||
Accrued pension and severance costs | 5,116 | 5,963 |
Japanese plans | Other Noncurrent Assets | ||
Pension and severance plans | ||
Other non-current assets | ¥ (1,851) | ¥ (74) |
Pension and severance plans (78
Pension and severance plans (Details 3) - Japanese plans - JPY (¥) ¥ in Millions | Mar. 31, 2015 | Mar. 31, 2014 |
Pension and severance plans | ||
Actuarial gain (loss) | ¥ (1,684) | ¥ (1,562) |
Prior service credit | 1,381 | 1,393 |
Pension liability adjustments, pre-tax | (303) | (169) |
Accumulated benefit obligations | ¥ 17,876 | ¥ 17,400 |
Pension and severance plans (79
Pension and severance plans (Details 4) - Japanese plans - JPY (¥) ¥ in Millions | Mar. 31, 2015 | Mar. 31, 2014 |
Pension and severance plans | ||
Projected benefit obligations | ¥ 11,056 | ¥ 14,889 |
Accumulated benefit obligations | 10,763 | 14,623 |
Fair value of plan assets | ¥ 5,941 | ¥ 8,925 |
Pension and severance plans (80
Pension and severance plans (Details 5) - Japanese plans | Mar. 31, 2015 | Mar. 31, 2014 |
Pension and severance plans | ||
Discount rate | 1.20% | 1.20% |
Rate of compensation increase | 4.10% | 4.20% |
Pension and severance plans (81
Pension and severance plans (Details 6) - Japanese plans | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Pension and severance plans | |||
Discount rate | 1.20% | 1.30% | 1.60% |
Expected return on plan assets | 2.50% | 2.60% | 2.30% |
Rate of compensation increase | 4.20% | 2.20% | 2.30% |
Pension and severance plans (82
Pension and severance plans (Details 7) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Components of net periodic (benefit) cost: | |||
Estimated prior service cost (credit) for the defined benefit pension plans that will be amortized from accumulated other comprehensive income into benefits cost | ¥ 175 | ||
Estimated net actuarial gain (loss) for the defined benefit pension plans that will be amortized from accumulated other comprehensive income into benefits cost | 60 | ||
Japanese plans | |||
Components of net periodic (benefit) cost: | |||
Service cost | 1,167 | ¥ 927 | ¥ 910 |
Interest cost | 188 | 180 | 197 |
Expected return on plan assets | (236) | (164) | (139) |
Amortization of net actuarial loss | 79 | 92 | 123 |
Amortization of prior service credit | (207) | (157) | (146) |
Net periodic pension cost | ¥ 991 | ¥ 878 | ¥ 945 |
Pension and severance plans (83
Pension and severance plans (Details 8) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | ¥ 21,890 | ||
Fair value of plan assets at end of year | 28,258 | ¥ 21,890 | |
Foreign plans | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 21,966 | 19,966 | |
Service cost | 508 | 553 | ¥ 549 |
Interest cost | 828 | 741 | 625 |
Actuarial gain (loss) | 3,689 | (548) | |
Acquisition and other | (51) | 131 | |
Foreign currency exchange rate changes | 1,948 | 2,155 | |
Benefits paid | (1,269) | (1,032) | |
Benefit obligation at end of year | 27,619 | 21,966 | 19,966 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 10,113 | 7,014 | |
Actual return on plan assets | 1,177 | 957 | |
Employer contribution | 1,054 | 2,103 | |
Foreign currency exchange rate changes and other | 1,779 | 714 | |
Benefits paid | (794) | (675) | |
Fair value of plan assets at end of year | 13,329 | 10,113 | ¥ 7,014 |
Funded status | ¥ (14,290) | ¥ (11,853) |
Pension and severance plans (84
Pension and severance plans (Details 9) - JPY (¥) ¥ in Millions | Mar. 31, 2015 | Mar. 31, 2014 |
Pension and severance plans | ||
Accrued pension and severance costs | ¥ 19,576 | ¥ 17,912 |
Foreign plans | ||
Pension and severance plans | ||
Net amounts recognized | 14,290 | 11,853 |
Accrued Pension And Severance Costs | Foreign plans | ||
Pension and severance plans | ||
Accrued pension and severance costs | ¥ 14,290 | ¥ 11,853 |
Pension and severance plans (85
Pension and severance plans (Details 10) - Foreign plans - JPY (¥) ¥ in Millions | Mar. 31, 2015 | Mar. 31, 2014 |
Pension and severance plans | ||
Actuarial gain (loss) | ¥ (4,501) | ¥ 142 |
Pension liability adjustments, pre-tax | (4,501) | 142 |
Accumulated benefit obligations | ¥ 25,936 | ¥ 21,768 |
Pension and severance plans (86
Pension and severance plans (Details 11) - Foreign plans - JPY (¥) ¥ in Millions | Mar. 31, 2015 | Mar. 31, 2014 |
Pension and severance plans | ||
Projected benefit obligations | ¥ 27,045 | ¥ 21,498 |
Accumulated benefit obligations | 25,362 | 21,300 |
Fair value of plan assets | ¥ 12,595 | ¥ 9,464 |
Pension and severance plans (87
Pension and severance plans (Details 12) - Foreign plans | Mar. 31, 2015 | Mar. 31, 2014 |
Pension and severance plans | ||
Discount rate | 3.30% | 4.40% |
Rate of compensation increase | 3.50% | 3.00% |
Pension and severance plans (88
Pension and severance plans (Details 13) - Foreign plans | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Pension and severance plans | |||
Discount rate | 4.40% | 4.40% | 4.70% |
Expected return on plan assets | 7.60% | 7.50% | 7.50% |
Rate of compensation increase | 3.00% | 3.00% | 3.00% |
Pension and severance plans (89
Pension and severance plans (Details 14) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Components of net periodic (benefit) cost: | |||
Estimated net actuarial gain (loss) for the defined benefit pension plans that will be amortized from accumulated other comprehensive income into benefits cost | ¥ 60 | ||
Foreign plans | |||
Components of net periodic (benefit) cost: | |||
Service cost | 508 | ¥ 553 | ¥ 549 |
Interest cost | 828 | 741 | 625 |
Expected return on plan assets | (1,170) | (443) | (445) |
Amortization of net actuarial loss | 14 | 27 | 6 |
Net periodic pension cost | 180 | ¥ 878 | ¥ 735 |
Estimated net actuarial gain (loss) for the defined benefit pension plans that will be amortized from accumulated other comprehensive income into benefits cost | ¥ 143 | ||
Equity securities | |||
Components of net periodic (benefit) cost: | |||
Percentage of investments in securities or other investment vehicles | 2.00% | ||
Debt Securities | |||
Components of net periodic (benefit) cost: | |||
Percentage of investments in securities or other investment vehicles | 4.00% | ||
Other than Securities Investment | |||
Components of net periodic (benefit) cost: | |||
Percentage of investments in securities or other investment vehicles | 94.00% |
Pension and severance plans (90
Pension and severance plans (Details 15) - JPY (¥) ¥ in Millions | Mar. 31, 2015 | Mar. 31, 2014 |
Pension and severance plans | ||
Fair values of pension plan assets | ¥ 28,258 | ¥ 21,890 |
Japanese companies | ||
Pension and severance plans | ||
Fair values of pension plan assets | 335 | 281 |
Foreign companies | ||
Pension and severance plans | ||
Fair values of pension plan assets | 262 | 233 |
Pooled funds | ||
Pension and severance plans | ||
Fair values of pension plan assets | 1,019 | 757 |
Cash and cash equivalents | ||
Pension and severance plans | ||
Fair values of pension plan assets | 4,175 | 1,793 |
Life insurance company general accounts | ||
Pension and severance plans | ||
Fair values of pension plan assets | 6,063 | 5,179 |
Pooled Funds | ||
Pension and severance plans | ||
Fair values of pension plan assets | 14,090 | 11,183 |
Others | ||
Pension and severance plans | ||
Fair values of pension plan assets | 2,314 | 2,464 |
Level 1 | ||
Pension and severance plans | ||
Fair values of pension plan assets | 4,772 | 2,307 |
Level 1 | Japanese companies | ||
Pension and severance plans | ||
Fair values of pension plan assets | 335 | 281 |
Level 1 | Foreign companies | ||
Pension and severance plans | ||
Fair values of pension plan assets | 262 | 233 |
Level 1 | Cash and cash equivalents | ||
Pension and severance plans | ||
Fair values of pension plan assets | 4,175 | 1,793 |
Level 2 | ||
Pension and severance plans | ||
Fair values of pension plan assets | 23,486 | 19,583 |
Level 2 | Pooled funds | ||
Pension and severance plans | ||
Fair values of pension plan assets | 1,019 | 757 |
Level 2 | Life insurance company general accounts | ||
Pension and severance plans | ||
Fair values of pension plan assets | 6,063 | 5,179 |
Level 2 | Pooled Funds | ||
Pension and severance plans | ||
Fair values of pension plan assets | 14,090 | 11,183 |
Level 2 | Others | ||
Pension and severance plans | ||
Fair values of pension plan assets | ¥ 2,314 | ¥ 2,464 |
Pension and severance plans (91
Pension and severance plans (Details 16) | Mar. 31, 2015 | Mar. 31, 2014 |
Debt securities, Pooled funds, Japanese bonds | ||
Pension and severance plans | ||
Percentage of pooled funds | 65.00% | 68.00% |
Debt securities, Pooled funds, foreign bonds | ||
Pension and severance plans | ||
Percentage of pooled funds | 35.00% | 32.00% |
Other assets, Pooled funds, Japanese equities | ||
Pension and severance plans | ||
Percentage of pooled funds | 4.00% | 7.00% |
Other assets, Pooled funds, foreign equities | ||
Pension and severance plans | ||
Percentage of pooled funds | 28.00% | 31.00% |
Other assets, Pooled funds, Japanese bonds | ||
Pension and severance plans | ||
Percentage of pooled funds | 7.00% | 6.00% |
Other assets, Pooled funds, foreign bonds | ||
Pension and severance plans | ||
Percentage of pooled funds | 47.00% | 37.00% |
Pension and severance plans (92
Pension and severance plans (Details 17) - JPY (¥) ¥ in Millions | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Change in plan assets: | ||
Fair value of plan assets at beginning of year | ¥ 21,890 | |
Fair value of plan assets at end of year | 28,258 | ¥ 21,890 |
Defined benefit plans, expected employer contribute for the next fiscal year | ¥ 1,375 | |
Level 3 | ||
Change in plan assets: | ||
Fair value of plan assets at beginning of year | 2,070 | |
Actual return on plan assets and other | 394 | |
Transfers out of level 3 | ¥ (2,464) |
Pension and severance plans (93
Pension and severance plans (Details 18) ¥ in Millions | Mar. 31, 2015JPY (¥) |
Japanese plans | |
Pension and severance plans | |
2,016 | ¥ 921 |
2,017 | 832 |
2,018 | 863 |
2,019 | 1,105 |
2,020 | 1,030 |
Years 2021-2025 | 5,770 |
Foreign plans | |
Pension and severance plans | |
2,016 | 2,534 |
2,017 | 1,211 |
2,018 | 1,180 |
2,019 | 1,254 |
2,020 | 1,202 |
Years 2021-2025 | ¥ 6,097 |
Pension and severance plans (94
Pension and severance plans (Details 19) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Certain Subsidiaries | |||
Pension and severance plans | |||
Multiemployer plans, total amounts of cost recognized for contributions | ¥ 169 | ¥ 169 | ¥ 182 |
Defined contribution plans, cost recognized for certain subsidiaries' contributions | 3,103 | ¥ 2,617 | ¥ 1,999 |
NIDEC | |||
Pension and severance plans | |||
Multiemployer, expected employer contribution | 159 | ||
Defined contribution plans, expected employer contribution | ¥ 3,181 |
Other long-term liabilities (De
Other long-term liabilities (Details) - JPY (¥) ¥ in Millions | Mar. 31, 2015 | Mar. 31, 2014 |
Other long-term liabilities | ||
Deferred tax liabilities | ¥ 26,935 | ¥ 18,159 |
Other | 6,569 | 8,105 |
Other long-term liabilities | ¥ 33,504 | ¥ 26,264 |
Equity (Details)
Equity (Details) ¥ / shares in Units, ¥ in Millions | Oct. 01, 2014shares | Apr. 01, 2014 | Oct. 01, 2013shares | Oct. 01, 2012shares | Oct. 31, 2014shares | Mar. 31, 2015JPY (¥)¥ / sharesshares | Mar. 31, 2014JPY (¥)shares | Mar. 31, 2013JPY (¥) | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Stockholders Equity Note [Line Items] | |||||||||||
Percentage of cash dividends that must be appropriated as a legal reserve | 10.00% | ||||||||||
Appropriated legal reserve not required after percentage limit is achieved | 25.00% | ||||||||||
Appropriated legal reserve, minimum actual percentage of stated capital | 25.00% | ||||||||||
Amount of statutory retained earnings of the Company available for dividend payments to shareholders | ¥ | ¥ 185,289 | ¥ 91,137 | |||||||||
Retained earnings, cash dividends | ¥ | ¥ 11,764 | ||||||||||
Retained earnings, cash dividends per share | ¥ / shares | ¥ 40 | ||||||||||
Purchase of treasury stock, value | ¥ | ¥ 2,159 | ¥ 2,838 | ¥ 31,277 | ||||||||
Treasury stock, shares | 9,636 | 14,343,952 | |||||||||
Treasury stock, at cost, value | ¥ | ¥ 27 | ¥ 39,640 | |||||||||
Stock split ratio | 2 | ||||||||||
Retained earnings relating to equity in undistributed earnings of accumulated deficit of equity method investee | ¥ | 155 | 168 | 152 | ||||||||
Nidec Sankyo | |||||||||||
Stockholders Equity Note [Line Items] | |||||||||||
Purchase of additional interests in subsidiaries, percentage owned by parent company | 100.00% | 77.10% | |||||||||
Nidec Sankyo | Share Exchange Transaction | |||||||||||
Stockholders Equity Note [Line Items] | |||||||||||
Purchase of additional interests in subsidiaries, shares of common stock held in treasury allocated for the share exchange | 6,350,630 | ||||||||||
Nidec Copal | |||||||||||
Stockholders Equity Note [Line Items] | |||||||||||
Purchase of additional interests in subsidiaries, percentage owned by parent company | 100.00% | 66.50% | |||||||||
Nidec Copal | Share Exchange Transaction | |||||||||||
Stockholders Equity Note [Line Items] | |||||||||||
Purchase of additional interests in subsidiaries, shares of common stock held in treasury allocated for the share exchange | 4,856,764 | ||||||||||
Nidec Tosok | |||||||||||
Stockholders Equity Note [Line Items] | |||||||||||
Purchase of additional interests in subsidiaries, percentage owned by parent company | 100.00% | 72.30% | |||||||||
Nidec Tosok | Share Exchange Transaction | |||||||||||
Stockholders Equity Note [Line Items] | |||||||||||
Purchase of additional interests in subsidiaries, shares of common stock held in treasury allocated for the share exchange | 2,624,000 | ||||||||||
Nidec Copal Electronics | |||||||||||
Stockholders Equity Note [Line Items] | |||||||||||
Purchase of additional interests in subsidiaries, percentage owned by parent company | 100.00% | 65.40% | |||||||||
Nidec Copal Electronics | Share Exchange Transaction | |||||||||||
Stockholders Equity Note [Line Items] | |||||||||||
Purchase of additional interests in subsidiaries, shares of common stock held in treasury allocated for the share exchange | 3,160,575 | 3,160,575 | |||||||||
Nidec-Read | |||||||||||
Stockholders Equity Note [Line Items] | |||||||||||
Purchase of additional interests in subsidiaries, shares of common stock held in treasury allocated for the share exchange | 1,421,498 | ||||||||||
Purchase of additional interests in subsidiaries, percentage owned by parent company | 100.00% | 65.50% | |||||||||
Nidec-Read | Share Exchange Transaction | |||||||||||
Stockholders Equity Note [Line Items] | |||||||||||
Purchase of additional interests in subsidiaries, shares of common stock held in treasury allocated for the share exchange | 1,421,498 | ||||||||||
Treasury stock, at cost | |||||||||||
Stockholders Equity Note [Line Items] | |||||||||||
Purchase of treasury stock, value | ¥ | ¥ 2,159 | ¥ 2,838 | ¥ 31,277 | ||||||||
NIDEC | Treasury stock, at cost | |||||||||||
Stockholders Equity Note [Line Items] | |||||||||||
Treasury stock, shares | 36 | 14,343,952 | |||||||||
Treasury stock, at cost, value | ¥ | ¥ 0 | ¥ 40,527 | |||||||||
Repurchase at Board of Directors Meetings Resolution | |||||||||||
Stockholders Equity Note [Line Items] | |||||||||||
Purchase of treasury stock, shares | 1,000,000 | ||||||||||
Purchase of treasury stock, value | ¥ | ¥ 2,696 |
Equity (Details 2)
Equity (Details 2) - JPY (¥) ¥ in Millions | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Accumulated other comprehensive income (loss) | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of year | ¥ 58,378 | ¥ 12,953 |
Other comprehensive income (loss) before reclassifications | 76,573 | 45,560 |
Amounts reclassified from accumulated other comprehensive income (loss) | (125) | (135) |
Net change during the current period other comprehensive income (loss) | 76,448 | 45,425 |
Balance at end of year | 134,826 | 58,378 |
Foreign currency translation adjustments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of year | 54,540 | 12,636 |
Other comprehensive income (loss) before reclassifications | 76,854 | 41,904 |
Amounts reclassified from accumulated other comprehensive income (loss) | (64) | |
Net change during the current period other comprehensive income (loss) | 76,790 | 41,904 |
Balance at end of year | 131,330 | 54,540 |
Net unrealized gains (losses) from securities | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of year | 4,185 | 1,187 |
Other comprehensive income (loss) before reclassifications | 3,245 | 3,145 |
Amounts reclassified from accumulated other comprehensive income (loss) | (18) | (147) |
Net change during the current period other comprehensive income (loss) | 3,227 | 2,998 |
Balance at end of year | 7,412 | 4,185 |
Net gains (losses) from derivative instruments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of year | (24) | 242 |
Other comprehensive income (loss) before reclassifications | (1,065) | (244) |
Amounts reclassified from accumulated other comprehensive income (loss) | 17 | (22) |
Net change during the current period other comprehensive income (loss) | (1,048) | (266) |
Balance at end of year | (1,072) | (24) |
Pension liability adjustments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at beginning of year | (323) | (1,112) |
Other comprehensive income (loss) before reclassifications | (2,461) | 755 |
Amounts reclassified from accumulated other comprehensive income (loss) | (60) | 34 |
Net change during the current period other comprehensive income (loss) | (2,521) | 789 |
Balance at end of year | ¥ (2,844) | ¥ (323) |
Equity (Details 3)
Equity (Details 3) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Gain from marketable securities, net | ¥ (70) | ¥ (245) | ¥ 87 |
Cost of products sold, Interest expense. | 786,207 | 674,903 | 572,634 |
Income taxes | 29,111 | 25,658 | 6,562 |
Consolidated net income | (78,289) | (58,777) | (6,849) |
Net (income) loss attributable to noncontrolling interests | 2,073 | 2,505 | ¥ (1,137) |
Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Net income attributable to Nidec Corporation | (125) | 135 | |
Reclassification out of Accumulated Other Comprehensive Income | Foreign currency translation adjustments | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Gain from marketable securities, net | (64) | ||
Consolidated net income | (64) | ||
Net income attributable to Nidec Corporation | (64) | ||
Reclassification out of Accumulated Other Comprehensive Income | Net unrealized gains (losses) from securities | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Gain from marketable securities, net | (26) | (230) | |
Income taxes | 8 | 83 | |
Consolidated net income | (18) | (147) | |
Net income attributable to Nidec Corporation | (18) | (147) | |
Reclassification out of Accumulated Other Comprehensive Income | Net gains (losses) from derivative instruments | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Cost of products sold, Interest expense. | 28 | (37) | |
Income taxes | (11) | 15 | |
Consolidated net income | 17 | (22) | |
Net income attributable to Nidec Corporation | 17 | 22 | |
Reclassification out of Accumulated Other Comprehensive Income | Pension liability adjustments | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Net periodic pension cost | (114) | (38) | |
Income taxes | 41 | 22 | |
Consolidated net income | (73) | (16) | |
Net (income) loss attributable to noncontrolling interests | 13 | 50 | |
Net income attributable to Nidec Corporation | ¥ (60) | ¥ 34 |
Equity (Details 4)
Equity (Details 4) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Foreign currency translation adjustments, Pre-tax | |||
Foreign currency translation adjustments arising during period, Pre-tax | ¥ 77,815 | ¥ 43,429 | ¥ 62,024 |
Reclassification adjustments for gains and losses realized in net income, Pre-tax | (64) | 134 | |
Net unrealized gains (losses) from securities, Pre-tax | |||
Unrealized holding gains (losses) arising during period, Pre-tax | 5,035 | 4,567 | 156 |
Reclassification adjustments for gains and losses realized in net income, Pre-tax | (26) | (230) | 88 |
Net gains (losses) from derivative instruments qualifying for cash flow hedges, Pre-tax | |||
Unrealized gains (losses) arising during period, Pre-tax | (1,719) | (397) | 93 |
Reclassification adjustments for gains and losses realized in net income, Pre-tax | 28 | (37) | 196 |
Pension liability adjustment, Pre-tax | |||
Actuarial gains arising during period, Pre-tax | (4,193) | 1,072 | (328) |
Prior service credit (cost) arising during period, Pre-tax | 226 | 74 | |
Reclassification adjustments for actuarial gains and losses realized in net income, Pre-tax | 93 | 119 | 130 |
Reclassification adjustments for prior service credit and cost realized in net income, Pre-tax | (207) | (157) | (152) |
Other comprehensive income (loss), Pre-tax | 76,988 | 48,440 | 62,341 |
Unrealized gains (losses) from securities, Tax benefit (expense) | |||
Unrealized holding gains (losses) arising during period, Tax benefit (expense) | (1,774) | (1,440) | (56) |
Reclassification adjustments for gains and losses realized in net income, Tax benefit (expense) | 8 | 83 | (37) |
Unrealized gains (losses) from derivative instruments qualifying for cash flow hedges, Tax benefit (expense) | |||
Unrealized gains (losses) arising during period, Tax benefit (expense) | 654 | 153 | (30) |
Reclassification adjustments for gains and losses realized in net income, Tax benefit (expense) | (11) | 15 | (90) |
Pension liability adjustment, Tax benefit (expense) | |||
Actuarial gains arising during period, Tax benefit (expense) | 1,526 | (378) | (93) |
Prior service credit (cost) arising during period, Tax benefit (expense) | (20) | (14) | |
Reclassification adjustments for actuarial gains and losses realized in net income, Tax benefit (expense) | (26) | (35) | (45) |
Reclassification adjustments for prior service credit and cost realized in net income, Tax benefit (expense) | 67 | 57 | 55 |
Other comprehensive income (loss), Tax benefit (expense) | 424 | (1,559) | (296) |
Foreign currency translation adjustments, Net-of-tax | |||
Foreign currency translation adjustments arising during period, Net-of-tax | 77,815 | 43,429 | 62,024 |
Reclassification adjustments for gains and losses realized in net income, Net-of-tax | (64) | 134 | |
Unrealized gains (losses) from securities, Net-of-tax | |||
Unrealized holding gains (losses) arising during period, Net-of-tax | 3,261 | 3,127 | 100 |
Reclassification adjustments for gains and losses realized in net income, Net-of-tax | (18) | (147) | 51 |
Unrealized gains (losses) from derivative instruments qualifying for cash flow hedges, Net-of-tax | |||
Unrealized gains (losses) arising during period, Net-of-tax | (1,065) | (244) | 63 |
Reclassification adjustments for gains and losses realized in net income, Net-of-tax | 17 | (22) | 106 |
Pension liability adjustment, Net-of-tax | |||
Actuarial gains (losses) arising during period, Net-of-tax | (2,667) | 694 | (421) |
Prior service credit (cost) arising during period, Net-of-tax | 206 | 60 | |
Reclassification adjustments for actuarial gains and losses realized in net income, Net-of-tax | 67 | 84 | 85 |
Reclassification adjustments for prior service credit and cost realized in net income, Net-of-tax | (140) | (100) | (97) |
Total other comprehensive income (loss) | ¥ 77,412 | ¥ 46,881 | ¥ 62,045 |
Income taxes (Details)
Income taxes (Details) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Schedule of Components of Income Before Income Tax Expense (Benefit) [Line Items] | |||
Income from continuing operations before income taxes | ¥ 107,371 | ¥ 84,460 | ¥ 13,398 |
The Company and domestic subsidiaries | |||
Schedule of Components of Income Before Income Tax Expense (Benefit) [Line Items] | |||
Income from continuing operations before income taxes | 23,398 | 25,262 | (7,473) |
Foreign Subsidiaries | |||
Schedule of Components of Income Before Income Tax Expense (Benefit) [Line Items] | |||
Income from continuing operations before income taxes | ¥ 83,973 | ¥ 59,198 | ¥ 20,871 |
Income taxes (Details 2)
Income taxes (Details 2) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Current income tax expense/(benefit): | |||
The Company and domestic subsidiaries | ¥ 5,531 | ¥ 1,872 | ¥ 9,200 |
Foreign subsidiaries | 12,799 | 10,139 | 5,713 |
Total current | 18,330 | 12,011 | 14,913 |
Deferred income tax expense (benefit): | |||
The Company and domestic subsidiaries | 10,497 | 12,579 | (5,504) |
Foreign subsidiaries | 284 | 1,068 | (2,847) |
Total deferred | 10,781 | 13,647 | (8,351) |
Total provision | ¥ 29,111 | ¥ 25,658 | ¥ 6,562 |
Income taxes (Details 3)
Income taxes (Details 3) | Apr. 01, 2016 | Apr. 01, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Reconciliation of Statutory Federal Tax Rate [Line Items] | |||||
Statutory tax rate | 36.00% | 38.00% | 38.00% | ||
Increase (reduction) in taxes resulting from: | |||||
Tax benefit in foreign subsidiaries | (14.30%) | (14.60%) | (43.60%) | ||
Tax on undistributed earnings | 2.70% | 2.20% | 8.90% | ||
Valuation allowance | (4.30%) | (2.30%) | 33.70% | ||
Liabilities for unrecognized tax benefits | 0.30% | (0.10%) | 2.30% | ||
Reversal of deferred tax assets related to foreign tax credit | 5.30% | ||||
Deduction for foreign taxes | 1.50% | 2.40% | |||
Withholding tax on dividends from overseas subsidiaries | 2.30% | 0.00% | 4.60% | ||
Changes in Japanese income tax rates | 0.70% | 0.30% | |||
Other | 2.20% | (0.80%) | 5.10% | ||
Effective income tax rate | 27.10% | 30.40% | 49.00% | ||
Income tax additional disclosures | |||||
Effective income tax rate, decrease from previous year | 3.30% | ||||
Effective income tax rate | 27.10% | 30.40% | 49.00% | ||
Forecast | |||||
Reconciliation of Statutory Federal Tax Rate [Line Items] | |||||
Statutory tax rate | 32.20% | 33.00% |
Income taxes (Details 4)
Income taxes (Details 4) | 12 Months Ended |
Mar. 31, 2015 | |
Thailand | |
Income Taxes [Line Items] | |
Tax incentives and exemption from corporate income tax, duration of benefit | 8 years |
The Philippines | |
Income Taxes [Line Items] | |
Tax incentives and exemption from corporate income tax, duration of benefit | 4 years |
Income taxes (Details 5)
Income taxes (Details 5) ¥ / shares in Units, ¥ in Millions | Apr. 01, 2014 | Mar. 31, 2015JPY (¥)¥ / shares | Mar. 31, 2014JPY (¥)¥ / shares | Mar. 31, 2013JPY (¥)¥ / shares |
Income taxes | ||||
Aggregate amounts of tax holidays | ¥ | ¥ 5,109 | ¥ 4,362 | ¥ 2,968 | |
Per share - basic | ¥ 18.25 | ¥ 16.03 | ¥ 11.02 | |
Per share - diluted | ¥ 17.22 | ¥ 15.02 | ¥ 10.30 | |
Common stock, stock split | 2 |
Income taxes (Details 6)
Income taxes (Details 6) - JPY (¥) ¥ in Millions | Mar. 31, 2015 | Mar. 31, 2014 |
Deferred tax assets: | ||
Inventories | ¥ 2,454 | ¥ 2,675 |
Property, plant and equipment | 4,200 | 4,896 |
Accrued bonus | 2,180 | 2,330 |
Accrued enterprise tax | 376 | 221 |
Pension and severance plans | 3,244 | 4,449 |
Operating loss carryforwards for tax purposes | 8,595 | 12,811 |
Accrued vacation | 1,171 | 1,090 |
Accrued expenses | 1,358 | 1,425 |
Other | 4,611 | 3,139 |
Gross deferred tax assets | 28,189 | 33,036 |
Less-Valuation allowance | (9,162) | (14,561) |
Net deferred tax assets | 19,027 | 18,475 |
Deferred tax liabilities: | ||
Basis difference of acquired assets | (875) | (458) |
Undistributed earnings not permanently reinvested | (13,165) | (9,311) |
Marketable securities | (2,026) | (321) |
Intangible assets | (11,238) | (11,091) |
Other | (6,922) | (5,181) |
Total deferred tax liabilities | (34,226) | (26,362) |
Net deferred tax liabilities | 15,199 | ¥ 7,887 |
Operating loss carryforwards | 26,810 | |
Operating loss carryforwards with no expiration date | ¥ 3,861 |
Income taxes (Details 7)
Income taxes (Details 7) - Valuation Allowance of Deferred Tax Assets - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Valuation Allowance [Line Items] | |||
Valuation allowance at beginning of year | ¥ (14,561) | ¥ (14,492) | ¥ (9,786) |
Additions | (3,006) | (4,231) | (7,660) |
Deductions | 8,405 | 4,183 | 2,994 |
Impact on newly acquired companies | (21) | (40) | |
Valuation allowance at end of year | ¥ (9,162) | ¥ (14,561) | ¥ (14,492) |
Income taxes (Details 8)
Income taxes (Details 8) - JPY (¥) ¥ in Millions | Mar. 31, 2015 | Mar. 31, 2014 |
Deferred tax assets: | ||
Other current assets | ¥ 9,549 | ¥ 10,438 |
Other non-current assets | 4,999 | 1,559 |
Deferred tax assets and liabilities: | ||
Other current liabilities | (2,812) | (1,725) |
Other long-term liabilities | (26,935) | (18,159) |
Net deferred tax liabilities | 15,199 | ¥ 7,887 |
Undistributed earnings of foreign subsidiaries | 242,366 | |
Undistributed earnings of foreign subsidiaries, future estimated additional deferred tax liability | ¥ 19,044 |
Income taxes (Details 9)
Income taxes (Details 9) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of year | ¥ 2,232 | ¥ 2,361 | ¥ 1,766 |
Additions for tax positions of the current year | 250 | 357 | 44 |
Additions for tax positions of prior years | 551 | ||
Reduction for tax positions of prior years | (486) | ||
Balance at end of year | 2,482 | 2,232 | ¥ 2,361 |
Unrecognized tax benefits that, if recognized, would reduce the effective tax rate | 2,482 | ||
Unrecognized tax benefit, total gross accrued interest and penalty | ¥ 96 | ¥ 89 |
Reconciliation of the differ109
Reconciliation of the differences between basic and diluted earnings per share (Details) - JPY (¥) ¥ / shares in Units, shares in Thousands, ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Basic net income attributable to Nidec Corporation per share: | |||
Net income attributable to Nidec Corporation | ¥ 76,216 | ¥ 56,272 | ¥ 7,986 |
Diluted net income attributable to Nidec Corporation per share: | |||
Income from continuing operations attributable to Nidec Corporation | ¥ 76,159 | ¥ 56,208 | ¥ 7,925 |
Weighted-average shares, basic: | |||
Weighted-average shares, basic | 279,873 | 272,078 | 269,429 |
Weighted-average shares, diluted: | |||
Weighted-average shares, diluted | 296,655 | 290,478 | 288,250 |
Basic net income attributable to Nidec Corporation per share | |||
Net income attributable to Nidec Corporation | ¥ 272.32 | ¥ 206.82 | ¥ 29.64 |
Diluted net income attributable to Nidec Corporation per share | |||
Net income attributable to Nidec Corporation | ¥ 256.73 | ¥ 193.50 | ¥ 27.49 |
Zero Coupon Convertible Bonds Due 2015 | |||
Effect of dilutive securities: | |||
Zero coupon convertible bonds | ¥ (57) | ¥ (64) | ¥ (61) |
Effect of dilutive securities | |||
Zero coupon convertible bonds | 16,782 | 18,400 | 18,821 |
Reconciliation of the differ110
Reconciliation of the differences between basic and diluted earnings per share (Details 2) | Apr. 01, 2014 |
Reconciliation of the differences between basic and diluted earnings per share | |
Common stock, stock split | 2 |
Derivatives (Details)
Derivatives (Details) - JPY (¥) ¥ in Millions | Mar. 31, 2015 | Mar. 31, 2014 |
Designated as Hedging Instrument | Foreign exchange forward contracts | ||
Derivative [Line Items] | ||
Contractual amounts | ¥ 21,746 | ¥ 9,736 |
Designated as Hedging Instrument | Interest rate swap agreement | ||
Derivative [Line Items] | ||
Contractual amounts | 10,014 | 20,587 |
Designated as Hedging Instrument | Commodity futures | ||
Derivative [Line Items] | ||
Contractual amounts | 4,929 | 4,610 |
Not Designated as Hedging Instrument | Foreign exchange forward contracts | ||
Derivative [Line Items] | ||
Contractual amounts | ¥ 1,321 | 1,800 |
Not Designated as Hedging Instrument | Currency option contracts | ||
Derivative [Line Items] | ||
Contractual amounts | ¥ 53 |
Derivatives (Details 2)
Derivatives (Details 2) - JPY (¥) ¥ in Millions | Mar. 31, 2015 | Mar. 31, 2014 |
Designated as Hedging Instrument | Cash Flow Hedge | Foreign exchange forward contracts | Other-current assets | ||
Derivative [Line Items] | ||
Asset Derivatives | ¥ 8 | ¥ 271 |
Designated as Hedging Instrument | Cash Flow Hedge | Foreign exchange forward contracts | Other-current liabilities | ||
Derivative [Line Items] | ||
Liability Derivatives | 1,584 | 1 |
Designated as Hedging Instrument | Cash Flow Hedge | Interest rate swap agreement | Other-current liabilities | ||
Derivative [Line Items] | ||
Liability Derivatives | 12 | 31 |
Designated as Hedging Instrument | Cash Flow Hedge | Commodity futures | Other-current assets | ||
Derivative [Line Items] | ||
Asset Derivatives | 47 | |
Designated as Hedging Instrument | Cash Flow Hedge | Commodity futures | Other-current liabilities | ||
Derivative [Line Items] | ||
Liability Derivatives | 324 | 239 |
Not Designated as Hedging Instrument | Foreign exchange forward contracts | Other-current assets | ||
Derivative [Line Items] | ||
Asset Derivatives | 4 | |
Not Designated as Hedging Instrument | Foreign exchange forward contracts | Other-current liabilities | ||
Derivative [Line Items] | ||
Liability Derivatives | ¥ 142 | |
Not Designated as Hedging Instrument | Currency option contracts | Other-current assets | ||
Derivative [Line Items] | ||
Asset Derivatives | ¥ 7 |
Derivatives (Details 3)
Derivatives (Details 3) - 12 months ended Mar. 31, 2015 - JPY (¥) ¥ in Millions | Total |
Derivatives | |
Net loss in accumulated other comprehensive income expected to be reclassified into earnings within the next 12 months | ¥ 766 |
The maximum length of time over which NIDEC hedged its exposure to variability in future cash flows for forecasted transactions | 23 months |
Derivatives (Details 4)
Derivatives (Details 4) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Designated as Hedging Instrument | Cash Flow Hedge | Foreign exchange forward contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) recognized in accumulated other comprehensive income | ¥ (1,075) | ¥ (229) | ¥ 277 |
Designated as Hedging Instrument | Cash Flow Hedge | Foreign exchange forward contracts | Cost of Sales | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) reclassified from accumulated other comprehensive income into income (effective portion) | 47 | 241 | 81 |
Designated as Hedging Instrument | Cash Flow Hedge | Interest rate swap agreement | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) recognized in accumulated other comprehensive income | 8 | (5) | (6) |
Designated as Hedging Instrument | Cash Flow Hedge | Interest rate swap agreement | Interest Expense | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) reclassified from accumulated other comprehensive income into income (effective portion) | (3) | (7) | (4) |
Designated as Hedging Instrument | Cash Flow Hedge | Commodity futures | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) recognized in accumulated other comprehensive income | 19 | (32) | (102) |
Designated as Hedging Instrument | Cash Flow Hedge | Commodity futures | Cost of Sales | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) reclassified from accumulated other comprehensive income into income (effective portion) | (61) | (212) | (183) |
Not Designated as Hedging Instrument | Foreign exchange forward contracts | Foreign Exchange | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) recognized in income | (336) | 23 | 22 |
Not Designated as Hedging Instrument | Currency option contracts | Foreign Exchange | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) recognized in income | ¥ (7) | ¥ 18 | ¥ 40 |
Fair Value (Details)
Fair Value (Details) - Recurring - JPY (¥) ¥ in Millions | Mar. 31, 2015 | Mar. 31, 2014 |
Assets: | ||
Marketable securities | ¥ 19,383 | ¥ 14,383 |
Derivatives | 55 | 282 |
Total assets: | 19,438 | 14,665 |
Liabilities: | ||
Derivatives | 2,062 | 271 |
Level 1 | ||
Assets: | ||
Marketable securities | 19,053 | 14,383 |
Derivatives | 47 | |
Total assets: | 19,100 | 14,383 |
Liabilities: | ||
Derivatives | 324 | 239 |
Level 2 | ||
Assets: | ||
Marketable securities | 330 | |
Derivatives | 8 | 282 |
Total assets: | 338 | 282 |
Liabilities: | ||
Derivatives | ¥ 1,738 | ¥ 32 |
Fair Value (Details 2)
Fair Value (Details 2) - JPY (¥) ¥ in Millions | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Carrying amount | ||
Estimated fair value Asset (Liability) | ||
Cash and cash equivalents | ¥ 269,902 | ¥ 247,740 |
Short-term investments | 2 | 2,344 |
Long-term investments | 160 | 83 |
Short-term loan receivable | 171 | 157 |
Long-term loan receivable | 42 | 48 |
Short-term borrowings | (52,401) | (22,600) |
Long-term debt including the current portion and excluding capital lease obligation and bonds | (55,161) | (77,804) |
Bonds including the current portion | (171,455) | (245,991) |
Estimated fair value | ||
Estimated fair value Asset (Liability) | ||
Cash and cash equivalents | 269,902 | 247,740 |
Short-term investments | 2 | 2,344 |
Long-term investments | 160 | 82 |
Short-term loan receivable | 171 | 157 |
Long-term loan receivable | 41 | 50 |
Short-term borrowings | (52,401) | (22,600) |
Long-term debt including the current portion and excluding capital lease obligation and bonds | (55,099) | (77,486) |
Bonds including the current portion | ¥ (183,687) | ¥ (271,853) |
Related Party Transactions (Det
Related Party Transactions (Details) - shares | Oct. 01, 2014 | Oct. 01, 2013 | Oct. 01, 2012 | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2012 | Mar. 31, 2015 |
Nidec Sankyo | Share Exchange Transaction | |||||||
Related Party Transaction [Line Items] | |||||||
Stock Issued During Period, Shares, Treasury Stock Reissued | 6,350,630 | ||||||
Nidec Copal | Share Exchange Transaction | |||||||
Related Party Transaction [Line Items] | |||||||
Stock Issued During Period, Shares, Treasury Stock Reissued | 4,856,764 | ||||||
Nidec Tosok | Share Exchange Transaction | |||||||
Related Party Transaction [Line Items] | |||||||
Stock Issued During Period, Shares, Treasury Stock Reissued | 2,624,000 | ||||||
Nidec Copal Electronics | Share Exchange Transaction | |||||||
Related Party Transaction [Line Items] | |||||||
Stock Issued During Period, Shares, Treasury Stock Reissued | 3,160,575 | 3,160,575 | |||||
Nidec-Read | |||||||
Related Party Transaction [Line Items] | |||||||
Stock Issued During Period, Shares, Treasury Stock Reissued | 1,421,498 | ||||||
Nidec-Read | Share Exchange Transaction | |||||||
Related Party Transaction [Line Items] | |||||||
Stock Issued During Period, Shares, Treasury Stock Reissued | 1,421,498 | ||||||
Chief Executive Officer | |||||||
Related Party Transaction [Line Items] | |||||||
Percentage of the outstanding shares of the Company owned by a related party | 8.70% | ||||||
Chief Executive Officer | Nidec Sankyo | Share Exchange Transaction | |||||||
Related Party Transaction [Line Items] | |||||||
Stock Issued During Period, Shares, Treasury Stock Reissued | 306,272 | ||||||
Chief Executive Officer | Nidec Copal | Share Exchange Transaction | |||||||
Related Party Transaction [Line Items] | |||||||
Stock Issued During Period, Shares, Treasury Stock Reissued | 589,992 | ||||||
Chief Executive Officer | Nidec Tosok | Share Exchange Transaction | |||||||
Related Party Transaction [Line Items] | |||||||
Stock Issued During Period, Shares, Treasury Stock Reissued | 322,400 | ||||||
Chief Executive Officer | Nidec Copal Electronics | Share Exchange Transaction | |||||||
Related Party Transaction [Line Items] | |||||||
Stock Issued During Period, Shares, Treasury Stock Reissued | 282,624 | ||||||
Chief Executive Officer | Nidec-Read | Share Exchange Transaction | |||||||
Related Party Transaction [Line Items] | |||||||
Stock Issued During Period, Shares, Treasury Stock Reissued | 182,250 | ||||||
Business entity indirectly owned by the CEO | |||||||
Related Party Transaction [Line Items] | |||||||
Percentage of the outstanding shares of the Company owned by a related party | 3.70% | ||||||
Business entity indirectly owned by the CEO | Nidec Tosok | Share Exchange Transaction | |||||||
Related Party Transaction [Line Items] | |||||||
Stock Issued During Period, Shares, Treasury Stock Reissued | 49,600 | ||||||
Business entity indirectly owned by the CEO | Nidec-Read | Share Exchange Transaction | |||||||
Related Party Transaction [Line Items] | |||||||
Stock Issued During Period, Shares, Treasury Stock Reissued | 51,030 | ||||||
CEO's Immediate Family Member | |||||||
Related Party Transaction [Line Items] | |||||||
Percentage of the outstanding shares of the Company owned by a related party | 1.80% |
Lease commitments (Details)
Lease commitments (Details) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Class of property | |||
Less-Accumulated amortization | ¥ (3,289) | ¥ (2,511) | |
Leased assets, Net | 4,140 | 4,934 | |
Amortization expenses under capital leases | 1,109 | 1,305 | ¥ 524 |
Machinery and equipment | |||
Class of property | |||
Leased assets, Gross | 7,322 | 7,336 | |
Other leased assets | |||
Class of property | |||
Leased assets, Gross | ¥ 107 | ¥ 109 |
Lease commitments (Details 3)
Lease commitments (Details 3) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Lease commitments | |||
2,016 | ¥ 2,060 | ||
2,017 | 794 | ||
2,018 | 676 | ||
2,019 | 138 | ||
2,020 | 45 | ||
Total minimum lease payments | 3,713 | ||
Less-Amount representing interest | (232) | ||
Present value of net minimum lease payments | 3,481 | ||
Less-Current obligations | (1,924) | ||
Long-term capital lease obligations | 1,557 | ||
Rental expenses under operating leases | ¥ 2,911 | ¥ 2,586 | ¥ 2,719 |
Lease commitments (Details 4)
Lease commitments (Details 4) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Leases Disclosure [Line Items] | |||
Rental revenues under operating leases | ¥ 39 | ¥ 175 | ¥ 412 |
Noncancellable Lease Obligations | |||
Leases Disclosure [Line Items] | |||
2,016 | 3,016 | ||
2,017 | 2,283 | ||
2,018 | 1,939 | ||
2,019 | 1,306 | ||
2,020 | 1,082 | ||
2021 and thereafter | 2,084 | ||
Total minimum future rentals | ¥ 11,710 |
Lease commitments (Details 5)
Lease commitments (Details 5) ¥ in Millions | Mar. 31, 2015JPY (¥) |
Lease commitments | |
2,016 | ¥ 147 |
2,017 | 82 |
2,018 | 45 |
2,019 | 30 |
2,020 | 30 |
2021 and thereafter | 78 |
Total minimum future rentals | ¥ 412 |
Other commitments and contin122
Other commitments and contingencies, concentrations and factors that may affect future operations (Details) - Mar. 31, 2015 - JPY (¥) ¥ in Millions | Total |
Other commitments and contingencies, concentrations and factors that may affect future operations: | |
Commitments for the purchase of property, plant and equipment and other assets | ¥ 3,356 |
Guarantee Lease Contracts for Customers | |
Guarantee Obligations | |
Guarantee amount | 237 |
Guarantee of Performance on Projects in Execution or Under Warranty | |
Guarantee Obligations | |
Maximum exposure under guarantee | ¥ 7,697 |
Other commitments and contin123
Other commitments and contingencies, concentrations and factors that may affect future operations (Details 2) - JPY (¥) ¥ in Millions | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Other commitments and contingencies, concentrations and factors that may affect future operations: | ||
Balance at beginning of year | ¥ 3,036 | ¥ 2,201 |
Addition | 1,641 | 2,021 |
Utilization | (947) | (1,080) |
Foreign exchange impact | 252 | (106) |
Balance at end of year | ¥ 3,982 | ¥ 3,036 |
Segment information (Details)
Segment information (Details) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Net sales: | |||
Net sales | ¥ 1,028,385 | ¥ 875,109 | ¥ 709,270 |
Small Precision Motors | |||
Net sales: | |||
Net sales | 397,999 | 362,513 | 319,724 |
Hard Disk Drives Spindle Motors | |||
Net sales: | |||
Net sales | 204,141 | 185,506 | 165,427 |
Other Small Precision Motors | |||
Net sales: | |||
Net sales | 193,858 | 177,007 | 154,297 |
Automotive, Appliance, Commercial and Industrial Products | |||
Net sales: | |||
Net sales | 460,007 | 345,236 | 248,464 |
Machinery | |||
Net sales: | |||
Net sales | 98,800 | 86,955 | 63,526 |
Electronic and Optical Components | |||
Net sales: | |||
Net sales | 65,050 | 72,845 | 69,188 |
Others | |||
Net sales: | |||
Net sales | ¥ 6,529 | ¥ 7,560 | ¥ 8,368 |
Segment information (Details 2)
Segment information (Details 2) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Net sales: | |||
Net sales | ¥ 1,028,385 | ¥ 875,109 | ¥ 709,270 |
Long-lived assets: | |||
Long-lived assets | 338,978 | 298,673 | |
Japan | |||
Net sales: | |||
Net sales | 268,416 | 238,278 | 213,169 |
Long-lived assets: | |||
Long-lived assets | 94,850 | 95,652 | |
U.S.A. | |||
Net sales: | |||
Net sales | 174,521 | 132,117 | 99,260 |
Long-lived assets: | |||
Long-lived assets | 28,049 | 23,519 | |
Singapore | |||
Net sales: | |||
Net sales | 70,956 | 63,950 | 55,712 |
Long-lived assets: | |||
Long-lived assets | 479 | 1,337 | |
Thailand | |||
Net sales: | |||
Net sales | 90,813 | 85,435 | 81,678 |
Long-lived assets: | |||
Long-lived assets | 40,598 | 37,925 | |
The Philippines | |||
Net sales: | |||
Net sales | 28,699 | 24,506 | 18,543 |
Long-lived assets: | |||
Long-lived assets | 16,366 | 12,904 | |
China | |||
Net sales: | |||
Net sales | 235,409 | 197,134 | 150,631 |
Long-lived assets: | |||
Long-lived assets | 80,957 | 64,913 | |
Other | |||
Net sales: | |||
Net sales | 159,571 | 133,689 | ¥ 90,277 |
Long-lived assets: | |||
Long-lived assets | ¥ 77,679 | ¥ 62,423 |
Segment information (Details 3)
Segment information (Details 3) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Segment Reporting Disclosure [Line Items] | |||
Sales Revenue Net | ¥ 1,028,385 | ¥ 875,109 | ¥ 709,270 |
Operating Income Loss | 111,218 | 84,864 | 17,598 |
Depreciation | 45,102 | 39,497 | 34,935 |
Assets | 1,355,139 | 1,166,938 | |
Goodwill | 172,430 | 152,368 | 132,775 |
Payments To Acquire Property Plant And Equipment | 58,042 | 40,297 | 61,368 |
Nidec Electronics (Thailand) | |||
Segment Reporting Disclosure [Line Items] | |||
Goodwill | 8,948 | 7,645 | 6,994 |
Nidec (Zhejiang) | |||
Segment Reporting Disclosure [Line Items] | |||
Goodwill | 1,333 | 1,142 | 1,044 |
Nidec Sankyo | |||
Segment Reporting Disclosure [Line Items] | |||
Goodwill | 28,794 | 28,685 | 27,312 |
Nidec Copal | |||
Segment Reporting Disclosure [Line Items] | |||
Goodwill | 16,462 | 16,462 | 16,462 |
Nidec Copal Electronics | |||
Segment Reporting Disclosure [Line Items] | |||
Goodwill | 6,561 | 6,561 | 6,561 |
Nidec Techno Motor | |||
Segment Reporting Disclosure [Line Items] | |||
Goodwill | 2,049 | 2,049 | 2,049 |
Nidec Motor | |||
Segment Reporting Disclosure [Line Items] | |||
Goodwill | 66,753 | 63,078 | 55,008 |
Nidec Motors & Actuators | |||
Segment Reporting Disclosure [Line Items] | |||
Goodwill | 30,504 | 16,313 | 7,423 |
All others | |||
Segment Reporting Disclosure [Line Items] | |||
Goodwill | 11,026 | 10,433 | 9,922 |
Corporate | |||
Segment Reporting Disclosure [Line Items] | |||
Payments To Acquire Property Plant And Equipment | 3,600 | 1,652 | |
Operating Segments | |||
Segment Reporting Disclosure [Line Items] | |||
Sales Revenue Net | 1,028,568 | 874,232 | 709,367 |
Operating Income Loss | 115,670 | 91,210 | 41,172 |
Depreciation | 48,034 | 43,969 | 37,796 |
Assets | 1,367,097 | 1,107,517 | |
Payments To Acquire Property Plant And Equipment | 54,442 | 38,645 | |
Operating Segments | Nidec Corporation | |||
Segment Reporting Disclosure [Line Items] | |||
Sales Revenue Net | 28,954 | 27,599 | 23,748 |
Operating Income Loss | 14,083 | 13,184 | 2,733 |
Depreciation | 339 | 456 | 291 |
Assets | 95,092 | 74,986 | |
Payments To Acquire Property Plant And Equipment | 140 | 232 | |
Operating Segments | Nidec Electronics (Thailand) | |||
Segment Reporting Disclosure [Line Items] | |||
Sales Revenue Net | 74,653 | 67,623 | 63,349 |
Operating Income Loss | 14,996 | 12,781 | 10,525 |
Depreciation | 6,043 | 5,502 | 5,572 |
Assets | 148,931 | 116,476 | |
Payments To Acquire Property Plant And Equipment | 5,232 | 1,232 | |
Operating Segments | Nidec (Zhejiang) | |||
Segment Reporting Disclosure [Line Items] | |||
Sales Revenue Net | 13,972 | 18,017 | 21,109 |
Operating Income Loss | 488 | (243) | (2,689) |
Depreciation | 657 | 618 | 1,196 |
Assets | 14,227 | 12,112 | |
Payments To Acquire Property Plant And Equipment | 240 | 712 | |
Operating Segments | Nidec Singapore | |||
Segment Reporting Disclosure [Line Items] | |||
Sales Revenue Net | 66,556 | 57,893 | 50,039 |
Operating Income Loss | 1,052 | 709 | 1,115 |
Depreciation | 161 | 197 | 133 |
Assets | 31,977 | 27,689 | |
Payments To Acquire Property Plant And Equipment | 12 | 9 | |
Operating Segments | Nidec (H.K.) | |||
Segment Reporting Disclosure [Line Items] | |||
Sales Revenue Net | 81,460 | 69,890 | 52,028 |
Operating Income Loss | 613 | 483 | 146 |
Depreciation | 11 | 6 | 7 |
Assets | 27,012 | 22,458 | |
Payments To Acquire Property Plant And Equipment | 17 | 6 | |
Operating Segments | Nidec Philippines | |||
Segment Reporting Disclosure [Line Items] | |||
Sales Revenue Net | 21,178 | 19,573 | 14,707 |
Operating Income Loss | 4,605 | 6,037 | 4,883 |
Depreciation | 3,529 | 2,732 | 2,750 |
Assets | 64,712 | 49,569 | |
Payments To Acquire Property Plant And Equipment | 3,686 | 3,368 | |
Operating Segments | Nidec Sankyo | |||
Segment Reporting Disclosure [Line Items] | |||
Sales Revenue Net | 122,711 | 98,564 | 73,201 |
Operating Income Loss | 12,686 | 10,392 | 4,181 |
Depreciation | 4,717 | 4,131 | 3,773 |
Assets | 145,869 | 125,929 | |
Payments To Acquire Property Plant And Equipment | 5,790 | 3,712 | |
Operating Segments | Nidec Copal | |||
Segment Reporting Disclosure [Line Items] | |||
Sales Revenue Net | 38,670 | 47,023 | 49,627 |
Operating Income Loss | 517 | (1,323) | (3,192) |
Depreciation | 3,922 | 4,444 | 3,806 |
Assets | 60,429 | 55,166 | |
Payments To Acquire Property Plant And Equipment | 4,637 | 2,427 | |
Operating Segments | Nidec Copal Electronics | |||
Segment Reporting Disclosure [Line Items] | |||
Sales Revenue Net | 32,943 | 31,295 | 26,845 |
Operating Income Loss | 5,876 | 5,288 | 3,277 |
Depreciation | 1,115 | 1,283 | 1,318 |
Assets | 46,071 | 42,115 | |
Payments To Acquire Property Plant And Equipment | 1,281 | 826 | |
Operating Segments | Nidec Techno Motor | |||
Segment Reporting Disclosure [Line Items] | |||
Sales Revenue Net | 58,746 | 50,691 | 39,940 |
Operating Income Loss | 7,291 | 6,671 | 4,168 |
Depreciation | 2,805 | 2,573 | 1,890 |
Assets | 61,677 | 49,703 | |
Payments To Acquire Property Plant And Equipment | 3,864 | 3,549 | |
Operating Segments | Nidec Motor | |||
Segment Reporting Disclosure [Line Items] | |||
Sales Revenue Net | 200,040 | 171,879 | 117,236 |
Operating Income Loss | 11,690 | 8,880 | 728 |
Depreciation | 8,221 | 8,616 | 6,327 |
Assets | 220,367 | 205,957 | |
Payments To Acquire Property Plant And Equipment | 4,475 | 3,817 | |
Operating Segments | Nidec Motors & Actuators | |||
Segment Reporting Disclosure [Line Items] | |||
Sales Revenue Net | 172,699 | 105,249 | 77,654 |
Operating Income Loss | 18,614 | 8,954 | 5,157 |
Depreciation | 9,480 | 6,516 | 4,554 |
Assets | 199,286 | 134,248 | |
Payments To Acquire Property Plant And Equipment | 13,797 | 12,769 | |
Operating Segments | All others | |||
Segment Reporting Disclosure [Line Items] | |||
Sales Revenue Net | 115,986 | 108,936 | 99,884 |
Operating Income Loss | 23,159 | 19,397 | 10,140 |
Depreciation | 7,034 | 6,895 | 6,179 |
Assets | 251,447 | 191,109 | |
Payments To Acquire Property Plant And Equipment | 11,271 | 5,986 | |
Unallocated Amount to Segment | |||
Segment Reporting Disclosure [Line Items] | |||
Sales Revenue Net | (183) | 877 | (97) |
Operating Income Loss | 5,026 | 2,055 | (17,606) |
Intangible Assets And Other Fair Value Adjustments | 13,234 | 15,205 | |
U.S. GAAP adjustments and Others | |||
Segment Reporting Disclosure [Line Items] | |||
Operating Income Loss | (1,845) | (1,337) | (537) |
Assets | (7,957) | (57,157) | |
U.S. GAAP Adjustment, Corporate, and Others | |||
Segment Reporting Disclosure [Line Items] | |||
Depreciation | (2,932) | (4,472) | (2,861) |
Corporate | |||
Segment Reporting Disclosure [Line Items] | |||
Operating Income Loss | (10,441) | (8,330) | (7,596) |
Assets | 63,856 | 76,190 | |
Intersegment elimination | |||
Segment Reporting Disclosure [Line Items] | |||
Sales Revenue Net | (371,301) | (329,435) | (262,897) |
Operating Income Loss | 2,808 | 1,266 | 2,165 |
Assets | (189,665) | (50,995) | |
Intersegment elimination | Nidec Corporation | |||
Segment Reporting Disclosure [Line Items] | |||
Sales Revenue Net | 152,371 | 138,354 | 108,282 |
Intersegment elimination | Nidec Electronics (Thailand) | |||
Segment Reporting Disclosure [Line Items] | |||
Sales Revenue Net | 49,812 | 43,982 | 35,492 |
Intersegment elimination | Nidec (Zhejiang) | |||
Segment Reporting Disclosure [Line Items] | |||
Sales Revenue Net | 7,620 | 5,011 | 2,977 |
Intersegment elimination | Nidec Singapore | |||
Segment Reporting Disclosure [Line Items] | |||
Sales Revenue Net | 869 | 749 | 709 |
Intersegment elimination | Nidec (H.K.) | |||
Segment Reporting Disclosure [Line Items] | |||
Sales Revenue Net | 1,300 | 1,339 | 1,734 |
Intersegment elimination | Nidec Philippines | |||
Segment Reporting Disclosure [Line Items] | |||
Sales Revenue Net | 32,823 | 29,266 | 25,682 |
Intersegment elimination | Nidec Sankyo | |||
Segment Reporting Disclosure [Line Items] | |||
Sales Revenue Net | 331 | 312 | 300 |
Intersegment elimination | Nidec Copal | |||
Segment Reporting Disclosure [Line Items] | |||
Sales Revenue Net | 2,411 | 2,318 | 2,093 |
Intersegment elimination | Nidec Copal Electronics | |||
Segment Reporting Disclosure [Line Items] | |||
Sales Revenue Net | 12 | 11 | 20 |
Intersegment elimination | Nidec Techno Motor | |||
Segment Reporting Disclosure [Line Items] | |||
Sales Revenue Net | 4,474 | 4,041 | 3,143 |
Intersegment elimination | Nidec Motor | |||
Segment Reporting Disclosure [Line Items] | |||
Sales Revenue Net | 383 | 80 | 154 |
Intersegment elimination | Nidec Motors & Actuators | |||
Segment Reporting Disclosure [Line Items] | |||
Sales Revenue Net | 21,507 | 20,384 | 15,360 |
Intersegment elimination | All others | |||
Segment Reporting Disclosure [Line Items] | |||
Sales Revenue Net | ¥ 97,388 | ¥ 83,588 | ¥ 66,951 |
Segment Information (Details 4)
Segment Information (Details 4) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2015JPY (¥) | Mar. 31, 2014JPY (¥) | Mar. 31, 2013JPY (¥)customer | |
Concentration Risk [Line Items] | |||
Sales Revenue Net | ¥ 1,028,385 | ¥ 875,109 | ¥ 709,270 |
Revenue | Customer Concentration Risk | Largest Customer | |||
Concentration Risk [Line Items] | |||
Number of major customers | customer | 1 | ||
Sales Revenue Net | ¥ 74,897 |
Subsequent events (Detail)
Subsequent events (Detail) - JPY (¥) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Subsequent Event [Line Items] | |||
Cash dividend declared | ¥ 15,859,000,000 | ¥ 11,425,000,000 | ¥ 12,125,000,000 |
Outstanding principal amount | 230,097,000,000 | 328,656,000,000 | |
Increase (decrease) in equity due to conversion | ¥ 74,232,000,000 | ||
Common stock | |||
Subsequent Event [Line Items] | |||
Shares issued in conversion | 3,958,256 | ||
Increase (decrease) in equity due to conversion | ¥ 10,520,000,000 | ||
Treasury stock, at cost | |||
Subsequent Event [Line Items] | |||
Increase (decrease) in equity due to conversion | 29,130,000,000 | ||
Additional Paid-in capital | |||
Subsequent Event [Line Items] | |||
Increase (decrease) in equity due to conversion | 34,582,000,000 | ||
Zero Coupon Convertible Bonds Due 2015 | |||
Subsequent Event [Line Items] | |||
Outstanding principal amount | 21,455,000,000 | ¥ 95,891,000,000 | |
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Cash dividend declared | ¥ 11,764 | ||
Subsequent Event | Common stock | |||
Subsequent Event [Line Items] | |||
Shares issued in conversion | 1,213,589 | ||
Increase (decrease) in equity due to conversion | ¥ 3,223,000,000 | ||
Subsequent Event | Treasury stock, at cost | |||
Subsequent Event [Line Items] | |||
Shares issued in conversion | 1,340 | ||
Increase (decrease) in equity due to conversion | ¥ 12,000,000 | ||
Subsequent Event | Additional Paid-in capital | |||
Subsequent Event [Line Items] | |||
Increase (decrease) in equity due to conversion | 3,223,000,000 | ||
Subsequent Event | Zero Coupon Convertible Bonds Due 2015 | |||
Subsequent Event [Line Items] | |||
Outstanding principal amount | 21,445,000,000 | ||
Principal amount of bonds converted | ¥ 6,455,000,000 |