Document and Entity Information
Document and Entity Information - Mar. 31, 2015 - shares | Total |
Document Document and Entity Information [Abstract] | |
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 |
Trading Symbol | NMR |
Entity Central Index Key | 1,163,653 |
Current Fiscal Year End Date | --03-31 |
Entity Well Known Seasoned Issuer | Yes |
Entity Registrant Name | NOMURA HOLDINGS INC |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 3,598,865,213 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - JPY (¥) ¥ in Millions | Mar. 31, 2015 | Mar. 31, 2014 | ||
Cash and Cash Deposits: | ||||
Cash and cash equivalents | ¥ 1,315,408 | ¥ 1,489,792 | ||
Time deposits | 328,151 | 363,682 | ||
Deposits with stock exchanges and other segregated cash | 453,037 | 335,836 | ||
Total cash and cash deposits | 2,096,596 | 2,189,310 | ||
Loans and receivables: | ||||
Loans receivable (including \303,956 million and \317,218 million measured at fair value by applying the fair value option in 2014 and 2015, respectively) | 1,461,075 | 1,327,875 | ||
Receivables from customers (including \2,180 million and \1,803 million measured at fair value by applying the fair value option in 2014 and 2015, respectively) | 187,026 | 64,070 | ||
Receivables from other than customers | 1,303,576 | 1,181,742 | ||
Allowance for doubtful accounts | (3,253) | (3,009) | ||
Total loans and receivables | 2,948,424 | 2,570,678 | ||
Collateralized agreements: | ||||
Securities purchased under agreements to resell (including \1,087,138 million and \1,529,451 million measured at fair value by applying the fair value option in 2014 and 2015, respectively) | 8,481,474 | 9,617,675 | ||
Securities borrowed | 8,238,046 | 7,729,326 | ||
Total collateralized agreements | 16,719,520 | 17,347,001 | ||
Trading assets and private equity investments: | ||||
Trading assets (including securities pledged as collateral of \9,266,192 million and \8,114,490 million in 2014 and 2015, respectively; including \9,156 million and \8,133 million measured at fair value by applying the fair value option in 2014 and 2015, respectively) | 17,260,121 | 18,672,318 | ||
Private equity investments (including \3,476 million and \6,539 million measured at fair value by applying the fair value option in 2014 and 2015, respectively) | 48,727 | 41,996 | ||
Total trading assets and private equity investments | 17,308,848 | 18,714,314 | ||
Other assets: | ||||
Office buildings, land, equipment and facilities (net of accumulated depreciation and amortization of \350,820 million and \383,992 million in 2014 and 2015, respectively) | 401,069 | 408,917 | ||
Non-trading debt securities | 948,180 | 1,023,746 | ||
Investments in equity securities | 159,755 | 136,740 | ||
Investments in and advances to affiliated companies | 378,278 | 345,434 | ||
Other (including \56,976 million and \90,984 million measured at fair value by applying the fair value option in 2014 and 2015, respectively) | 822,566 | 784,174 | ||
Total other assets | 2,709,848 | 2,699,011 | ||
Total assets | 41,783,236 | 43,520,314 | ||
LIABILITIES AND EQUITY | ||||
Short-term borrowings (including \49,279 million and \189,018 million measured at fair value by applying the fair value option in 2014 and 2015, respectively) | [1] | 662,256 | 602,131 | |
Payables and deposits: | ||||
Payables to customers | 723,839 | 492,516 | ||
Payables to other than customers | 1,454,361 | 1,230,176 | ||
Deposits received at banks | 1,220,400 | 1,114,181 | ||
Total payables and deposits | 3,398,600 | 2,836,873 | ||
Collateralized financing: | ||||
Securities sold under agreements to repurchase (including \530,397 million and \982,567 million measured at fair value by applying the fair value option in 2014 and 2015, respectively) | 12,217,144 | 13,937,690 | ||
Securities loaned | 2,494,036 | 2,359,809 | ||
Other secured borrowings | 668,623 | 814,500 | ||
Total collateralized financing | 15,379,803 | 17,111,999 | ||
Trading liabilities | 10,044,236 | 11,047,285 | ||
Other liabilities (including \1,123 million and \15,786 million measured at fair value by applying the fair value option in 2014 and 2015, respectively) | 1,217,099 | 1,141,750 | ||
Long-term borrowings (including \1,984,986 million and \2,578,489 million measured at fair value by applying the fair value option in 2014 and 2015, respectively) | 8,336,296 | 8,227,063 | ||
Total liabilities | 39,038,290 | 40,967,101 | ||
Common stock | ||||
No par value shares; Authorized-6,000,000,000 shares in 2014 and 2015, Issued-3,822,562,601 shares in 2014 and 2015, Outstanding-3,717,630,462 shares in 2014 and 3,598,865,213 shares in 2015 | 594,493 | 594,493 | ||
Additional paid-in capital | 683,407 | 683,638 | ||
Retained earnings | 1,437,940 | 1,287,003 | ||
Accumulated other comprehensive income (loss) | 143,739 | 20,636 | ||
Total NHI shareholder's equity before treasury stock | 2,859,579 | 2,585,770 | ||
Common stock held in treasury, at cost-104,932,139 shares in 2014 and 223,697,388 shares in 2015 | (151,805) | (72,090) | ||
Total NHI shareholders' equity | 2,707,774 | 2,513,680 | ||
Noncontrolling interests | 37,172 | 39,533 | ||
Total equity | 2,744,946 | 2,553,213 | ||
Total liabilities and equity | 41,783,236 | 43,520,314 | ||
Variable Interest Entity, primary beneficiary [Member] | ||||
Cash and Cash Deposits: | ||||
Cash and cash equivalents | 9,000 | 18,000 | ||
Collateralized agreements: | ||||
Securities purchased under agreements to resell (including \1,087,138 million and \1,529,451 million measured at fair value by applying the fair value option in 2014 and 2015, respectively) | 1,000 | 32,000 | ||
Trading assets and private equity investments: | ||||
Trading assets (including securities pledged as collateral of \9,266,192 million and \8,114,490 million in 2014 and 2015, respectively; including \9,156 million and \8,133 million measured at fair value by applying the fair value option in 2014 and 2015, respectively) | 1,008,000 | 751,000 | ||
Private equity investments (including \3,476 million and \6,539 million measured at fair value by applying the fair value option in 2014 and 2015, respectively) | 1,000 | 1,000 | ||
Other assets: | ||||
Office buildings, land, equipment and facilities (net of accumulated depreciation and amortization of \350,820 million and \383,992 million in 2014 and 2015, respectively) | 15,000 | 12,000 | ||
Other (including \56,976 million and \90,984 million measured at fair value by applying the fair value option in 2014 and 2015, respectively) | 24,000 | 70,000 | [2] | |
Total other assets | 40,000 | 114,000 | ||
Total assets | 1,057,000 | 883,000 | ||
Collateralized financing: | ||||
Securities sold under agreements to repurchase (including \530,397 million and \982,567 million measured at fair value by applying the fair value option in 2014 and 2015, respectively) | 1,000 | 23,000 | ||
Trading liabilities | 12,000 | 42,000 | ||
Other liabilities (including \1,123 million and \15,786 million measured at fair value by applying the fair value option in 2014 and 2015, respectively) | 3,000 | 27,000 | ||
Long-term borrowings (including \1,984,986 million and \2,578,489 million measured at fair value by applying the fair value option in 2014 and 2015, respectively) | 750,000 | 424,000 | ||
Total liabilities | ¥ 765,000 | ¥ 493,000 | ||
[1] | Includes secured borrowings of \10,715 million as of March 31, 2014 and \17,284 million as of March 31, 2015. | |||
[2] | Includes aircraft purchase deposits of \5 billion as of March 31, 2014. There were no aircraft purchase deposits as of March 31, 2015. In connection with these aircraft purchase deposits, certain of these VIEs had commitments to purchase aircraft as of March 31, 2014. No such commitments existed as of March 31, 2015. See Note 20 "Commitments, contingencies and guarantees" for further information. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - JPY (¥) ¥ in Millions | Mar. 31, 2015 | Mar. 31, 2014 | |
CONSOLIDATED BALANCE SHEETS [Abstract] | |||
Loans receivable, fair value | [1] | ¥ 317,218 | ¥ 303,956 |
Receivables from Customers, fair value | 1,803 | 2,180 | |
Securities purchased under agreements to resell, fair value | 1,529,451 | 1,087,138 | |
Trading assets, securities pledged as collateral | 8,114,490 | 9,266,192 | |
Trading assets, fair value | 8,133 | 9,156 | |
Private equity investments, fair value | 6,539 | 3,476 | |
Office buildings, land, equipment and facilities, net of accumulated depreciation and amortization | 383,992 | 350,820 | |
Other assets, fair value | 90,984 | 56,976 | |
Short-term borrowings, fair value | 189,018 | 49,279 | |
Securities sold under agreements to repurchase, fair value | 982,567 | 530,397 | |
Other liabilities, fair value | 15,786 | 1,123 | |
Long-term borrowings, fair value | ¥ 2,578,489 | ¥ 1,984,986 | |
Common stock | |||
Authorized | 6,000,000,000 | 6,000,000,000 | |
Issued | 3,822,562,601 | 3,822,562,601 | |
Outstanding | 3,598,865,213 | 3,717,630,462 | |
Common stock held in treasury, shares | 223,697,388 | 104,932,139 | |
[1] | Includes loans receivable and loan commitments carried at fair value through election of the fair value option. |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - JPY (¥) ¥ in Millions | 12 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | ||
Revenue: | ||||
Commissions | ¥ 453,401 | ¥ 473,121 | ¥ 358,210 | |
Fees from investment banking | 95,083 | 91,301 | 62,353 | |
Asset management and portfolio service fees | 203,387 | 168,683 | 141,888 | |
Net gain on trading | 531,337 | 476,356 | 367,979 | |
Gain on private equity investments | 5,502 | 11,392 | 8,053 | |
Interest and dividends | 436,766 | 416,350 | 394,007 | |
Gain on investments in equity securities | 29,410 | 15,156 | 38,686 | |
Other | 175,702 | 179,485 | 708,767 | |
Total revenue | 1,930,588 | 1,831,844 | 2,079,943 | |
Interest expense | 326,412 | 274,774 | 266,312 | |
Net revenue | [1] | 1,604,176 | 1,557,070 | 1,813,631 |
Non-interest expenses: | ||||
Compensation and benefits | 596,593 | 570,058 | 547,591 | |
Commissions and floor brokerage | 129,977 | 111,849 | 91,388 | |
Information processing and communications | 192,300 | 192,168 | 179,904 | |
Occupancy and related depreciation | 76,112 | 80,142 | 91,545 | |
Business development expenses | 35,230 | 38,485 | 49,010 | |
Other | 227,205 | 202,754 | 616,463 | |
Total non-interest expenses | 1,257,417 | 1,195,456 | 1,575,901 | |
Income before income taxes | 346,759 | 361,614 | 237,730 | |
Income tax expense | 120,780 | 145,165 | 132,039 | |
Net income | 225,979 | 216,449 | 105,691 | |
Less: Net income (loss) attributable to noncontrolling interests | 1,194 | 2,858 | (1,543) | |
Net income attributable to NHI shareholders | ¥ 224,785 | ¥ 213,591 | ¥ 107,234 | |
Basic- | ||||
Net income attributable to NHI shareholders per share | ¥ 61.66 | ¥ 57.57 | ¥ 29.04 | |
Diluted- | ||||
Net income attributable to NHI shareholders per share | ¥ 60.03 | ¥ 55.81 | ¥ 28.37 | |
[1] | There is no revenue derived from transactions with a single major external customer. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | |||
Net income | ¥ 225,979 | ¥ 216,449 | ¥ 105,691 |
Other comprehensive income: | |||
Change in cumulative translation adjustments, net of tax | 110,487 | 68,090 | 74,301 |
Defined benefit pension plans: | |||
Pension liability adjustment | 5,259 | 15,093 | 8,702 |
Deferred income taxes | (1,854) | (5,384) | (3,007) |
Total | 3,405 | 9,709 | 5,695 |
Non-trading securities: | |||
Net unrealized gain on non-trading securities | 27,643 | 3,358 | 17,283 |
Deferred income taxes | (8,681) | (1,109) | (4,650) |
Total | 18,962 | 2,249 | 12,633 |
Total other comprehensive income | 132,854 | 80,048 | 92,629 |
Comprehensive income | 358,833 | 296,497 | 198,320 |
Less: Comprehensive income attributable to noncontrolling interests | 10,945 | 4,875 | 3,332 |
Comprehensive income attributable to NHI shareholders | ¥ 347,888 | ¥ 291,622 | ¥ 194,988 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - JPY (¥) ¥ in Millions | Total | Common stock [Member] | Additional paid-in capital [Member] | Retained earnings [Member] | Accumulated other comprehensive income (loss) [Member] | Cumulative translation adjustments [Member] | Defined benefit pension plans [Member] | Non-trading securities [Member] | Common stock held in treasury [Member] | Total NHI shareholders' equity [Member] | Noncontrolling interests [Member] |
Balance at beginning of year at Mar. 31, 2012 | ¥ 594,493 | ¥ 698,771 | ¥ 1,058,945 | ¥ (110,652) | ¥ (35,132) | ¥ 635 | ¥ (99,819) | ¥ 281,896 | |||
Issuance of common stock | |||||||||||
Gain (loss) on sales of treasury stock | ¥ (1,798) | ||||||||||
Issuance and exercise of common stock options | (5,700) | ||||||||||
Net income attributable to NHI shareholders | ¥ 107,234 | ¥ 107,234 | |||||||||
Cash dividends | (29,656) | (3,422) | |||||||||
Net change during the year | 71,777 | ||||||||||
Repurchases of common stock | (7) | ||||||||||
Sales of common stock | 1 | ||||||||||
Common stock issued to employees | 29,507 | ||||||||||
Net income (loss) attributable to noncontrolling interests | 1,543 | (1,543) | |||||||||
Other net change in treasury stock | (196) | ||||||||||
Accumulated other comprehensive income (loss) attributable to noncontrolling interests | |||||||||||
Cumulative translation adjustments | 2,524 | ||||||||||
Pension liability adjustment | 5,695 | 6,614 | (919) | ||||||||
Net unrealized gain on non-trading securities | 9,363 | 3,270 | |||||||||
Purchase / sale of subsidiary shares, net | (9) | (247,782) | |||||||||
Other net change in noncontrolling interests | (9,412) | ||||||||||
Balance at end of year at Mar. 31, 2013 | 2,318,983 | 594,493 | ¥ 691,264 | ¥ 1,136,523 | ¥ (57,395) | (38,875) | (28,518) | 9,998 | (70,514) | ¥ 2,294,371 | 24,612 |
Issuance of common stock | |||||||||||
Gain (loss) on sales of treasury stock | ¥ (7,647) | ||||||||||
Issuance and exercise of common stock options | (210) | ||||||||||
Net income attributable to NHI shareholders | 213,591 | ¥ 213,591 | |||||||||
Cash dividends | (63,111) | (40) | |||||||||
Net change during the year | 66,579 | ||||||||||
Repurchases of common stock | (32,511) | ||||||||||
Sales of common stock | 9 | ||||||||||
Common stock issued to employees | 30,127 | ||||||||||
Net income (loss) attributable to noncontrolling interests | (2,858) | 2,858 | |||||||||
Other net change in treasury stock | 799 | ||||||||||
Accumulated other comprehensive income (loss) attributable to noncontrolling interests | |||||||||||
Cumulative translation adjustments | ¥ 1,511 | ||||||||||
Pension liability adjustment | 9,709 | 9,709 | |||||||||
Net unrealized gain on non-trading securities | 1,743 | ¥ 506 | |||||||||
Purchase / sale of subsidiary shares, net | 231 | 341 | |||||||||
Other net change in noncontrolling interests | 9,745 | ||||||||||
Balance at end of year at Mar. 31, 2014 | 2,553,213 | 594,493 | 683,638 | 1,287,003 | 20,636 | 27,704 | (18,809) | 11,741 | (72,090) | 2,513,680 | 39,533 |
Gain (loss) on sales of treasury stock | (2,417) | (5,221) | |||||||||
Issuance and exercise of common stock options | ¥ 2,186 | ||||||||||
Net income attributable to NHI shareholders | 224,785 | 224,785 | |||||||||
Cash dividends | (68,627) | (39) | |||||||||
Net change during the year | 105,667 | ||||||||||
Repurchases of common stock | (104,047) | ||||||||||
Sales of common stock | 3 | ||||||||||
Common stock issued to employees | 24,226 | ||||||||||
Net income (loss) attributable to noncontrolling interests | (1,194) | 1,194 | |||||||||
Other net change in treasury stock | 103 | ||||||||||
Accumulated other comprehensive income (loss) attributable to noncontrolling interests | |||||||||||
Cumulative translation adjustments | ¥ 4,820 | ||||||||||
Pension liability adjustment | 3,405 | 3,405 | |||||||||
Net unrealized gain on non-trading securities | 14,031 | ¥ 4,931 | |||||||||
Purchase / sale of subsidiary shares, net | 4,889 | ||||||||||
Other net change in noncontrolling interests | (18,156) | ||||||||||
Balance at end of year at Mar. 31, 2015 | ¥ 2,744,946 | ¥ 594,493 | ¥ 683,407 | ¥ 1,437,940 | ¥ 143,739 | ¥ 133,371 | ¥ (15,404) | ¥ 25,772 | ¥ (151,805) | ¥ 2,707,774 | ¥ 37,172 |
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: | |||
Net income | ¥ 225,979 | ¥ 216,449 | ¥ 105,691 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 78,882 | 79,468 | 91,493 |
Stock option expenses | 19,364 | 21,091 | 21,955 |
Gain on investments in equity securities | (29,410) | (15,156) | (38,686) |
Equity in earnings of affiliates, net of dividends received | (34,772) | (29,499) | (13,003) |
Loss on disposal of office buildings, land, equipment and facilities | 9,690 | 8,360 | 17,641 |
Deferred income taxes | 26,489 | 117,061 | 53,957 |
Changes in operating assets and liabilities: | |||
Time deposits | 38,341 | 274,593 | 137,526 |
Deposits with stock exchanges and other segregated cash | (66,122) | (42,403) | (9,461) |
Trading assets and private equity investments | 2,917,895 | (485,673) | (1,448,489) |
Trading liabilities | (1,731,133) | 2,007,807 | 248,019 |
Securities purchased under agreements to resell, net of securities sold under agreements to repurchase | (1,251,323) | (183,884) | 1,375,929 |
Securities borrowed, net of securities loaned | (221,295) | (1,604,469) | 863,511 |
Other secured borrowings | (145,877) | 7,992 | (84,444) |
Loans and receivables, net of allowance for doubtful accounts | (92,713) | 217,397 | (238,318) |
Payables | 236,029 | 278,325 | (305,672) |
Bonus accrual | (3,659) | 16,356 | 31,415 |
Accrued income taxes, net | 59,931 | (87,933) | 50,019 |
Other, net | (113,324) | (338,456) | (309,582) |
Net cash provided by (used in) operating activities | (77,028) | 457,426 | 549,501 |
Cash flows from investing activities: | |||
Payments for purchases of office buildings, land, equipment and facilities | (209,468) | (214,336) | (271,975) |
Proceeds from sales of office buildings, land, equipment and facilities | 159,480 | 176,680 | 147,653 |
Payments for purchases of investments in equity securities | (354) | (4,799) | (319) |
Proceeds from sales of investments in equity securities | 6,977 | 6,945 | 3,741 |
Decrease (increase) in loans receivable at banks, net | (49,192) | (10,972) | 22,189 |
Decrease (increase) in non-trading debt securities, net | 109,761 | ¥ (103,187) | (54,237) |
Business combinations or disposals, net | (7,308) | (5,919) | |
Decrease (increase) in investments in affiliated companies, net | 2,212 | ¥ 43,298 | (1,391) |
Other, net | 229 | 3,176 | (228) |
Net cash provided by (used in) investing activities | 12,337 | (103,195) | (160,486) |
Cash flows from financing activities: | |||
Increase in long-term borrowings | 2,974,115 | 2,140,351 | 1,930,357 |
Decrease in long-term borrowings | (3,167,956) | (1,594,148) | (2,330,509) |
Increase (decrease) in short-term borrowings, net | 34,041 | (149,437) | (416,174) |
Increase (decrease) in deposits received at banks, net | 140,571 | (23,605) | 129,384 |
Proceeds from sales of common stock held in treasury | 387 | 682 | 56 |
Payments for repurchases of common stock held in treasury | (104,047) | (32,511) | (7) |
Payments for cash dividends | (55,317) | (51,947) | (14,730) |
Net cash provided by (used in) financing activities | (178,206) | 289,385 | (701,623) |
Effect of exchange rate changes on cash and cash equivalents | 68,513 | 41,089 | 47,175 |
Net increase (decrease) in cash and cash equivalents | (174,384) | 684,705 | (265,433) |
Cash and cash equivalents at beginning of the year | 1,489,792 | 805,087 | 1,070,520 |
Cash and cash equivalents at end of the year | 1,315,408 | 1,489,792 | 805,087 |
Cash paid during the year for- | |||
Interest | 364,392 | 303,331 | 296,643 |
Income tax payments, net | ¥ 34,359 | ¥ 116,037 | ¥ 28,063 |
CONSOLIDATED STATEMENTS OF CAS8
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - JPY (¥) ¥ in Millions | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2013 | |
Non cash activities | ||
Assets acquired, excluding cash and cash equivalents | ¥ 34,271 | |
Debt assumed | ¥ 18,817 | |
Assets sold, excluding cash and cash equivalents | ¥ 1,488,853 | |
Debt assumed by the purchaser | ¥ 1,166,556 |
Summary of accounting policies
Summary of accounting policies | 12 Months Ended |
Mar. 31, 2015 | |
Summary of accounting policies | |
Summary of accounting policies | 1. Summary of accounting policies: Description of business— Nomura Holdings, Inc. (“Company”) and its broker-dealer, banking and other financial services subsidiaries provide investment, financing and related services to individual, institutional and government clients on a global basis. The Company and other entities in which it has a controlling financial interest are collectively referred to as “Nomura” within these consolidated financial statements. Nomura operates its business through various divisions based upon the nature of specific products and services, its main client base and its management structure. Nomura reports operating results through three business segments: Retail, Asset Management and Wholesale. In its Retail segment, Nomura provides investment consultation services mainly to individual clients in Japan. In its Asset Management segment, Nomura develops and manages investment trusts, and provides investment advisory services. In its Wholesale segment, Nomura engages in the sales and trading of debt and equity securities, derivatives, and currencies on a global basis, and provides investment banking services such as the underwriting of debt and equity securities as well as mergers and acquisitions and financial advice. Basis of presentation— The accounting and financial reporting policies of the Nomura conform to accounting principles generally accepted in the United States (“U.S. GAAP”) as applicable to broker-dealers. These consolidated financial statements include the financial statements of the Company and other entities in which it has a controlling financial interest. Nomura initially determines whether it has a controlling financial interest in an entity by evaluating whether the entity is a variable interest entity (“VIE”) under Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) 810 “ Consolidation Financial Services—Investment Companies For entities other than VIEs, Nomura is generally determined to have a controlling financial interest in an entity when it owns a majority of the voting interests. Equity investments in entities in which Nomura has significant influence over operating and financial decisions (generally defined as a holding of 20 to 50 percent of the voting stock of a corporate entity, or at least 3 percent of a limited partnership) are accounted for under the equity method of accounting (“equity method investments”) and reported within Other assets—Investments in and advances to affiliated companies “Financial Instruments Trading assets Private equity investments or Other assets—Other Certain entities in which Nomura has a financial interest are investment companies under ASC 946. These entities carry all of their investments at fair value, with changes in fair value recognized through the consolidated statements of income. The Company’s principal subsidiaries include Nomura Securities Co., Ltd. (“NSC”), Nomura Securities International, Inc. (“NSI”), Nomura International plc (“NIP”) and Nomura Financial Products & Services, Inc. (“NFPS”). All material intercompany transactions and balances have been eliminated on consolidation. Certain reclassifications of previously reported amounts have been made to conform to the current year presentation. Use of estimates— In presenting these consolidated financial statements, management makes estimates regarding the valuation of certain financial instruments and investments, the outcome of litigation and tax examinations, the recovery of the carrying value of goodwill, the allowance for doubtful accounts, the realization of deferred tax assets and other matters that affect the reported amounts of assets and liabilities as well as the disclosures in these consolidated financial statements. Estimates, by their nature, are based on judgment and available information. Therefore, actual results may differ from estimates which could have a material impact on these consolidated financial statements, and it is possible that such adjustments could occur in the near term. Fair value of financial instruments— A significant amount of Nomura’s financial assets and financial liabilities are carried at fair value, with changes in fair value recognized through the consolidated statements of income or the consolidated statements of comprehensive income. Use of fair value is either specifically required under U.S. GAAP or Nomura makes an election to use fair value for certain eligible items under the fair value option. Other financial assets and financial liabilities are carried at fair value on a nonrecurring basis, where the primary measurement basis is not fair value. Fair value is only used in specific circumstances after initial recognition, such as to measure impairment. In all cases, fair value is determined in accordance with ASC 820 “Fair Value Measurements and Disclosures” “Fair value measurements” Transfers of financial assets— Nomura accounts for the transfer of a financial asset as a sale when Nomura relinquishes control over the asset by meeting the following conditions: (a) the asset has been isolated from the transferor (even in bankruptcy or other receivership), (b) the transferee has the right to pledge or exchange the asset received, or if the transferee is an entity whose sole purpose is to engage in securitization or asset-backed financing activities, if, the holders of its beneficial interests have the right to pledge or exchange the beneficial interests held and (c) the transferor has not maintained effective control over the transferred asset. In connection with its securitization activities, Nomura utilizes special purpose entities (“SPEs”) to securitize commercial and residential mortgage loans, government and corporate securities and other types of financial assets. Nomura’s involvement with SPEs includes structuring and underwriting, distributing and selling debt instruments and beneficial interests issued by SPEs to investors. Nomura derecognizes financial assets transferred in securitizations provided that Nomura has relinquished control over such assets and does not consolidate the SPE. Nomura may obtain or retain an interest in the financial assets, including residual interests in the SPEs dependent upon prevailing market conditions. Any such interests are accounted for at fair value and reported within Trading assets Revenue—Net gain on trading Foreign currency translation— The financial statements of the Company’s subsidiaries are measured using their functional currency which is the currency of the primary economic environment in which the entity operates. All assets and liabilities of subsidiaries which have a functional currency other than Japanese yen are translated into Japanese yen at exchange rates in effect at the balance sheet date; all revenue and expenses are translated at the average exchange rates for the respective years and the resulting translation adjustments are accumulated and reported within Accumulated other comprehensive income (loss) Foreign currency assets and liabilities are translated at exchange rates in effect at the balance sheet date and the resulting translation gains or losses are credited or charged to the consolidated statements of income. Fee revenue— Revenue—Commissions Revenue—Fees from investment banking Revenue—Asset management and portfolio service fees Trading assets and trading liabilities— Trading assets and Trading liabilities Revenue—Net gain on trading Collateralized agreements and collateralized financing— Collateralized agreements Securities purchased under agreements to resell Securities borrowed. Collateralized financing Securities sold under agreements to repurchase Securities loaned Reverse repurchase and repurchase agreements principally involve the buying or selling of securities under agreements with clients to resell or repurchase these securities to or from those clients, respectively. These transactions are generally accounted for as collateralized agreements or collateralized financing transactions and are recognized in the consolidated balance sheets at the amount for which the securities were originally acquired or sold. Certain reverse repurchase and repurchase agreements are carried at fair value through election of the fair value option. No allowance for credit losses is generally recognized against reverse repurchase agreements due to the strict collateralization requirements. Repurchase agreements where the maturity of the security transferred as collateral matches the maturity of the repurchase agreement (“repurchase-to-maturity transactions”), which were previously accounted for as sales where the criteria for derecognition of the securities transferred under ASC 860 “ Transfers and Servicing Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures New accounting pronouncements recently adopted Nomura also enters into Gensaki Repo transactions which are the standard type of repurchase agreement used in Japanese financial markets. Gensaki Repo transactions contain margin requirements, rights of security substitution, and certain restrictions on the client’s right to sell or repledge the transferred securities. Gensaki Repo transactions are accounted for as collateralized agreements or collateralized financing transactions and are recognized on the consolidated balance sheets at the amount that the securities were originally acquired or sold. Reverse repurchase agreements and repurchase agreements accounted for as collateralized agreements and collateralized financing transactions, respectively, entered into with the same counterparty and documented under a master netting agreement are offset in the consolidated balance sheets where the specific criteria defined by ASC 210-20 “ Balance Sheet—Offsetting Securities borrowing and lending transactions are generally accounted for as collateralized agreements and collateralized financing transactions, respectively. These transactions are generally cash collateralized and are recognized on the consolidated balance sheets at the amount of cash collateral advanced or received. No allowance for credit losses is generally recognized against securities borrowing transactions due to the strict collateralization requirements. Securities borrowing and lending transactions accounted for as collateralized agreements and collateralized financing transactions, respectively, entered into with the same counterparty and documented under a master netting agreement are also offset in the consolidated balance sheets where the specific criteria defined by ASC 210-20 are met. Other secured borrowings Trading balances of secured borrowings Long-term borrowings Securitizations and Variable Interest Entities Borrowings All Nomura-owned securities pledged to counterparties where the counterparty has the right to sell or repledge the securities, including collateral transferred under Gensaki Repo transactions, are reported parenthetically within Trading assets as Securities pledged as collateral See Note 4 “ Collateralized transactions Derivatives— Nomura uses a variety of derivative financial instruments, including futures, forwards, swaps and options, for both trading and non-trading purposes. All freestanding derivatives are carried at fair value in the consolidated balance sheets and reported within Trading assets or Trading liabilities Short-term borrowings or Long-term Changes in fair value are recognized either through the consolidated statements of income or the consolidated statements of comprehensive income depending on the purpose for which the derivatives are used. Derivative assets and liabilities with the same counterparty documented under a master netting agreement are offset in the consolidated balance sheets where the specific criteria defined by ASC 210-20 and ASC 815 “Derivatives and Hedging” Trading Derivative financial instruments used for trading purposes, including bifurcated embedded derivatives, are carried at fair value with changes in fair value reported in the consolidated statements of income within Revenue—Net gain on trading Non-trading In addition to its trading activities, Nomura uses derivative financial instruments for other than trading purposes such as to manage risk exposures arising from recognized assets and liabilities, forecasted transactions and firm commitments. Certain derivatives used for non-trading purposes are formally designated as fair value and net investment hedges under ASC 815. Nomura designates certain derivative financial instruments as fair value hedges of interest rate risk and foreign exchange risk arising from specific financial liabilities and foreign currency denominated non-trading debt securities, respectively. These derivatives are effective in reducing the risk associated with the exposure being hedged and they are highly correlated with changes in the fair value of the underlying hedged item, both at inception and throughout the life of the hedge contract. Changes in fair value of the hedging derivatives are reported together with those of the hedged financial liabilities through the consolidated statements of income within Interest expense Revenue—Other Derivative financial instruments designated as hedges of the net investment in foreign operations are linked to specific subsidiaries with non-Japanese yen functional currencies. When determining the effectiveness of net investment hedges, the effective portion of the change in fair value of the hedging derivative is determined by changes in spot exchange rates and is reported through NHI shareholders’ equity within Accumulated other comprehensive income (loss) Revenue—Other See Note 3 “Derivative instruments and hedging activities” Loans receivable— Loans receivable are loans which management intends to hold for the foreseeable future. Loans receivable are either carried at fair value or at amortized cost. Interest earned on loans receivable is generally reported in the consolidated statements of income within Revenue—Interest and dividends Loans receivable carried at fair value Certain loans which are risk managed on a fair value basis are carried at fair value through election of the fair value option. Nomura makes this election to mitigate volatility in the consolidated statements of income caused by the difference in measurement basis that would otherwise exist between the loans and the derivatives used to risk manage those loans. Changes in the fair value of loans receivable carried at fair value are reported in the consolidated statements of income within Revenue—Net gain on trading Loans receivable carried at amortized cost Loans receivable which are not carried at fair value are carried at amortized cost. Amortized cost represents cost adjusted for deferred fees and direct costs, unamortized premiums or discounts on purchased loans and after deducting any applicable allowance for credit losses. Loan origination fees, net of direct origination costs, are amortized to Revenue—Interest and dividends See Note 7 “Financing receivables” Other receivables— Receivables from customers Receivables from other than customers Receivables from other than customers These amounts are carried at contractual amounts due less any applicable allowance for credit losses which reflects management’s best estimate of probable losses incurred within these receivables which have been specifically identified as impaired. The allowance for credit losses is reported in the consolidated balance sheets within Allowance for doubtful accounts Loan commitments— Unfunded loan commitments written by Nomura are accounted for as either off-balance sheet instruments, or are carried at fair value on a recurring basis either as trading instruments or through election of the fair value option. These loan commitments are generally accounted for in a manner consistent with the accounting for the loan receivable upon funding. Where the loan receivable will be classified as a trading asset or will be elected for the fair value option, the loan commitment is also generally held at fair value, with changes in fair value reported in the consolidated statements of income within Revenue—Net gain on trading For loan commitments where the loan will be held for the foreseeable future, Nomura recognizes an allowance for credit losses which is reported within Other liabilities—other Payables and deposits— Payables to customers Payables to other than customers Deposits received at banks Office buildings, land, equipment and facilities— Office buildings, land, equipment and facilities, held for use by Nomura are stated at cost, net of accumulated depreciation and amortization, except for land, which is stated at cost. Significant renewals and additions are capitalized at cost. Maintenance, repairs and minor renewals are expensed as incurred in the consolidated statements of income. The following table presents a breakdown of Office buildings, land, equipment and facilities Millions of yen March 31 2014 2015 Land ¥ 94,991 ¥ 91,055 Office buildings 109,052 105,043 Equipment and facilities 48,101 46,186 Software 156,717 158,348 Construction in progress 56 437 Total ¥ 408,917 ¥ 401,069 Depreciation and amortization charges of assets which are owned by Nomura are generally computed using the straight-line method and recognized over the estimated useful lives of each asset. Depreciation charges of assets which are leased by Nomura under agreements which are classified as capital leases under ASC 840 “Leases The estimated useful lives for significant asset classes are as follows: Office buildings 5 to 50 years Equipment and facilities 2 to 20 years Software Up to 5 years Depreciation and amortization charges of both owned and capital lease assets are reported within Non-interest expenses—Information processing and communications Non-interest expenses—Occupancy and related depreciation Leases that involve real estate are classified as either operating or capital leases in accordance with ASC 840. Rent expense relating to operating leases is recognized over the lease term on a straight-line basis. If the lease is classified as a capital lease, Nomura recognizes the real estate as an asset on the consolidated balance sheets together with a lease obligation. The real estate is initially recognized at the lower of its fair value or present value of minimum lease payments, and subsequently depreciated over its useful life on a straight-line basis. Where Nomura has certain involvement in the construction of real estate subject to a lease, Nomura is deemed the owner of the construction project and recognizes the real estate on the consolidated balance sheets until construction is completed. At the end of the construction period the real estate is either derecognized or continues to be recognized on the consolidated balance sheets in accordance with ASC 840, depending on the extent of Nomura’s continued involvement with the real estate. Long-lived assets, excluding goodwill and indefinite-lived intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the estimated future undiscounted cash flows generated by the asset is less than the carrying amount of the asset, a loss is recognized to the extent that the carrying value exceeds its fair value. Nomura recognized impairment charges of ¥5,455 million and ¥1,246 million primarily related to write-downs of software, office buildings, land, equipment, facilities, and other assets for the years ended March 31, 2013 and 2014, respectively. The amount of impairment charges for the year ended March 31, 2015 was not significant. These losses are reported in the consolidated statements of income within Non-interest expenses— Other Other Investments in equity securities— Nomura holds minority stakes in the equity securities of unaffiliated Japanese financial institutions and corporations in order to promote existing and potential business relationships. These companies often have similar investments in Nomura. Such cross-holdings are a customary business practice in Japan and provide a way for companies to manage shareholder relationships. These investments, which Nomura refers to as being held for operating purposes, are carried at fair value and reported within Other assets—Investments in equity securities Revenue—Gain on investments in equity securities Other non-trading debt and equity securities— Certain non-trading subsidiaries within Nomura, including an insurance subsidiary, hold debt securities and minority stakes in equity securities for non-trading purposes. Non-trading securities held by non-trading subsidiaries are carried at fair value and reported within Other assets—Non-trading debt securities Other assets—Other Revenue—Other Other assets—Non-trading debt securities Other assets—Other Other comprehensive income (loss) Revenue—Other Other comprehensive income (loss) Revenue—Other Where the fair value of non-trading securities held by Nomura’s insurance subsidiary has declined below amortized cost, the securities are assessed to determine whether the decline in fair value is other-than-temporary in nature. Nomura considers quantitative and qualitative factors including the length of time and extent to which fair value has been less than amortized cost, the financial condition and near-term prospects of the issuer and Nomura’s intent and ability to hold the securities for a period of time sufficient to allow for any anticipated recovery in fair value. If an other-than-temporary impairment loss exists, for equity securities, the security is written down to fair value, with the entire difference between fair value and amortized cost reported within Revenue—Other Revenue—Other Other comprehensive income (loss) See Note 5 “Non-trading securities” Short-term and long-term borrowings— Short-term borrowings are defined as borrowings which are due on demand, which have a contractual maturity of one year or less at issuance date, or which have a longer contractual maturity but which contain features outside of Nomura’s control that allows the investor to demand redemption within one year from original issuance date. Short-term and long-term borrowings primarily consist of commercial paper, bank borrowings, and certain structured notes issued by Nomura and SPEs consolidated by Nomura, and financial liabilities recognized in transfers of financial assets which are accounted for as financings rather than sales under ASC 860 (“secured financing transactions”). Of these financial liabilities, certain structured notes and secured financing transactions are accounted for at fair value on a recurring basis through election of the fair value option. Other short and long-term borrowings are carried at amortized cost. Structured notes are debt securities which contain embedded features (often meeting the accounting definition of a derivative) that alter the return to the investor from simply receiving a fixed or floating rate of interest to a return that depends upon some other variable(s) such as an equity or equity index, commodity price, foreign exchange rate, credit rating of a third party or more complex interest rate calculation. All structured notes issued by Nomura on or after April 1, 2008 are carried at fair value on a recurring basis through election of the fair value option. This blanket election for structured notes is made primarily to mitigate the volatility in the consolidated statements of income caused by differences in the measurement basis for structured notes and the derivatives used to risk manage those positions and to generally simplify the accounting Nomura applies to these financial instruments. Certain structured notes issued prior to April 1, 2008 were already measured at fair value but others continue to be accounted for by Nomura by bifurcating the embedded derivative from the associated debt host contract. The embedded derivative is accounted for at fair value and the debt host contract is accounted for at amortized cost. Changes in the fair value of structured notes elected for the fair value option and bifurcated embedded derivatives are reported within Revenue—Net gain on trading See Note 10 “Borrowings” Income taxes— Deferred tax assets and liabilities are recognized to reflect the expected future tax consequences of operating loss carryforwards, tax credit carryforwards and temporary differences between the carrying amounts for financial reporting purposes and the tax bases of assets and liabilities based upon enacted tax laws and tax rates. Nomura recognizes deferred tax assets to the extent it believes that it is more likely than not that a benefit will be realized. A valuation allowance is established against deferred tax assets for tax benefits available to Nomura that are not deemed more likely than not to be realized. Deferred tax assets and deferred tax liabilities that relate to the same tax-paying component within a particular tax jurisdiction are offset in the consolidated balance sheets. Net deferred tax assets and net deferred tax liabilities are reported within Other assets Other Other liabilities Nomura recognizes and measures unrecognized tax benefits based on Nomura’s estimate of the likelihood, based on technical merits, that tax positions will be sustained upon examination based on the facts and circumstances and information available at the end of each period. Nomura adjusts the level of unrecognized tax benefits when there is more information available, or when an event occurs requiring a change. The reassessment of unrecognized tax benefits could have a material impact on Nomura’s effective tax rate in the period in which it occurs. Nomura recognizes income tax-related interest and penalties within Income tax expense See Note 15 “Income taxes” Stock-based and other compensation awards— Stock-based awards issued by Nomura to senior management and other employees are classified as either equity or liability awards depending on the terms of the award. Stock-based awards such as Stock Acquisition Rights (“SARs”) which are expected to be settled by the delivery of the Company’s common stock are classified as equity awards. For these awards, total compensation cost is generally fixed at the grant date and measured using the grant-date fair value of the award, net of any amount the employee is obligated to pay and estimated forfeitures. Stock-based awards such as Notional Stock Units (“NSUs”) and Collared Notional Stock Units (“CSUs”) which are expected to be settled in cash are classified as liability awards. Other awards such as Notional Index Units (“NIUs”) which are linked to a world stock index quoted by Morgan Stanley Capital International and which are expected to be cash settled are also effectively classified as liability awards. Liability awards are remeasured to fair value at each balance sheet date, net of estimated forfeitures with the final measurement of cumulative compensation cost equal to the settlement amount. Multi-year Performance Deferral (“MYPD”) awards which contain performance conditions and are expected to result in the issuance of SARs or NSUs are classified as equity or liability awards, respectively. For both equity and liability awards, fair value is determined either by using option pricing models, the market price of the Company’s common stock or the price of the third party index, as appropriate. Compensation cost is recognized in the consolidated statements of income over the requisite service period, which generally is equal to the contractual vesting period. For MYPD awards with performance conditions, compensation expense is also recognized over the requisite service period to the extent it is probable that the performance conditions will be met. Where an award has graded vesting, compensation expense is recognized using the accelerated recognition method. Certain new deferred awards granted since May 2013 include “Full Career Retirement” provisions which permit recipients of the awards to continue to vest in the awards upon voluntary termination if certain criteria based on corporate title and length of service within Nomura are met. The requisite service period for these awards ends on the earlier of the contractual vesting date and the date that the recipients become eligible for Full Career Retirement. See Note 13 “Deferred compensation plans” Earnings per share— The computation of basic earnings per share is based on the weighted average number of shares outstanding during the year. Diluted earnings per share reflects the assumed conversion of all dilutive securities based on the most advantageous conversion rate or exercise price available to the investors, and assuming conversion of convertible debt under the if-converted method. See Note 11 “Earnings per share” Cash and cash equivalents— Nomura defines cash and cash equivalents as cash on hand and demand deposits with banks. Goodwill and intangible assets— Goodwill is recognized upon completion of a business combination as the difference between the purchase price and the fair value of the net assets acquired. Subsequent to initial recognition, goodwill is not amortized but is tested for impairment at a reporting unit level during the fourth quarter of each fiscal year, or more frequently during earlier interim periods if events or circumstances indicate there may be impairment. Nomura’s reporting units are at one level below its business segments. Nomura tests goodwill of each separate reporting unit by initially qualitatively assessing whether events and circumstances indicate that it is more likely than not (i.e. greater than 50%) that a reporting unit’s fair value is less than its carrying amount. If such assessment indicates fair value is not less than the carrying value, the reporting unit is deemed not to be impaired and no further analysis is required. If it is more likely than not that the fair value of the reporting unit is below its carrying value, a quantitative two-step impairment test is then performed. In the first step, the current estimated fair value of the reporting unit is compared with its carrying value, including goodwill. If the fair value is less than the carrying value, then a second step is performed. In the second step, the implied current fair value of the reporting unit’s goodwill is determined by comparing the fair value of the reporting unit to the fair value of the net assets of the reporting unit, as if the reporting unit were being acquired in a business combination. An impairment loss is recognized if the carrying value of goodwill exceeds its implied current fair value. Intangible assets not subject to amortization (“indefinite-lived intangible assets”) are tested for impairment on an individual asset basis during the fourth quarter of each fiscal year, or more frequently during earlier interim periods if events or circumstances indicate there may be impairment. Similar to goodwill, Nomura tests an indefinite-lived intangible asset by initially qualitatively assessing whether events or circumstances indicate that it is more likely than not that the fair value of the intangible asset is less than its carrying amount. If such assessment indicates fair value is not less than the carrying value, the intangible asset is deemed not to be impaired and no further analysis is required. If it is more likely than not that the fair value of the intangible asset is below its carrying value, the current estimated fair value of the intangible asset is compared with its carrying value. An impairment loss is recognized if the carrying value of the intangible asset exceeds its estimated fair value. Intangible assets with finite lives (“finite-lived intangible assets”) are amortized over their estimated useful lives and tested for impairment either individually or with other assets (“asset group”) when events and circumstances indicate that the carrying value of the intangible asset (or asset group) may not be recoverable. A finite-lived intangible asset is impaired when its carrying amount or the carrying amount of the asset group exceeds its fair value. An impairment loss is recognized only if the carrying amount of the intangible asset (or asset group) is not recoverable and exceeds its fair value. For both goodwill and intangible assets, to the extent an impairment loss is recognized, the loss establishes a new cost basis for the asset which cannot be subsequently reversed. See Note 9 “Other assets—Other/Other liabilities” Nomura’s equity method investments are tested in their entirety for other-than-temporary impairment when there is an indication of |
Fair value measurements
Fair value measurements | 12 Months Ended |
Mar. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | 2. Fair value measurements: The fair value of financial instruments A significant amount of Nomura’s financial instruments are carried at fair value. Financial assets carried at fair value on a recurring basis are reported in the consolidated balance sheets within Trading assets and private equity investments, Loans and receivables, Collateralized agreements Other assets Trading liabilities, Short-term borrowings, Payables and deposits, Collateralized financing, Long-term borrowings Other liabilities Other financial assets and financial liabilities are measured at fair value on a nonrecurring basis, where the primary measurement basis is not fair value but where fair value is used in specific circumstances after initial recognition, such as to measure impairment. In all cases, fair value is determined in accordance with ASC 820 which defines fair value as the amount that would be exchanged to sell a financial asset or transfer a financial liability in an orderly transaction between market participants at the measurement date. It assumes that the transaction occurs in Nomura’s principal market, or in the absence of the principal market, the most advantageous market for the relevant financial assets or financial liabilities. Fair value is usually determined on an individual financial instrument basis consistent with the unit of account of the financial instrument. However, certain financial instruments managed on a portfolio basis are valued as a portfolio, namely based on the price that would be received to sell a net long position (i.e. a net financial asset) or transfer a net short position (i.e. a net financial liability) consistent with how market participants would price the net risk exposure at the measurement date. Financial assets carried at fair value also include investments in certain funds where, as a practical expedient, fair value is determined on the basis of net asset value per share (“NAV per share”) if the NAV per share is calculated in accordance with certain industry standard principles. Increases and decreases in the fair value of assets and liabilities will significantly impact Nomura’s position, performance, liquidity and capital resources. As explained below, valuation techniques applied contain inherent uncertainties and Nomura is unable to predict the accurate impact of future developments in the market. Where appropriate, Nomura uses economic hedging strategies to mitigate its risk, although these hedges are also subject to unpredictable movements in the market. Valuation methodology for financial instruments carried at fair value on a recurring basis The fair value of financial instruments is based on quoted market prices including market indices, broker or dealer quotations or an estimation by management of the expected exit price under current market conditions. Various financial instruments, including cash instruments and over-the-counter (“OTC”) contracts, have bid and offer prices that are observable in the market. These are measured at the point within the bid-offer range which best represents Nomura’s estimate of fair value. Where quoted market prices or broker or dealer quotations are not available, prices for similar instruments or valuation pricing models are considered in the determination of fair value. Where quoted prices are available in active markets, no valuation adjustments are taken to modify the fair value of assets or liabilities marked using such prices. Other instruments may be measured using valuation techniques, such as valuation pricing models incorporating observable parameters, unobservable parameters or a combination of both. Valuation pricing models use parameters which would be considered by market participants in valuing similar financial instruments. Valuation pricing models and their underlying assumptions impact the amount and timing of unrealized and realized gains and losses recognized, and the use of different valuation pricing models or underlying assumptions could produce different financial results. Valuation uncertainty results from a variety of factors, including the valuation technique or model selected, the quantitative assumptions used within the valuation model, the inputs into the model, as well as other factors. Valuation adjustments are used to reflect the assessment of this uncertainty. Common valuation adjustments include model reserves, credit adjustments, close-out adjustments, and other appropriate instrument-specific adjustments, such as those to reflect transfer or sale restrictions. The level of adjustments is largely judgmental and is based on an assessment of the factors that management believe other market participants would use in determining the fair value of similar financial instruments. The type of adjustments taken, the methodology for the calculation of these adjustments, and the inputs for these calculations are reassessed periodically to reflect current market practice and the availability of new information. For example, the fair value of certain financial instruments includes adjustments for credit risk; both with regards to counterparty credit risk on positions held and Nomura’s own creditworthiness on positions issued. Credit risk on financial assets is significantly mitigated by credit enhancements such as collateral and netting arrangements. Any net credit exposure is measured using available and applicable inputs for the relevant counterparty. The same approach is used to measure the credit exposure on Nomura’s financial liabilities as is used to measure counterparty credit risk on Nomura’s financial assets. Such valuation pricing models are calibrated to the market on a regular basis and inputs used are adjusted for current market conditions and risks. The Global Model Validation Group (“MVG”) within Nomura’s Risk Management Department reviews pricing models and assesses model appropriateness and consistency independently of the front office. The model reviews consider a number of factors about a model’s suitability for valuation and sensitivity of a particular product. Valuation models are calibrated to the market on a periodic basis by comparison to observable market pricing, comparison with alternative models and analysis of risk profiles. As explained above, any changes in fixed income, equity, foreign exchange and commodity markets can impact Nomura’s estimates of fair value in the future, potentially affecting trading gains and losses. Where financial contracts have longer maturity dates, Nomura’s estimates of fair value may involve greater subjectivity due to the lack of transparent market data. Fair value hierarchy All financial instruments measured at fair value, including those carried at fair value using the fair value option, have been categorized into a three-level hierarchy (“fair value hierarchy”) based on the transparency of valuation inputs used by Nomura to estimate fair value. A financial instrument is classified in the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement of the financial instrument. The three levels of the fair value hierarchy are defined as follows, with Level 1 representing the most transparent inputs and Level 3 representing the least transparent inputs: Level 1: Unadjusted quoted prices for identical financial instruments in active markets accessible by Nomura at the measurement date. Level 2: Quoted prices in inactive markets or prices containing other inputs which are observable, either directly or indirectly. Valuation techniques using observable inputs reflect assumptions used by market participants in pricing financial instruments and are based on data obtained from independent market sources at the measurement date. Level 3: Unobservable inputs that are significant to the fair value measurement of the financial instrument. Valuation techniques using unobservable inputs reflect management’s assumptions about the estimates used by other market participants in valuing similar financial instruments. These valuation techniques are developed based on the best available information at the measurement date. The availability of inputs observable in the market varies by product and can be affected by a variety of factors. Significant factors include, but are not restricted to the prevalence of similar products in the market, especially for customized products, how established the product is in the market, for example, whether it is a new product or is relatively mature, and the reliability of information provided in the market which would depend, for example, on the frequency and volume of current data. A period of significant change in the market may reduce the availability of observable data. Under such circumstances, financial instruments may be reclassified into a lower level in the fair value hierarchy. Significant judgments used in determining the classification of financial instruments include the nature of the market in which the product would be traded, the underlying risks, the type and liquidity of market data inputs and the nature of observed transactions for similar instruments. Where valuation models include the use of parameters which are less observable or unobservable in the market, significant management judgment is used in establishing fair value. The valuations for Level 3 financial instruments, therefore, involve a greater degree of judgment than those valuations for Level 1 or Level 2 financial instruments. Certain criteria management use to determine whether a market is active or inactive include the number of transactions, the frequency that pricing is updated by other market participants, the variability of price quotes among market participants, and the amount of publicly available information. The following tables present the amounts of Nomura’s financial instruments measured at fair value on a recurring basis as of March 31, 2014 and 2015 within the fair value hierarchy. Billions of yen March 31, 2014 Level 1 Level 2 Level 3 Counterparty (1) Balance as of Assets: Trading assets and private equity investments (2) Equities (3) ¥ 2,176 ¥ 655 ¥ 68 ¥ — ¥ 2,899 Private equity investments (3) — — 42 — 42 Japanese government securities 2,587 — — — 2,587 Japanese agency and municipal securities — 192 — — 192 Foreign government, agency and municipal securities 4,615 1,378 26 — 6,019 Bank and corporate debt securities and loans for trading purposes — 1,735 116 — 1,851 Commercial mortgage-backed securities (“CMBS”) — 156 3 — 159 Residential mortgage-backed securities (“RMBS”) — 2,221 3 — 2,224 Real estate-backed securities — — 0 — 0 Collateralized debt obligations (“CDOs”) and other (4) — 170 13 — 183 Investment trust funds and other 136 87 30 — 253 Total trading assets and private equity investments 9,514 6,594 301 — 16,409 Derivative assets (5) Equity contracts 750 1,102 70 — 1,922 Interest rate contracts 11 19,398 112 — 19,521 Credit contracts 4 1,268 42 — 1,314 Foreign exchange contracts — 3,293 19 — 3,312 Commodity contracts 0 0 0 — 0 Netting — — — (23,764 ) (23,764 ) Total derivative assets 765 25,061 243 (23,764 ) 2,305 Subtotal ¥ 10,279 ¥ 31,655 ¥ 544 ¥ (23,764 ) ¥ 18,714 Loans and receivables (6) — 280 26 — 306 Collateralized agreements (7) — 1,087 — — 1,087 Other assets Non-trading debt securities 406 615 3 — 1,024 Other (3) 358 94 56 — 508 Total ¥ 11,043 ¥ 33,731 ¥ 629 ¥ (23,764 ) ¥ 21,639 Liabilities: Trading liabilities Equities ¥ 774 ¥ 132 ¥ 1 ¥ — ¥ 907 Japanese government securities 3,046 — — — 3,046 Foreign government, agency and municipal securities 3,831 688 — — 4,519 Bank and corporate debt securities — 396 0 — 396 Residential mortgage-backed securities (“RMBS”) — 1 — — 1 Collateralized debt obligations (“CDOs”) and other (4) — 0 — — 0 Investment trust funds and other 76 12 — — 88 Total trading liabilities 7,727 1,229 1 — 8,957 Derivative liabilities (5) Equity contracts 827 1,368 59 — 2,254 Interest rate contracts 10 19,142 151 — 19,303 Credit contracts 4 1,582 37 — 1,623 Foreign exchange contracts — 2,926 14 — 2,940 Commodity contracts 0 0 0 — 0 Netting — — — (24,030 ) (24,030 ) Total derivative liabilities 841 25,018 261 (24,030 ) 2,090 Subtotal ¥ 8,568 ¥ 26,247 ¥ 262 ¥ (24,030 ) ¥ 11,047 Short-term borrowings (8) — 46 3 — 49 Payables and deposits (9) — 0 0 — 0 Collateralized financing (7) — 530 — — 530 Long-term borrowings (8)(10)(11) 134 1,439 394 — 1,967 Other liabilities (12) 152 86 — — 238 Total ¥ 8,854 ¥ 28,348 ¥ 659 ¥ (24,030 ) ¥ 13,831 Billions of yen March 31, 2015 Level 1 Level 2 Level 3 Counterparty (1) Balance as of Assets: Trading assets and private equity investments (2) Equities (3) ¥ 1,707 ¥ 710 ¥ 39 ¥ — ¥ 2,456 Private equity investments (3) — 0 49 — 49 Japanese government securities 2,233 — — — 2,233 Japanese agency and municipal securities — 277 — — 277 Foreign government, agency and municipal securities 3,965 1,391 3 — 5,359 Bank and corporate debt securities and loans for trading purposes — 1,786 167 — 1,953 Commercial mortgage-backed securities (“CMBS”) — 113 2 — 115 Residential mortgage-backed securities (“RMBS”) — 2,496 1 — 2,497 Real estate-backed securities — — 13 — 13 Collateralized debt obligations (“CDOs”) and other (4) — 184 15 — 199 Investment trust funds and other 448 120 4 — 572 Total trading assets and private equity investments 8,353 7,077 293 — 15,723 Derivative assets (5) Equity contracts 7 1,668 72 — 1,747 Interest rate contracts 16 31,559 90 — 31,665 Credit contracts 5 1,066 40 — 1,111 Foreign exchange contracts — 7,544 33 — 7,577 Commodity contracts 0 0 — — 0 Netting — — — (40,514 ) (40,514 ) Total derivative assets 28 41,837 235 (40,514 ) 1,586 Subtotal ¥ 8,381 ¥ 48,914 ¥ 528 ¥ (40,514 ) ¥ 17,309 Loans and receivables (6) — 304 15 — 319 Collateralized agreements (7) — 1,530 — — 1,530 Other assets Non-trading debt securities 342 606 0 — 948 Other (3) 342 128 57 — 527 Total ¥ 9,065 ¥ 51,482 ¥ 600 ¥ (40,514 ) ¥ 20,633 Liabilities: Trading liabilities Equities ¥ 1,027 ¥ 62 ¥ 3 ¥ — ¥ 1,092 Japanese government securities 3,117 — — — 3,117 Foreign government, agency and municipal securities 3,155 904 — — 4,059 Bank and corporate debt securities — 379 0 — 379 Residential mortgage-backed securities (“RMBS”) — 1 — — 1 Collateralized debt obligations (“CDOs”) and other (4) — 3 — — 3 Investment trust funds and other 84 0 — — 84 Total trading liabilities 7,383 1,349 3 — 8,735 Derivative liabilities (5) Equity contracts 18 1,887 78 — 1,983 Interest rate contracts 8 31,555 112 — 31,675 Credit contracts 2 1,080 36 — 1,118 Foreign exchange contracts — 6,954 38 — 6,992 Commodity contracts 1 0 0 — 1 Netting — — — (40,460 ) (40,460 ) Total derivative liabilities 29 41,476 264 (40,460 ) 1,309 Subtotal ¥ 7,412 ¥ 42,825 ¥ 267 ¥ (40,460 ) ¥ 10,044 Short-term borrowings (8) ¥ — ¥ 188 ¥ 1 ¥ — ¥ 189 Payables and deposits (9) — 0 0 — 0 Collateralized financing (7) — 983 — — 983 Long-term borrowings (8)(10)(11) 80 1,996 525 — 2,601 Other liabilities (12) 96 108 — — 204 Total ¥ 7,588 ¥ 46,100 ¥ 793 ¥ (40,460 ) ¥ 14,021 (1) Represents the amount offset under counterparty netting of derivative assets and liabilities as well as cash collateral netting against net derivatives. (2) Includes investments in certain funds measured at fair value on the basis of NAV per share as a practical expedient. (3) Includes equity investments that would have been accounted for under the equity method had Nomura not chosen to elect the fair value option. (4) Includes collateralized loan obligations (“CLOs”) and asset-backed securities (“ABS”) such as those secured on credit card loans, auto loans and student loans. (5) Each derivative classification includes derivatives referencing multiple risk components. For example, interest rate contracts include complex derivatives referencing interest rate risk as well as foreign exchange risk or other factors such as prepayment rates. Credit contracts include credit default swaps as well as derivatives referencing corporate and government debt securities. (6) Includes loans for which the fair value option has been elected. (7) Includes collateralized agreements or collateralized financing for which the fair value option has been elected. (8) Includes structured notes for which the fair value option has been elected. (9) Includes embedded derivatives bifurcated from deposits received at banks. If unrealized gains are greater than unrealized losses, deposits are reduced by the excess amount. (10) Includes embedded derivatives bifurcated from issued structured notes. If unrealized gains are greater than unrealized losses, borrowings are reduced by the excess amount. (11) Includes liabilities recognized from secured financing transactions that are accounted for as financings rather than sales. Nomura elected the fair value option for these liabilities. (12) Includes loan commitments for which the fair value option has been elected. Valuation techniques by major class of financial instrument The valuation techniques used by Nomura to estimate fair value for major classes of financial instruments, together with the significant inputs which determine classification in the fair value hierarchy, are as follows. Equities Other assets Other assets Private equity investments Government, agency and municipal securities Bank and corporate debt securities Commercial mortgage-backed securities (“CMBS”) Residential mortgage-backed securities (“RMBS”) Real estate-backed securities Collateralized debt obligations (“CDOs”) and other Investment trust funds and other Investment trust funds and other Derivatives—Equity contracts Derivatives—Interest rate contracts Derivatives—Credit contracts Derivatives—Foreign exchange contracts Derivatives—Commodity contracts Nomura includes valuation adjustments in its estimation of fair value of certain OTC derivatives relating to funding costs associated with these transactions to be consistent with how market participants in the principal market for these derivatives would determine fair value. During the year ended March 31, 2013, Nomura refined its valuation methodology to incorporate additional features of collateralized derivative transactions resulting in loss of ¥11 billion recognized during that period. During the year ended March 31, 2014, Nomura recognized an additional loss of ¥10 billion as a result of using more appropriate inputs to calculate the valuation adjustment for certain uncollateralized derivatives. This change reflected increased transparency around how market participants incorporate this funding cost into their pricing of such derivative transactions and consequently, how they determine fair value. As part of its continuous review of the valuation methodologies applied by market participants, Nomura may further refine its valuation methodology of derivatives in future periods. Loans Collateralized agreements Collateralized financing Non-trading debt securities Government, agency and municipal securities Bank and corporate debt securities Short-term long-term borrowings (“Structured notes”) The fair value of structured notes is determined using a quoted price in an active market for the identical liability if available, and where not available, using a mixture of valuation techniques that use the quoted price of the identical liability when traded as an asset, quoted prices for similar liabilities, similar liabilities when traded as assets, or an internal model which combines DCF valuation techniques and option pricing models, depending on the nature of the embedded features within the structured note. Where an internal model is used, Nomura estimates the fair value of both the underlying debt instrument and the embedded derivative components. The significant valuation inputs used to estimate the fair value of the debt instrument component include yield curves and prepayment rates. The significant valuation inputs used to estimate the fair value of the embedded derivative component are the same as those used for the relevant type of freestanding OTC derivative discussed above. A valuation adjustment is also made to the entire structured note in order to reflect Nomura’s own creditworthiness. To reflect Nomura’s own creditworthiness, the fair value of structured notes includes a credit adjustment of ¥1 billion as of March 31, 2014 and a debit adjustment of ¥0 billion as of March 31, 2015. This adjustment is determined based on recent observable secondary market transactions and executable broker quotes involving Nomura debt instruments and is therefore typically treated as a Level 2 valuation input. Structured notes are generally classified in Level 2 of the fair value hierarchy as all significant valuation inputs and adjustments are observable. Where any unobservable inputs are significant, such as volatilities and correlations used to estimate the fair value of the embedded derivative component, structured notes are classified in Level 3. Long-term borrowings (“Secured financing transactions”) Valuation processes In order to ensure the appropriateness of any fair value measurement of a financial instrument used within these consolidated financial statements, including those classified in Level 3 within the fair value hierarchy, Nomura operates a governance framework which mandates determination or validation of a fair value measurement by control and support functions independent of the trading businesses assuming the risk of the financial instrument. Such functions within Nomura with direct responsibility for either defining, implementing or maintaining valuation policies and procedures are as follows: • The Product Control Valuations Group (“PCVG”) within Nomura’s Finance Department has primary responsibility for determining and implementing valuation policies and procedures in connection with determination of fair value measurements. In particular, this group will ensure that valuation policies are documented for each type of financial instrument in accordance with U.S. GAAP. While it is the responsibility of market makers and investment professionals in our trading businesses to price our financial instruments, the PCVG are responsible for independently verifying or validating these prices. In the event of a difference in opinion or where the estimate of fair value requires judgment, the valuation used within these consolidated financial statements is made by senior managers independent of the trading businesses. This group reports to the Global Head of Product Control and ultimately to the Chief Financial Officer (“CFO”); • The Accounting Policy Group within Nomura’s Finance Department defines the group’s accounting policies and procedures in accordance with U.S. GAAP, including those associated with determination of fair value under ASC 820 and other relevant U.S. GAAP pronouncements. This group reports to the Global Head of Accounting Policy and ultimately to the CFO; and • The MVG within Nomura’s Risk Management Department validates the appropriateness and consistency of pricing models used to determine fair value measurements independently of those who design and build the models. This group reports to the Chief Risk Officer. The fundamental components of this governance framework over valuation processes within Nomura particularly as it relates to Level 3 financial instruments are the procedures in place for independent price verification, pricing model validation and revenue substantiation. Independent price verification processes The key objective of the independent price verification processes within Nomura is to verify the appropriateness of fair value measurements applied to all financial instruments within Nomura. In applying these control processes, observable inputs are used whenever possible and when unobservable inputs are necessary, the processes seek to ensure the valuation technique and inputs are appropriate, reasonable and consistently applied. The independent price verification processes aim to verify the fair value of all positions to external levels on a regular basis. The process will involve obtaining data such as trades, marks and prices from internal and external sources and examining the impact of marking the internal positions at the external prices. Margin disputes within the collateral process will also be investigated to determine if there is any impact on valuations. Where third-party pricing information sourced from brokers, dealers and consensus pricing services is used as part of the price verification process, consideration is given as to whether that information reflects actual recent market transactions or prices at which transactions involving identical or similar financial instruments are currently executable. If such transactions or prices are not available, the financial instrument will generally be classified in Level 3. Where there is a lack of observable market information around the inputs used in a fair value measurement, then the PCVG and the MVG will assess the inputs used for reasonableness considering available information including comparable products, surfaces, curves and past trades. Additional valuation adjustments may be taken for the uncertainty in the inputs used, such as correlation and where appropriate trading desks may be asked to execute trades to evidence market levels. Model review and validation For more complex financial instruments pricing models are used to determine fair value measurements. The MVG performs an independent model approval process which incorporates a review of the model assumptions across a diverse set of parameters. Considerations include: • Scope of the model (different financial instruments may require different but consistent pricing approaches); • Mathematical and financial assumptions; • Full or partial independent benchmarking along with boundary and stability tests, numerical convergence, calibration quality and stability; • Model integration within Nomura’s trading and risk systems; • Calculation of risk numbers and risk reporting; and • Hedging strategies/practical use of the model. New models are reviewed and approved by the MVG. The frequency of subsequent MVG reviews (“Model Re-approvals”) is at least annually. Revenue substantiation Nomura’s Product Control function also ensures adherence to Nomura’s valuation policies through daily and periodic analytical review of net revenues. This process involves substantiating revenue amounts through explanations and attribution of revenue sources based on the underlying factors such as interest rates, credit spreads, volatilities, foreign exchange rates etc. In combination with the independent price verification processes, this daily, weekly, monthly and quarterly review substantiates the revenues made while helping to identify and resolve potential booking, pricing or risk quantification issues. Level 3 financial instruments As described above, the valuation of Level 3 financial assets and liabilities is dependent on certain significant inputs which cannot be observed in the market. Common characteristics of an inactive market include a low number of transactions of the financial instrument, stale or non-current price quotes, price quotes that vary substantially either over time or among market makers, non-executable broker quotes or little publicly released information. If corroborative evidence is not available to value Level 3 financial instruments, fair value may be established using other equivalent products in the market. The level of correlation between the specific Level 3 financial instrument and the available benchmark instrument is considered as an unobservable parameter. Other techniques for determining an appropriate value for unobservable parameters may consider information such as consensus pricing data among certain market participants, historical trends, extrapolation from observable market data and other information Nomura would expect market participants to use in valuing similar instruments. Use of reasonably possible alternative input assumptions to value Level 3 financial instruments will significantly influence fair value determination. Ultimately, the uncertainties described above about input assumptions imply that the fair value of Level 3 financial instruments is a judgmental estimate. The specific valuation for each instrument is based on management’s judgment of prevailing market conditions, in accordance with Nomura’s established valuation policies and procedures. Quantitative information regarding significant unobservable inputs and assumptions The following tables present information about the significant unobservable inputs and assumptions used by Nomura for financial instruments classified in Level 3 as of March 31, 2014 and 2015. These financial instruments will also typically include observable valuation inputs (i.e. Level 1 or Level 2 valuation inputs) which are not included in the table and are also often hedged using financial instruments which are classified in Level 1 or Level 2 of the fair value hierarchy. March 31, 2014 Financial Instrument Fair value Valuation Significant Range of (1) Weighted (2) Assets: Trading assets and private equity investments Equities ¥ 68 DCF Liquidity discounts 11.0 – 50.0 % 18.1 % DCM Capitalization rates 6.8 – 6.9 % 6.8 % Private equity investments 42 Market multiples EV/EBITDA ratios 4.5 – 11.6 x 0.4 x 0.0 – 33.0 % 10.0 x 0.4 x 30.5 % Foreign government, agency and municipal securities 26 DCF Credit spreads 0.0 – 5.9 % 0.5 % Bank and corporate debt securities and loans for trading purposes 116 DCF Credit spreads 0.0 – 26.6 % 0.0 – 74.0 % 4.7 % 57.1 % Commercial mortgage- backed securities (“CMBS”) 3 DCF Yields 6.2 – 30.4 % 10.1 % Residential mortgage- backed securities (“RMBS”) 3 DCF Yields 0.3 – 10.7 % 3.8 – 50.0 % 0.0 – 2.0 % 0.1 – 87.2 % 3.7 % 12.8 % 2.0 % 51.2 % Collateralized debt obligations (“CDOs”) and other 13 DCF Yields Prepayment rates Default probabilities Loss severities 0.0 – 90.9 % 0.0 – 20.0 % 1.0 – 65.0 % 30.0 – 100.0 % 11.1 % 18.5 % 3.2 % 47.9 % Investment trust funds and other 30 DCF Credit spreads Correlations 0.0 – 3.5 % 0.50 – 0.71 0.1 % 0.61 Derivatives, net: Equity contracts ¥ 11 Option models Dividend yield 0.0 – 8.2 % 6.9 – 59.9 % (0.96) – 0.95 — — — Interest rate contracts (39 ) DCF/ Interest rates 0.7 – 5.2 % — Option models Volatilities 10.6 – 23.5 % (0.45) – 0.99 — — Credit contracts 5 DCF/ Credit spreads 0.0 – 20.9 % 20.0 – 90.0 % — — Option models Volatilities 1.0 – 70.0 % 0.26 – 0.95 — — Foreign exchange contracts 5 Option models Volatilities 11.2 –19.1 % — Loans and receivables 26 DCF Credit spreads 0.0 % 0.0 % Other assets Non-trading debt securities 3 DCF Credit spreads 0.1 – 2.5 % 0.8 % Other (3) 56 DCF WACC 6.1 % 6.1 % Growth rates 1.0 % 0.0 – 30.0 % 1.0 % 12.7 % Market multiples EV/EBITDA ratios PE ratios Price/Book ratios Liquidity discounts 3.6 – 8.3 x 9.6 – 60.1 x 0.0 – 5.3 x 30.0 % 4.9 x 24.0 x 1.0 x 30.0 % Liabilities: Short-term borrowings ¥ 3 DCF Volatilities 15.3 – 55.5 % (0.78) – 0.94 — — Long-term borrowings 394 DCF Volatilities 10.6 – 55.5 % (0.78) – 0.99 — — March 31, 2015 Financial Instrument Fair value Valuation Significant Range of (1) Weighted (2) Assets: Trading assets and private equity investments Equities ¥ 39 DCF Liquidity discounts 4.6 – 40.0 % 21.6 % Private equity investments 49 Market multiples EV/EBITDA ratios Price/Embedded values Liquidity discounts 10.0 x 0.4 x 30.0 – 33.0 % 10.0 x 0.4 x 32.3 % Foreign government, agency and municipal securities 3 DCF Credit spreads 0.3 – 6.1 % 1.1 % Bank and corporate debt securities and loans for trading purposes 167 DCF Credit spreads 0.0 – 33.4 % 0.0 – 42.6 % 10.4 % 24.9 % Commercial mortgage- backed securities (“CMBS”) 2 DCF Yields 18.1 – 50.6 % 15.3 % Residential mortgage- backed securities (“RMBS”) 1 DCF Yields Prepayment rates 0.1 – 10.6 % 2.7 – 12.8 % 2.2 % 7.5 % Real estate-backed securities 13 DCF Yields Loss severities 17.0 – 26.0 % 0.0 – 46.8 % 24.3 % 18.6 % Collateralized debt obligations (“CDOs”) and other 15 DCF Yields Prepayment rates Default probabilities Loss severities 4.7 – 23.4 % 0.0 – 20.0 % 1.0 – 10.0 % 30.0 – 100.0 % 12.6 % 19.0 % 2.2 % 32.7 % Derivatives, net: Equity contracts ¥ (6 ) Option models Dividend yield Volatilities Correlations 0.0 – 8.4 % 9.2 – 100.2 % (0.75) – 0.98 — — — Interest rate contracts (22 ) DCF/ Interest rates Volatilities Correlations 0.8 – 3.3 % 13.7 – 300.0 % (0.30) – 0.99 — — — Credit contracts 4 DCF/ Credit spreads Recovery rates Volatilities Correlations 0.0 – 19.9 % 0.0 – 90.0 % 1.0 – 70.0 % 0.37 – 0.95 — — — — Foreign exchange contracts (5 ) Option models Volatilities 0.6 – 16.1 % — Loans and receivables 15 DCF Credit spreads 0.0 – 12.2 % 0.7 % Other assets |
Derivative instruments and hedg
Derivative instruments and hedging activities | 12 Months Ended |
Mar. 31, 2015 | |
Derivative instruments and hedging activities | |
Derivative instruments and hedging activities | 3. Derivative instruments and hedging activities: Nomura uses a variety of derivative financial instruments, including futures, forwards, options and swaps, for both trading and non-trading purposes. Derivatives used for trading purposes In the normal course of business, Nomura enters into transactions involving derivative financial instruments to meet client needs, for trading purposes, and to reduce its own exposure to loss due to adverse fluctuations in interest rates, currency exchange rates and market prices of securities. These financial instruments include contractual agreements such as commitments to swap interest payment streams, exchange currencies or purchase or sell securities and other financial instruments on specific terms at specific future dates. Nomura maintains active trading positions in a variety of derivative financial instruments. Most of Nomura’s trading activities are client oriented. Nomura utilizes a variety of derivative financial instruments as a means of bridging clients’ specific financial needs and investors’ demands in the securities markets. Nomura also actively trades securities and various derivatives to assist its clients in adjusting their risk profiles as markets change. In performing these activities, Nomura carries an inventory of capital markets instruments and maintains its access to market liquidity by quoting bid and offer prices to and trading with other market makers. These activities are essential to provide clients with securities and other capital market products at competitive prices. Futures and forward contracts are commitments to either purchase or sell securities, foreign currency or other capital market instruments at a specific future date for a specified price and may be settled in cash or through delivery. Foreign exchange contracts include spot and forward contracts and involve the exchange of two currencies at a rate agreed by the contracting parties. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movements in market prices. Futures contracts are executed through regulated exchanges which clear and guarantee performance of counterparties. Accordingly, credit risk associated with futures contracts is considered minimal. In contrast, forward contracts are generally negotiated between two counterparties and, therefore, are subject to the performance of the related counterparties. Options are contracts that grant the purchaser, for a premium payment, the right to either purchase or sell a financial instrument at a specified price within a specified period of time or on a specified date from or to the writer of the option. The writer of options receives premiums and bears the risk of unfavorable changes in the market price of the financial instruments underlying the options. Swaps are contractual agreements in which two counterparties agree to exchange certain cash flows, at specified future dates, based on an agreed contract. Certain agreements may result in combined interest rate and foreign currency exposures. Entering into swap agreements may involve the risk of credit losses in the event of counterparty default. To the extent these derivative financial instruments are economically hedging financial instruments or securities positions of Nomura, the overall risk of loss may be fully or partly mitigated by the hedged position. Nomura seeks to minimize its exposure to market risk arising from its use of these derivative financial instruments through various control policies and procedures, including position limits, monitoring procedures and hedging strategies whereby Nomura enters into offsetting or other positions in a variety of financial instruments. Derivatives used for non-trading purposes Nomura’s principal objectives in using derivatives for non-trading purposes are to manage interest rate risk, to modify the interest rate characteristics of certain financial liabilities, to manage foreign exchange risk of certain foreign currency denominated debt securities, to manage net investment exposure to fluctuations in foreign exchange rates arising from certain foreign operations and to mitigate equity price risk arising from certain stock-based compensation awards given to employees. Credit risk associated with derivatives utilized for non-trading purposes is controlled and managed in the same way as credit risk associated with derivatives utilized for trading purposes. Nomura designates certain derivative financial instruments as fair value hedges of interest rate risk arising from specific financial liabilities and foreign currency risk arising from specific foreign currency denominated debt securities. These derivatives are effective in reducing the risk associated with the exposure being hedged and are highly correlated with changes in the fair value and foreign currency rates of the underlying hedged items, both at inception and throughout the life of the hedge contract. Changes in fair value of the hedging derivatives are reported together with those of the hedged assets and liabilities through the consolidated statements of income within Interest expense or Revenue—Other Derivative financial instruments designated as hedges of the net investment in foreign operations relate to specific subsidiaries with non-Japanese Yen functional currencies. When determining the effectiveness of net investment hedges, the effective portion of the change in fair value of the hedging derivative is determined by changes in spot exchange rates and is reported through NHI shareholders’ equity within Accumulated other comprehensive income (loss) Revenue—Other Concentrations of credit risk for derivatives The following tables present Nomura’s significant concentration of exposures to credit risk in OTC derivatives with financial institutions including transactions cleared through central counterparties. The gross fair value of derivative assets represents the maximum amount of loss due to credit risk that Nomura would incur if the counterparties of Nomura failed to perform in accordance with the terms of the instruments and any collateral or other security Nomura held in relation to those instruments proved to be of no value. Billions of yen March 31, 2014 Gross fair value of Impact of Impact of Net exposure to Financial institutions ¥ 20,355 ¥ (18,481 ) ¥ (936 ) ¥ 938 Billions of yen March 31, 2015 Gross fair value of Impact of Impact of Net exposure to Financial institutions ¥ 33,930 ¥ (31,773 ) ¥ (1,713 ) ¥ 444 Derivative activities The following tables quantify the volume of Nomura’s derivative activity through a disclosure of notional amounts, in comparison with the fair value of those derivatives. All amounts are disclosed on a gross basis, prior to counterparty netting of derivative assets and liabilities and cash collateral netting against net derivatives. Billions of yen March 31, 2014 Derivative assets Derivative liabilities Notional Fair value Notional (1) Fair value (1) Derivatives used for trading and non-trading purposes (2)(3) : Equity contracts ¥ 15,761 ¥ 1,922 ¥ 14,911 ¥ 2,254 Interest rate contracts 1,132,306 19,459 1,098,406 19,249 Credit contracts 38,136 1,314 40,310 1,623 Foreign exchange contracts 108,595 3,312 113,915 2,938 Commodity contracts 46 0 37 0 Total ¥ 1,294,844 ¥ 26,007 ¥ 1,267,579 ¥ 26,064 Derivatives designated as hedging instruments: Interest rate contracts ¥ 2,143 ¥ 62 ¥ 296 ¥ 2 Foreign exchange contracts 109 0 116 2 Total ¥ 2,252 ¥ 62 ¥ 412 ¥ 4 Total derivatives ¥ 1,297,096 ¥ 26,069 ¥ 1,267,991 ¥ 26,068 Billions of yen March 31, 2015 Derivative assets Derivative liabilities Notional Fair value Notional (1) Fair value (1) Derivatives used for trading and non-trading purposes (2)(3) : Equity contracts ¥ 20,681 ¥ 1,747 ¥ 20,431 ¥ 1,983 Interest rate contracts 1,367,970 31,611 1,343,616 31,691 Credit contracts 30,055 1,111 29,689 1,118 Foreign exchange contracts 136,683 7,576 126,750 6,990 Commodity contracts 13 0 39 1 Total ¥ 1,555,402 ¥ 42,045 ¥ 1,520,525 ¥ 41,783 Derivatives designated as hedging instruments: Interest rate contracts ¥ 1,741 ¥ 54 ¥ 199 ¥ 0 Foreign exchange contracts 177 1 161 2 Total ¥ 1,918 ¥ 55 ¥ 360 ¥ 2 Total derivatives ¥ 1,557,320 ¥ 42,100 ¥ 1,520,885 ¥ 41,785 (1) Includes the amount of embedded derivatives bifurcated in accordance with ASC 815. (2) Each derivative classification includes derivatives referencing multiple risk components. For example, interest rates contracts include complex derivatives referencing interest rate risk as well as foreign exchange risk or other factors such as prepayment rates. Credit contracts include credit default swaps as well as derivatives referencing corporate and government securities. (3) As of March 31, 2014 and 2015, the amounts reported include derivatives used for non-trading purposes which are not designated as fair value or net investment hedges. These amounts have not been separately presented since such amounts were not significant. Changes in fair value are recognized either through earnings or other comprehensive income depending on the purpose for which the derivatives are used. Offsetting of derivatives Counterparty credit risk associated with derivative financial instruments is controlled by Nomura through credit approvals, limits and monitoring procedures. To reduce the risk of loss, Nomura requires collateral, principally cash collateral and government securities, for certain derivative transactions. In certain cases, Nomura may agree for such collateral to be posted to a third-party custodian under a control agreement that enables Nomura to take control of such collateral in the event of counterparty default. From an economic standpoint, Nomura evaluates default risk exposure net of related collateral. Furthermore, OTC derivative transactions are typically documented under industry standard master netting agreements which reduce Nomura’s credit exposure to counterparties as they permit the close-out and offset of transactions and collateral amounts in the event of default of the counterparty. For certain OTC centrally-cleared and exchange-traded derivatives, the clearing or membership agreements entered into by Nomura provide similar rights to Nomura in the event of default of the relevant central clearing party or exchange. In order to support the enforceability of the close-out and offsetting rights within these agreements, Nomura generally seeks to obtain an external legal opinion. For certain types of counterparties and in certain jurisdictions, Nomura may enter into derivative transactions which are not documented under a master netting agreement. Similarly, even when derivatives are documented under such agreements, Nomura may not have yet sought evidence, or may not be able to obtain evidence to determine with sufficient certainty that close-out and offsetting rights are legally enforceable. This may be the case where relevant local laws specifically prohibit such close-out and offsetting rights, or where local laws are complex, ambiguous or silent on the enforceability of such rights, . This may include derivative transactions executed with certain foreign governments, agencies, municipalities, central clearing counterparties, exchanges and pension funds. Nomura considers the enforceability of a master netting agreement in determining how credit risk arising from transactions with a specific counterparty is hedged, how counterparty credit exposures are calculated and applied to credit limits and the extent and nature of collateral requirements from the counterparty. Derivative assets and liabilities with the same counterparty documented under a master netting agreement are offset in the consolidated balance sheets where the specific criteria defined by ASC 210-20 and ASC 815 are met. These criteria include requirements around the legal enforceability of such close-out and offset rights under the master netting agreement. In addition, fair value amounts recognized for the right to reclaim cash collateral (a receivable) and the obligation to return cash collateral (a payable) are also offset against net derivative liabilities and net derivative assets, respectively where certain additional criteria are met. The following table presents information about offsetting of derivatives and related collateral amounts in the consolidated balance sheets by type of derivative contract, together with the extent to which master netting agreements entered into with counterparties, central clearing counterparties or exchanges permit additional offsetting of derivatives and collateral in the event of counterparty default. Derivative transactions which are not documented under a master netting agreement or are documented under a master netting agreement for which Nomura does not have sufficient evidence of enforceability are not offset in the following table. Billions of yen Billions of yen March 31, 2014 March 31, 2015 Derivative Derivative (1) Derivative Derivative (1) Equity contracts OTC settled bilaterally ¥ 1,162 ¥ 1,418 ¥ 1,191 ¥ 1,349 OTC centrally-cleared — — — — Exchange-traded 760 836 556 634 Interest rate contracts OTC settled bilaterally 10,485 10,281 12,421 12,580 OTC centrally-cleared 9,025 8,961 19,226 19,102 Exchange-traded 11 9 18 9 Credit contracts OTC settled bilaterally 1,180 1,491 1,003 1,023 OTC centrally-cleared 130 128 103 93 Exchange-traded 4 4 5 2 Foreign exchange contracts OTC settled bilaterally 3,296 2,923 7,562 6,977 OTC centrally-cleared 12 13 10 10 Exchange-traded 4 4 5 5 Commodity contracts OTC settled bilaterally 0 0 0 0 OTC centrally-cleared — — — — Exchange-traded 0 0 0 1 Total gross derivative balances (2) ¥ 26,069 ¥ 26,068 ¥ 42,100 ¥ 41,785 Less: Amounts offset in the consolidated balance sheets (3) (23,764 ) (24,030 ) (40,514 ) (40,460 ) Total net amounts reported on the face of the consolidated balance sheets (4) ¥ 2,305 ¥ 2,038 ¥ 1,586 ¥ 1,325 Less: Additional amounts not offset in the consolidated balance sheets (5) Financial instruments and non-cash collateral ¥ (168 ) ¥ (44 ) ¥ (252 ) ¥ (53 ) Cash collateral (0 ) (0 ) — (4 ) Net amount ¥ 2,137 ¥ 1,994 ¥ 1,334 ¥ 1,268 (1) Includes the amount of embedded derivatives bifurcated in accordance with ASC 815. (2) Includes all gross derivative asset and liability balances irrespective of whether they are transacted under a master netting agreement or whether Nomura has obtained sufficient evidence of enforceability of the master netting agreement. As of March 31, 2014, the gross balance of derivative assets and derivative liabilities which are not documented under master netting agreements or are documented under master netting agreements for which Nomura has not yet obtained sufficient evidence of enforceability was ¥744 billion and ¥808 billion, respectively. As of March 31, 2015, the gross balance of such derivative assets and derivative liabilities was ¥298 billion and ¥447 billion, respectively. (3) Represents amounts offset through counterparty netting of derivative assets and liabilities as well as cash collateral netting against net derivatives under master netting and similar agreements for which Nomura has obtained sufficient evidence of enforceability in accordance with ASC 815. As of March 31, 2014, Nomura offset a total of ¥1,283 billion of cash collateral receivables against net derivative liabilities and ¥1,017 billion of cash collateral payables against net derivative assets. As of March 31, 2015, Nomura offset a total of ¥1,830 billion of cash collateral receivables against net derivative liabilities and ¥1,884 billion of cash collateral payables against net derivative assets. (4) Net derivative assets and net derivative liabilities are generally reported within Trading assets and private equity investments—Trading assets Trading liabilities Short-term borrowings Long-term borrowings (5) Represents amounts which are not permitted to be offset on the face of the consolidated balance sheets in accordance with ASC 210-20 and ASC 815 but which provide Nomura with a legally enforceable right of offset in the event of counterparty default. Amounts relating to derivative and collateral agreements where Nomura has not yet obtained sufficient evidence of enforceability of such offsetting rights are excluded. As of March 31, 2014, a total of ¥203 billion of cash collateral receivables and ¥643 billion of cash collateral payables, including amounts reported in the table, have not been offset against net derivatives. As of March 31, 2015, a total of ¥223 billion of cash collateral receivables and ¥757 billion of cash collateral payables, including amounts reported in the table, have not been offset against net derivatives. Derivatives used for trading purposes Derivative financial instruments used for trading purposes, including bifurcated embedded derivatives, are carried at fair value with changes in fair value recognized through the consolidated statements of income within Revenue—Net gain on trading The following table presents amounts included in the consolidated statements of income related to derivatives used for trading and non-trading purposes by type of underlying derivative contract. Billions of yen Year ended March 31 2013 2014 2015 Derivatives used for trading and non-trading purposes (1)(2) : Equity contracts ¥ (69 ) ¥ (91 ) ¥ (9 ) Interest rate contracts 65 102 (105 ) Credit contracts (18 ) (123 ) 11 Foreign exchange contracts (329 ) (30 ) (17 ) Commodity contracts (0 ) 1 (2 ) Total ¥ (351 ) ¥ (141 ) ¥ (122 ) (1) Each derivative classification includes derivatives referencing multiple risk components. For example, interest rates contracts include complex derivatives referencing interest rate risk as well as foreign exchange risk or other factors such as prepayment rates. Credit contracts include credit default swaps as well as derivatives referencing corporate and government securities. (2) Includes net gains (losses) on derivatives used for non-trading purposes which are not designated as fair value or net investment hedges. For the years ended March 31, 2013, 2014 and 2015, these amounts have not been separately presented as net gains (losses) for these non-trading derivatives were not significant. Fair value hedges Nomura issues Japanese Yen and foreign currency denominated debt with both fixed and floating interest rates. Nomura generally enters into swap agreements to convert fixed rate interest payments on its debt obligations to a floating rate and applies fair value hedge accounting to these instruments. Also, Nomura’s insurance subsidiary holds foreign currency denominated non-trading debt securities. The insurance subsidiary generally enters into swap agreements to convert foreign currency denominated principal amounts of these debt securities into its functional currency and applies fair value hedge accounting to these instruments. Derivative financial instruments designated as fair value hedges are carried at fair value. Changes in fair value of the hedging derivatives are recognized together with those of the hedged liabilities and hedged debt securities in the consolidated statements of income within Interest expense Revenue—Other The following table presents amounts included in the consolidated statements of income related to derivatives designated as fair value hedges by type of underlying derivative contract and the nature of the hedged item. Billions of yen Year ended March 31 2013 2014 2015 Derivatives designated as hedging instruments: Interest rate contracts ¥ 33 ¥ 2 ¥ 29 Foreign exchange contracts — — (1 ) Total ¥ 33 ¥ 2 ¥ 28 Hedged items: Long-term borrowings ¥ (33 ) ¥ (2 ) ¥ (29 ) Non-trading debt securities — — 1 Total ¥ (33 ) ¥ (2 ) ¥ (28 ) Net investment hedges Nomura designates foreign currency forwards and foreign currency denominated long-term debt as hedges of certain subsidiaries with significant foreign exchange risks and applies hedge accounting to these instruments. Accordingly, the effective hedging portion of the foreign exchange gains (losses) arising from the derivative contracts and non-derivative financial products designated as hedges is recognized through the consolidated statements of comprehensive income within Other comprehensive income (loss)—Change in cumulative translation adjustments, net of tax The following table presents gains (losses) from derivatives and non-derivatives designated as net investment hedges included in the consolidated statements of comprehensive income. Billions of yen Year ended March 31 2013 2014 2015 Hedging instruments: Foreign exchange contracts ¥ (14 ) ¥ (12 ) ¥ 7 Long-term borrowings (15 ) — — Total ¥ (29 ) ¥ (12 ) ¥ 7 (1) The portion of gains (losses) representing the amount of hedge ineffectiveness and the amount excluded from the assessment of hedge effectiveness are recognized within Revenue—Other Derivatives containing credit risk related contingent features Nomura enters into certain OTC derivatives and other agreements containing credit-risk-related contingent features. These features would require Nomura to post additional collateral or settle the instrument upon occurrence of a credit event, the most common of which would be a downgrade in the Company’s long-term credit rating. The aggregate fair value of all derivative instruments with credit-risk-related contingent features that are in a liability position as of March 31, 2014, was ¥973 billion with related collateral pledged of ¥747 billion. In the event of a one-notch downgrade to Nomura’s long-term credit rating in effect as of March 31, 2014, the aggregate fair value of assets that would have been required to be posted as additional collateral or that would have been needed to settle the instruments immediately was ¥102 billion. The aggregate fair value of all derivative instruments with credit-risk-related contingent features that are in a liability position as of March 31, 2015, was ¥874 billion with related collateral pledged of ¥708 billion. In the event of a one-notch downgrade to Nomura’s long-term credit rating in effect as of March 31, 2015, the aggregate fair value of assets that would have been required to be posted as additional collateral or that would have been needed to settle the instruments immediately was ¥19 billion. Credit derivatives Credit derivatives are derivative instruments in which one or more of their underlyings are related to the credit risk of a specified entity (or group of entities) or an index based on the credit risk of a group of entities that expose the seller of credit protection to potential loss from credit risk related events specified in the contract. Written credit derivatives are instruments or embedded features where Nomura assumes third party credit risk, either as guarantor in a guarantee-type contract, or as the party that provides credit protection in an option-type contract, credit default swap, or any other credit derivative contract. Nomura enters into credit derivatives as part of its normal trading activities as both purchaser and seller of protection for credit risk mitigation, proprietary trading positions and for client transactions. The most significant type of credit derivatives used by Nomura are single-name credit default swaps where settlement of the derivative is based on the credit risk of a single third party. Nomura also writes credit derivatives linked to the performance of credit default indices and issues other credit risk related portfolio products. Nomura would have to perform under a credit derivative contract if a credit event as defined in the respective contract occurs. Typical credit events include bankruptcy, failure to pay and restructuring of obligations of the reference asset. Credit derivative contracts written by Nomura are either cash or physically settled. In cash-settled instruments, once payment is made upon an event of a default, the contract usually terminates with no further payments due. Nomura generally has no right to assume the reference assets of the counterparty in exchange for payment, nor does Nomura usually have any direct recourse to the actual issuers of the reference assets to recover the amount paid. In physically settled contracts, upon a default event, Nomura takes delivery of the reference asset in return for payment of the full notional amount of the contract. Nomura actively monitors and manages its credit derivative exposures. Where protection is sold, risks may be mitigated by purchasing credit protection from other third parties either on identical underlying reference assets or on underlying reference assets with the same issuer which would be expected to behave in a correlated fashion. The most common form of recourse provision to enable Nomura to recover from third parties any amounts paid under a written credit derivative is therefore not through the derivative itself but rather through the separate purchase of credit derivatives with identical or correlated underlyings. Nomura quantifies the value of these purchased contracts in the following tables in the column titled “Purchased Credit Protection”. These amounts represent purchased credit protection with identical underlyings to the written credit derivative contracts which act as a hedge against Nomura’s exposure. To the extent Nomura is required to pay out under the written credit derivative, a similar amount would generally become due to Nomura under the purchased hedge. Credit derivatives have a stated notional amount which represents the maximum payment Nomura may be required to make under the contract. However, this is generally not a true representation of the amount Nomura will actually pay as in addition to purchased credit protection, other risk mitigating factors reduce the likelihood and amount of any payment, including: The probability of default The recovery value on the underlying asset Nomura holds assets as collateral in relation to written credit derivatives. However, these amounts do not enable Nomura to recover any amounts paid under the credit derivative but rather mitigate the risk of economic loss arising from a counterparty defaulting against amounts due to Nomura under the contract. Collateral requirements are determined on a counterparty level rather than individual contract, and also generally cover all types of derivative contracts rather than just credit derivatives. The following tables present information about Nomura’s written credit derivatives and purchased credit protection with identical underlyings as of March 31, 2014 and 2015. Billions of yen March 31, 2014 Maximum potential payout/Notional Notional Years to maturity Purchased Carrying value (1) Total Less than 1 to 3 3 to 5 More than Single-name credit default swaps ¥ (235 ) ¥ 21,070 ¥ 4,167 ¥ 8,306 ¥ 6,610 ¥ 1,987 ¥ 18,689 Credit default indices (32 ) 9,082 1,215 3,552 3,582 733 7,704 Other credit risk related portfolio products 123 1,574 523 398 201 452 1,097 Credit risk related options and swaptions (1 ) 676 — — 504 172 548 Total ¥ (145 ) ¥ 32,402 ¥ 5,905 ¥ 12,256 ¥ 10,897 ¥ 3,344 ¥ 28,038 Billions of yen March 31, 2015 Maximum potential payout/Notional Notional Years to maturity Purchased Carrying value (1) Total Less than 1 to 3 3 to 5 More than Single-name credit default swaps ¥ (21 ) ¥ 18,808 ¥ 4,146 ¥ 7,396 ¥ 5,657 ¥ 1,609 ¥ 16,519 Credit default indices (22 ) 6,044 919 1,926 2,462 737 5,240 Other credit risk related portfolio products (8 ) 673 324 217 117 15 293 Credit risk related options and swaptions 0 300 — — 255 45 255 Total ¥ (51 ) ¥ 25,825 ¥ 5,389 ¥ 9,539 ¥ 8,491 ¥ 2,406 ¥ 22,307 (1) Carrying value amounts are shown on a gross basis prior to cash collateral or counterparty netting. Asset balances represent positive fair value amounts caused by tightening of credit spreads of underlyings since inception of the credit derivative contracts. The following tables present information about Nomura’s written credit derivatives by external credit rating of the underlying asset. Ratings are based on Standard & Poor’s Financial Services LLC (“S&P”), or if not rated by S&P, based on Moody’s Investors Service, Inc. If ratings from either of these agencies are not available, the ratings are based on Fitch Ratings Ltd. or Japan Credit Rating Agency, Ltd. For credit default indices, the rating is determined by taking the weighted average of the external credit ratings given for each of the underlying reference entities comprising the portfolio or index. Billions of yen March 31, 2014 Maximum potential payout/Notional AAA AA A BBB BB Other (1) Total Single-name credit default swaps ¥ 2,125 ¥ 1,331 ¥ 5,232 ¥ 7,362 ¥ 3,231 ¥ 1,789 ¥ 21,070 Credit default indices 86 23 4,445 2,884 1,341 303 9,082 Other credit risk related portfolio products 22 — 1 — 4 1,547 1,574 Credit risk related options and swaptions — — 387 195 94 — 676 Total ¥ 2,233 ¥ 1,354 ¥ 10,065 ¥ 10,441 ¥ 4,670 ¥ 3,639 ¥ 32,402 Billions of yen March 31, 2015 Maximum potential payout/Notional AAA AA A BBB BB Other (1) Total Single-name credit default swaps ¥ 1,768 ¥ 1,418 ¥ 4,766 ¥ 6,722 ¥ 2,526 ¥ 1,608 ¥ 18,808 Credit default indices 85 14 3,936 1,306 376 327 6,044 Other credit risk related portfolio products 38 — 1 4 1 629 673 Credit risk related options and swaptions — — 277 — — 23 300 Total ¥ 1,891 ¥ 1,432 ¥ 8,980 ¥ 8,032 ¥ 2,903 ¥ 2,587 ¥ 25,825 (1) “Other” includes credit derivatives where the credit rating of the underlying reference asset is below investment grade or where a rating is unavailable. Derivatives entered into in contemplation of sales of financial assets Nomura enters into transactions which involve both the transfer of financial assets to a third party counterparty and a separate agreement with the same counterparty entered into in contemplation of the initial transfer through which Nomura retains substantially all of the exposure to the economic return on the transferred financial assets throughout the term of the transaction. These transactions primarily include sales of securities with bilateral OTC total return swaps or other derivative agreements which are in-substance total return swaps. These transactions are accounted for as sales of the securities with the derivative accounted for separately if the criteria for derecognition of the securities under ASC 860 are met. Where the derecognition criteria are not met, the transfer and separate derivative are accounted for as a single collateralized financing transaction which is reported within Long-term borrowings Trading balances of secured borrowings As of March 31, 2015 there were no outstanding sales with total return swap or in-substance total return swap transactions accounted for as sales rather than collateralized financing transactions. |
Collateralized transactions
Collateralized transactions | 12 Months Ended |
Mar. 31, 2015 | |
Collateralized transactions | |
Collateralized transactions | 4. Collateralized transactions: Nomura enters into collateralized transactions, including reverse repurchase agreements, repurchase agreements, securities borrowing transactions, securities lending transactions, other secured borrowings and similar transactions mainly to meet clients’ needs, finance trading inventory positions and obtain securities for settlements. Reverse repurchase agreements, repurchase agreements, securities borrowing transactions and securities lending transactions are typically documented under industry standard master netting agreements which reduce Nomura’s credit exposure to counterparties as they permit the close-out and offset of transactions and collateral amounts in the event of default of the counterparty. For certain centrally-cleared reverse repurchase and repurchase agreements, the clearing or membership agreements entered into by Nomura provide similar rights to Nomura in the event of default of the relevant central clearing counterparty. In order to support the enforceability of the close-out and offsetting rights within these agreements, Nomura generally seeks to obtain an external legal opinion. For certain types of counterparty and in certain jurisdictions, Nomura may enter into reverse repurchase agreements, repurchase agreements, securities borrowing and securities lending transactions which are not documented under a master netting agreement. Similarly, even when these transactions are documented under such agreements, Nomura may not have yet sought evidence, or may not be able to obtain evidence to determine with sufficient certainty that the close-out and offsetting rights are legally enforceable. This may be the case where relevant local laws specifically prohibit such close-out and offsetting rights, or where local laws are complex, ambiguous or silent on the enforceability of such rights. This may include reverse repurchase agreements, repurchase agreements, securities borrowing and securities lending transactions executed with certain foreign governments, agencies, municipalities, central clearing counterparties, agent banks and pension funds. Nomura considers the enforceability of a master netting agreement in determining how credit risk arising from transactions with a specific counterparty is hedged, how counterparty credit exposures are calculated and applied to credit limits and the extent and nature of collateral requirements from the counterparty. In all of these transactions, Nomura either receives or provides collateral, including Japanese and non-Japanese government, agency, mortgage-backed, bank and corporate debt securities and equities. In most cases, Nomura is permitted to use the securities received to enter into repurchase agreements, enter into securities lending transactions or to cover short positions with counterparties. In repurchase and reverse repurchase agreements, the value of collateral typically exceeds the amount of cash transferred. Collateral is generally in the form of securities. Securities borrowing transactions generally require Nomura to provide the counterparty with collateral in the form of cash or other securities. For securities lending transactions, Nomura generally receives collateral in the form of cash or other securities. Nomura monitors the market value of the securities either received from or provided to the counterparty. Additional cash or securities are exchanged as necessary, to ensure that such transactions are adequately collateralized throughout the life of the transactions. Offsetting of certain collateralized transactions Reverse repurchase agreements and repurchase agreements, securities borrowing and lending transactions with the same counterparty documented under a master netting agreement are offset in the consolidated balance sheets where the specific criteria defined by ASC 210-20 are met. These criteria include requirements around the maturity of the transactions, the underlying systems on which the collateral is settled, associated banking arrangements and the legal enforceability of close-out and offsetting rights under the master netting agreement. The following tables present information about offsetting of these transactions in the consolidated balance sheets, together with the extent to which master netting agreements entered into with counterparties and central clearing parties permit additional offsetting in the event of counterparty default. Transactions which are not documented under a master netting agreement or are documented under a master netting agreement for which Nomura does not have sufficient evidence of enforceability are not offset in the following table. Billions of yen March 31, 2014 Assets Liabilities Reverse Securities Repurchase Securities Total gross balance (1) ¥ 20,244 ¥ 7,729 ¥ 24,564 ¥ 2,602 Less: Amounts offset in the consolidated balance sheets (2) (10,626 ) (5 ) (10,626 ) (5 ) Total net amounts of reported on the face of the consolidated balance sheets (3) ¥ 9,618 ¥ 7,724 ¥ 13,938 ¥ 2,597 Less: Additional amounts not offset in the consolidated balance sheets (4) Financial instruments and non-cash collateral (7,930 ) (5,725 ) (9,867 ) (2,235 ) Cash collateral (0 ) — (0 ) — Net amount ¥ 1,688 ¥ 1,999 ¥ 4,071 ¥ 362 Billions of yen March 31, 2015 Assets Liabilities Reverse Securities Repurchase Securities Total gross balance (1) ¥ 25,532 ¥ 8,460 ¥ 29,268 ¥ 2,924 Less: Amounts offset in the consolidated balance sheets (2) (17,051 ) (242 ) (17,051 ) (242 ) Total net amounts of reported on the face of the consolidated balance sheets (3) ¥ 8,481 ¥ 8,218 ¥ 12,217 ¥ 2,682 Less: Additional amounts not offset in the consolidated balance sheets (4) Financial instruments and non-cash collateral (6,295 ) (6,531 ) (10,058 ) (2,371 ) Cash collateral (1 ) — — — Net amount ¥ 2,185 ¥ 1,687 ¥ 2,159 ¥ 311 (1) Includes all recognized balances irrespective of whether they are transacted under a master netting agreement or whether Nomura has obtained sufficient evidence of enforceability of the master netting agreement. Amounts include transactions carried at fair value through election of the fair value option. As of March 31, 2014, the gross balance of reverse repurchase agreements and repurchase agreements which were not transacted under master netting agreements or are documented under master netting agreements for which Nomura has not yet obtained sufficient evidence of enforceability was ¥1,278 billion and ¥3,918 billion, respectively. As of March 31, 2014, the gross balance of securities borrowing transactions and securities lending transactions which were not transacted under master netting agreements or are documented under master netting agreements for which Nomura has not yet obtained sufficient evidence of enforceability was ¥1,751 billion and ¥137 billion, respectively. As of March 31, 2015, the gross balance of reverse repurchase agreements and repurchase agreements which were not transacted under master netting agreements or are documented under master netting agreements for which Nomura has not yet obtained sufficient evidence of enforceability was ¥1,979 billion and ¥2,091 billion, respectively. As of March 31, 2015, the gross balance of securities borrowing transactions and securities lending transactions which were not transacted under master netting agreements or are documented under master netting agreements for which Nomura has not yet obtained sufficient evidence of enforceability was ¥1,507 billion and ¥52 billion, respectively. (2) Represents amounts offset through counterparty netting under master netting and similar agreements for which Nomura has obtained sufficient evidence of enforceability in accordance with ASC 210-20. Amounts offset include transactions carried at fair value through election of the fair value option. (3) Reverse repurchase agreements and securities borrowing transactions are reported within Collateralized agreements—Securities purchased under agreements to resell Collateralized agreements—Securities borrowed Collateralized financing—Securities sold under agreements to repurchase Collateralized financing—Securities loaned Other liabilities (4) Represents amounts which are not permitted to be offset on the face of the balance sheet in accordance with ASC 210-20 but which provide Nomura with the right of offset in the event of counterparty default. Amounts relating to agreements where Nomura has not yet obtained sufficient evidence of enforceability of such offsetting rights are excluded. Collateral received by Nomura The following table presents the fair value of securities received as collateral, securities borrowed with collateral and securities borrowed without collateral, which Nomura is permitted to sell or repledge, and the portion that has been sold or repledged as of March 31, 2014 and 2015. Billions of yen March 31 2014 2015 The fair value of securities received as collateral, securities borrowed as collateral and securities borrowed without collateral where Nomura is permitted by contract or custom to sell or repledge the securities ¥ 35,530 ¥ 45,397 The portion of the above that has been sold (reported within Trading liabilities 28,959 39,165 Collateral pledged by Nomura Nomura pledges firm-owned securities to collateralize repurchase transactions, other secured financings and derivative transactions. Pledged securities that can be sold or repledged by the transferee, including Gensaki Repo transactions, are reported in parentheses as Securities pledged as collateral Trading assets The following table presents the carrying amounts of financial assets recognized in the consolidated balance sheets which have been pledged as collateral, primarily to stock exchanges and clearing organizations, without allowing the secured party the right to sell or repledge them by type of asset as of March 31, 2014 and 2015. Millions of yen March 31 2014 2015 Trading assets: Equities and convertible securities ¥ 174,753 ¥ 95,331 Government and government agency securities 991,430 1,122,308 Bank and corporate debt securities 150,183 139,062 Commercial mortgage-backed securities (“CMBS”) 35,671 32,894 Residential mortgage-backed securities (“RMBS”) 1,141,726 1,391,414 Collateralized debt obligations (“CDOs”) and other (1) 82,237 104,877 Investment trust funds and other 18,503 45,619 ¥ 2,594,503 ¥ 2,931,505 Deposits with stock exchanges and other segregated cash ¥ 4,630 ¥ — Non-trading debt securities 42,087 47,959 Investments in and advances to affiliated companies ¥ 28,642 ¥ 32,034 (1) Includes CLOs and ABS such as those secured on credit card loans, auto loans and student loans. The following table presents the carrying amount of financial and non-financial assets recognized in the consolidated balance sheets, other than those disclosed above, which are subject to lien as of March 31, 2014 and 2015. Millions of yen March 31 2014 2015 Loans and receivables ¥ 141 ¥ 1,220 Trading assets 1,293,036 1,833,959 Office buildings, land, equipment and facilities 5,236 5,362 Non-trading debt securities 370,239 264,685 Other 78 34 ¥ 1,668,730 ¥ 2,105,260 Assets in the above table were primarily pledged for secured borrowings, including other secured borrowings, collateralized borrowings of consolidated VIEs, trading balances of secured borrowings, and derivative transactions. See Note 10 “ Borrowings |
Non-trading securities
Non-trading securities | 12 Months Ended |
Mar. 31, 2015 | |
Non-trading securities | |
Non-trading securities | 5. Non-trading securities: The following tables present information regarding the cost and/or amortized cost, gross unrealized gains and losses and fair value of non-trading securities held by Nomura’s insurance subsidiary as of March 31, 2014 and 2015. Millions of yen March 31, 2014 Cost and/or Unrealized gains and losses Fair value Gross unrealized gains Gross unrealized losses Government, agency and municipal securities (1) ¥ 138,973 ¥ 842 ¥ 86 ¥ 139,729 Other debt securities (2) 129,311 6,851 91 136,071 Equity securities (3) 38,157 14,508 43 52,622 Total ¥ 306,441 ¥ 22,201 ¥ 220 ¥ 328,422 Millions of yen March 31, 2015 Cost and/or Unrealized gains and losses Fair value Gross unrealized gains Gross unrealized losses Government, agency and municipal securities (1) ¥ 106,785 ¥ 5,123 ¥ 36 ¥ 111,872 Other debt securities (2) 161,631 22,717 95 184,253 Equity securities (3) 40,315 22,751 230 62,836 Total ¥ 308,731 ¥ 50,591 ¥ 361 ¥ 358,961 (1) Primarily Japanese government, agency and municipal securities. (2) Primarily corporate debt securities. (3) Primarily Japanese equity securities. For the year ended March 31, 2014, non-trading securities of ¥138,231 million were disposed of resulting in ¥4,405 million of realized gains and ¥81 million of realized losses. Total proceeds received from these disposals were ¥142,554 million. For the year ended March 31, 2015, non-trading securities of ¥75,745 million were disposed of resulting in ¥5,008 million of realized gains and ¥15 million of realized losses. Total proceeds received from these disposals were ¥80,738 million. Related gains and losses were computed using the average method. There were no transfers of non-trading securities to trading assets during the year. The following table presents an analysis of the fair value of non-trading debt securities by residual contractual maturity as of March 31, 2015. Actual maturities may differ from contractual maturities as certain securities contain features that allow redemption of the securities prior to their contractual maturity. Millions of yen March 31, 2015 Years to maturity Total Less than 1 year 1 to 5 years 5 to 10 years More than 10 years Non-trading debt securities ¥ 296,127 ¥ 35,755 ¥ 138,531 ¥ 86,566 ¥ 35,275 The following tables present the fair value and gross unrealized losses of non-trading securities aggregated by the length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2014 and 2015. Millions of yen March 31, 2014 Less than 12 months More than 12 months Total Fair value Gross Fair value Gross Fair value Gross Government, agency and municipal securities ¥ 54,007 ¥ 82 ¥ 2,294 ¥ 4 ¥ 56,301 ¥ 86 Other debt securities 8,106 91 — — 8,106 91 Equity securities 498 43 — — 498 43 Total ¥ 62,611 ¥ 216 ¥ 2,294 ¥ 4 ¥ 64,905 ¥ 220 Millions of yen March 31, 2015 Less than 12 months More than 12 months Total Fair value Gross Fair value Gross Fair value Gross Government, agency and municipal securities ¥ 17,536 ¥ 5 ¥ 13,127 ¥ 31 ¥ 30,663 ¥ 36 Other debt securities 12,814 95 — — 12,814 95 Equity securities 2,064 230 — — 2,064 230 Total ¥ 32,414 ¥ 330 ¥ 13,127 ¥ 31 ¥ 45,541 ¥ 361 As of March 31, 2014, the total number of non-trading securities in unrealized loss positions was approximately 60. As of March 31, 2015, the total number of non-trading securities in unrealized loss positions was approximately 26. For the years ended March 31, 2014 and 2015, other-than-temporary impairment losses recognized for non- trading equity securities and reported within Revenue—Other Other comprehensive income (loss) |
Securitizations and Variable In
Securitizations and Variable Interest Entities | 12 Months Ended |
Mar. 31, 2015 | |
Securitizations and Variable Interest Entities | |
Securitizations and Variable Interest Entities | 6. Securitizations and Variable Interest Entities: Securitizations Nomura utilizes special purpose entities (“SPEs”) to securitize commercial and residential mortgage loans, government agency and corporate securities and other types of financial assets. Those SPEs are incorporated as stock companies, Tokumei kumiai (silent partnerships), Cayman special purpose companies (“SPCs”) or trust accounts. Nomura’s involvement with SPEs includes structuring SPEs, underwriting, distributing and selling debt instruments and beneficial interests issued by SPEs to investors. Nomura accounts for the transfer of financial assets in accordance with ASC 860. This statement requires that Nomura accounts for the transfer of financial assets as a sale when Nomura relinquishes control over the assets. ASC 860 deems control to be relinquished when the following conditions are met: (a) the assets have been isolated from the transferor (even in bankruptcy or other receivership), (b) the transferee has the right to pledge or exchange the assets received, or if the transferee is an entity whose sole purpose is to engage in securitization or asset-backed financing activities, the holders of its beneficial interests have the right to pledge or exchange the beneficial interests, and (c) the transferor has not maintained effective control over the transferred assets. Nomura may retain an interest in the financial assets, including residual interests in the SPEs. Any such interests are accounted for at fair value and reported within Trading assets Revenue-Net gain on trading As noted above, Nomura may have continuing involvement with SPEs to which Nomura transferred assets. For the years ended March 31, 2014 and 2015, Nomura received cash proceeds from SPEs in new securitizations of ¥365 billion and ¥261 billion, respectively, and there was no associated profit on sale . For the years ended March 31, 2014 and 2015, Nomura received debt securities issued by these SPEs with an initial fair value of ¥1,423 billion and ¥1,276 billion, respectively, and cash inflows from third parties on the sale of those debt securities of ¥830 billion and ¥823 billion, respectively. The cumulative balance of financial assets transferred to SPEs with which Nomura has continuing involvement was ¥5,035 billion and ¥5,656 billion as of March 31, 2014 and 2015, respectively. Nomura’s retained interests were ¥215 billion and ¥233 billion as of March 31, 2014 and 2015, respectively. For the years ended March 31, 2014 and 2015, Nomura received cash flows of ¥40 billion and ¥23 billion, respectively, from the SPEs on the retained interests held in the SPEs. Nomura had outstanding collateral service agreements and written credit default swap agreements in the amount of ¥4 billion and ¥2 billion as of March 31, 2014 and 2015, respectively. Nomura does not provide financial support to SPEs beyond its contractual obligations. The following tables present the fair value of retained interests which Nomura has continuing involvement in SPEs and their classification in the fair value hierarchy, categorized by the type of transferred assets as of March 31, 2014 and 2015. Billions of yen March 31, 2014 Level 1 Level 2 Level 3 Total Investment Other Government, agency and municipal securities ¥ — ¥ 195 ¥ — ¥ 195 ¥ 195 ¥ — Bank and corporate debt securities — — 0 0 — 0 CMBS and RMBS — 19 1 20 1 19 Total ¥ — ¥ 214 ¥ 1 ¥ 215 ¥ 196 ¥ 19 Billions of yen March 31, 2015 Level 1 Level 2 Level 3 Total Investment Other Government, agency and municipal securities ¥ — ¥ 231 ¥ — ¥ 231 ¥ 231 ¥ — Bank and corporate debt securities — — 0 0 — 0 CMBS and RMBS — 2 0 2 0 2 Total ¥ — ¥ 233 ¥ 0 ¥ 233 ¥ 231 ¥ 2 The following table presents the key economic assumptions used to determine the fair value of the retained interests and the sensitivity of this fair value to immediate adverse changes of 10% and 20% in those assumptions as of March 31, 2014 and 2015. Billions of yen, except percentages Material retained interests held (1) 2014 2015 Fair value of retained interests (1) ¥ 201 ¥ 208 Weighted-average life (Years) 7.5 5.4 Constant prepayment rate 6.2 % 6.1 % Impact of 10% adverse change (2.3 ) (2.3 ) Impact of 20% adverse change (4.0 ) (4.3 ) Discount rate 5.3 % 2.4 % Impact of 10% adverse change (1.5 ) (0.9 ) Impact of 20% adverse change (2.6 ) (1.8 ) (1) The sensitivity analysis covers the material retained interests held of ¥201 billion out of ¥215 billion as of March 31, 2014 and ¥208 billion out of ¥233 billion as of March 31, 2015. Nomura considers the amount or the probability of anticipated credit loss from the retained interests which Nomura continuously holds would be minimal. Changes in fair value based on 10% or 20% adverse changes generally cannot be extrapolated since the relationship of the change in assumption to the change in fair value may not be linear. The impact of a change in a particular assumption is calculated holding all other assumptions constant. For this reason, concurrent changes in assumptions may magnify or counteract the sensitivities disclosed above. The sensitivity analyses are hypothetical and do not reflect Nomura’s risk management practices that may be undertaken under those stress scenarios. The following table presents the type and carrying value of financial assets included within Trading assets Long-term borrowings Billions of yen March 31 2014 2015 Assets Trading assets Equities ¥ 99 ¥ 83 Debt securities 64 26 CMBS and RMBS 23 22 Long-term loans receivable 7 — Total ¥ 193 ¥ 131 Liabilities Long-term borrowings ¥ 182 ¥ 129 Variable Interest Entities (“VIEs”) In the normal course of business, Nomura acts as a transferor of financial assets to VIEs, and underwriter, distributor, and seller of repackaged financial instruments issued by VIEs in connection with its securitization and equity derivative activities. Nomura retains, purchases and sells variable interests in VIEs in connection with its market-making, investing and structuring activities. If Nomura has an interest in a VIE that provides Nomura with control over the most significant activities of the VIE and the right to receive benefits or the obligation to absorb losses that could be significant to the VIE, Nomura is the primary beneficiary of the VIE and must consolidate the entity, provided that Nomura does not meet separate tests confirming that it is acting as a fiduciary for other interest holders. Nomura’s consolidated VIEs include those that were created to market structured securities to investors by repackaging corporate convertible securities, mortgages and mortgage-backed securities. Certain VIEs used in connection with Nomura’s aircraft leasing business as well as other purposes are consolidated. Nomura also consolidates certain investment funds, which are VIEs, and for which Nomura is the primary beneficiary. The power to make the most significant decisions may take a number of different forms in different types of VIEs. For transactions such as securitizations, investment funds, and CDOs, Nomura considers collateral management and servicing to represent the power to make the most significant decisions. Accordingly, Nomura does not consolidate such types of VIEs for which it does not act as collateral manager or servicer unless Nomura has the right to replace the collateral manager or servicer or to require liquidation of the entity. For many transactions, such as where VIEs are used for re-securitizations of residential mortgage-backed securities, there are no significant economic decisions made on an ongoing basis and no single investor has the unilateral ability to liquidate the VIE. In these cases, Nomura focuses its analysis on decisions made prior to the initial closing of the transaction, and considers factors such as the nature of the underlying assets held by the VIE, the involvement of third party investors in the design of the VIE, the size of initial third party investment and the amount and level of any subordination of beneficial interests issued by the VIE which will be held by Nomura and third party investors. Nomura has sponsored numerous re-securitization transactions and in many cases has determined that it is not the primary beneficiary on the basis that control over the most significant decisions relating to these entities are shared with third party investors. In some cases, however, Nomura has consolidated such VIEs, for example, where it was determined that third party investors were not involved in the design of the VIEs, including where the size of third party investment was not significant at inception of the transaction. The following table presents the classification of consolidated VIEs’ assets and liabilities in these consolidated financial statements as of March 31, 2014 and 2015. The assets of a consolidated VIE may only be used to settle obligations of that VIE. Creditors do not have any recourse to Nomura beyond the assets held in the VIEs. Billions of yen March 31 2014 2015 Consolidated VIE assets Cash and cash equivalents ¥ 18 ¥ 9 Trading assets Equities 289 461 Debt securities 393 473 CMBS and RMBS 66 71 Derivatives 2 2 Private equity investments 1 1 Securities purchased under agreements to resell 32 1 Office buildings, land, equipment and facilities 12 15 Other (1) 70 24 Total ¥ 883 ¥ 1,057 Consolidated VIE liabilities Trading liabilities Debt securities ¥ 33 ¥ 1 Derivatives 9 11 Securities sold under agreements to repurchase 23 1 Borrowings Long-term borrowings 424 750 Other 4 2 Total ¥ 493 ¥ 765 (1) Includes aircraft purchase deposits of ¥5 billion as of March 31, 2014. There were no aircraft purchase deposits as of March 31, 2015. In connection with these aircraft purchase deposits, certain of these VIEs had commitments to purchase aircraft as of March 31, 2014. No such commitments existed as of March 31, 2015. See Note 20 “ Commitments, contingencies and guarantees Nomura continuously reassesses its initial evaluation of whether it is the primary beneficiary of a VIE based on current facts and circumstances as long as it has any continuing involvement with the VIE. This determination is based upon an analysis of the design of the VIE, including the VIE’s structure and activities, the power to make significant economic decisions held by Nomura and by other parties, and the variable interests owned by Nomura and other parties. Nomura also holds variable interests in VIEs where Nomura is not the primary beneficiary. Nomura’s variable interests in such VIEs include senior and subordinated debt, residual interests, and equity interests associated with commercial and residential mortgage-backed and other asset-backed securitizations and structured financings, equity interests in VIEs which were formed primarily to acquire high yield leveraged loans and other lower investment grade debt obligations, residual interests in operating leases for aircraft held by VIEs, and loans and investments in VIEs that acquire operating businesses. The following tables present the carrying amount of variable interests of unconsolidated VIEs and maximum exposure to loss associated with these variable interests. Maximum exposure to loss does not reflect Nomura’s estimate of the actual losses that could result from adverse changes, nor does it reflect the economic hedges Nomura enters into to reduce its exposure. The risks associated with VIEs in which Nomura is involved are limited to the amount recorded in the consolidated balance sheets, the amount of commitments and financial guarantees and the notional amount of the derivative instruments. Nomura believes the notional amount of derivative instruments generally exceeds the amount of actual risk. Billions of yen March 31, 2014 Carrying amount of variable interests Maximum exposure Assets Liabilities Trading assets and liabilities Equities ¥ 67 ¥ — ¥ 67 Debt securities 211 — 211 CMBS and RMBS 2,308 — 2,308 Investment trust funds and other 185 — 185 Derivatives 0 — 4 Private equity investments 25 — 25 Loans 175 — 175 Other 4 — 4 Commitments to extend credit and other guarantees — — 49 Total ¥ 2,975 ¥ — ¥ 3,028 Billions of yen March 31, 2015 Carrying amount of variable interests Maximum exposure Assets Liabilities Trading assets and liabilities Equities ¥ 123 ¥ — ¥ 123 Debt securities 237 — 237 CMBS and RMBS 2,521 — 2,521 Investment trust funds and other 387 — 387 Derivatives 0 — 2 Private equity investments 24 — 24 Loans 314 — 314 Other 4 — 4 Commitments to extend credit and other guarantees — — 40 Total ¥ 3,610 ¥ — ¥ 3,652 |
Financing receivables
Financing receivables | 12 Months Ended |
Mar. 31, 2015 | |
Financing receivables | |
Financing receivables | 7. Financing receivables: In the normal course of business, Nomura extends financing to clients primarily in the form of loans and collateralized agreements such as reverse repurchase agreements and securities borrowing transactions. These financing receivables are recognized as assets on Nomura’s consolidated balance sheets and provide a contractual right to receive money either on demand or on future fixed or determinable dates. Collateralized agreements Collateralized agreements Securities purchased under agreements to resell Securities borrowed Loans receivable The key types of loans receivable recognized by Nomura are loans at banks, short-term secured margin loans, inter-bank money market loans and corporate loans. Loans at banks include both retail and commercial secured and unsecured loans extended by licensed banking entities within Nomura such as The Nomura Trust & Banking Co., Ltd. and Nomura Bank International plc. For both retail and commercial loans secured by real estate or securities, Nomura is exposed to the risk of a decline in the value of the underlying collateral. Loans at banks also include unsecured commercial loans provided to investment banking clients for relationship purposes. Nomura is exposed to risk of default of the counterparty, although these counterparties usually have high credit ratings. Where loans are secured by guarantees, Nomura is also exposed to the risk of default by the guarantor. Short-term secured margin loans are loans provided to clients in connection with securities brokerage business. These loans provide funding for clients in order to purchase securities. Nomura requests initial margin in the form of acceptable collateral securities or deposits against these loans and holds the purchased securities as collateral through the life of the loans. If the value of the securities declines by more than specified amounts, Nomura can make additional margin calls in order to maintain a specified ratio of loan-to-value (“LTV”) ratio. For these reasons, the risk to Nomura of providing these loans is limited. Inter-bank money market loans are loans to financial institutions in the inter-bank money market, where overnight and intra-day financings are traded through money market dealers. The risk to Nomura of making these loans is not significant as only qualified financial institutions can participate in these markets and these loans are usually overnight or short-term in nature. Corporate loans are primarily commercial loans provided to corporate clients extended by non-licensed banking entities within Nomura. Corporate loans include loans secured by real estate or securities, as well as unsecured commercial loans provided to investment banking clients for relationship purposes. The risk to Nomura of making these loans is similar to those risks arising from commercial loans reported in loans at banks. In addition to the loans above, Nomura has advances to affiliated companies which are loans provided to related parties of Nomura. As these loans are generally not secured, Nomura is exposed to the risk of default of the counterparty. The following tables present a summary of loans receivable reported within Loans receivable Investments in and advances to affiliated companies Millions of yen March 31, 2014 Carried at Carried at (1) Total Loans receivable Loans at banks ¥ 274,966 ¥ 44 ¥ 275,010 Short-term secured margin loans 421,809 — 421,809 Inter-bank money market loans 42,885 — 42,885 Corporate loans 284,259 303,912 588,171 Total loans receivable ¥ 1,023,919 ¥ 303,956 ¥ 1,327,875 Advances to affiliated companies 5,797 — 5,797 Total ¥ 1,029,716 ¥ 303,956 ¥ 1,333,672 Millions of yen March 31, 2015 Carried at Carried at (1) Total Loans receivable Loans at banks ¥ 324,503 ¥ — ¥ 324,503 Short-term secured margin loans 425,245 — 425,245 Inter-bank money market loans 16,995 — 16,995 Corporate loans 377,114 317,218 694,332 Total loans receivable ¥ 1,143,857 ¥ 317,218 ¥ 1,461,075 Advances to affiliated companies 2,104 — 2,104 Total ¥ 1,145,961 ¥ 317,218 ¥ 1,463,179 (1) Includes loans receivable and loan commitments carried at fair value through election of the fair value option. The amounts of significant purchases of corporate loans during the year ended March 31, 2014 was ¥92,760 million. During the same period, there were no significant sales of loans receivable and no significant reclassifications of loans receivable to trading assets. The amounts of significant purchases of corporate loans during the year ended March 31, 2015 was ¥79,811 million. The amounts of significant sales of corporate loans during the year ended March 31, 2015 was ¥15,187 million. During the same period, there were no significant reclassifications of loans receivable to trading assets. Allowance for credit losses Management establishes an allowance for credit losses against loans carried at amortized cost which reflects management’s best estimate of probable losses incurred. The allowance for credit losses against loans, which is reported in the consolidated balance sheets within Allowance for doubtful accounts • A specific component for loans which have been individually evaluated for impairment; and • A general component for loans which, while not individually evaluated for impairment, have been collectively evaluated for impairment based on historical loss experience. The specific component of the allowance reflects probable losses incurred within loans which have been individually evaluated for impairment. A loan is defined as being impaired when, based on current information and events, it is probable that all amounts due according to the contractual terms of the loan agreement will not be collected. Factors considered by management in determining impairment include an assessment of the ability of borrowers to pay by considering various factors such as the nature of the loan, prior credit loss experience, current economic conditions, the current financial situation of the borrower and the fair value of any underlying collateral. Loans that experience insignificant payment delays or insignificant payment shortfalls are not classified as impaired. Impairment is measured on a loan by loan basis by adjusting the carrying value of the loan to either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price, or the fair value of the collateral if the loan is collateral dependent. The general component of the allowance is for loans not individually evaluated for impairment and includes judgment about collectability based on available information at the balance sheet date and the uncertainties inherent in those underlying assumptions. The allowance is based on historical loss experience adjusted for qualitative factors such as current economic conditions. While management has based its estimate of the allowance for credit losses against loans on the best information available, future adjustments to the allowance may be necessary as a result of changes in the economic environment or variances between actual results and original assumptions. Loans are charged-off when Nomura determines that the loans are uncollectible. This determination is based on factors such as the occurrence of significant changes in the borrower’s financial position such that the borrower can no longer pay the obligation or that the proceeds from collateral will not be sufficient to pay the loans. The following tables present changes in the total allowance for credit losses for the years ended March 31, 2013, 2014 and 2015. Millions of yen Year ended March 31, 2013 Allowance for credit losses against loans Allowance Total Loans Short-term Inter-bank Corporate Advances to Subtotal Opening balance ¥ 552 ¥ 24 ¥ — ¥ 2,758 ¥ 51 ¥ 3,385 ¥ 1,503 ¥ 4,888 Provision for credit losses 238 13 — (2,630 ) (22 ) (2,401 ) (13 ) (2,414 ) Charge-offs (1 ) (11 ) — (26 ) — (38 ) — (38 ) Other (1) — 0 — (7 ) — (7 ) (171 ) (178 ) Ending balance ¥ 789 ¥ 26 ¥ — ¥ 95 ¥ 29 ¥ 939 ¥ 1,319 ¥ 2,258 Millions of yen Year ended March 31, 2014 Allowance for credit losses against loans Allowance Total Loans Short-term Inter-bank Corporate Advances to Subtotal Opening balance ¥ 789 ¥ 26 ¥ — ¥ 95 ¥ 29 ¥ 939 ¥ 1,319 ¥ 2,258 Provision for credit losses (109 ) 61 — (13 ) (28 ) (89 ) 960 871 Charge-offs (2 ) — — — — (2 ) (146 ) (148 ) Other (1) (0 ) — — 0 — 0 28 28 Ending balance ¥ 678 ¥ 87 ¥ — ¥ 82 ¥ 1 ¥ 848 ¥ 2,161 ¥ 3,009 Millions of yen Year ended March 31, 2015 Allowance for credit losses against loans Allowance Total Loans Short-term Inter-bank Corporate Advances to Subtotal Opening balance ¥ 678 ¥ 87 ¥ — ¥ 82 ¥ 1 ¥ 848 ¥ 2,161 ¥ 3,009 Provision for credit losses 61 53 — (3 ) 0 111 254 365 Charge-offs — — — — — — (189 ) (189 ) Other (1) — 2 — 0 — 2 66 68 Ending balance ¥ 739 ¥ 142 ¥ — ¥ 79 ¥ 1 ¥ 961 ¥ 2,292 ¥ 3,253 (1) Includes the effect of foreign exchange movements. The following tables present the allowance for credit losses against loans and loans by impairment methodology and type of loans as of March 31, 2014 and 2015. Millions of yen March 31, 2014 Loans at Short-term Inter-bank Corporate Advances Total Allowance by impairment methodology Evaluated individually ¥ 3 ¥ — ¥ — ¥ 7 ¥ — ¥ 10 Evaluated collectively 675 87 — 75 1 838 Total allowance for credit losses ¥ 678 ¥ 87 ¥ — ¥ 82 ¥ 1 ¥ 848 Loans by impairment methodology Evaluated individually ¥ 4,374 ¥ 103,345 ¥ 42,885 ¥ 275,753 ¥ 882 ¥ 427,239 Evaluated collectively 270,592 318,464 — 8,506 4,915 602,477 Total loans ¥ 274,966 ¥ 421,809 ¥ 42,885 ¥ 284,259 ¥ 5,797 ¥ 1,029,716 Millions of yen March 31, 2015 Loans at Short-term Inter-bank Corporate Advances Total Allowance by impairment methodology Evaluated individually ¥ 3 ¥ 84 ¥ — ¥ 7 ¥ — ¥ 94 Evaluated collectively 736 58 — 72 1 867 Total allowance for credit losses ¥ 739 ¥ 142 ¥ — ¥ 79 ¥ 1 ¥ 961 Loans by impairment methodology Evaluated individually ¥ 4,929 ¥ 172,259 ¥ 16,995 ¥ 369,113 ¥ 174 ¥ 563,470 Evaluated collectively 319,574 252,986 — 8,001 1,930 582,491 Total loans ¥ 324,503 ¥ 425,245 ¥ 16,995 ¥ 377,114 ¥ 2,104 ¥ 1,145,961 Nonaccrual and past due loans Loans which are individually evaluated as impaired are assessed for nonaccrual status in accordance with Nomura’s policy. When it is determined to suspend interest accrual as a result of an assessment, any accrued but unpaid interest is reversed. Loans are generally only returned to an accrual status if the loan is brought contractually current, i.e. all overdue principal and interest amounts are paid. In limited circumstances, a loan which has not been brought contractually current will also be returned to an accrual status if all principal and interest amounts contractually due are reasonably assured of repayment within a reasonable period of time or there has been a sustained period of repayment performance by the borrower. As of March 31, 2014, there were ¥6,022 million of loans which were on a nonaccrual status, primarily secured corporate loans. The amount of loans which were 90 days past due was not significant. As of March 31, 2015, the amount of loans which were on a nonaccrual status was not significant. The amount of loans which were 90 days past due was not significant. Once a loan is impaired and placed on a nonaccrual status, interest income is subsequently recognized using the cash basis method. Loan impairment and troubled debt restructurings In the ordinary course of business, Nomura may choose to recognize impairment and also restructure a loan classified as held for investment either because of financial difficulties of the borrower, or simply as a result of market conditions or relationship reasons. A troubled debt restructuring (“TDR”) occurs when Nomura (as lender) for economic or legal reasons related to the borrower’s financial difficulties grants a concession to the borrower that Nomura would not otherwise consider. Any loan being restructured under a TDR will generally already be identified as impaired with an applicable allowance for credit losses recognized. If not (for example if the loan is collectively assessed for impairment with other loans), the restructuring of the loan under a TDR will immediately result in the loan as being classified as impaired. An impairment loss for a loan restructuring under a TDR which only involves modification of the loan’s terms (rather than receipt of assets in full or partial settlement) is calculated in the same way as any other impaired loan. Assets received in full or partial satisfaction of a loan in a TDR are recognized at fair value. As of March 31, 2014 and 2015, the amount of loans which were classified as impaired but against which no allowance for credit losses had been recognized was not significant. For impaired loans with a related allowance, the amount of recorded investment, the total unpaid principal balance and the related allowance was not significant. The amount of TDRs which occurred during the years ended March 31, 2014 and 2015 was not significant. Credit quality indicators Nomura is exposed to credit risks deriving from a decline in the value of loans or a default caused by deterioration of creditworthiness or bankruptcy of the obligor. Nomura’s risk management framework for such credit risks is based on a risk assessment through an internal rating process, in depth pre-financing credit analysis of each individual loan and continuous post-financing monitoring of obligor’s creditworthiness. The following tables present an analysis of each class of loans not carried at fair value using Nomura’s internal ratings or equivalent credit quality indicators applied by subsidiaries as of March 31, 2014 and 2015. Millions of yen March 31, 2014 AAA-BBB BB-CCC CC-D Others (1) Total Secured loans at banks ¥ 98,356 ¥ 33,669 ¥ — ¥ 34,740 ¥ 166,765 Unsecured loans at banks 108,199 — 2 — 108,201 Short-term secured margin loans — — — 421,809 421,809 Secured inter-bank money market loans 12,885 — — — 12,885 Unsecured inter-bank money market loans 30,000 — — — 30,000 Secured corporate loans 136,302 107,141 5,719 1,938 251,100 Unsecured corporate loans 3,395 26,902 — 2,862 33,159 Advances to affiliated companies 4,915 594 — 288 5,797 Total ¥ 394,052 ¥ 168,306 ¥ 5,721 ¥ 461,637 ¥ 1,029,716 Millions of yen March 31, 2015 AAA-BBB BB-CCC CC-D Others (1) Total Secured loans at banks ¥ 100,927 ¥ 38,373 ¥ — ¥ 39,186 ¥ 178,486 Unsecured loans at banks 141,395 4,620 2 — 146,017 Short-term secured margin loans — — — 425,245 425,245 Secured inter-bank money market loans 7,249 — — — 7,249 Unsecured inter-bank money market loans 9,746 — — — 9,746 Secured corporate loans 249,046 117,255 1,141 2,298 369,740 Unsecured corporate loans 3,619 — — 3,755 7,374 Advances to affiliated companies 1,929 175 — — 2,104 Total ¥ 513,911 ¥ 160,423 ¥ 1,143 ¥ 470,484 ¥ 1,145,961 (1) Relate to collateralized exposures where a specified ratio of LTV is maintained. Nomura reviews internal ratings at least once a year by using available credit information of obligors including financial statements and other information. Internal ratings are also reviewed more frequently for high-risk obligors or problematic exposures and any significant credit event of obligors will trigger an immediate credit review process. |
Leases
Leases | 12 Months Ended |
Mar. 31, 2015 | |
Leases | |
Leases | 8. Leases: Nomura as lessor Nomura leases office buildings and aircraft in Japan and overseas. These leases are classified as operating leases and the related assets are stated at cost, net of accumulated depreciation, except for land, which is stated at cost in the consolidated balance sheets and reported within Other assets—Office buildings, land, equipment and facilities A portion of such rentals is paid from Nomura Research Institute, Ltd. (“NRI”), an affiliated company. See Note 19 “ Affiliated companies and other equity-method investees The following table presents lease deposits and rents received from NRI. Millions of yen As of or for the year ended March 31 2013 2014 2015 Lease deposits ¥ — ¥ — ¥ — Rental income 4,272 — — The following table presents the types of assets which Nomura leases under operating leases. Millions of yen March 31, 2015 Cost Accumulated Net carrying Real estate (1) ¥ 3,448 ¥ (1,443 ) ¥ 2,005 Aircraft 11,432 (503 ) 10,929 Total ¥ 14,880 ¥ (1,946 ) ¥ 12,934 (1) Cost, accumulated depreciation and net carrying amounts include amounts relating to real estate space utilized by Nomura. Nomura recognized rental income of ¥78,667 million, ¥1,579 million and ¥1,659 million for the years ended March 31, 2013, 2014 and 2015, respectively in the consolidated statements of income within Revenue—Other The future minimum lease payments to be received on noncancelable operating leases as of March 31, 2015 were ¥12,348 million and these future minimum lease payments to be received are scheduled as below: Millions of yen Total Years of receipt Less than 1 to 2 2 to 3 3 to 4 4 to 5 More than Minimum lease payments to be received ¥ 12,348 ¥ 1,091 ¥ 1,090 ¥ 1,088 ¥ 1,085 ¥ 1,085 ¥ 6,909 Nomura as lessee Nomura leases its office spaces, certain employees’ residential facilities and other facilities in Japan and overseas primarily under cancelable operating lease agreements which are customarily renewed upon expiration. Nomura also leases certain equipment and facilities in Japan and overseas under non-cancelable operating lease agreements. Rental expenses, net of sublease rental income, for the years ended March 31, 2013, 2014 and 2015 were ¥46,975 million, ¥46,600 million and ¥47,217 million, respectively. The following table presents the future minimum lease payments under non-cancelable operating leases with remaining terms exceeding one year as of March 31, 2015: Millions of yen March 31 2015 Total minimum lease payments ¥ 171,746 Less: Sublease rental income (8,080 ) Net minimum lease payments ¥ 163,666 The future minimum lease payments above are scheduled as below as of March 31, 2015: Millions of yen Total Years of payment Less than 1 to 2 2 to 3 3 to 4 4 to 5 More than Minimum lease payments ¥ 171,746 ¥ 20,410 ¥ 17,925 ¥ 16,797 ¥ 15,454 ¥ 12,860 ¥ 88,300 Nomura leases certain equipments and facilities office in Japan and overseas under capital lease agreements. If the lease is classified as a capital lease, Nomura recognizes the real estate at the lower of its fair value or present value of minimum lease payments, which is reported within Other Assets—Office buildings, land, equipment and facilities The following table presents the future minimum lease payments under capital leases as of March 31, 2015: Millions of yen March 31 2015 Total minimum lease payments ¥ 66,840 Less: Amount representing interest (36,229 ) Present value of net lease payments ¥ 30,611 The future minimum lease payments above are scheduled as below as of March 31, 2015: Millions of yen Years of payment Total Less than 1 to 2 years 2 to 3 years 3 to 4 years 4 to 5 years More than Minimum lease payments ¥ 66,840 ¥ 3,750 ¥ 4,436 ¥ 4,349 ¥ 4,196 ¥ 4,485 ¥ 45,624 Certain leases contain renewal options or escalation clauses providing for increased rental payments based upon maintenance, utilities and tax increases. |
Other assets-Other _ Other liab
Other assets-Other / Other liabilities | 12 Months Ended |
Mar. 31, 2015 | |
Other assets-Other / Other liabilities | |
Other assets-Other / Other liabilities | 9. Other assets—Other / Other liabilities: The following table presents components of Other assets—Other Other liabilities Millions of yen March 31 2014 2015 Other assets—Other: Securities received as collateral ¥ 236,808 ¥ 187,753 Goodwill and other intangible assets 115,143 123,486 Deferred tax assets 22,018 19,718 Investments in equity securities for other than operating purposes (1) 133,742 162,644 Prepaid expenses 8,778 10,741 Other 267,685 318,224 Total ¥ 784,174 ¥ 822,566 Other liabilities: Obligation to return securities received as collateral ¥ 236,808 ¥ 187,753 Accrued income taxes 31,630 48,632 Other accrued expenses and provisions 396,677 446,920 Other (2) 476,635 533,794 Total ¥ 1,141,750 ¥ 1,217,099 (1) Includes marketable and non-marketable equity securities held for other than trading or operating purposes. These investments were comprised of listed equity securities and unlisted equity securities of ¥114,582 million and ¥19,160 million respectively, as of March 31, 2014, and ¥140,024 million and ¥22,621 million respectively, as of March 31, 2015. These securities are carried at fair value, with changes in fair value recognized within Revenue—Other (2) Includes liabilities relating to investment contracts underwritten by Nomura’s insurance subsidiary. As of March 31, 2014 and 2015, carrying values were ¥270,950 million and ¥258,310 million, respectively, and estimated fair values were ¥274,991 million and ¥261,039 million, respectively. Fair value was estimated using DCF valuation techniques and using valuation inputs which would be generally classified in Level 3 of the fair value hierarchy. Goodwill is recognized upon completion of a business combination as the difference between the purchase price and the fair value of the net assets acquired. Subsequent to initial recognition, goodwill is not amortized but is tested for impairment during the fourth quarter of each fiscal year, or more often if events or circumstances, such as adverse changes in the business climate, indicate there may be impairment. The following table presents changes in goodwill, which are reported in the consolidated balance sheets within Other assets—Other Millions of yen Year ended March 31, 2014 Beginning of year Changes during year End of year Gross Accumulated Net carrying Impairment (1) Other (2) Gross carrying amount Accumulated Impairment Net carrying amount Wholesale ¥ 79,249 ¥ (11,031 ) ¥ 68,218 ¥ — ¥ 5,916 ¥ 85,951 ¥ (11,817 ) ¥ 74,134 Other 6,024 — 6,024 (2,840 ) 419 6,549 (2,946 ) 3,603 Total ¥ 85,273 ¥ (11,031 ) ¥ 74,242 ¥ (2,840 ) ¥ 6,335 ¥ 92,500 ¥ (14,763 ) ¥ 77,737 Millions of yen Year ended March 31, 2015 Beginning of year Changes during year End of year Gross carrying amount Accumulated Impairment Net carrying amount Impairment (1) Other (2) Gross carrying amount Accumulated Impairment Net carrying Wholesale ¥ 85,951 ¥ (11,817 ) ¥ 74,134 ¥ — ¥ 11,578 ¥ 97,529 ¥ (11,817 ) ¥ 85,712 Other 6,549 (2,946 ) 3,603 (3,188 ) 63 6,612 (6,134 ) 478 Total ¥ 92,500 ¥ (14,763 ) ¥ 77,737 ¥ (3,188 ) ¥ 11,641 ¥ 104,141 ¥ (17,951 ) ¥ 86,190 (1) For the years ended March 31, 2014 and 2015, Nomura recognized goodwill impairment losses of ¥2,840 million and ¥3,188 million respectively, within Other Non-interest expenses—Other (2) Includes currency translation adjustments. The following table presents finite-lived intangible assets by type as of March 31, 2014 and 2015. Millions of yen March 31, 2014 March 31, 2015 Gross carrying Accumulated Net carrying Gross carrying Accumulated Net carrying Client relationships ¥ 64,214 ¥ (35,641 ) ¥ 28,573 ¥ 71,445 ¥ (43,839 ) ¥ 27,606 Other 690 (237 ) 453 473 (294 ) 179 Total ¥ 64,904 ¥ (35,878 ) ¥ 29,026 ¥ 71,918 ¥ (44,133 ) ¥ 27,785 Amortization expenses for the years ended March 31, 2013, 2014 and 2015 were ¥9,976 million, ¥5,423 million and ¥4,979 million, respectively. Estimated amortization expenses for the next five years are shown below. Millions of yen Year ending March 31 Estimated 2016 ¥ 5,893 2017 5,315 2018 5,315 2019 3,920 2020 2,616 The amounts of indefinite-lived intangibles, which primarily includes trademarks, were ¥8,380 million and ¥9,511 million as of March 31, 2014 and 2015, respectively. |
Borrowings
Borrowings | 12 Months Ended |
Mar. 31, 2015 | |
Borrowings | |
Borrowings | 10. Borrowings: The following table presents short-term and long-term borrowings of Nomura as of March 31, 2014 and 2015. Millions of yen March 31 2014 2015 Short-term borrowings (1) : Commercial paper ¥ 246,866 ¥ 252,858 Bank borrowings 303,583 217,013 Other 51,682 192,385 Total ¥ 602,131 ¥ 662,256 Long-term borrowings: Long-term borrowings from banks and other financial institutions (2) ¥ 2,787,729 ¥ 3,140,531 Bonds and notes issued (3) : Fixed-rate obligations: Japanese yen denominated 1,432,388 1,528,529 Non-Japanese yen denominated 1,340,495 1,102,125 Floating-rate obligations: Japanese yen denominated 324,279 465,296 Non-Japanese yen denominated 85,805 150,055 Index / Equity-linked obligations: Japanese yen denominated 1,367,051 1,017,380 Non-Japanese yen denominated 707,754 798,857 5,257,772 5,062,242 Subtotal 8,045,501 8,202,773 Trading balances of secured borrowings 181,562 133,523 Total ¥ 8,227,063 ¥ 8,336,296 (1) Includes secured borrowings of ¥10,715 million as of March 31, 2014 and ¥17,284 million as of March 31, 2015. (2) Includes secured borrowings of ¥139,270 million as of March 31, 2014 and ¥251,486 million as of March 31, 2015. (3) Includes secured borrowings of ¥423,994 million as of March 31, 2014 and ¥749,839 million as of March 31, 2015. Trading balances of secured borrowings These are liabilities recognized when a transfer of a financial asset does not meet the criteria for sales accounting under ASC 860 and therefore the transaction is accounted for as a secured borrowing. These borrowings are part of Nomura’s trading activities intended to generate profits from the distribution of financial products secured by those financial assets. Long-term borrowings consisted of the following: Millions of yen March 31 2014 2015 Debt issued by the Company ¥ 3,823,410 ¥ 3,863,436 Debt issued by subsidiaries—guaranteed by the Company 2,372,412 1,885,256 Debt issued by subsidiaries—not guaranteed by the Company (1) 2,031,241 2,587,604 Total ¥ 8,227,063 ¥ 8,336,296 (1) Includes trading balances of secured borrowings. As of March 31, 2014, fixed-rate long-term borrowings mature between 2014 and 2043 at interest rates ranging from 0.00% to 12.66%. Floating-rate obligations, which are generally based on LIBOR, mature between 2014 and 2052 at interest rates ranging from 0.00% to 6.18%. Index / Equity-linked obligations mature between 2014 and 2044 at interest rates ranging from 0.00% to 28.50%. As of March 31, 2015, fixed-rate long-term borrowings mature between 2015 and 2045 at interest rates ranging from 0.00% to 12.66%. Floating-rate obligations, which are generally based on LIBOR, mature between 2015 and 2052 at interest rates ranging from 0.00% to 9.02%. Index / Equity-linked obligations mature between 2015 and 2045 at interest rates ranging from 0.00% to 28.50%. Certain borrowing agreements of subsidiaries contain provisions whereby the borrowings are redeemable at the option of the borrower at specified dates prior to maturity and include various equity-linked or other index-linked instruments. Nomura enters into swap agreements to manage its exposure to interest rates and foreign exchange rates. Principally, debt securities and notes issued are effectively converted to LIBOR-based floating rate obligations through such swap agreements. The carrying value of the long-term borrowings includes adjustments to reflect fair value hedges. Following table presents the effective weighted-average interest rates of borrowings, including the effect of fair value hedges as of March 31, 2014 and 2015. March 31 2014 2015 Short-term borrowings 0.40 % 0.37 % Long-term borrowings 1.69 % 0.78 % Fixed-rate obligations 2.34 % 1.18 % Floating-rate obligations 0.86 % 0.82 % Index / Equity-linked obligations 1.72 % 0.34 % Maturities of long-term borrowings The following table presents the aggregate annual maturities of long-term borrowings, including adjustments related to fair value hedges and liabilities measured at fair value, as of March 31, 2015: Year ending March 31 Millions of yen 2016 ¥ 982,982 2017 995,463 2018 1,054,430 2019 1,084,714 2020 1,119,360 2021 and thereafter 2,965,824 Subtotal 8,202,773 Trading balances of secured borrowings 133,523 Total ¥ 8,336,296 Borrowing facilities As of March 31, 2014 and 2015, Nomura had unutilized borrowing facilities of ¥65,000 million and ¥15,000 million, respectively. The terms for these unutilized borrowing facilities do not significantly differ from existing borrowings. Nomura has structured facilities to ensure that the maturity dates of these facilities are distributed evenly throughout the year in order to prevent excessive maturities of facilities in any given period. These facilities are subject to customary lending conditions and covenants. Subordinated borrowings As of March 31, 2014 and 2015, subordinated borrowings were ¥509,210 million and ¥489,888 million, respectively. |
Earnings per share
Earnings per share | 12 Months Ended |
Mar. 31, 2015 | |
Earnings per share | |
Earnings per share | 11. Earnings per share: Basic and diluted earnings per share (“EPS”) are presented on the face of the consolidated statements of income. Basic EPS is calculated by dividing net income attributable to NHI shareholders by the weighted average number of the Company’s common shares outstanding during the year. The calculation of diluted EPS is similar to basic EPS, except that the weighted average number of the Company’s common shares is adjusted to reflect all dilutive instruments where the Company’s common shares are potentially deliverable during the year. In addition, net income attributable to NHI shareholders is adjusted for any change in income or loss that would result from the assumed conversion of dilutive instruments issued by subsidiaries and affiliates. The following table presents a reconciliation of the amounts and the numbers used in the calculation of net income attributable to NHI shareholders per share (basic and diluted) for the years ended March 31, 2013, 2014 and 2015. Millions of yen Year ended March 31 2013 2014 2015 Basic— Net income attributable to NHI shareholders ¥ 107,234 ¥ 213,591 ¥ 224,785 Weighted average number of shares outstanding 3,692,795,953 3,709,830,989 3,645,514,878 Net income attributable to NHI shareholders per share ¥ 29.04 ¥ 57.57 ¥ 61.66 Diluted— Net income attributable to NHI shareholders ¥ 107,181 ¥ 213,561 ¥ 224,726 Weighted average number of shares outstanding 3,777,360,671 3,826,496,369 3,743,690,088 Net income attributable to NHI shareholders per share ¥ 28.37 ¥ 55.81 ¥ 60.03 Net income attributable to NHI shareholders was adjusted to reflect the decline in Nomura’s equity share of earnings of subsidiaries and affiliates for the years ended March 31, 2013, 2014 and 2015 arising from options to purchase common shares issued by subsidiaries and affiliates. The weighted average number of shares used in the calculation of diluted EPS reflects the increase in potential issuance of the Company’s common shares arising from stock-based compensation plans by the Company, which would have minimal impact on EPS for the years ended March 31, 2013, 2014 and 2015. Antidilutive stock options to purchase 10,880,700, 8,967,300 and 9,745,800 of the Company’s common shares were not included in the computation of diluted EPS for the years ended March 31, 2013, 2014 and 2015, respectively. Subsequent Events The Company conducted a share buyback from May 20, 2015 to May 29, 2015. See Note 17 “ Shareholders’ equity On May 18, 2015, the Company adopted a resolution to issue SARs pursuant to the SAR awards. See Note 13 “ Deferred compensation plans |
Employee benefit plans
Employee benefit plans | 12 Months Ended |
Mar. 31, 2015 | |
Employee benefit plans | |
Employee benefit plans | 12. Employee benefit plans: Nomura provides various pension plans and other post-retirement benefits which cover certain eligible employees worldwide. In addition, Nomura provides health care benefits to certain active and retired employees through its Nomura Securities Health Insurance Society (“NSHIS”). Defined benefit pension plans— The Company and certain subsidiaries in Japan (“Japanese entities”) have contributory funded benefit pension plans for eligible employees. The benefits are paid as annuity payments subsequent to retirement or as lump-sum payments at the time of retirement based on a combination of years of service, age at retirement and employee’s choice. The benefits under the plans are calculated based upon position, years of service and reason for retirement. In addition to the plans described above, certain Japanese entities also have unfunded lump-sum payment plans. Under these plans, employees with at least two years of service are generally entitled to lump-sum payments upon termination of employment. The benefits under the plans are calculated based upon position, years of service and the reason for retirement. Nomura’s funding policy is to contribute annually the amount necessary to satisfy local funding standards. In December 2008, certain contributory funded benefit pension plans and unfunded lump-sum payment plans were amended and “Cash balance pension plans” were introduced. Participants receive an annual benefit in their cash balance pension plan account, which is computed based on compensation of the participants, adjusted for changes in Japanese government debt securities yields. Certain overseas subsidiaries have various local defined benefit plans covering certain employees. Nomura recognized an asset for surplus pension benefits for these plans amounting to ¥10,441 million and ¥10,652 million as of March 31, 2014 and 2015, respectively. Net periodic benefit cost The following table presents the components of net periodic benefit cost for defined benefit plans of Japanese entities for the years ended March 31, 2013, 2014 and 2015. Nomura’s measurement date is March 31 for defined benefit plans of Japanese entities. Millions of yen Year ended March 31 2013 2014 2015 Service cost ¥ 9,322 ¥ 8,438 ¥ 7,800 Interest cost 4,302 3,441 3,090 Expected return on plan assets (4,072 ) (4,971 ) (5,732 ) Amortization of net actuarial losses 3,630 2,767 2,127 Amortization of prior service cost (1,545 ) (1,149 ) (1,148 ) Net periodic benefit cost ¥ 11,637 ¥ 8,526 ¥ 6,137 Prior service cost is amortized on a straight-line basis over the average remaining service period of active participants. Gains and losses in excess of 10% of the greater of the benefit obligation or the fair value of plan assets are amortized over the average remaining service period of active participants, which is 11 years. Benefit obligations and funded status The following table presents a reconciliation of changes in projected benefit obligation (“PBO”) and the fair value of plan assets, as well as a summary of the funded status of Japanese entities’ plans as of, and for the years ended March 31, 2014 and 2015. Millions of yen As of or for the year ended March 31 2014 2015 Change in projected benefit obligation: Projected benefit obligation at beginning of year ¥ 234,399 ¥ 233,885 Service cost 8,438 7,800 Interest cost 3,441 3,090 Actuarial gain (2,697 ) 6,106 Benefits paid (9,708 ) (10,070 ) Acquisition, divestitures and other 12 47 Projected benefit obligation at end of year ¥ 233,885 ¥ 240,858 Change in plan assets: Fair value of plan assets at beginning of year ¥ 191,674 ¥ 220,873 Actual return on plan assets 14,317 15,660 Employer contributions 23,278 5,914 Benefits paid (8,396 ) (8,610 ) Fair value of plan assets at end of year ¥ 220,873 ¥ 233,837 Funded status at end of year (13,012 ) (7,021 ) Amounts recognized in the consolidated balance sheets ¥ (13,012 ) ¥ (7,021 ) The accumulated benefit obligation (“ABO”) was ¥233,885 million and ¥240,858 million as of March 31, 2014 and 2015, respectively. The following table presents the PBO, ABO and fair value of plan assets for Japanese entities’ plans with ABO and PBO in excess of plan assets as of March 31, 2014 and 2015. Millions of yen March 31 2014 2015 Plans with ABO in excess of plan assets: PBO ¥ 27,160 ¥ 29,643 ABO 27,160 29,643 Fair value of plan assets — — Plans with PBO in excess of plan assets: PBO ¥ 27,160 ¥ 29,643 ABO 27,160 29,643 Fair value of plan assets — — The following table presents pre-tax amounts of Japanese entities’ plans deferred in Accumulated other comprehensive income (loss) Millions of yen For the year ended Net actuarial loss ¥ 41,594 Net prior service cost (9,385 ) Total ¥ 32,209 Pre-tax amounts of Japanese entities’ plans in accumulated other comprehensive income which are expected to be recognized as components of net periodic benefit cost over the next fiscal year are as follows. Millions of yen For the year ending Net actuarial loss ¥ 1,451 Net prior service cost (1,148 ) Total ¥ 303 Assumptions The following table presents the weighted-average assumptions used to determine projected benefit obligations of Japanese entities’ plans as of March 31, 2014 and 2015. March 31 2014 2015 Discount rate 1.4 % 0.9 % Rate of increase in compensation levels 2.5 % 2.5 % The following table presents the weighted-average assumptions used to determine the net periodic benefit cost of Japanese entities’ plans as of March 31, 2013, 2014 and 2015. Year ended March 31 2013 2014 2015 Discount rate 1.5 % 1.4 % 1.4 % Rate of increase in compensation levels 2.5 % 2.5 % 2.5 % Expected long-term rate of return on plan assets 2.6 % 2.6 % 2.6 % Nomura generally determines the discount rates for its defined benefit plans by referencing indices for long-term, high-quality debt securities and ensuring that the discount rate does not exceed the yield reported for those indices after adjustment for the duration of the plans’ liabilities. Nomura uses the expected long-term rate of return on plan assets to compute the expected return on assets. Nomura’s approach in determining the long-term rate of return on plan assets is primarily based on historical financial market relationships that have existed over time with the presumption that this trend will generally remain constant in the future. Plan assets Plan assets are managed with an objective to generate sufficient long-term value in order to enable future pension payouts. While targeting a long-term rate of return on plan assets, Nomura aims to minimize short-term volatility by managing the portfolio through diversifying risk. Based on this portfolio policy, the plan assets are invested diversely. The plan assets of domestic plans target to invest 17% in equities (including private equity investments), 45% in debt securities, 20% in life insurance company general accounts, and 18% in other investments. Investment allocations are generally reviewed and revised at the time of the actual revaluation that takes place every five years or when there is a significant change in the portfolio assumptions. The following tables present information about the fair value of plan assets of Japanese entities’ plans as of March 31, 2014 and March 31, 2015 within the fair value hierarchy. For details of the levels of inputs used to measure the fair value of plan assets, see Note 2 “ Fair value measurements Millions of yen March 31, 2014 Level 1 Level 2 Level 3 Balance as of Pension plan assets: Equities ¥ 26,730 ¥ — ¥ — ¥ 26,730 Private equity investments — — 12,235 12,235 Japanese government securities 62,088 — — 62,088 Bank and corporate debt securities 1,842 2,312 — 4,154 Investment trust funds and other (1) — 19,383 11,820 31,203 Life insurance company general accounts — 42,735 — 42,735 Other assets — 41,728 — 41,728 Total ¥ 90,660 ¥ 106,158 ¥ 24,055 ¥ 220,873 Millions of yen March 31, 2015 Level 1 Level 2 Level 3 Balance as of Pension plan assets: Equities ¥ 23,665 ¥ — ¥ — ¥ 23,665 Private equity investments — — 6,793 6,793 Japanese government securities 67,066 — — 67,066 Bank and corporate debt securities 2,183 2,502 — 4,685 Investment trust funds and other (1) — 18,457 48,545 67,002 Life insurance company general accounts — 48,989 — 48,989 Other assets — 15,637 — 15,637 Total ¥ 92,914 ¥ 85,585 ¥ 55,338 ¥ 233,837 (1) Includes hedge funds and real estate funds. The fair value of plan assets of non-Japanese entities’ plans as of March 31, 2014 was ¥107 million, ¥32,953 million and ¥6,535 million which were classified in Level 1, Level 2 and Level 3 of the fair value hierarchy, respectively. The fair value of plan assets of non-Japanese entities’ plans as of March 31, 2015 was ¥4,222 million, ¥136 million and ¥43,851 million which were classified in Level 1, Level 2 and Level 3 of the fair value hierarchy, respectively. Level 1 plan assets primarily include equity securities and government securities. Unadjusted quoted prices in active markets for identical assets that Nomura has the ability to access at the measurement date are classified as Level 1. Level 2 plan assets primarily include investment trust funds, corporate debt securities and investments in life insurance company’s general accounts. Investment trust funds are valued at their net asset values as calculated by the sponsor of the funds. Investments in life insurance company’s general accounts are valued at conversion value. The following tables present information about plan assets of Japanese entities’ plans for which Nomura has utilized significant Level 3 valuation inputs to estimate fair value. Millions of yen Year ended March 31, 2014 Balance Unrealized Purchases / Balance Private equity investments ¥ 12,323 ¥ 1,550 ¥ (1,638 ) ¥ 12,235 Investment trust funds and other 15,035 33 (3,248 ) 11,820 Total ¥ 27,358 ¥ 1,583 ¥ (4,886 ) ¥ 24,055 Millions of yen Year ended March 31, 2015 Balance Unrealized Purchases / Balance Private equity investments ¥ 12,235 ¥ (2,147 ) ¥ (3,295 ) ¥ 6,793 Investment trust funds and other 11,820 3,936 32,789 48,545 Total ¥ 24,055 ¥ 1,789 ¥ 29,494 ¥ 55,338 The fair value of Level 3 plan assets of non-Japanese entities’ plans, mainly consisting of annuities, was ¥6,535 million and ¥43,851 million as of March 31, 2014 and 2015, respectively. The amount of sales of Level 3 assets was ¥2,185 million during the year ended March 31, 2014, and the amount of purchases of Level 3 assets was ¥36,634 million during the year ended March 31, 2015. The amounts of gains and losses, purchases and sales other than above, transfers between Level 1 or Level 2 and Level 3 relating to these assets during the years ended March 31, 2014 and 2015 were not significant. Cash Flows Nomura expects to contribute approximately ¥5,918 million to Japanese entities’ plans in the year ending March 31, 2016. Nomura policy is to contribute annual amounts based on the relevant local funding requirements of the plans. The following table presents the expected benefit payments of Japanese entities’ plans during the next five fiscal years and in aggregate for the five fiscal years thereafter. Year ending March 31 Millions of yen 2016 ¥ 12,191 2017 14,115 2018 14,606 2019 14,769 2020 13,672 2021-2025 69,034 Defined contribution pension plans— In addition to defined benefit pension plans, the Company, NSC and other Japanese and non-Japanese subsidiaries have defined contribution pension plans. Nomura contributed ¥3,600 million, ¥3,425 million and ¥3,488 million to defined contribution pension plans for Japanese entities’ plans for the years ended March 31, 2013, 2014 and 2015, respectively. The contributions to overseas defined contribution pension plans were ¥7,448 million, ¥8,667 million and ¥10,382 million for the years ended March 31, 2013, 2014 and 2015, respectively. Health care benefits— The Company and certain subsidiaries provide certain health care benefits to both active and retired employees through NSHIS. The Company and certain subsidiaries also sponsor certain health care benefits to retired employees (“Special Plan”) and who participate in the Special Plan on a pay-all basis, i.e., by requiring a retiree contribution based on the estimated per capita cost of coverage. The Special Plan is a multi-employer post-retirement plan because it is jointly administered by NSHIS and the Japanese government, and the funded status of it is not computed separately. Therefore, although the Company and certain subsidiaries contribute some portion of the cost of retiree health care benefits not covered through retiree contributions, the Company and certain subsidiaries do not reserve for future costs. The health care benefit costs, which are equivalent to the required contribution, amounted to ¥7,434 million, ¥6,834 million and ¥7,116 million for the years ended March 31, 2013, 2014 and 2015, respectively. |
Deferred compensation plans
Deferred compensation plans | 12 Months Ended |
Mar. 31, 2015 | |
Deferred compensation plans | |
Deferred compensation plans | 13. Deferred compensation plans: Nomura issues compensation awards to senior management and other employees, certain of which are linked to the price of the Company’s common stock, in order to retain and motivate key staff. These stock-based compensation awards comprise Plan A and Plan B Stock Acquisition Rights (“SARs”), Notional Stock Units (“NSUs”), Collared Notional Stock Units (“CSUs”) and Multi-Year Performance Deferral Awards (“MYPD awards”). SAR Plan A awards are awards of stock options while SAR Plan B awards, NSUs and CSUs are analogous to awards of restricted common stock. MYPD awards are performance-based incentive awards for senior management and senior employees linked to the profitability of Nomura. The Company also issues other deferred compensation awards, namely Notional Index Units (“NIUs”) which are linked to a world stock index quoted by Morgan Stanley Capital International. Certain deferred awards granted during and after the year ended March 31, 2014 include “Full Career Retirement” provisions which permit recipients of the awards to continue to vest in the awards upon voluntary termination if certain criteria based on corporate title and length of service within Nomura are met. SAR Plan A awards The Company issues SAR Plan A awards linked to the price of the Company’s common stock pursuant to several stock option plans. These awards vest and are exercisable into the Company’s common stock approximately two years after grant date, expire approximately seven years after grant date, and are subject to forfeiture on voluntary termination of employment or involuntary termination for cause. The exercise price is generally not less than the fair value of the Company’s common stock on grant date. The grant date fair value of SAR Plan A awards is estimated using a Black-Scholes option-pricing model and using the following assumptions: • Expected volatilities based on historical volatility of the Company’s common stock; • Expected dividend yield based on the current dividend rate at the time of grant; • Expected lives of the awards determined based on historical experience; and • Expected risk-free interest rate based on Japanese Yen swap rate with a maturity equal to the expected lives of the options. The weighted-average grant date fair value of SAR Plan A awards granted during the years ended March 31, 2013, 2014 and 2015 was ¥78, ¥272 and ¥201 per share, respectively. The weighted-average assumptions used in each of these years were as follows. Year ended March 31 2013 2014 2015 Expected volatility 43.11 % 45.97 % 45.26 % Expected dividends yield 2.12 % 1.00 % 2.39 % Expected lives (in years) 7 7 7 Risk-free interest rate 0.45 % 0.51 % 0.43 % The following table presents activity relating to SAR Plan A awards for the year ended March 31, 2015. Outstanding Weighted-average Weighted-average Outstanding as of March 31, 2014 15,959,500 ¥ 791 3.8 Granted 2,728,500 747 Exercised (1,073,200 ) 328 Forfeited (59,400 ) 883 Expired (1,906,000 ) 1,874 Outstanding as of March 31, 2015 15,649,400 ¥ 683 3.8 Exercisable as of March 31, 2015 10,223,600 ¥ 624 2.5 The total intrinsic value of SAR Plan A awards exercised during the years ended March 31, 2013, 2014 and 2015 was ¥2 million, ¥591 million and ¥401 million, respectively. The aggregate intrinsic value of SAR Plan A awards outstanding and exercisable as of March 31, 2015 was ¥2,068 million and ¥2,068 million, respectively. As of March 31, 2015, total unrecognized compensation cost relating to SAR Plan A awards was ¥647 million which is expected to be recognized over a weighted average period of 1.5 years. The total fair value of SAR Plan A awards which vested during the years ended March 31, 2013, 2014 and 2015 was ¥0 million, ¥1,403 million and ¥1,211 million, respectively. SAR Plan B awards The Company issues SAR Plan B awards linked to the price of the Company’s common stock pursuant to several stock unit plans. These awards vest and are exercisable into the Company’s common stock approximately six months to five years after grant date, expire approximately five and half an year to ten years after grant date and are subject to forfeiture on voluntary termination of employment or involuntary termination for cause. The exercise price is a nominal ¥1 per share. The grant date fair value of SAR Plan B awards is determined using the price of the Company’s common stock. The following table presents activity relating to SAR Plan B awards for the year ended March 31, 2015. Outstanding Weighted-Average Weighted-average Outstanding as of March 31, 2014 92,621,100 ¥ 474 5.3 Granted (1) 44,339,900 483 Exercised (35,387,800 ) 471 Forfeited (1,176,500 ) 498 Expired (7,700 ) 2,358 Outstanding as of March 31, 2015 100,389,000 ¥ 478 5.4 Exercisable as of March 31, 2015 22,668,800 ¥ 453 3.5 (1) SAR Plan B awards granted during the year ended March 31, 2015 include awards granted through MYPD awards. These awards relate to a total of 18,315,000 outstanding Nomura shares with a weighted average grant date fair value of ¥298 per share. The weighted-average grant date fair value per share for the years ended March 31, 2013, 2014 and 2015 was ¥298, ¥782 and ¥483, respectively. The total intrinsic value of SAR Plan B awards exercised during the years ended March 31, 2013, 2014 and 2015 was ¥15,299 million, ¥33,951 million and ¥23,673 million, respectively. The aggregate intrinsic value of SAR Plan B awards outstanding and exercisable as of March 31, 2015 (including those granted through MYPD awards) was ¥70,794 million and ¥15,986 million, respectively. As of March 31, 2015, total unrecognized compensation cost relating to SAR Plan B awards (including those granted through MYPD awards) was ¥5,902 million which is expected to be recognized over a weighted average period of 1.7 years. The total fair value of SAR Plan B awards which vested during the years ended March 31, 2013, 2014 and 2015 was ¥3,624 million, ¥34,943 million and ¥27,662 million, respectively. Total compensation expense recognized within Non-interest expenses—Compensation and benefits Cash received from the exercise of SAR Plan A and SAR Plan B awards during the year ended March 31, 2015 was ¥387 million and the tax benefit realized from exercise of these awards was ¥2,620 million. NSU and CSU awards NSUs and CSUs are cash-settled awards linked to the price of the Company’s common stock. NSUs and CSUs generally have graded vesting period of approximately five years from grant date, and are subject to forfeiture on voluntary termination of employment or involuntary termination for cause. NSUs replicate the key features of SAR Plan B awards described above but are settled in cash rather than exercisable into the Company’s common stock. CSUs are similar to NSUs but exposure of the employee to movements in the price of the Company’s common stock is subject to a cap and floor. The fair value of NSUs and CSUs are determined using the price of the Company’s common stock. The following table presents activity related to NSUs and CSUs for the year ended March 31, 2015. NSUs CSUs Outstanding Stock Outstanding Stock Outstanding as of March 31, 2014 51,695,211 ¥ 652 50,697,928 ¥ 429 Granted (1) 29,845,622 623 (2) 23,863,468 674 (2) Vested (31,829,763 ) 632 (3) (31,863,838 ) 495 (3) Forfeited (1,591,537 ) (1,516,480 ) Outstanding as of March 31, 2015 48,119,533 ¥ 693 (4) 41,181,078 ¥ 524 (4) (1) NSUs granted during the year ended March 31, 2015 include awards granted through MYPD awards. A total of 5,389,800 NSU units were granted with a weighted-average grant date fair value of ¥615 per share. (2) Weighted-average price of the Company’s common stock used to determine number of awards granted. (3) Weighted-average price of the Company’s common stock used to determine the final cash settlement amount of the awards. (4) The price of the Company’s common stock used to remeasure the fair value of the remaining outstanding unvested awards as of March 31, 2015. Total compensation expense recognized within Non-interest expenses—Compensation and benefits Total unrecognized compensation cost relating to NSUs (including NSUs granted through MYPD awards), based on the fair value of these awards as of March 31, 2015, was ¥4,144 million, which is expected to be recognized through the consolidated statements of income over a remaining weighted-average period of 0.9 years. The total fair value of NSUs which vested during the years ended March 31, 2013, 2014 and 2015 was ¥14,045 million, ¥23,066 million and ¥20,116 million, respectively. Total unrecognized compensation cost relating to CSUs, based on the fair value of these awards as of March 31, 2015, was ¥4,360 million, which is expected to be recognized through the consolidated statements of income over a remaining weighted-average period of 1.0 years. The total fair value of CSUs which vested during the years ended March 31, 2013, 2014 and 2015 was ¥10,959 million, ¥17,868 million and ¥15,762 million, respectively. MYPD awards During the year ended March 31, 2013, Nomura issued MYPD awards, which were performance-based incentive awards for senior management and employees. Under the terms of the award, notional performance units were granted which were linked to the profitability of Nomura and specific business segments over a cumulative two year performance period which ended on March 31, 2014. At the end of the performance period, the notional performance units would be converted into a pre-determined amount of SAR Plan B awards or NSUs depending on the extent to which profitability targets were met. MYPD awards are subject to forfeiture on voluntary termination of employment or involuntary termination for cause. In June 2014, all outstanding notional performance units were converted into SAR Plan B awards and NSUs. The following table presents activity relating to MYPD awards for the year ended March 31, 2015. Outstanding Weighted Average Outstanding as of March 31, 2014 (1) 25,766,250 ¥ 298 Forfeited (2,061,450 ) Converted to SAR Plan B awards and NSUs (2) (23,704,800 ) 298 Outstanding as of March 31, 2015 — ¥ — (1) Based on the probable number of SAR Plan B awards and NSUs which were expected to be issued on conversion of notional performance units at the end of the performance period. (2) Represents the actual number of SAR Plan B awards and NSUs which were granted on conversion of notional performance units during the year. Total compensation expense recognized in the consolidated statements of income within Non-interest expenses—Compensation and benefits Non-interest expenses-Compensation and benefits Total related tax benefits recognized in the consolidated statements of income for compensation expenses relating to SAR Plan A awards, SAR Plan B awards (including SAR Plan B awards issued through MYPD awards) for the years ended March 31, 2013, 2014 and 2015 were ¥1,081 million, ¥1,992 million and ¥1,422 million, respectively. The dilutive effect of outstanding compensation plans is included in the weighted average number of shares outstanding used in diluted EPS computations. NIU awards In addition to the stock-based compensation awards described above, Nomura also grants NIUs to certain senior management and employees. NIUs are cash-settled awards linked to a world stock index quoted by Morgan Stanley Capital International, have graded vesting period of approximately five years from grant date, and are subject to forfeiture on voluntary termination of employment or involuntary termination for cause. The fair value of NIUs is determined using the price of the index. The following table presents activity relating to NIUs for the year ended March 31, 2015. Outstanding Index price (1) Outstanding as of March 31, 2014 37,102,579 $ 4,354 Granted 23,536,020 4,501 (2) Vested (25,680,065 ) 4,601 (3) Forfeited (1,511,292 ) Outstanding as of March 31, 2015 33,447,242 $ 4,650 (4) (1) The price of each unit is determined using 1/1000th of the index price. (2) Weighted-average index price used to determine number of awards granted. (3) Weighted-average index price used to determine the final cash settlement amount of the awards. (4) Index price used to remeasure the total fair value of the remaining outstanding unvested awards as of March 31, 2015. Total compensation expense recognized within Non-interest expenses—Compensation and benefits Total unrecognized compensation cost relating to NIUs, based on the fair value of these awards as of March 31, 2015, was ¥2,926 million which is expected to be recognized through the consolidated statements of income over a remaining weighted-average period of 1.0 years. The total fair value of NIUs which vested during the years ended March 31, 2013, 2014 and 2015 was ¥8,224 million, ¥14,651 million and ¥12,966 million, respectively. Total tax benefits recognized in the consolidated statements of income for compensation expense relating to NSUs, CSUs and NIUs for the years ended March 31, 2013, 2014 and 2015 were ¥1,773 million, ¥1,767 million and ¥1,252 million, respectively. Subsequent events On May 18, 2015, the Company adopted a resolution to issue SAR Plan B awards to senior management and employees of the Company and its subsidiaries. The Company granted total of 255,813 SAR Plan B awards on June 5, 2015 which represents a right to acquire 25,581,300 shares of the Company. The exercise price is a nominal ¥1 per share, the vesting period of these awards ranges from approximately six months to three years from grant date and these awards can be exercised up to five years after vesting date. In May 2015, Nomura also granted NSUs, CSUs and NIUs to certain senior management and employees. These awards have a total grant date fair value of ¥41 billion and a vesting period of up to three years. All of these awards include “Full Career Retirement” (“FCR”) provisions which permit recipients of the awards to continue to vest in the awards upon voluntary termination if certain criteria based on corporate title and length of service within Nomura are met. Awards delivered in May 2015 in respect of the performance year ended March 31, 2015 include similar FCR provisions, however the ability of the recipient to claim FCR in the first year of the award is now limited to a pre-defined election window which closes at June 25. |
Restructuring initiatives
Restructuring initiatives | 12 Months Ended |
Mar. 31, 2015 | |
Restructuring initiatives | |
Restructuring initiatives | 14. Restructuring initiatives: During the second quarter of the year ended March 31, 2013, Nomura undertook a restructuring initiative focusing on its Wholesale Division to revise business models and increase business efficiencies. This restructuring initiative was completed during the year ended March 31, 2015. As a result of this restructuring initiative, Nomura recognized ¥2,650 million of restructuring costs in the consolidated statements of income during the year ended March 31, 2014, and ¥nil during the year ended March 31, 2015. A cumulative total of ¥18,238 million of restructuring costs was recognized as of March 31, 2015. These restructuring costs were primarily reported within Non-interest expenses—Compensation and benefits |
Income taxes
Income taxes | 12 Months Ended |
Mar. 31, 2015 | |
Income taxes | |
Income taxes | 15. Income taxes: The following table presents components of Income tax expense Millions of yen Year ended March 31 2013 2014 2015 Current: Domestic ¥ 71,918 ¥ 21,558 ¥ 80,760 Foreign 6,164 6,546 13,531 Subtotal 78,082 28,104 94,291 Deferred: Domestic 55,257 109,037 23,309 Foreign (1,300 ) 8,024 3,180 Subtotal 53,957 117,061 26,489 Total ¥ 132,039 ¥ 145,165 ¥ 120,780 The income tax benefit recognized from operating losses for the years ended March 31, 2013, 2014 and 2015 was ¥2,944 million, ¥26,990 million and ¥3,888 million, respectively, included within deferred income tax expense above. The Company and its wholly-owned domestic subsidiaries have adopted the consolidated tax filing system permitted under Japanese tax law. The consolidated tax filing system is permitted only for a national tax. As a result of revisions to domestic tax laws during the third quarter ended December 31, 2011 and the fourth quarter ended March 31, 2014, Nomura’s domestic effective statutory tax rate was approximately 38% for the fiscal years ended March 31, 2013 and March 31, 2014, and decreased to approximately 36% for the fiscal year ended March 31, 2015. On March 31, 2015, the “Act to partially revise the Income Tax Act and Others” (Act No.9 of 2015) (“Act 9”) and “Act to partially revise the Local Tax Act and Others” (Act No.2 of 2015) (“Act 2”) were enacted. Under Act 2 and Act 9, effective for fiscal years beginning on or after April 1, 2015, Nomura’s effective statutory tax rate will decrease from approximately 36% to 33% and will decrease to approximately 32% for fiscal years beginning on or after April 1, 2016. Furthermore, use of operating loss carryforwards as a deduction for tax purposes will be limited to 65% of current year taxable income for fiscal years beginning on or after April 1, 2015 and will be 50% for fiscal years beginning on or after April 1, 2017. As a result of these future changes, which affect the applicable tax rate used to determine deferred tax assets and liabilities, net deferred tax liabilities decreased by ¥4,674 million as of March 31, 2015 and deferred income tax expenses decreased by the same amount for the year ended March 31, 2015. Foreign subsidiaries are subject to income taxes of the countries in which they operate. The relationship between income tax expense and pretax accounting income (loss) is affected by a number of items, including various tax credits, certain revenues not subject to income taxes, certain expenses not deductible for income tax purposes, changes in deferred tax valuation allowance and different enacted tax rates applicable to foreign subsidiaries. The following table presents a reconciliation of the effective income tax rate reflected in the consolidated statements of income to Nomura’s effective statutory tax rate for the years ended March 31, 2013, 2014 and 2015. Year ended March 31 2013 2014 2015 Nomura’s effective statutory tax rate 38.0 % 38.0 % 36.0 % Impact of: Changes in deferred tax valuation allowance (0.7 ) (9.8 ) 5.1 Additional taxable revenues 1.5 0.4 0.3 Non-deductible expenses 12.9 7.7 5.9 Non-taxable revenue (9.3 ) (8.0 ) (4.7 ) Dividends from foreign subsidiaries 0.2 — 0.0 Tax effect of undistributed earnings of foreign subsidiaries 0.2 3.5 0.0 Different tax rate applicable to income (loss) of foreign subsidiaries 10.0 6.3 (1.4 ) Effect of changes in domestic tax laws 0.9 0.6 (1.4 ) Expiration of loss carryforwards 1.3 0.7 0.0 Tax benefit recognized on the devaluation of investment in subsidiaries and affiliates — 1.4 — Other 0.5 (0.7 ) (5.0 ) Effective tax rate 55.5 % 40.1 % 34.8 % The following table presents the significant components of deferred tax assets and liabilities as of March 31, 2014 and 2015, before offsetting of amounts which relate to the same tax-paying component within a particular tax jurisdiction. Millions of yen March 31 2014 2015 Deferred tax assets Depreciation, amortization and valuation of fixed assets ¥ 12,604 ¥ 14,692 Investments in subsidiaries and affiliates 54,678 33,553 Valuation of financial instruments 46,321 56,566 Accrued pension and severance costs 7,850 10,335 Other accrued expenses and provisions 102,922 123,567 Operating losses 437,899 466,531 Other 3,991 4,356 Gross deferred tax assets 666,265 709,600 Less—Valuation allowance (490,603 ) (565,103 ) Total deferred tax assets 175,662 144,497 Deferred tax liabilities Investments in subsidiaries and affiliates 107,020 109,087 Valuation of financial instruments 54,524 56,808 Undistributed earnings of foreign subsidiaries 736 735 Valuation of fixed assets 21,204 20,644 Other 4,899 8,670 Total deferred tax liabilities 188,383 195,944 Net deferred tax assets (liabilities) ¥ (12,721 ) ¥ (51,447 ) After offsetting deferred tax assets and liabilities which relate to the same tax-paying component within a particular tax jurisdiction, net deferred tax assets reported within Other assets—Other Other liabilities As of March 31, 2015, no deferred tax liabilities have been recognized for undistributed earnings of foreign subsidiaries totaling ¥2,853 million which are not expected to be remitted in the foreseeable future. It is not practicable to determine the amount of income taxes payable in the event all such foreign earnings are repatriated. The following table presents changes in the total valuation allowance established against deferred tax assets for the years ended March 31, 2013, 2014 and 2015. Millions of yen Year ended March 31 2013 2014 2015 Balance at beginning of year ¥ 490,986 ¥ 522,220 ¥ 490,603 Net change during the year 31,234 (1) (31,617 ) (2) 74,500 (3) Balance at end of year 522,220 490,603 565,103 (1) Primarily includes ¥52,862 million of additional full valuation allowances established by certain foreign subsidiaries against additional operating loss carryforwards generated during the period as a result of additional taxable losses being incurred by such subsidiaries, ¥1,275 million of additional valuation allowances established against deferred tax assets of certain Japanese subsidiaries and the Company, offset by a reduction of ¥22,903 million of valuation allowances relating to the deconsolidation of NREH. In total, ¥31,234 million of allowances increased for the year ended March 31, 2013. (2) Primarily includes ¥29,134 million of additional full valuation allowances established by certain foreign subsidiaries against additional operating loss carryforwards generated during the period as a result of additional taxable losses being incurred by such subsidiaries, offset by a reduction of ¥47,263 million of valuation allowances related to the liquidation of certain foreign subsidiaries and a reduction of ¥ 13,488 million of valuation allowances established by the Company and domestic subsidiaries because of changes in the expected realization of deferred tax assets other than those related to operating loss carryforwards. In total, ¥31,617 million of allowances decreased for the year ended March 31, 2014. (3) Primarily includes ¥85,403 million of additional full valuation allowances established by certain foreign subsidiaries against additional operating loss carryforwards generated during the period as a result of additional taxable losses being incurred by such subsidiaries, offset by a reduction of ¥2,921 million of valuation allowances of certain foreign subsidiaries and a reduction of ¥7,982 million related to Japanese subsidiaries and the Company because of decrease in valuation allowances related to operating loss carryforwards due to the effect of changes in domestic tax laws. In total, ¥74,500 million of allowances increased for the year ended March 31, 2015. As of March 31, 2015, total operating loss carryforwards were ¥2,099,334 million, which included ¥589,272 million relating to the Company and domestic subsidiaries, ¥742,535 million relating to foreign subsidiaries in the United Kingdom, ¥484,573 million relating to foreign subsidiaries in the United States, ¥202,806 million relating to foreign subsidiaries in Hong Kong, and ¥80,148 million relating to foreign subsidiaries in other tax jurisdictions. Of this total amount, ¥1,021,835 million can be carried forward indefinitely, ¥760,972 million expires by March 31, 2024 and ¥316,527 million expires in later fiscal years. In determining the amount of valuation allowances to be established as of March 31, 2015, Nomura considered all available positive and negative evidence around the likelihood that sufficient future taxable income will be generated to realize the deferred tax assets in the relevant tax jurisdiction of the Company, its domestic subsidiaries and foreign subsidiaries. In Japan and other tax jurisdictions where domestic and foreign subsidiaries have experienced cumulative operating losses in recent years, these losses provided the most verifiable negative evidence available and outweigh positive evidence. While Nomura has considered certain future tax planning strategies as a potential source of future taxable income, no such strategies have been relied upon as positive evidence resulting in the reduction of valuation allowances in any major tax jurisdiction in which Nomura operates as of March 31, 2013, 2014 and 2015. In addition, valuation allowances have not been reduced in any of these periods as a result of changing the weighting applied to positive or negative evidence in any of the major tax jurisdictions in which Nomura operates. The total amount of unrecognized tax benefits was not significant as of March 31, 2013, 2014 and 2015. There were also no significant movements of the gross amounts in unrecognized tax benefits and the amount of interest and penalties recognized due to the unrecognized tax benefits during the years ended March 31, 2013, 2014 and 2015. Nomura is under continuous examination by the Japanese National Tax Agency and other taxing authorities in the major jurisdictions in which Nomura operates. Nomura regularly assesses the likelihood of additional assessments in each tax jurisdiction and the impact on these consolidated financial statements. It is reasonably possible that there may be a significant increase in unrecognized tax benefits within 12 months of March 31, 2015. Quantification of an estimated range cannot be made at this time due to the uncertainty of the potential outcomes. However, Nomura does not expect that any change in the gross balance of unrecognized tax benefits would have a material effect on its financial condition. Nomura operates in multiple tax jurisdictions, and faces audits from various taxing authorities regarding many issues including, but not limited to, transfer pricing, the deductibility of certain expenses, foreign tax credits and other matters. The table below presents information regarding the earliest year in which Nomura remains subject to examination in the major jurisdictions in which Nomura operates as of March 31, 2015. Under Hong Kong Special Administrative Region (“Hong Kong”) tax law, the statute of limitation does not apply if an entity incurs taxable losses and is therefore not included in the table. Jurisdiction Year Japan 2010 (1) United Kingdom 2014 United States 2012 (1) The earliest year in which Nomura remains subject to examination for transfer pricing issues is 2009. |
Other comprehensive income
Other comprehensive income | 12 Months Ended |
Mar. 31, 2015 | |
Accumulated other comprehensive income (loss) | |
Accumulated other comprehensive income (loss) | 16. Other comprehensive income (loss): The following tables present changes in Accumulated other comprehensive income (loss) Millions of yen For the year ended March 31, 2014 Balance at Other Reclassifications out of Net change Balance at Cumulative translation adjustments ¥ (38,875 ) ¥ 66,707 ¥ (128 ) ¥ 66,579 ¥ 27,704 Pension liability adjustment (28,518 ) 8,708 1,001 9,709 (18,809 ) Net unrealized gain on non-trading securities 9,998 3,342 (1,599 ) 1,743 11,741 Total ¥ (57,395 ) ¥ 78,757 ¥ (726 ) ¥ 78,031 ¥ 20,636 Millions of yen For the year ended March 31, 2015 Balance at Other Reclassifications out of Net change Balance at Cumulative translation adjustments ¥ 27,704 ¥ 110,679 ¥ (5,012 ) ¥ 105,667 ¥ 133,371 Pension liability adjustment (18,809 ) 2,768 637 3,405 (15,404 ) Net unrealized gain on non-trading securities 11,741 16,588 (2,557 ) 14,031 25,772 Total ¥ 20,636 ¥ 130,035 ¥ (6,932 ) ¥ 123,103 ¥ 143,739 The following tables present significant reclassifications out of Accumulated other comprehensive income (loss) Millions of yen For the year ended March 31 2014 2015 Affected line items in consolidated Reclassifications out of Reclassifications out of Cumulative translation adjustments: ¥ 128 ¥ 5,995 Revenue—Other — (983 ) Income tax expense 128 5,012 Net income — — Net income attributable to noncontrolling interests ¥ 128 ¥ 5,012 Net income attributable to NHI shareholders Millions of yen For the year ended March 31 2014 2015 Affected line items in Reclassifications out of Reclassifications out of Net unrealized gain on non-trading securities: ¥ 4,220 ¥ 4,879 Revenue—Other (2,065 ) (1,481 ) Income tax expense 2,155 3,398 Net income (556 ) (841 ) Net income attributable to noncontrolling interests ¥ 1,599 ¥ 2,557 Net income attributable to NHI shareholders See Note 5 “Non-trading Securities” |
Shareholders' equity
Shareholders' equity | 12 Months Ended |
Mar. 31, 2015 | |
Shareholders' equity | |
Shareholders' equity | 17. Shareholders’ equity: The following table presents changes in shares of the Company’s common stock outstanding for the years ended March 31, 2013, 2014 and 2015. Number of Shares Year ended March 31 2013 2014 2015 Common stock outstanding at beginning of year 3,663,483,895 3,710,960,252 3,717,630,462 Common stock held in treasury: Repurchases of common stock (19,209 ) (40,054,831 ) (155,232,995 ) Sales of common stock 601 1,920,457 5,251 Common stock issued to employees 47,335,900 44,689,800 36,461,000 Other net change in treasury stock 159,065 114,784 1,495 Common stock outstanding at end of year 3,710,960,252 3,717,630,462 3,598,865,213 The amount available for dividends and acquisition of treasury stock is subject to restrictions imposed by the Companies Act. Additional paid-in capital and retained earnings include amounts which the Companies Act prohibits for the use of dividends and acquisition of treasury stock. As of March 31, 2013, 2014 and 2015, the amounts available for distributions were ¥538,021 million, ¥583,354 million and ¥735,394 million, respectively. These amounts are based on the amounts recorded in the Company’s unconsolidated financial statements maintained in accordance with accounting principles and practices prevailing in Japan. U.S. GAAP adjustments incorporated in these consolidated financial statements but not recorded in the Company’s unconsolidated financial statements have no effect on the determination of the amounts available for distributions under the Companies Act. Retained earnings include Nomura’s share of investee undistributed earnings which have been accounted for under the equity method, in the amount of ¥125,944 million, ¥136,112 million and ¥164,311 million as of March 31, 2013, 2014 and 2015, respectively. Dividends on the Company’s common stock per share were ¥8.0 for the year ended March 31, 2013, ¥17.0 for the year ended March 31, 2014 and ¥19.0 for the year ended March 31, 2015. The change in common stock held in treasury includes the change in common stock issued to employees under stock-based compensation plans, common stock sold to enable shareholders to hold round lots of the 100 share minimum tradable quantity (adding-to-holdings requests) or common stock acquired to create round lots or eliminate odd lots. Common stock held in treasury also includes, as of March 31, 2013, 2014 and 2015, 1,257,966 shares, or ¥2,161 million, 1,143,181 shares, or ¥2,120 million, and 1,141,686 shares, or ¥2,017 million, respectively, held by affiliated companies. Subsequent Events On May 19, 2015, the board of directors approved a resolution to set up a share buyback program, pursuant to the Company’s articles of incorporation set out in accordance with Article 459-1 of the Companies Act as follows: (a) total number of shares authorized for repurchase is up to 25,000,000 shares, (b) total value of shares authorized for repurchase is up to ¥20 billion and (c) the share buyback program will run from May 20, 2015, to July 28, 2015. Under this buyback program from May 20, 2015 to May 29, 2015, the Company repurchased 24,331,100 shares of common stock at a cost of ¥19,977 million. This completes the share buyback program. |
Regulatory requirements
Regulatory requirements | 12 Months Ended |
Mar. 31, 2015 | |
Regulatory requirements | |
Regulatory requirements | 18. Regulatory requirements: In April 2011, the Company has been assigned as Final Designated Parent Company who must calculate a consolidated capital adequacy ratio and since then, our consolidated capital adequacy ratio has been calculated based on Capital Adequacy Notice on Final Designated Parent Company. The Capital Adequacy Notice on Final Designated Parent Company has been revised in line with Basel 2.5 and Basel III and Nomura has calculated a Basel III-based consolidated capital adequacy ratio since March 2013. In accordance with Article 2 of the Capital Adequacy Notice on Final Designated Parent Company, Nomura’s consolidated capital adequacy ratio is calculated based on the amounts of common equity Tier 1 capital, Tier 1 capital, total capital, credit risk-weighted assets, market risk and operational risk. As of March 31, 2014 and March 31, 2015, the Company was in compliance with common equity Tier1 capital ratio, Tier 1 capital ratio and consolidated capital adequacy ratio requirements set out in the Capital Adequacy Notice on Final Designated Parent Company. The required level as of March 31, 2015 was 4.5% for the common equity Tier 1 capital ratio, 6.0% for the Tier 1 capital ratio and 8.0% for the consolidated capital adequacy ratio. Under the Financial Instruments and Exchange Act (“FIEA”), NSC and NFPS are subject to the capital adequacy rules of the FSA. These rules requires the maintenance of a capital adequacy ratio, which is defined as the ratio of adjusted capital to a quantified total of business risk, of not less than 120%. Adjusted capital is defined as net worth (which includes shareholders’ equity, net unrealized gains and losses on securities held, reserves and subordinated debt) less illiquid assets. Business risks are divided into three categories: (1) market risks, (2) counterparty risks, and (3) basic risks. Under these rules, there are no restrictions on the operations of the companies provided that the resulting net capital adequacy ratio exceeds 120%. As of March 31, 2014 and 2015, the capital adequacy ratio of NSC exceeded 120%. Also, as of March 31, 2014 and 2015, the capital adequacy ratio of NFPS also exceeded 120%. Financial Instruments Firms in Japan are required to segregate cash deposited by clients in connection with securities transactions under the FIEA. As of March 31, 2014 and 2015, NSC segregated debt securities with a market value of ¥456,070 million and ¥433,011 million and equity securities with a market value of ¥7,656 million and ¥nil, respectively, which were either included in Trading assets In the U.S., Nomura Securities International, Inc. (“NSI”) is registered as a broker-dealer under the Securities Exchange Act of 1934 and as a futures commission merchant with the Commodity Futures Trading Commission (“CFTC”). NSI is also regulated by self-regulatory organizations, such as the Financial Industry Regulatory Authority (“FINRA”) and the Chicago Mercantile Exchange Group as its designated self-regulatory organization. NSI is subject to the SEC’s Uniform Net Capital Rule (“Rule 15c3-1”) and other related rules, which require net capital, as defined under the alternative method, of not less than the greater of $1,000,000 or 2% of aggregate debit items arising from client transactions. NSI is also subject to CFTC Regulation 1.17 which requires the maintenance of net capital of 8% of the total risk margin requirement, as defined, for all positions carried in client accounts and nonclient accounts or $1,000,000, whichever is greater. NSI is required to maintain net capital in accordance with the SEC, CFTC, or other various exchange requirements, whichever is greater. Another U.S. subsidiary, Nomura Global Financial Products Inc. (“NGFP”) is registered as an OTC Derivatives Dealer under the Securities Exchange Act of 1934. NGFP is subject to Rule 15c3-1 and applies Appendix F. NGFP is required to maintain net capital of $20,000,000 in accordance with the SEC. Another U.S. subsidiary, Instinet, LLC (“ILLC”) is a broker-dealer registered with the SEC and is a member of FINRA. Further, ILLC is an introducing broker registered with the CFTC and a member of the National Futures Association and various other exchanges. ILLC is subject to Rule 15c3-1 which requires the maintenance of minimum net capital, as defined under the alternative method, equal to the greater of $1,000,000, 2% of aggregate debit items arising from client transactions, or the CFTC minimum requirement. Under CFTC rules, ILLC is subject to the greater of the following when determining its minimum net capital requirement: $45,000 minimum net capital required as a CFTC introducing broker; the amount of adjusted net capital required by a futures association of which it is a member; and the amount of net capital required by Rule 15c3-1(a). As of March 31, 2014 and 2015, NSI, NGFP and ILLC were in compliance with relevant regulatory capital related requirements. In Europe, Nomura Europe Holdings plc (“NEHS”) is regulated on a consolidated basis by the Prudential Regulation Authority in the U.K., which imposes minimum capital adequacy requirements on NEHS. Nomura International plc (“NIP”), the most significant of NEHS’ subsidiaries, acts as a securities brokerage and dealing business. NIP is regulated and has minimum capital adequacy requirements imposed on it on a standalone basis by the Prudential Regulation Authority in the U.K. Nomura Bank International plc (“NBI”), another subsidiary of NEHS, is also regulated by the Prudential Regulation Authority in the U.K. on a standalone basis. As of March 31, 2014 and 2015, NEHS, NIP and NBI were in compliance with relevant regulatory capital related requirements. In Asia, Nomura International (Hong Kong) Limited (“NIHK”) and Nomura Singapore Ltd (“NSL”) are regulated by their local respective regulatory authorities. NIHK is licensed by the Securities and Futures Commission in Hong Kong to carry out regulated activities including dealing in securities and futures contracts, and advising on securities, futures contracts and corporate finance. With effect from April 22, 2013, NIHK assumed from its fellow subsidiary, Nomura Securities (Hong Kong) Ltd, the roles of exchange participant and options trading exchange participant on the Stock Exchange of Hong Kong Ltd., futures commission merchant at the Hong Kong Futures Exchange Ltd. and clearing participant on the Hong Kong Securities Clearing Co. Ltd., the SEHK Options Clearing House Ltd. and HKFE Clearing Corporation Ltd. NIHK has a branch located in Taiwan which is also regulated by its local regulators. Activities of NIHK including its branch are subject to the Securities and Futures (Financial Resources) Rules which require it, at all times, to maintain liquid capital at a level not less than its required liquid capital. Liquid capital is the amount by which liquid assets exceed ranking liabilities. Required liquid capital is calculated in accordance with provisions laid down in the Securities and Futures (Financial Resources) Rules. NSL is a merchant bank with an Asian Currency Unit (“ACU”) license governed by the Monetary Authority of Singapore (“MAS”). NSL carries out its ACU regulated activities including, among others, securities brokerage and dealing business. The regulations require NSL to maintain a minimum capital of SGD15 million. NSL is regulated and has minimum capital adequacy requirements imposed on it on a standalone basis by the MAS in Singapore. As of March 31, 2014 and 2015, NIHK and NSL were in compliance with relevant regulatory capital related requirements. |
Affiliated companies and other
Affiliated companies and other equity-method investees | 12 Months Ended |
Mar. 31, 2015 | |
Affiliated companies and other equity-method investees | |
Affiliated companies and other equity-method investees | 19. Affiliated companies and other equity-method investees: Nomura’s significant affiliated companies and other equity-method investees include JAFCO Co., Ltd. (“JAFCO”), NRI and NREH. JAFCO JAFCO, which is a listed company in Japan, manages various venture capital funds and provides private equity-related investment services to portfolio companies. In March 2014, the Company sold 2,200,000 shares of JAFCO. Nomura’s ownership of JAFCO decreased from 24.4% as of March 31, 2013 to 19.4% as a result of the sale. Nomura continues to account for JAFCO using the equity method because Nomura still has the ability to exercise significant influence over operating and financial decisions of JAFCO. As of March 31, 2015, Nomura’s ownership of JAFCO was 19.5% and there was no remaining equity method goodwill included in the carrying amount of the investment. NRI NRI develops and manages computer systems and provides research services and management consulting services. One of the major clients of NRI is Nomura. As of March 31, 2015, Nomura’s ownership of NRI was 37.9 % and the remaining balance of equity method goodwill included in the carrying value of the investment was ¥57,210 million. Fortress Fortress Investment Group LLC (“Fortress”) is a global investment management firm. Fortress raises, invests and manages private equity funds, hedge funds and publicly traded alternative investment vehicles. The investment in Fortress was treated as an investment in a limited partnership and was accounted for by the equity method of accounting. On February 13, 2014, Fortress has repurchased all of Nomura’s ownership stake. As a result, Fortress is therefore no longer Nomura’s equity method investee. NREH NREH is the holding company of the Nomura Real Estate Group which is primarily involved in the residential property development, leasing, investment management as well as other real estate-related activities. NREH was a consolidated subsidiary of Nomura until March 2013. In March 2013, Nomura sold 32,040 thousand shares of NREH. As a result, Nomura’s voting interest fell to 34.0%. Since Nomura no longer maintained a controlling financial interest in NREH, NREH was deconsolidated and is now an affiliated company accounted for by the equity method. Revenue—Other Non-interest expenses—Other On deconsolidating NREH, a gain of ¥50,139 million, including unrealized gain of ¥38,468 million from Nomura’s remaining shares, was recognized which is reported in the consolidated statements of income within Revenue—Other As of March 31, 2015, Nomura’s ownership of NREH was 34.1% and the remaining balance of equity method goodwill included in the carrying value of the investment was ¥11,012 million. Summary financial information— A summary of financial information for JAFCO, NRI and NREH is as follows. Millions of yen March 31 2014 2015 Total assets ¥ 2,089,844 ¥ 2,268,874 Total liabilities 1,247,768 1,308,632 Millions of yen Year ended March 31 2013 (1) 2014 2015 Net revenues ¥ 143,193 ¥ 947,213 ¥ 781,110 Non-interest expenses 69,899 779,690 610,747 Net income attributable to the companies 48,706 87,261 119,838 (1) NREH has been accounted for using the equity method from March 2013. A summary of financial information for Fortress is as follows. Millions of yen Year ended March 31 2013 (1) 2014 (1) Net revenues ¥ 95,356 ¥ 144,349 Non-interest expenses 73,956 89,338 Net income (loss) attributable to the company 6,487 20,071 (1) Financial information for Fortress is as of its fiscal years ended December 31, 2012 and 2013, respectively. Nomura historically recognized its share of Fortress’s earnings on a three-month lag prior to its disposal in 2014. The following tables present a summary of balances and transactions with affiliated companies and other equity-method investees, except for lease transactions with NRI, which are disclosed in Note 8 “ Leases Millions of yen March 31 2014 2015 Investments in affiliated companies ¥ 339,637 ¥ 376,174 Advances to affiliated companies 5,797 2,104 Other receivables from affiliated companies 6,919 2,328 Other payables to affiliated companies 9,344 6,720 Millions of yen Year ended March 31 2013 2014 2015 Revenues ¥ 7,418 ¥ 411 ¥ 688 Non-interest expenses 48,755 57,687 48,176 Purchase of software, securities and tangible assets 55,099 26,655 26,772 The following table presents the aggregate carrying amount and fair value of investments in affiliated companies and other equity-method investees for which a quoted market price is available as of March 31, 2014 and 2015. Millions of yen March 31 2014 2015 Carrying amount ¥ 330,983 ¥ 362,984 Fair value 429,854 530,570 Equity in earnings of equity-method investees, including those above, was income of ¥18,597 million, income of ¥37,805 million and income of ¥43,028 million for the years ended March 31, 2013, 2014 and 2015, respectively. Equity in earnings of equity-method investees is reported within Revenue—Other |
Commitments, contingencies and
Commitments, contingencies and guarantees | 12 Months Ended |
Mar. 31, 2015 | |
Commitments, contingencies and guarantees | |
Commitments, contingencies and guarantees | 20. Commitments, contingencies and guarantees: Commitments— Credit and investment commitments In connection with its banking and financing activities, Nomura provides commitments to extend credit which generally have fixed expiration dates. In connection with its investment banking activities, Nomura enters into agreements with clients under which Nomura commits to underwrite notes that may be issued by the clients. The outstanding commitments under these agreements are included below in commitments to extend credit. Nomura has commitments to invest in various partnerships and other entities, primarily in connection with its merchant banking activities, and also has commitments to provide financing for investments related to these partnerships. The outstanding commitments under these agreements are included in commitments to invest in partnerships. Certain consolidated VIEs which are engaged in the aircraft leasing business have commitments to purchase aircraft. The outstanding commitments under these agreements are included in commitments to purchase aircraft. The following table presents a summary of the key types of outstanding commitments provided by Nomura as of March 31, 2014 and 2015. Millions of yen March 31 2014 2015 Commitments to extend credit ¥ 479,634 ¥ 421,526 Commitments to invest in partnerships 18,460 20,710 Commitments to purchase aircraft 4,409 — As of March 31, 2015, these commitments had the following maturities: Millions of yen Total Years to maturity Less than 1 to 3 3 to 5 More than Commitments to extend credit ¥ 421,526 ¥ 50,395 ¥ 74,747 ¥ 181,211 ¥ 115,173 Commitments to invest in partnerships 20,710 2,676 318 6,462 11,254 Commitments to purchase aircraft — — — — — The contractual amounts of these commitments to extend credit represent the amounts at risk should the contracts be fully drawn upon, should the counterparties default, and assuming the value of any existing collateral becomes worthless. The total contractual amount of these commitments may not represent future cash requirements since the commitments may expire without being drawn upon. The credit risk associated with these commitments varies depending on the clients’ creditworthiness and the value of collateral held. Nomura evaluates each client’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by Nomura upon extension of credit, is based on credit evaluation of the counterparty. Other commitments Purchase obligations for goods or services that include payments for construction-related, advertising, and computer and telecommunications maintenance agreements amounted to ¥15,901 million as of March 31, 2014 and ¥18,779 million as of March 31, 2015. Nomura has commitments under resale and repurchase agreements including amounts in connection with collateralized agreements and collateralized financing. These commitments amounted to ¥2,365 billion for resale agreements and ¥771 billion for repurchase agreements as of March 31, 2014 and ¥3,140 billion for resale agreements and ¥1,296 billion for repurchase agreements as of March 31, 2015. In Japan, there is a market in which participants lend and borrow debt and equity securities without collateral to and from financial institutions. Under these arrangements, Nomura had obligations to return debt and equity securities borrowed without collateral of ¥259 billion and ¥358 billion as of March 31, 2014 and 2015, respectively. As a member of various securities clearing houses and exchanges, Nomura may be required to assume a certain share of the financial obligations of another member who may default on its obligations to the clearing house or the exchange. These guarantees are generally required under the membership agreements. To mitigate these risks, exchanges and clearing houses often require members to post collateral. The potential for Nomura to make payments under such guarantees is deemed remote. Contingencies Investigations, lawsuits and other legal proceedings In the normal course of business as a global financial services entity, Nomura is involved in investigations, lawsuits and other legal proceedings and, as a result, may suffer loss from any fines, penalties or damages awarded against Nomura, any settlements Nomura chooses to make to resolve a matter, and legal and other advisory costs incurred to support and formulate a defense. The ability to predict the outcome of these actions and proceedings is inherently difficult, particularly where claimants are seeking substantial or indeterminate damages, where investigations and legal proceedings are at an early stage, where the matters present novel legal theories or involve a large number of parties, or which take place in foreign jurisdictions with complex or unclear laws. The Company regularly evaluates each legal proceeding and claim on a case-by-case basis in consultation with external legal counsel to assess whether an estimate of possible loss or range of loss can be made, if recognition of a liability is not appropriate. In accordance with ASC 450 “ Contingencies The most significant actions and proceedings against Nomura are summarized below. The Company believes that, based on current information available as of the date of these consolidated financial statements, the ultimate resolution of these actions and proceedings will not be material to the Company’s financial condition. However, an adverse outcome in certain of these matters could have a material adverse effect on the consolidated statements of income or cash flows in a particular quarter or annual period. For certain of the significant actions and proceedings described below, the Company is currently able to estimate the amount of reasonably possible loss, or range of reasonably possible losses, in excess of amounts recognized as a liability (if any) against such cases. These estimates are based on current information available as of the date of these consolidated financial statement and include, but are not limited to, the specific amount of damages or claims against Nomura in each case. As of June 25, 2015, for those cases where an estimate of the range of reasonably possible losses can be made, the Company estimates that the total aggregate reasonably possible maximum loss in excess of amounts recognized as a liability (if any) against these cases is approximately ¥45 billion. For certain other significant actions and proceedings, the Company is unable to provide an estimate of the reasonably possible loss or range of reasonably possible losses because, among other reasons, (i) the proceedings are at such an early stage there is not enough information available to assess whether the stated grounds for the claim are viable; (ii) damages have not been identified by the claimant; (iii) damages are unsupported and/or exaggerated; (iv) there is uncertainty as to the outcome of pending appeals or motions; (v) there are significant legal issues to be resolved that may be dispositive, such as the applicability of statutes of limitations; and/or (vi) there are novel or unsettled legal theories underlying the claims. In January 2008, Nomura International plc (“NIP”) was served with a tax notice issued by the tax authorities in Pescara, Italy alleging breaches by NIP of the U.K.-Italy Double Taxation Treaty of 1998 (the “Tax Notice”). The alleged breaches relate to payments to NIP of tax credits on dividends on Italian shares. The Tax Notice not only denies certain payments to which NIP claims to be entitled but also seeks reimbursement of approximately EUR 33.8 million, plus interest, already refunded. NIP continues vigorously to challenge the Pescara Tax Court’s decisions in favor of the local tax authorities. In October 2010 and June 2012, two actions were brought against NIP, seeking recovery of payments allegedly made to NIP by Fairfield Sentry Ltd. and Fairfield Sigma Ltd. (collectively, the “Fairfield Funds”), which are now in liquidation and were feeder funds to Bernard L. Madoff Investment Securities LLC (in liquidation pursuant to the Securities Investor Protection Act in the U.S. since December 2008) (“BLMIS”). The first suit was brought by the liquidators of the Fairfield Funds. It was filed on October 5, 2010 in the Supreme Court of the State of New York, but was subsequently removed to the U.S. Bankruptcy Court, where it is presently pending. The second suit was brought by the Trustee for the liquidation of BLMIS (the “Madoff Trustee”). NIP was added as a defendant in June 2012 when the Madoff Trustee filed an amended complaint in the U.S. Bankruptcy Court. Both actions seek to recover approximately $35 million. In March 2011, PT Bank Mutiara Tbk. (“Bank Mutiara”) commenced proceedings in the Commercial Court of the Canton of Zurich against a special purpose entity (“SPE”) established at the request of NIP. These are proceedings to challenge the SPE’s rights over approximately $156 million in an account held in Switzerland. The SPE, which is consolidated by NIP, has a security interest over the money pursuant to a loan facility with Telltop Holdings Limited, a third party company. Telltop Holdings Limited is currently in liquidation. The SPE does not believe that Bank Mutiara has any enforceable security interest over the funds and is seeking release of the monies. NIP was notified on October 2, 2014 that the Commercial Court has found that the SPE alone is entitled to the funds. Bank Mutiara has appealed this decision. NIP continues vigorously to contest the appeal. In April 2011, the Federal Home Loan Bank of Boston (“FHLB-Boston”) commenced proceedings in the Superior Court of Massachusetts against numerous issuers, sponsors and underwriters of residential mortgage-backed securities (“RMBS”), and their controlling persons, including Nomura Asset Acceptance Corporation (“NAAC”), Nomura Credit & Capital, Inc. (“NCCI”), Nomura Securities International, Inc. (“NSI”) and Nomura Holding America Inc. (“NHA”). The action alleges that FHLB-Boston purchased RMBS issued by NAAC for which the offering materials contained untrue statements or omitted material facts concerning the underwriting standards used by the original lenders and the characteristics of the loans underlying the securities. FHLB-Boston seeks rescission of its purchases or compensatory damages pursuant to state law. FHLB-Boston alleges that it purchased certificates in four offerings issued by NAAC in the original principal amount of approximately $406 million. The case is currently in the discovery phase. In July 2011, the National Credit Union Administration Board (“NCUA”) commenced proceedings in the United States District Court for the Central District of California as liquidating agent of Western Corporate Federal Credit Union (“WesCorp”) against various issuers, sponsors and underwriters of RMBS purchased by WesCorp. The complaint alleges that WesCorp purchased RMBS issued by NAAC and Nomura Home Equity Loan Inc. (“NHEL”), among others, for which the offering materials contained untrue statements or omitted material facts concerning the underwriting standards used by the original lenders. The complaint alleges that WesCorp purchased certificates in two offerings in the original principal amount of approximately $83 million and seeks rescission of its purchases or compensatory damages. The court has dismissed NCUA’s claims against NHEL and NCUA has appealed to the Ninth Circuit and the appeal is pending. NCUA’s claim against NAAC is proceeding and is currently in the discovery phase. In September 2011, the Federal Housing Finance Agency (“FHFA”), as conservator for the government sponsored enterprises, Federal National Mortgage Association and Federal Home Loan Mortgage Corporation (the “GSEs”), commenced proceedings in the United States District Court for the Southern District of New York against numerous issuers, sponsors and underwriters of RMBS, and their controlling persons, including NAAC, NHEL, NCCI, NSI and NHA, (the Company’s U.S. subsidiaries). The action alleges that the GSEs purchased RMBS issued by NAAC and NHEL for which the offering materials contained untrue statements or omitted material facts concerning the underwriting standards used by the original lenders and the characteristics of the loans underlying the securities. FHFA alleges that the GSEs purchased certificates in seven offerings in the original principal amount of approximately $2,046 million and seeks rescission of its purchases. The case was tried before the Judge beginning March 16, 2015 and closing arguments were completed on April 9, 2015. On May 15, 2015, the court issued a judgment and ordered the defendants to pay $806 million to GSEs upon GSEs’ delivery of the certificates at issue to the defendants. The Company’s U.S. subsidiaries filed a Notice of Appeal on June 10, 2015. In October 2011, the NCUA commenced proceedings in the United States District Court for the District of Kansas as liquidating agent of U.S. Central Federal Credit Union (“U.S. Central”) against various issuers, sponsors and underwriters of RMBS purchased by U.S. Central, including NHEL. The complaint alleges that U.S. Central purchased RMBS issued by NHEL, among others, for which the offering materials contained untrue statements or omitted material facts concerning the underwriting standards used by the original lenders. The complaint alleges that U.S. Central purchased a certificate in one offering in the original principal amount of approximately $50 million and seeks rescission of its purchase or compensatory damages. The court denied, in part, motions to dismiss filed by the defendants, and the Tenth Circuit Court of Appeals affirmed the trial court’s holding; the Supreme Court vacated that decision and remanded the matter to the Tenth Circuit Court of Appeals for reconsideration in light of recent Supreme Court authority. Upon remand, the Tenth Circuit reinstated its decision, and the parties are involved in the discovery process. In November 2011, NIP was served with a claim filed by the Madoff Trustee appointed for the liquidation of BLMIS in the United States Bankruptcy Court Southern District of New York. This is a clawback action similar to claims filed by the Madoff Trustee against numerous other institutions. The Madoff Trustee alleges that NIP received redemptions from the BLMIS feeder fund, Harley International (Cayman) Limited in the six years prior to December 11, 2008 (the date proceedings were commenced against BLMIS) and that these are avoidable and recoverable under the U.S. Bankruptcy Code and New York law. The amount that the Madoff Trustee is currently seeking to recover from NIP is approximately $21 million. In August 2012, The Prudential Insurance Company of America and certain of its affiliates filed several complaints in the Superior Court of New Jersey against various issuers, sponsors and underwriters of RMBS, including an action against NHEL, NCCI and NSI. The action against these Nomura subsidiaries has been removed to federal court. The complaint alleges that the plaintiffs purchased over $183 million in RMBS from five different offerings. The plaintiffs allege that the offering materials contained fraudulent misrepresentations regarding the underwriting practices and quality of the loans underlying the securities. The plaintiffs allege causes of action for fraud, aiding and abetting fraud, negligent misrepresentation, and New Jersey Civil RICO, and seek to recover, among other things, compensatory and treble damages. The Court has denied the motion to dismiss filed by the Company’s U.S. subsidiaries and the parties are involved in the discovery process. In March 2013, Banca Monte dei Paschi di Siena SpA (“MPS”) issued a claim in the Italian Courts against two former directors of MPS and NIP. MPS alleges that the former directors improperly caused MPS to enter into certain structured financial transactions with NIP in 2009 (the “Transactions”) and alleges that NIP is jointly liable for the unlawful conduct of MPS’s former directors. MPS is claiming damages of not less than EUR 963 million. In July 2013, a claim was also issued against the same former directors of MPS, and NIP, by the shareholder group Fondazione Monte dei Paschi di Siena (“FMPS”). The grounds of the FMPS claim are similar to those on which the MPS claim is founded. The level of damages sought by FMPS is not specified. An investigation has also been commenced by the Public Prosecutor’s office in Siena, Italy into various allegations against MPS and certain of its former directors, including in relation to the Transactions. Starting on April 15, 2013, the Public Prosecutor in Siena issued seizure orders in relation to the Transactions seeking to seize the Transactions and approximately EUR 1.9 billion of assets said to be held or receivable in various NIP and Nomura Bank International plc (“NBI”) accounts in, or managed through, Italy and alleging that the Transactions involved offenses under Italian law. To date, these seizure orders have not been validated by the Italian Courts. The Public Prosecutor lodged an appeal against the Italian Courts’ decisions, which was heard at the Supreme Court in Rome on March 25, 2014. The Supreme Court determined that the appeal should be denied in part, but that the case should be sent back to the lower court for further consideration in relation to one element of the case. At a hearing on September 17, 2014 where the seizure order was to be reconsidered, the Public Prosecutor’s office withdrew its seizure order appeal. This means that the seizure order proceedings in Siena have now concluded with no seizure order in place against NIP or NBI. However, the investigation file has now been transferred to the Public Prosecutor’s office in Milan. On April 3, 2015, the Public Prosecutor’s office in Milan issued a notice concluding its preliminary investigation. The Public Prosecutor is seeking to indict MPS, three individuals from MPS’s former management, NIP and two NIP individuals for the offences of false accounting and market manipulation in relation to MPS’s accounts for 2009. The preliminary hearing at which the court will consider whether or not to grant the indictment is scheduled to start on October 12, 2015. Additionally, NIP commenced a claim against MPS in the English Courts in March 2013. The claim is for declaratory relief confirming that the Transactions remain valid and contractually binding. MPS filed and served its Defence and Counterclaim to these proceedings in March 2014. MPS alleges in its Counterclaim that NIP is liable to make restitution of a net amount of approximately EUR 1.5 billion, and seeks declarations regarding the illegality and invalidity of the Transactions. NIP filed and served its Reply and Defence to Counterclaim in June 2014 and continues to vigorously defend its position in each of the aforementioned proceedings. On July 15, 2014, NIP received, with no advance notice, a seizure order dated July 7, 2014 from the Court in Palermo, Sicily which restricted receipt of a coupon payment of EUR 6.9 million that was due from the Region of Sicily (“Sicily”) to NIP in connection with certain interest rate derivatives transactions entered into in 2005 and 2006. On July 25, 2014, NIP also received, also with no advance notice, a seizure order dated July 23, 2014 from the Court which placed restrictions on a further EUR 98.3 million of cash and other financial assets, said to be the alleged profit made by NIP in connection with certain transactions entered between 2001 and 2006. NIP’s appeals against both seizure orders have been granted and therefore both seizure orders have been annulled by the Courts in Italy. The current transaction with Sicily remains in force. No civil proceedings have been served on NIP. Nomura Securities Co., Ltd. (“NSC”) is the leading securities firm in Japan with approximately 5.26 million client accounts. Accordingly, with a significant number of client transactions, NSC is from time to time party to various Japanese civil litigation and other dispute resolution proceedings with clients relating to investment losses. These include an action commenced against NSC in April 2012 by a corporate client seeking ¥5,102 million in damages for losses on the pre-maturity cash out of 16 series of currency-linked structured notes purchased from NSC between 2003 and 2008, an action commenced in April 2013 by a corporate client seeking ¥10,247 million in damages for losses on currency derivative transactions and the pre-maturity cash out or redemption of 11 series of equity-linked structured notes purchased from NSC between 2005 and 2011, and an action commenced in October 2014 by a corporate client seeking ¥2,143 million in damages for losses on currency derivative transactions conducted between 2006 and 2012. Although the allegations of the clients involved in such actions include the allegation that NSC’s explanation was insufficient at the time the contracts were entered into, NSC believes these allegations are without merit. The Company supports the position of its subsidiaries in each of these claims. Other mortgage-related contingencies in the U.S. Certain of the Company’s subsidiaries in the U.S. securitized residential mortgage loans in the form of RMBS. These subsidiaries did not generally originate mortgage loans, but purchased mortgage loans from third-party loan originators (the “originators”). In connection with such purchases, these subsidiaries received loan level representations from the originators. In connection with the securitizations, the relevant subsidiaries provided loan level representations and warranties of the type generally described below, which mirror the representations the subsidiaries received from the originators. The loan level representations made in connection with the securitization of mortgage loans were generally detailed representations applicable to each loan and addressed characteristics of the borrowers and properties. The representations included, but were not limited to, information concerning the borrower’s credit status, the loan-to-value ratio, the owner occupancy status of the property, the lien position, the fact that the loan was originated in accordance with the originator’s guidelines, and the fact that the loan was originated in compliance with applicable laws. Certain of the RMBS issued by the subsidiaries were structured with credit protection provided to specified classes of certificates by monoline insurers. The relevant subsidiaries have received claims demanding the repurchase of certain loans from trustees of various securitization trusts, made at the instance of one or more investors, or from certificate insurers. The total original principal amount of loans for which repurchase claims were received by the relevant subsidiaries within six-years of each securitization is $3,203 million. The relevant subsidiaries summarily rejected any demand for repurchase received after the expiration of the statute of limitations applicable to breach of representation claims. For those claims received within six years, the relevant subsidiaries reviewed each claim received, and rejected those claims believed to be without merit or agreed to repurchase certain loans for those claims that the relevant subsidiaries determined to have merit. In several instances, following the rejection of repurchase demands, investors instituted actions through the trustee alleging breach of contract. The breach of contract claims that were brought within the six-year statute of limitations for breach of contract actions have survived motions to dismiss and are at early stages. These claims involve substantial legal, as well as factual, uncertainty and the Company cannot provide an estimate of reasonably possible loss at this time, in excess of the existing reserve. Guarantees— ASC 460 “ Guarantees In the normal course of business, Nomura enters into various guarantee arrangements with counterparties in the form of standby letters of credit and other guarantees, which generally have a fixed expiration date. In addition, Nomura enters into certain derivative contracts that meet the accounting definition of a guarantee, namely derivative contracts that contingently require a guarantor to make payment to a guaranteed party based on changes in an underlying that relate to an asset, liability or equity security held by a guaranteed party. Since Nomura does not track whether its clients enter into these derivative contracts for speculative or hedging purposes, Nomura has disclosed below information about derivative contracts that could meet the accounting definition of guarantees. For information about the maximum potential amount of future payments that Nomura could be required to make under certain derivatives, the notional amount of contracts has been disclosed. However, the maximum potential payout for certain derivative contracts, such as written interest rate caps and written currency options, cannot be estimated, as increases in interest or foreign exchange rates in the future could be theoretically unlimited. Nomura records all derivative contracts at fair value on its consolidated balance sheets. Nomura believes the notional amounts generally overstate its risk exposure. Since the derivative contracts are accounted for at fair value, carrying value is considered the best indication of payment and performance risk for individual contracts. The following table presents information on Nomura’s derivative contracts that could meet the accounting definition of a guarantee and standby letters of credit and other guarantees. Millions of yen March 31 2014 2015 Carrying Maximum Carrying Maximum total Derivative contracts (1)(2) ¥ 5,155,198 ¥ 195,466,506 ¥ 7,961,476 ¥ 253,243,082 Standby letters of credit and other guarantees (3) 276 11,509 291 9,494 (1) Credit derivatives are disclosed in Note 3 “ Derivative instruments and hedging activities (2) Derivative contracts primarily consist of equity, interest rate and foreign exchange contracts. (3) Collateral held in connection with standby letters of credit and other guarantees as of March 31, 2014 and March 31, 2015 was ¥6,487 million and ¥7,041 million, respectively. The following table presents maturity information on Nomura’s derivative contracts that could meet the accounting definition of a guarantee and standby letters of credit and other guarantees as of March 31, 2015. Millions of yen Maximum potential payout/Notional Years to Maturity Carrying Total Less than 1 year 1 to 3 years 3 to 5 years More than 5 years Derivative contracts ¥ 7,961,476 ¥ 253,243,082 ¥ 92,239,350 ¥ 76,301,785 ¥ 22,716,918 ¥ 61,985,029 Standby letters of credit and other guarantees 291 9,494 13 8 — 9,473 |
Segment and geographic informat
Segment and geographic information | 12 Months Ended |
Mar. 31, 2015 | |
Segment and geographic information | |
Segment and geographic information | 21. Segment and geographic information: Operating segments— Nomura’s operating management and management reporting are prepared based on the Retail, the Asset Management, and the Wholesale segments. Nomura structures its business segments based upon the nature of its main products and services, its client base and its management structure. The accounting policies for segment information materially follow U.S. GAAP, except for the impact of unrealized gains/losses on investments in equity securities held for operating purposes, which under U.S. GAAP are included in Income before income taxes Revenues and expenses directly associated with each business segment are included in the operating results of each respective segment. Revenues and expenses that are not directly attributable to a particular segment are allocated to each respective business segment or included in “ Other Business segments’ results are shown in the following tables. Net interest revenue Millions of yen Retail Asset Wholesale Other (Incl. elimination) Total Year ended March 31, 2013 Non-interest revenue ¥ 394,294 ¥ 66,489 ¥ 491,773 ¥ 695,695 ¥ 1,648,251 Net interest revenue 3,631 2,448 153,083 (31,467 ) 127,695 Net revenue 397,925 68,937 644,856 664,228 1,775,946 Non-interest expenses 297,297 47,768 573,199 657,637 1,575,901 Income (loss) before income taxes ¥ 100,628 ¥ 21,169 ¥ 71,657 ¥ 6,591 ¥ 200,045 Year ended March 31, 2014 Non-interest revenue ¥ 505,911 ¥ 77,354 ¥ 637,987 ¥ 183,514 ¥ 1,404,766 Net interest revenue 6,005 3,126 127,110 5,335 141,576 Net revenue 511,916 80,480 765,097 188,849 1,546,342 Non-interest expenses 319,915 53,373 653,299 168,869 1,195,456 Income (loss) before income taxes ¥ 192,001 ¥ 27,107 ¥ 111,798 ¥ 19,980 ¥ 350,886 Year ended March 31, 2015 Non-interest revenue ¥ 471,565 ¥ 88,802 ¥ 626,228 ¥ 282,542 ¥ 1,469,137 Net interest revenue 4,940 3,552 163,639 (61,777 ) 110,354 Net revenue 476,505 92,354 789,867 220,765 1,579,491 Non-interest expenses 314,675 60,256 707,671 174,815 1,257,417 Income (loss) before income taxes ¥ 161,830 ¥ 32,098 ¥ 82,196 ¥ 45,950 ¥ 322,074 Transactions between operating segments are recorded within segment results on commercial terms and conditions and are eliminated in “Other” The following table presents the major components of Income (loss) before income taxes in “Other” Millions of yen Year ended March 31 2013 2014 2015 Net gain related to economic hedging transactions ¥ 989 ¥ 17,403 ¥ 15,120 Realized gain (loss) on investments in equity securities held for operating purposes 1,001 4,428 4,725 Equity in earnings of affiliates 14,401 28,571 42,235 Corporate items 17,652 (38,772 ) (20,119 ) Other (1) (27,452 ) 8,350 3,989 Total ¥ 6,591 ¥ 19,980 ¥ 45,950 (1) Includes the impact of Nomura’s own creditworthiness. The table below presents reconciliations of the combined business segments’ results included in the preceding table to Nomura’s reported Net revenue, Non-interest expenses Income before income taxes Millions of yen Year ended March 31 2013 2014 2015 Net revenue ¥ 1,775,946 ¥ 1,546,342 ¥ 1,579,491 Unrealized gain (loss) on investments in equity securities held for operating purposes 37,685 10,728 24,685 Consolidated net revenue ¥ 1,813,631 ¥ 1,557,070 ¥ 1,604,176 Non-interest expenses ¥ 1,575,901 ¥ 1,195,456 ¥ 1,257,417 Unrealized gain (loss) on investments in equity securities held for operating purposes — — — Consolidated non-interest expenses ¥ 1,575,901 ¥ 1,195,456 ¥ 1,257,417 Income before income taxes ¥ 200,045 ¥ 350,886 ¥ 322,074 Unrealized gain (loss) on investments in equity securities held for operating purposes 37,685 10,728 24,685 Consolidated income before income taxes ¥ 237,730 ¥ 361,614 ¥ 346,759 Geographic information— Nomura’s identifiable assets, revenues and expenses are generally allocated based on the country of domicile of the legal entity providing the service. However, because of the integration of the global capital markets and the corresponding global nature of Nomura’s activities and services, it is not always possible to make a precise separation by location. As a result, various assumptions, which are consistent among years, have been made in presenting the following geographic data. The tables below present a geographic allocation of Net revenue Income (loss) Long-lived assets Long-lived assets Income (loss) Millions of yen Year ended March 31 2013 2014 2015 Net revenue (1) Americas ¥ 208,962 ¥ 262,684 ¥ 207,859 Europe 172,761 232,735 201,278 Asia and Oceania 43,265 62,622 86,746 Subtotal 424,988 558,041 495,883 Japan 1,388,643 999,029 1,108,293 Consolidated ¥ 1,813,631 ¥ 1,557,070 ¥ 1,604,176 Income (loss) before income taxes: Americas ¥ 25,730 ¥ 29,472 ¥ (27,575 ) Europe (93,099 ) (48,911 ) (23,455 ) Asia and Oceania (12,063 ) (5,247 ) 34,594 Subtotal (79,432 ) (24,686 ) (16,436 ) Japan 317,162 386,300 363,195 Consolidated ¥ 237,730 ¥ 361,614 ¥ 346,759 March 31 2013 2014 2015 Long-lived assets: Americas ¥ 118,302 ¥ 133,147 ¥ 146,758 Europe 111,381 93,111 88,928 Asia and Oceania 20,471 16,163 14,891 Subtotal 250,154 242,421 250,577 Japan 294,002 281,780 274,202 Consolidated ¥ 544,156 ¥ 524,201 ¥ 524,779 (1) There is no revenue derived from transactions with a single major external customer. |
Supplementary subsidiary guaran
Supplementary subsidiary guarantee information required under SEC rules | 12 Months Ended |
Mar. 31, 2015 | |
Supplementary subsidiary guarantee information required under SEC rules | |
Supplementary subsidiary guarantee information required under SEC rules | 22. Supplementary subsidiary guarantee information required under SEC rules: The Company provides several guarantees of debt of its subsidiaries. The Company has fully and unconditionally guaranteed the securities issued, or to be issued, by Nomura America Finance LLC, which is an indirect, wholly owned finance subsidiary of the Company. |
Summary of accounting policies
Summary of accounting policies (Policies) | 12 Months Ended |
Mar. 31, 2015 | |
Summary of accounting policies | |
Description of business | Description of business— Nomura Holdings, Inc. (“Company”) and its broker-dealer, banking and other financial services subsidiaries provide investment, financing and related services to individual, institutional and government clients on a global basis. The Company and other entities in which it has a controlling financial interest are collectively referred to as “Nomura” within these consolidated financial statements. Nomura operates its business through various divisions based upon the nature of specific products and services, its main client base and its management structure. Nomura reports operating results through three business segments: Retail, Asset Management and Wholesale. In its Retail segment, Nomura provides investment consultation services mainly to individual clients in Japan. In its Asset Management segment, Nomura develops and manages investment trusts, and provides investment advisory services. In its Wholesale segment, Nomura engages in the sales and trading of debt and equity securities, derivatives, and currencies on a global basis, and provides investment banking services such as the underwriting of debt and equity securities as well as mergers and acquisitions and financial advice. |
Basis of presentation | Basis of presentation— The accounting and financial reporting policies of the Nomura conform to accounting principles generally accepted in the United States (“U.S. GAAP”) as applicable to broker-dealers. These consolidated financial statements include the financial statements of the Company and other entities in which it has a controlling financial interest. Nomura initially determines whether it has a controlling financial interest in an entity by evaluating whether the entity is a variable interest entity (“VIE”) under Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) 810 “ Consolidation Financial Services—Investment Companies For entities other than VIEs, Nomura is generally determined to have a controlling financial interest in an entity when it owns a majority of the voting interests. Equity investments in entities in which Nomura has significant influence over operating and financial decisions (generally defined as a holding of 20 to 50 percent of the voting stock of a corporate entity, or at least 3 percent of a limited partnership) are accounted for under the equity method of accounting (“equity method investments”) and reported within Other assets—Investments in and advances to affiliated companies “Financial Instruments Trading assets Private equity investments or Other assets—Other Certain entities in which Nomura has a financial interest are investment companies under ASC 946. These entities carry all of their investments at fair value, with changes in fair value recognized through the consolidated statements of income. The Company’s principal subsidiaries include Nomura Securities Co., Ltd. (“NSC”), Nomura Securities International, Inc. (“NSI”), Nomura International plc (“NIP”) and Nomura Financial Products & Services, Inc. (“NFPS”). All material intercompany transactions and balances have been eliminated on consolidation. Certain reclassifications of previously reported amounts have been made to conform to the current year presentation. |
Use of estimates | Use of estimates— In presenting these consolidated financial statements, management makes estimates regarding the valuation of certain financial instruments and investments, the outcome of litigation and tax examinations, the recovery of the carrying value of goodwill, the allowance for doubtful accounts, the realization of deferred tax assets and other matters that affect the reported amounts of assets and liabilities as well as the disclosures in these consolidated financial statements. Estimates, by their nature, are based on judgment and available information. Therefore, actual results may differ from estimates which could have a material impact on these consolidated financial statements, and it is possible that such adjustments could occur in the near term. |
Fair value of financial instruments | Fair value of financial instruments— A significant amount of Nomura’s financial assets and financial liabilities are carried at fair value, with changes in fair value recognized through the consolidated statements of income or the consolidated statements of comprehensive income. Use of fair value is either specifically required under U.S. GAAP or Nomura makes an election to use fair value for certain eligible items under the fair value option. Other financial assets and financial liabilities are carried at fair value on a nonrecurring basis, where the primary measurement basis is not fair value. Fair value is only used in specific circumstances after initial recognition, such as to measure impairment. In all cases, fair value is determined in accordance with ASC 820 “Fair Value Measurements and Disclosures” “Fair value measurements” |
Transfers of financial assets | Transfers of financial assets— Nomura accounts for the transfer of a financial asset as a sale when Nomura relinquishes control over the asset by meeting the following conditions: (a) the asset has been isolated from the transferor (even in bankruptcy or other receivership), (b) the transferee has the right to pledge or exchange the asset received, or if the transferee is an entity whose sole purpose is to engage in securitization or asset-backed financing activities, if, the holders of its beneficial interests have the right to pledge or exchange the beneficial interests held and (c) the transferor has not maintained effective control over the transferred asset. In connection with its securitization activities, Nomura utilizes special purpose entities (“SPEs”) to securitize commercial and residential mortgage loans, government and corporate securities and other types of financial assets. Nomura’s involvement with SPEs includes structuring and underwriting, distributing and selling debt instruments and beneficial interests issued by SPEs to investors. Nomura derecognizes financial assets transferred in securitizations provided that Nomura has relinquished control over such assets and does not consolidate the SPE. Nomura may obtain or retain an interest in the financial assets, including residual interests in the SPEs dependent upon prevailing market conditions. Any such interests are accounted for at fair value and reported within Trading assets Revenue—Net gain on trading |
Foreign currency translation | Foreign currency translation— The financial statements of the Company’s subsidiaries are measured using their functional currency which is the currency of the primary economic environment in which the entity operates. All assets and liabilities of subsidiaries which have a functional currency other than Japanese yen are translated into Japanese yen at exchange rates in effect at the balance sheet date; all revenue and expenses are translated at the average exchange rates for the respective years and the resulting translation adjustments are accumulated and reported within Accumulated other comprehensive income (loss) Foreign currency assets and liabilities are translated at exchange rates in effect at the balance sheet date and the resulting translation gains or losses are credited or charged to the consolidated statements of income. |
Fee revenue | Fee revenue— Revenue—Commissions Revenue—Fees from investment banking Revenue—Asset management and portfolio service fees |
Trading assets and trading liabilities | Trading assets and trading liabilities— Trading assets and Trading liabilities Revenue—Net gain on trading |
Collateralized agreements and collateralized financing | Collateralized agreements and collateralized financing— Collateralized agreements Securities purchased under agreements to resell Securities borrowed. Collateralized financing Securities sold under agreements to repurchase Securities loaned Reverse repurchase and repurchase agreements principally involve the buying or selling of securities under agreements with clients to resell or repurchase these securities to or from those clients, respectively. These transactions are generally accounted for as collateralized agreements or collateralized financing transactions and are recognized in the consolidated balance sheets at the amount for which the securities were originally acquired or sold. Certain reverse repurchase and repurchase agreements are carried at fair value through election of the fair value option. No allowance for credit losses is generally recognized against reverse repurchase agreements due to the strict collateralization requirements. Repurchase agreements where the maturity of the security transferred as collateral matches the maturity of the repurchase agreement (“repurchase-to-maturity transactions”), which were previously accounted for as sales where the criteria for derecognition of the securities transferred under ASC 860 “ Transfers and Servicing Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures New accounting pronouncements recently adopted Nomura also enters into Gensaki Repo transactions which are the standard type of repurchase agreement used in Japanese financial markets. Gensaki Repo transactions contain margin requirements, rights of security substitution, and certain restrictions on the client’s right to sell or repledge the transferred securities. Gensaki Repo transactions are accounted for as collateralized agreements or collateralized financing transactions and are recognized on the consolidated balance sheets at the amount that the securities were originally acquired or sold. Reverse repurchase agreements and repurchase agreements accounted for as collateralized agreements and collateralized financing transactions, respectively, entered into with the same counterparty and documented under a master netting agreement are offset in the consolidated balance sheets where the specific criteria defined by ASC 210-20 “ Balance Sheet—Offsetting Securities borrowing and lending transactions are generally accounted for as collateralized agreements and collateralized financing transactions, respectively. These transactions are generally cash collateralized and are recognized on the consolidated balance sheets at the amount of cash collateral advanced or received. No allowance for credit losses is generally recognized against securities borrowing transactions due to the strict collateralization requirements. Securities borrowing and lending transactions accounted for as collateralized agreements and collateralized financing transactions, respectively, entered into with the same counterparty and documented under a master netting agreement are also offset in the consolidated balance sheets where the specific criteria defined by ASC 210-20 are met. Other secured borrowings Trading balances of secured borrowings Long-term borrowings Securitizations and Variable Interest Entities Borrowings All Nomura-owned securities pledged to counterparties where the counterparty has the right to sell or repledge the securities, including collateral transferred under Gensaki Repo transactions, are reported parenthetically within Trading assets as Securities pledged as collateral See Note 4 “ Collateralized transactions |
Derivatives | Derivatives— Nomura uses a variety of derivative financial instruments, including futures, forwards, swaps and options, for both trading and non-trading purposes. All freestanding derivatives are carried at fair value in the consolidated balance sheets and reported within Trading assets or Trading liabilities Short-term borrowings or Long-term Changes in fair value are recognized either through the consolidated statements of income or the consolidated statements of comprehensive income depending on the purpose for which the derivatives are used. Derivative assets and liabilities with the same counterparty documented under a master netting agreement are offset in the consolidated balance sheets where the specific criteria defined by ASC 210-20 and ASC 815 “Derivatives and Hedging” Trading Derivative financial instruments used for trading purposes, including bifurcated embedded derivatives, are carried at fair value with changes in fair value reported in the consolidated statements of income within Revenue—Net gain on trading Non-trading In addition to its trading activities, Nomura uses derivative financial instruments for other than trading purposes such as to manage risk exposures arising from recognized assets and liabilities, forecasted transactions and firm commitments. Certain derivatives used for non-trading purposes are formally designated as fair value and net investment hedges under ASC 815. Nomura designates certain derivative financial instruments as fair value hedges of interest rate risk and foreign exchange risk arising from specific financial liabilities and foreign currency denominated non-trading debt securities, respectively. These derivatives are effective in reducing the risk associated with the exposure being hedged and they are highly correlated with changes in the fair value of the underlying hedged item, both at inception and throughout the life of the hedge contract. Changes in fair value of the hedging derivatives are reported together with those of the hedged financial liabilities through the consolidated statements of income within Interest expense Revenue—Other Derivative financial instruments designated as hedges of the net investment in foreign operations are linked to specific subsidiaries with non-Japanese yen functional currencies. When determining the effectiveness of net investment hedges, the effective portion of the change in fair value of the hedging derivative is determined by changes in spot exchange rates and is reported through NHI shareholders’ equity within Accumulated other comprehensive income (loss) Revenue—Other See Note 3 “Derivative instruments and hedging activities” |
Loans receivable | Loans receivable— Loans receivable are loans which management intends to hold for the foreseeable future. Loans receivable are either carried at fair value or at amortized cost. Interest earned on loans receivable is generally reported in the consolidated statements of income within Revenue—Interest and dividends Loans receivable carried at fair value Certain loans which are risk managed on a fair value basis are carried at fair value through election of the fair value option. Nomura makes this election to mitigate volatility in the consolidated statements of income caused by the difference in measurement basis that would otherwise exist between the loans and the derivatives used to risk manage those loans. Changes in the fair value of loans receivable carried at fair value are reported in the consolidated statements of income within Revenue—Net gain on trading Loans receivable carried at amortized cost Loans receivable which are not carried at fair value are carried at amortized cost. Amortized cost represents cost adjusted for deferred fees and direct costs, unamortized premiums or discounts on purchased loans and after deducting any applicable allowance for credit losses. Loan origination fees, net of direct origination costs, are amortized to Revenue—Interest and dividends See Note 7 “Financing receivables” |
Other receivables | Other receivables— Receivables from customers Receivables from other than customers Receivables from other than customers These amounts are carried at contractual amounts due less any applicable allowance for credit losses which reflects management’s best estimate of probable losses incurred within these receivables which have been specifically identified as impaired. The allowance for credit losses is reported in the consolidated balance sheets within Allowance for doubtful accounts |
Loan commitments | Loan commitments— Unfunded loan commitments written by Nomura are accounted for as either off-balance sheet instruments, or are carried at fair value on a recurring basis either as trading instruments or through election of the fair value option. These loan commitments are generally accounted for in a manner consistent with the accounting for the loan receivable upon funding. Where the loan receivable will be classified as a trading asset or will be elected for the fair value option, the loan commitment is also generally held at fair value, with changes in fair value reported in the consolidated statements of income within Revenue—Net gain on trading For loan commitments where the loan will be held for the foreseeable future, Nomura recognizes an allowance for credit losses which is reported within Other liabilities—other |
Payables and deposits | Payables and deposits— Payables to customers Payables to other than customers Deposits received at banks |
Office buildings, land, equipment and facilities | Office buildings, land, equipment and facilities— Office buildings, land, equipment and facilities, held for use by Nomura are stated at cost, net of accumulated depreciation and amortization, except for land, which is stated at cost. Significant renewals and additions are capitalized at cost. Maintenance, repairs and minor renewals are expensed as incurred in the consolidated statements of income. The following table presents a breakdown of Office buildings, land, equipment and facilities Millions of yen March 31 2014 2015 Land ¥ 94,991 ¥ 91,055 Office buildings 109,052 105,043 Equipment and facilities 48,101 46,186 Software 156,717 158,348 Construction in progress 56 437 Total ¥ 408,917 ¥ 401,069 Depreciation and amortization charges of assets which are owned by Nomura are generally computed using the straight-line method and recognized over the estimated useful lives of each asset. Depreciation charges of assets which are leased by Nomura under agreements which are classified as capital leases under ASC 840 “Leases The estimated useful lives for significant asset classes are as follows: Office buildings 5 to 50 years Equipment and facilities 2 to 20 years Software Up to 5 years Depreciation and amortization charges of both owned and capital lease assets are reported within Non-interest expenses—Information processing and communications Non-interest expenses—Occupancy and related depreciation Leases that involve real estate are classified as either operating or capital leases in accordance with ASC 840. Rent expense relating to operating leases is recognized over the lease term on a straight-line basis. If the lease is classified as a capital lease, Nomura recognizes the real estate as an asset on the consolidated balance sheets together with a lease obligation. The real estate is initially recognized at the lower of its fair value or present value of minimum lease payments, and subsequently depreciated over its useful life on a straight-line basis. Where Nomura has certain involvement in the construction of real estate subject to a lease, Nomura is deemed the owner of the construction project and recognizes the real estate on the consolidated balance sheets until construction is completed. At the end of the construction period the real estate is either derecognized or continues to be recognized on the consolidated balance sheets in accordance with ASC 840, depending on the extent of Nomura’s continued involvement with the real estate. Long-lived assets, excluding goodwill and indefinite-lived intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the estimated future undiscounted cash flows generated by the asset is less than the carrying amount of the asset, a loss is recognized to the extent that the carrying value exceeds its fair value. Nomura recognized impairment charges of ¥5,455 million and ¥1,246 million primarily related to write-downs of software, office buildings, land, equipment, facilities, and other assets for the years ended March 31, 2013 and 2014, respectively. The amount of impairment charges for the year ended March 31, 2015 was not significant. These losses are reported in the consolidated statements of income within Non-interest expenses— Other Other |
Investments in equity securities | Investments in equity securities— Nomura holds minority stakes in the equity securities of unaffiliated Japanese financial institutions and corporations in order to promote existing and potential business relationships. These companies often have similar investments in Nomura. Such cross-holdings are a customary business practice in Japan and provide a way for companies to manage shareholder relationships. These investments, which Nomura refers to as being held for operating purposes, are carried at fair value and reported within Other assets—Investments in equity securities Revenue—Gain on investments in equity securities |
Other non-trading debt and equity securities | Other non-trading debt and equity securities— Certain non-trading subsidiaries within Nomura, including an insurance subsidiary, hold debt securities and minority stakes in equity securities for non-trading purposes. Non-trading securities held by non-trading subsidiaries are carried at fair value and reported within Other assets—Non-trading debt securities Other assets—Other Revenue—Other Other assets—Non-trading debt securities Other assets—Other Other comprehensive income (loss) Revenue—Other Other comprehensive income (loss) Revenue—Other Where the fair value of non-trading securities held by Nomura’s insurance subsidiary has declined below amortized cost, the securities are assessed to determine whether the decline in fair value is other-than-temporary in nature. Nomura considers quantitative and qualitative factors including the length of time and extent to which fair value has been less than amortized cost, the financial condition and near-term prospects of the issuer and Nomura’s intent and ability to hold the securities for a period of time sufficient to allow for any anticipated recovery in fair value. If an other-than-temporary impairment loss exists, for equity securities, the security is written down to fair value, with the entire difference between fair value and amortized cost reported within Revenue—Other Revenue—Other Other comprehensive income (loss) See Note 5 “Non-trading securities” |
Short-term and long-term borrowings | Short-term and long-term borrowings— Short-term borrowings are defined as borrowings which are due on demand, which have a contractual maturity of one year or less at issuance date, or which have a longer contractual maturity but which contain features outside of Nomura’s control that allows the investor to demand redemption within one year from original issuance date. Short-term and long-term borrowings primarily consist of commercial paper, bank borrowings, and certain structured notes issued by Nomura and SPEs consolidated by Nomura, and financial liabilities recognized in transfers of financial assets which are accounted for as financings rather than sales under ASC 860 (“secured financing transactions”). Of these financial liabilities, certain structured notes and secured financing transactions are accounted for at fair value on a recurring basis through election of the fair value option. Other short and long-term borrowings are carried at amortized cost. Structured notes are debt securities which contain embedded features (often meeting the accounting definition of a derivative) that alter the return to the investor from simply receiving a fixed or floating rate of interest to a return that depends upon some other variable(s) such as an equity or equity index, commodity price, foreign exchange rate, credit rating of a third party or more complex interest rate calculation. All structured notes issued by Nomura on or after April 1, 2008 are carried at fair value on a recurring basis through election of the fair value option. This blanket election for structured notes is made primarily to mitigate the volatility in the consolidated statements of income caused by differences in the measurement basis for structured notes and the derivatives used to risk manage those positions and to generally simplify the accounting Nomura applies to these financial instruments. Certain structured notes issued prior to April 1, 2008 were already measured at fair value but others continue to be accounted for by Nomura by bifurcating the embedded derivative from the associated debt host contract. The embedded derivative is accounted for at fair value and the debt host contract is accounted for at amortized cost. Changes in the fair value of structured notes elected for the fair value option and bifurcated embedded derivatives are reported within Revenue—Net gain on trading See Note 10 “Borrowings” |
Income taxes | Income taxes— Deferred tax assets and liabilities are recognized to reflect the expected future tax consequences of operating loss carryforwards, tax credit carryforwards and temporary differences between the carrying amounts for financial reporting purposes and the tax bases of assets and liabilities based upon enacted tax laws and tax rates. Nomura recognizes deferred tax assets to the extent it believes that it is more likely than not that a benefit will be realized. A valuation allowance is established against deferred tax assets for tax benefits available to Nomura that are not deemed more likely than not to be realized. Deferred tax assets and deferred tax liabilities that relate to the same tax-paying component within a particular tax jurisdiction are offset in the consolidated balance sheets. Net deferred tax assets and net deferred tax liabilities are reported within Other assets Other Other liabilities Nomura recognizes and measures unrecognized tax benefits based on Nomura’s estimate of the likelihood, based on technical merits, that tax positions will be sustained upon examination based on the facts and circumstances and information available at the end of each period. Nomura adjusts the level of unrecognized tax benefits when there is more information available, or when an event occurs requiring a change. The reassessment of unrecognized tax benefits could have a material impact on Nomura’s effective tax rate in the period in which it occurs. Nomura recognizes income tax-related interest and penalties within Income tax expense See Note 15 “Income taxes” |
Stock-based and other compensation awards | Stock-based and other compensation awards— Stock-based awards issued by Nomura to senior management and other employees are classified as either equity or liability awards depending on the terms of the award. Stock-based awards such as Stock Acquisition Rights (“SARs”) which are expected to be settled by the delivery of the Company’s common stock are classified as equity awards. For these awards, total compensation cost is generally fixed at the grant date and measured using the grant-date fair value of the award, net of any amount the employee is obligated to pay and estimated forfeitures. Stock-based awards such as Notional Stock Units (“NSUs”) and Collared Notional Stock Units (“CSUs”) which are expected to be settled in cash are classified as liability awards. Other awards such as Notional Index Units (“NIUs”) which are linked to a world stock index quoted by Morgan Stanley Capital International and which are expected to be cash settled are also effectively classified as liability awards. Liability awards are remeasured to fair value at each balance sheet date, net of estimated forfeitures with the final measurement of cumulative compensation cost equal to the settlement amount. Multi-year Performance Deferral (“MYPD”) awards which contain performance conditions and are expected to result in the issuance of SARs or NSUs are classified as equity or liability awards, respectively. For both equity and liability awards, fair value is determined either by using option pricing models, the market price of the Company’s common stock or the price of the third party index, as appropriate. Compensation cost is recognized in the consolidated statements of income over the requisite service period, which generally is equal to the contractual vesting period. For MYPD awards with performance conditions, compensation expense is also recognized over the requisite service period to the extent it is probable that the performance conditions will be met. Where an award has graded vesting, compensation expense is recognized using the accelerated recognition method. Certain new deferred awards granted since May 2013 include “Full Career Retirement” provisions which permit recipients of the awards to continue to vest in the awards upon voluntary termination if certain criteria based on corporate title and length of service within Nomura are met. The requisite service period for these awards ends on the earlier of the contractual vesting date and the date that the recipients become eligible for Full Career Retirement. See Note 13 “Deferred compensation plans” |
Earnings per share | Earnings per share— The computation of basic earnings per share is based on the weighted average number of shares outstanding during the year. Diluted earnings per share reflects the assumed conversion of all dilutive securities based on the most advantageous conversion rate or exercise price available to the investors, and assuming conversion of convertible debt under the if-converted method. See Note 11 “Earnings per share” |
Cash and cash equivalents | Cash and cash equivalents— Nomura defines cash and cash equivalents as cash on hand and demand deposits with banks. |
Goodwill and intangible assets | Goodwill and intangible assets— Goodwill is recognized upon completion of a business combination as the difference between the purchase price and the fair value of the net assets acquired. Subsequent to initial recognition, goodwill is not amortized but is tested for impairment at a reporting unit level during the fourth quarter of each fiscal year, or more frequently during earlier interim periods if events or circumstances indicate there may be impairment. Nomura’s reporting units are at one level below its business segments. Nomura tests goodwill of each separate reporting unit by initially qualitatively assessing whether events and circumstances indicate that it is more likely than not (i.e. greater than 50%) that a reporting unit’s fair value is less than its carrying amount. If such assessment indicates fair value is not less than the carrying value, the reporting unit is deemed not to be impaired and no further analysis is required. If it is more likely than not that the fair value of the reporting unit is below its carrying value, a quantitative two-step impairment test is then performed. In the first step, the current estimated fair value of the reporting unit is compared with its carrying value, including goodwill. If the fair value is less than the carrying value, then a second step is performed. In the second step, the implied current fair value of the reporting unit’s goodwill is determined by comparing the fair value of the reporting unit to the fair value of the net assets of the reporting unit, as if the reporting unit were being acquired in a business combination. An impairment loss is recognized if the carrying value of goodwill exceeds its implied current fair value. Intangible assets not subject to amortization (“indefinite-lived intangible assets”) are tested for impairment on an individual asset basis during the fourth quarter of each fiscal year, or more frequently during earlier interim periods if events or circumstances indicate there may be impairment. Similar to goodwill, Nomura tests an indefinite-lived intangible asset by initially qualitatively assessing whether events or circumstances indicate that it is more likely than not that the fair value of the intangible asset is less than its carrying amount. If such assessment indicates fair value is not less than the carrying value, the intangible asset is deemed not to be impaired and no further analysis is required. If it is more likely than not that the fair value of the intangible asset is below its carrying value, the current estimated fair value of the intangible asset is compared with its carrying value. An impairment loss is recognized if the carrying value of the intangible asset exceeds its estimated fair value. Intangible assets with finite lives (“finite-lived intangible assets”) are amortized over their estimated useful lives and tested for impairment either individually or with other assets (“asset group”) when events and circumstances indicate that the carrying value of the intangible asset (or asset group) may not be recoverable. A finite-lived intangible asset is impaired when its carrying amount or the carrying amount of the asset group exceeds its fair value. An impairment loss is recognized only if the carrying amount of the intangible asset (or asset group) is not recoverable and exceeds its fair value. For both goodwill and intangible assets, to the extent an impairment loss is recognized, the loss establishes a new cost basis for the asset which cannot be subsequently reversed. See Note 9 “Other assets—Other/Other liabilities” Nomura’s equity method investments are tested in their entirety for other-than-temporary impairment when there is an indication of impairment. The underlying assets associated with the equity method investments, including goodwill, are not tested separately for impairment. |
Restructuring costs | Restructuring costs— Costs associated with an exit activity are recognized at fair value in the period in which the liability is incurred. Such costs include one-time termination benefits provided to employees, costs to terminate certain contracts and costs to relocate employees. Termination benefits provided to employees as part of ongoing benefit arrangements are recognized as liabilities at the earlier of the date an appropriately detailed restructuring plan is approved by regional executive management or the terms of the involuntary terminations are communicated to employees potentially affected. Contractual termination benefits included in an employee’s contract of employment that is triggered by the occurrence of a specific event are recognized during the period in which it is probable that Nomura has incurred a liability and the amount of the liability can be reasonably estimated. A one-time termination benefit is established by a plan of termination that applies to a specified termination event and is recognized when an appropriately detailed restructuring plan is approved by regional executive management and the terms of the involuntary terminations are communicated to those employees potentially affected by the restructuring. See Note 14 “Restructuring initiatives” |
Employee benefit plans | Employee benefit plans— Nomura provides certain eligible employees with various benefit plans, including pensions and other post-retirement benefits. These benefit plans are classified as either defined benefit plans or defined contribution plans. Plan assets and benefit obligations, as well as the net periodic benefit cost of a defined benefit pension or post-retirement benefit plan, are recognized based on various actuarial assumptions such as discount rates, expected return on plan assets and future compensation levels at the balance sheet date. Actuarial gains and losses in excess of 10% of the greater of the benefit obligation or the fair value of plan assets and unrecognized prior service costs or credits are amortized to net periodic benefit cost on a straight-line basis over the average remaining service life of active employees expected to receive benefits. The overfunded or underfunded status of a plan is reported within Other assets—Other Other liabilities Other comprehensive income (loss) The net periodic pension and other benefit cost of defined contribution plans is recognized within Compensation and benefits See Note 12 “Employee benefit plans” |
New accounting pronouncements adopted during the current year | New accounting pronouncements adopted during the current year— The following new accounting pronouncements relevant to Nomura have been adopted during the year ended March 31, 2015: Release of cumulative translation adjustment amounts In March 2013, the FASB issued amendments changes to ASC 810-10 “Consolidation—Overall 810-10”) “Foreign Currency Matters—Translation of Financial Statements” 830-30”) “Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity” ASU 2013-05 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013 with early adoption permitted. Nomura adopted ASU 2013-05 from April 1, 2014 and these amendments have not had a material impact on these consolidated financial statements. Investment companies In June 2013, the FASB issued amendments to ASC 946 through issuance of ASU 2013-08 “Amendments to the Scope, Measurement, and Disclosure Requirements” ASU 2013-08 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013 with early adoption prohibited. Nomura adopted ASU 2013-08 from April 1, 2014 and these amendments have not had a material impact on these consolidated financial statements. Income taxes In July 2013, the FASB issued amendments to ASC 740 “Income Taxes “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 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013, with early adoption permitted. Nomura adopted ASU 2013-11 from April 1, 2014 and these amendments have not had a material impact on these consolidated financial statements. Repurchase agreements and similar transactions In June 2014, the FASB issued amendments to ASC 860 through issuance of ASU 2014-11 “Repurchase-to- Maturity Transactions, Repurchase Financings, and Disclosures ASU 2014-11 also amends ASC 860 by introducing new disclosure requirements regarding the remaining contractual maturity of repurchase agreements and securities lending transactions accounted for as secured borrowings and nature of underlying financial assets transferred, as well as new disclosure requirements regarding certain other transactions which involve the transfer of financial assets accounted for as sales and where Nomura, as transferor, retains substantially all of the exposure to the economic return on the transferred financial assets throughout the term of the transaction through an agreement entered into in contemplation of the original transfer. The amendments to the accounting treatment of repurchase-to-maturity transactions and repurchase financing arrangements are effective for interim or annual periods beginning after December 15, 2014 with early adoption prohibited. As of adoption date, the accounting for all outstanding repurchase-to-maturity transactions and repurchase financing arrangements is adjusted by means of a cumulative-effect adjustment to the balance sheet and retained earnings. Nomura adopted these accounting amendments from January 1, 2015 and these amendments have not had a material impact on these consolidated financial statements. The new disclosure requirements regarding transfers of financial assets which are accounted for as sales and where the transferor retains substantially all of the exposure of the transferred financial assets are effective for interim or annual periods beginning after December 15, 2014. Nomura adopted these disclosure requirements from January 1, 2015. Because these amendments only enhance disclosures around the nature of these transactions rather than change the accounting treatment, they have not had a material impact on these consolidated financial statements. See Note 3 “Derivative instruments and hedging activities” The new disclosure requirements regarding the remaining contractual maturity of repurchase agreements and securities lending transactions accounted for as secured borrowings and nature of underlying financial assets transferred, are effective for annual periods beginning after December 15, 2014 and interim periods beginning after March 15, 2015. Nomura will adopt these disclosure requirements from April 1, 2015 and initially make these disclosures in its interim consolidated financial statements for the quarter ended June 30, 2015. Because these amendments only enhance disclosures around the nature of these transactions rather than change the accounting for repurchase agreements and securities lending transactions, Nomura does not expect these disclosures to have a material impact on these consolidated financial statements. |
Future accounting developments | Future accounting developments— The following new accounting pronouncements relevant to Nomura will be adopted in future periods: Foreclosed mortgage loans In January 2014, the FASB issued amendments to ASC 310-40 “Receivables – Troubled Debt Restructurings by Creditors “Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure ASU 2014-04 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2014 with early adoption permitted. Nomura will adopt ASU 2014-04 from April 1, 2015 and does not expect these amendments to have a material impact on these consolidated financial statements. Foreclosed government-guaranteed mortgage loans In August 2014, the FASB issued amendments to ASC 310-40 through issuance of ASU 2014-14 “Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure” ASU 2014-14 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2014 with early adoption permitted and may be adopted using either a modified retrospective approach or prospectively. Nomura will adopt ASU 2014-14 from April 1, 2015 and does not expect these amendments to have a material impact on these consolidated financial statements. Reporting discontinued operations In April 2014, the FASB issued amendments to ASC 205 “Presentation of Financial Statements” “Property, Plant and Equipment” “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity” ASU 2014-08 is effective prospectively for all disposals or expected disposals classified as held for sale that occur within annual periods beginning on or after December 15, 2014 and interim periods within those years. Early adoption is permitted, but only for disposals or expected disposals classified as held for sale that have not been reported in financial statements previously issued or available for issue. Nomura will adopt ASU 2014-08 from April 1, 2015 and does not expect these amendments to have a material impact on these consolidated financial statements. Revenue recognition In May 2014, the FASB issued ASC 606 “Revenue from Contracts with Customers” “Intangibles—Goodwill and Other “Revenue Recognition—Construction-Type and Production-Type Contracts” “Revenue from Contracts with Customers” “Revenue Recognition ASU 2014-09 is effective for annual reporting periods, and interim periods within those reporting periods, beginning after December 15, 2016. However, in April 2015, the FASB proposed to defer the effective date to annual reporting periods beginning after December 15, 2017, with early adoption permitted for annual reporting periods and interim periods within those reporting periods beginning after December 15, 2016. Assuming the proposal to defer is adopted by the FASB, Nomura expects to adopt ASU 2014-09 from April 1, 2018 and is currently evaluating the potential impact it may have on these consolidated financial statements. Stock compensation In June 2014, the FASB issued amendments to ASC 718 “Compensation—Stock Compensation “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period ASU 2014-12 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015 with early adoption permitted. ASU 2014-12 may be applied either by prospectively or retrospectively. Nomura currently plans to adopt ASU 2014-12 from April 1, 2016 and does not expect these amendments to have a material impact on these consolidated financial statements. Collateralized financing entities In August 2014, the FASB issued amendments to ASC 810 through issuance of ASU 2014-13 “Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity When the measurement alternative of ASU 2014-13 is elected, both the financial assets and financial liabilities of a consolidated collateralized financing entity are measured using whichever fair value measurement is more observable, in order to eliminate differences that may arise when the fair value of financial assets and financial liabilities is determined separately. ASU 2014-13 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015 with early adoption permitted. Nomura currently plans to adopt ASU 2014-13 from April 1, 2016 and is currently evaluating the potential impact these amendments may have on these consolidated financial statements. Consolidation In February 2015, the FASB issued amendments to ASC 810 through issuance of ASU 2015-02 “Amendments to the Consolidation Analysis • Rescinds the indefinite deferral of FASB Statement No. 167 “Amendments to FASB Interpretation No. 46 (R)” “Amendments for Certain Investment Funds” • Provides an exception from consolidation for certain registered money market funds and similar entities; • Modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities or voting interest entities under ASC 810; • Modifies how fee arrangements and related party relationships should be considered in determining whether a variable interest entity should be consolidated; and • Introduces new disclosure requirements regarding financial support arrangements with certain registered money market funds and similar entities to which the exception from consolidation has been applied. ASU 2015-02 is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015 with early adoption permitted, including adoption in an interim period. Nomura currently plans to adopt ASU 2015-02 from April 1, 2016 and is currently evaluating the potential impact these amendments may have on these consolidated financial statements. Presentation of debt issuance costs In April 2015, the FASB issued amendments to ASC 835-30 “Interest–Imputation of Interest” “Simplifying the Presentation of Debt Issuance Costs ASU 2015-03 is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015 with early adoption permitted. Nomura currently plans to adopt ASU 2015-03 from April 1, 2016 and does not expect these amendments to have a material impact on these consolidated financial statements. Customers’ accounting for fees paid in a cloud computing arrangement In April 2015, the FASB issued amendments to ASC 350-40 “Intangibles—Goodwill and Other—Internal-Use Software “Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement ASU 2015-05 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015 with early adoption permitted. Nomura currently plans to adopt ASU 2015-05 from April 1, 2016 and does not expect these amendments to have a material impact on these consolidated financial statements. Disclosures for investments in certain entities that calculate net asset value per share (or its equivalent) In May 2015, the FASB issued amendments to ASC 820 through issuance of ASU 2015-07 “Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)” ASU 2015-07 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015 with early adoption permitted. Nomura currently plans to adopt ASU 2015-07 from April 1, 2016. Because these amendments only remove certain disclosure requirements around investments which are measured at fair value using net asset value as a practical expedient, rather than change when such practical expedient can be used, Nomura does not expect these amendments to have a material impact on these consolidated financial statements. |
Summary of accounting policie32
Summary of accounting policies (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Summary of accounting policies | |
Breakdown of Office buildings, land, equipment and facilities | Millions of yen March 31 2014 2015 Land ¥ 94,991 ¥ 91,055 Office buildings 109,052 105,043 Equipment and facilities 48,101 46,186 Software 156,717 158,348 Construction in progress 56 437 Total ¥ 408,917 ¥ 401,069 |
Schedule of estimated useful lives for significant asset classes | Office buildings 5 to 50 years Equipment and facilities 2 to 20 years Software Up to 5 years |
Fair value measurements (Tables
Fair value measurements (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair value of financial assets and financial liabilities measured on recurring basis | Billions of yen March 31, 2014 Level 1 Level 2 Level 3 Counterparty (1) Balance as of Assets: Trading assets and private equity investments (2) Equities (3) ¥ 2,176 ¥ 655 ¥ 68 ¥ — ¥ 2,899 Private equity investments (3) — — 42 — 42 Japanese government securities 2,587 — — — 2,587 Japanese agency and municipal securities — 192 — — 192 Foreign government, agency and municipal securities 4,615 1,378 26 — 6,019 Bank and corporate debt securities and loans for trading purposes — 1,735 116 — 1,851 Commercial mortgage-backed securities (“CMBS”) — 156 3 — 159 Residential mortgage-backed securities (“RMBS”) — 2,221 3 — 2,224 Real estate-backed securities — — 0 — 0 Collateralized debt obligations (“CDOs”) and other (4) — 170 13 — 183 Investment trust funds and other 136 87 30 — 253 Total trading assets and private equity investments 9,514 6,594 301 — 16,409 Derivative assets (5) Equity contracts 750 1,102 70 — 1,922 Interest rate contracts 11 19,398 112 — 19,521 Credit contracts 4 1,268 42 — 1,314 Foreign exchange contracts — 3,293 19 — 3,312 Commodity contracts 0 0 0 — 0 Netting — — — (23,764 ) (23,764 ) Total derivative assets 765 25,061 243 (23,764 ) 2,305 Subtotal ¥ 10,279 ¥ 31,655 ¥ 544 ¥ (23,764 ) ¥ 18,714 Loans and receivables (6) — 280 26 — 306 Collateralized agreements (7) — 1,087 — — 1,087 Other assets Non-trading debt securities 406 615 3 — 1,024 Other (3) 358 94 56 — 508 Total ¥ 11,043 ¥ 33,731 ¥ 629 ¥ (23,764 ) ¥ 21,639 Liabilities: Trading liabilities Equities ¥ 774 ¥ 132 ¥ 1 ¥ — ¥ 907 Japanese government securities 3,046 — — — 3,046 Foreign government, agency and municipal securities 3,831 688 — — 4,519 Bank and corporate debt securities — 396 0 — 396 Residential mortgage-backed securities (“RMBS”) — 1 — — 1 Collateralized debt obligations (“CDOs”) and other (4) — 0 — — 0 Investment trust funds and other 76 12 — — 88 Total trading liabilities 7,727 1,229 1 — 8,957 Derivative liabilities (5) Equity contracts 827 1,368 59 — 2,254 Interest rate contracts 10 19,142 151 — 19,303 Credit contracts 4 1,582 37 — 1,623 Foreign exchange contracts — 2,926 14 — 2,940 Commodity contracts 0 0 0 — 0 Netting — — — (24,030 ) (24,030 ) Total derivative liabilities 841 25,018 261 (24,030 ) 2,090 Subtotal ¥ 8,568 ¥ 26,247 ¥ 262 ¥ (24,030 ) ¥ 11,047 Short-term borrowings (8) — 46 3 — 49 Payables and deposits (9) — 0 0 — 0 Collateralized financing (7) — 530 — — 530 Long-term borrowings (8)(10)(11) 134 1,439 394 — 1,967 Other liabilities (12) 152 86 — — 238 Total ¥ 8,854 ¥ 28,348 ¥ 659 ¥ (24,030 ) ¥ 13,831 Billions of yen March 31, 2015 Level 1 Level 2 Level 3 Counterparty (1) Balance as of Assets: Trading assets and private equity investments (2) Equities (3) ¥ 1,707 ¥ 710 ¥ 39 ¥ — ¥ 2,456 Private equity investments (3) — 0 49 — 49 Japanese government securities 2,233 — — — 2,233 Japanese agency and municipal securities — 277 — — 277 Foreign government, agency and municipal securities 3,965 1,391 3 — 5,359 Bank and corporate debt securities and loans for trading purposes — 1,786 167 — 1,953 Commercial mortgage-backed securities (“CMBS”) — 113 2 — 115 Residential mortgage-backed securities (“RMBS”) — 2,496 1 — 2,497 Real estate-backed securities — — 13 — 13 Collateralized debt obligations (“CDOs”) and other (4) — 184 15 — 199 Investment trust funds and other 448 120 4 — 572 Total trading assets and private equity investments 8,353 7,077 293 — 15,723 Derivative assets (5) Equity contracts 7 1,668 72 — 1,747 Interest rate contracts 16 31,559 90 — 31,665 Credit contracts 5 1,066 40 — 1,111 Foreign exchange contracts — 7,544 33 — 7,577 Commodity contracts 0 0 — — 0 Netting — — — (40,514 ) (40,514 ) Total derivative assets 28 41,837 235 (40,514 ) 1,586 Subtotal ¥ 8,381 ¥ 48,914 ¥ 528 ¥ (40,514 ) ¥ 17,309 Loans and receivables (6) — 304 15 — 319 Collateralized agreements (7) — 1,530 — — 1,530 Other assets Non-trading debt securities 342 606 0 — 948 Other (3) 342 128 57 — 527 Total ¥ 9,065 ¥ 51,482 ¥ 600 ¥ (40,514 ) ¥ 20,633 Liabilities: Trading liabilities Equities ¥ 1,027 ¥ 62 ¥ 3 ¥ — ¥ 1,092 Japanese government securities 3,117 — — — 3,117 Foreign government, agency and municipal securities 3,155 904 — — 4,059 Bank and corporate debt securities — 379 0 — 379 Residential mortgage-backed securities (“RMBS”) — 1 — — 1 Collateralized debt obligations (“CDOs”) and other (4) — 3 — — 3 Investment trust funds and other 84 0 — — 84 Total trading liabilities 7,383 1,349 3 — 8,735 Derivative liabilities (5) Equity contracts 18 1,887 78 — 1,983 Interest rate contracts 8 31,555 112 — 31,675 Credit contracts 2 1,080 36 — 1,118 Foreign exchange contracts — 6,954 38 — 6,992 Commodity contracts 1 0 0 — 1 Netting — — — (40,460 ) (40,460 ) Total derivative liabilities 29 41,476 264 (40,460 ) 1,309 Subtotal ¥ 7,412 ¥ 42,825 ¥ 267 ¥ (40,460 ) ¥ 10,044 Short-term borrowings (8) ¥ — ¥ 188 ¥ 1 ¥ — ¥ 189 Payables and deposits (9) — 0 0 — 0 Collateralized financing (7) — 983 — — 983 Long-term borrowings (8)(10)(11) 80 1,996 525 — 2,601 Other liabilities (12) 96 108 — — 204 Total ¥ 7,588 ¥ 46,100 ¥ 793 ¥ (40,460 ) ¥ 14,021 (1) Represents the amount offset under counterparty netting of derivative assets and liabilities as well as cash collateral netting against net derivatives. (2) Includes investments in certain funds measured at fair value on the basis of NAV per share as a practical expedient. (3) Includes equity investments that would have been accounted for under the equity method had Nomura not chosen to elect the fair value option. (4) Includes collateralized loan obligations (“CLOs”) and asset-backed securities (“ABS”) such as those secured on credit card loans, auto loans and student loans. (5) Each derivative classification includes derivatives referencing multiple risk components. For example, interest rate contracts include complex derivatives referencing interest rate risk as well as foreign exchange risk or other factors such as prepayment rates. Credit contracts include credit default swaps as well as derivatives referencing corporate and government debt securities. (6) Includes loans for which the fair value option has been elected. (7) Includes collateralized agreements or collateralized financing for which the fair value option has been elected. (8) Includes structured notes for which the fair value option has been elected. (9) Includes embedded derivatives bifurcated from deposits received at banks. If unrealized gains are greater than unrealized losses, deposits are reduced by the excess amount. (10) Includes embedded derivatives bifurcated from issued structured notes. If unrealized gains are greater than unrealized losses, borrowings are reduced by the excess amount. (11) Includes liabilities recognized from secured financing transactions that are accounted for as financings rather than sales. Nomura elected the fair value option for these liabilities. (12) Includes loan commitments for which the fair value option has been elected. |
Schedule of quantitative information regarding significant unobservable inputs and assumptions for certain level 3 financial instruments | March 31, 2014 Financial Instrument Fair value Valuation Significant Range of (1) Weighted (2) Assets: Trading assets and private equity investments Equities ¥ 68 DCF Liquidity discounts 11.0 – 50.0 % 18.1 % DCM Capitalization rates 6.8 – 6.9 % 6.8 % Private equity investments 42 Market multiples EV/EBITDA ratios 4.5 – 11.6 x 0.4 x 0.0 – 33.0 % 10.0 x 0.4 x 30.5 % Foreign government, agency and municipal securities 26 DCF Credit spreads 0.0 – 5.9 % 0.5 % Bank and corporate debt securities and loans for trading purposes 116 DCF Credit spreads 0.0 – 26.6 % 0.0 – 74.0 % 4.7 % 57.1 % Commercial mortgage- backed securities (“CMBS”) 3 DCF Yields 6.2 – 30.4 % 10.1 % Residential mortgage- backed securities (“RMBS”) 3 DCF Yields 0.3 – 10.7 % 3.8 – 50.0 % 0.0 – 2.0 % 0.1 – 87.2 % 3.7 % 12.8 % 2.0 % 51.2 % Collateralized debt obligations (“CDOs”) and other 13 DCF Yields Prepayment rates Default probabilities Loss severities 0.0 – 90.9 % 0.0 – 20.0 % 1.0 – 65.0 % 30.0 – 100.0 % 11.1 % 18.5 % 3.2 % 47.9 % Investment trust funds and other 30 DCF Credit spreads Correlations 0.0 – 3.5 % 0.50 – 0.71 0.1 % 0.61 Derivatives, net: Equity contracts ¥ 11 Option models Dividend yield 0.0 – 8.2 % 6.9 – 59.9 % (0.96) – 0.95 — — — Interest rate contracts (39 ) DCF/ Interest rates 0.7 – 5.2 % — Option models Volatilities 10.6 – 23.5 % (0.45) – 0.99 — — Credit contracts 5 DCF/ Credit spreads 0.0 – 20.9 % 20.0 – 90.0 % — — Option models Volatilities 1.0 – 70.0 % 0.26 – 0.95 — — Foreign exchange contracts 5 Option models Volatilities 11.2 –19.1 % — Loans and receivables 26 DCF Credit spreads 0.0 % 0.0 % Other assets Non-trading debt securities 3 DCF Credit spreads 0.1 – 2.5 % 0.8 % Other (3) 56 DCF WACC 6.1 % 6.1 % Growth rates 1.0 % 0.0 – 30.0 % 1.0 % 12.7 % Market multiples EV/EBITDA ratios PE ratios Price/Book ratios Liquidity discounts 3.6 – 8.3 x 9.6 – 60.1 x 0.0 – 5.3 x 30.0 % 4.9 x 24.0 x 1.0 x 30.0 % Liabilities: Short-term borrowings ¥ 3 DCF Volatilities 15.3 – 55.5 % (0.78) – 0.94 — — Long-term borrowings 394 DCF Volatilities 10.6 – 55.5 % (0.78) – 0.99 — — March 31, 2015 Financial Instrument Fair value Valuation Significant Range of (1) Weighted (2) Assets: Trading assets and private equity investments Equities ¥ 39 DCF Liquidity discounts 4.6 – 40.0 % 21.6 % Private equity investments 49 Market multiples EV/EBITDA ratios Price/Embedded values Liquidity discounts 10.0 x 0.4 x 30.0 – 33.0 % 10.0 x 0.4 x 32.3 % Foreign government, agency and municipal securities 3 DCF Credit spreads 0.3 – 6.1 % 1.1 % Bank and corporate debt securities and loans for trading purposes 167 DCF Credit spreads 0.0 – 33.4 % 0.0 – 42.6 % 10.4 % 24.9 % Commercial mortgage- backed securities (“CMBS”) 2 DCF Yields 18.1 – 50.6 % 15.3 % Residential mortgage- backed securities (“RMBS”) 1 DCF Yields Prepayment rates 0.1 – 10.6 % 2.7 – 12.8 % 2.2 % 7.5 % Real estate-backed securities 13 DCF Yields Loss severities 17.0 – 26.0 % 0.0 – 46.8 % 24.3 % 18.6 % Collateralized debt obligations (“CDOs”) and other 15 DCF Yields Prepayment rates Default probabilities Loss severities 4.7 – 23.4 % 0.0 – 20.0 % 1.0 – 10.0 % 30.0 – 100.0 % 12.6 % 19.0 % 2.2 % 32.7 % Derivatives, net: Equity contracts ¥ (6 ) Option models Dividend yield Volatilities Correlations 0.0 – 8.4 % 9.2 – 100.2 % (0.75) – 0.98 — — — Interest rate contracts (22 ) DCF/ Interest rates Volatilities Correlations 0.8 – 3.3 % 13.7 – 300.0 % (0.30) – 0.99 — — — Credit contracts 4 DCF/ Credit spreads Recovery rates Volatilities Correlations 0.0 – 19.9 % 0.0 – 90.0 % 1.0 – 70.0 % 0.37 – 0.95 — — — — Foreign exchange contracts (5 ) Option models Volatilities 0.6 – 16.1 % — Loans and receivables 15 DCF Credit spreads 0.0 – 12.2 % 0.7 % Other assets Other (3) 57 DCF WACC Growth rates Credit spreads Liquidity discounts 5.7 % 1.0 % 0.6 – 2.4 % 30.0 % 5.7 % 1.0 % 1.3 % 30.0 % Market multiples EV/EBITDA ratios PE ratios Price/Book ratios Liquidity discounts 2.9 – 13.5 x 11.5 – 83.9 x 0.0 – 5.0 x 20.0 – 30.0 % 7.6 x 29.3 x 1.1 x 29.2 % Liabilities: Short-term borrowings ¥ 1 DCF/ Volatilities Correlations 15.4 – 47.5 % (0.75) – 0.91 — — Long-term borrowings 525 DCF/ Volatilities Correlations 13.7 – 47.5 % (0.75) – 0.99 — — (1) Range information is provided in percentages, coefficients and multiples and represents the highest and lowest level significant unobservable valuation input used to value that type of financial instrument. A wide dispersion in the range does not necessarily reflect increased uncertainty or subjectivity in the valuation input and is typically just a consequence of the different characteristics of the financial instruments themselves. (2) Weighted average information for non-derivative instruments is calculated by weighting each valuation input by the fair value of the financial instrument. (3) Valuation technique(s) and unobservable inputs in respect of equity securities reported within Other assets |
Increases and decreases of Level 3 assets and liabilities measured at fair value on recurring basis unrealized and realized gain/losses included in revenue | Billions of yen Year ended March 31, 2014 Balance Total gains (1) Total gains Purchases (2) Sales / (2) Settlements Foreign Transfers (3) Transfers (3) Balance Assets: Trading assets and private equity investments Equities ¥ 129 ¥ 11 ¥ — ¥ 21 ¥ (105 ) ¥ — ¥ 6 ¥ 7 ¥ (1 ) ¥ 68 Private equity investments 87 (1 ) — 1 (11 ) — 6 — (40 ) 42 Japanese agency and municipal securities 0 — — — — — — — (0 ) — Foreign government, agency and municipal securities 91 21 — 516 (540 ) — — 8 (70 ) 26 Bank and corporate debt securities and loans for trading purposes 69 5 — 221 (167 ) — 3 32 (47 ) 116 Commercial mortgage-backed securities (“CMBS”) 6 (0 ) — 7 (11 ) — 0 2 (1 ) 3 Residential mortgage-backed securities (“RMBS”) 4 (0 ) — 1 (3 ) — 0 3 (2 ) 3 Real estate-backed securities 68 1 — 0 (69 ) — 0 — — 0 Collateralized debt obligations (“CDOs”) and other 12 (1 ) — 23 (21 ) — 1 6 (7 ) 13 Investment trust funds and other 13 0 — 24 (6 ) — 0 — (1 ) 30 Total trading assets and private equity investments 479 36 — 814 (933 ) — 16 58 (169 ) 301 Derivatives, net (4) Equity contracts 5 (8 ) — — — (2 ) 2 7 7 11 Interest rate contracts (54 ) (1 ) — — — 19 (1 ) (6 ) 4 (39 ) Credit contracts 25 (5 ) — — — (16 ) 3 0 (2 ) 5 Foreign exchange contracts (3 ) (1 ) — — — 13 0 (4 ) (0 ) 5 Commodity contracts (0 ) 0 — — — 0 (0 ) 0 — 0 Total derivatives, net (27 ) (15 ) — — — 14 4 (3 ) 9 (18 ) Subtotal ¥ 452 ¥ 21 ¥ — ¥ 814 ¥ (933 ) ¥ 14 ¥ 20 ¥ 55 ¥ (160 ) ¥ 283 Loans and receivables 3 (0 ) — 13 (2 ) — 1 20 (9 ) 26 Other assets Non-trading debt securities 4 (1 ) (0 ) — (0 ) — 0 — — 3 Other 60 4 (0 ) 3 (9 ) — 0 — (2 ) 56 Total ¥ 519 ¥ 24 ¥ (0 ) ¥ 830 ¥ (944 ) ¥ 14 ¥ 21 ¥ 75 ¥ (171 ) ¥ 368 Liabilities: Trading liabilities Equities ¥ 0 ¥ (0 ) ¥ — ¥ 1 ¥ (0 ) ¥ — ¥ 0 ¥ 0 ¥ (0 ) ¥ 1 Bank and corporate debt securities 0 0 — 0 (0 ) — 0 0 (0 ) 0 Total trading liabilities ¥ 0 ¥ (0 ) ¥ — ¥ 1 ¥ (0 ) ¥ — ¥ 0 ¥ 0 ¥ (0 ) ¥ 1 Short-term borrowings 4 (0 ) — 3 (3 ) — — 1 (2 ) 3 Payables and deposits 1 0 — (0 ) (1 ) — — — (0 ) 0 Long-term borrowings 222 (29 ) — 424 (259 ) — 3 42 (67 ) 394 Other liabilities 0 — — 1 (1 ) — (0 ) — — — Total ¥ 227 ¥ (29 ) ¥ — ¥ 429 ¥ (264 ) ¥ — ¥ 3 ¥ 43 ¥ (69 ) ¥ 398 Billions of yen Year ended March 31, 2015 Balance as of Total gains (1) Total gains Purchases (2) Sales / (2) Settlements Foreign Transfers (3) Transfers (3) Balance Assets: Trading assets and private equity investments Equities ¥ 68 ¥ 1 ¥ — ¥ 28 ¥ (52 ) ¥ — ¥ 2 ¥ 3 ¥ (11 ) ¥ 39 Private equity investments 42 2 — 6 (2 ) — 1 — 0 49 Japanese agency and municipal securities — — — 0 0 — — — — — Foreign government, agency and municipal securities 26 8 — 150 (152 ) — — 7 (36 ) 3 Bank and corporate debt securities and loans for trading purposes 116 8 — 200 (154 ) — 15 33 (51 ) 167 Commercial mortgage-backed securities (“CMBS”) 3 0 — 6 (9 ) — 0 2 0 2 Residential mortgage-backed securities (“RMBS”) 3 (1 ) — 1 (5 ) — — 4 (1 ) 1 Real estate-backed securities 0 0 — 4 (24 ) — 1 34 (2 ) 13 Collateralized debt obligations (“CDOs”) and other 13 (5 ) — 44 (43 ) — 4 20 (18 ) 15 Investment trust funds and other 30 3 — 1 (11 ) — 0 0 (19 ) 4 Total trading assets and private equity investments 301 16 — 440 (452 ) — 23 103 (138 ) 293 Derivatives, net (4) Equity contracts 11 (2 ) — — — (14 ) 0 (10 ) 9 (6 ) Interest rate contracts (39 ) (27 ) — — — 39 1 (3 ) 7 (22 ) Credit contracts 5 (13 ) — — — 13 0 0 (1 ) 4 Foreign exchange contracts 5 (1 ) — — — (12 ) 1 1 1 (5 ) Commodity contracts 0 0 — — — 0 0 0 — 0 Total derivatives, net (18 ) (43 ) — — — 26 2 (12 ) 16 (29 ) Subtotal ¥ 283 ¥ (27 ) ¥ — ¥ 440 ¥ (452 ) ¥ 26 ¥ 25 ¥ 91 ¥ (122 ) ¥ 264 Loans and receivables ¥ 26 ¥ (1 ) ¥ — ¥ — ¥ (14 ) ¥ — ¥ 4 ¥ 0 ¥ — ¥ 15 Other assets Non-trading debt 3 0 0 — (3 ) — 0 — — 0 Other 56 1 1 3 (5 ) — 1 — 0 57 Total ¥ 368 ¥ (27 ) ¥ 1 ¥ 443 ¥ (474 ) ¥ 26 ¥ 30 ¥ 91 ¥ (122 ) ¥ 336 Liabilities: Trading liabilities Equities ¥ 1 ¥ 0 ¥ — ¥ 4 ¥ 0 ¥ — ¥ 0 ¥ 0 ¥ (2 ) ¥ 3 Bank and corporate debt securities 0 0 — 0 0 — 0 0 0 0 Collateralized debt obligations (“CDOs”) and other — 0 — 1 (1 ) — 0 — — — Total trading liabilities ¥ 1 ¥ 0 ¥ — ¥ 5 ¥ (1 ) ¥ — ¥ 0 ¥ 0 ¥ (2 ) ¥ 3 Short-term borrowings 3 (1 ) — 1 (2 ) — 0 0 (2 ) 1 Payables and deposits 0 0 — 0 0 — 0 — 0 0 Long-term borrowings 394 (83 ) — 419 (467 ) — 8 121 (33 ) 525 Total ¥ 398 ¥ (84 ) ¥ — ¥ 425 ¥ (470 ) ¥ — ¥ 8 ¥ 121 ¥ (37 ) ¥ 529 (1) Includes gains and losses reported primarily within Net gain on trading, Gain on private equity investments Gain on investments in equity securities, Revenue—Other Non-interest expenses—Other, Interest and dividends Interest expense (2) Amounts reported in Purchases / issues Sales / redemptions (3) If financial instruments move from Level 3 to another Level or move from another Level to Level 3, the amount reported in Transfers into Level 3 Transfers out of Level 3 (4) Each derivative classification includes derivatives referencing multiple risk components. For example, interest rate contracts include complex derivatives referencing interest rate risk as well as foreign exchange risk or other factors such as prepayment rates. Credit contracts include credit default swaps as well as derivatives referencing corporate and government debt securities. |
Fair value, level 3 assets and liabilities measured on recurring basis, unrealized gains (losses) | Billions of yen March 31 2014 2015 Unrealized gains / (losses) (1) Assets: Trading assets and private equity investments Equities ¥ 7 ¥ (4 ) Private equity investments (6 ) 2 Japanese agency and municipal securities 0 0 Foreign government, agency and municipal securities (1 ) 1 Bank and corporate debt securities and loans for trading purposes (0 ) 0 Commercial mortgage-backed securities (“CMBS”) 1 0 Residential mortgage-backed securities (“RMBS”) (0 ) 0 Real estate-backed securities ¥ (0 ) ¥ (1 ) Collateralized debt obligations (“CDOs”) and other (0 ) (3 ) Investment trust funds and other 0 4 Total trading assets and private equity investments 1 (1 ) Derivatives, net (2) Equity contracts 22 (1 ) Interest rate contracts (1 ) (11 ) Credit contracts 2 (13 ) Foreign exchange contracts (0 ) (5 ) Commodity contracts (0 ) 0 Total derivatives, net 23 (30 ) Subtotal ¥ 24 ¥ (31 ) Loans and receivables (1 ) 0 Other assets Non-trading debt securities (0 ) 0 Other 1 1 Total ¥ 24 ¥ (30 ) Liabilities: Trading liabilities Equities ¥ — ¥ 0 Bank and corporate debt securities (0 ) 0 Total trading liabilities ¥ (0 ) ¥ 0 Short-term borrowings (0 ) 0 Payables and deposits 0 0 Long-term borrowings (33 ) (14 ) Total ¥ (33 ) ¥ (14 ) (1) Includes gains and losses reported within Net gain on trading, Gain on private equity investments Gain on investments in equity securities, Revenue—Other Non-interest expenses—Other, Interest and dividends Interest expense (2) Each derivative classification includes derivatives referencing multiple risk components. For example, interest rate contracts include complex derivatives referencing interest rate risk as well as foreign exchange risk or other factors such as prepayment rates. Credit contracts include credit default swaps as well as derivatives referencing corporate and government debt securities. |
Information on investments where net asset value per share is calculated | Billions of yen March 31, 2014 Fair value Unfunded (1) Redemption frequency (2) Redemption notice (3) Hedge funds ¥ 66 ¥ 0 Monthly Same day-95 days Venture capital funds 4 1 — — Private equity funds 42 17 Quarterly 30 days Real estate funds 3 — — — Total ¥ 115 ¥ 18 Billions of yen March 31, 2015 Fair value Unfunded (1) Redemption frequency (2) Redemption notice (3) Hedge funds ¥ 98 ¥ 0 Monthly Same day-90 days Venture capital funds 3 1 — — Private equity funds 47 20 — — Real estate funds 1 — — — Total ¥ 149 ¥ 21 (1) The contractual amount of any unfunded commitments Nomura is required to make to the entities in which the investment is held. (2) The range in frequency with which Nomura can redeem investments. (3) The range in notice period required to be provided before redemption is possible. |
Gains (losses) due to changes in fair value for financial instruments measured at fair value using fair value option | Billions of yen Year ended March 31 2013 2014 2015 Gains/(Losses) (1) Assets: Trading assets and private equity investments (2) Trading assets ¥ 2 ¥ 0 ¥ 0 Private equity investments (10 ) (0 ) 1 Loans and receivables 19 3 4 Collateralized agreements (3) (0 ) 4 4 Other assets (2) 1 17 6 Total ¥ 12 ¥ 24 ¥ 15 Liabilities: Short-term borrowings (4) ¥ (4 ) ¥ 0 ¥ 11 Collateralized financing (3) (1 ) (3 ) (2 ) Long-term borrowings (4)(5) (51 ) 11 (7 ) Other liabilities (6) 0 0 0 Total ¥ (56 ) ¥ 8 ¥ 2 (1) Includes gains and losses reported primarily within Net gain on trading Gain on private equity investments Revenue—Other (2) Includes equity investments that would have been accounted for under the equity method had Nomura not chosen to elect the fair value option. (3) Includes reverse repurchase and repurchase agreements. (4) Includes structured notes and other financial liabilities. (5) Includes secured financing transactions arising from transfers of financial assets which did not meet the criteria for sales accounting. (6) Includes unfunded written loan commitments. |
Geographic allocations of trading assets related to government, agency, municipal securities | Billions of yen March 31, 2014 Japan U.S. EU Other Total (1) Government, agency and municipal securities ¥ 2,779 ¥ 1,666 ¥ 3,968 ¥ 385 ¥ 8,798 Billions of yen March 31, 2015 Japan U.S. EU Other Total (1) Government, agency and municipal securities ¥ 2,510 ¥ 1,815 ¥ 3,098 ¥ 446 ¥ 7,869 (1) Other than above, there were ¥756 billion and ¥635 billion of government, agency and municipal securities reported within Other assets—Non-trading debt securities |
Carrying values, fair values and classification within the fair value hierarchy for certain classes of financial instrument | Billions of yen March 31, 2014 (1) Fair value by level Carrying Fair value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents ¥ 1,490 ¥ 1,490 ¥ 1,490 ¥ — ¥ — Time deposits 364 364 — 364 — Deposits with stock exchanges and other segregated cash 336 336 — 336 — Loans receivable (2) 1,327 1,326 — 1,068 258 Securities purchased under agreements to resell 9,618 9,618 — 9,618 — Securities borrowed 7,729 7,729 — 7,729 — Total ¥ 20,864 ¥ 20,863 ¥ 1,490 ¥ 19,115 ¥ 258 Liabilities: Short-term borrowings ¥ 602 ¥ 602 ¥ — ¥ 599 ¥ 3 Deposits received at banks 1,114 1,114 — 1,114 0 Securities sold under agreements to repurchase 13,938 13,938 — 13,938 0 Securities loaned 2,360 2,360 — 2,360 — Long-term borrowings 8,227 8,202 134 7,674 394 Total ¥ 26,241 ¥ 26,216 ¥ 134 ¥ 25,685 ¥ 397 Billions of yen March 31, 2015 (1) Fair value by level Carrying Fair value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents ¥ 1,315 ¥ 1,315 ¥ 1,315 ¥ — ¥ — Time deposits 328 328 — 328 — Deposits with stock exchanges and other segregated cash 453 453 — 453 — Loans receivable (2) 1,460 1,460 — 1,141 319 Securities purchased under agreements to resell 8,481 8,481 — 8,479 2 Securities borrowed 8,238 8,238 — 8,238 — Total ¥ 20,275 ¥ 20,275 ¥ 1,315 ¥ 18,639 ¥ 321 Liabilities: Short-term borrowings ¥ 662 ¥ 662 ¥ — ¥ 661 ¥ 1 Deposits received at banks 1,220 1,220 — 1,220 0 Securities sold under agreements to repurchase 12,217 12,217 — 12,214 3 Securities loaned 2,494 2,494 — 2,494 — Long-term borrowings 8,336 8,365 80 7,760 525 Total ¥ 24,929 ¥ 24,958 ¥ 80 ¥ 24,349 ¥ 529 (1) Includes financial instruments which are carried at fair value on a recurring basis. (2) Carrying values are shown after deducting relevant allowances for credit losses. For the estimated fair value of liabilities relating to investment contracts underwritten by Nomura’s insurance subsidiary, see Note 9 “ Other assets—Other/Other liabilities |
Derivative instruments and he34
Derivative instruments and hedging activities (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Derivative instruments and hedging activities | |
Concentration of exposures to credit risk in OTC derivatives | Billions of yen March 31, 2014 Gross fair value of Impact of Impact of Net exposure to Financial institutions ¥ 20,355 ¥ (18,481 ) ¥ (936 ) ¥ 938 Billions of yen March 31, 2015 Gross fair value of Impact of Impact of Net exposure to Financial institutions ¥ 33,930 ¥ (31,773 ) ¥ (1,713 ) ¥ 444 |
Volume of derivative activity in statement of financial position | Billions of yen March 31, 2014 Derivative assets Derivative liabilities Notional Fair value Notional (1) Fair value (1) Derivatives used for trading and non-trading purposes (2)(3) : Equity contracts ¥ 15,761 ¥ 1,922 ¥ 14,911 ¥ 2,254 Interest rate contracts 1,132,306 19,459 1,098,406 19,249 Credit contracts 38,136 1,314 40,310 1,623 Foreign exchange contracts 108,595 3,312 113,915 2,938 Commodity contracts 46 0 37 0 Total ¥ 1,294,844 ¥ 26,007 ¥ 1,267,579 ¥ 26,064 Derivatives designated as hedging instruments: Interest rate contracts ¥ 2,143 ¥ 62 ¥ 296 ¥ 2 Foreign exchange contracts 109 0 116 2 Total ¥ 2,252 ¥ 62 ¥ 412 ¥ 4 Total derivatives ¥ 1,297,096 ¥ 26,069 ¥ 1,267,991 ¥ 26,068 Billions of yen March 31, 2015 Derivative assets Derivative liabilities Notional Fair value Notional (1) Fair value (1) Derivatives used for trading and non-trading purposes (2)(3) : Equity contracts ¥ 20,681 ¥ 1,747 ¥ 20,431 ¥ 1,983 Interest rate contracts 1,367,970 31,611 1,343,616 31,691 Credit contracts 30,055 1,111 29,689 1,118 Foreign exchange contracts 136,683 7,576 126,750 6,990 Commodity contracts 13 0 39 1 Total ¥ 1,555,402 ¥ 42,045 ¥ 1,520,525 ¥ 41,783 Derivatives designated as hedging instruments: Interest rate contracts ¥ 1,741 ¥ 54 ¥ 199 ¥ 0 Foreign exchange contracts 177 1 161 2 Total ¥ 1,918 ¥ 55 ¥ 360 ¥ 2 Total derivatives ¥ 1,557,320 ¥ 42,100 ¥ 1,520,885 ¥ 41,785 (1) Includes the amount of embedded derivatives bifurcated in accordance with ASC 815. (2) Each derivative classification includes derivatives referencing multiple risk components. For example, interest rates contracts include complex derivatives referencing interest rate risk as well as foreign exchange risk or other factors such as prepayment rates. Credit contracts include credit default swaps as well as derivatives referencing corporate and government securities. (3) As of March 31, 2014 and 2015, the amounts reported include derivatives used for non-trading purposes which are not designated as fair value or net investment hedges. These amounts have not been separately presented since such amounts were not significant. |
Offsetting of derivatives instruments and related collateral amounts | Billions of yen Billions of yen March 31, 2014 March 31, 2015 Derivative Derivative (1) Derivative Derivative (1) Equity contracts OTC settled bilaterally ¥ 1,162 ¥ 1,418 ¥ 1,191 ¥ 1,349 OTC centrally-cleared — — — — Exchange-traded 760 836 556 634 Interest rate contracts OTC settled bilaterally 10,485 10,281 12,421 12,580 OTC centrally-cleared 9,025 8,961 19,226 19,102 Exchange-traded 11 9 18 9 Credit contracts OTC settled bilaterally 1,180 1,491 1,003 1,023 OTC centrally-cleared 130 128 103 93 Exchange-traded 4 4 5 2 Foreign exchange contracts OTC settled bilaterally 3,296 2,923 7,562 6,977 OTC centrally-cleared 12 13 10 10 Exchange-traded 4 4 5 5 Commodity contracts OTC settled bilaterally 0 0 0 0 OTC centrally-cleared — — — — Exchange-traded 0 0 0 1 Total gross derivative balances (2) ¥ 26,069 ¥ 26,068 ¥ 42,100 ¥ 41,785 Less: Amounts offset in the consolidated balance sheets (3) (23,764 ) (24,030 ) (40,514 ) (40,460 ) Total net amounts reported on the face of the consolidated balance sheets (4) ¥ 2,305 ¥ 2,038 ¥ 1,586 ¥ 1,325 Less: Additional amounts not offset in the consolidated balance sheets (5) Financial instruments and non-cash collateral ¥ (168 ) ¥ (44 ) ¥ (252 ) ¥ (53 ) Cash collateral (0 ) (0 ) — (4 ) Net amount ¥ 2,137 ¥ 1,994 ¥ 1,334 ¥ 1,268 (1) Includes the amount of embedded derivatives bifurcated in accordance with ASC 815. (2) Includes all gross derivative asset and liability balances irrespective of whether they are transacted under a master netting agreement or whether Nomura has obtained sufficient evidence of enforceability of the master netting agreement. As of March 31, 2014, the gross balance of derivative assets and derivative liabilities which are not documented under master netting agreements or are documented under master netting agreements for which Nomura has not yet obtained sufficient evidence of enforceability was ¥744 billion and ¥808 billion, respectively. As of March 31, 2015, the gross balance of such derivative assets and derivative liabilities was ¥298 billion and ¥447 billion, respectively. (3) Represents amounts offset through counterparty netting of derivative assets and liabilities as well as cash collateral netting against net derivatives under master netting and similar agreements for which Nomura has obtained sufficient evidence of enforceability in accordance with ASC 815. As of March 31, 2014, Nomura offset a total of ¥1,283 billion of cash collateral receivables against net derivative liabilities and ¥1,017 billion of cash collateral payables against net derivative assets. As of March 31, 2015, Nomura offset a total of ¥1,830 billion of cash collateral receivables against net derivative liabilities and ¥1,884 billion of cash collateral payables against net derivative assets. (4) Net derivative assets and net derivative liabilities are generally reported within Trading assets and private equity investments—Trading assets Trading liabilities Short-term borrowings Long-term borrowings (5) Represents amounts which are not permitted to be offset on the face of the consolidated balance sheets in accordance with ASC 210-20 and ASC 815 but which provide Nomura with a legally enforceable right of offset in the event of counterparty default. Amounts relating to derivative and collateral agreements where Nomura has not yet obtained sufficient evidence of enforceability of such offsetting rights are excluded. As of March 31, 2014, a total of ¥203 billion of cash collateral receivables and ¥643 billion of cash collateral payables, including amounts reported in the table, have not been offset against net derivatives. As of March 31, 2015, a total of ¥223 billion of cash collateral receivables and ¥757 billion of cash collateral payables, including amounts reported in the table, have not been offset against net derivatives. |
Derivative amounts included in consolidated statements of income | Billions of yen Year ended March 31 2013 2014 2015 Derivatives used for trading and non-trading purposes (1)(2) : Equity contracts ¥ (69 ) ¥ (91 ) ¥ (9 ) Interest rate contracts 65 102 (105 ) Credit contracts (18 ) (123 ) 11 Foreign exchange contracts (329 ) (30 ) (17 ) Commodity contracts (0 ) 1 (2 ) Total ¥ (351 ) ¥ (141 ) ¥ (122 ) (1) Each derivative classification includes derivatives referencing multiple risk components. For example, interest rates contracts include complex derivatives referencing interest rate risk as well as foreign exchange risk or other factors such as prepayment rates. Credit contracts include credit default swaps as well as derivatives referencing corporate and government securities. (2) Includes net gains (losses) on derivatives used for non-trading purposes which are not designated as fair value or net investment hedges. For the years ended March 31, 2013, 2014 and 2015, these amounts have not been separately presented as net gains (losses) for these non-trading derivatives were not significant. |
Fair value hedges | Billions of yen Year ended March 31 2013 2014 2015 Derivatives designated as hedging instruments: Interest rate contracts ¥ 33 ¥ 2 ¥ 29 Foreign exchange contracts — — (1 ) Total ¥ 33 ¥ 2 ¥ 28 Hedged items: Long-term borrowings ¥ (33 ) ¥ (2 ) ¥ (29 ) Non-trading debt securities — — 1 Total ¥ (33 ) ¥ (2 ) ¥ (28 ) |
Net investment hedges | Billions of yen Year ended March 31 2013 2014 2015 Hedging instruments: Foreign exchange contracts ¥ (14 ) ¥ (12 ) ¥ 7 Long-term borrowings (15 ) — — Total ¥ (29 ) ¥ (12 ) ¥ 7 (1) The portion of gains (losses) representing the amount of hedge ineffectiveness and the amount excluded from the assessment of hedge effectiveness are recognized within Revenue—Other |
Written credit derivatives and purchased credit protection | Billions of yen March 31, 2014 Maximum potential payout/Notional Notional Years to maturity Purchased Carrying value (1) Total Less than 1 to 3 3 to 5 More than Single-name credit default swaps ¥ (235 ) ¥ 21,070 ¥ 4,167 ¥ 8,306 ¥ 6,610 ¥ 1,987 ¥ 18,689 Credit default indices (32 ) 9,082 1,215 3,552 3,582 733 7,704 Other credit risk related portfolio products 123 1,574 523 398 201 452 1,097 Credit risk related options and swaptions (1 ) 676 — — 504 172 548 Total ¥ (145 ) ¥ 32,402 ¥ 5,905 ¥ 12,256 ¥ 10,897 ¥ 3,344 ¥ 28,038 Billions of yen March 31, 2015 Maximum potential payout/Notional Notional Years to maturity Purchased Carrying value (1) Total Less than 1 to 3 3 to 5 More than Single-name credit default swaps ¥ (21 ) ¥ 18,808 ¥ 4,146 ¥ 7,396 ¥ 5,657 ¥ 1,609 ¥ 16,519 Credit default indices (22 ) 6,044 919 1,926 2,462 737 5,240 Other credit risk related portfolio products (8 ) 673 324 217 117 15 293 Credit risk related options and swaptions 0 300 — — 255 45 255 Total ¥ (51 ) ¥ 25,825 ¥ 5,389 ¥ 9,539 ¥ 8,491 ¥ 2,406 ¥ 22,307 (1) Carrying value amounts are shown on a gross basis prior to cash collateral or counterparty netting. Asset balances represent positive fair value amounts caused by tightening of credit spreads of underlyings since inception of the credit derivative contracts. |
Written credit derivatives by external credit rating of underlying asset | Billions of yen March 31, 2014 Maximum potential payout/Notional AAA AA A BBB BB Other (1) Total Single-name credit default swaps ¥ 2,125 ¥ 1,331 ¥ 5,232 ¥ 7,362 ¥ 3,231 ¥ 1,789 ¥ 21,070 Credit default indices 86 23 4,445 2,884 1,341 303 9,082 Other credit risk related portfolio products 22 — 1 — 4 1,547 1,574 Credit risk related options and swaptions — — 387 195 94 — 676 Total ¥ 2,233 ¥ 1,354 ¥ 10,065 ¥ 10,441 ¥ 4,670 ¥ 3,639 ¥ 32,402 Billions of yen March 31, 2015 Maximum potential payout/Notional AAA AA A BBB BB Other (1) Total Single-name credit default swaps ¥ 1,768 ¥ 1,418 ¥ 4,766 ¥ 6,722 ¥ 2,526 ¥ 1,608 ¥ 18,808 Credit default indices 85 14 3,936 1,306 376 327 6,044 Other credit risk related portfolio products 38 — 1 4 1 629 673 Credit risk related options and swaptions — — 277 — — 23 300 Total ¥ 1,891 ¥ 1,432 ¥ 8,980 ¥ 8,032 ¥ 2,903 ¥ 2,587 ¥ 25,825 (1) “Other” includes credit derivatives where the credit rating of the underlying reference asset is below investment grade or where a rating is unavailable. |
Collateralized transactions (Ta
Collateralized transactions (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Collateralized transactions | |
Offsetting of the transactions in the consolidated balance sheets | Billions of yen March 31, 2014 Assets Liabilities Reverse Securities Repurchase Securities Total gross balance (1) ¥ 20,244 ¥ 7,729 ¥ 24,564 ¥ 2,602 Less: Amounts offset in the consolidated balance sheets (2) (10,626 ) (5 ) (10,626 ) (5 ) Total net amounts of reported on the face of the consolidated balance sheets (3) ¥ 9,618 ¥ 7,724 ¥ 13,938 ¥ 2,597 Less: Additional amounts not offset in the consolidated balance sheets (4) Financial instruments and non-cash collateral (7,930 ) (5,725 ) (9,867 ) (2,235 ) Cash collateral (0 ) — (0 ) — Net amount ¥ 1,688 ¥ 1,999 ¥ 4,071 ¥ 362 Billions of yen March 31, 2015 Assets Liabilities Reverse Securities Repurchase Securities Total gross balance (1) ¥ 25,532 ¥ 8,460 ¥ 29,268 ¥ 2,924 Less: Amounts offset in the consolidated balance sheets (2) (17,051 ) (242 ) (17,051 ) (242 ) Total net amounts of reported on the face of the consolidated balance sheets (3) ¥ 8,481 ¥ 8,218 ¥ 12,217 ¥ 2,682 Less: Additional amounts not offset in the consolidated balance sheets (4) Financial instruments and non-cash collateral (6,295 ) (6,531 ) (10,058 ) (2,371 ) Cash collateral (1 ) — — — Net amount ¥ 2,185 ¥ 1,687 ¥ 2,159 ¥ 311 (1) Includes all recognized balances irrespective of whether they are transacted under a master netting agreement or whether Nomura has obtained sufficient evidence of enforceability of the master netting agreement. Amounts include transactions carried at fair value through election of the fair value option. As of March 31, 2014, the gross balance of reverse repurchase agreements and repurchase agreements which were not transacted under master netting agreements or are documented under master netting agreements for which Nomura has not yet obtained sufficient evidence of enforceability was ¥1,278 billion and ¥3,918 billion, respectively. As of March 31, 2014, the gross balance of securities borrowing transactions and securities lending transactions which were not transacted under master netting agreements or are documented under master netting agreements for which Nomura has not yet obtained sufficient evidence of enforceability was ¥1,751 billion and ¥137 billion, respectively. As of March 31, 2015, the gross balance of reverse repurchase agreements and repurchase agreements which were not transacted under master netting agreements or are documented under master netting agreements for which Nomura has not yet obtained sufficient evidence of enforceability was ¥1,979 billion and ¥2,091 billion, respectively. As of March 31, 2015, the gross balance of securities borrowing transactions and securities lending transactions which were not transacted under master netting agreements or are documented under master netting agreements for which Nomura has not yet obtained sufficient evidence of enforceability was ¥1,507 billion and ¥52 billion, respectively. (2) Represents amounts offset through counterparty netting under master netting and similar agreements for which Nomura has obtained sufficient evidence of enforceability in accordance with ASC 210-20. Amounts offset include transactions carried at fair value through election of the fair value option. (3) Reverse repurchase agreements and securities borrowing transactions are reported within Collateralized agreements—Securities purchased under agreements to resell Collateralized agreements—Securities borrowed Collateralized financing—Securities sold under agreements to repurchase Collateralized financing—Securities loaned Other liabilities (4) Represents amounts which are not permitted to be offset on the face of the balance sheet in accordance with ASC 210-20 but which provide Nomura with the right of offset in the event of counterparty default. Amounts relating to agreements where Nomura has not yet obtained sufficient evidence of enforceability of such offsetting rights are excluded. |
Fair value of securities received as collateral available to sell or repledge | Billions of yen March 31 2014 2015 The fair value of securities received as collateral, securities borrowed as collateral and securities borrowed without collateral where Nomura is permitted by contract or custom to sell or repledge the securities ¥ 35,530 ¥ 45,397 The portion of the above that has been sold (reported within Trading liabilities 28,959 39,165 |
Assets owned, pledged as collateral | Millions of yen March 31 2014 2015 Trading assets: Equities and convertible securities ¥ 174,753 ¥ 95,331 Government and government agency securities 991,430 1,122,308 Bank and corporate debt securities 150,183 139,062 Commercial mortgage-backed securities (“CMBS”) 35,671 32,894 Residential mortgage-backed securities (“RMBS”) 1,141,726 1,391,414 Collateralized debt obligations (“CDOs”) and other (1) 82,237 104,877 Investment trust funds and other 18,503 45,619 ¥ 2,594,503 ¥ 2,931,505 Deposits with stock exchanges and other segregated cash ¥ 4,630 ¥ — Non-trading debt securities 42,087 47,959 Investments in and advances to affiliated companies ¥ 28,642 ¥ 32,034 (1) Includes CLOs and ABS such as those secured on credit card loans, auto loans and student loans. |
Assets subject to lien | Millions of yen March 31 2014 2015 Loans and receivables ¥ 141 ¥ 1,220 Trading assets 1,293,036 1,833,959 Office buildings, land, equipment and facilities 5,236 5,362 Non-trading debt securities 370,239 264,685 Other 78 34 ¥ 1,668,730 ¥ 2,105,260 |
Non-trading securities (Tables)
Non-trading securities (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Non-trading securities | |
Non-trading securities reconciliation | Millions of yen March 31, 2014 Cost and/or Unrealized gains and losses Fair value Gross unrealized gains Gross unrealized losses Government, agency and municipal securities (1) ¥ 138,973 ¥ 842 ¥ 86 ¥ 139,729 Other debt securities (2) 129,311 6,851 91 136,071 Equity securities (3) 38,157 14,508 43 52,622 Total ¥ 306,441 ¥ 22,201 ¥ 220 ¥ 328,422 Millions of yen March 31, 2015 Cost and/or Unrealized gains and losses Fair value Gross unrealized gains Gross unrealized losses Government, agency and municipal securities (1) ¥ 106,785 ¥ 5,123 ¥ 36 ¥ 111,872 Other debt securities (2) 161,631 22,717 95 184,253 Equity securities (3) 40,315 22,751 230 62,836 Total ¥ 308,731 ¥ 50,591 ¥ 361 ¥ 358,961 (1) Primarily Japanese government, agency and municipal securities. (2) Primarily corporate debt securities. (3) Primarily Japanese equity securities. |
Fair value of residual contractual maturity of non-trading debt securities | Millions of yen March 31, 2015 Years to maturity Total Less than 1 year 1 to 5 years 5 to 10 years More than 10 years Non-trading debt securities ¥ 296,127 ¥ 35,755 ¥ 138,531 ¥ 86,566 ¥ 35,275 |
Fair value and gross unrealized losses of non-trading securities | Millions of yen March 31, 2014 Less than 12 months More than 12 months Total Fair value Gross Fair value Gross Fair value Gross Government, agency and municipal securities ¥ 54,007 ¥ 82 ¥ 2,294 ¥ 4 ¥ 56,301 ¥ 86 Other debt securities 8,106 91 — — 8,106 91 Equity securities 498 43 — — 498 43 Total ¥ 62,611 ¥ 216 ¥ 2,294 ¥ 4 ¥ 64,905 ¥ 220 Millions of yen March 31, 2015 Less than 12 months More than 12 months Total Fair value Gross Fair value Gross Fair value Gross Government, agency and municipal securities ¥ 17,536 ¥ 5 ¥ 13,127 ¥ 31 ¥ 30,663 ¥ 36 Other debt securities 12,814 95 — — 12,814 95 Equity securities 2,064 230 — — 2,064 230 Total ¥ 32,414 ¥ 330 ¥ 13,127 ¥ 31 ¥ 45,541 ¥ 361 |
Securitizations and Variable 37
Securitizations and Variable Interest Entities (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Securitizations and Variable Interest Entities | |
Fair value of retained interests | Billions of yen March 31, 2014 Level 1 Level 2 Level 3 Total Investment Other Government, agency and municipal securities ¥ — ¥ 195 ¥ — ¥ 195 ¥ 195 ¥ — Bank and corporate debt securities — — 0 0 — 0 CMBS and RMBS — 19 1 20 1 19 Total ¥ — ¥ 214 ¥ 1 ¥ 215 ¥ 196 ¥ 19 Billions of yen March 31, 2015 Level 1 Level 2 Level 3 Total Investment Other Government, agency and municipal securities ¥ — ¥ 231 ¥ — ¥ 231 ¥ 231 ¥ — Bank and corporate debt securities — — 0 0 — 0 CMBS and RMBS — 2 0 2 0 2 Total ¥ — ¥ 233 ¥ 0 ¥ 233 ¥ 231 ¥ 2 |
Fair value of firm's retained interests and sensitivity of this fair value | Billions of yen, except percentages Material retained interests held (1) 2014 2015 Fair value of retained interests (1) ¥ 201 ¥ 208 Weighted-average life (Years) 7.5 5.4 Constant prepayment rate 6.2 % 6.1 % Impact of 10% adverse change (2.3 ) (2.3 ) Impact of 20% adverse change (4.0 ) (4.3 ) Discount rate 5.3 % 2.4 % Impact of 10% adverse change (1.5 ) (0.9 ) Impact of 20% adverse change (2.6 ) (1.8 ) (1) The sensitivity analysis covers the material retained interests held of ¥201 billion out of ¥215 billion as of March 31, 2014 and ¥208 billion out of ¥233 billion as of March 31, 2015. Nomura considers the amount or the probability of anticipated credit loss from the retained interests which Nomura continuously holds would be minimal. |
Type and carrying value of financial assets | Billions of yen March 31 2014 2015 Assets Trading assets Equities ¥ 99 ¥ 83 Debt securities 64 26 CMBS and RMBS 23 22 Long-term loans receivable 7 — Total ¥ 193 ¥ 131 Liabilities Long-term borrowings ¥ 182 ¥ 129 |
Classification of consolidated VIEs' assets and liabilities | Billions of yen March 31 2014 2015 Consolidated VIE assets Cash and cash equivalents ¥ 18 ¥ 9 Trading assets Equities 289 461 Debt securities 393 473 CMBS and RMBS 66 71 Derivatives 2 2 Private equity investments 1 1 Securities purchased under agreements to resell 32 1 Office buildings, land, equipment and facilities 12 15 Other (1) 70 24 Total ¥ 883 ¥ 1,057 Consolidated VIE liabilities Trading liabilities Debt securities ¥ 33 ¥ 1 Derivatives 9 11 Securities sold under agreements to repurchase 23 1 Borrowings Long-term borrowings 424 750 Other 4 2 Total ¥ 493 ¥ 765 (1) Includes aircraft purchase deposits of ¥5 billion as of March 31, 2014. There were no aircraft purchase deposits as of March 31, 2015. In connection with these aircraft purchase deposits, certain of these VIEs had commitments to purchase aircraft as of March 31, 2014. No such commitments existed as of March 31, 2015. See Note 20 “ Commitments, contingencies and guarantees |
Carrying amount of assets and liabilities of unconsolidated VIEs | Billions of yen March 31, 2014 Carrying amount of variable interests Maximum exposure Assets Liabilities Trading assets and liabilities Equities ¥ 67 ¥ — ¥ 67 Debt securities 211 — 211 CMBS and RMBS 2,308 — 2,308 Investment trust funds and other 185 — 185 Derivatives 0 — 4 Private equity investments 25 — 25 Loans 175 — 175 Other 4 — 4 Commitments to extend credit and other guarantees — — 49 Total ¥ 2,975 ¥ — ¥ 3,028 Billions of yen March 31, 2015 Carrying amount of variable interests Maximum exposure Assets Liabilities Trading assets and liabilities Equities ¥ 123 ¥ — ¥ 123 Debt securities 237 — 237 CMBS and RMBS 2,521 — 2,521 Investment trust funds and other 387 — 387 Derivatives 0 — 2 Private equity investments 24 — 24 Loans 314 — 314 Other 4 — 4 Commitments to extend credit and other guarantees — — 40 Total ¥ 3,610 ¥ — ¥ 3,652 |
Financing receivables (Tables)
Financing receivables (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Financing receivables | |
Summary of loans receivable reported within loans receivable or investments in and advances to affiliated companies | Millions of yen March 31, 2014 Carried at Carried at (1) Total Loans receivable Loans at banks ¥ 274,966 ¥ 44 ¥ 275,010 Short-term secured margin loans 421,809 — 421,809 Inter-bank money market loans 42,885 — 42,885 Corporate loans 284,259 303,912 588,171 Total loans receivable ¥ 1,023,919 ¥ 303,956 ¥ 1,327,875 Advances to affiliated companies 5,797 — 5,797 Total ¥ 1,029,716 ¥ 303,956 ¥ 1,333,672 Millions of yen March 31, 2015 Carried at Carried at (1) Total Loans receivable Loans at banks ¥ 324,503 ¥ — ¥ 324,503 Short-term secured margin loans 425,245 — 425,245 Inter-bank money market loans 16,995 — 16,995 Corporate loans 377,114 317,218 694,332 Total loans receivable ¥ 1,143,857 ¥ 317,218 ¥ 1,461,075 Advances to affiliated companies 2,104 — 2,104 Total ¥ 1,145,961 ¥ 317,218 ¥ 1,463,179 (1) Includes loans receivable and loan commitments carried at fair value through election of the fair value option. |
Changes in allowance for losses for current period | Millions of yen Year ended March 31, 2013 Allowance for credit losses against loans Allowance Total Loans Short-term Inter-bank Corporate Advances to Subtotal Opening balance ¥ 552 ¥ 24 ¥ — ¥ 2,758 ¥ 51 ¥ 3,385 ¥ 1,503 ¥ 4,888 Provision for credit losses 238 13 — (2,630 ) (22 ) (2,401 ) (13 ) (2,414 ) Charge-offs (1 ) (11 ) — (26 ) — (38 ) — (38 ) Other (1) — 0 — (7 ) — (7 ) (171 ) (178 ) Ending balance ¥ 789 ¥ 26 ¥ — ¥ 95 ¥ 29 ¥ 939 ¥ 1,319 ¥ 2,258 Millions of yen Year ended March 31, 2014 Allowance for credit losses against loans Allowance Total Loans Short-term Inter-bank Corporate Advances to Subtotal Opening balance ¥ 789 ¥ 26 ¥ — ¥ 95 ¥ 29 ¥ 939 ¥ 1,319 ¥ 2,258 Provision for credit losses (109 ) 61 — (13 ) (28 ) (89 ) 960 871 Charge-offs (2 ) — — — — (2 ) (146 ) (148 ) Other (1) (0 ) — — 0 — 0 28 28 Ending balance ¥ 678 ¥ 87 ¥ — ¥ 82 ¥ 1 ¥ 848 ¥ 2,161 ¥ 3,009 Millions of yen Year ended March 31, 2015 Allowance for credit losses against loans Allowance Total Loans Short-term Inter-bank Corporate Advances to Subtotal Opening balance ¥ 678 ¥ 87 ¥ — ¥ 82 ¥ 1 ¥ 848 ¥ 2,161 ¥ 3,009 Provision for credit losses 61 53 — (3 ) 0 111 254 365 Charge-offs — — — — — — (189 ) (189 ) Other (1) — 2 — 0 — 2 66 68 Ending balance ¥ 739 ¥ 142 ¥ — ¥ 79 ¥ 1 ¥ 961 ¥ 2,292 ¥ 3,253 (1) Includes the effect of foreign exchange movements. |
Schedule of allowance for loan losses and loans by impairment methodology and type of loans | Millions of yen March 31, 2014 Loans at Short-term Inter-bank Corporate Advances Total Allowance by impairment methodology Evaluated individually ¥ 3 ¥ — ¥ — ¥ 7 ¥ — ¥ 10 Evaluated collectively 675 87 — 75 1 838 Total allowance for credit losses ¥ 678 ¥ 87 ¥ — ¥ 82 ¥ 1 ¥ 848 Loans by impairment methodology Evaluated individually ¥ 4,374 ¥ 103,345 ¥ 42,885 ¥ 275,753 ¥ 882 ¥ 427,239 Evaluated collectively 270,592 318,464 — 8,506 4,915 602,477 Total loans ¥ 274,966 ¥ 421,809 ¥ 42,885 ¥ 284,259 ¥ 5,797 ¥ 1,029,716 Millions of yen March 31, 2015 Loans at Short-term Inter-bank Corporate Advances Total Allowance by impairment methodology Evaluated individually ¥ 3 ¥ 84 ¥ — ¥ 7 ¥ — ¥ 94 Evaluated collectively 736 58 — 72 1 867 Total allowance for credit losses ¥ 739 ¥ 142 ¥ — ¥ 79 ¥ 1 ¥ 961 Loans by impairment methodology Evaluated individually ¥ 4,929 ¥ 172,259 ¥ 16,995 ¥ 369,113 ¥ 174 ¥ 563,470 Evaluated collectively 319,574 252,986 — 8,001 1,930 582,491 Total loans ¥ 324,503 ¥ 425,245 ¥ 16,995 ¥ 377,114 ¥ 2,104 ¥ 1,145,961 |
Analysis of each class of loans not carried at fair value using Nomura's internal ratings or equivalent credit quality indicators | Millions of yen March 31, 2014 AAA-BBB BB-CCC CC-D Others (1) Total Secured loans at banks ¥ 98,356 ¥ 33,669 ¥ — ¥ 34,740 ¥ 166,765 Unsecured loans at banks 108,199 — 2 — 108,201 Short-term secured margin loans — — — 421,809 421,809 Secured inter-bank money market loans 12,885 — — — 12,885 Unsecured inter-bank money market loans 30,000 — — — 30,000 Secured corporate loans 136,302 107,141 5,719 1,938 251,100 Unsecured corporate loans 3,395 26,902 — 2,862 33,159 Advances to affiliated companies 4,915 594 — 288 5,797 Total ¥ 394,052 ¥ 168,306 ¥ 5,721 ¥ 461,637 ¥ 1,029,716 Millions of yen March 31, 2015 AAA-BBB BB-CCC CC-D Others (1) Total Secured loans at banks ¥ 100,927 ¥ 38,373 ¥ — ¥ 39,186 ¥ 178,486 Unsecured loans at banks 141,395 4,620 2 — 146,017 Short-term secured margin loans — — — 425,245 425,245 Secured inter-bank money market loans 7,249 — — — 7,249 Unsecured inter-bank money market loans 9,746 — — — 9,746 Secured corporate loans 249,046 117,255 1,141 2,298 369,740 Unsecured corporate loans 3,619 — — 3,755 7,374 Advances to affiliated companies 1,929 175 — — 2,104 Total ¥ 513,911 ¥ 160,423 ¥ 1,143 ¥ 470,484 ¥ 1,145,961 (1) Relate to collateralized exposures where a specified ratio of LTV is maintained. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Leases | |
Lease deposits and rents received from NRI | Millions of yen As of or for the year ended March 31 2013 2014 2015 Lease deposits ¥ — ¥ — ¥ — Rental income 4,272 — — |
Assets by type which Nomura leases under operating leases | Millions of yen March 31, 2015 Cost Accumulated Net carrying Real estate (1) ¥ 3,448 ¥ (1,443 ) ¥ 2,005 Aircraft 11,432 (503 ) 10,929 Total ¥ 14,880 ¥ (1,946 ) ¥ 12,934 (1) Cost, accumulated depreciation and net carrying amounts include amounts relating to real estate space utilized by Nomura. |
Schedule of future minimum lease payments to be received on non-cancelable operating leases | Millions of yen Total Years of receipt Less than 1 to 2 2 to 3 3 to 4 4 to 5 More than Minimum lease payments to be received ¥ 12,348 ¥ 1,091 ¥ 1,090 ¥ 1,088 ¥ 1,085 ¥ 1,085 ¥ 6,909 |
Schedule of future minimum lease payments under non-cancelable operating leases with remaining terms exceeding one year | Millions of yen March 31 2015 Total minimum lease payments ¥ 171,746 Less: Sublease rental income (8,080 ) Net minimum lease payments ¥ 163,666 |
Schedule of future minimum lease payments under non-cancelable operating leases | Millions of yen Total Years of payment Less than 1 to 2 2 to 3 3 to 4 4 to 5 More than Minimum lease payments ¥ 171,746 ¥ 20,410 ¥ 17,925 ¥ 16,797 ¥ 15,454 ¥ 12,860 ¥ 88,300 |
Schedule of future minimum lease payments under capital leases with remaining terms exceeding one year | Millions of yen March 31 2015 Total minimum lease payments ¥ 66,840 Less: Amount representing interest (36,229 ) Present value of net lease payments ¥ 30,611 |
Schedule of future minimum lease payments under capital leases | Millions of yen Years of payment Total Less than 1 to 2 years 2 to 3 years 3 to 4 years 4 to 5 years More than Minimum lease payments ¥ 66,840 ¥ 3,750 ¥ 4,436 ¥ 4,349 ¥ 4,196 ¥ 4,485 ¥ 45,624 |
Other assets-Other _ Other li40
Other assets-Other / Other liabilities (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Other assets-Other / Other liabilities | |
Schedule of Other assets-Other and Other liabilities | Millions of yen March 31 2014 2015 Other assets—Other: Securities received as collateral ¥ 236,808 ¥ 187,753 Goodwill and other intangible assets 115,143 123,486 Deferred tax assets 22,018 19,718 Investments in equity securities for other than operating purposes (1) 133,742 162,644 Prepaid expenses 8,778 10,741 Other 267,685 318,224 Total ¥ 784,174 ¥ 822,566 Other liabilities: Obligation to return securities received as collateral ¥ 236,808 ¥ 187,753 Accrued income taxes 31,630 48,632 Other accrued expenses and provisions 396,677 446,920 Other (2) 476,635 533,794 Total ¥ 1,141,750 ¥ 1,217,099 (1) Includes marketable and non-marketable equity securities held for other than trading or operating purposes. These investments were comprised of listed equity securities and unlisted equity securities of ¥114,582 million and ¥19,160 million respectively, as of March 31, 2014, and ¥140,024 million and ¥22,621 million respectively, as of March 31, 2015. These securities are carried at fair value, with changes in fair value recognized within Revenue—Other (2) Includes liabilities relating to investment contracts underwritten by Nomura’s insurance subsidiary. As of March 31, 2014 and 2015, carrying values were ¥270,950 million and ¥258,310 million, respectively, and estimated fair values were ¥274,991 million and ¥261,039 million, respectively. Fair value was estimated using DCF valuation techniques and using valuation inputs which would be generally classified in Level 3 of the fair value hierarchy. |
Schedule of changes in goodwill within Other assets-Other | Millions of yen Year ended March 31, 2014 Beginning of year Changes during year End of year Gross Accumulated Net carrying Impairment (1) Other (2) Gross carrying amount Accumulated Impairment Net carrying amount Wholesale ¥ 79,249 ¥ (11,031 ) ¥ 68,218 ¥ — ¥ 5,916 ¥ 85,951 ¥ (11,817 ) ¥ 74,134 Other 6,024 — 6,024 (2,840 ) 419 6,549 (2,946 ) 3,603 Total ¥ 85,273 ¥ (11,031 ) ¥ 74,242 ¥ (2,840 ) ¥ 6,335 ¥ 92,500 ¥ (14,763 ) ¥ 77,737 Millions of yen Year ended March 31, 2015 Beginning of year Changes during year End of year Gross carrying amount Accumulated Impairment Net carrying amount Impairment (1) Other (2) Gross carrying amount Accumulated Impairment Net carrying Wholesale ¥ 85,951 ¥ (11,817 ) ¥ 74,134 ¥ — ¥ 11,578 ¥ 97,529 ¥ (11,817 ) ¥ 85,712 Other 6,549 (2,946 ) 3,603 (3,188 ) 63 6,612 (6,134 ) 478 Total ¥ 92,500 ¥ (14,763 ) ¥ 77,737 ¥ (3,188 ) ¥ 11,641 ¥ 104,141 ¥ (17,951 ) ¥ 86,190 (1) For the years ended March 31, 2014 and 2015, Nomura recognized goodwill impairment losses of ¥2,840 million and ¥3,188 million respectively, within Other Non-interest expenses—Other (2) Includes currency translation adjustments. |
Schedule of finite-lived intangible assets by type | Millions of yen March 31, 2014 March 31, 2015 Gross carrying Accumulated Net carrying Gross carrying Accumulated Net carrying Client relationships ¥ 64,214 ¥ (35,641 ) ¥ 28,573 ¥ 71,445 ¥ (43,839 ) ¥ 27,606 Other 690 (237 ) 453 473 (294 ) 179 Total ¥ 64,904 ¥ (35,878 ) ¥ 29,026 ¥ 71,918 ¥ (44,133 ) ¥ 27,785 |
Estimated amortization expenses for next five years | Millions of yen Year ending March 31 Estimated 2016 ¥ 5,893 2017 5,315 2018 5,315 2019 3,920 2020 2,616 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Borrowings | |
Short-term and long-term borrowings | Millions of yen March 31 2014 2015 Short-term borrowings (1) : Commercial paper ¥ 246,866 ¥ 252,858 Bank borrowings 303,583 217,013 Other 51,682 192,385 Total ¥ 602,131 ¥ 662,256 Long-term borrowings: Long-term borrowings from banks and other financial institutions (2) ¥ 2,787,729 ¥ 3,140,531 Bonds and notes issued (3) : Fixed-rate obligations: Japanese yen denominated 1,432,388 1,528,529 Non-Japanese yen denominated 1,340,495 1,102,125 Floating-rate obligations: Japanese yen denominated 324,279 465,296 Non-Japanese yen denominated 85,805 150,055 Index / Equity-linked obligations: Japanese yen denominated 1,367,051 1,017,380 Non-Japanese yen denominated 707,754 798,857 5,257,772 5,062,242 Subtotal 8,045,501 8,202,773 Trading balances of secured borrowings 181,562 133,523 Total ¥ 8,227,063 ¥ 8,336,296 (1) Includes secured borrowings of ¥10,715 million as of March 31, 2014 and ¥17,284 million as of March 31, 2015. (2) Includes secured borrowings of ¥139,270 million as of March 31, 2014 and ¥251,486 million as of March 31, 2015. (3) Includes secured borrowings of ¥423,994 million as of March 31, 2014 and ¥749,839 million as of March 31, 2015. |
Long-term borrowings | Millions of yen March 31 2014 2015 Debt issued by the Company ¥ 3,823,410 ¥ 3,863,436 Debt issued by subsidiaries—guaranteed by the Company 2,372,412 1,885,256 Debt issued by subsidiaries—not guaranteed by the Company (1) 2,031,241 2,587,604 Total ¥ 8,227,063 ¥ 8,336,296 (1) Includes trading balances of secured borrowings. |
Effective weighted-average interest rates of borrowings | March 31 2014 2015 Short-term borrowings 0.40 % 0.37 % Long-term borrowings 1.69 % 0.78 % Fixed-rate obligations 2.34 % 1.18 % Floating-rate obligations 0.86 % 0.82 % Index / Equity-linked obligations 1.72 % 0.34 % |
Maturities of long-term borrowings | Year ending March 31 Millions of yen 2016 ¥ 982,982 2017 995,463 2018 1,054,430 2019 1,084,714 2020 1,119,360 2021 and thereafter 2,965,824 Subtotal 8,202,773 Trading balances of secured borrowings 133,523 Total ¥ 8,336,296 |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Earnings per share | |
Summary of amounts and numbers used in calculation of net income attributable to NHI shareholders per share (basic and diluted) | Millions of yen Year ended March 31 2013 2014 2015 Basic— Net income attributable to NHI shareholders ¥ 107,234 ¥ 213,591 ¥ 224,785 Weighted average number of shares outstanding 3,692,795,953 3,709,830,989 3,645,514,878 Net income attributable to NHI shareholders per share ¥ 29.04 ¥ 57.57 ¥ 61.66 Diluted— Net income attributable to NHI shareholders ¥ 107,181 ¥ 213,561 ¥ 224,726 Weighted average number of shares outstanding 3,777,360,671 3,826,496,369 3,743,690,088 Net income attributable to NHI shareholders per share ¥ 28.37 ¥ 55.81 ¥ 60.03 |
Employee benefit plans (Tables)
Employee benefit plans (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Employee benefit plans | |
Net periodic benefit cost of defined benefit plans | Millions of yen Year ended March 31 2013 2014 2015 Service cost ¥ 9,322 ¥ 8,438 ¥ 7,800 Interest cost 4,302 3,441 3,090 Expected return on plan assets (4,072 ) (4,971 ) (5,732 ) Amortization of net actuarial losses 3,630 2,767 2,127 Amortization of prior service cost (1,545 ) (1,149 ) (1,148 ) Net periodic benefit cost ¥ 11,637 ¥ 8,526 ¥ 6,137 |
Reconciliation of changes in projected benefit obligation and fair value of plan assets | Millions of yen As of or for the year ended March 31 2014 2015 Change in projected benefit obligation: Projected benefit obligation at beginning of year ¥ 234,399 ¥ 233,885 Service cost 8,438 7,800 Interest cost 3,441 3,090 Actuarial gain (2,697 ) 6,106 Benefits paid (9,708 ) (10,070 ) Acquisition, divestitures and other 12 47 Projected benefit obligation at end of year ¥ 233,885 ¥ 240,858 Change in plan assets: Fair value of plan assets at beginning of year ¥ 191,674 ¥ 220,873 Actual return on plan assets 14,317 15,660 Employer contributions 23,278 5,914 Benefits paid (8,396 ) (8,610 ) Fair value of plan assets at end of year ¥ 220,873 ¥ 233,837 Funded status at end of year (13,012 ) (7,021 ) Amounts recognized in the consolidated balance sheets ¥ (13,012 ) ¥ (7,021 ) |
Projected benefit obligation, accumulated benefit obligation and fair value of plan assets for pension plans with ABO and PBO in excess of plan assets | Millions of yen March 31 2014 2015 Plans with ABO in excess of plan assets: PBO ¥ 27,160 ¥ 29,643 ABO 27,160 29,643 Fair value of plan assets — — Plans with PBO in excess of plan assets: PBO ¥ 27,160 ¥ 29,643 ABO 27,160 29,643 Fair value of plan assets — — |
Amounts in accumulated other comprehensive income, pre-tax, that have not yet been recognized as components of net periodic benefit cost | Millions of yen For the year ended Net actuarial loss ¥ 41,594 Net prior service cost (9,385 ) Total ¥ 32,209 |
Amounts in accumulated other comprehensive income, pre-tax, expected to be recognized as components of net periodic benefit cost over next fiscal year | Millions of yen For the year ending Net actuarial loss ¥ 1,451 Net prior service cost (1,148 ) Total ¥ 303 |
Schedule of weighted-average assumptions used to determine PBO | March 31 2014 2015 Discount rate 1.4 % 0.9 % Rate of increase in compensation levels 2.5 % 2.5 % |
Weighted-average assumptions used to determine net periodic benefit costs | Year ended March 31 2013 2014 2015 Discount rate 1.5 % 1.4 % 1.4 % Rate of increase in compensation levels 2.5 % 2.5 % 2.5 % Expected long-term rate of return on plan assets 2.6 % 2.6 % 2.6 % |
Information about plan assets at fair value | Millions of yen March 31, 2014 Level 1 Level 2 Level 3 Balance as of Pension plan assets: Equities ¥ 26,730 ¥ — ¥ — ¥ 26,730 Private equity investments — — 12,235 12,235 Japanese government securities 62,088 — — 62,088 Bank and corporate debt securities 1,842 2,312 — 4,154 Investment trust funds and other (1) — 19,383 11,820 31,203 Life insurance company general accounts — 42,735 — 42,735 Other assets — 41,728 — 41,728 Total ¥ 90,660 ¥ 106,158 ¥ 24,055 ¥ 220,873 Millions of yen March 31, 2015 Level 1 Level 2 Level 3 Balance as of Pension plan assets: Equities ¥ 23,665 ¥ — ¥ — ¥ 23,665 Private equity investments — — 6,793 6,793 Japanese government securities 67,066 — — 67,066 Bank and corporate debt securities 2,183 2,502 — 4,685 Investment trust funds and other (1) — 18,457 48,545 67,002 Life insurance company general accounts — 48,989 — 48,989 Other assets — 15,637 — 15,637 Total ¥ 92,914 ¥ 85,585 ¥ 55,338 ¥ 233,837 (1) Includes hedge funds and real estate funds. |
Information about plan assets for which Level 3 inputs are utilized to determine fair value | Millions of yen Year ended March 31, 2014 Balance Unrealized Purchases / Balance Private equity investments ¥ 12,323 ¥ 1,550 ¥ (1,638 ) ¥ 12,235 Investment trust funds and other 15,035 33 (3,248 ) 11,820 Total ¥ 27,358 ¥ 1,583 ¥ (4,886 ) ¥ 24,055 Millions of yen Year ended March 31, 2015 Balance Unrealized Purchases / Balance Private equity investments ¥ 12,235 ¥ (2,147 ) ¥ (3,295 ) ¥ 6,793 Investment trust funds and other 11,820 3,936 32,789 48,545 Total ¥ 24,055 ¥ 1,789 ¥ 29,494 ¥ 55,338 |
Expected benefit payments | Year ending March 31 Millions of yen 2016 ¥ 12,191 2017 14,115 2018 14,606 2019 14,769 2020 13,672 2021-2025 69,034 |
Deferred compensation plans (Ta
Deferred compensation plans (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Deferred compensation plans | |
SAR Plan A, Weighted-average assumptions | Year ended March 31 2013 2014 2015 Expected volatility 43.11 % 45.97 % 45.26 % Expected dividends yield 2.12 % 1.00 % 2.39 % Expected lives (in years) 7 7 7 Risk-free interest rate 0.45 % 0.51 % 0.43 % |
Activity relating to SAR Plan A | Outstanding Weighted-average Weighted-average Outstanding as of March 31, 2014 15,959,500 ¥ 791 3.8 Granted 2,728,500 747 Exercised (1,073,200 ) 328 Forfeited (59,400 ) 883 Expired (1,906,000 ) 1,874 Outstanding as of March 31, 2015 15,649,400 ¥ 683 3.8 Exercisable as of March 31, 2015 10,223,600 ¥ 624 2.5 |
Activity relating to SAR Plan B | Outstanding Weighted-Average Weighted-average Outstanding as of March 31, 2014 92,621,100 ¥ 474 5.3 Granted (1) 44,339,900 483 Exercised (35,387,800 ) 471 Forfeited (1,176,500 ) 498 Expired (7,700 ) 2,358 Outstanding as of March 31, 2015 100,389,000 ¥ 478 5.4 Exercisable as of March 31, 2015 22,668,800 ¥ 453 3.5 (1) SAR Plan B awards granted during the year ended March 31, 2015 include awards granted through MYPD awards. These awards relate to a total of 18,315,000 outstanding Nomura shares with a weighted average grant date fair value of ¥298 per share. |
Activity related to NSUs and CSUs | NSUs CSUs Outstanding Stock Outstanding Stock Outstanding as of March 31, 2014 51,695,211 ¥ 652 50,697,928 ¥ 429 Granted (1) 29,845,622 623 (2) 23,863,468 674 (2) Vested (31,829,763 ) 632 (3) (31,863,838 ) 495 (3) Forfeited (1,591,537 ) (1,516,480 ) Outstanding as of March 31, 2015 48,119,533 ¥ 693 (4) 41,181,078 ¥ 524 (4) (1) NSUs granted during the year ended March 31, 2015 include awards granted through MYPD awards. A total of 5,389,800 NSU units were granted with a weighted-average grant date fair value of ¥615 per share. (2) Weighted-average price of the Company’s common stock used to determine number of awards granted. (3) Weighted-average price of the Company’s common stock used to determine the final cash settlement amount of the awards. (4) The price of the Company’s common stock used to remeasure the fair value of the remaining outstanding unvested awards as of March 31, 2015. |
Activity related to MYPD awards | Outstanding Weighted Average Outstanding as of March 31, 2014 (1) 25,766,250 ¥ 298 Forfeited (2,061,450 ) Converted to SAR Plan B awards and NSUs (2) (23,704,800 ) 298 Outstanding as of March 31, 2015 — ¥ — (1) Based on the probable number of SAR Plan B awards and NSUs which were expected to be issued on conversion of notional performance units at the end of the performance period. (2) Represents the actual number of SAR Plan B awards and NSUs which were granted on conversion of notional performance units during the year. |
Activity relating to NIUs | Outstanding Index price (1) Outstanding as of March 31, 2014 37,102,579 $ 4,354 Granted 23,536,020 4,501 (2) Vested (25,680,065 ) 4,601 (3) Forfeited (1,511,292 ) Outstanding as of March 31, 2015 33,447,242 $ 4,650 (4) (1) The price of each unit is determined using 1/1000th of the index price. (2) Weighted-average index price used to determine number of awards granted. (3) Weighted-average index price used to determine the final cash settlement amount of the awards. (4) Index price used to remeasure the total fair value of the remaining outstanding unvested awards as of March 31, 2015. |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Income taxes | |
Components of income tax expense | Millions of yen Year ended March 31 2013 2014 2015 Current: Domestic ¥ 71,918 ¥ 21,558 ¥ 80,760 Foreign 6,164 6,546 13,531 Subtotal 78,082 28,104 94,291 Deferred: Domestic 55,257 109,037 23,309 Foreign (1,300 ) 8,024 3,180 Subtotal 53,957 117,061 26,489 Total ¥ 132,039 ¥ 145,165 ¥ 120,780 |
Effective income tax rate reflected in consolidated statements of income | Year ended March 31 2013 2014 2015 Nomura’s effective statutory tax rate 38.0 % 38.0 % 36.0 % Impact of: Changes in deferred tax valuation allowance (0.7 ) (9.8 ) 5.1 Additional taxable revenues 1.5 0.4 0.3 Non-deductible expenses 12.9 7.7 5.9 Non-taxable revenue (9.3 ) (8.0 ) (4.7 ) Dividends from foreign subsidiaries 0.2 — 0.0 Tax effect of undistributed earnings of foreign subsidiaries 0.2 3.5 0.0 Different tax rate applicable to income (loss) of foreign subsidiaries 10.0 6.3 (1.4 ) Effect of changes in domestic tax laws 0.9 0.6 (1.4 ) Expiration of loss carryforwards 1.3 0.7 0.0 Tax benefit recognized on the devaluation of investment in subsidiaries and affiliates — 1.4 — Other 0.5 (0.7 ) (5.0 ) Effective tax rate 55.5 % 40.1 % 34.8 % |
Details of deferred tax assets and liabilities | Millions of yen March 31 2014 2015 Deferred tax assets Depreciation, amortization and valuation of fixed assets ¥ 12,604 ¥ 14,692 Investments in subsidiaries and affiliates 54,678 33,553 Valuation of financial instruments 46,321 56,566 Accrued pension and severance costs 7,850 10,335 Other accrued expenses and provisions 102,922 123,567 Operating losses 437,899 466,531 Other 3,991 4,356 Gross deferred tax assets 666,265 709,600 Less—Valuation allowance (490,603 ) (565,103 ) Total deferred tax assets 175,662 144,497 Deferred tax liabilities Investments in subsidiaries and affiliates 107,020 109,087 Valuation of financial instruments 54,524 56,808 Undistributed earnings of foreign subsidiaries 736 735 Valuation of fixed assets 21,204 20,644 Other 4,899 8,670 Total deferred tax liabilities 188,383 195,944 Net deferred tax assets (liabilities) ¥ (12,721 ) ¥ (51,447 ) |
Changes in valuation allowance for deferred tax assets | Millions of yen Year ended March 31 2013 2014 2015 Balance at beginning of year ¥ 490,986 ¥ 522,220 ¥ 490,603 Net change during the year 31,234 (1) (31,617 ) (2) 74,500 (3) Balance at end of year 522,220 490,603 565,103 (1) Primarily includes ¥52,862 million of additional full valuation allowances established by certain foreign subsidiaries against additional operating loss carryforwards generated during the period as a result of additional taxable losses being incurred by such subsidiaries, ¥1,275 million of additional valuation allowances established against deferred tax assets of certain Japanese subsidiaries and the Company, offset by a reduction of ¥22,903 million of valuation allowances relating to the deconsolidation of NREH. In total, ¥31,234 million of allowances increased for the year ended March 31, 2013. (2) Primarily includes ¥29,134 million of additional full valuation allowances established by certain foreign subsidiaries against additional operating loss carryforwards generated during the period as a result of additional taxable losses being incurred by such subsidiaries, offset by a reduction of ¥47,263 million of valuation allowances related to the liquidation of certain foreign subsidiaries and a reduction of ¥ 13,488 million of valuation allowances established by the Company and domestic subsidiaries because of changes in the expected realization of deferred tax assets other than those related to operating loss carryforwards. In total, ¥31,617 million of allowances decreased for the year ended March 31, 2014. (3) Primarily includes ¥85,403 million of additional full valuation allowances established by certain foreign subsidiaries against additional operating loss carryforwards generated during the period as a result of additional taxable losses being incurred by such subsidiaries, offset by a reduction of ¥2,921 million of valuation allowances of certain foreign subsidiaries and a reduction of ¥7,982 million related to Japanese subsidiaries and the Company because of decrease in valuation allowances related to operating loss carryforwards due to the effect of changes in domestic tax laws. In total, ¥74,500 million of allowances increased for the year ended March 31, 2015. |
Summarizes major jurisdictions subject to examination | Jurisdiction Year Japan 2010 (1) United Kingdom 2014 United States 2012 (1) The earliest year in which Nomura remains subject to examination for transfer pricing issues is 2009. |
Other comprehensive income (los
Other comprehensive income (loss) (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Accumulated other comprehensive income (loss) | |
Changes in accumulated other comprehensive income (loss) | Millions of yen For the year ended March 31, 2014 Balance at Other Reclassifications out of Net change Balance at Cumulative translation adjustments ¥ (38,875 ) ¥ 66,707 ¥ (128 ) ¥ 66,579 ¥ 27,704 Pension liability adjustment (28,518 ) 8,708 1,001 9,709 (18,809 ) Net unrealized gain on non-trading securities 9,998 3,342 (1,599 ) 1,743 11,741 Total ¥ (57,395 ) ¥ 78,757 ¥ (726 ) ¥ 78,031 ¥ 20,636 Millions of yen For the year ended March 31, 2015 Balance at Other Reclassifications out of Net change Balance at Cumulative translation adjustments ¥ 27,704 ¥ 110,679 ¥ (5,012 ) ¥ 105,667 ¥ 133,371 Pension liability adjustment (18,809 ) 2,768 637 3,405 (15,404 ) Net unrealized gain on non-trading securities 11,741 16,588 (2,557 ) 14,031 25,772 Total ¥ 20,636 ¥ 130,035 ¥ (6,932 ) ¥ 123,103 ¥ 143,739 |
Reclassifications out of accumulated other comprehensive income (loss) | Millions of yen For the year ended March 31 2014 2015 Affected line items in consolidated Reclassifications out of Reclassifications out of Cumulative translation adjustments: ¥ 128 ¥ 5,995 Revenue—Other — (983 ) Income tax expense 128 5,012 Net income — — Net income attributable to noncontrolling interests ¥ 128 ¥ 5,012 Net income attributable to NHI shareholders Millions of yen For the year ended March 31 2014 2015 Affected line items in Reclassifications out of Reclassifications out of Net unrealized gain on non-trading securities: ¥ 4,220 ¥ 4,879 Revenue—Other (2,065 ) (1,481 ) Income tax expense 2,155 3,398 Net income (556 ) (841 ) Net income attributable to noncontrolling interests ¥ 1,599 ¥ 2,557 Net income attributable to NHI shareholders |
Shareholders' equity (Tables)
Shareholders' equity (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Shareholders' equity | |
Changes in shares of common stock outstanding | Number of Shares Year ended March 31 2013 2014 2015 Common stock outstanding at beginning of year 3,663,483,895 3,710,960,252 3,717,630,462 Common stock held in treasury: Repurchases of common stock (19,209 ) (40,054,831 ) (155,232,995 ) Sales of common stock 601 1,920,457 5,251 Common stock issued to employees 47,335,900 44,689,800 36,461,000 Other net change in treasury stock 159,065 114,784 1,495 Common stock outstanding at end of year 3,710,960,252 3,717,630,462 3,598,865,213 |
Affiliated companies and othe48
Affiliated companies and other equity-method investees (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Affiliated companies and other equity-method investees | |
Summary of financial information for JAFCO, NRI and NREH | Millions of yen March 31 2014 2015 Total assets ¥ 2,089,844 ¥ 2,268,874 Total liabilities 1,247,768 1,308,632 Millions of yen Year ended March 31 2013 (1) 2014 2015 Net revenues ¥ 143,193 ¥ 947,213 ¥ 781,110 Non-interest expenses 69,899 779,690 610,747 Net income attributable to the companies 48,706 87,261 119,838 (1) NREH has been accounted for using the equity method from March 2013. |
Summary of financial information for Fortress | Millions of yen Year ended March 31 2013 (1) 2014 (1) Net revenues ¥ 95,356 ¥ 144,349 Non-interest expenses 73,956 89,338 Net income (loss) attributable to the company 6,487 20,071 (1) Financial information for Fortress is as of its fiscal years ended December 31, 2012 and 2013, respectively. Nomura historically recognized its share of Fortress’s earnings on a three-month lag prior to its disposal in 2014. |
Summary of balances and transactions with affiliated companies and other equity-method investees | Millions of yen March 31 2014 2015 Investments in affiliated companies ¥ 339,637 ¥ 376,174 Advances to affiliated companies 5,797 2,104 Other receivables from affiliated companies 6,919 2,328 Other payables to affiliated companies 9,344 6,720 Millions of yen Year ended March 31 2013 2014 2015 Revenues ¥ 7,418 ¥ 411 ¥ 688 Non-interest expenses 48,755 57,687 48,176 Purchase of software, securities and tangible assets 55,099 26,655 26,772 |
Summary of aggregate carrying amount and fair value of investments in affiliated companies and other equity-method investees | Millions of yen March 31 2014 2015 Carrying amount ¥ 330,983 ¥ 362,984 Fair value 429,854 530,570 |
Commitments, contingencies an49
Commitments, contingencies and guarantees (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Commitments, contingencies and guarantees | |
Commitments outstanding | Millions of yen March 31 2014 2015 Commitments to extend credit ¥ 479,634 ¥ 421,526 Commitments to invest in partnerships 18,460 20,710 Commitments to purchase aircraft 4,409 — |
Maturities of commitments | Millions of yen Total Years to maturity Less than 1 to 3 3 to 5 More than Commitments to extend credit ¥ 421,526 ¥ 50,395 ¥ 74,747 ¥ 181,211 ¥ 115,173 Commitments to invest in partnerships 20,710 2,676 318 6,462 11,254 Commitments to purchase aircraft — — — — — |
Information on derivative contracts and standby letters of credit and other guarantees | Millions of yen March 31 2014 2015 Carrying Maximum Carrying Maximum total Derivative contracts (1)(2) ¥ 5,155,198 ¥ 195,466,506 ¥ 7,961,476 ¥ 253,243,082 Standby letters of credit and other guarantees (3) 276 11,509 291 9,494 (1) Credit derivatives are disclosed in Note 3 “ Derivative instruments and hedging activities (2) Derivative contracts primarily consist of equity, interest rate and foreign exchange contracts. (3) Collateral held in connection with standby letters of credit and other guarantees as of March 31, 2014 and March 31, 2015 was ¥6,487 million and ¥7,041 million, respectively. |
Maturity information on derivative contracts and standby letters of credit and other guarantees | Millions of yen Maximum potential payout/Notional Years to Maturity Carrying Total Less than 1 year 1 to 3 years 3 to 5 years More than 5 years Derivative contracts ¥ 7,961,476 ¥ 253,243,082 ¥ 92,239,350 ¥ 76,301,785 ¥ 22,716,918 ¥ 61,985,029 Standby letters of credit and other guarantees 291 9,494 13 8 — 9,473 |
Segment and geographic inform50
Segment and geographic information (Tables) | 12 Months Ended |
Mar. 31, 2015 | |
Segment and geographic information | |
Net interest revenue | Millions of yen Retail Asset Wholesale Other (Incl. elimination) Total Year ended March 31, 2013 Non-interest revenue ¥ 394,294 ¥ 66,489 ¥ 491,773 ¥ 695,695 ¥ 1,648,251 Net interest revenue 3,631 2,448 153,083 (31,467 ) 127,695 Net revenue 397,925 68,937 644,856 664,228 1,775,946 Non-interest expenses 297,297 47,768 573,199 657,637 1,575,901 Income (loss) before income taxes ¥ 100,628 ¥ 21,169 ¥ 71,657 ¥ 6,591 ¥ 200,045 Year ended March 31, 2014 Non-interest revenue ¥ 505,911 ¥ 77,354 ¥ 637,987 ¥ 183,514 ¥ 1,404,766 Net interest revenue 6,005 3,126 127,110 5,335 141,576 Net revenue 511,916 80,480 765,097 188,849 1,546,342 Non-interest expenses 319,915 53,373 653,299 168,869 1,195,456 Income (loss) before income taxes ¥ 192,001 ¥ 27,107 ¥ 111,798 ¥ 19,980 ¥ 350,886 Year ended March 31, 2015 Non-interest revenue ¥ 471,565 ¥ 88,802 ¥ 626,228 ¥ 282,542 ¥ 1,469,137 Net interest revenue 4,940 3,552 163,639 (61,777 ) 110,354 Net revenue 476,505 92,354 789,867 220,765 1,579,491 Non-interest expenses 314,675 60,256 707,671 174,815 1,257,417 Income (loss) before income taxes ¥ 161,830 ¥ 32,098 ¥ 82,196 ¥ 45,950 ¥ 322,074 |
Major components of income (loss) before income taxes in "Other" | Millions of yen Year ended March 31 2013 2014 2015 Net gain related to economic hedging transactions ¥ 989 ¥ 17,403 ¥ 15,120 Realized gain (loss) on investments in equity securities held for operating purposes 1,001 4,428 4,725 Equity in earnings of affiliates 14,401 28,571 42,235 Corporate items 17,652 (38,772 ) (20,119 ) Other (1) (27,452 ) 8,350 3,989 Total ¥ 6,591 ¥ 19,980 ¥ 45,950 (1) Includes the impact of Nomura’s own creditworthiness. |
Reconciliation of combined business segments' results included in preceding table to reported net revenue, non-interest expenses and income (loss) before income taxes | Millions of yen Year ended March 31 2013 2014 2015 Net revenue ¥ 1,775,946 ¥ 1,546,342 ¥ 1,579,491 Unrealized gain (loss) on investments in equity securities held for operating purposes 37,685 10,728 24,685 Consolidated net revenue ¥ 1,813,631 ¥ 1,557,070 ¥ 1,604,176 Non-interest expenses ¥ 1,575,901 ¥ 1,195,456 ¥ 1,257,417 Unrealized gain (loss) on investments in equity securities held for operating purposes — — — Consolidated non-interest expenses ¥ 1,575,901 ¥ 1,195,456 ¥ 1,257,417 Income before income taxes ¥ 200,045 ¥ 350,886 ¥ 322,074 Unrealized gain (loss) on investments in equity securities held for operating purposes 37,685 10,728 24,685 Consolidated income before income taxes ¥ 237,730 ¥ 361,614 ¥ 346,759 |
Geographic allocation of net revenue and income (loss) before income taxes from operations by geographic areas, and long-lived assets | Millions of yen Year ended March 31 2013 2014 2015 Net revenue (1) Americas ¥ 208,962 ¥ 262,684 ¥ 207,859 Europe 172,761 232,735 201,278 Asia and Oceania 43,265 62,622 86,746 Subtotal 424,988 558,041 495,883 Japan 1,388,643 999,029 1,108,293 Consolidated ¥ 1,813,631 ¥ 1,557,070 ¥ 1,604,176 Income (loss) before income taxes: Americas ¥ 25,730 ¥ 29,472 ¥ (27,575 ) Europe (93,099 ) (48,911 ) (23,455 ) Asia and Oceania (12,063 ) (5,247 ) 34,594 Subtotal (79,432 ) (24,686 ) (16,436 ) Japan 317,162 386,300 363,195 Consolidated ¥ 237,730 ¥ 361,614 ¥ 346,759 March 31 2013 2014 2015 Long-lived assets: Americas ¥ 118,302 ¥ 133,147 ¥ 146,758 Europe 111,381 93,111 88,928 Asia and Oceania 20,471 16,163 14,891 Subtotal 250,154 242,421 250,577 Japan 294,002 281,780 274,202 Consolidated ¥ 544,156 ¥ 524,201 ¥ 524,779 (1) There is no revenue derived from transactions with a single major external customer. |
Summary of accounting policie51
Summary of accounting policies - Additional Information (Detail) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2015JPY (¥) | Mar. 31, 2014JPY (¥) | Mar. 31, 2013JPY (¥) | |
Accounting Policy [Line Items] | |||
Number business segments | 3 | ||
Net unamortized deferred fees and costs | ¥ 536 | ¥ 808 | |
Receivables from other than customers | 315,708 | 349,573 | |
Depreciation and amortization | 78,882 | 79,468 | ¥ 91,493 |
Impairment charges | 1,246 | 5,455 | |
Investments in equity securities | 159,755 | 136,740 | |
Listed equity [Member] | |||
Accounting Policy [Line Items] | |||
Investments in equity securities | 121,901 | 98,736 | |
Unlisted equity [Member] | |||
Accounting Policy [Line Items] | |||
Investments in equity securities | 37,854 | 38,004 | |
Information processing and communications [Member] | |||
Accounting Policy [Line Items] | |||
Depreciation and amortization | 59,153 | 57,173 | 55,992 |
Occupancy and related depreciation [Member] | |||
Accounting Policy [Line Items] | |||
Depreciation and amortization | ¥ 19,729 | ¥ 22,295 | ¥ 35,501 |
Minimum [Member] | |||
Accounting Policy [Line Items] | |||
Ownership percentage | 20.00% | ||
Maximum [Member] | |||
Accounting Policy [Line Items] | |||
Ownership percentage | 50.00% | ||
Limited partnership [Member] | Minimum [Member] | |||
Accounting Policy [Line Items] | |||
Ownership percentage | 3.00% |
Summary of accounting policie52
Summary of accounting policies - Breakdown of Office Buildings, Land , Equipment and Facilities (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2015 | Mar. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Office buildings, land, equipment and facilities | ¥ 401,069 | ¥ 408,917 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Office buildings, land, equipment and facilities | 91,055 | 94,991 |
Office buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Office buildings, land, equipment and facilities | 105,043 | 109,052 |
Equipment and facilities [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Office buildings, land, equipment and facilities | 46,186 | 48,101 |
Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Office buildings, land, equipment and facilities | 158,348 | 156,717 |
Construction in progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Office buildings, land, equipment and facilities | ¥ 437 | ¥ 56 |
Summary of accounting policie53
Summary of accounting policies - Schedule of Estimated Life of Significant Assets (Detail) | 12 Months Ended |
Mar. 31, 2015 | |
Minimum [Member] | Office buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives for significant assets, in years | 5 years |
Minimum [Member] | Equipment and facilities [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives for significant assets, in years | 2 years |
Maximum [Member] | Office buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives for significant assets, in years | 50 years |
Maximum [Member] | Equipment and facilities [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives for significant assets, in years | 20 years |
Maximum [Member] | Software [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives for significant assets, in years | 5 years |
Fair value measurements - Fair
Fair value measurements - Fair Value of Financial Assets and Financial Liabilities Measured on Recurring Basis (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2015 | Mar. 31, 2014 | |||
Assets: | |||||
Derivative assets | ¥ 42,100,000 | ¥ 26,069,000 | |||
Netting | [1],[2] | (40,514,000) | (23,764,000) | ||
Collateralized agreements | 16,719,520 | 17,347,001 | |||
Other assets | 822,566 | 784,174 | |||
Liabilities: | |||||
Derivative liabilities | [3] | 41,785,000 | 26,068,000 | ||
Netting | [1],[2] | (40,460,000) | (24,030,000) | ||
Short-term borrowings | 189,018 | 49,279 | |||
Collateralized financing | 15,379,803 | 17,111,999 | |||
Long-term borrowings | 2,578,489 | 1,984,986 | |||
Recurring | |||||
Assets: | |||||
Trading assets and private equity investments | [4] | 15,723,000 | 16,409,000 | ||
Derivative assets | [5] | 1,586,000 | 2,305,000 | ||
Netting | [2] | (40,514,000) | (23,764,000) | ||
Subtotal, Assets | 17,309,000 | 18,714,000 | |||
Loans and receivables | [6] | 319,000 | 306,000 | ||
Collateralized agreements | [7] | 1,530,000 | 1,087,000 | ||
Total Assets | 20,633,000 | 21,639,000 | |||
Liabilities: | |||||
Trading liabilities | 8,735,000 | 8,957,000 | |||
Derivative liabilities | 1,309,000 | 2,090,000 | |||
Netting | [2] | (40,460,000) | (24,030,000) | ||
Subtotal, Liabilities | 10,044,000 | 11,047,000 | |||
Short-term borrowings | [8] | 189,000 | 49,000 | ||
Payables and deposits | [9] | 0 | 0 | ||
Collateralized financing | [7] | 983,000 | 530,000 | ||
Long-term borrowings | [8],[10],[11] | 2,601,000 | 1,967,000 | ||
Other liabilities | [12] | 204,000 | 238,000 | ||
Total Liabilities | 14,021,000 | 13,831,000 | |||
Recurring | Equities [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | [4],[13] | 2,456,000 | 2,899,000 | ||
Liabilities: | |||||
Trading liabilities | 1,092,000 | 907,000 | |||
Recurring | Private equity investments [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | [4],[13] | 49,000 | 42,000 | ||
Recurring | Japanese government securities [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | [4] | 2,233,000 | 2,587,000 | ||
Liabilities: | |||||
Trading liabilities | 3,117,000 | 3,046,000 | |||
Recurring | Japanese agency and municipal securities [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | [4] | 277,000 | 192,000 | ||
Recurring | Foreign government, agency and municipal securities [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | [4] | 5,359,000 | 6,019,000 | ||
Liabilities: | |||||
Trading liabilities | 4,059,000 | 4,519,000 | |||
Recurring | Bank and corporate debt securities and loans for trading purposes [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | [4] | 1,953,000 | 1,851,000 | ||
Recurring | Bank and corporate debt securities [Member] | |||||
Liabilities: | |||||
Trading liabilities | 379,000 | 396,000 | |||
Recurring | Commercial mortgage-backed securities ("CMBS") [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | [4] | 115,000 | 159,000 | ||
Recurring | Residential mortgage-backed securities ("RMBS") [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | [4] | 2,497,000 | 2,224,000 | ||
Liabilities: | |||||
Trading liabilities | 1,000 | 1,000 | |||
Recurring | Real estate-backed securities [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | [4] | 13,000 | 0 | ||
Recurring | Collateralized debt obligations ("CDOs") and other [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | [4],[14] | 199,000 | 183,000 | ||
Liabilities: | |||||
Trading liabilities | [14] | 3,000 | 0 | ||
Recurring | Investment trust funds and other [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | [4] | 572,000 | 253,000 | ||
Liabilities: | |||||
Trading liabilities | 84,000 | 88,000 | |||
Recurring | Equity contracts [Member] | |||||
Assets: | |||||
Derivative assets | [5] | 1,747,000 | 1,922,000 | ||
Liabilities: | |||||
Derivative liabilities | [5] | 1,983,000 | 2,254,000 | ||
Recurring | Interest rate contracts [Member] | |||||
Assets: | |||||
Derivative assets | [5] | 31,665,000 | 19,521,000 | ||
Liabilities: | |||||
Derivative liabilities | [5] | 31,675,000 | 19,303,000 | ||
Recurring | Credit contracts [Member] | |||||
Assets: | |||||
Derivative assets | [5] | 1,111,000 | 1,314,000 | ||
Liabilities: | |||||
Derivative liabilities | [5] | 1,118,000 | 1,623,000 | ||
Recurring | Foreign exchange contracts [Member] | |||||
Assets: | |||||
Derivative assets | [5] | 7,577,000 | 3,312,000 | ||
Liabilities: | |||||
Derivative liabilities | [5] | 6,992,000 | 2,940,000 | ||
Recurring | Commodity contracts [Member] | |||||
Assets: | |||||
Derivative assets | [5] | 0 | 0 | ||
Liabilities: | |||||
Derivative liabilities | [5] | 1,000 | 0 | ||
Recurring | Non-trading debt securities [Member] | |||||
Assets: | |||||
Other assets | 948,000 | 1,024,000 | |||
Recurring | Other [Member] | |||||
Assets: | |||||
Other assets | [13] | 527,000 | 508,000 | ||
Recurring | Level 1 [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | [4] | 8,353,000 | 9,514,000 | ||
Derivative assets | [5] | ¥ 28,000 | ¥ 765,000 | ||
Netting | |||||
Subtotal, Assets | ¥ 8,381,000 | ¥ 10,279,000 | |||
Loans and receivables | |||||
Collateralized agreements | |||||
Total Assets | ¥ 9,065,000 | ¥ 11,043,000 | |||
Liabilities: | |||||
Trading liabilities | 7,383,000 | 7,727,000 | |||
Derivative liabilities | ¥ 29,000 | ¥ 841,000 | |||
Netting | |||||
Subtotal, Liabilities | ¥ 7,412,000 | ¥ 8,568,000 | |||
Short-term borrowings | |||||
Payables and deposits | |||||
Collateralized financing | |||||
Long-term borrowings | [8],[10],[11] | ¥ 80,000 | ¥ 134,000 | ||
Other liabilities | [12] | 96,000 | 152,000 | ||
Total Liabilities | 7,588,000 | 8,854,000 | |||
Recurring | Level 1 [Member] | Equities [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | [4],[13] | 1,707,000 | 2,176,000 | ||
Liabilities: | |||||
Trading liabilities | ¥ 1,027,000 | ¥ 774,000 | |||
Recurring | Level 1 [Member] | Private equity investments [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | |||||
Recurring | Level 1 [Member] | Japanese government securities [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | [4] | ¥ 2,233,000 | ¥ 2,587,000 | ||
Liabilities: | |||||
Trading liabilities | ¥ 3,117,000 | ¥ 3,046,000 | |||
Recurring | Level 1 [Member] | Japanese agency and municipal securities [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | |||||
Recurring | Level 1 [Member] | Foreign government, agency and municipal securities [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | [4] | ¥ 3,965,000 | ¥ 4,615,000 | ||
Liabilities: | |||||
Trading liabilities | ¥ 3,155,000 | ¥ 3,831,000 | |||
Recurring | Level 1 [Member] | Bank and corporate debt securities and loans for trading purposes [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | |||||
Recurring | Level 1 [Member] | Bank and corporate debt securities [Member] | |||||
Liabilities: | |||||
Trading liabilities | |||||
Recurring | Level 1 [Member] | Commercial mortgage-backed securities ("CMBS") [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | |||||
Recurring | Level 1 [Member] | Residential mortgage-backed securities ("RMBS") [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | |||||
Liabilities: | |||||
Trading liabilities | |||||
Recurring | Level 1 [Member] | Real estate-backed securities [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | |||||
Recurring | Level 1 [Member] | Collateralized debt obligations ("CDOs") and other [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | |||||
Liabilities: | |||||
Trading liabilities | |||||
Recurring | Level 1 [Member] | Investment trust funds and other [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | [4] | ¥ 448,000 | ¥ 136,000 | ||
Liabilities: | |||||
Trading liabilities | 84,000 | 76,000 | |||
Recurring | Level 1 [Member] | Equity contracts [Member] | |||||
Assets: | |||||
Derivative assets | [5] | 7,000 | 750,000 | ||
Liabilities: | |||||
Derivative liabilities | [5] | 18,000 | 827,000 | ||
Recurring | Level 1 [Member] | Interest rate contracts [Member] | |||||
Assets: | |||||
Derivative assets | [5] | 16,000 | 11,000 | ||
Liabilities: | |||||
Derivative liabilities | [5] | 8,000 | 10,000 | ||
Recurring | Level 1 [Member] | Credit contracts [Member] | |||||
Assets: | |||||
Derivative assets | [5] | 5,000 | 4,000 | ||
Liabilities: | |||||
Derivative liabilities | [5] | ¥ 2,000 | ¥ 4,000 | ||
Recurring | Level 1 [Member] | Foreign exchange contracts [Member] | |||||
Assets: | |||||
Derivative assets | |||||
Liabilities: | |||||
Derivative liabilities | |||||
Recurring | Level 1 [Member] | Commodity contracts [Member] | |||||
Assets: | |||||
Derivative assets | [5] | ¥ 0 | ¥ 0 | ||
Liabilities: | |||||
Derivative liabilities | [5] | 1,000 | 0 | ||
Recurring | Level 1 [Member] | Non-trading debt securities [Member] | |||||
Assets: | |||||
Other assets | 342,000 | 406,000 | |||
Recurring | Level 1 [Member] | Other [Member] | |||||
Assets: | |||||
Other assets | [13] | 342,000 | 358,000 | ||
Recurring | Level 2 [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | [4] | 7,077,000 | 6,594,000 | ||
Derivative assets | [5] | ¥ 41,837,000 | ¥ 25,061,000 | ||
Netting | |||||
Subtotal, Assets | ¥ 48,914,000 | ¥ 31,655,000 | |||
Loans and receivables | [6] | 304,000 | 280,000 | ||
Collateralized agreements | [7] | 1,530,000 | 1,087,000 | ||
Total Assets | 51,482,000 | 33,731,000 | |||
Liabilities: | |||||
Trading liabilities | 1,349,000 | 1,229,000 | |||
Derivative liabilities | ¥ 41,476,000 | ¥ 25,018,000 | |||
Netting | |||||
Subtotal, Liabilities | ¥ 42,825,000 | ¥ 26,247,000 | |||
Short-term borrowings | [8] | 188,000 | 46,000 | ||
Payables and deposits | [9] | 0 | 0 | ||
Collateralized financing | [7] | 983,000 | 530,000 | ||
Long-term borrowings | [8],[10],[11] | 1,996,000 | 1,439,000 | ||
Other liabilities | [12] | 108,000 | 86,000 | ||
Total Liabilities | 46,100,000 | 28,348,000 | |||
Recurring | Level 2 [Member] | Equities [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | [4],[13] | 710,000 | 655,000 | ||
Liabilities: | |||||
Trading liabilities | 62,000 | ¥ 132,000 | |||
Recurring | Level 2 [Member] | Private equity investments [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | ¥ 0 | [4],[13] | |||
Recurring | Level 2 [Member] | Japanese government securities [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | |||||
Liabilities: | |||||
Trading liabilities | |||||
Recurring | Level 2 [Member] | Japanese agency and municipal securities [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | [4] | ¥ 277,000 | ¥ 192,000 | ||
Recurring | Level 2 [Member] | Foreign government, agency and municipal securities [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | [4] | 1,391,000 | 1,378,000 | ||
Liabilities: | |||||
Trading liabilities | 904,000 | 688,000 | |||
Recurring | Level 2 [Member] | Bank and corporate debt securities and loans for trading purposes [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | [4] | 1,786,000 | 1,735,000 | ||
Recurring | Level 2 [Member] | Bank and corporate debt securities [Member] | |||||
Liabilities: | |||||
Trading liabilities | 379,000 | 396,000 | |||
Recurring | Level 2 [Member] | Commercial mortgage-backed securities ("CMBS") [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | [4] | 113,000 | 156,000 | ||
Recurring | Level 2 [Member] | Residential mortgage-backed securities ("RMBS") [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | [4] | 2,496,000 | 2,221,000 | ||
Liabilities: | |||||
Trading liabilities | ¥ 1,000 | ¥ 1,000 | |||
Recurring | Level 2 [Member] | Real estate-backed securities [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | |||||
Recurring | Level 2 [Member] | Collateralized debt obligations ("CDOs") and other [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | [4],[14] | ¥ 184,000 | ¥ 170,000 | ||
Liabilities: | |||||
Trading liabilities | [14] | 3,000 | 0 | ||
Recurring | Level 2 [Member] | Investment trust funds and other [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | [4] | 120,000 | 87,000 | ||
Liabilities: | |||||
Trading liabilities | 0 | 12,000 | |||
Recurring | Level 2 [Member] | Equity contracts [Member] | |||||
Assets: | |||||
Derivative assets | [5] | 1,668,000 | 1,102,000 | ||
Liabilities: | |||||
Derivative liabilities | [5] | 1,887,000 | 1,368,000 | ||
Recurring | Level 2 [Member] | Interest rate contracts [Member] | |||||
Assets: | |||||
Derivative assets | [5] | 31,559,000 | 19,398,000 | ||
Liabilities: | |||||
Derivative liabilities | [5] | 31,555,000 | 19,142,000 | ||
Recurring | Level 2 [Member] | Credit contracts [Member] | |||||
Assets: | |||||
Derivative assets | [5] | 1,066,000 | 1,268,000 | ||
Liabilities: | |||||
Derivative liabilities | [5] | 1,080,000 | 1,582,000 | ||
Recurring | Level 2 [Member] | Foreign exchange contracts [Member] | |||||
Assets: | |||||
Derivative assets | [5] | 7,544,000 | 3,293,000 | ||
Liabilities: | |||||
Derivative liabilities | [5] | 6,954,000 | 2,926,000 | ||
Recurring | Level 2 [Member] | Commodity contracts [Member] | |||||
Assets: | |||||
Derivative assets | [5] | 0 | 0 | ||
Liabilities: | |||||
Derivative liabilities | [5] | 0 | 0 | ||
Recurring | Level 2 [Member] | Non-trading debt securities [Member] | |||||
Assets: | |||||
Other assets | 606,000 | 615,000 | |||
Recurring | Level 2 [Member] | Other [Member] | |||||
Assets: | |||||
Other assets | [13] | 128,000 | 94,000 | ||
Recurring | Level 3 [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | [4] | 293,000 | 301,000 | ||
Derivative assets | [5] | ¥ 235,000 | ¥ 243,000 | ||
Netting | |||||
Subtotal, Assets | ¥ 528,000 | ¥ 544,000 | |||
Loans and receivables | [6] | ¥ 15,000 | ¥ 26,000 | ||
Collateralized agreements | |||||
Total Assets | ¥ 600,000 | ¥ 629,000 | |||
Liabilities: | |||||
Trading liabilities | 3,000 | 1,000 | |||
Derivative liabilities | ¥ 264,000 | ¥ 261,000 | |||
Netting | |||||
Subtotal, Liabilities | ¥ 267,000 | ¥ 262,000 | |||
Short-term borrowings | [8] | 1,000 | 3,000 | ||
Payables and deposits | [9] | ¥ 0 | ¥ 0 | ||
Collateralized financing | |||||
Long-term borrowings | [8],[10],[11] | ¥ 525,000 | ¥ 394,000 | ||
Other liabilities | |||||
Total Liabilities | ¥ 793,000 | ¥ 659,000 | |||
Recurring | Level 3 [Member] | Equities [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | [4],[13] | 39,000 | 68,000 | ||
Liabilities: | |||||
Trading liabilities | 3,000 | 1,000 | |||
Recurring | Level 3 [Member] | Private equity investments [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | [4],[13] | ¥ 49,000 | ¥ 42,000 | ||
Recurring | Level 3 [Member] | Japanese government securities [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | |||||
Liabilities: | |||||
Trading liabilities | |||||
Recurring | Level 3 [Member] | Japanese agency and municipal securities [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | |||||
Recurring | Level 3 [Member] | Foreign government, agency and municipal securities [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | [4] | ¥ 3,000 | ¥ 26,000 | ||
Liabilities: | |||||
Trading liabilities | |||||
Recurring | Level 3 [Member] | Bank and corporate debt securities and loans for trading purposes [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | [4] | ¥ 167,000 | ¥ 116,000 | ||
Recurring | Level 3 [Member] | Bank and corporate debt securities [Member] | |||||
Liabilities: | |||||
Trading liabilities | 0 | 0 | |||
Recurring | Level 3 [Member] | Commercial mortgage-backed securities ("CMBS") [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | [4] | 2,000 | 3,000 | ||
Recurring | Level 3 [Member] | Residential mortgage-backed securities ("RMBS") [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | [4] | ¥ 1,000 | ¥ 3,000 | ||
Liabilities: | |||||
Trading liabilities | |||||
Recurring | Level 3 [Member] | Real estate-backed securities [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | [4] | ¥ 13,000 | ¥ 0 | ||
Recurring | Level 3 [Member] | Collateralized debt obligations ("CDOs") and other [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | [4],[14] | ¥ 15,000 | ¥ 13,000 | ||
Liabilities: | |||||
Trading liabilities | |||||
Recurring | Level 3 [Member] | Investment trust funds and other [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | [4] | ¥ 4,000 | ¥ 30,000 | ||
Liabilities: | |||||
Trading liabilities | |||||
Recurring | Level 3 [Member] | Equity contracts [Member] | |||||
Assets: | |||||
Derivative assets | [5] | ¥ 72,000 | ¥ 70,000 | ||
Liabilities: | |||||
Derivative liabilities | [5] | 78,000 | 59,000 | ||
Recurring | Level 3 [Member] | Interest rate contracts [Member] | |||||
Assets: | |||||
Derivative assets | [5] | 90,000 | 112,000 | ||
Liabilities: | |||||
Derivative liabilities | [5] | 112,000 | 151,000 | ||
Recurring | Level 3 [Member] | Credit contracts [Member] | |||||
Assets: | |||||
Derivative assets | [5] | 40,000 | 42,000 | ||
Liabilities: | |||||
Derivative liabilities | [5] | 36,000 | 37,000 | ||
Recurring | Level 3 [Member] | Foreign exchange contracts [Member] | |||||
Assets: | |||||
Derivative assets | [5] | 33,000 | 19,000 | ||
Liabilities: | |||||
Derivative liabilities | [5] | ¥ 38,000 | 14,000 | ||
Recurring | Level 3 [Member] | Commodity contracts [Member] | |||||
Assets: | |||||
Derivative assets | 0 | [5] | |||
Liabilities: | |||||
Derivative liabilities | [5] | ¥ 0 | 0 | ||
Recurring | Level 3 [Member] | Non-trading debt securities [Member] | |||||
Assets: | |||||
Other assets | 0 | 3,000 | |||
Recurring | Level 3 [Member] | Other [Member] | |||||
Assets: | |||||
Other assets | [13] | ¥ 57,000 | ¥ 56,000 | ||
Recurring | Counterparty and Cash Collateral Netting [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | |||||
Derivative assets | ¥ (40,514,000) | ¥ (23,764,000) | |||
Netting | [2] | (40,514,000) | (23,764,000) | ||
Subtotal, Assets | ¥ (40,514,000) | ¥ (23,764,000) | |||
Loans and receivables | |||||
Collateralized agreements | |||||
Total Assets | ¥ (40,514,000) | ¥ (23,764,000) | |||
Liabilities: | |||||
Trading liabilities | |||||
Derivative liabilities | ¥ (40,460,000) | ¥ (24,030,000) | |||
Netting | [2] | (40,460,000) | (24,030,000) | ||
Subtotal, Liabilities | ¥ (40,460,000) | ¥ (24,030,000) | |||
Short-term borrowings | |||||
Payables and deposits | |||||
Collateralized financing | |||||
Long-term borrowings | |||||
Other liabilities | |||||
Total Liabilities | ¥ (40,460,000) | ¥ (24,030,000) | |||
Recurring | Counterparty and Cash Collateral Netting [Member] | Equities [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | |||||
Liabilities: | |||||
Trading liabilities | |||||
Recurring | Counterparty and Cash Collateral Netting [Member] | Private equity investments [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | |||||
Recurring | Counterparty and Cash Collateral Netting [Member] | Japanese government securities [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | |||||
Liabilities: | |||||
Trading liabilities | |||||
Recurring | Counterparty and Cash Collateral Netting [Member] | Japanese agency and municipal securities [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | |||||
Recurring | Counterparty and Cash Collateral Netting [Member] | Foreign government, agency and municipal securities [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | |||||
Liabilities: | |||||
Trading liabilities | |||||
Recurring | Counterparty and Cash Collateral Netting [Member] | Bank and corporate debt securities and loans for trading purposes [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | |||||
Recurring | Counterparty and Cash Collateral Netting [Member] | Bank and corporate debt securities [Member] | |||||
Liabilities: | |||||
Trading liabilities | |||||
Recurring | Counterparty and Cash Collateral Netting [Member] | Commercial mortgage-backed securities ("CMBS") [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | |||||
Recurring | Counterparty and Cash Collateral Netting [Member] | Residential mortgage-backed securities ("RMBS") [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | |||||
Liabilities: | |||||
Trading liabilities | |||||
Recurring | Counterparty and Cash Collateral Netting [Member] | Real estate-backed securities [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | |||||
Recurring | Counterparty and Cash Collateral Netting [Member] | Collateralized debt obligations ("CDOs") and other [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | |||||
Liabilities: | |||||
Trading liabilities | |||||
Recurring | Counterparty and Cash Collateral Netting [Member] | Investment trust funds and other [Member] | |||||
Assets: | |||||
Trading assets and private equity investments | |||||
Liabilities: | |||||
Trading liabilities | |||||
Recurring | Counterparty and Cash Collateral Netting [Member] | Equity contracts [Member] | |||||
Assets: | |||||
Derivative assets | |||||
Liabilities: | |||||
Derivative liabilities | |||||
Recurring | Counterparty and Cash Collateral Netting [Member] | Interest rate contracts [Member] | |||||
Assets: | |||||
Derivative assets | |||||
Liabilities: | |||||
Derivative liabilities | |||||
Recurring | Counterparty and Cash Collateral Netting [Member] | Credit contracts [Member] | |||||
Assets: | |||||
Derivative assets | |||||
Liabilities: | |||||
Derivative liabilities | |||||
Recurring | Counterparty and Cash Collateral Netting [Member] | Foreign exchange contracts [Member] | |||||
Assets: | |||||
Derivative assets | |||||
Liabilities: | |||||
Derivative liabilities | |||||
Recurring | Counterparty and Cash Collateral Netting [Member] | Commodity contracts [Member] | |||||
Assets: | |||||
Derivative assets | |||||
Liabilities: | |||||
Derivative liabilities | |||||
Recurring | Counterparty and Cash Collateral Netting [Member] | Non-trading debt securities [Member] | |||||
Assets: | |||||
Other assets | |||||
Recurring | Counterparty and Cash Collateral Netting [Member] | Other [Member] | |||||
Assets: | |||||
Other assets | |||||
[1] | Represents amounts offset through counterparty netting of derivative assets and liabilities as well as cash collateral netting against net derivatives under master netting and similar agreements for which Nomura has obtained sufficient evidence of enforceability in accordance with ASC 815. As of March 31, 2014, Nomura offset a total of \1,283 billion of cash collateral receivables against net derivative liabilities and \1,017 billion of cash collateral payables against net derivative assets. As of March 31, 2015, Nomura offset a total of \1,830 billion of cash collateral receivables against net derivative liabilities and \1,884 billion of cash collateral payables against net derivative assets. | ||||
[2] | Represents the amount offset under counterparty netting of derivative assets and liabilities as well as cash collateral netting against net derivatives. | ||||
[3] | Includes the amount of embedded derivatives bifurcated in accordance with ASC 815. | ||||
[4] | Includes investments in certain funds measured at fair value on the basis of NAV per share as a practical expedient. | ||||
[5] | Each derivative classification includes derivatives referencing multiple risk components. For example, interest rate contracts include complex derivatives referencing interest rate risk as well as foreign exchange risk or other factors such as prepayment rates. Credit contracts include credit default swaps as well as derivatives referencing corporate and government debt securities. | ||||
[6] | Includes loans for which the fair value option has been elected. | ||||
[7] | Includes collateralized agreements or collateralized financing for which the fair value option has been elected. | ||||
[8] | Includes structured notes for which the fair value option has been elected. | ||||
[9] | Includes embedded derivatives bifurcated from deposits received at banks. If unrealized gains are greater than unrealized losses, deposits are reduced by the excess amount. | ||||
[10] | Includes embedded derivatives bifurcated from issued structured notes. If unrealized gains are greater than unrealized losses, borrowings are reduced by the excess amount. | ||||
[11] | Includes liabilities recognized from secured financing transactions that are accounted for as financings rather than sales. Nomura elected the fair value option for these liabilities. | ||||
[12] | Includes loan commitments for which the fair value option has been elected. | ||||
[13] | Includes equity investments that would have been accounted for under the equity method had Nomura not chosen to elect the fair value option. | ||||
[14] | Includes collateralized loan obligations ("CLOs") and asset-backed securities ("ABS") such as those secured on credit card loans, auto loans and student loans. |
Fair value measurements - Addit
Fair value measurements - Additional Information (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | |||||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | ||||
Valuation techniques by major class of financial instrument | ||||||
Amount of discount or liquidity adjustment in inactive markets | ||||||
Loss from change on the fair value measurements applied to derivatives | ¥ 11,000 | |||||
Loss from change on the calculation of the valuation applied to derivatives | ¥ 10,000 | |||||
Valuation adjustment to reflect own creditworthiness | ¥ 0 | (1,000) | ||||
Investment in the common stock at fair value through election of the fair value option | ||||||
Total revenue | 1,930,588 | 1,831,844 | 2,079,943 | |||
Net income | 225,979 | 216,449 | 105,691 | |||
Total assets | 41,783,236 | 43,520,314 | ||||
Total liabilities | 39,038,290 | 40,967,101 | ||||
Gains (losses) from changes in fair value of the financial liabilities for which the fair value option was elected, attributable to the change in creditworthiness | 2,000 | (9,000) | ¥ (31,000) | |||
Differences between the fair value of the aggregate unpaid principal balance (which is contractually principally protected) of loans and receivables, more (less) than the principal balance of such loans and receivables | 1,000 | 1,000 | ||||
Differences between the fair value of the aggregate unpaid principal balance (which is contractually principally protected) of long-term borrowings more (less) than the principal balance of such long-term borrowings | ¥ 1,000 | ¥ 17,000 | ||||
Concentrations of credit risk, percentage | 19.00% | 20.00% | ||||
Goodwill, written down to fair value | ¥ 3,000 | |||||
Ashikaga Holdings Co., Ltd. [Member] | ||||||
Investment in the common stock at fair value through election of the fair value option | ||||||
Percentage of ownership of common stock | 37.10% | 37.10% | 47.00% | |||
Total revenue | ¥ 97,000 | ¥ 108,000 | ¥ 99,000 | |||
Total expense | 76,000 | 80,000 | 80,000 | |||
Net income | 17,000 | 24,000 | 15,000 | |||
Total assets | 5,864,000 | 5,612,000 | 5,434,000 | |||
Total liabilities | 5,577,000 | 5,371,000 | ¥ 5,155,000 | |||
Recurring | Financial assets (excluding derivative assets) [Member] | ||||||
Transfers Between Level 1 and Level 2 | ||||||
Transfer from Level 1 to Level 2, Assets | 218,000 | 492,000 | ||||
Transfer from Level 2 to Level 1, Assets | 125,000 | 856,000 | ||||
Recurring | Trading assets and private equity investments [Member] | Equities [Member] | ||||||
Transfers Between Level 1 and Level 2 | ||||||
Transfer from Level 1 to Level 2, Assets | 199,000 | 479,000 | ||||
Transfer from Level 2 to Level 1, Assets | 103,000 | 832,000 | ||||
Recurring | Trading assets and private equity investments [Member] | Foreign government, agency and municipal securities [Member] | ||||||
Transfers Between Level 1 and Level 2 | ||||||
Transfer from Level 1 to Level 2, Assets | 6,000 | |||||
Recurring | Trading assets and private equity investments [Member] | Bank and corporate debt securities and loans for trading purposes [Member] | ||||||
Transfers Between Level 1 and Level 2 | ||||||
Transfer from Level 2 to Level 1, Assets | 6,000 | |||||
Recurring | Trading assets and private equity investments [Member] | Investment trust funds and other [Member] | ||||||
Transfers Between Level 1 and Level 2 | ||||||
Transfer from Level 1 to Level 2, Assets | 8,000 | |||||
Transfer from Level 2 to Level 1, Assets | 11,000 | 19,000 | ||||
Recurring | Derivatives, net [Member] | ||||||
Transfers Between Level 1 and Level 2 | ||||||
Transfer from Level 1 to Level 2, Assets | 407,000 | |||||
Transfer from Level 1 to Level 2, Liabilities | 362,000 | |||||
Recurring | Other [Member] | ||||||
Transfers Between Level 1 and Level 2 | ||||||
Transfer from Level 1 to Level 2, Assets | 4,000 | 5,000 | ||||
Transfer from Level 2 to Level 1, Assets | 4,000 | 5,000 | ||||
Recurring | Trading liabilities [Member] | Short sales of equities [Member] | ||||||
Transfers Between Level 1 and Level 2 | ||||||
Transfer from Level 1 to Level 2, Liabilities | 39,000 | 36,000 | ||||
Transfer from Level 2 to Level 1, Liabilities | 68,000 | 90,000 | ||||
Recurring | Financial liabilities (excluding derivative liabilities) [Member] | ||||||
Transfers Between Level 1 and Level 2 | ||||||
Transfer from Level 1 to Level 2, Liabilities | 41,000 | 38,000 | ||||
Transfer from Level 2 to Level 1, Liabilities | 69,000 | 92,000 | ||||
Recurring | Level 3 [Member] | ||||||
Transfers out of / into Level 3 | ||||||
Transfers out of Level 3, assets | [1] | 122,000 | 171,000 | |||
Transfers out of Level 3, liabilities | [1] | 37,000 | 69,000 | |||
Transfers into Level 3, Assets | [1] | 91,000 | 75,000 | |||
Transfers into Level 3, Liabilities | [1] | 121,000 | 43,000 | |||
Recurring | Level 3 [Member] | Financial assets (excluding derivative assets) [Member] | ||||||
Transfers out of / into Level 3 | ||||||
Transfers out of Level 3, assets | (138,000) | (180,000) | ||||
Transfers into Level 3, Assets | 103,000 | 78,000 | ||||
Recurring | Level 3 [Member] | Trading assets and private equity investments [Member] | ||||||
Transfers out of / into Level 3 | ||||||
Transfers out of Level 3, assets | [1] | 138,000 | 169,000 | |||
Transfers into Level 3, Assets | [1] | 103,000 | 58,000 | |||
Recurring | Level 3 [Member] | Trading assets and private equity investments [Member] | Equities [Member] | ||||||
Transfers out of / into Level 3 | ||||||
Transfers out of Level 3, assets | [1] | 11,000 | 1,000 | |||
Transfers into Level 3, Assets | [1] | 3,000 | 7,000 | |||
Recurring | Level 3 [Member] | Trading assets and private equity investments [Member] | Private equity investments [Member] | ||||||
Transfers out of / into Level 3 | ||||||
Transfers out of Level 3, assets | [1] | ¥ 0 | ¥ 40,000 | |||
Transfers into Level 3, Assets | ||||||
Recurring | Level 3 [Member] | Trading assets and private equity investments [Member] | Japanese agency and municipal securities [Member] | ||||||
Transfers out of / into Level 3 | ||||||
Transfers out of Level 3, assets | ¥ 0 | [1] | ||||
Transfers into Level 3, Assets | ||||||
Recurring | Level 3 [Member] | Trading assets and private equity investments [Member] | Foreign government, agency and municipal securities [Member] | ||||||
Transfers out of / into Level 3 | ||||||
Transfers out of Level 3, assets | [1] | ¥ 36,000 | ¥ 70,000 | |||
Transfers into Level 3, Assets | [1] | 7,000 | 8,000 | |||
Recurring | Level 3 [Member] | Trading assets and private equity investments [Member] | Bank and corporate debt securities and loans for trading purposes [Member] | ||||||
Transfers out of / into Level 3 | ||||||
Transfers out of Level 3, assets | [1] | 51,000 | 47,000 | |||
Transfers into Level 3, Assets | [1] | 33,000 | 32,000 | |||
Recurring | Level 3 [Member] | Trading assets and private equity investments [Member] | Commercial mortgage-backed securities ("CMBS") [Member] | ||||||
Transfers out of / into Level 3 | ||||||
Transfers out of Level 3, assets | [1] | 0 | 1,000 | |||
Transfers into Level 3, Assets | [1] | 2,000 | 2,000 | |||
Recurring | Level 3 [Member] | Trading assets and private equity investments [Member] | Residential mortgage-backed securities ("RMBS") [Member] | ||||||
Transfers out of / into Level 3 | ||||||
Transfers out of Level 3, assets | [1] | 1,000 | 2,000 | |||
Transfers into Level 3, Assets | [1] | 4,000 | ¥ 3,000 | |||
Recurring | Level 3 [Member] | Trading assets and private equity investments [Member] | Real estate-backed securities [Member] | ||||||
Transfers out of / into Level 3 | ||||||
Transfers out of Level 3, assets | 2,000 | [1] | ||||
Transfers into Level 3, Assets | 34,000 | [1] | ||||
Recurring | Level 3 [Member] | Trading assets and private equity investments [Member] | Collateralized debt obligations ("CDOs") and other [Member] | ||||||
Transfers out of / into Level 3 | ||||||
Transfers out of Level 3, assets | [1] | 18,000 | ¥ 7,000 | |||
Transfers into Level 3, Assets | [1] | 20,000 | 6,000 | |||
Recurring | Level 3 [Member] | Trading assets and private equity investments [Member] | Investment trust funds and other [Member] | ||||||
Transfers out of / into Level 3 | ||||||
Transfers out of Level 3, assets | [1] | 19,000 | ¥ 1,000 | |||
Transfers into Level 3, Assets | 0 | [1] | ||||
Recurring | Level 3 [Member] | Derivatives, net [Member] | ||||||
Transfers out of / into Level 3 | ||||||
Transfers out of Level 3, assets | [1],[2] | (16,000) | ¥ (9,000) | |||
Transfers into Level 3, Assets | [1],[2] | (12,000) | (3,000) | |||
Recurring | Level 3 [Member] | Equity contracts [Member] | ||||||
Transfers out of / into Level 3 | ||||||
Transfers out of Level 3, assets | [1],[2] | (9,000) | (7,000) | |||
Transfers into Level 3, Assets | [1],[2] | (10,000) | 7,000 | |||
Recognized gains when the transfer into Level 3 occurred | 5,000 | 7,000 | ||||
Recurring | Level 3 [Member] | Interest rate contracts [Member] | ||||||
Transfers out of / into Level 3 | ||||||
Transfers out of Level 3, assets | [1],[2] | (7,000) | (4,000) | |||
Transfers into Level 3, Assets | [1],[2] | (3,000) | (6,000) | |||
Recurring | Level 3 [Member] | Credit contracts [Member] | ||||||
Transfers out of / into Level 3 | ||||||
Transfers out of Level 3, assets | [1],[2] | 1,000 | 2,000 | |||
Transfers into Level 3, Assets | [1],[2] | 0 | 0 | |||
Recurring | Level 3 [Member] | Foreign exchange contracts [Member] | ||||||
Transfers out of / into Level 3 | ||||||
Transfers out of Level 3, assets | [1],[2] | (1,000) | 0 | |||
Transfers into Level 3, Assets | [1],[2] | ¥ 1,000 | ¥ (4,000) | |||
Recurring | Level 3 [Member] | Commodity contracts [Member] | ||||||
Transfers out of / into Level 3 | ||||||
Transfers out of Level 3, assets | ||||||
Transfers into Level 3, Assets | [1],[2] | ¥ 0 | ¥ 0 | |||
Recurring | Level 3 [Member] | Loans and receivables [Member] | ||||||
Transfers out of / into Level 3 | ||||||
Transfers out of Level 3, assets | 9,000 | [1] | ||||
Transfers into Level 3, Assets | [1] | ¥ 0 | ¥ 20,000 | |||
Recurring | Level 3 [Member] | Non-trading debt securities [Member] | ||||||
Transfers out of / into Level 3 | ||||||
Transfers out of Level 3, assets | ||||||
Transfers into Level 3, Assets | ||||||
Recurring | Level 3 [Member] | Other [Member] | ||||||
Transfers out of / into Level 3 | ||||||
Transfers out of Level 3, assets | [1] | ¥ 0 | ¥ 2,000 | |||
Transfers into Level 3, Assets | ||||||
Recurring | Level 3 [Member] | Trading liabilities [Member] | ||||||
Transfers out of / into Level 3 | ||||||
Transfers out of Level 3, liabilities | [1] | ¥ 2,000 | ¥ 0 | |||
Transfers into Level 3, Liabilities | [1] | 0 | 0 | |||
Recurring | Level 3 [Member] | Trading liabilities [Member] | Equities [Member] | ||||||
Transfers out of / into Level 3 | ||||||
Transfers out of Level 3, liabilities | [1] | 2,000 | 0 | |||
Transfers into Level 3, Liabilities | [1] | 0 | 0 | |||
Recurring | Level 3 [Member] | Trading liabilities [Member] | Bank and corporate debt securities [Member] | ||||||
Transfers out of / into Level 3 | ||||||
Transfers out of Level 3, liabilities | [1] | 0 | 0 | |||
Transfers into Level 3, Liabilities | [1] | ¥ 0 | 0 | |||
Recurring | Level 3 [Member] | Trading liabilities [Member] | Collateralized debt obligations ("CDOs") and other [Member] | ||||||
Transfers out of / into Level 3 | ||||||
Transfers out of Level 3, liabilities | ||||||
Transfers into Level 3, Liabilities | ||||||
Recurring | Level 3 [Member] | Short-term borrowings [Member] | ||||||
Transfers out of / into Level 3 | ||||||
Transfers out of Level 3, liabilities | [1] | ¥ 2,000 | 2,000 | |||
Transfers into Level 3, Liabilities | [1] | 0 | 1,000 | |||
Recurring | Level 3 [Member] | Payables and deposits [Member] | ||||||
Transfers out of / into Level 3 | ||||||
Transfers out of Level 3, liabilities | [1] | ¥ 0 | ¥ 0 | |||
Transfers into Level 3, Liabilities | ||||||
Recurring | Level 3 [Member] | Long-term borrowings [Member] | ||||||
Transfers out of / into Level 3 | ||||||
Transfers out of Level 3, liabilities | [1] | ¥ 33,000 | ¥ 67,000 | |||
Transfers into Level 3, Liabilities | [1] | 121,000 | ¥ 42,000 | |||
Recurring | Level 3 [Member] | Other liabilities [Member] | ||||||
Transfers out of / into Level 3 | ||||||
Transfers out of Level 3, liabilities | ||||||
Transfers into Level 3, Liabilities | ||||||
Recurring | Level 3 [Member] | Financial liabilities (excluding derivative liabilities) [Member] | ||||||
Transfers out of / into Level 3 | ||||||
Transfers out of Level 3, liabilities | (37,000) | ¥ (69,000) | ||||
Transfers into Level 3, Liabilities | ¥ 121,000 | ¥ 43,000 | ||||
[1] | If financial instruments move from Level 3 to another Level or move from another Level to Level 3, the amount reported in Transfers into Level 3 and Transfers out of Level 3 are the fair value as of the beginning of the quarter during which the movement occurs. Therefore if financial instruments move from another Level to Level 3, all gains/ (losses) during the quarter are included in the table and if financial instruments move from Level 3 to another Level, all gains/ (losses) during the year are excluded from the table. | |||||
[2] | Each derivative classification includes derivatives referencing multiple risk components. For example, interest rate contracts include complex derivatives referencing interest rate risk as well as foreign exchange risk or other factors such as prepayment rates. Credit contracts include credit default swaps as well as derivatives referencing corporate and government debt securities. |
Fair value measurements - Sched
Fair value measurements - Schedule of Quantitative Information Regarding Significant Unobservable Inputs and Assumptions for Certain Level 3 Financial Instruments (Detail) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2015JPY (¥) | Mar. 31, 2014JPY (¥) | ||
Assets: | |||
Other assets | ¥ 822,566 | ¥ 784,174 | |
Liabilities: | |||
Short-term borrowings | 189,018 | 49,279 | |
Long-term borrowings | 2,578,489 | 1,984,986 | |
Recurring | |||
Assets: | |||
Trading assets and private equity investments | [1] | 15,723,000 | 16,409,000 |
Loans and receivables | [2] | 319,000 | 306,000 |
Liabilities: | |||
Short-term borrowings | [3] | 189,000 | 49,000 |
Long-term borrowings | [3],[4],[5] | 2,601,000 | 1,967,000 |
Recurring | Equities [Member] | |||
Assets: | |||
Trading assets and private equity investments | [1],[6] | 2,456,000 | 2,899,000 |
Recurring | Private equity investments [Member] | |||
Assets: | |||
Trading assets and private equity investments | [1],[6] | 49,000 | 42,000 |
Recurring | Foreign government, agency and municipal securities [Member] | |||
Assets: | |||
Trading assets and private equity investments | [1] | 5,359,000 | 6,019,000 |
Recurring | Bank and corporate debt securities and loans for trading purposes [Member] | |||
Assets: | |||
Trading assets and private equity investments | [1] | 1,953,000 | 1,851,000 |
Recurring | Commercial mortgage-backed securities ("CMBS") [Member] | |||
Assets: | |||
Trading assets and private equity investments | [1] | 115,000 | 159,000 |
Recurring | Residential mortgage-backed securities ("RMBS") [Member] | |||
Assets: | |||
Trading assets and private equity investments | [1] | 2,497,000 | 2,224,000 |
Recurring | Real estate-backed securities [Member] | |||
Assets: | |||
Trading assets and private equity investments | [1] | 13,000 | 0 |
Recurring | Collateralized debt obligations ("CDOs") and other [Member] | |||
Assets: | |||
Trading assets and private equity investments | [1],[7] | 199,000 | 183,000 |
Recurring | Investment trust funds and other [Member] | |||
Assets: | |||
Trading assets and private equity investments | [1] | 572,000 | 253,000 |
Recurring | Non-trading debt securities [Member] | |||
Assets: | |||
Other assets | 948,000 | 1,024,000 | |
Recurring | Other [Member] | |||
Assets: | |||
Other assets | [6] | 527,000 | 508,000 |
Recurring | Level 3 [Member] | |||
Assets: | |||
Trading assets and private equity investments | [1] | 293,000 | 301,000 |
Loans and receivables | [2] | 15,000 | 26,000 |
Liabilities: | |||
Short-term borrowings | [3] | 1,000 | 3,000 |
Long-term borrowings | [3],[4],[5] | 525,000 | 394,000 |
Recurring | Level 3 [Member] | Equities [Member] | |||
Assets: | |||
Trading assets and private equity investments | [1],[6] | ¥ 39,000 | ¥ 68,000 |
Recurring | Level 3 [Member] | Equities [Member] | DCF [Member] | Minimum [Member] | |||
Significant unobservable inputs | |||
Liquidity discounts | [8] | 4.60% | 11.00% |
Recurring | Level 3 [Member] | Equities [Member] | DCF [Member] | Maximum [Member] | |||
Significant unobservable inputs | |||
Liquidity discounts | [8] | 40.00% | 50.00% |
Recurring | Level 3 [Member] | Equities [Member] | DCF [Member] | Weighted average [Member] | |||
Significant unobservable inputs | |||
Liquidity discounts | [9] | 21.60% | 18.10% |
Recurring | Level 3 [Member] | Equities [Member] | DCM [Member] | Minimum [Member] | |||
Significant unobservable inputs | |||
Capitalization rates | [8] | 6.80% | |
Recurring | Level 3 [Member] | Equities [Member] | DCM [Member] | Maximum [Member] | |||
Significant unobservable inputs | |||
Capitalization rates | [8] | 6.90% | |
Recurring | Level 3 [Member] | Equities [Member] | DCM [Member] | Weighted average [Member] | |||
Significant unobservable inputs | |||
Capitalization rates | [9] | 6.80% | |
Recurring | Level 3 [Member] | Private equity investments [Member] | |||
Assets: | |||
Trading assets and private equity investments | [1],[6] | ¥ 49,000 | ¥ 42,000 |
Recurring | Level 3 [Member] | Private equity investments [Member] | Market multiples [Member] | |||
Significant unobservable inputs | |||
EV/EBITDA ratios | [8] | 10 | |
Price/Embedded values | [8] | 0.4 | 0.4 |
Recurring | Level 3 [Member] | Private equity investments [Member] | Market multiples [Member] | Minimum [Member] | |||
Significant unobservable inputs | |||
EV/EBITDA ratios | [8] | 4.5 | |
Liquidity discounts | [8] | 30.00% | 0.00% |
Recurring | Level 3 [Member] | Private equity investments [Member] | Market multiples [Member] | Maximum [Member] | |||
Significant unobservable inputs | |||
EV/EBITDA ratios | [8] | 11.6 | |
Liquidity discounts | [8] | 33.00% | 33.00% |
Recurring | Level 3 [Member] | Private equity investments [Member] | Market multiples [Member] | Weighted average [Member] | |||
Significant unobservable inputs | |||
EV/EBITDA ratios | [9] | 10 | 10 |
Price/Embedded values | [9] | 0.4 | 0.4 |
Liquidity discounts | [9] | 32.30% | 30.50% |
Recurring | Level 3 [Member] | Foreign government, agency and municipal securities [Member] | |||
Assets: | |||
Trading assets and private equity investments | [1] | ¥ 3,000 | ¥ 26,000 |
Recurring | Level 3 [Member] | Foreign government, agency and municipal securities [Member] | DCF [Member] | Minimum [Member] | |||
Significant unobservable inputs | |||
Credit spreads | [8] | 0.30% | 0.00% |
Recurring | Level 3 [Member] | Foreign government, agency and municipal securities [Member] | DCF [Member] | Maximum [Member] | |||
Significant unobservable inputs | |||
Credit spreads | [8] | 6.10% | 5.90% |
Recurring | Level 3 [Member] | Foreign government, agency and municipal securities [Member] | DCF [Member] | Weighted average [Member] | |||
Significant unobservable inputs | |||
Credit spreads | [9] | 1.10% | 0.50% |
Recurring | Level 3 [Member] | Bank and corporate debt securities and loans for trading purposes [Member] | |||
Assets: | |||
Trading assets and private equity investments | [1] | ¥ 167,000 | ¥ 116,000 |
Recurring | Level 3 [Member] | Bank and corporate debt securities and loans for trading purposes [Member] | DCF [Member] | Minimum [Member] | |||
Significant unobservable inputs | |||
Credit spreads | [8] | 0.00% | 0.00% |
Recovery rates | [8] | 0.00% | 0.00% |
Recurring | Level 3 [Member] | Bank and corporate debt securities and loans for trading purposes [Member] | DCF [Member] | Maximum [Member] | |||
Significant unobservable inputs | |||
Credit spreads | [8] | 33.40% | 26.60% |
Recovery rates | [8] | 42.60% | 74.00% |
Recurring | Level 3 [Member] | Bank and corporate debt securities and loans for trading purposes [Member] | DCF [Member] | Weighted average [Member] | |||
Significant unobservable inputs | |||
Credit spreads | [9] | 10.40% | 4.70% |
Recovery rates | [9] | 24.90% | 57.10% |
Recurring | Level 3 [Member] | Commercial mortgage-backed securities ("CMBS") [Member] | |||
Assets: | |||
Trading assets and private equity investments | [1] | ¥ 2,000 | ¥ 3,000 |
Recurring | Level 3 [Member] | Commercial mortgage-backed securities ("CMBS") [Member] | DCF [Member] | Minimum [Member] | |||
Significant unobservable inputs | |||
Yields | [8] | 18.10% | 6.20% |
Recurring | Level 3 [Member] | Commercial mortgage-backed securities ("CMBS") [Member] | DCF [Member] | Maximum [Member] | |||
Significant unobservable inputs | |||
Yields | [8] | 50.60% | 30.40% |
Recurring | Level 3 [Member] | Commercial mortgage-backed securities ("CMBS") [Member] | DCF [Member] | Weighted average [Member] | |||
Significant unobservable inputs | |||
Yields | [9] | 15.30% | 10.10% |
Recurring | Level 3 [Member] | Residential mortgage-backed securities ("RMBS") [Member] | |||
Assets: | |||
Trading assets and private equity investments | [1] | ¥ 1,000 | ¥ 3,000 |
Recurring | Level 3 [Member] | Residential mortgage-backed securities ("RMBS") [Member] | DCF [Member] | Minimum [Member] | |||
Significant unobservable inputs | |||
Yields | [8] | 0.10% | 0.30% |
Prepayment rates | [8] | 2.70% | 3.80% |
Default probabilities | [8] | 0.00% | |
Loss severities | [8] | 0.10% | |
Recurring | Level 3 [Member] | Residential mortgage-backed securities ("RMBS") [Member] | DCF [Member] | Maximum [Member] | |||
Significant unobservable inputs | |||
Yields | [8] | 10.60% | 10.70% |
Prepayment rates | [8] | 12.80% | 50.00% |
Default probabilities | [8] | 2.00% | |
Loss severities | [8] | 87.20% | |
Recurring | Level 3 [Member] | Residential mortgage-backed securities ("RMBS") [Member] | DCF [Member] | Weighted average [Member] | |||
Significant unobservable inputs | |||
Yields | [9] | 2.20% | 3.70% |
Prepayment rates | [9] | 7.50% | 12.80% |
Default probabilities | [9] | 2.00% | |
Loss severities | [9] | 51.20% | |
Recurring | Level 3 [Member] | Real estate-backed securities [Member] | |||
Assets: | |||
Trading assets and private equity investments | [1] | ¥ 13,000 | ¥ 0 |
Recurring | Level 3 [Member] | Real estate-backed securities [Member] | DCF [Member] | Minimum [Member] | |||
Significant unobservable inputs | |||
Yields | [8] | 17.00% | |
Loss severities | [8] | 0.00% | |
Recurring | Level 3 [Member] | Real estate-backed securities [Member] | DCF [Member] | Maximum [Member] | |||
Significant unobservable inputs | |||
Yields | [8] | 26.00% | |
Loss severities | [8] | 46.80% | |
Recurring | Level 3 [Member] | Real estate-backed securities [Member] | DCF [Member] | Weighted average [Member] | |||
Significant unobservable inputs | |||
Yields | [9] | 24.30% | |
Loss severities | [9] | 18.60% | |
Recurring | Level 3 [Member] | Collateralized debt obligations ("CDOs") and other [Member] | |||
Assets: | |||
Trading assets and private equity investments | [1],[7] | ¥ 15,000 | ¥ 13,000 |
Recurring | Level 3 [Member] | Collateralized debt obligations ("CDOs") and other [Member] | DCF [Member] | Minimum [Member] | |||
Significant unobservable inputs | |||
Yields | [8] | 4.70% | 0.00% |
Prepayment rates | [8] | 0.00% | 0.00% |
Default probabilities | [8] | 1.00% | 1.00% |
Loss severities | [8] | 30.00% | 30.00% |
Recurring | Level 3 [Member] | Collateralized debt obligations ("CDOs") and other [Member] | DCF [Member] | Maximum [Member] | |||
Significant unobservable inputs | |||
Yields | [8] | 23.40% | 90.90% |
Prepayment rates | [8] | 20.00% | 20.00% |
Default probabilities | [8] | 10.00% | 65.00% |
Loss severities | [8] | 100.00% | 100.00% |
Recurring | Level 3 [Member] | Collateralized debt obligations ("CDOs") and other [Member] | DCF [Member] | Weighted average [Member] | |||
Significant unobservable inputs | |||
Yields | [9] | 12.60% | 11.10% |
Prepayment rates | [9] | 19.00% | 18.50% |
Default probabilities | [9] | 2.20% | 3.20% |
Loss severities | [9] | 32.70% | 47.90% |
Recurring | Level 3 [Member] | Investment trust funds and other [Member] | |||
Assets: | |||
Trading assets and private equity investments | [1] | ¥ 4,000 | ¥ 30,000 |
Recurring | Level 3 [Member] | Investment trust funds and other [Member] | DCF [Member] | Minimum [Member] | |||
Significant unobservable inputs | |||
Credit spreads | [8] | 0.00% | |
Correlations | [8] | 0.5 | |
Recurring | Level 3 [Member] | Investment trust funds and other [Member] | DCF [Member] | Maximum [Member] | |||
Significant unobservable inputs | |||
Credit spreads | [8] | 3.50% | |
Correlations | [8] | 0.71 | |
Recurring | Level 3 [Member] | Investment trust funds and other [Member] | DCF [Member] | Weighted average [Member] | |||
Significant unobservable inputs | |||
Credit spreads | [9] | 0.10% | |
Correlations | [9] | 0.61 | |
Recurring | Level 3 [Member] | Equity contracts [Member] | |||
Assets: | |||
Derivatives, net | ¥ (6,000) | ¥ 11,000 | |
Recurring | Level 3 [Member] | Equity contracts [Member] | Option models [Member] | Minimum [Member] | |||
Significant unobservable inputs | |||
Dividend yield | [8] | 0.00% | 0.00% |
Volatilities | [8] | 9.20% | 6.90% |
Correlations | [8] | (0.75) | (0.96) |
Recurring | Level 3 [Member] | Equity contracts [Member] | Option models [Member] | Maximum [Member] | |||
Significant unobservable inputs | |||
Dividend yield | [8] | 8.40% | 8.20% |
Volatilities | [8] | 100.20% | 59.90% |
Correlations | [8] | 0.98 | 0.95 |
Recurring | Level 3 [Member] | Equity contracts [Member] | Option models [Member] | Weighted average [Member] | |||
Significant unobservable inputs | |||
Dividend yield | |||
Volatilities | |||
Correlations | |||
Recurring | Level 3 [Member] | Interest rate contracts [Member] | |||
Assets: | |||
Derivatives, net | ¥ (22,000) | ¥ (39,000) | |
Recurring | Level 3 [Member] | Interest rate contracts [Member] | Option models [Member] | Minimum [Member] | |||
Significant unobservable inputs | |||
Volatilities | [8] | 10.60% | |
Correlations | [8] | (0.45) | |
Recurring | Level 3 [Member] | Interest rate contracts [Member] | Option models [Member] | Maximum [Member] | |||
Significant unobservable inputs | |||
Volatilities | [8] | 23.50% | |
Correlations | [8] | 0.99 | |
Recurring | Level 3 [Member] | Interest rate contracts [Member] | Option models [Member] | Weighted average [Member] | |||
Significant unobservable inputs | |||
Volatilities | |||
Correlations | |||
Recurring | Level 3 [Member] | Interest rate contracts [Member] | DCF / Option models [Member] | Minimum [Member] | |||
Significant unobservable inputs | |||
Interest rates | [8] | 0.80% | 0.70% |
Volatilities | [8] | 13.70% | |
Correlations | [8] | (0.3) | |
Recurring | Level 3 [Member] | Interest rate contracts [Member] | DCF / Option models [Member] | Maximum [Member] | |||
Significant unobservable inputs | |||
Interest rates | [8] | 3.30% | 5.20% |
Volatilities | [8] | 300.00% | |
Correlations | [8] | 0.99 | |
Recurring | Level 3 [Member] | Interest rate contracts [Member] | DCF / Option models [Member] | Weighted average [Member] | |||
Significant unobservable inputs | |||
Interest rates | |||
Volatilities | |||
Correlations | |||
Recurring | Level 3 [Member] | Credit contracts [Member] | |||
Assets: | |||
Derivatives, net | ¥ 4,000 | ¥ 5,000 | |
Recurring | Level 3 [Member] | Credit contracts [Member] | Option models [Member] | Minimum [Member] | |||
Significant unobservable inputs | |||
Volatilities | [8] | 1.00% | |
Correlations | [8] | 0.26 | |
Recurring | Level 3 [Member] | Credit contracts [Member] | Option models [Member] | Maximum [Member] | |||
Significant unobservable inputs | |||
Volatilities | [8] | 70.00% | |
Correlations | [8] | 0.95 | |
Recurring | Level 3 [Member] | Credit contracts [Member] | Option models [Member] | Weighted average [Member] | |||
Significant unobservable inputs | |||
Volatilities | |||
Correlations | |||
Recurring | Level 3 [Member] | Credit contracts [Member] | DCF / Option models [Member] | Minimum [Member] | |||
Significant unobservable inputs | |||
Credit spreads | [8] | 0.00% | 0.00% |
Recovery rates | [8] | 0.00% | 20.00% |
Volatilities | [8] | 1.00% | |
Correlations | [8] | 0.37 | |
Recurring | Level 3 [Member] | Credit contracts [Member] | DCF / Option models [Member] | Maximum [Member] | |||
Significant unobservable inputs | |||
Credit spreads | [8] | 19.90% | 20.90% |
Recovery rates | [8] | 90.00% | 90.00% |
Volatilities | [8] | 70.00% | |
Correlations | [8] | 0.95 | |
Recurring | Level 3 [Member] | Credit contracts [Member] | DCF / Option models [Member] | Weighted average [Member] | |||
Significant unobservable inputs | |||
Credit spreads | |||
Recovery rates | |||
Volatilities | |||
Correlations | |||
Recurring | Level 3 [Member] | Foreign exchange contracts [Member] | |||
Assets: | |||
Derivatives, net | ¥ (5,000) | ¥ 5,000 | |
Recurring | Level 3 [Member] | Foreign exchange contracts [Member] | Option models [Member] | Minimum [Member] | |||
Significant unobservable inputs | |||
Volatilities | [8] | 0.60% | 11.20% |
Recurring | Level 3 [Member] | Foreign exchange contracts [Member] | Option models [Member] | Maximum [Member] | |||
Significant unobservable inputs | |||
Volatilities | [8] | 16.10% | 19.10% |
Recurring | Level 3 [Member] | Foreign exchange contracts [Member] | Option models [Member] | Weighted average [Member] | |||
Significant unobservable inputs | |||
Volatilities | |||
Recurring | Level 3 [Member] | Loans and receivables [Member] | DCF [Member] | |||
Significant unobservable inputs | |||
Credit spreads | [8] | 0.00% | |
Recurring | Level 3 [Member] | Loans and receivables [Member] | DCF [Member] | Minimum [Member] | |||
Significant unobservable inputs | |||
Credit spreads | [8] | 0.00% | |
Recurring | Level 3 [Member] | Loans and receivables [Member] | DCF [Member] | Maximum [Member] | |||
Significant unobservable inputs | |||
Credit spreads | [8] | 12.20% | |
Recurring | Level 3 [Member] | Loans and receivables [Member] | DCF [Member] | Weighted average [Member] | |||
Significant unobservable inputs | |||
Credit spreads | [9] | 0.70% | 0.00% |
Recurring | Level 3 [Member] | Non-trading debt securities [Member] | |||
Assets: | |||
Other assets | ¥ 0 | ¥ 3,000 | |
Recurring | Level 3 [Member] | Non-trading debt securities [Member] | DCF [Member] | Minimum [Member] | |||
Significant unobservable inputs | |||
Credit spreads | [8] | 0.10% | |
Recurring | Level 3 [Member] | Non-trading debt securities [Member] | DCF [Member] | Maximum [Member] | |||
Significant unobservable inputs | |||
Credit spreads | [8] | 2.50% | |
Recurring | Level 3 [Member] | Non-trading debt securities [Member] | DCF [Member] | Weighted average [Member] | |||
Significant unobservable inputs | |||
Credit spreads | [9] | 0.80% | |
Recurring | Level 3 [Member] | Other [Member] | |||
Assets: | |||
Other assets | [6] | ¥ 57,000 | ¥ 56,000 |
Recurring | Level 3 [Member] | Other [Member] | DCF [Member] | |||
Significant unobservable inputs | |||
WACC | [8] | 5.70% | 6.10% |
Growth rates | [8] | 1.00% | 1.00% |
Liquidity discounts | [8] | 30.00% | |
Recurring | Level 3 [Member] | Other [Member] | DCF [Member] | Minimum [Member] | |||
Significant unobservable inputs | |||
Credit spreads | [8] | 0.60% | |
Liquidity discounts | [8] | 0.00% | |
Recurring | Level 3 [Member] | Other [Member] | DCF [Member] | Maximum [Member] | |||
Significant unobservable inputs | |||
Credit spreads | [8] | 2.40% | |
Liquidity discounts | [8] | 30.00% | |
Recurring | Level 3 [Member] | Other [Member] | DCF [Member] | Weighted average [Member] | |||
Significant unobservable inputs | |||
Credit spreads | [9] | 1.30% | |
WACC | [9] | 5.70% | 6.10% |
Growth rates | [9] | 1.00% | 1.00% |
Liquidity discounts | [9] | 30.00% | 12.70% |
Recurring | Level 3 [Member] | Other [Member] | Market multiples [Member] | |||
Significant unobservable inputs | |||
Liquidity discounts | [8] | 30.00% | |
Recurring | Level 3 [Member] | Other [Member] | Market multiples [Member] | Minimum [Member] | |||
Significant unobservable inputs | |||
EV/EBITDA ratios | [8] | 2.9 | 3.6 |
PE ratios | [8] | 11.5 | 9.6 |
Price/Book ratios | [8] | 0 | 0 |
Liquidity discounts | [8] | 20.00% | |
Recurring | Level 3 [Member] | Other [Member] | Market multiples [Member] | Maximum [Member] | |||
Significant unobservable inputs | |||
EV/EBITDA ratios | [8] | 13.5 | 8.3 |
PE ratios | [8] | 83.9 | 60.1 |
Price/Book ratios | [8] | 5 | 5.3 |
Liquidity discounts | [8] | 30.00% | |
Recurring | Level 3 [Member] | Other [Member] | Market multiples [Member] | Weighted average [Member] | |||
Significant unobservable inputs | |||
EV/EBITDA ratios | [9] | 7.6 | 4.9 |
PE ratios | [9] | 29.3 | 24 |
Price/Book ratios | [9] | 1.1 | 1 |
Liquidity discounts | [9] | 29.20% | 30.00% |
Recurring | Level 3 [Member] | Short-term borrowings [Member] | DCF [Member] | Minimum [Member] | |||
Significant unobservable inputs | |||
Volatilities | [8] | 15.30% | |
Correlations | [8] | (0.78) | |
Recurring | Level 3 [Member] | Short-term borrowings [Member] | DCF [Member] | Maximum [Member] | |||
Significant unobservable inputs | |||
Volatilities | [8] | 55.50% | |
Correlations | [8] | 0.94 | |
Recurring | Level 3 [Member] | Short-term borrowings [Member] | DCF [Member] | Weighted average [Member] | |||
Significant unobservable inputs | |||
Volatilities | |||
Correlations | |||
Recurring | Level 3 [Member] | Short-term borrowings [Member] | DCF / Option models [Member] | Minimum [Member] | |||
Significant unobservable inputs | |||
Volatilities | [8] | 15.40% | |
Correlations | [8] | (0.75) | |
Recurring | Level 3 [Member] | Short-term borrowings [Member] | DCF / Option models [Member] | Maximum [Member] | |||
Significant unobservable inputs | |||
Volatilities | [8] | 47.50% | |
Correlations | [8] | 0.91 | |
Recurring | Level 3 [Member] | Short-term borrowings [Member] | DCF / Option models [Member] | Weighted average [Member] | |||
Significant unobservable inputs | |||
Volatilities | |||
Correlations | |||
Recurring | Level 3 [Member] | Long-term borrowings [Member] | DCF [Member] | Minimum [Member] | |||
Significant unobservable inputs | |||
Volatilities | [8] | 10.60% | |
Correlations | [8] | (0.78) | |
Recurring | Level 3 [Member] | Long-term borrowings [Member] | DCF [Member] | Maximum [Member] | |||
Significant unobservable inputs | |||
Volatilities | [8] | 55.50% | |
Correlations | [8] | 0.99 | |
Recurring | Level 3 [Member] | Long-term borrowings [Member] | DCF [Member] | Weighted average [Member] | |||
Significant unobservable inputs | |||
Volatilities | |||
Correlations | |||
Recurring | Level 3 [Member] | Long-term borrowings [Member] | DCF / Option models [Member] | Minimum [Member] | |||
Significant unobservable inputs | |||
Volatilities | [8] | 13.70% | |
Correlations | [8] | (0.75) | |
Recurring | Level 3 [Member] | Long-term borrowings [Member] | DCF / Option models [Member] | Maximum [Member] | |||
Significant unobservable inputs | |||
Volatilities | [8] | 47.50% | |
Correlations | [8] | 0.99 | |
Recurring | Level 3 [Member] | Long-term borrowings [Member] | DCF / Option models [Member] | Weighted average [Member] | |||
Significant unobservable inputs | |||
Volatilities | |||
Correlations | |||
[1] | Includes investments in certain funds measured at fair value on the basis of NAV per share as a practical expedient. | ||
[2] | Includes loans for which the fair value option has been elected. | ||
[3] | Includes structured notes for which the fair value option has been elected. | ||
[4] | Includes embedded derivatives bifurcated from issued structured notes. If unrealized gains are greater than unrealized losses, borrowings are reduced by the excess amount. | ||
[5] | Includes liabilities recognized from secured financing transactions that are accounted for as financings rather than sales. Nomura elected the fair value option for these liabilities. | ||
[6] | Includes equity investments that would have been accounted for under the equity method had Nomura not chosen to elect the fair value option. | ||
[7] | Includes collateralized loan obligations ("CLOs") and asset-backed securities ("ABS") such as those secured on credit card loans, auto loans and student loans. | ||
[8] | Range information is provided in percentages, coefficients and multiples and represents the highest and lowest level significant unobservable valuation input used to value that type of financial instrument. A wide dispersion in the range does not necessarily reflect increased uncertainty or subjectivity in the valuation input and is typically just a consequence of the different characteristics of the financial instruments themselves. | ||
[9] | Weighted average information for non-derivative instruments is calculated by weighting each valuation input by the fair value of the financial instrument. |
Fair value measurements - Incre
Fair value measurements - Increases and Decreases of Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis Unrealized and Realized Gain/Losses Included in Revenue (Detail) - Recurring - Level 3 [Member] - JPY (¥) ¥ in Billions | 12 Months Ended | ||||
Mar. 31, 2015 | Mar. 31, 2014 | ||||
Assets [Abstract] | |||||
Assets, beginning balance | ¥ 368 | ¥ 519 | |||
Total gains (losses) recognized in net revenue, Assets | [1] | (27) | 24 | ||
Total gains (losses) recognized in other comprehensive income, Assets | 1 | 0 | |||
Purchases/ issues, Assets | [2] | 443 | 830 | ||
Sales/ redemptions, Assets | [2] | (474) | (944) | ||
Settlements, Assets | 26 | 14 | |||
Foreign exchange movements, Assets | 30 | 21 | |||
Transfers into Level 3, Assets | [3] | 91 | 75 | ||
Transfers out of Level 3, Assets | [3] | (122) | (171) | ||
Assets, ending balance | 336 | 368 | |||
Liabilities [Abstract] | |||||
Liabilities, beginning balance | 398 | 227 | |||
Total gains (losses) recognized in net revenue, Liabilities | [1] | ¥ (84) | ¥ (29) | ||
Total gains (losses) recognized in other comprehensive income, Liabilities | |||||
Purchases/ issues, Liabilities | [2] | ¥ 425 | ¥ 429 | ||
Sales/ redemptions, Liabilities | [2] | ¥ (470) | ¥ (264) | ||
Settlements, Liabilities | |||||
Foreign exchange movements, Liabilities | ¥ 8 | ¥ 3 | |||
Transfers into Level 3, Liabilities | [3] | 121 | 43 | ||
Transfers out of Level 3, Liabilities | [3] | (37) | (69) | ||
Liabilities, ending balance | 529 | 398 | |||
Trading assets and private equity investments [Member] | |||||
Assets [Abstract] | |||||
Assets, beginning balance | 301 | 479 | |||
Total gains (losses) recognized in net revenue, Assets | [1] | ¥ 16 | ¥ 36 | ||
Total gains (losses) recognized in other comprehensive income, Assets | |||||
Purchases/ issues, Assets | [2] | ¥ 440 | ¥ 814 | ||
Sales/ redemptions, Assets | [2] | ¥ (452) | ¥ (933) | ||
Settlements, Assets | |||||
Foreign exchange movements, Assets | ¥ 23 | ¥ 16 | |||
Transfers into Level 3, Assets | [3] | 103 | 58 | ||
Transfers out of Level 3, Assets | [3] | (138) | (169) | ||
Assets, ending balance | 293 | 301 | |||
Trading assets and private equity investments [Member] | Equities [Member] | |||||
Assets [Abstract] | |||||
Assets, beginning balance | 68 | 129 | |||
Total gains (losses) recognized in net revenue, Assets | [1] | ¥ 1 | ¥ 11 | ||
Total gains (losses) recognized in other comprehensive income, Assets | |||||
Purchases/ issues, Assets | [2] | ¥ 28 | ¥ 21 | ||
Sales/ redemptions, Assets | [2] | ¥ (52) | ¥ (105) | ||
Settlements, Assets | |||||
Foreign exchange movements, Assets | ¥ 2 | ¥ 6 | |||
Transfers into Level 3, Assets | [3] | 3 | 7 | ||
Transfers out of Level 3, Assets | [3] | (11) | (1) | ||
Assets, ending balance | 39 | 68 | |||
Trading assets and private equity investments [Member] | Private equity investments [Member] | |||||
Assets [Abstract] | |||||
Assets, beginning balance | 42 | 87 | |||
Total gains (losses) recognized in net revenue, Assets | [1] | ¥ 2 | ¥ (1) | ||
Total gains (losses) recognized in other comprehensive income, Assets | |||||
Purchases/ issues, Assets | [2] | ¥ 6 | ¥ 1 | ||
Sales/ redemptions, Assets | [2] | ¥ (2) | ¥ (11) | ||
Settlements, Assets | |||||
Foreign exchange movements, Assets | ¥ 1 | ¥ 6 | |||
Transfers into Level 3, Assets | |||||
Transfers out of Level 3, Assets | [3] | ¥ 0 | ¥ (40) | ||
Assets, ending balance | ¥ 49 | 42 | |||
Trading assets and private equity investments [Member] | Japanese agency and municipal securities [Member] | |||||
Assets [Abstract] | |||||
Assets, beginning balance | ¥ 0 | ||||
Total gains (losses) recognized in net revenue, Assets | |||||
Total gains (losses) recognized in other comprehensive income, Assets | |||||
Purchases/ issues, Assets | ¥ 0 | [2] | |||
Sales/ redemptions, Assets | ¥ 0 | [2] | |||
Settlements, Assets | |||||
Foreign exchange movements, Assets | |||||
Transfers into Level 3, Assets | |||||
Transfers out of Level 3, Assets | ¥ 0 | [3] | |||
Assets, ending balance | |||||
Trading assets and private equity investments [Member] | Foreign government, agency and municipal securities [Member] | |||||
Assets [Abstract] | |||||
Assets, beginning balance | ¥ 26 | ¥ 91 | |||
Total gains (losses) recognized in net revenue, Assets | [1] | ¥ 8 | ¥ 21 | ||
Total gains (losses) recognized in other comprehensive income, Assets | |||||
Purchases/ issues, Assets | [2] | ¥ 150 | ¥ 516 | ||
Sales/ redemptions, Assets | [2] | ¥ (152) | ¥ (540) | ||
Settlements, Assets | |||||
Foreign exchange movements, Assets | |||||
Transfers into Level 3, Assets | [3] | ¥ 7 | ¥ 8 | ||
Transfers out of Level 3, Assets | [3] | (36) | (70) | ||
Assets, ending balance | 3 | 26 | |||
Trading assets and private equity investments [Member] | Bank and corporate debt securities and loans for trading purposes [Member] | |||||
Assets [Abstract] | |||||
Assets, beginning balance | 116 | 69 | |||
Total gains (losses) recognized in net revenue, Assets | [1] | ¥ 8 | ¥ 5 | ||
Total gains (losses) recognized in other comprehensive income, Assets | |||||
Purchases/ issues, Assets | [2] | ¥ 200 | ¥ 221 | ||
Sales/ redemptions, Assets | ¥ (154) | [2] | ¥ (167) | ||
Settlements, Assets | |||||
Foreign exchange movements, Assets | ¥ 15 | ¥ 3 | |||
Transfers into Level 3, Assets | [3] | 33 | 32 | ||
Transfers out of Level 3, Assets | [3] | (51) | (47) | ||
Assets, ending balance | 167 | 116 | |||
Trading assets and private equity investments [Member] | Commercial mortgage-backed securities ("CMBS") [Member] | |||||
Assets [Abstract] | |||||
Assets, beginning balance | 3 | 6 | |||
Total gains (losses) recognized in net revenue, Assets | [1] | ¥ 0 | ¥ 0 | ||
Total gains (losses) recognized in other comprehensive income, Assets | |||||
Purchases/ issues, Assets | [2] | ¥ 6 | ¥ 7 | ||
Sales/ redemptions, Assets | [2] | ¥ (9) | ¥ (11) | ||
Settlements, Assets | |||||
Foreign exchange movements, Assets | ¥ 0 | ¥ 0 | |||
Transfers into Level 3, Assets | [3] | 2 | 2 | ||
Transfers out of Level 3, Assets | [3] | 0 | (1) | ||
Assets, ending balance | 2 | 3 | |||
Trading assets and private equity investments [Member] | Residential mortgage-backed securities ("RMBS") [Member] | |||||
Assets [Abstract] | |||||
Assets, beginning balance | 3 | 4 | |||
Total gains (losses) recognized in net revenue, Assets | [1] | ¥ (1) | ¥ 0 | ||
Total gains (losses) recognized in other comprehensive income, Assets | |||||
Purchases/ issues, Assets | [2] | ¥ 1 | ¥ 1 | ||
Sales/ redemptions, Assets | [2] | ¥ (5) | ¥ (3) | ||
Settlements, Assets | |||||
Foreign exchange movements, Assets | ¥ 0 | ||||
Transfers into Level 3, Assets | [3] | ¥ 4 | 3 | ||
Transfers out of Level 3, Assets | [3] | (1) | (2) | ||
Assets, ending balance | 1 | 3 | |||
Trading assets and private equity investments [Member] | Real estate-backed securities [Member] | |||||
Assets [Abstract] | |||||
Assets, beginning balance | 0 | 68 | |||
Total gains (losses) recognized in net revenue, Assets | [1] | ¥ 0 | ¥ 1 | ||
Total gains (losses) recognized in other comprehensive income, Assets | |||||
Purchases/ issues, Assets | [2] | ¥ 4 | ¥ 0 | ||
Sales/ redemptions, Assets | [2] | ¥ (24) | ¥ (69) | ||
Settlements, Assets | |||||
Foreign exchange movements, Assets | ¥ 1 | ¥ 0 | |||
Transfers into Level 3, Assets | 34 | [3] | |||
Transfers out of Level 3, Assets | (2) | [3] | |||
Assets, ending balance | 13 | ¥ 0 | |||
Trading assets and private equity investments [Member] | Collateralized debt obligations ("CDOs") and other [Member] | |||||
Assets [Abstract] | |||||
Assets, beginning balance | 13 | 12 | |||
Total gains (losses) recognized in net revenue, Assets | [1] | ¥ (5) | ¥ (1) | ||
Total gains (losses) recognized in other comprehensive income, Assets | |||||
Purchases/ issues, Assets | [2] | ¥ 44 | ¥ 23 | ||
Sales/ redemptions, Assets | [2] | ¥ (43) | ¥ (21) | ||
Settlements, Assets | |||||
Foreign exchange movements, Assets | ¥ 4 | ¥ 1 | |||
Transfers into Level 3, Assets | [3] | 20 | 6 | ||
Transfers out of Level 3, Assets | [3] | (18) | (7) | ||
Assets, ending balance | 15 | 13 | |||
Trading assets and private equity investments [Member] | Investment trust funds and other [Member] | |||||
Assets [Abstract] | |||||
Assets, beginning balance | 30 | 13 | |||
Total gains (losses) recognized in net revenue, Assets | [1] | ¥ 3 | ¥ 0 | ||
Total gains (losses) recognized in other comprehensive income, Assets | |||||
Purchases/ issues, Assets | [2] | ¥ 1 | ¥ 24 | ||
Sales/ redemptions, Assets | [2] | ¥ (11) | ¥ (6) | ||
Settlements, Assets | |||||
Foreign exchange movements, Assets | ¥ 0 | ¥ 0 | |||
Transfers into Level 3, Assets | 0 | [3] | |||
Transfers out of Level 3, Assets | [3] | (19) | ¥ (1) | ||
Assets, ending balance | 4 | 30 | |||
Derivatives, net [Member] | |||||
Assets [Abstract] | |||||
Assets, beginning balance | [4] | (18) | (27) | ||
Total gains (losses) recognized in net revenue, Assets | [1],[4] | ¥ (43) | ¥ (15) | ||
Total gains (losses) recognized in other comprehensive income, Assets | |||||
Purchases/ issues, Assets | |||||
Sales/ redemptions, Assets | |||||
Settlements, Assets | [4] | ¥ 26 | ¥ 14 | ||
Foreign exchange movements, Assets | [4] | 2 | 4 | ||
Transfers into Level 3, Assets | [3],[4] | (12) | (3) | ||
Transfers out of Level 3, Assets | [3],[4] | 16 | 9 | ||
Assets, ending balance | [4] | (29) | (18) | ||
Equity contracts [Member] | |||||
Assets [Abstract] | |||||
Assets, beginning balance | [4] | 11 | 5 | ||
Total gains (losses) recognized in net revenue, Assets | [1],[4] | ¥ (2) | ¥ (8) | ||
Total gains (losses) recognized in other comprehensive income, Assets | |||||
Purchases/ issues, Assets | |||||
Sales/ redemptions, Assets | |||||
Settlements, Assets | [4] | ¥ (14) | ¥ (2) | ||
Foreign exchange movements, Assets | [4] | 0 | 2 | ||
Transfers into Level 3, Assets | [3],[4] | (10) | 7 | ||
Transfers out of Level 3, Assets | [3],[4] | 9 | 7 | ||
Assets, ending balance | [4] | (6) | 11 | ||
Interest rate contracts [Member] | |||||
Assets [Abstract] | |||||
Assets, beginning balance | [4] | (39) | (54) | ||
Total gains (losses) recognized in net revenue, Assets | [1],[4] | ¥ (27) | ¥ (1) | ||
Total gains (losses) recognized in other comprehensive income, Assets | |||||
Purchases/ issues, Assets | |||||
Sales/ redemptions, Assets | |||||
Settlements, Assets | [4] | ¥ 39 | ¥ 19 | ||
Foreign exchange movements, Assets | [4] | 1 | (1) | ||
Transfers into Level 3, Assets | [3],[4] | (3) | (6) | ||
Transfers out of Level 3, Assets | [3],[4] | 7 | 4 | ||
Assets, ending balance | [4] | (22) | (39) | ||
Credit contracts [Member] | |||||
Assets [Abstract] | |||||
Assets, beginning balance | [4] | 5 | 25 | ||
Total gains (losses) recognized in net revenue, Assets | [1],[4] | ¥ (13) | ¥ (5) | ||
Total gains (losses) recognized in other comprehensive income, Assets | |||||
Purchases/ issues, Assets | |||||
Sales/ redemptions, Assets | |||||
Settlements, Assets | [4] | ¥ 13 | ¥ (16) | ||
Foreign exchange movements, Assets | [4] | 0 | 3 | ||
Transfers into Level 3, Assets | [3],[4] | 0 | 0 | ||
Transfers out of Level 3, Assets | [3],[4] | (1) | (2) | ||
Assets, ending balance | [4] | 4 | 5 | ||
Foreign exchange contracts [Member] | |||||
Assets [Abstract] | |||||
Assets, beginning balance | [4] | 5 | (3) | ||
Total gains (losses) recognized in net revenue, Assets | [1],[4] | ¥ (1) | ¥ (1) | ||
Total gains (losses) recognized in other comprehensive income, Assets | |||||
Purchases/ issues, Assets | |||||
Sales/ redemptions, Assets | |||||
Settlements, Assets | [4] | ¥ (12) | ¥ 13 | ||
Foreign exchange movements, Assets | [4] | 1 | 0 | ||
Transfers into Level 3, Assets | [3],[4] | 1 | (4) | ||
Transfers out of Level 3, Assets | [3],[4] | 1 | 0 | ||
Assets, ending balance | [4] | (5) | 5 | ||
Commodity contracts [Member] | |||||
Assets [Abstract] | |||||
Assets, beginning balance | [4] | 0 | 0 | ||
Total gains (losses) recognized in net revenue, Assets | [1],[4] | ¥ 0 | ¥ 0 | ||
Total gains (losses) recognized in other comprehensive income, Assets | |||||
Purchases/ issues, Assets | |||||
Sales/ redemptions, Assets | |||||
Settlements, Assets | [4] | ¥ 0 | ¥ 0 | ||
Foreign exchange movements, Assets | [4] | 0 | 0 | ||
Transfers into Level 3, Assets | [3],[4] | ¥ 0 | ¥ 0 | ||
Transfers out of Level 3, Assets | |||||
Assets, ending balance | [4] | ¥ 0 | ¥ 0 | ||
Subtotal [Member] | |||||
Assets [Abstract] | |||||
Assets, beginning balance | 283 | 452 | |||
Total gains (losses) recognized in net revenue, Assets | [1] | ¥ (27) | ¥ 21 | ||
Total gains (losses) recognized in other comprehensive income, Assets | |||||
Purchases/ issues, Assets | [2] | ¥ 440 | ¥ 814 | ||
Sales/ redemptions, Assets | [2] | (452) | (933) | ||
Settlements, Assets | 26 | 14 | |||
Foreign exchange movements, Assets | 25 | 20 | |||
Transfers into Level 3, Assets | [3] | 91 | 55 | ||
Transfers out of Level 3, Assets | [3] | (122) | (160) | ||
Assets, ending balance | 264 | 283 | |||
Loans and receivables [Member] | |||||
Assets [Abstract] | |||||
Assets, beginning balance | 26 | 3 | |||
Total gains (losses) recognized in net revenue, Assets | [1] | ¥ (1) | ¥ 0 | ||
Total gains (losses) recognized in other comprehensive income, Assets | |||||
Purchases/ issues, Assets | ¥ 13 | [2] | |||
Sales/ redemptions, Assets | [2] | ¥ (14) | ¥ (2) | ||
Settlements, Assets | |||||
Foreign exchange movements, Assets | ¥ 4 | ¥ 1 | |||
Transfers into Level 3, Assets | [3] | ¥ 0 | 20 | ||
Transfers out of Level 3, Assets | (9) | [3] | |||
Assets, ending balance | ¥ 15 | 26 | |||
Non-trading debt securities [Member] | |||||
Assets [Abstract] | |||||
Assets, beginning balance | 3 | 4 | |||
Total gains (losses) recognized in net revenue, Assets | [1] | 0 | (1) | ||
Total gains (losses) recognized in other comprehensive income, Assets | ¥ 0 | ¥ 0 | |||
Purchases/ issues, Assets | |||||
Sales/ redemptions, Assets | [2] | ¥ (3) | ¥ 0 | ||
Settlements, Assets | |||||
Foreign exchange movements, Assets | ¥ 0 | ¥ 0 | |||
Transfers into Level 3, Assets | |||||
Transfers out of Level 3, Assets | |||||
Assets, ending balance | ¥ 0 | ¥ 3 | |||
Other [Member] | |||||
Assets [Abstract] | |||||
Assets, beginning balance | 56 | 60 | |||
Total gains (losses) recognized in net revenue, Assets | [1] | 1 | 4 | ||
Total gains (losses) recognized in other comprehensive income, Assets | 1 | 0 | |||
Purchases/ issues, Assets | [2] | 3 | 3 | ||
Sales/ redemptions, Assets | [2] | ¥ (5) | ¥ (9) | ||
Settlements, Assets | |||||
Foreign exchange movements, Assets | ¥ 1 | ¥ 0 | |||
Transfers into Level 3, Assets | |||||
Transfers out of Level 3, Assets | [3] | ¥ 0 | ¥ (2) | ||
Assets, ending balance | 57 | 56 | |||
Trading liabilities [Member] | |||||
Liabilities [Abstract] | |||||
Liabilities, beginning balance | 1 | 0 | |||
Total gains (losses) recognized in net revenue, Liabilities | [1] | ¥ 0 | ¥ 0 | ||
Total gains (losses) recognized in other comprehensive income, Liabilities | |||||
Purchases/ issues, Liabilities | [2] | ¥ 5 | ¥ 1 | ||
Sales/ redemptions, Liabilities | [2] | ¥ (1) | ¥ 0 | ||
Settlements, Liabilities | |||||
Foreign exchange movements, Liabilities | ¥ 0 | ¥ 0 | |||
Transfers into Level 3, Liabilities | [3] | 0 | 0 | ||
Transfers out of Level 3, Liabilities | [3] | (2) | 0 | ||
Liabilities, ending balance | 3 | 1 | |||
Trading liabilities [Member] | Equities [Member] | |||||
Liabilities [Abstract] | |||||
Liabilities, beginning balance | 1 | 0 | |||
Total gains (losses) recognized in net revenue, Liabilities | [1] | ¥ 0 | ¥ 0 | ||
Total gains (losses) recognized in other comprehensive income, Liabilities | |||||
Purchases/ issues, Liabilities | [2] | ¥ 4 | ¥ 1 | ||
Sales/ redemptions, Liabilities | [2] | ¥ 0 | ¥ 0 | ||
Settlements, Liabilities | |||||
Foreign exchange movements, Liabilities | ¥ 0 | ¥ 0 | |||
Transfers into Level 3, Liabilities | [3] | 0 | 0 | ||
Transfers out of Level 3, Liabilities | [3] | (2) | 0 | ||
Liabilities, ending balance | 3 | 1 | |||
Trading liabilities [Member] | Bank and corporate debt securities [Member] | |||||
Liabilities [Abstract] | |||||
Liabilities, beginning balance | 0 | 0 | |||
Total gains (losses) recognized in net revenue, Liabilities | [1] | ¥ 0 | ¥ 0 | ||
Total gains (losses) recognized in other comprehensive income, Liabilities | |||||
Purchases/ issues, Liabilities | [2] | ¥ 0 | ¥ 0 | ||
Sales/ redemptions, Liabilities | [2] | ¥ 0 | ¥ 0 | ||
Settlements, Liabilities | |||||
Foreign exchange movements, Liabilities | ¥ 0 | ¥ 0 | |||
Transfers into Level 3, Liabilities | [3] | 0 | 0 | ||
Transfers out of Level 3, Liabilities | [3] | 0 | 0 | ||
Liabilities, ending balance | 0 | 0 | |||
Trading liabilities [Member] | Collateralized debt obligations ("CDOs") and other [Member] | |||||
Liabilities [Abstract] | |||||
Total gains (losses) recognized in net revenue, Liabilities | [1] | ¥ 0 | |||
Total gains (losses) recognized in other comprehensive income, Liabilities | |||||
Purchases/ issues, Liabilities | [2] | ¥ 1 | |||
Sales/ redemptions, Liabilities | [2] | ¥ (1) | |||
Settlements, Liabilities | |||||
Foreign exchange movements, Liabilities | ¥ 0 | ||||
Transfers into Level 3, Liabilities | |||||
Transfers out of Level 3, Liabilities | |||||
Liabilities, ending balance | |||||
Short-term borrowings [Member] | |||||
Liabilities [Abstract] | |||||
Liabilities, beginning balance | ¥ 3 | 4 | |||
Total gains (losses) recognized in net revenue, Liabilities | [1] | ¥ (1) | ¥ 0 | ||
Total gains (losses) recognized in other comprehensive income, Liabilities | |||||
Purchases/ issues, Liabilities | [2] | ¥ 1 | ¥ 3 | ||
Sales/ redemptions, Liabilities | [2] | ¥ (2) | ¥ (3) | ||
Settlements, Liabilities | |||||
Foreign exchange movements, Liabilities | ¥ 0 | ||||
Transfers into Level 3, Liabilities | [3] | 0 | ¥ 1 | ||
Transfers out of Level 3, Liabilities | [3] | (2) | (2) | ||
Liabilities, ending balance | 1 | 3 | |||
Payables and deposits [Member] | |||||
Liabilities [Abstract] | |||||
Liabilities, beginning balance | 0 | 1 | |||
Total gains (losses) recognized in net revenue, Liabilities | [1] | ¥ 0 | ¥ 0 | ||
Total gains (losses) recognized in other comprehensive income, Liabilities | |||||
Purchases/ issues, Liabilities | [2] | ¥ 0 | ¥ 0 | ||
Sales/ redemptions, Liabilities | [2] | ¥ 0 | ¥ (1) | ||
Settlements, Liabilities | |||||
Foreign exchange movements, Liabilities | ¥ 0 | ||||
Transfers into Level 3, Liabilities | |||||
Transfers out of Level 3, Liabilities | [3] | ¥ 0 | ¥ 0 | ||
Liabilities, ending balance | 0 | 0 | |||
Long-term borrowings [Member] | |||||
Liabilities [Abstract] | |||||
Liabilities, beginning balance | 394 | 222 | |||
Total gains (losses) recognized in net revenue, Liabilities | [1] | ¥ (83) | ¥ (29) | ||
Total gains (losses) recognized in other comprehensive income, Liabilities | |||||
Purchases/ issues, Liabilities | [2] | ¥ 419 | ¥ 424 | ||
Sales/ redemptions, Liabilities | [2] | ¥ (467) | ¥ (259) | ||
Settlements, Liabilities | |||||
Foreign exchange movements, Liabilities | ¥ 8 | ¥ 3 | |||
Transfers into Level 3, Liabilities | [3] | 121 | 42 | ||
Transfers out of Level 3, Liabilities | [3] | (33) | (67) | ||
Liabilities, ending balance | ¥ 525 | 394 | |||
Other liabilities [Member] | |||||
Liabilities [Abstract] | |||||
Liabilities, beginning balance | ¥ 0 | ||||
Total gains (losses) recognized in net revenue, Liabilities | |||||
Total gains (losses) recognized in other comprehensive income, Liabilities | |||||
Purchases/ issues, Liabilities | [2] | ¥ 1 | |||
Sales/ redemptions, Liabilities | [2] | ¥ (1) | |||
Settlements, Liabilities | |||||
Foreign exchange movements, Liabilities | ¥ 0 | ||||
Transfers into Level 3, Liabilities | |||||
Transfers out of Level 3, Liabilities | |||||
Liabilities, ending balance | |||||
[1] | Includes gains and losses reported primarily within Net gain on trading, Gain on private equity investments, and also within Gain on investments in equity securities, Revenue-Other and Non-interest expenses-Other, Interest and dividends and Interest expense in the consolidated statements of income. | ||||
[2] | Amounts reported in Purchases / issues include increases in trading liabilities while Sales / redemptions include decreases in trading liabilities. | ||||
[3] | If financial instruments move from Level 3 to another Level or move from another Level to Level 3, the amount reported in Transfers into Level 3 and Transfers out of Level 3 are the fair value as of the beginning of the quarter during which the movement occurs. Therefore if financial instruments move from another Level to Level 3, all gains/ (losses) during the quarter are included in the table and if financial instruments move from Level 3 to another Level, all gains/ (losses) during the year are excluded from the table. | ||||
[4] | Each derivative classification includes derivatives referencing multiple risk components. For example, interest rate contracts include complex derivatives referencing interest rate risk as well as foreign exchange risk or other factors such as prepayment rates. Credit contracts include credit default swaps as well as derivatives referencing corporate and government debt securities. |
Fair value measurements - Fai58
Fair value measurements - Fair Value, Level 3 Assets and liabilities Measured on Recurring Basis, Unrealized Gains (Losses) (Detail) - Recurring - Level 3 [Member] - JPY (¥) ¥ in Billions | 12 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | |||
Fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation [Line items] | ||||
Unrealized gains / (losses), Assets | [1] | ¥ (30) | ¥ 24 | |
Unrealized gains / (losses), Liabilities | [1] | (14) | (33) | |
Trading assets and private equity investments [Member] | ||||
Fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation [Line items] | ||||
Unrealized gains / (losses), Assets | [1] | (1) | 1 | |
Trading assets and private equity investments [Member] | Equities [Member] | ||||
Fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation [Line items] | ||||
Unrealized gains / (losses), Assets | [1] | (4) | 7 | |
Trading assets and private equity investments [Member] | Private equity investments [Member] | ||||
Fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation [Line items] | ||||
Unrealized gains / (losses), Assets | [1] | 2 | (6) | |
Trading assets and private equity investments [Member] | Japanese agency and municipal securities [Member] | ||||
Fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation [Line items] | ||||
Unrealized gains / (losses), Assets | [1] | 0 | 0 | |
Trading assets and private equity investments [Member] | Foreign government, agency and municipal securities [Member] | ||||
Fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation [Line items] | ||||
Unrealized gains / (losses), Assets | [1] | 1 | (1) | |
Trading assets and private equity investments [Member] | Bank and corporate debt securities and loans for trading purposes [Member] | ||||
Fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation [Line items] | ||||
Unrealized gains / (losses), Assets | [1] | 0 | 0 | |
Trading assets and private equity investments [Member] | Commercial mortgage-backed securities ("CMBS") [Member] | ||||
Fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation [Line items] | ||||
Unrealized gains / (losses), Assets | [1] | 0 | 1 | |
Trading assets and private equity investments [Member] | Residential mortgage-backed securities ("RMBS") [Member] | ||||
Fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation [Line items] | ||||
Unrealized gains / (losses), Assets | [1] | 0 | 0 | |
Trading assets and private equity investments [Member] | Real estate-backed securities [Member] | ||||
Fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation [Line items] | ||||
Unrealized gains / (losses), Assets | [1] | (1) | 0 | |
Trading assets and private equity investments [Member] | Collateralized debt obligations ("CDOs") and other [Member] | ||||
Fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation [Line items] | ||||
Unrealized gains / (losses), Assets | [1] | (3) | 0 | |
Trading assets and private equity investments [Member] | Investment trust funds and other [Member] | ||||
Fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation [Line items] | ||||
Unrealized gains / (losses), Assets | [1] | 4 | 0 | |
Derivatives, net [Member] | ||||
Fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation [Line items] | ||||
Unrealized gains / (losses), Assets | [1],[2] | (30) | 23 | |
Equity contracts [Member] | ||||
Fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation [Line items] | ||||
Unrealized gains / (losses), Assets | [1],[2] | (1) | 22 | |
Interest rate contracts [Member] | ||||
Fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation [Line items] | ||||
Unrealized gains / (losses), Assets | [1],[2] | (11) | (1) | |
Credit contracts [Member] | ||||
Fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation [Line items] | ||||
Unrealized gains / (losses), Assets | [1],[2] | (13) | 2 | |
Foreign exchange contracts [Member] | ||||
Fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation [Line items] | ||||
Unrealized gains / (losses), Assets | [1],[2] | (5) | 0 | |
Commodity contracts [Member] | ||||
Fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation [Line items] | ||||
Unrealized gains / (losses), Assets | [1],[2] | 0 | 0 | |
Subtotal [Member] | ||||
Fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation [Line items] | ||||
Unrealized gains / (losses), Assets | [1] | (31) | 24 | |
Loans and receivables [Member] | ||||
Fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation [Line items] | ||||
Unrealized gains / (losses), Assets | [1] | 0 | (1) | |
Non-trading debt securities [Member] | ||||
Fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation [Line items] | ||||
Unrealized gains / (losses), Assets | [1] | 0 | 0 | |
Other [Member] | ||||
Fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation [Line items] | ||||
Unrealized gains / (losses), Assets | [1] | 1 | 1 | |
Trading liabilities [Member] | ||||
Fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation [Line items] | ||||
Unrealized gains / (losses), Liabilities | [1] | 0 | ¥ 0 | |
Trading liabilities [Member] | Equities [Member] | ||||
Fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation [Line items] | ||||
Unrealized gains / (losses), Liabilities | 0 | [1] | ||
Trading liabilities [Member] | Bank and corporate debt securities [Member] | ||||
Fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation [Line items] | ||||
Unrealized gains / (losses), Liabilities | [1] | 0 | ¥ 0 | |
Short-term borrowings [Member] | ||||
Fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation [Line items] | ||||
Unrealized gains / (losses), Liabilities | [1] | 0 | 0 | |
Payables and deposits [Member] | ||||
Fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation [Line items] | ||||
Unrealized gains / (losses), Liabilities | [1] | 0 | 0 | |
Long-term borrowings [Member] | ||||
Fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation [Line items] | ||||
Unrealized gains / (losses), Liabilities | [1] | ¥ (14) | ¥ (33) | |
[1] | Includes gains and losses reported within Net gain on trading, Gain on private equity investments, and also within Gain on investments in equity securities, Revenue-Other and Non-interest expenses-Other, Interest and dividends and Interest expense in the consolidated statements of income. | |||
[2] | Each derivative classification includes derivatives referencing multiple risk components. For example, interest rate contracts include complex derivatives referencing interest rate risk as well as foreign exchange risk or other factors such as prepayment rates. Credit contracts include credit default swaps as well as derivatives referencing corporate and government debt securities. |
Fair value measurements - Infor
Fair value measurements - Information on Investments Where Net Asset Value Per Share is Calculated (Detail) - JPY (¥) ¥ in Billions | 12 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | |||
Fair value, balance sheet grouping, financial statement captions [Line Items] | ||||
Fair value | ¥ 149 | ¥ 115 | ||
Unfunded commitments | [1] | 21 | 18 | |
Hedge funds [Member] | ||||
Fair value, balance sheet grouping, financial statement captions [Line Items] | ||||
Fair value | 98 | 66 | ||
Unfunded commitments | [1] | ¥ 0 | ¥ 0 | |
Redemption frequency (if currently eligible) | [2] | Monthly | Monthly | |
Hedge funds [Member] | Minimum [Member] | ||||
Fair value, balance sheet grouping, financial statement captions [Line Items] | ||||
Redemption notice period | [3] | 1 day | 1 day | |
Hedge funds [Member] | Maximum [Member] | ||||
Fair value, balance sheet grouping, financial statement captions [Line Items] | ||||
Redemption notice period | [3] | 90 days | 95 days | |
Venture capital funds [Member] | ||||
Fair value, balance sheet grouping, financial statement captions [Line Items] | ||||
Fair value | ¥ 3 | ¥ 4 | ||
Unfunded commitments | [1] | ¥ 1 | ¥ 1 | |
Redemption frequency (if currently eligible) | ||||
Redemption notice period | ||||
Private equity funds [Member] | ||||
Fair value, balance sheet grouping, financial statement captions [Line Items] | ||||
Fair value | ¥ 47 | ¥ 42 | ||
Unfunded commitments | [1] | ¥ 20 | ¥ 17 | |
Redemption frequency (if currently eligible) | Quarterly | [2] | ||
Redemption notice period | 30 days | [3] | ||
Real estate funds [Member] | ||||
Fair value, balance sheet grouping, financial statement captions [Line Items] | ||||
Fair value | ¥ 1 | ¥ 3 | ||
Unfunded commitments | ||||
Redemption frequency (if currently eligible) | ||||
Redemption notice period | ||||
[1] | The contractual amount of any unfunded commitments Nomura is required to make to the entities in which the investment is held. | |||
[2] | The range in frequency with which Nomura can redeem investments. | |||
[3] | The range in notice period required to be provided before redemption is possible. |
Fair value measurements - Gains
Fair value measurements - Gains (Losses) Due to Changes in Fair Value for Financial Instruments Measured at Fair Value Using Fair Value Option (Detail) - JPY (¥) ¥ in Billions | 12 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | ||
Short-term borrowings [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains/(Losses) | [1],[2] | ¥ 11 | ¥ 0 | ¥ (4) |
Collateralized financing [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains/(Losses) | [1],[3] | (2) | (3) | (1) |
Long-term borrowings [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains/(Losses) | [1],[2],[4] | (7) | 11 | (51) |
Other liabilities [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains/(Losses) | [1],[5] | 0 | 0 | 0 |
Total | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains/(Losses) | [1] | 2 | 8 | (56) |
Trading assets [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains/(Losses) | [1],[6] | 0 | 0 | 2 |
Private equity investments [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains/(Losses) | [1],[6] | 1 | 0 | (10) |
Loans and receivables [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains/(Losses) | [1] | 4 | 3 | 19 |
Collateralized agreements [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains/(Losses) | [1],[3] | 4 | 4 | 0 |
Other assets [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains/(Losses) | [1],[6] | 6 | 17 | 1 |
Total | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Gains/(Losses) | [1] | ¥ 15 | ¥ 24 | ¥ 12 |
[1] | Includes gains and losses reported primarily within Net gain on trading, Gain on private equity investments and Revenue-Other in the consolidated statements of income. | |||
[2] | Includes structured notes and other financial liabilities. | |||
[3] | Includes reverse repurchase and repurchase agreements. | |||
[4] | Includes secured financing transactions arising from transfers of financial assets which did not meet the criteria for sales accounting. | |||
[5] | Includes unfunded written loan commitments. | |||
[6] | Includes equity investments that would have been accounted for under the equity method had Nomura not chosen to elect the fair value option. |
Fair value measurements - Geogr
Fair value measurements - Geographic Allocations of Nomura's Trading Assets Related to Government, State, Municipal, and Government Agency Securities (Detail) - Government, agency and municipal securities [Member] - JPY (¥) ¥ in Billions | Mar. 31, 2015 | Mar. 31, 2014 | |
Fair value, concentration of credit risk [Line items] | |||
Trading assets | [1] | ¥ 7,869 | ¥ 8,798 |
Japan [Member] | |||
Fair value, concentration of credit risk [Line items] | |||
Trading assets | 2,510 | 2,779 | |
U.S. [Member] | |||
Fair value, concentration of credit risk [Line items] | |||
Trading assets | 1,815 | 1,666 | |
EU [Member] | |||
Fair value, concentration of credit risk [Line items] | |||
Trading assets | 3,098 | 3,968 | |
Other [Member] | |||
Fair value, concentration of credit risk [Line items] | |||
Trading assets | ¥ 446 | ¥ 385 | |
[1] | Other than above, there were \756 billion and \635 billion of government, agency and municipal securities reported within Other assets-Non-trading debt securities in the consolidated balance sheets as of March 31, 2014 and 2015, respectively. These securities are primarily Japanese government, agency and municipal securities. |
Fair value measurements - Geo62
Fair value measurements - Geographic Allocations of Nomura's Trading Assets Related to Government, State, Municipal, and Government Agency Securities (Parenthetical) (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2015 | Mar. 31, 2014 |
Fair value, concentration of credit risk [Line items] | ||
Non-trading debt securities | ¥ 948,180 | ¥ 1,023,746 |
Government, agency and municipal securities [Member] | ||
Fair value, concentration of credit risk [Line items] | ||
Non-trading debt securities | ¥ 635 | ¥ 756 |
Fair value measurements - Estim
Fair value measurements - Estimated Fair Value of Financial Instruments Not Carried at Fair Value (Detail) - JPY (¥) ¥ in Billions | Mar. 31, 2015 | Mar. 31, 2014 | |||
Level 1 [Member] | |||||
Assets: | |||||
Cash and cash equivalents | [1] | ¥ 1,315 | ¥ 1,490 | ||
Time deposits | |||||
Deposits with stock exchanges and other segregated cash | |||||
Loans receivable | |||||
Securities purchased under agreements to resell | |||||
Securities borrowed | |||||
Total Assets | [1] | ¥ 1,315 | ¥ 1,490 | ||
Liabilities: | |||||
Short-term borrowings | |||||
Deposits received at banks | |||||
Securities sold under agreements to repurchase | |||||
Securities loaned | |||||
Long-term borrowings | [1] | ¥ 80 | ¥ 134 | ||
Total Liabilities | ¥ 80 | ¥ 134 | [1] | ||
Level 2 [Member] | |||||
Assets: | |||||
Cash and cash equivalents | |||||
Time deposits | [1] | ¥ 328 | ¥ 364 | ||
Deposits with stock exchanges and other segregated cash | [1] | 453 | 336 | ||
Loans receivable | [1],[2] | 1,141 | 1,068 | ||
Securities purchased under agreements to resell | [1] | 8,479 | 9,618 | ||
Securities borrowed | [1] | 8,238 | 7,729 | ||
Total Assets | [1] | 18,639 | 19,115 | ||
Liabilities: | |||||
Short-term borrowings | [1] | 661 | 599 | ||
Deposits received at banks | [1] | 1,220 | 1,114 | ||
Securities sold under agreements to repurchase | [1] | 12,214 | 13,938 | ||
Securities loaned | [1] | 2,494 | 2,360 | ||
Long-term borrowings | [1] | 7,760 | 7,674 | ||
Total Liabilities | [1] | ¥ 24,349 | ¥ 25,685 | ||
Level 3 [Member] | |||||
Assets: | |||||
Cash and cash equivalents | |||||
Time deposits | |||||
Deposits with stock exchanges and other segregated cash | |||||
Loans receivable | [1],[2] | ¥ 319 | ¥ 258 | ||
Securities purchased under agreements to resell | ¥ 2 | [1] | |||
Securities borrowed | |||||
Total Assets | [1] | ¥ 321 | ¥ 258 | ||
Liabilities: | |||||
Short-term borrowings | 1 | 3 | [1] | ||
Deposits received at banks | [1] | 0 | 0 | ||
Securities sold under agreements to repurchase | [1] | ¥ 3 | ¥ 0 | ||
Securities loaned | |||||
Long-term borrowings | [1] | ¥ 525 | ¥ 394 | ||
Total Liabilities | [1] | 529 | 397 | ||
Carrying value [Member] | |||||
Assets: | |||||
Cash and cash equivalents | [1] | 1,315 | 1,490 | ||
Time deposits | [1] | 328 | 364 | ||
Deposits with stock exchanges and other segregated cash | [1] | 453 | 336 | ||
Loans receivable | [1],[2] | 1,460 | 1,327 | ||
Securities purchased under agreements to resell | [1] | 8,481 | 9,618 | ||
Securities borrowed | [1] | 8,238 | 7,729 | ||
Total Assets | [1] | 20,275 | 20,864 | ||
Liabilities: | |||||
Short-term borrowings | [1] | 662 | 602 | ||
Deposits received at banks | [1] | 1,220 | 1,114 | ||
Securities sold under agreements to repurchase | [1] | 12,217 | 13,938 | ||
Securities loaned | [1] | 2,494 | 2,360 | ||
Long-term borrowings | [1] | 8,336 | 8,227 | ||
Total Liabilities | [1] | 24,929 | 26,241 | ||
Fair value [Member] | |||||
Assets: | |||||
Cash and cash equivalents | [1] | 1,315 | 1,490 | ||
Time deposits | [1] | 328 | 364 | ||
Deposits with stock exchanges and other segregated cash | [1] | 453 | 336 | ||
Loans receivable | [1],[2] | 1,460 | 1,326 | ||
Securities purchased under agreements to resell | [1] | 8,481 | 9,618 | ||
Securities borrowed | [1] | 8,238 | 7,729 | ||
Total Assets | [1] | 20,275 | 20,863 | ||
Liabilities: | |||||
Short-term borrowings | [1] | 662 | 602 | ||
Deposits received at banks | [1] | 1,220 | 1,114 | ||
Securities sold under agreements to repurchase | [1] | 12,217 | 13,938 | ||
Securities loaned | [1] | 2,494 | 2,360 | ||
Long-term borrowings | [1] | 8,365 | 8,202 | ||
Total Liabilities | [1] | ¥ 24,958 | ¥ 26,216 | ||
[1] | Includes financial instruments which are carried at fair value on a recurring basis. | ||||
[2] | Carrying values are shown after deducting relevant allowances for credit losses. |
Derivative instruments and he64
Derivative instruments and hedging activities - Concentration of Exposures to Credit Risk in OTC Derivatives (Detail) - JPY (¥) ¥ in Billions | Mar. 31, 2015 | Mar. 31, 2014 |
Derivative [Line Items] | ||
Gross fair value of derivative assets, Financial institutions | ¥ 42,100 | ¥ 26,069 |
OTC derivatives with financial institutions [Member] | ||
Derivative [Line Items] | ||
Gross fair value of derivative assets, Financial institutions | 33,930 | 20,355 |
Impact of master netting agreements, Financial institutions | (31,773) | (18,481) |
Impact of collateral, Financial institutions | (1,713) | (936) |
Net exposure to credit risk, Financial institutions | ¥ 444 | ¥ 938 |
Derivative instruments and he65
Derivative instruments and hedging activities - Volume of Derivative Activity in Statement of Financial Position (Detail) - JPY (¥) ¥ in Billions | Mar. 31, 2015 | Mar. 31, 2014 | ||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets, Notional | ¥ 1,557,320 | ¥ 1,297,096 | ||
Derivative assets, Fair value | 42,100 | 26,069 | ||
Derivative liabilities, Notional | [1] | 1,520,885 | 1,267,991 | |
Derivative liabilities, Fair value | [1] | 41,785 | 26,068 | |
Derivatives used for trading and non-trading purposes [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets, Notional | [2],[3] | 1,555,402 | 1,294,844 | |
Derivative assets, Fair value | [2],[3] | 42,045 | 26,007 | |
Derivative liabilities, Notional | [1],[2],[3] | 1,520,525 | 1,267,579 | |
Derivative liabilities, Fair value | [1],[2],[3] | 41,783 | 26,064 | |
Derivatives used for trading and non-trading purposes [Member] | Equity contracts [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets, Notional | [2],[3] | 20,681 | 15,761 | |
Derivative assets, Fair value | [2],[3] | 1,747 | 1,922 | |
Derivative liabilities, Notional | [1],[2],[3] | 20,431 | 14,911 | |
Derivative liabilities, Fair value | [1],[2],[3] | 1,983 | 2,254 | |
Derivatives used for trading and non-trading purposes [Member] | Interest rate contracts [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets, Notional | [3] | 1,367,970 | 1,132,306 | [2] |
Derivative assets, Fair value | [2],[3] | 31,611 | 19,459 | |
Derivative liabilities, Notional | [1],[2],[3] | 1,343,616 | 1,098,406 | |
Derivative liabilities, Fair value | [1],[2],[3] | 31,691 | 19,249 | |
Derivatives used for trading and non-trading purposes [Member] | Credit contracts [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets, Notional | [2],[3] | 30,055 | 38,136 | |
Derivative assets, Fair value | [2],[3] | 1,111 | 1,314 | |
Derivative liabilities, Notional | [1],[2],[3] | 29,689 | 40,310 | |
Derivative liabilities, Fair value | [1],[2],[3] | 1,118 | 1,623 | |
Derivatives used for trading and non-trading purposes [Member] | Foreign exchange contracts [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets, Notional | [2],[3] | 136,683 | 108,595 | |
Derivative assets, Fair value | [2],[3] | 7,576 | 3,312 | |
Derivative liabilities, Notional | [1],[2],[3] | 126,750 | 113,915 | |
Derivative liabilities, Fair value | [1],[2],[3] | 6,990 | 2,938 | |
Derivatives used for trading and non-trading purposes [Member] | Commodity contracts [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets, Notional | [2],[3] | 13 | 46 | |
Derivative assets, Fair value | [2],[3] | 0 | 0 | |
Derivative liabilities, Notional | [1],[2],[3] | 39 | 37 | |
Derivative liabilities, Fair value | [1],[2],[3] | 1 | 0 | |
Derivatives designated as hedging instruments [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets, Notional | 1,918 | 2,252 | ||
Derivative assets, Fair value | 55 | 62 | ||
Derivative liabilities, Notional | [1] | 360 | 412 | |
Derivative liabilities, Fair value | [1] | 2 | 4 | |
Derivatives designated as hedging instruments [Member] | Interest rate contracts [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets, Notional | 1,741 | 2,143 | ||
Derivative assets, Fair value | 54 | 62 | ||
Derivative liabilities, Notional | [1] | 199 | 296 | |
Derivative liabilities, Fair value | [1] | 0 | 2 | |
Derivatives designated as hedging instruments [Member] | Foreign exchange contracts [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets, Notional | 177 | 109 | ||
Derivative assets, Fair value | 1 | 0 | ||
Derivative liabilities, Notional | [1] | 161 | 116 | |
Derivative liabilities, Fair value | [1] | ¥ 2 | ¥ 2 | |
[1] | Includes the amount of embedded derivatives bifurcated in accordance with ASC 815. | |||
[2] | As of March 31, 2014 and 2015, the amounts reported include derivatives used for non-trading purposes which are not designated as fair value or net investment hedges. These amounts have not been separately presented since such amounts were not significant. | |||
[3] | Each derivative classification includes derivatives referencing multiple risk components. For example, interest rates contracts include complex derivatives referencing interest rate risk as well as foreign exchange risk or other factors such as prepayment rates. Credit contracts include credit default swaps as well as derivatives referencing corporate and government securities. |
Derivative instruments and he66
Derivative instruments and hedging activities - Offsetting of derivative instruments and related collateral amounts (Detail) - JPY (¥) ¥ in Billions | Mar. 31, 2015 | Mar. 31, 2014 | ||
Derivative assets | ||||
Gross derivative balances, derivative assets | [1] | ¥ 42,100 | ¥ 26,069 | |
Less: Amounts offset in the consolidated balance sheets | [2],[3] | (40,514) | (23,764) | |
Total net amounts reported on the face of the consolidated balance sheets | [4] | 1,586 | 2,305 | |
Less: Additional amounts not offset in the consolidated balance sheets [Abstract] | ||||
Financial instruments and non-cash collateral | [5] | ¥ (252) | (168) | |
Cash collateral | 0 | [5] | ||
Net amount | ¥ 1,334 | 2,137 | ||
Derivative liabilities | ||||
Gross derivative balances, derivative liabilities | [1],[6] | 41,785 | 26,068 | |
Less: Amounts offset in the consolidated balance sheets | [2],[3] | (40,460) | (24,030) | |
Total net amounts reported on the face of the consolidated balance sheets | [4],[6] | 1,325 | 2,038 | |
Less: Additional amounts not offset in the consolidated balance sheets [Abstract] | ||||
Financial instruments and non-cash collateral | [5],[6] | (53) | (44) | |
Cash collateral | [5],[6] | (4) | 0 | |
Net amount | [6] | 1,268 | 1,994 | |
Equity contracts [Member] | OTC settled bilaterally [Member] | ||||
Derivative assets | ||||
Gross derivative balances, derivative assets | 1,191 | 1,162 | ||
Derivative liabilities | ||||
Gross derivative balances, derivative liabilities | [6] | ¥ 1,349 | ¥ 1,418 | |
Equity contracts [Member] | OTC centrally-cleared [Member] | ||||
Derivative assets | ||||
Gross derivative balances, derivative assets | ||||
Derivative liabilities | ||||
Gross derivative balances, derivative liabilities | ||||
Equity contracts [Member] | Exchange-traded [Member] | ||||
Derivative assets | ||||
Gross derivative balances, derivative assets | ¥ 556 | ¥ 760 | ||
Derivative liabilities | ||||
Gross derivative balances, derivative liabilities | [6] | 634 | 836 | |
Interest rate contracts [Member] | OTC settled bilaterally [Member] | ||||
Derivative assets | ||||
Gross derivative balances, derivative assets | 12,421 | 10,485 | ||
Derivative liabilities | ||||
Gross derivative balances, derivative liabilities | [6] | 12,580 | 10,281 | |
Interest rate contracts [Member] | OTC centrally-cleared [Member] | ||||
Derivative assets | ||||
Gross derivative balances, derivative assets | 19,226 | 9,025 | ||
Derivative liabilities | ||||
Gross derivative balances, derivative liabilities | [6] | 19,102 | 8,961 | |
Interest rate contracts [Member] | Exchange-traded [Member] | ||||
Derivative assets | ||||
Gross derivative balances, derivative assets | 18 | 11 | ||
Derivative liabilities | ||||
Gross derivative balances, derivative liabilities | [6] | 9 | 9 | |
Credit contracts [Member] | OTC settled bilaterally [Member] | ||||
Derivative assets | ||||
Gross derivative balances, derivative assets | 1,003 | 1,180 | ||
Derivative liabilities | ||||
Gross derivative balances, derivative liabilities | [6] | 1,023 | 1,491 | |
Credit contracts [Member] | OTC centrally-cleared [Member] | ||||
Derivative assets | ||||
Gross derivative balances, derivative assets | 103 | 130 | ||
Derivative liabilities | ||||
Gross derivative balances, derivative liabilities | [6] | 93 | 128 | |
Credit contracts [Member] | Exchange-traded [Member] | ||||
Derivative assets | ||||
Gross derivative balances, derivative assets | 5 | 4 | ||
Derivative liabilities | ||||
Gross derivative balances, derivative liabilities | [6] | 2 | 4 | |
Foreign exchange contracts [Member] | OTC settled bilaterally [Member] | ||||
Derivative assets | ||||
Gross derivative balances, derivative assets | 7,562 | 3,296 | ||
Derivative liabilities | ||||
Gross derivative balances, derivative liabilities | [6] | 6,977 | 2,923 | |
Foreign exchange contracts [Member] | OTC centrally-cleared [Member] | ||||
Derivative assets | ||||
Gross derivative balances, derivative assets | 10 | 12 | ||
Derivative liabilities | ||||
Gross derivative balances, derivative liabilities | [6] | 10 | 13 | |
Foreign exchange contracts [Member] | Exchange-traded [Member] | ||||
Derivative assets | ||||
Gross derivative balances, derivative assets | 5 | 4 | ||
Derivative liabilities | ||||
Gross derivative balances, derivative liabilities | [6] | 5 | 4 | |
Commodity contracts [Member] | OTC settled bilaterally [Member] | ||||
Derivative assets | ||||
Gross derivative balances, derivative assets | 0 | 0 | ||
Derivative liabilities | ||||
Gross derivative balances, derivative liabilities | [6] | ¥ 0 | ¥ 0 | |
Commodity contracts [Member] | OTC centrally-cleared [Member] | ||||
Derivative assets | ||||
Gross derivative balances, derivative assets | ||||
Derivative liabilities | ||||
Gross derivative balances, derivative liabilities | ||||
Commodity contracts [Member] | Exchange-traded [Member] | ||||
Derivative assets | ||||
Gross derivative balances, derivative assets | ¥ 0 | ¥ 0 | ||
Derivative liabilities | ||||
Gross derivative balances, derivative liabilities | [6] | ¥ 1 | ¥ 0 | |
[1] | Includes all gross derivative asset and liability balances irrespective of whether they are transacted under a master netting agreement or whether Nomura has obtained sufficient evidence of enforceability of the master netting agreement. As of March 31, 2014, the gross balance of derivative assets and derivative liabilities which are not documented under master netting agreements or are documented under master netting agreements for which Nomura has not yet obtained sufficient evidence of enforceability was \744 billion and \808 billion, respectively. As of March 31, 2015, the gross balance of such derivative assets and derivative liabilities was \298 billion and \447 billion, respectively. | |||
[2] | Represents amounts offset through counterparty netting of derivative assets and liabilities as well as cash collateral netting against net derivatives under master netting and similar agreements for which Nomura has obtained sufficient evidence of enforceability in accordance with ASC 815. As of March 31, 2014, Nomura offset a total of \1,283 billion of cash collateral receivables against net derivative liabilities and \1,017 billion of cash collateral payables against net derivative assets. As of March 31, 2015, Nomura offset a total of \1,830 billion of cash collateral receivables against net derivative liabilities and \1,884 billion of cash collateral payables against net derivative assets. | |||
[3] | Represents the amount offset under counterparty netting of derivative assets and liabilities as well as cash collateral netting against net derivatives. | |||
[4] | Net derivative assets and net derivative liabilities are generally reported within Trading assets and private equity investments-Trading assets and Trading liabilities, respectively in the consolidated balance sheet. Bifurcated embedded derivatives are reported within Short-term borrowings or Long-term borrowings depending on the maturity of the underlying host contract. | |||
[5] | Represents amounts which are not permitted to be offset on the face of the consolidated balance sheets in accordance with ASC 210-20 and ASC 815 but which provide Nomura with a legally enforceable right of offset in the event of counterparty default. Amounts relating to derivative and collateral agreements where Nomura has not yet obtained sufficient evidence of enforceability of such offsetting rights are excluded. As of March 31, 2014, a total of \203 billion of cash collateral receivables and \643 billion of cash collateral payables, including amounts reported in the table, have not been offset against net derivatives. As of March 31, 2015, a total of \223 billion of cash collateral receivables and \757 billion of cash collateral payables, including amounts reported in the table, have not been offset against net derivatives. | |||
[6] | Includes the amount of embedded derivatives bifurcated in accordance with ASC 815. |
Derivative instruments and he67
Derivative instruments and hedging activities - Offsetting of derivative instruments and related collateral amounts (Parenthetical) (Detail) - JPY (¥) ¥ in Billions | Mar. 31, 2015 | Mar. 31, 2014 |
Derivative instruments and hedging activities | ||
Gross balances of derivative assets, not subject to enforceable master netting arrangements or similar agreements | ¥ 298 | ¥ 744 |
Gross balances of derivative liabilities, not subject to enforceable master netting arrangements or similar agreements | 447 | 808 |
Cash collateral receivables against net derivative liabilities | 1,830 | 1,283 |
Cash collateral payables against net derivative assets | 1,884 | 1,017 |
Cash collateral receivables, not being offset against net derivatives | 223 | 203 |
Cash collateral payables, not being offset against net derivatives | ¥ 757 | ¥ 643 |
Derivative instruments and he68
Derivative instruments and hedging activities - Derivative Amounts Included in Consolidated Statements of Income (Detail) - Derivatives used for trading and non-trading purposes [Member] - JPY (¥) ¥ in Billions | 12 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | ||
Derivative [Line Items] | ||||
Net gain (loss) on trading derivatives | [1],[2] | ¥ (122) | ¥ (141) | ¥ (351) |
Equity contracts [Member] | ||||
Derivative [Line Items] | ||||
Net gain (loss) on trading derivatives | [1],[2] | (9) | (91) | (69) |
Interest rate contracts [Member] | ||||
Derivative [Line Items] | ||||
Net gain (loss) on trading derivatives | [1],[2] | (105) | 102 | 65 |
Credit contracts [Member] | ||||
Derivative [Line Items] | ||||
Net gain (loss) on trading derivatives | [1],[2] | 11 | (123) | (18) |
Foreign exchange contracts [Member] | ||||
Derivative [Line Items] | ||||
Net gain (loss) on trading derivatives | [1],[2] | (17) | (30) | (329) |
Commodity contracts [Member] | ||||
Derivative [Line Items] | ||||
Net gain (loss) on trading derivatives | [1],[2] | ¥ (2) | ¥ 1 | ¥ 0 |
[1] | Each derivative classification includes derivatives referencing multiple risk components. For example, interest rates contracts include complex derivatives referencing interest rate risk as well as foreign exchange risk or other factors such as prepayment rates. Credit contracts include credit default swaps as well as derivatives referencing corporate and government securities. | |||
[2] | Includes net gains (losses) on derivatives used for non-trading purposes which are not designated as fair value or net investment hedges. For the years ended March 31, 2013, 2014 and 2015, these amounts have not been separately presented as net gains (losses) for these non-trading derivatives were not significant. |
Derivative instruments and he69
Derivative instruments and hedging activities - Fair Value Hedges (Detail) - JPY (¥) ¥ in Billions | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Derivatives designated as hedging instruments [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (Losses) on Fair Value Hedges Recognized | ¥ 28 | ¥ 2 | ¥ 33 |
Derivatives designated as hedging instruments [Member] | Interest rate contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (Losses) on Fair Value Hedges Recognized | 29 | ¥ 2 | ¥ 33 |
Derivatives designated as hedging instruments [Member] | Foreign exchange contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (Losses) on Fair Value Hedges Recognized | (1) | ||
Hedged Items [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (Losses) on Fair Value Hedges Recognized | (28) | ¥ (2) | ¥ (33) |
Hedged Items [Member] | Long-term borrowings [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (Losses) on Fair Value Hedges Recognized | (29) | ¥ (2) | ¥ (33) |
Hedged Items [Member] | Non-trading debt securities [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (Losses) on Fair Value Hedges Recognized | ¥ 1 |
Derivative instruments and he70
Derivative instruments and hedging activities - Net Investment Hedges (Detail) - Net investment hedges [Member] - JPY (¥) ¥ in Billions | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) from derivatives and non-derivatives designated as net investment hedges | ¥ 7 | ¥ (12) | ¥ (29) |
Foreign Exchange Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) from derivatives and non-derivatives designated as net investment hedges | ¥ 7 | ¥ (12) | (14) |
Long-term borrowings [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) from derivatives and non-derivatives designated as net investment hedges | ¥ (15) |
Derivative instruments and he71
Derivative instruments and hedging activities - Additional Information (Detail) - JPY (¥) ¥ in Billions | Mar. 31, 2015 | Mar. 31, 2014 |
Derivative instruments and hedging activities | ||
Derivative liability position with credit-risk-related contingent features | ¥ 874 | ¥ 973 |
Collateral pledged for derivative instruments with credit-risk-related contingent features that are in a liability position | 708 | 747 |
Additional collateral required to be posted, aggregate fair value | ¥ 19 | ¥ 102 |
Derivative instruments and he72
Derivative instruments and hedging activities - Written Credit Derivatives and Purchased Credit Protection (Detail) - JPY (¥) ¥ in Billions | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | ||
Credit Derivatives [Line Items] | |||
Carrying value (Asset) / Liability | [1] | ¥ (51) | ¥ (145) |
Maximum potential payout / Notional | 25,825 | 32,402 | |
Notional Purchased credit protection | 22,307 | 28,038 | |
Single-name credit default swaps [Member] | |||
Credit Derivatives [Line Items] | |||
Carrying value (Asset) / Liability | [1] | (21) | (235) |
Maximum potential payout / Notional | 18,808 | 21,070 | |
Notional Purchased credit protection | 16,519 | 18,689 | |
Credit default indices [Member] | |||
Credit Derivatives [Line Items] | |||
Carrying value (Asset) / Liability | [1] | (22) | (32) |
Maximum potential payout / Notional | 6,044 | 9,082 | |
Notional Purchased credit protection | 5,240 | 7,704 | |
Other credit risk related portfolio products [Member] | |||
Credit Derivatives [Line Items] | |||
Carrying value (Asset) / Liability | [1] | (8) | 123 |
Maximum potential payout / Notional | 673 | 1,574 | |
Notional Purchased credit protection | 293 | 1,097 | |
Credit risk related options and swaptions [Member] | |||
Credit Derivatives [Line Items] | |||
Carrying value (Asset) / Liability | [1] | 0 | (1) |
Maximum potential payout / Notional | 300 | 676 | |
Notional Purchased credit protection | 255 | 548 | |
Less than 1 year [Member] | |||
Credit Derivatives [Line Items] | |||
Maximum potential payout / Notional | 5,389 | 5,905 | |
Less than 1 year [Member] | Single-name credit default swaps [Member] | |||
Credit Derivatives [Line Items] | |||
Maximum potential payout / Notional | 4,146 | 4,167 | |
Less than 1 year [Member] | Credit default indices [Member] | |||
Credit Derivatives [Line Items] | |||
Maximum potential payout / Notional | 919 | 1,215 | |
Less than 1 year [Member] | Other credit risk related portfolio products [Member] | |||
Credit Derivatives [Line Items] | |||
Maximum potential payout / Notional | ¥ 324 | ¥ 523 | |
Less than 1 year [Member] | Credit risk related options and swaptions [Member] | |||
Credit Derivatives [Line Items] | |||
Maximum potential payout / Notional | |||
1 to 3 years [Member] | |||
Credit Derivatives [Line Items] | |||
Maximum potential payout / Notional | ¥ 9,539 | ¥ 12,256 | |
1 to 3 years [Member] | Single-name credit default swaps [Member] | |||
Credit Derivatives [Line Items] | |||
Maximum potential payout / Notional | 7,396 | 8,306 | |
1 to 3 years [Member] | Credit default indices [Member] | |||
Credit Derivatives [Line Items] | |||
Maximum potential payout / Notional | 1,926 | 3,552 | |
1 to 3 years [Member] | Other credit risk related portfolio products [Member] | |||
Credit Derivatives [Line Items] | |||
Maximum potential payout / Notional | ¥ 217 | ¥ 398 | |
1 to 3 years [Member] | Credit risk related options and swaptions [Member] | |||
Credit Derivatives [Line Items] | |||
Maximum potential payout / Notional | |||
3 to 5 years [Member] | |||
Credit Derivatives [Line Items] | |||
Maximum potential payout / Notional | ¥ 8,491 | ¥ 10,897 | |
3 to 5 years [Member] | Single-name credit default swaps [Member] | |||
Credit Derivatives [Line Items] | |||
Maximum potential payout / Notional | 5,657 | 6,610 | |
3 to 5 years [Member] | Credit default indices [Member] | |||
Credit Derivatives [Line Items] | |||
Maximum potential payout / Notional | 2,462 | 3,582 | |
3 to 5 years [Member] | Other credit risk related portfolio products [Member] | |||
Credit Derivatives [Line Items] | |||
Maximum potential payout / Notional | 117 | 201 | |
3 to 5 years [Member] | Credit risk related options and swaptions [Member] | |||
Credit Derivatives [Line Items] | |||
Maximum potential payout / Notional | 255 | 504 | |
More than 5 years [Member] | |||
Credit Derivatives [Line Items] | |||
Maximum potential payout / Notional | 2,406 | 3,344 | |
More than 5 years [Member] | Single-name credit default swaps [Member] | |||
Credit Derivatives [Line Items] | |||
Maximum potential payout / Notional | 1,609 | 1,987 | |
More than 5 years [Member] | Credit default indices [Member] | |||
Credit Derivatives [Line Items] | |||
Maximum potential payout / Notional | 737 | 733 | |
More than 5 years [Member] | Other credit risk related portfolio products [Member] | |||
Credit Derivatives [Line Items] | |||
Maximum potential payout / Notional | 15 | 452 | |
More than 5 years [Member] | Credit risk related options and swaptions [Member] | |||
Credit Derivatives [Line Items] | |||
Maximum potential payout / Notional | ¥ 45 | ¥ 172 | |
[1] | Carrying value amounts are shown on a gross basis prior to cash collateral or counterparty netting. Asset balances represent positive fair value amounts caused by tightening of credit spreads of underlyings since inception of the credit derivative contracts. |
Derivative instruments and he73
Derivative instruments and hedging activities - Written Credit Derivatives by External Credit Rating of Underlying Asset (Detail) - JPY (¥) ¥ in Billions | Mar. 31, 2015 | Mar. 31, 2014 | ||
Credit Derivatives [Line Items] | ||||
Maximum potential payout / Notional | ¥ 25,825 | ¥ 32,402 | ||
Single-name credit default swaps [Member] | ||||
Credit Derivatives [Line Items] | ||||
Maximum potential payout / Notional | 18,808 | 21,070 | ||
Credit default indices [Member] | ||||
Credit Derivatives [Line Items] | ||||
Maximum potential payout / Notional | 6,044 | 9,082 | ||
Other credit risk related portfolio products [Member] | ||||
Credit Derivatives [Line Items] | ||||
Maximum potential payout / Notional | 673 | 1,574 | ||
Credit risk related options and swaptions [Member] | ||||
Credit Derivatives [Line Items] | ||||
Maximum potential payout / Notional | 300 | 676 | ||
AAA Rating [Member] | ||||
Credit Derivatives [Line Items] | ||||
Maximum potential payout / Notional | 1,891 | 2,233 | ||
AAA Rating [Member] | Single-name credit default swaps [Member] | ||||
Credit Derivatives [Line Items] | ||||
Maximum potential payout / Notional | 1,768 | 2,125 | ||
AAA Rating [Member] | Credit default indices [Member] | ||||
Credit Derivatives [Line Items] | ||||
Maximum potential payout / Notional | 85 | 86 | ||
AAA Rating [Member] | Other credit risk related portfolio products [Member] | ||||
Credit Derivatives [Line Items] | ||||
Maximum potential payout / Notional | ¥ 38 | ¥ 22 | ||
AAA Rating [Member] | Credit risk related options and swaptions [Member] | ||||
Credit Derivatives [Line Items] | ||||
Maximum potential payout / Notional | ||||
AA Rating [Member] | ||||
Credit Derivatives [Line Items] | ||||
Maximum potential payout / Notional | ¥ 1,432 | ¥ 1,354 | ||
AA Rating [Member] | Single-name credit default swaps [Member] | ||||
Credit Derivatives [Line Items] | ||||
Maximum potential payout / Notional | 1,418 | 1,331 | ||
AA Rating [Member] | Credit default indices [Member] | ||||
Credit Derivatives [Line Items] | ||||
Maximum potential payout / Notional | ¥ 14 | ¥ 23 | ||
AA Rating [Member] | Other credit risk related portfolio products [Member] | ||||
Credit Derivatives [Line Items] | ||||
Maximum potential payout / Notional | ||||
AA Rating [Member] | Credit risk related options and swaptions [Member] | ||||
Credit Derivatives [Line Items] | ||||
Maximum potential payout / Notional | ||||
A Rating [Member] | ||||
Credit Derivatives [Line Items] | ||||
Maximum potential payout / Notional | ¥ 8,980 | ¥ 10,065 | ||
A Rating [Member] | Single-name credit default swaps [Member] | ||||
Credit Derivatives [Line Items] | ||||
Maximum potential payout / Notional | 4,766 | 5,232 | ||
A Rating [Member] | Credit default indices [Member] | ||||
Credit Derivatives [Line Items] | ||||
Maximum potential payout / Notional | 3,936 | 4,445 | ||
A Rating [Member] | Other credit risk related portfolio products [Member] | ||||
Credit Derivatives [Line Items] | ||||
Maximum potential payout / Notional | 1 | 1 | ||
A Rating [Member] | Credit risk related options and swaptions [Member] | ||||
Credit Derivatives [Line Items] | ||||
Maximum potential payout / Notional | 277 | 387 | ||
BBB Rating [Member] | ||||
Credit Derivatives [Line Items] | ||||
Maximum potential payout / Notional | 8,032 | 10,441 | ||
BBB Rating [Member] | Single-name credit default swaps [Member] | ||||
Credit Derivatives [Line Items] | ||||
Maximum potential payout / Notional | 6,722 | 7,362 | ||
BBB Rating [Member] | Credit default indices [Member] | ||||
Credit Derivatives [Line Items] | ||||
Maximum potential payout / Notional | 1,306 | ¥ 2,884 | ||
BBB Rating [Member] | Other credit risk related portfolio products [Member] | ||||
Credit Derivatives [Line Items] | ||||
Maximum potential payout / Notional | ¥ 4 | |||
BBB Rating [Member] | Credit risk related options and swaptions [Member] | ||||
Credit Derivatives [Line Items] | ||||
Maximum potential payout / Notional | ¥ 195 | |||
BB Rating [Member] | ||||
Credit Derivatives [Line Items] | ||||
Maximum potential payout / Notional | ¥ 2,903 | 4,670 | ||
BB Rating [Member] | Single-name credit default swaps [Member] | ||||
Credit Derivatives [Line Items] | ||||
Maximum potential payout / Notional | 2,526 | 3,231 | ||
BB Rating [Member] | Credit default indices [Member] | ||||
Credit Derivatives [Line Items] | ||||
Maximum potential payout / Notional | 376 | 1,341 | ||
BB Rating [Member] | Other credit risk related portfolio products [Member] | ||||
Credit Derivatives [Line Items] | ||||
Maximum potential payout / Notional | ¥ 1 | 4 | ||
BB Rating [Member] | Credit risk related options and swaptions [Member] | ||||
Credit Derivatives [Line Items] | ||||
Maximum potential payout / Notional | 94 | |||
Other Rating [Member] | ||||
Credit Derivatives [Line Items] | ||||
Maximum potential payout / Notional | [1] | ¥ 2,587 | 3,639 | |
Other Rating [Member] | Single-name credit default swaps [Member] | ||||
Credit Derivatives [Line Items] | ||||
Maximum potential payout / Notional | [1] | 1,608 | 1,789 | |
Other Rating [Member] | Credit default indices [Member] | ||||
Credit Derivatives [Line Items] | ||||
Maximum potential payout / Notional | [1] | 327 | 303 | |
Other Rating [Member] | Other credit risk related portfolio products [Member] | ||||
Credit Derivatives [Line Items] | ||||
Maximum potential payout / Notional | [1] | 629 | ¥ 1,547 | |
Other Rating [Member] | Credit risk related options and swaptions [Member] | ||||
Credit Derivatives [Line Items] | ||||
Maximum potential payout / Notional | ¥ 23 | [1] | ||
[1] | "Other" includes credit derivatives where the credit rating of the underlying reference asset is below investment grade or where a rating is unavailable. |
Collateralized transactions - O
Collateralized transactions - Offsetting of the transactions in the consolidated balance sheets (Detail) - JPY (¥) ¥ in Billions | Mar. 31, 2015 | Mar. 31, 2014 | ||
Reverse repurchase agreements | ||||
Total gross balance | [1] | ¥ 25,532 | ¥ 20,244 | |
Less: Amounts offset in the consolidated balance sheets | [2] | (17,051) | (10,626) | |
Total net amounts of reported on the face of the consolidated balance sheets | [3] | 8,481 | 9,618 | |
Less: Additional amounts not offset in the consolidated balance sheets [Abstract] | ||||
Financial instruments and non-cash collateral | [4] | (6,295) | (7,930) | |
Cash collateral | [4] | (1) | 0 | |
Net amount | 2,185 | 1,688 | ||
Securities borrowing transactions | ||||
Total gross balance | [1] | 8,460 | 7,729 | |
Less: Amounts offset in the consolidated balance sheets | [2] | (242) | (5) | |
Total net amounts of reported on the face of the consolidated balance sheets | [3] | 8,218 | 7,724 | |
Less: Additional amounts not offset in the consolidated balance sheets [Abstract] | ||||
Financial instruments and non-cash collateral | [4] | ¥ (6,531) | ¥ (5,725) | |
Cash collateral | ||||
Net amount | ¥ 1,687 | ¥ 1,999 | ||
Repurchase agreements | ||||
Total gross balance | [1] | 29,268 | 24,564 | |
Less: Amounts offset in the consolidated balance sheets | [2] | (17,051) | (10,626) | |
Total net amounts of reported on the face of the consolidated balance sheets | [3] | 12,217 | 13,938 | |
Less: Additional amounts not offset in the consolidated balance sheets [Abstract] | ||||
Financial instruments and non-cash collateral | [4] | ¥ (10,058) | (9,867) | |
Cash collateral | 0 | [4] | ||
Net amount | ¥ 2,159 | 4,071 | ||
Securities lending transactions | ||||
Total gross balance | [1] | 2,924 | 2,602 | |
Less: Amounts offset in the consolidated balance sheets | [2] | (242) | (5) | |
Total net amounts of reported on the face of the consolidated balance sheets | [3] | 2,682 | 2,597 | |
Less: Additional amounts not offset in the consolidated balance sheets [Abstract] | ||||
Financial instruments and non-cash collateral | [4] | ¥ (2,371) | ¥ (2,235) | |
Cash collateral | ||||
Net amount | ¥ 311 | ¥ 362 | ||
[1] | Includes all recognized balances irrespective of whether they are transacted under a master netting agreement or whether Nomura has obtained sufficient evidence of enforceability of the master netting agreement. Amounts include transactions carried at fair value through election of the fair value option. As of March 31, 2014, the gross balance of reverse repurchase agreements and repurchase agreements which were not transacted under master netting agreements or are documented under master netting agreements for which Nomura has not yet obtained sufficient evidence of enforceability was \1,278 billion and \3,918 billion, respectively. As of March 31, 2014, the gross balance of securities borrowing transactions and securities lending transactions which were not transacted under master netting agreements or are documented under master netting agreements for which Nomura has not yet obtained sufficient evidence of enforceability was \1,751 billion and \137 billion, respectively. As of March 31, 2015, the gross balance of reverse repurchase agreements and repurchase agreements which were not transacted under master netting agreements or are documented under master netting agreements for which Nomura has not yet obtained sufficient evidence of enforceability was \1,979 billion and \2,091 billion, respectively. As of March 31, 2015, the gross balance of securities borrowing transactions and securities lending transactions which were not transacted under master netting agreements or are documented under master netting agreements for which Nomura has not yet obtained sufficient evidence of enforceability was \1,507 billion and \52 billion, respectively. | |||
[2] | Represents amounts offset through counterparty netting under master netting and similar agreements for which Nomura has obtained sufficient evidence of enforceability in accordance with ASC 210-20. Amounts offset include transactions carried at fair value through election of the fair value option. | |||
[3] | Reverse repurchase agreements and securities borrowing transactions are reported within Collateralized agreements-Securities purchased under agreements to resell and Collateralized agreements-Securities borrowed in the consolidated balance sheets, respectively. Repurchase agreements and securities lending transactions are reported within Collateralized financing-Securities sold under agreements to repurchase and Collateralized financing-Securities loaned in the consolidated balance sheets, respectively. Amounts reported under securities lending transactions also include transactions where Nomura lends securities and receives securities that can be sold or pledged as collateral. Nomura recognizes the securities received at fair value and a liability for the same amount, representing the obligation to return those securities. The liability is reported within Other liabilities in the consolidated balance sheets. | |||
[4] | Represents amounts which are not permitted to be offset on the face of the balance sheet in accordance with ASC 210-20 but which provide Nomura with the right of offset in the event of counterparty default. Amounts relating to agreements where Nomura has not yet obtained sufficient evidence of enforceability of such offsetting rights are excluded. |
Collateralized transactions -75
Collateralized transactions - Offsetting of the transactions in the consolidated balance sheets (Parenthetical) (Detail) - JPY (¥) ¥ in Billions | Mar. 31, 2015 | Mar. 31, 2014 |
Collateralized transactions | ||
Gross balances of reverse repurchase agreements, not subject to enforceable master netting arrangements or similar agreements | ¥ 1,979 | ¥ 1,278 |
Gross balances of repurchase agreements, not subject to enforceable master netting arrangements or similar agreements | 2,091 | 3,918 |
Gross balances of securities borrowing transactions, not subject to enforceable master netting arrangements or similar agreements | 1,507 | 1,751 |
Gross balances of securities lending transactions, not subject to enforceable master netting arrangements or similar agreements | ¥ 52 | ¥ 137 |
Collateralized transactions - F
Collateralized transactions - Fair Value of Securities Received as Collateral Available to Sell or Repledge (Detail) - JPY (¥) ¥ in Billions | Mar. 31, 2015 | Mar. 31, 2014 |
Collateralized transactions | ||
The fair value of securities received as collateral, securities borrowed as collateral and securities borrowed without collateral where Nomura is permitted by contract or custom to sell or repledge the securities | ¥ 45,397 | ¥ 35,530 |
The portion of the above that has been sold (reported within Trading liabilities in the consolidated balance sheets) or repledged | ¥ 39,165 | ¥ 28,959 |
Collateralized transactions - A
Collateralized transactions - Assets Owned, Pledged as Collateral (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2015 | Mar. 31, 2014 | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Trading assets (without right to sell or repledge) | ¥ 2,931,505 | ¥ 2,594,503 | |
Deposits with stock exchanges and other segregated cash | 4,630 | ||
Non-trading debt securities | ¥ 47,959 | 42,087 | |
Investments in and advances to affiliated companies | 32,034 | 28,642 | |
Equities and convertible securities [Member] | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Trading assets (without right to sell or repledge) | 95,331 | 174,753 | |
Government and government agency securities [Member] | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Trading assets (without right to sell or repledge) | 1,122,308 | 991,430 | |
Bank and corporate debt securities [Member] | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Trading assets (without right to sell or repledge) | 139,062 | 150,183 | |
Commercial mortgage-backed securities ("CMBS") [Member] | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Trading assets (without right to sell or repledge) | 32,894 | 35,671 | |
Residential mortgage-backed securities ("RMBS") [Member] | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Trading assets (without right to sell or repledge) | 1,391,414 | 1,141,726 | |
Collateralized debt obligations ("CDOs") and other [Member] | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Trading assets (without right to sell or repledge) | [1] | 104,877 | 82,237 |
Investment trust funds and other [Member] | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Trading assets (without right to sell or repledge) | ¥ 45,619 | ¥ 18,503 | |
[1] | Includes CLOs and ABS such as those secured on credit card loans, auto loans and student loans. |
Collateralized transactions -78
Collateralized transactions - Assets Subject to Lien (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2015 | Mar. 31, 2014 |
Collateralized Transactions Assets Subject To Lien [Line Items] | ||
Assets subject to lien, amount | ¥ 2,105,260 | ¥ 1,668,730 |
Loans and receivables [Member] | ||
Collateralized Transactions Assets Subject To Lien [Line Items] | ||
Assets subject to lien, amount | 1,220 | 141 |
Trading assets [Member] | ||
Collateralized Transactions Assets Subject To Lien [Line Items] | ||
Assets subject to lien, amount | 1,833,959 | 1,293,036 |
Office buildings, land, equipment and facilities [Member] | ||
Collateralized Transactions Assets Subject To Lien [Line Items] | ||
Assets subject to lien, amount | 5,362 | 5,236 |
Non-trading debt securities [Member] | ||
Collateralized Transactions Assets Subject To Lien [Line Items] | ||
Assets subject to lien, amount | 264,685 | 370,239 |
Other [Member] | ||
Collateralized Transactions Assets Subject To Lien [Line Items] | ||
Assets subject to lien, amount | ¥ 34 | ¥ 78 |
Non-trading securities - Non-Tr
Non-trading securities - Non-Trading securities Reconciliation (Detail) - Insurance subsidiary [Member] - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | ||
Non-trading debt securities [Line Items] | |||
Cost and/or amortized cost | ¥ 308,731 | ¥ 306,441 | |
Gross unrealized gains | 50,591 | 22,201 | |
Gross unrealized losses | 361 | 220 | |
Fair value | 358,961 | 328,422 | |
Government, agency and municipal securities [Member] | |||
Non-trading debt securities [Line Items] | |||
Cost and/or amortized cost | [1] | 106,785 | 138,973 |
Gross unrealized gains | [1] | 5,123 | 842 |
Gross unrealized losses | [1] | 36 | 86 |
Fair value | [1] | 111,872 | 139,729 |
Other debt securities [Member] | |||
Non-trading debt securities [Line Items] | |||
Cost and/or amortized cost | [2] | 161,631 | 129,311 |
Gross unrealized gains | [2] | 22,717 | 6,851 |
Gross unrealized losses | [2] | 95 | 91 |
Fair value | [2] | 184,253 | 136,071 |
Equity securities [Member] | |||
Non-trading debt securities [Line Items] | |||
Cost and/or amortized cost | [3] | 40,315 | 38,157 |
Gross unrealized gains | [3] | 22,751 | 14,508 |
Gross unrealized losses | [3] | 230 | 43 |
Fair value | [3] | ¥ 62,836 | ¥ 52,622 |
[1] | Primarily Japanese government, agency and municipal securities. | ||
[2] | Primarily corporate debt securities. | ||
[3] | Primarily Japanese equity securities. |
Non-trading securities - Additi
Non-trading securities - Additional Information (Detail) - Insurance subsidiary [Member] ¥ in Millions | 12 Months Ended | |
Mar. 31, 2015JPY (¥) | Mar. 31, 2014JPY (¥) | |
Non-trading debt securities [Line Items] | ||
Non-trading securities disposed | ¥ 75,745 | ¥ 138,231 |
Non-trading securities realized gain | 5,008 | 4,405 |
Non-trading securities realized loss | 15 | 81 |
Total proceeds received from disposals | ¥ 80,738 | ¥ 142,554 |
Total number of non-trading securities that are in an unrealized loss positions | 26 | 60 |
Other-than-temporary impairment loss recognized for non-trading equity securities | ¥ 16 | ¥ 79 |
Credit loss component of other-than-temporary impairment losses recognized for non-trading debt securities | 98 | 25 |
Other-than-temporary impairment loss recognized within other comprehensive income (loss) | ¥ 31 | ¥ (55) |
Non-trading securities - Fair V
Non-trading securities - Fair Value of Residual contractual Maturity of Non-trading Securities (Detail) - Insurance subsidiary [Member] ¥ in Millions | Mar. 31, 2015JPY (¥) |
Non-trading debt securities [Line Items] | |
Total | ¥ 296,127 |
Less than 1 year | 35,755 |
1 to 5 years | 138,531 |
5 to 10 years | 86,566 |
More than 10 years | ¥ 35,275 |
Non-trading securities - Fair82
Non-trading securities - Fair Value and Unrealized Losses of Non-Trading Securities (Detail) - Insurance subsidiary [Member] - JPY (¥) ¥ in Millions | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Non-trading debt securities [Line Items] | ||
Less than 12 months, Fair value | ¥ 32,414 | ¥ 62,611 |
Less than 12 months, Gross unrealized losses | 330 | 216 |
More than 12 months, Fair value | 13,127 | 2,294 |
More than 12 months, Gross unrealized losses | 31 | 4 |
Total, Fair value | 45,541 | 64,905 |
Total, Gross unrealized losses | 361 | 220 |
Government, agency and municipal securities [Member] | ||
Non-trading debt securities [Line Items] | ||
Less than 12 months, Fair value | 17,536 | 54,007 |
Less than 12 months, Gross unrealized losses | 5 | 82 |
More than 12 months, Fair value | 13,127 | 2,294 |
More than 12 months, Gross unrealized losses | 31 | 4 |
Total, Fair value | 30,663 | 56,301 |
Total, Gross unrealized losses | 36 | 86 |
Other debt securities [Member] | ||
Non-trading debt securities [Line Items] | ||
Less than 12 months, Fair value | 12,814 | 8,106 |
Less than 12 months, Gross unrealized losses | ¥ 95 | ¥ 91 |
More than 12 months, Fair value | ||
More than 12 months, Gross unrealized losses | ||
Total, Fair value | ¥ 12,814 | ¥ 8,106 |
Total, Gross unrealized losses | 95 | 91 |
Equity securities [Member] | ||
Non-trading debt securities [Line Items] | ||
Less than 12 months, Fair value | 2,064 | 498 |
Less than 12 months, Gross unrealized losses | ¥ 230 | ¥ 43 |
More than 12 months, Fair value | ||
More than 12 months, Gross unrealized losses | ||
Total, Fair value | ¥ 2,064 | ¥ 498 |
Total, Gross unrealized losses | ¥ 230 | ¥ 43 |
Securitizations and Variable 83
Securitizations and Variable Interest Entities - Additional Information (Detail) - JPY (¥) ¥ in Billions | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Variable Interest Entity [Line Items] | ||
Cash proceeds from SPEs in new securitizations | ¥ 261 | ¥ 365 |
Debt securities issued by SPEs with an initial fair value | 1,276 | 1,423 |
Cash inflows from third parties on the sale of debt securities | 823 | 830 |
Cumulative balance of financial assets transferred to SPEs | 5,656 | 5,035 |
Retained interests | 233 | 215 |
Interests held in SPEs | 23 | 40 |
Outstanding collateral service agreements and written credit default swap agreements | ¥ 2 | ¥ 4 |
Minimum [Member] | ||
Variable Interest Entity [Line Items] | ||
Percentage of changes in fair value based on adverse effect | 10.00% | 10.00% |
Maximum [Member] | ||
Variable Interest Entity [Line Items] | ||
Percentage of changes in fair value based on adverse effect | 20.00% | 20.00% |
Securitizations and Variable 84
Securitizations and Variable Interest Entities - Fair Value of Retained Interests (Detail) - JPY (¥) ¥ in Billions | Mar. 31, 2015 | Mar. 31, 2014 |
Schedule of fair value of retained interests [Line Items] | ||
Type of transferred assets | ¥ 233 | ¥ 215 |
Government, agency and municipal securities [Member] | ||
Schedule of fair value of retained interests [Line Items] | ||
Type of transferred assets | 231 | 195 |
Bank and corporate debt securities [Member] | ||
Schedule of fair value of retained interests [Line Items] | ||
Type of transferred assets | 0 | 0 |
CMBS and RMBS | ||
Schedule of fair value of retained interests [Line Items] | ||
Type of transferred assets | ¥ 2 | ¥ 20 |
Level 1 [Member] | ||
Schedule of fair value of retained interests [Line Items] | ||
Type of transferred assets | ||
Level 1 [Member] | Government, agency and municipal securities [Member] | ||
Schedule of fair value of retained interests [Line Items] | ||
Type of transferred assets | ||
Level 1 [Member] | Bank and corporate debt securities [Member] | ||
Schedule of fair value of retained interests [Line Items] | ||
Type of transferred assets | ||
Level 1 [Member] | CMBS and RMBS | ||
Schedule of fair value of retained interests [Line Items] | ||
Type of transferred assets | ||
Level 2 [Member] | ||
Schedule of fair value of retained interests [Line Items] | ||
Type of transferred assets | ¥ 233 | ¥ 214 |
Level 2 [Member] | Government, agency and municipal securities [Member] | ||
Schedule of fair value of retained interests [Line Items] | ||
Type of transferred assets | ¥ 231 | ¥ 195 |
Level 2 [Member] | Bank and corporate debt securities [Member] | ||
Schedule of fair value of retained interests [Line Items] | ||
Type of transferred assets | ||
Level 2 [Member] | CMBS and RMBS | ||
Schedule of fair value of retained interests [Line Items] | ||
Type of transferred assets | ¥ 2 | ¥ 19 |
Level 3 [Member] | ||
Schedule of fair value of retained interests [Line Items] | ||
Type of transferred assets | ¥ 0 | ¥ 1 |
Level 3 [Member] | Government, agency and municipal securities [Member] | ||
Schedule of fair value of retained interests [Line Items] | ||
Type of transferred assets | ||
Level 3 [Member] | Bank and corporate debt securities [Member] | ||
Schedule of fair value of retained interests [Line Items] | ||
Type of transferred assets | ¥ 0 | ¥ 0 |
Level 3 [Member] | CMBS and RMBS | ||
Schedule of fair value of retained interests [Line Items] | ||
Type of transferred assets | 0 | 1 |
Investment grade [Member] | ||
Schedule of fair value of retained interests [Line Items] | ||
Type of transferred assets | 231 | 196 |
Investment grade [Member] | Government, agency and municipal securities [Member] | ||
Schedule of fair value of retained interests [Line Items] | ||
Type of transferred assets | ¥ 231 | ¥ 195 |
Investment grade [Member] | Bank and corporate debt securities [Member] | ||
Schedule of fair value of retained interests [Line Items] | ||
Type of transferred assets | ||
Investment grade [Member] | CMBS and RMBS | ||
Schedule of fair value of retained interests [Line Items] | ||
Type of transferred assets | ¥ 0 | ¥ 1 |
Other [Member] | ||
Schedule of fair value of retained interests [Line Items] | ||
Type of transferred assets | ¥ 2 | ¥ 19 |
Other [Member] | Government, agency and municipal securities [Member] | ||
Schedule of fair value of retained interests [Line Items] | ||
Type of transferred assets | ||
Other [Member] | Bank and corporate debt securities [Member] | ||
Schedule of fair value of retained interests [Line Items] | ||
Type of transferred assets | ¥ 0 | ¥ 0 |
Other [Member] | CMBS and RMBS | ||
Schedule of fair value of retained interests [Line Items] | ||
Type of transferred assets | ¥ 2 | ¥ 19 |
Securitizations and Variable 85
Securitizations and Variable Interest Entities - Fair Value of Firm's Retained Interests and Sensitivity of This Fair Value (Detail) - JPY (¥) ¥ in Billions | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | ||
Variable Interest Entity [Line Items] | |||
Fair value of retained interests | ¥ 233 | ¥ 215 | |
Material retained interests held [Member] | |||
Variable Interest Entity [Line Items] | |||
Fair value of retained interests | [1] | ¥ 208 | ¥ 201 |
Weighted-average life (Years) | 5 years 5 months | 7 years 6 months | |
Constant prepayment rate | 6.10% | 6.20% | |
Impact of 10% adverse change | ¥ (2.3) | ¥ (2.3) | |
Impact of 20% adverse change | ¥ (4.3) | ¥ (4) | |
Discount rate | 2.40% | 5.30% | |
Impact of 10% adverse change | ¥ (0.9) | ¥ (1.5) | |
Impact of 20% adverse change | ¥ (1.8) | ¥ (2.6) | |
[1] | The sensitivity analysis covers the material retained interests held of \201 billion out of \215 billion as of March 31, 2014 and \208 billion out of \233 billion as of March 31, 2015. Nomura considers the amount or the probability of anticipated credit loss from the retained interests which Nomura continuously holds would be minimal. |
Securitizations and Variable 86
Securitizations and Variable Interest Entities - Fair Value of Firm's Retained Interests and Sensitivity of This Fair Value (Parenthetical) (Detail) - JPY (¥) ¥ in Billions | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Variable Interest Entity [Line Items] | ||
Sensitivity analysis for material retained interest | ¥ 208 | ¥ 201 |
Retained interests | ¥ 233 | ¥ 215 |
Minimum [Member] | ||
Variable Interest Entity [Line Items] | ||
Percentage of changes in fair value based on adverse effect | 10.00% | 10.00% |
Maximum [Member] | ||
Variable Interest Entity [Line Items] | ||
Percentage of changes in fair value based on adverse effect | 20.00% | 20.00% |
Securitizations and Variable 87
Securitizations and Variable Interest Entities - Type and Carrying Value of Financial Assets (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2015 | Mar. 31, 2014 |
Liabilities [Abstract] | ||
Long-term borrowings | ¥ 8,336,296 | ¥ 8,227,063 |
Transferred to SPEs [Member] | ||
Trading assets | ||
Equities | 83,000 | 99,000 |
Debt securities | 26,000 | 64,000 |
CMBS and RMBS | ¥ 22,000 | 23,000 |
Long-term loans receivable | 7,000 | |
Total | ¥ 131,000 | 193,000 |
Liabilities [Abstract] | ||
Long-term borrowings | ¥ 129,000 | ¥ 182,000 |
Securitizations and Variable 88
Securitizations and Variable Interest Entities - Classification of Consolidated VIEs' Assets and Liabilities (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | ||
Assets | ||||||
Cash and cash equivalents | ¥ 1,315,408 | ¥ 1,489,792 | ¥ 805,087 | ¥ 1,070,520 | ||
Trading assets | ||||||
Derivatives | [1] | 1,586,000 | 2,305,000 | |||
Private equity investments | 48,727 | 41,996 | ||||
Securities purchased under agreements to resell | 8,481,474 | 9,617,675 | ||||
Office buildings, land, equipment and facilities | 401,069 | 408,917 | ||||
Other | 822,566 | 784,174 | ||||
Trading liabilities | ||||||
Derivatives | [1],[2] | 1,325,000 | 2,038,000 | |||
Securities sold under agreements to repurchase | 12,217,144 | 13,937,690 | ||||
Borrowings | ||||||
Long-term borrowings | 8,336,296 | 8,227,063 | ||||
Variable Interest Entity, primary beneficiary [Member] | ||||||
Assets | ||||||
Cash and cash equivalents | 9,000 | 18,000 | ||||
Trading assets | ||||||
Equities | 461,000 | 289,000 | ||||
Debt securities | 473,000 | 393,000 | ||||
CMBS and RMBS | 71,000 | 66,000 | ||||
Derivatives | 2,000 | 2,000 | ||||
Private equity investments | 1,000 | 1,000 | ||||
Securities purchased under agreements to resell | 1,000 | 32,000 | ||||
Office buildings, land, equipment and facilities | 15,000 | 12,000 | ||||
Other | 24,000 | 70,000 | [3] | |||
Total | 1,057,000 | 883,000 | ||||
Trading liabilities | ||||||
Debt securities | 1,000 | 33,000 | ||||
Derivatives | 11,000 | 9,000 | ||||
Securities sold under agreements to repurchase | 1,000 | 23,000 | ||||
Borrowings | ||||||
Long-term borrowings | 750,000 | 424,000 | ||||
Other | 2,000 | 4,000 | ||||
Total | ¥ 765,000 | ¥ 493,000 | ||||
[1] | Net derivative assets and net derivative liabilities are generally reported within Trading assets and private equity investments-Trading assets and Trading liabilities, respectively in the consolidated balance sheet. Bifurcated embedded derivatives are reported within Short-term borrowings or Long-term borrowings depending on the maturity of the underlying host contract. | |||||
[2] | Includes the amount of embedded derivatives bifurcated in accordance with ASC 815. | |||||
[3] | Includes aircraft purchase deposits of \5 billion as of March 31, 2014. There were no aircraft purchase deposits as of March 31, 2015. In connection with these aircraft purchase deposits, certain of these VIEs had commitments to purchase aircraft as of March 31, 2014. No such commitments existed as of March 31, 2015. See Note 20 "Commitments, contingencies and guarantees" for further information. |
Securitizations and Variable 89
Securitizations and Variable Interest Entities - Classification of Consolidated VIEs' Assets and Liabilities (Parenthetical) (Detail) ¥ in Billions | Mar. 31, 2014JPY (¥) |
Variable Interest Entity, primary beneficiary [Member] | |
Variable Interest Entity [Line Items] | |
Aircraft purchase deposits | ¥ 5 |
Securitizations and Variable 90
Securitizations and Variable Interest Entities - Carrying Amount of Assets and Liabilities of Unconsolidated VIEs (Detail) - JPY (¥) ¥ in Billions | Mar. 31, 2015 | Mar. 31, 2014 |
Variable Interest Entity [Line Items] | ||
Carrying amount of variable interests, Assets | ¥ 3,610 | ¥ 2,975 |
Carrying amount of variable interests, Liabilities | ||
Maximum exposure to loss to unconsolidated VIEs | ¥ 3,652 | ¥ 3,028 |
Equities [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying amount of variable interests, Assets | ¥ 123 | ¥ 67 |
Carrying amount of variable interests, Liabilities | ||
Maximum exposure to loss to unconsolidated VIEs | ¥ 123 | ¥ 67 |
Debt securities [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying amount of variable interests, Assets | ¥ 237 | ¥ 211 |
Carrying amount of variable interests, Liabilities | ||
Maximum exposure to loss to unconsolidated VIEs | ¥ 237 | ¥ 211 |
CMBS and RMBS | ||
Variable Interest Entity [Line Items] | ||
Carrying amount of variable interests, Assets | ¥ 2,521 | ¥ 2,308 |
Carrying amount of variable interests, Liabilities | ||
Maximum exposure to loss to unconsolidated VIEs | ¥ 2,521 | ¥ 2,308 |
Investment trust funds and other [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying amount of variable interests, Assets | ¥ 387 | ¥ 185 |
Carrying amount of variable interests, Liabilities | ||
Maximum exposure to loss to unconsolidated VIEs | ¥ 387 | ¥ 185 |
Derivatives [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying amount of variable interests, Assets | ¥ 0 | ¥ 0 |
Carrying amount of variable interests, Liabilities | ||
Maximum exposure to loss to unconsolidated VIEs | ¥ 2 | ¥ 4 |
Private equity investments [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying amount of variable interests, Assets | ¥ 24 | ¥ 25 |
Carrying amount of variable interests, Liabilities | ||
Maximum exposure to loss to unconsolidated VIEs | ¥ 24 | ¥ 25 |
Loans [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying amount of variable interests, Assets | ¥ 314 | ¥ 175 |
Carrying amount of variable interests, Liabilities | ||
Maximum exposure to loss to unconsolidated VIEs | ¥ 314 | ¥ 175 |
Other [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying amount of variable interests, Assets | ¥ 4 | ¥ 4 |
Carrying amount of variable interests, Liabilities | ||
Maximum exposure to loss to unconsolidated VIEs | ¥ 4 | ¥ 4 |
Commitments to extend credit and other guarantees [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying amount of variable interests, Assets | ||
Carrying amount of variable interests, Liabilities | ||
Maximum exposure to loss to unconsolidated VIEs | ¥ 40 | ¥ 49 |
Financing receivables - Summary
Financing receivables - Summary of Loans Receivable Reported within Loans Receivable or Investments in and Advances to Affiliated Companies (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2015 | Mar. 31, 2014 | ||
Schedule Of Financing Receivables [Line Items] | ||||
Carried at amortized cost | ¥ 1,143,857 | ¥ 1,023,919 | ||
Carried at fair value | [1] | 317,218 | 303,956 | |
Total | 1,461,075 | 1,327,875 | ||
Advances to affiliated companies | ||||
Schedule Of Financing Receivables [Line Items] | ||||
Carried at amortized cost | ¥ 2,104 | ¥ 5,797 | ||
Carried at fair value | ||||
Total | ¥ 2,104 | ¥ 5,797 | ||
Total | ||||
Schedule Of Financing Receivables [Line Items] | ||||
Carried at amortized cost | 1,145,961 | 1,029,716 | ||
Carried at fair value | [1] | 317,218 | 303,956 | |
Total | 1,463,179 | 1,333,672 | ||
Loans at banks [Member] | ||||
Schedule Of Financing Receivables [Line Items] | ||||
Carried at amortized cost | ¥ 324,503 | 274,966 | ||
Carried at fair value | 44 | [1] | ||
Total | ¥ 324,503 | 275,010 | ||
Short-term secured margin loans [Member] | ||||
Schedule Of Financing Receivables [Line Items] | ||||
Carried at amortized cost | ¥ 425,245 | ¥ 421,809 | ||
Carried at fair value | ||||
Total | ¥ 425,245 | ¥ 421,809 | ||
Inter-bank money market loans [Member] | ||||
Schedule Of Financing Receivables [Line Items] | ||||
Carried at amortized cost | ¥ 16,995 | ¥ 42,885 | ||
Carried at fair value | ||||
Total | ¥ 16,995 | ¥ 42,885 | ||
Corporate loans [Member] | ||||
Schedule Of Financing Receivables [Line Items] | ||||
Carried at amortized cost | 377,114 | 284,259 | ||
Carried at fair value | [1] | 317,218 | 303,912 | |
Total | ¥ 694,332 | ¥ 588,171 | ||
[1] | Includes loans receivable and loan commitments carried at fair value through election of the fair value option. |
Financing receivables - Additio
Financing receivables - Additional Information (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Financing receivables | ||
Significant purchases of corporate loans | ¥ 79,811 | ¥ 92,760 |
Significant sales of corporate loans | ¥ 15,187 | |
Nonaccrual status loan | ¥ 6,022 |
Financing receivables - Changes
Financing receivables - Changes in Allowance for Losses for Current Period (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||||||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |||||
Allowance for credit losses against loans [Roll Forward] | |||||||
Opening balance, Allowance for credit losses against loans | ¥ 848 | ¥ 939 | ¥ 3,385 | ||||
Provision for credit losses, Allowance for credit losses against loans | ¥ 111 | (89) | (2,401) | ||||
Charge-offs, Allowance for credit losses against loans | (2) | (38) | |||||
Other,Allowance for credit losses against loans | [1] | ¥ 2 | 0 | (7) | |||
Ending balance, Allowance for credit losses against loans | 961 | 848 | 939 | ||||
Allowance for credit losses against receivables other than loans [Roll Forward] | |||||||
Opening balance, Allowance for credit losses against receivables other than loans | 2,161 | 1,319 | 1,503 | ||||
Provision for credit losses, Allowance for credit losses against receivables other than loans | 254 | 960 | ¥ (13) | ||||
Charge-offs, Allowance for credit losses against receivables other than loans | (189) | (146) | |||||
Other, Allowance for credit losses against receivables other than loans | [1] | 66 | 28 | ¥ (171) | |||
Ending balance, Allowance for credit losses against receivables other than loans | 2,292 | 2,161 | 1,319 | ||||
Total allowance for doubtful accounts [Roll Forward] | |||||||
Opening balance, Total allowance for doubtful accounts | 3,009 | 2,258 | 4,888 | ||||
Provision for credit losses, Total allowance for doubtful accounts | 365 | 871 | (2,414) | ||||
Charge-offs, Total allowance for doubtful accounts | (189) | (148) | (38) | ||||
Other, Total allowance for doubtful accounts | [1] | 68 | 28 | (178) | |||
Ending balance, Total allowance for doubtful accounts | 3,253 | 3,009 | 2,258 | ||||
Loans at banks [Member] | |||||||
Allowance for credit losses against loans [Roll Forward] | |||||||
Opening balance, Allowance for credit losses against loans | 678 | 789 | 552 | ||||
Provision for credit losses, Allowance for credit losses against loans | ¥ 61 | (109) | 238 | ||||
Charge-offs, Allowance for credit losses against loans | (2) | ¥ (1) | |||||
Other,Allowance for credit losses against loans | 0 | [1] | |||||
Ending balance, Allowance for credit losses against loans | ¥ 739 | 678 | ¥ 789 | ||||
Short-term secured margin loans [Member] | |||||||
Allowance for credit losses against loans [Roll Forward] | |||||||
Opening balance, Allowance for credit losses against loans | 87 | 26 | 24 | ||||
Provision for credit losses, Allowance for credit losses against loans | ¥ 53 | ¥ 61 | 13 | ||||
Charge-offs, Allowance for credit losses against loans | (11) | ||||||
Other,Allowance for credit losses against loans | ¥ 2 | [1] | 0 | [1] | |||
Ending balance, Allowance for credit losses against loans | ¥ 142 | ¥ 87 | ¥ 26 | ||||
Inter-bank money market loans [Member] | |||||||
Allowance for credit losses against loans [Roll Forward] | |||||||
Opening balance, Allowance for credit losses against loans | |||||||
Provision for credit losses, Allowance for credit losses against loans | |||||||
Charge-offs, Allowance for credit losses against loans | |||||||
Other,Allowance for credit losses against loans | |||||||
Ending balance, Allowance for credit losses against loans | |||||||
Corporate loans [Member] | |||||||
Allowance for credit losses against loans [Roll Forward] | |||||||
Opening balance, Allowance for credit losses against loans | ¥ 82 | ¥ 95 | ¥ 2,758 | ||||
Provision for credit losses, Allowance for credit losses against loans | ¥ (3) | ¥ (13) | (2,630) | ||||
Charge-offs, Allowance for credit losses against loans | (26) | ||||||
Other,Allowance for credit losses against loans | [1] | ¥ 0 | ¥ 0 | (7) | |||
Ending balance, Allowance for credit losses against loans | 79 | 82 | 95 | ||||
Advances to affiliated companies [Member] | |||||||
Allowance for credit losses against loans [Roll Forward] | |||||||
Opening balance, Allowance for credit losses against loans | 1 | 29 | 51 | ||||
Provision for credit losses, Allowance for credit losses against loans | ¥ 0 | ¥ (28) | ¥ (22) | ||||
Charge-offs, Allowance for credit losses against loans | |||||||
Other,Allowance for credit losses against loans | |||||||
Ending balance, Allowance for credit losses against loans | ¥ 1 | ¥ 1 | ¥ 29 | ||||
[1] | Includes the effect of foreign exchange movements. |
Financing receivables - Schedul
Financing receivables - Schedule of Allowance for Loan Losses and Loans by Impairment Methodology and Type of Loans (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance by impairment methodology, Evaluated individually | ¥ 94 | ¥ 10 | ||
Allowance by impairment methodology, Evaluated collectively | 867 | 838 | ||
Total allowance for credit losses | 961 | 848 | ¥ 939 | ¥ 3,385 |
Loans by impairment methodology, Evaluated individually | 563,470 | 427,239 | ||
Loans by impairment methodology, Evaluated collectively | 582,491 | 602,477 | ||
Total loans | 1,145,961 | 1,029,716 | ||
Loans at banks [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance by impairment methodology, Evaluated individually | 3 | 3 | ||
Allowance by impairment methodology, Evaluated collectively | 736 | 675 | ||
Total allowance for credit losses | 739 | 678 | 789 | 552 |
Loans by impairment methodology, Evaluated individually | 4,929 | 4,374 | ||
Loans by impairment methodology, Evaluated collectively | 319,574 | 270,592 | ||
Total loans | 324,503 | ¥ 274,966 | ||
Short-term secured margin loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance by impairment methodology, Evaluated individually | 84 | |||
Allowance by impairment methodology, Evaluated collectively | 58 | ¥ 87 | ||
Total allowance for credit losses | 142 | 87 | ¥ 26 | ¥ 24 |
Loans by impairment methodology, Evaluated individually | 172,259 | 103,345 | ||
Loans by impairment methodology, Evaluated collectively | 252,986 | 318,464 | ||
Total loans | ¥ 425,245 | ¥ 421,809 | ||
Inter-bank money market loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance by impairment methodology, Evaluated individually | ||||
Allowance by impairment methodology, Evaluated collectively | ||||
Total allowance for credit losses | ||||
Loans by impairment methodology, Evaluated individually | ¥ 16,995 | ¥ 42,885 | ||
Loans by impairment methodology, Evaluated collectively | ||||
Total loans | ¥ 16,995 | ¥ 42,885 | ||
Corporate loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance by impairment methodology, Evaluated individually | 7 | 7 | ||
Allowance by impairment methodology, Evaluated collectively | 72 | 75 | ||
Total allowance for credit losses | 79 | 82 | ¥ 95 | ¥ 2,758 |
Loans by impairment methodology, Evaluated individually | 369,113 | 275,753 | ||
Loans by impairment methodology, Evaluated collectively | 8,001 | 8,506 | ||
Total loans | ¥ 377,114 | ¥ 284,259 | ||
Advances to affiliated companies [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance by impairment methodology, Evaluated individually | ||||
Allowance by impairment methodology, Evaluated collectively | ¥ 1 | ¥ 1 | ||
Total allowance for credit losses | 1 | 1 | ¥ 29 | ¥ 51 |
Loans by impairment methodology, Evaluated individually | 174 | 882 | ||
Loans by impairment methodology, Evaluated collectively | 1,930 | 4,915 | ||
Total loans | ¥ 2,104 | ¥ 5,797 |
Financing receivables - Analysi
Financing receivables - Analysis of Each Class of Loans Not Carried at Fair Value using Nomura's Internal Ratings or Equivalent Credit Quality Indicators (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2015 | Mar. 31, 2014 | ||
Financing receivable, recorded investment [Line items] | ||||
Loans receivable gross | ¥ 1,145,961 | ¥ 1,029,716 | ||
Secured loans at banks [Member] | ||||
Financing receivable, recorded investment [Line items] | ||||
Loans receivable gross | 178,486 | 166,765 | ||
Unsecured loans at banks [Member] | ||||
Financing receivable, recorded investment [Line items] | ||||
Loans receivable gross | 146,017 | 108,201 | ||
Short-term secured margin loans [Member] | ||||
Financing receivable, recorded investment [Line items] | ||||
Loans receivable gross | 425,245 | 421,809 | ||
Secured inter-bank money market loans [Member] | ||||
Financing receivable, recorded investment [Line items] | ||||
Loans receivable gross | 7,249 | 12,885 | ||
Unsecured inter-bank money market loans [Member] | ||||
Financing receivable, recorded investment [Line items] | ||||
Loans receivable gross | 9,746 | 30,000 | ||
Secured corporate loans [Member] | ||||
Financing receivable, recorded investment [Line items] | ||||
Loans receivable gross | 369,740 | 251,100 | ||
Unsecured corporate loans [Member] | ||||
Financing receivable, recorded investment [Line items] | ||||
Loans receivable gross | 7,374 | 33,159 | ||
Advances to affiliated companies [Member] | ||||
Financing receivable, recorded investment [Line items] | ||||
Loans receivable gross | 2,104 | 5,797 | ||
AAA-BBB [Member] | ||||
Financing receivable, recorded investment [Line items] | ||||
Loans receivable gross | 513,911 | 394,052 | ||
AAA-BBB [Member] | Secured loans at banks [Member] | ||||
Financing receivable, recorded investment [Line items] | ||||
Loans receivable gross | 100,927 | 98,356 | ||
AAA-BBB [Member] | Unsecured loans at banks [Member] | ||||
Financing receivable, recorded investment [Line items] | ||||
Loans receivable gross | ¥ 141,395 | ¥ 108,199 | ||
AAA-BBB [Member] | Short-term secured margin loans [Member] | ||||
Financing receivable, recorded investment [Line items] | ||||
Loans receivable gross | ||||
AAA-BBB [Member] | Secured inter-bank money market loans [Member] | ||||
Financing receivable, recorded investment [Line items] | ||||
Loans receivable gross | ¥ 7,249 | ¥ 12,885 | ||
AAA-BBB [Member] | Unsecured inter-bank money market loans [Member] | ||||
Financing receivable, recorded investment [Line items] | ||||
Loans receivable gross | 9,746 | 30,000 | ||
AAA-BBB [Member] | Secured corporate loans [Member] | ||||
Financing receivable, recorded investment [Line items] | ||||
Loans receivable gross | 249,046 | 136,302 | ||
AAA-BBB [Member] | Unsecured corporate loans [Member] | ||||
Financing receivable, recorded investment [Line items] | ||||
Loans receivable gross | 3,619 | 3,395 | ||
AAA-BBB [Member] | Advances to affiliated companies [Member] | ||||
Financing receivable, recorded investment [Line items] | ||||
Loans receivable gross | 1,929 | 4,915 | ||
BB-CCC [Member] | ||||
Financing receivable, recorded investment [Line items] | ||||
Loans receivable gross | 160,423 | 168,306 | ||
BB-CCC [Member] | Secured loans at banks [Member] | ||||
Financing receivable, recorded investment [Line items] | ||||
Loans receivable gross | 38,373 | ¥ 33,669 | ||
BB-CCC [Member] | Unsecured loans at banks [Member] | ||||
Financing receivable, recorded investment [Line items] | ||||
Loans receivable gross | ¥ 4,620 | |||
BB-CCC [Member] | Short-term secured margin loans [Member] | ||||
Financing receivable, recorded investment [Line items] | ||||
Loans receivable gross | ||||
BB-CCC [Member] | Secured inter-bank money market loans [Member] | ||||
Financing receivable, recorded investment [Line items] | ||||
Loans receivable gross | ||||
BB-CCC [Member] | Unsecured inter-bank money market loans [Member] | ||||
Financing receivable, recorded investment [Line items] | ||||
Loans receivable gross | ||||
BB-CCC [Member] | Secured corporate loans [Member] | ||||
Financing receivable, recorded investment [Line items] | ||||
Loans receivable gross | ¥ 117,255 | ¥ 107,141 | ||
BB-CCC [Member] | Unsecured corporate loans [Member] | ||||
Financing receivable, recorded investment [Line items] | ||||
Loans receivable gross | 26,902 | |||
BB-CCC [Member] | Advances to affiliated companies [Member] | ||||
Financing receivable, recorded investment [Line items] | ||||
Loans receivable gross | ¥ 175 | 594 | ||
CC-D [Member] | ||||
Financing receivable, recorded investment [Line items] | ||||
Loans receivable gross | ¥ 1,143 | ¥ 5,721 | ||
CC-D [Member] | Secured loans at banks [Member] | ||||
Financing receivable, recorded investment [Line items] | ||||
Loans receivable gross | ||||
CC-D [Member] | Unsecured loans at banks [Member] | ||||
Financing receivable, recorded investment [Line items] | ||||
Loans receivable gross | ¥ 2 | ¥ 2 | ||
CC-D [Member] | Short-term secured margin loans [Member] | ||||
Financing receivable, recorded investment [Line items] | ||||
Loans receivable gross | ||||
CC-D [Member] | Secured inter-bank money market loans [Member] | ||||
Financing receivable, recorded investment [Line items] | ||||
Loans receivable gross | ||||
CC-D [Member] | Unsecured inter-bank money market loans [Member] | ||||
Financing receivable, recorded investment [Line items] | ||||
Loans receivable gross | ||||
CC-D [Member] | Secured corporate loans [Member] | ||||
Financing receivable, recorded investment [Line items] | ||||
Loans receivable gross | ¥ 1,141 | ¥ 5,719 | ||
CC-D [Member] | Unsecured corporate loans [Member] | ||||
Financing receivable, recorded investment [Line items] | ||||
Loans receivable gross | ||||
CC-D [Member] | Advances to affiliated companies [Member] | ||||
Financing receivable, recorded investment [Line items] | ||||
Loans receivable gross | ||||
Others [Member] | ||||
Financing receivable, recorded investment [Line items] | ||||
Loans receivable gross | [1] | ¥ 470,484 | ¥ 461,637 | |
Others [Member] | Secured loans at banks [Member] | ||||
Financing receivable, recorded investment [Line items] | ||||
Loans receivable gross | [1] | ¥ 39,186 | ¥ 34,740 | |
Others [Member] | Unsecured loans at banks [Member] | ||||
Financing receivable, recorded investment [Line items] | ||||
Loans receivable gross | ||||
Others [Member] | Short-term secured margin loans [Member] | ||||
Financing receivable, recorded investment [Line items] | ||||
Loans receivable gross | [1] | ¥ 425,245 | ¥ 421,809 | |
Others [Member] | Secured inter-bank money market loans [Member] | ||||
Financing receivable, recorded investment [Line items] | ||||
Loans receivable gross | ||||
Others [Member] | Unsecured inter-bank money market loans [Member] | ||||
Financing receivable, recorded investment [Line items] | ||||
Loans receivable gross | ||||
Others [Member] | Secured corporate loans [Member] | ||||
Financing receivable, recorded investment [Line items] | ||||
Loans receivable gross | [1] | ¥ 2,298 | ¥ 1,938 | |
Others [Member] | Unsecured corporate loans [Member] | ||||
Financing receivable, recorded investment [Line items] | ||||
Loans receivable gross | [1] | ¥ 3,755 | 2,862 | |
Others [Member] | Advances to affiliated companies [Member] | ||||
Financing receivable, recorded investment [Line items] | ||||
Loans receivable gross | ¥ 288 | [1] | ||
[1] | Relate to collateralized exposures where a specified ratio of LTV is maintained. |
Leases - Lease Deposits and Ren
Leases - Lease Deposits and Rents Received from NRI (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Leases | |||
Lease deposits | |||
Rental income | ¥ 4,272 |
Leases - Assets by Type which N
Leases - Assets by Type which Nomura Leases on Operating Leases (Detail) ¥ in Millions | Mar. 31, 2015JPY (¥) | |
Leases [Line Items] | ||
Cost | ¥ 14,880 | |
Accumulated depreciation | (1,946) | |
Net carrying amount | 12,934 | |
Real estate [Member] | ||
Leases [Line Items] | ||
Cost | [1] | 3,448 |
Accumulated depreciation | [1] | (1,443) |
Net carrying amount | [1] | 2,005 |
Aircraft [Member] | ||
Leases [Line Items] | ||
Cost | 11,432 | |
Accumulated depreciation | (503) | |
Net carrying amount | ¥ 10,929 | |
[1] | Cost, accumulated depreciation and net carrying amounts include amounts relating to real estate space utilized by Nomura. |
Leases - Additional Information
Leases - Additional Information (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Leases | |||
Recognized rental income | ¥ 1,659 | ¥ 1,579 | ¥ 78,667 |
Future minimum lease payments to be received | 12,348 | ||
Rental expenses, net of sublease rental income | 47,217 | 46,600 | ¥ 46,975 |
Capital lease assets | 34,428 | 33,294 | |
Accumulated depreciation on capital lease assets | ¥ 6,171 | ¥ 4,579 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments to be Received on Non-Cancelable Operating Leases (Detail) ¥ in Millions | Mar. 31, 2015JPY (¥) |
Leases | |
Minimum lease payments to be received, Total | ¥ 12,348 |
Minimum lease payments to be received, Less than 1 year | 1,091 |
Minimum lease payments to be received, 1 to 2 years | 1,090 |
Minimum lease payments to be received, 2 to 3 years | 1,088 |
Minimum lease payments to be received, 3 to 4 years | 1,085 |
Minimum lease payments to be received, 4 to 5 years | 1,085 |
Minimum lease payments to be received, More than 5 years | ¥ 6,909 |
Leases - Schedule of Future 100
Leases - Schedule of Future Minimum Lease Payments under Non-Cancelable Operating Leases with Remaining Terms Exceeding One Year (Detail) ¥ in Millions | Mar. 31, 2015JPY (¥) |
Leases | |
Total minimum lease payments | ¥ 171,746 |
Less: Sublease rental income | (8,080) |
Net minimum lease payments | ¥ 163,666 |
Leases - Schedule of Future 101
Leases - Schedule of Future Minimum Lease Payments under Non-Cancelable Operating Leases for Current Period (Detail) ¥ in Millions | Mar. 31, 2015JPY (¥) |
Leases | |
Minimum lease payments, Total | ¥ 171,746 |
Minimum lease payments, Less than 1 year | 20,410 |
Minimum lease payments, 1 to 2 years | 17,925 |
Minimum lease payments, 2 to 3 years | 16,797 |
Minimum lease payments, 3 to 4 years | 15,454 |
Minimum lease payments, 4 to 5 years | 12,860 |
Minimum lease payments, More than 5 years | ¥ 88,300 |
Leases - Schedule of Future 102
Leases - Schedule of Future Minimum Lease Payments under Capital Leases (Detail) ¥ in Millions | Mar. 31, 2015JPY (¥) |
Leases | |
Total minimum lease payments | ¥ 66,840 |
Less: Amount representing interest | (36,229) |
Present value of net lease payments | ¥ 30,611 |
Leases - Schedule of Future 103
Leases - Schedule of Future Minimum Lease Payments under Capital Leases for Current Period (Detail) ¥ in Millions | Mar. 31, 2015JPY (¥) |
Leases | |
Minimum lease payments, Total | ¥ 66,840 |
Minimum lease payments, Less than 1 year | 3,750 |
Minimum lease payments, 1 to 2 years | 4,436 |
Minimum lease payments, 2 to 3 years | 4,349 |
Minimum lease payments, 3 to 4 years | 4,196 |
Minimum lease payments, 4 to 5 years | 4,485 |
Minimum lease payments, More than 5 years | ¥ 45,624 |
Other assets-Other _ Other l104
Other assets-Other / Other liabilities - Schedule of Other Assets-Other and Other Liabilities (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2015 | Mar. 31, 2014 | |
Other assets-Other: | |||
Securities received as collateral | ¥ 187,753 | ¥ 236,808 | |
Goodwill and other intangible assets | 123,486 | 115,143 | |
Deferred tax assets | 19,718 | 22,018 | |
Investments in equity securities for other than operating purposes | [1] | 162,644 | 133,742 |
Prepaid expenses | 10,741 | 8,778 | |
Other | 318,224 | 267,685 | |
Total, Other assets-Other | 822,566 | 784,174 | |
Other liabilities: | |||
Obligation to return securities received as collateral | 187,753 | 236,808 | |
Accrued income taxes | 48,632 | 31,630 | |
Other accrued expenses and provisions | 446,920 | 396,677 | |
Other | [2] | 533,794 | 476,635 |
Total, Other liabilities | ¥ 1,217,099 | ¥ 1,141,750 | |
[1] | Includes marketable and non-marketable equity securities held for other than trading or operating purposes. These investments were comprised of listed equity securities and unlisted equity securities of \114,582 million and \19,160 million respectively, as of March 31, 2014, and \140,024 million and \22,621 million respectively, as of March 31, 2015. These securities are carried at fair value, with changes in fair value recognized within Revenue-Other in the consolidated statements of income. | ||
[2] | Includes liabilities relating to investment contracts underwritten by Nomura's insurance subsidiary. As of March 31, 2014 and 2015, carrying values were \270,950 million and \258,310 million, respectively, and estimated fair values were \274,991 million and \261,039 million, respectively. Fair value was estimated using DCF valuation techniques and using valuation inputs which would be generally classified in Level 3 of the fair value hierarchy. |
Other assets-Other _ Other l105
Other assets-Other / Other liabilities - Schedule of Other Assets-Other and Other Liabilities (Parenthetical) (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2015 | Mar. 31, 2014 | |
Other Assets Other And Other Liabilities [Line Items] | |||
Investments in equity securities for other than operating purposes | [1] | ¥ 162,644 | ¥ 133,742 |
Carrying value of investment contracts underwritten | 258,310 | 270,950 | |
Estimated fair value of investment contracts underwritten | 261,039 | 274,991 | |
Listed equity securities [Member] | |||
Other Assets Other And Other Liabilities [Line Items] | |||
Investments in equity securities for other than operating purposes | 140,024 | 114,582 | |
Unlisted equity securities [Member] | |||
Other Assets Other And Other Liabilities [Line Items] | |||
Investments in equity securities for other than operating purposes | ¥ 22,621 | ¥ 19,160 | |
[1] | Includes marketable and non-marketable equity securities held for other than trading or operating purposes. These investments were comprised of listed equity securities and unlisted equity securities of \114,582 million and \19,160 million respectively, as of March 31, 2014, and \140,024 million and \22,621 million respectively, as of March 31, 2015. These securities are carried at fair value, with changes in fair value recognized within Revenue-Other in the consolidated statements of income. |
Other assets-Other _ Other l106
Other assets-Other / Other liabilities - Schedule of Changes in Goodwill within Other Assets-Other (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | ||
Goodwill [Line Items] | |||
Gross carrying amount, Beginning of year | ¥ 92,500 | ¥ 85,273 | |
Accumulated Impairment, Beginning of year | (14,763) | (11,031) | |
Net carrying amount, Beginning of year | 77,737 | 74,242 | |
Impairment, Changes during year | [1] | (3,188) | (2,840) |
Other, Changes during year | [2] | 11,641 | 6,335 |
Gross carrying amount, End of year | 104,141 | 92,500 | |
Accumulated Impairment, End of year | (17,951) | (14,763) | |
Net carrying amount, End of year | 86,190 | 77,737 | |
Wholesale [Member] | |||
Goodwill [Line Items] | |||
Gross carrying amount, Beginning of year | 85,951 | 79,249 | |
Accumulated Impairment, Beginning of year | (11,817) | (11,031) | |
Net carrying amount, Beginning of year | ¥ 74,134 | ¥ 68,218 | |
Impairment, Changes during year | |||
Other, Changes during year | [2] | ¥ 11,578 | ¥ 5,916 |
Gross carrying amount, End of year | 97,529 | 85,951 | |
Accumulated Impairment, End of year | (11,817) | (11,817) | |
Net carrying amount, End of year | 85,712 | 74,134 | |
Other [Member] | |||
Goodwill [Line Items] | |||
Gross carrying amount, Beginning of year | 6,549 | ¥ 6,024 | |
Accumulated Impairment, Beginning of year | (2,946) | ||
Net carrying amount, Beginning of year | 3,603 | ¥ 6,024 | |
Impairment, Changes during year | [1] | (3,188) | (2,840) |
Other, Changes during year | [2] | 63 | 419 |
Gross carrying amount, End of year | 6,612 | 6,549 | |
Accumulated Impairment, End of year | (6,134) | (2,946) | |
Net carrying amount, End of year | ¥ 478 | ¥ 3,603 | |
[1] | For the years ended March 31, 2014 and 2015, Nomura recognized goodwill impairment losses of \2,840 million and \3,188 million respectively, within Other in Nomura's segment information. These are due to a decline in the fair value of a reporting unit caused by decreases in expected cash flows arising from changes in the economic environment. These impairment losses were recorded within Non-interest expenses-Other in the consolidated statements of income. The fair values were determined using DCF valuation techniques. | ||
[2] | Includes currency translation adjustments. |
Other assets-Other _ Other l107
Other assets-Other / Other liabilities - Schedule of Changes in Goodwill within Other Assets-Other (Parenthetical) (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | ||
Finite-Lived Intangible Assets [Line Items] | |||
Impairment loss on goodwill within Non-interest expenses-Other | [1] | ¥ 3,188 | ¥ 2,840 |
Wholesale [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Impairment loss on goodwill within Non-interest expenses-Other | |||
Other [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Impairment loss on goodwill within Non-interest expenses-Other | [1] | ¥ 3,188 | ¥ 2,840 |
[1] | For the years ended March 31, 2014 and 2015, Nomura recognized goodwill impairment losses of \2,840 million and \3,188 million respectively, within Other in Nomura's segment information. These are due to a decline in the fair value of a reporting unit caused by decreases in expected cash flows arising from changes in the economic environment. These impairment losses were recorded within Non-interest expenses-Other in the consolidated statements of income. The fair values were determined using DCF valuation techniques. |
Other assets-Other _ Other l108
Other assets-Other / Other liabilities - Schedule of finite-lived intangible assets by type (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2015 | Mar. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | ¥ 71,918 | ¥ 64,904 |
Accumulated amortization | (44,133) | (35,878) |
Net carrying amount | 27,785 | 29,026 |
Client relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 71,445 | 64,214 |
Accumulated amortization | (43,839) | (35,641) |
Net carrying amount | 27,606 | 28,573 |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 473 | 690 |
Accumulated amortization | (294) | (237) |
Net carrying amount | ¥ 179 | ¥ 453 |
Other assets-Other _ Other l109
Other assets-Other / Other liabilities - Additional Information (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Other assets-Other / Other liabilities | |||
Amortization expenses | ¥ 4,979 | ¥ 5,423 | ¥ 9,976 |
Indefinite-lived intangibles | ¥ 9,511 | ¥ 8,380 |
Other assets-Other _ Other l110
Other assets-Other / Other liabilities - Estimated Amortization Expenses for Next Five Years (Detail) ¥ in Millions | Mar. 31, 2015JPY (¥) |
Other assets-Other / Other liabilities | |
2,016 | ¥ 5,893 |
2,017 | 5,315 |
2,018 | 5,315 |
2,019 | 3,920 |
2,020 | ¥ 2,616 |
Borrowings - Short-Term and Lon
Borrowings - Short-Term and Long-Term Borrowings (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2015 | Mar. 31, 2014 | |
Short-term borrowings [Abstract] | |||
Commercial paper | [1] | ¥ 252,858 | ¥ 246,866 |
Bank borrowings | [1] | 217,013 | 303,583 |
Other | [1] | 192,385 | 51,682 |
Total | [1] | 662,256 | 602,131 |
Long-term borrowings [Abstract] | |||
Long-term borrowings from banks and other financial institutions | [2] | 3,140,531 | 2,787,729 |
Bonds and notes issued | 5,062,242 | 5,257,772 | |
Subtotal | 8,202,773 | 8,045,501 | |
Trading balances of secured borrowings | 133,523 | 181,562 | |
Total | 8,336,296 | 8,227,063 | |
Fixed-rate obligations [Member] | Japanese yen denominated [Member] | |||
Long-term borrowings [Abstract] | |||
Bonds and notes issued | [3] | 1,528,529 | 1,432,388 |
Fixed-rate obligations [Member] | Non-Japanese yen denominated [Member] | |||
Long-term borrowings [Abstract] | |||
Bonds and notes issued | [3] | 1,102,125 | 1,340,495 |
Floating-rate obligations [Member] | Japanese yen denominated [Member] | |||
Long-term borrowings [Abstract] | |||
Bonds and notes issued | [3] | 465,296 | 324,279 |
Floating-rate obligations [Member] | Non-Japanese yen denominated [Member] | |||
Long-term borrowings [Abstract] | |||
Bonds and notes issued | [3] | 150,055 | 85,805 |
Index / Equity-linked obligations [Member] | Japanese yen denominated [Member] | |||
Long-term borrowings [Abstract] | |||
Bonds and notes issued | [3] | 1,017,380 | 1,367,051 |
Index / Equity-linked obligations [Member] | Non-Japanese yen denominated [Member] | |||
Long-term borrowings [Abstract] | |||
Bonds and notes issued | [3] | ¥ 798,857 | ¥ 707,754 |
[1] | Includes secured borrowings of \10,715 million as of March 31, 2014 and \17,284 million as of March 31, 2015. | ||
[2] | Includes secured borrowings of \139,270 million as of March 31, 2014 and \251,486 million as of March 31, 2015. | ||
[3] | Includes secured borrowings of \423,994 million as of March 31, 2014 and \749,839 million as of March 31, 2015. |
Borrowings - Short-Term and 112
Borrowings - Short-Term and Long-Term Borrowings (Parenthetical) (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2015 | Mar. 31, 2014 |
Long-term borrowings from banks and other financial institutions [Member] | ||
Schedule of Borrowings [Line Items] | ||
Secured borrowings | ¥ 251,486 | ¥ 139,270 |
Bonds and notes issued [Member] | ||
Schedule of Borrowings [Line Items] | ||
Secured borrowings | 749,839 | 423,994 |
Short-term borrowings [Member] | ||
Schedule of Borrowings [Line Items] | ||
Secured borrowings | ¥ 17,284 | ¥ 10,715 |
Borrowings - Long-Term Borrowin
Borrowings - Long-Term Borrowings (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2015 | Mar. 31, 2014 | |
Borrowings | |||
Debt issued by the Company | ¥ 3,863,436 | ¥ 3,823,410 | |
Debt issued by subsidiaries-guaranteed by the Company | 1,885,256 | 2,372,412 | |
Debt issued by subsidiaries-not guaranteed by the Company | [1] | 2,587,604 | 2,031,241 |
Total | ¥ 8,336,296 | ¥ 8,227,063 | |
[1] | Includes trading balances of secured borrowings. |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Schedule of Borrowings [Line Items] | ||
Unutilized borrowing facilities | ¥ 15,000 | ¥ 65,000 |
Subordinated borrowings | ¥ 489,888 | ¥ 509,210 |
Fixed-rate obligations [Member] | ||
Schedule of Borrowings [Line Items] | ||
Long-term borrowings, Maturities start period | 2,015 | 2,014 |
Long-term borrowings, Maturities end period | 2,045 | 2,043 |
Long-term borrowings, Minimum interest rate | 0.00% | 0.00% |
Long-term borrowings, Maximum interest rate | 12.66% | 12.66% |
Floating-rate obligations [Member] | ||
Schedule of Borrowings [Line Items] | ||
Long-term borrowings, Maturities start period | 2,015 | 2,014 |
Long-term borrowings, Maturities end period | 2,052 | 2,052 |
Long-term borrowings, Minimum interest rate | 0.00% | 0.00% |
Long-term borrowings, Maximum interest rate | 9.02% | 6.18% |
Index / Equity-linked obligations [Member] | ||
Schedule of Borrowings [Line Items] | ||
Long-term borrowings, Maturities start period | 2,015 | 2,014 |
Long-term borrowings, Maturities end period | 2,045 | 2,044 |
Long-term borrowings, Minimum interest rate | 0.00% | 0.00% |
Long-term borrowings, Maximum interest rate | 28.50% | 28.50% |
Borrowings - Effective Weighted
Borrowings - Effective Weighted-Average Interest Rates of Borrowings (Detail) | Mar. 31, 2015 | Mar. 31, 2014 |
Schedule of Borrowings [Line Items] | ||
Short-term borrowings | 0.37% | 0.40% |
Long-term borrowings | 0.78% | 1.69% |
Fixed-rate obligations [Member] | ||
Schedule of Borrowings [Line Items] | ||
Long-term borrowings | 1.18% | 2.34% |
Floating-rate obligations [Member] | ||
Schedule of Borrowings [Line Items] | ||
Long-term borrowings | 0.82% | 0.86% |
Index / Equity-linked obligations [Member] | ||
Schedule of Borrowings [Line Items] | ||
Long-term borrowings | 0.34% | 1.72% |
Borrowings - Maturities of Long
Borrowings - Maturities of Long-Term Borrowings (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2015 | Mar. 31, 2014 |
Borrowings | ||
2,016 | ¥ 982,982 | |
2,017 | 995,463 | |
2,018 | 1,054,430 | |
2,019 | 1,084,714 | |
2,020 | 1,119,360 | |
2021 and thereafter | 2,965,824 | |
Subtotal | 8,202,773 | ¥ 8,045,501 |
Trading balances of secured borrowings | 133,523 | 181,562 |
Total | ¥ 8,336,296 | ¥ 8,227,063 |
Earnings per share - Summary of
Earnings per share - Summary of Amounts and Numbers Used in Calculation of Net Income Attributable to NHI Shareholders Per Share (Basic and Diluted) (Detail) - JPY (¥) ¥ / shares in Units, ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Basic- | |||
Basic-Net income attributable to NHI shareholders | ¥ 224,785 | ¥ 213,591 | ¥ 107,234 |
Basic-Weighted average number of shares outstanding | 3,645,514,878 | 3,709,830,989 | 3,692,795,953 |
Basic-Net income attributable to NHI shareholders per share | ¥ 61.66 | ¥ 57.57 | ¥ 29.04 |
Diluted- | |||
Diluted-Net income attributable to NHI shareholders | ¥ 224,726 | ¥ 213,561 | ¥ 107,181 |
Diluted-Weighted average number of shares outstanding | 3,743,690,088 | 3,826,496,369 | 3,777,360,671 |
Diluted-Net income attributable to NHI shareholders per share | ¥ 60.03 | ¥ 55.81 | ¥ 28.37 |
Earnings per share - Additional
Earnings per share - Additional Information (Detail) - shares | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Earnings per share | |||
Antidilutive stock options to purchase common shares | 9,745,800 | 8,967,300 | 10,880,700 |
Employee benefit plans - Additi
Employee benefit plans - Additional Information (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Number of years required for payment | 2 years | ||
Recognized asset for pension benefits | ¥ 10,652 | ¥ 10,441 | |
Excess percentage of the greater of the benefit obligation or the fair value of plan assets | 10.00% | ||
Average remaining service period of active participants | 11 years | ||
Accumulated benefit obligation | ¥ 240,858 | 233,885 | |
Fair value of plan assets | 233,837 | 220,873 | ¥ 191,674 |
Expected contributions to plans | 5,918 | ||
Contributions to the defined contribution pension plans | 3,488 | 3,425 | 3,600 |
Contributions to overseas defined contribution pension plans | 10,382 | 8,667 | 7,448 |
Health care benefit cost | 7,116 | 6,834 | 7,434 |
Level 1 [Member] | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Fair value of plan assets | 92,914 | 90,660 | |
Level 2 [Member] | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Fair value of plan assets | 85,585 | 106,158 | |
Level 3 [Member] | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Fair value of plan assets | ¥ 55,338 | 24,055 | ¥ 27,358 |
Equities [Member] | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Plan assets of domestic plans investments | 17.00% | ||
Fair value of plan assets | ¥ 23,665 | 26,730 | |
Equities [Member] | Level 1 [Member] | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Fair value of plan assets | ¥ 23,665 | ¥ 26,730 | |
Equities [Member] | Level 2 [Member] | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Fair value of plan assets | |||
Equities [Member] | Level 3 [Member] | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Fair value of plan assets | |||
Debt securities [Member] | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Plan assets of domestic plans investments | 45.00% | ||
Life insurance company general accounts [Member] | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Plan assets of domestic plans investments | 20.00% | ||
Fair value of plan assets | ¥ 48,989 | ¥ 42,735 | |
Life insurance company general accounts [Member] | Level 1 [Member] | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Fair value of plan assets | |||
Life insurance company general accounts [Member] | Level 2 [Member] | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Fair value of plan assets | ¥ 48,989 | ¥ 42,735 | |
Life insurance company general accounts [Member] | Level 3 [Member] | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Fair value of plan assets | |||
Other investments [Member] | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Plan assets of domestic plans investments | 18.00% | ||
Fair value of plan assets | ¥ 15,637 | ¥ 41,728 | |
Other investments [Member] | Level 1 [Member] | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Fair value of plan assets | |||
Other investments [Member] | Level 2 [Member] | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Fair value of plan assets | ¥ 15,637 | ¥ 41,728 | |
Other investments [Member] | Level 3 [Member] | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Fair value of plan assets | |||
Non-Japan plan [Member] | Level 1 [Member] | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Fair value of plan assets | ¥ 4,222 | ¥ 107 | |
Non-Japan plan [Member] | Level 2 [Member] | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Fair value of plan assets | 136 | 32,953 | |
Non-Japan plan [Member] | Level 3 [Member] | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Fair value of plan assets | 43,851 | 6,535 | |
Fair value of real estate funds and annuities | 43,851 | 6,535 | |
Amount of sales of Level 3 assets | ¥ 36,634 | ¥ 2,185 |
Employee benefit plans - Net Pe
Employee benefit plans - Net Periodic Benefit Cost of Defined Benefit Plans (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Employee benefit plans | |||
Service cost | ¥ 7,800 | ¥ 8,438 | ¥ 9,322 |
Interest cost | 3,090 | 3,441 | 4,302 |
Expected return on plan assets | (5,732) | (4,971) | (4,072) |
Amortization of net actuarial losses | 2,127 | 2,767 | 3,630 |
Amortization of prior service cost | (1,148) | (1,149) | (1,545) |
Net periodic benefit cost | ¥ 6,137 | ¥ 8,526 | ¥ 11,637 |
Employee benefit plans - Reconc
Employee benefit plans - Reconciliation of Changes in Projected Benefit Obligation and Fair Value of Plan Assets (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Change in projected benefit obligation: | |||
Projected benefit obligation at beginning of year | ¥ 233,885 | ¥ 234,399 | |
Service cost | 7,800 | 8,438 | ¥ 9,322 |
Interest cost | 3,090 | 3,441 | 4,302 |
Actuarial gain | 6,106 | (2,697) | |
Benefits paid | (10,070) | (9,708) | |
Acquisition, divestitures and other | 47 | 12 | |
Projected benefit obligation at end of year | 240,858 | 233,885 | 234,399 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 220,873 | 191,674 | |
Actual return on plan assets | 15,660 | 14,317 | |
Employer contributions | 5,914 | 23,278 | |
Benefits paid | (8,610) | (8,396) | |
Fair value of plan assets at end of year | 233,837 | 220,873 | ¥ 191,674 |
Funded status at end of year | (7,021) | (13,012) | |
Amounts recognized in the consolidated balance sheets | ¥ (7,021) | ¥ (13,012) |
Employee benefit plans - Projec
Employee benefit plans - Projected Benefit Obligation, Accumulated Benefit Obligation and Fair Value of Plan Assets for Pension Plans with ABO and PBO in Excess of Plan Assets (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2015 | Mar. 31, 2014 |
Plans with ABO in excess of plan assets: | ||
PBO | ¥ 29,643 | ¥ 27,160 |
ABO | ¥ 29,643 | ¥ 27,160 |
Fair value of plan assets | ||
Plans with PBO in excess of plan assets: | ||
PBO | ¥ 29,643 | ¥ 27,160 |
ABO | ¥ 29,643 | ¥ 27,160 |
Fair value of plan assets |
Employee benefit plans - Amount
Employee benefit plans - Amounts in Accumulated Other Comprehensive Income, Pre-Tax, That Have Not Yet Been Recognized as Components of Net Periodic Benefit Cost (Detail) ¥ in Millions | Mar. 31, 2015JPY (¥) |
Employee benefit plans | |
Net actuarial loss | ¥ 41,594 |
Net prior service cost | (9,385) |
Total | ¥ 32,209 |
Employee benefit plans - Amo124
Employee benefit plans - Amounts in Accumulated Other Comprehensive Income, Pre-Tax, Expected to be Recognized as Components of Net Periodic Benefit Cost Over Next Fiscal Year (Detail) ¥ in Millions | 12 Months Ended |
Mar. 31, 2016JPY (¥) | |
Employee benefit plans | |
Net actuarial loss | ¥ 1,451 |
Net prior service cost | (1,148) |
Total | ¥ 303 |
Employee benefit plans - Schedu
Employee benefit plans - Schedule of Weighted-Average Assumptions used to Determine PBO (Detail) | Mar. 31, 2015 | Mar. 31, 2014 |
Employee benefit plans | ||
Discount rate | 0.90% | 1.40% |
Rate of increase in compensation levels | 2.50% | 2.50% |
Employee benefit plans - Weight
Employee benefit plans - Weighted-Average Assumptions used to Determine Net Periodic Benefit Costs (Detail) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Employee benefit plans | |||
Discount rate | 1.40% | 1.40% | 1.50% |
Rate of increase in compensation levels | 2.50% | 2.50% | 2.50% |
Expected long-term rate of return on plan assets | 2.60% | 2.60% | 2.60% |
Employee benefit plans - Inform
Employee benefit plans - Information about Plan Assets at Fair Value (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |||
Pension plans, postretirement and other employee benefits [Line items] | ||||||
Fair value of plan assets | ¥ 233,837 | ¥ 220,873 | ¥ 191,674 | |||
Equities [Member] | ||||||
Pension plans, postretirement and other employee benefits [Line items] | ||||||
Fair value of plan assets | 23,665 | 26,730 | ||||
Private equity investments [Member] | ||||||
Pension plans, postretirement and other employee benefits [Line items] | ||||||
Fair value of plan assets | 6,793 | 12,235 | ||||
Japanese government securities [Member] | ||||||
Pension plans, postretirement and other employee benefits [Line items] | ||||||
Fair value of plan assets | 67,066 | 62,088 | ||||
Bank and corporate debt securities [Member] | ||||||
Pension plans, postretirement and other employee benefits [Line items] | ||||||
Fair value of plan assets | 4,685 | 4,154 | ||||
Investment trust funds and other [Member] | ||||||
Pension plans, postretirement and other employee benefits [Line items] | ||||||
Fair value of plan assets | [1] | 67,002 | 31,203 | |||
Life insurance company general accounts [Member] | ||||||
Pension plans, postretirement and other employee benefits [Line items] | ||||||
Fair value of plan assets | 48,989 | 42,735 | ||||
Other assets [Member] | ||||||
Pension plans, postretirement and other employee benefits [Line items] | ||||||
Fair value of plan assets | 15,637 | 41,728 | ||||
Level 1 [Member] | ||||||
Pension plans, postretirement and other employee benefits [Line items] | ||||||
Fair value of plan assets | 92,914 | 90,660 | ||||
Level 1 [Member] | Equities [Member] | ||||||
Pension plans, postretirement and other employee benefits [Line items] | ||||||
Fair value of plan assets | ¥ 23,665 | ¥ 26,730 | ||||
Level 1 [Member] | Private equity investments [Member] | ||||||
Pension plans, postretirement and other employee benefits [Line items] | ||||||
Fair value of plan assets | ||||||
Level 1 [Member] | Japanese government securities [Member] | ||||||
Pension plans, postretirement and other employee benefits [Line items] | ||||||
Fair value of plan assets | ¥ 67,066 | ¥ 62,088 | ||||
Level 1 [Member] | Bank and corporate debt securities [Member] | ||||||
Pension plans, postretirement and other employee benefits [Line items] | ||||||
Fair value of plan assets | ¥ 2,183 | ¥ 1,842 | ||||
Level 1 [Member] | Investment trust funds and other [Member] | ||||||
Pension plans, postretirement and other employee benefits [Line items] | ||||||
Fair value of plan assets | ||||||
Level 1 [Member] | Life insurance company general accounts [Member] | ||||||
Pension plans, postretirement and other employee benefits [Line items] | ||||||
Fair value of plan assets | ||||||
Level 1 [Member] | Other assets [Member] | ||||||
Pension plans, postretirement and other employee benefits [Line items] | ||||||
Fair value of plan assets | ||||||
Level 2 [Member] | ||||||
Pension plans, postretirement and other employee benefits [Line items] | ||||||
Fair value of plan assets | ¥ 85,585 | ¥ 106,158 | ||||
Level 2 [Member] | Equities [Member] | ||||||
Pension plans, postretirement and other employee benefits [Line items] | ||||||
Fair value of plan assets | ||||||
Level 2 [Member] | Private equity investments [Member] | ||||||
Pension plans, postretirement and other employee benefits [Line items] | ||||||
Fair value of plan assets | ||||||
Level 2 [Member] | Japanese government securities [Member] | ||||||
Pension plans, postretirement and other employee benefits [Line items] | ||||||
Fair value of plan assets | ||||||
Level 2 [Member] | Bank and corporate debt securities [Member] | ||||||
Pension plans, postretirement and other employee benefits [Line items] | ||||||
Fair value of plan assets | ¥ 2,502 | ¥ 2,312 | ||||
Level 2 [Member] | Investment trust funds and other [Member] | ||||||
Pension plans, postretirement and other employee benefits [Line items] | ||||||
Fair value of plan assets | [1] | 18,457 | 19,383 | |||
Level 2 [Member] | Life insurance company general accounts [Member] | ||||||
Pension plans, postretirement and other employee benefits [Line items] | ||||||
Fair value of plan assets | 48,989 | 42,735 | ||||
Level 2 [Member] | Other assets [Member] | ||||||
Pension plans, postretirement and other employee benefits [Line items] | ||||||
Fair value of plan assets | 15,637 | 41,728 | ||||
Level 3 [Member] | ||||||
Pension plans, postretirement and other employee benefits [Line items] | ||||||
Fair value of plan assets | ¥ 55,338 | ¥ 24,055 | 27,358 | |||
Level 3 [Member] | Equities [Member] | ||||||
Pension plans, postretirement and other employee benefits [Line items] | ||||||
Fair value of plan assets | ||||||
Level 3 [Member] | Private equity investments [Member] | ||||||
Pension plans, postretirement and other employee benefits [Line items] | ||||||
Fair value of plan assets | ¥ 6,793 | ¥ 12,235 | 12,323 | |||
Level 3 [Member] | Japanese government securities [Member] | ||||||
Pension plans, postretirement and other employee benefits [Line items] | ||||||
Fair value of plan assets | ||||||
Level 3 [Member] | Bank and corporate debt securities [Member] | ||||||
Pension plans, postretirement and other employee benefits [Line items] | ||||||
Fair value of plan assets | ||||||
Level 3 [Member] | Investment trust funds and other [Member] | ||||||
Pension plans, postretirement and other employee benefits [Line items] | ||||||
Fair value of plan assets | ¥ 48,545 | [1] | ¥ 11,820 | [1] | ¥ 15,035 | |
Level 3 [Member] | Life insurance company general accounts [Member] | ||||||
Pension plans, postretirement and other employee benefits [Line items] | ||||||
Fair value of plan assets | ||||||
Level 3 [Member] | Other assets [Member] | ||||||
Pension plans, postretirement and other employee benefits [Line items] | ||||||
Fair value of plan assets | ||||||
[1] | Includes hedge funds and real estate funds. |
Employee benefit plans - Inf128
Employee benefit plans - Information about Plan Assets for which Level 3 Inputs are Utilized to Determine Fair Value (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | |||
Pension plans, postretirement and other employee benefits [Line items] | ||||
Fair value of plan assets at beginning of year | ¥ 220,873 | ¥ 191,674 | ||
Fair value of plan assets at end of year | 233,837 | 220,873 | ||
Private equity investments [Member] | ||||
Pension plans, postretirement and other employee benefits [Line items] | ||||
Fair value of plan assets at beginning of year | 12,235 | |||
Fair value of plan assets at end of year | 6,793 | 12,235 | ||
Investment trust funds and other [Member] | ||||
Pension plans, postretirement and other employee benefits [Line items] | ||||
Fair value of plan assets at beginning of year | [1] | 31,203 | ||
Fair value of plan assets at end of year | [1] | 67,002 | 31,203 | |
Level 3 [Member] | ||||
Pension plans, postretirement and other employee benefits [Line items] | ||||
Fair value of plan assets at beginning of year | 24,055 | 27,358 | ||
Unrealized and realized gains / loss | 1,789 | 1,583 | ||
Purchases / sales and other settlement | 29,494 | (4,886) | ||
Fair value of plan assets at end of year | 55,338 | 24,055 | ||
Level 3 [Member] | Private equity investments [Member] | ||||
Pension plans, postretirement and other employee benefits [Line items] | ||||
Fair value of plan assets at beginning of year | 12,235 | 12,323 | ||
Unrealized and realized gains / loss | (2,147) | 1,550 | ||
Purchases / sales and other settlement | (3,295) | (1,638) | ||
Fair value of plan assets at end of year | 6,793 | 12,235 | ||
Level 3 [Member] | Investment trust funds and other [Member] | ||||
Pension plans, postretirement and other employee benefits [Line items] | ||||
Fair value of plan assets at beginning of year | 11,820 | [1] | 15,035 | |
Unrealized and realized gains / loss | 3,936 | 33 | ||
Purchases / sales and other settlement | 32,789 | (3,248) | ||
Fair value of plan assets at end of year | [1] | ¥ 48,545 | ¥ 11,820 | |
[1] | Includes hedge funds and real estate funds. |
Employee benefit plans - Expect
Employee benefit plans - Expected Benefit Payments (Detail) ¥ in Millions | Mar. 31, 2015JPY (¥) |
Employee benefit plans | |
2,016 | ¥ 12,191 |
2,017 | 14,115 |
2,018 | 14,606 |
2,019 | 14,769 |
2,020 | 13,672 |
2021-2025 | ¥ 69,034 |
Deferred compensation plans - A
Deferred compensation plans - Additional Information (Detail) ¥ / shares in Units, ¥ in Millions | May. 31, 2015JPY (¥) | May. 18, 2015¥ / sharesshares | Mar. 31, 2015JPY (¥)¥ / shares | Mar. 31, 2014JPY (¥)¥ / shares | Mar. 31, 2013JPY (¥)¥ / shares |
SAR Plan A [Member] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Stock option plans exercisable after grant date | 2 years | ||||
Stock option plans expire after grant date | 7 years | ||||
Weighted-average amounts on the grant date fair value of options granted | ¥ / shares | ¥ 201 | ¥ 272 | ¥ 78 | ||
Total intrinsic values, exercised | ¥ 401 | ¥ 591 | ¥ 2 | ||
Aggregate intrinsic values, outstanding | 2,068 | ||||
Aggregate intrinsic values, exercisable | 2,068 | ||||
Total unrecognized compensation cost, based on fair value | ¥ 647 | ||||
Weighted-average period for recognizing unrecognized compensation cost (in years) | 1 year 6 months | ||||
Total fair value of awards vested | ¥ 1,211 | 1,403 | 0 | ||
SAR Plan B [Member] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Total intrinsic values, exercised | 23,673 | ¥ 33,951 | ¥ 15,299 | ||
Aggregate intrinsic values, outstanding | 70,794 | ||||
Aggregate intrinsic values, exercisable | 15,986 | ||||
Total unrecognized compensation cost, based on fair value | ¥ 5,902 | ||||
Weighted-average period for recognizing unrecognized compensation cost (in years) | 1 year 8 months | ||||
Exercise price per share | ¥ / shares | ¥ 1 | ||||
Weighted-average grant date fair value per share | ¥ / shares | ¥ 483 | ¥ 782 | ¥ 298 | ||
Total fair value of awards vested | ¥ 27,667 | ¥ 34,943 | ¥ 3,624 | ||
SAR Plan B [Member] | Subsequent event [Member] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Stock option plans expire after grant date | 5 years | ||||
Exercise price per share | ¥ / shares | ¥ 1 | ||||
Day of allotment | Jun. 5, 2015 | ||||
Total number of SARs issued | 255,813 | ||||
Total number of SARs issued, shares | shares | 25,581,300 | ||||
SAR Plan B [Member] | Minimum [Member] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Stock option plans exercisable after grant date | 6 months | ||||
Stock option plans expire after grant date | 5 years 6 months | ||||
SAR Plan B [Member] | Minimum [Member] | Subsequent event [Member] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Vesting period | 6 months | ||||
SAR Plan B [Member] | Maximum [Member] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Stock option plans expire after grant date | 10 years | ||||
SAR Plan B [Member] | Maximum [Member] | Subsequent event [Member] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Vesting period | 3 years | ||||
SAR Plan A and SAR Plan B [Member] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Total compensation expense recognized within Non-interest expenses-Compensation and benefits | ¥ 19,364 | 19,458 | 19,091 | ||
Cash received from exercise of compensation plans | 387 | ||||
Tax benefit realized from exercise of deferred compensation | 2,620 | ||||
NSUs and CSUs [Member] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Total compensation expense recognized within Non-interest expenses-Compensation and benefits | ¥ 39,366 | 37,396 | 33,286 | ||
NSUs and CSUs [Member] | Maximum [Member] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Deferred compensation arrangement by share-based payment award, award vesting period | 5 years | ||||
NSUs [Member] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Total unrecognized compensation cost, based on fair value | ¥ 4,144 | ||||
Weighted-average period for recognizing unrecognized compensation cost (in years) | 11 months | ||||
Total fair value of awards vested | ¥ 20,116 | 23,066 | 14,045 | ||
CSUs [Member] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Total unrecognized compensation cost, based on fair value | ¥ 4,360 | ||||
Weighted-average period for recognizing unrecognized compensation cost (in years) | 1 year | ||||
Total fair value of awards vested | ¥ 15,762 | 17,868 | 10,959 | ||
MYPD awards [Member] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Total compensation expense recognized within Non-interest expenses-Compensation and benefits | 1,633 | 2,864 | |||
SAR Plan A, SAR Plan B and MYPD awards [Member] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Tax benefits recognized in earnings for compensation expense | 1,422 | 1,992 | 1,081 | ||
NIUs [Member] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Total unrecognized compensation cost, based on fair value | ¥ 2,926 | ||||
Weighted-average period for recognizing unrecognized compensation cost (in years) | 1 year | ||||
Total fair value of awards vested | ¥ 12,966 | 14,651 | 8,224 | ||
Total compensation expense recognized within Non-interest expenses-Compensation and benefits | ¥ 12,900 | 15,388 | 8,266 | ||
NIUs [Member] | Maximum [Member] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Deferred compensation arrangement by share-based payment award, award vesting period | 5 years | ||||
NSUs, CSUs and NIUs [Member] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Tax benefits recognized in earnings for compensation expense | ¥ 1,252 | ¥ 1,767 | ¥ 1,773 | ||
NSUs, CSUs and NIUs [Member] | Subsequent event [Member] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Total grant date fair value | ¥ 41,000 | ||||
NSUs, CSUs and NIUs [Member] | Maximum [Member] | Subsequent event [Member] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Vesting period | 3 years |
Deferred compensation plans - S
Deferred compensation plans - SAR Plan A, Weighted-Average Assumptions (Detail) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Deferred compensation plans | |||
Expected volatility | 45.26% | 45.97% | 43.11% |
Expected dividends yield | 2.39% | 1.00% | 2.12% |
Expected lives (in years) | 7 years | 7 years | 7 years |
Risk-free interest rate | 0.43% | 0.51% | 0.45% |
Deferred compensation plans 132
Deferred compensation plans - Activity Relating to SAR Plan A (Detail) - SAR Plan A [Member] - ¥ / shares | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Outstanding | ||
Outstanding (number of shares), Outstanding, Beginning | 15,959,500 | |
Outstanding (number of shares), Granted | 2,728,500 | |
Outstanding (number of shares), Exercised | (1,073,200) | |
Outstanding (number of shares), Forfeited | (59,400) | |
Outstanding (number of shares), Expired | (1,906,000) | |
Outstanding (number of shares), Outstanding, Ending | 15,649,400 | 15,959,500 |
Outstanding (number of shares), Exercisable, Ending | 10,223,600 | |
Weighted-average exercise price | ||
Weighted-average exercise price, Outstanding, Beginning | ¥ 791 | |
Weighted-average exercise price, Granted | 747 | |
Weighted-average exercise price, Exercised | 328 | |
Weighted-average exercise price, Forfeited | 883 | |
Weighted-average exercise price, Expired | 1,874 | |
Weighted-average exercise price, Outstanding, Ending | 683 | ¥ 791 |
Weighted-average exercise price, Exercisable, Ending | ¥ 624 | |
Weighted-average remaining life until expiry (years) | ||
Weighted-average remaining life until expiry (years), Outstanding | 3 years 10 months | 3 years 10 months |
Weighted-average remaining life until expiry (years), Exercisable | 2 years 6 months |
Deferred compensation plans 133
Deferred compensation plans - Activity Relating to SAR Plan B (Detail) - SAR Plan B [Member] - ¥ / shares | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | ||
Outstanding | |||
Outstanding (number of shares), Outstanding, Beginning | 92,621,100 | ||
Outstanding (number of shares), Granted | [1] | 44,339,900 | |
Outstanding (number of shares), Exercised | (35,387,800) | ||
Outstanding (number of shares), Forfeited | (1,176,500) | ||
Outstanding (number of shares), Expired | (7,700) | ||
Outstanding (number of shares), Outstanding, Ending | 100,389,000 | 92,621,100 | |
Outstanding (number of shares), Exercisable, Ending | 22,668,800 | ||
Weighted-Average grant date fair value per share | |||
Weighted-average grant date fair value per share, Outstanding, Beginning | ¥ 474 | ||
Weighted-average grant date fair value per share, Granted | 483 | ||
Weighted-average grant date fair value per share, Exercised | 471 | ||
Weighted-average grant date fair value per share, Forfeited | 498 | ||
Weighted-average grant date fair value per share, Expired | 2,358 | ||
Weighted-average grant date fair value per share, Outstanding, Ending | 478 | ¥ 474 | |
Weighted-average grant date fair value per share, Exercisable, Ending | ¥ 453 | ||
Weighted-average remaining life until expiry (years) | |||
Weighted-average remaining life until expiry (years), Outstanding | 5 years 5 months | 5 years 4 months | |
Weighted-average remaining life until expiry (years), Exercisable | 3 years 6 months | ||
[1] | SAR Plan B awards granted during the year ended March 31, 2015 include awards granted through MYPD awards. These awards relate to a total of 18,315,000 outstanding Nomura shares with a weighted average grant date fair value of \298 per share. |
Deferred compensation plans 134
Deferred compensation plans - Activity Relating to SAR Plan B (Parenthetical) (Detail) - Mar. 31, 2015 - SAR Plan B [Member] - ¥ / shares | Total |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of awards granted through MYPD awards | 18,315,000 |
Weighted-average grant date fair value per share | ¥ 298 |
Deferred compensation plans 135
Deferred compensation plans - Activity Related to NSUs and CSUs (Detail) - 12 months ended Mar. 31, 2015 - ¥ / shares | Total | |
NSUs [Member] | ||
Outstanding | ||
Outstanding (number of units), Beginning | 51,695,211 | |
Outstanding (number of units), Granted | [1] | 29,845,622 |
Outstanding (number of units), Vested | (31,829,763) | |
Outstanding (number of units), Forfeited | (1,591,537) | |
Outstanding (number of units), Ending | 48,119,533 | |
Stock price | ||
Stock price, Beginning | ¥ 652 | |
Stock price, Granted | [2] | 623 |
Stock price, Vested | [3] | 632 |
Stock price, Ending | [4] | ¥ 693 |
CSUs [Member] | ||
Outstanding | ||
Outstanding (number of units), Beginning | 50,697,928 | |
Outstanding (number of units), Granted | 23,863,468 | |
Outstanding (number of units), Vested | (31,863,838) | |
Outstanding (number of units), Forfeited | (1,516,480) | |
Outstanding (number of units), Ending | 41,181,078 | |
Stock price | ||
Stock price, Beginning | ¥ 429 | |
Stock price, Granted | [2] | 674 |
Stock price, Vested | [3] | 495 |
Stock price, Ending | [4] | ¥ 524 |
[1] | NSUs granted during the year ended March 31, 2015 include awards granted through MYPD awards. A total of 5,389,800 NSU units were granted with a weighted-average grant date fair value of \615 per share. | |
[2] | Weighted-average price of the Company's common stock used to determine number of awards granted. | |
[3] | Weighted-average price of the Company's common stock used to determine the final cash settlement amount of the awards. | |
[4] | The price of the Company's common stock used to remeasure the fair value of the remaining outstanding unvested awards as of March 31, 2015. |
Deferred compensation plans 136
Deferred compensation plans - Activity Related to NSUs and CSUs (Parenthetical) (Detail) - Mar. 31, 2015 - NSUs [Member] - ¥ / shares | Total |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of awards granted through MYPD awards | 5,389,800 |
Weighted-average grant date fair value per share | ¥ 615 |
Deferred compensation plans 137
Deferred compensation plans - Activity Related to MYPD Awards (Detail) - 12 months ended Mar. 31, 2015 - MYPD awards [Member] - ¥ / shares | Total | |
Outstanding | ||
Outstanding (number of shares), Outstanding, Beginning | [1] | 25,766,250 |
Outstanding (number of shares), Forfeited | (2,061,450) | |
Converted to SAR Plan B awards and NSUs, Outstanding (number of shares) | [2] | (23,704,800) |
Outstanding (number of shares), Outstanding, Ending | ||
Weighted Average grant date fair value per share | ||
Weighted Average grant date fair value per share, Beginning | ¥ 298 | |
Converted to SAR Plan B awards and NSUs, Weighted Average grant date fair value per share | ¥ 298 | |
Weighted Average grant date fair value per share, Ending | ||
[1] | Based on the probable number of SAR Plan B awards and NSUs which were expected to be issued on conversion of notional performance units at the end of the performance period. | |
[2] | Represents the actual number of SAR Plan B awards and NSUs which were granted on conversion of notional performance units during the year. |
Deferred compensation plans 138
Deferred compensation plans - Activity Relating to NIUs (Detail) - 12 months ended Mar. 31, 2015 - NIUs [Member] - $ / shares | Total | |
Outstanding | ||
Outstanding (number of units), Beginning | 37,102,579 | |
Outstanding (number of units), Granted | 23,536,020 | |
Outstanding (number of units), Vested | (25,680,065) | |
Outstanding (number of units), Forfeited | (1,511,292) | |
Outstanding (number of units), Ending | 33,447,242 | |
Index price | ||
Index price, Beginning | [1] | $ 4,354 |
Index price, Granted | [1],[2] | 4,501 |
Index price, Vested | [1],[3] | 4,601 |
Index price, Ending | [1],[4] | $ 4,650 |
[1] | The price of each unit is determined using 1/1000th of the index price. | |
[2] | Weighted-average index price used to determine number of awards granted. | |
[3] | Weighted-average index price used to determine the final cash settlement amount of the awards. | |
[4] | Index price used to remeasure the total fair value of the remaining outstanding unvested awards as of March 31, 2015. |
Deferred compensation plans 139
Deferred compensation plans - Activity Relating to NIUs (Parenthetical) (Detail) | Mar. 31, 2015 |
Deferred compensation plans | |
Indicator of determination of price of the each units | 0.001 |
Restructuring initiatives - Add
Restructuring initiatives - Additional Information (Detail) - Wholesale division [Member] - JPY (¥) ¥ in Millions | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Restructuring Initiatives [Line Items] | ||
Restructuring costs | ¥ 2,650 | |
Restructuring costs in total | ¥ 18,238 | |
Liabilities relating to restructuring costs including currency translation adjustments | 2,326 | ¥ 3,760 |
Restructuring costs settled | ¥ 1,704 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Current | |||
Domestic, Current | ¥ 80,760 | ¥ 21,558 | ¥ 71,918 |
Foreign, Current | 13,531 | 6,546 | 6,164 |
Subtotal, Current | 94,291 | 28,104 | 78,082 |
Deferred | |||
Domestic, Deferred | 23,309 | 109,037 | 55,257 |
Foreign, Deferred | 3,180 | 8,024 | (1,300) |
Subtotal, Deferred | 26,489 | 117,061 | 53,957 |
Total, Income Tax Expense (Benefit) | ¥ 120,780 | ¥ 145,165 | ¥ 132,039 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Income Taxes [Line Items] | |||
Income tax benefit recognized from net operating losses | ¥ 3,888 | ¥ 26,990 | ¥ 2,944 |
Domestic effective statutory tax rate | 36.00% | 38.00% | 38.00% |
Decrease in net deferred tax liabilities | ¥ 4,674 | ||
Net deferred tax assets included in Other assets-Other | 19,718 | ¥ 22,018 | |
Net deferred tax liabilities included in Other liabilities | 71,165 | ¥ 34,739 | |
Undistributed earnings, No deferred tax provided | 2,853 | ||
Operating loss carryforwards | 2,099,334 | ||
Company and domestic subsidiaries | Domestic | |||
Income Taxes [Line Items] | |||
Operating loss carryforwards | 589,272 | ||
Subsidiaries [Member] | United Kingdom | |||
Income Taxes [Line Items] | |||
Operating loss carryforwards | 742,535 | ||
Subsidiaries [Member] | United States | |||
Income Taxes [Line Items] | |||
Operating loss carryforwards | 484,573 | ||
Subsidiaries [Member] | Hong Kong | |||
Income Taxes [Line Items] | |||
Operating loss carryforwards | 202,806 | ||
Subsidiaries [Member] | Other tax jurisdictions | |||
Income Taxes [Line Items] | |||
Operating loss carryforwards | 80,148 | ||
Indefinitely [Member] | |||
Income Taxes [Line Items] | |||
Operating loss carryforwards | 1,021,835 | ||
Initial term [Member] | |||
Income Taxes [Line Items] | |||
Operating loss carryforwards | ¥ 760,972 | ||
Expiration year | Mar. 31, 2024 | ||
Next term [Member] | |||
Income Taxes [Line Items] | |||
Operating loss carryforwards | ¥ 316,527 | ||
Tax Year 2015 [Member] | |||
Income Taxes [Line Items] | |||
Domestic effective statutory tax rate | 33.00% | ||
Percentage of use of operating loss carryforwards as a deduction for tax purposes | 65.00% | ||
Tax Year 2016 [Member] | |||
Income Taxes [Line Items] | |||
Domestic effective statutory tax rate | 32.00% | ||
Tax Year 2017 [Member] | |||
Income Taxes [Line Items] | |||
Percentage of use of operating loss carryforwards as a deduction for tax purposes | 50.00% |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate Reflected in Consolidated Statements of Income (Detail) | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Income taxes | |||
Our effective statutory tax rate | 36.00% | 38.00% | 38.00% |
Changes in deferred tax valuation allowance | 5.10% | (9.80%) | (0.70%) |
Additional taxable revenues | 0.30% | 0.40% | 1.50% |
Non-deductible expenses | 5.90% | 7.70% | 12.90% |
Non-taxable revenue | (4.70%) | (8.00%) | (9.30%) |
Dividends from foreign subsidiaries | 0.00% | 0.20% | |
Tax effect of undistributed earnings of foreign subsidiaries | 0.00% | 3.50% | 0.20% |
Different tax rate applicable to income (loss) of foreign subsidiaries | (1.40%) | 6.30% | 10.00% |
Effect of changes in domestic tax laws | (1.40%) | 0.60% | 0.90% |
Expiration of loss carryforwards | 0.00% | 0.70% | 1.30% |
Tax benefit recognized on the devaluation of investment in subsidiaries and affiliates | 1.40% | ||
Other | (5.00%) | (0.70%) | 0.50% |
Effective tax rate | 34.80% | 40.10% | 55.50% |
Income Taxes - Details of Defer
Income Taxes - Details of Deferred Tax Assets and Liabilities (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Deferred tax assets | ||||
Depreciation, amortization and valuation of fixed assets | ¥ 14,692 | ¥ 12,604 | ||
Investments in subsidiaries and affiliates | 33,553 | 54,678 | ||
Valuation of financial instruments | 56,566 | 46,321 | ||
Accrued pension and severance costs | 10,335 | 7,850 | ||
Other accrued expenses and provisions | 123,567 | 102,922 | ||
Operating losses | 466,531 | 437,899 | ||
Other | 4,356 | 3,991 | ||
Gross deferred tax assets | 709,600 | 666,265 | ||
Less-Valuation allowance | (565,103) | (490,603) | ¥ (522,220) | ¥ (490,986) |
Total deferred tax assets | 144,497 | 175,662 | ||
Deferred tax liabilities | ||||
Investments in subsidiaries and affiliates | 109,087 | 107,020 | ||
Valuation of financial instruments | 56,808 | 54,524 | ||
Undistributed earnings of foreign subsidiaries | 735 | 736 | ||
Valuation of fixed assets | 20,644 | 21,204 | ||
Other | 8,670 | 4,899 | ||
Total deferred tax liabilities | 195,944 | 188,383 | ||
Net deferred tax assets (liabilities) | ¥ (51,447) | ¥ (12,721) |
Income Taxes - Changes in Valua
Income Taxes - Changes in Valuation Allowance for Deferred Tax Assets (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | |||||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | ||||
Income taxes | ||||||
Balance at beginning of year | ¥ 490,603 | ¥ 522,220 | ¥ 490,986 | |||
Net change during the year | 74,500 | [1] | (31,617) | [2] | 31,234 | [3] |
Balance at end of year | ¥ 565,103 | ¥ 490,603 | ¥ 522,220 | |||
[1] | Primarily includes \85,403 million of additional full valuation allowances established by certain foreign subsidiaries against additional operating loss carryforwards generated during the period as a result of additional taxable losses being incurred by such subsidiaries, offset by a reduction of \2,921 million of valuation allowances of certain foreign subsidiaries and a reduction of \7,982 million related to Japanese subsidiaries and the Company because of decrease in valuation allowances related to operating loss carryforwards due to the effect of changes in domestic tax laws. In total, \74,500 million of allowances increased for the year ended March 31, 2015. | |||||
[2] | Primarily includes \29,134 million of additional full valuation allowances established by certain foreign subsidiaries against additional operating loss carryforwards generated during the period as a result of additional taxable losses being incurred by such subsidiaries, offset by a reduction of \47,263 million of valuation allowances related to the liquidation of certain foreign subsidiaries and a reduction of \13,488 million of valuation allowances established by the Company and domestic subsidiaries because of changes in the expected realization of deferred tax assets other than those related to operating loss carryforwards. In total, \31,617 million of allowances decreased for the year ended March 31, 2014. | |||||
[3] | Primarily includes \52,862 million of additional full valuation allowances established by certain foreign subsidiaries against additional operating loss carryforwards generated during the period as a result of additional taxable losses being incurred by such subsidiaries, \1,275 million of additional valuation allowances established against deferred tax assets of certain Japanese subsidiaries and the Company, offset by a reduction of \22,903 million of valuation allowances relating to the deconsolidation of NREH. In total, \31,234 million of allowances increased for the year ended March 31, 2013. |
Income Taxes - Changes in Va146
Income Taxes - Changes in Valuation Allowance for Deferred Tax Assets (Parenthetical) (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | |||||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | ||||
Income taxes | ||||||
Additional operating loss carryforwards | ¥ 85,403 | ¥ 29,134 | ¥ 52,862 | |||
Deconsolidation of subsidiaries | (22,903) | |||||
Liquidation of subsidiaries | (47,263) | |||||
Certain foreign subsidiaries | (2,921) | |||||
Changes in the expected realization of deferred tax assets | (7,982) | (13,488) | 1,275 | |||
Total, Net change during the year | ¥ 74,500 | [1] | ¥ (31,617) | [2] | ¥ 31,234 | [3] |
[1] | Primarily includes \85,403 million of additional full valuation allowances established by certain foreign subsidiaries against additional operating loss carryforwards generated during the period as a result of additional taxable losses being incurred by such subsidiaries, offset by a reduction of \2,921 million of valuation allowances of certain foreign subsidiaries and a reduction of \7,982 million related to Japanese subsidiaries and the Company because of decrease in valuation allowances related to operating loss carryforwards due to the effect of changes in domestic tax laws. In total, \74,500 million of allowances increased for the year ended March 31, 2015. | |||||
[2] | Primarily includes \29,134 million of additional full valuation allowances established by certain foreign subsidiaries against additional operating loss carryforwards generated during the period as a result of additional taxable losses being incurred by such subsidiaries, offset by a reduction of \47,263 million of valuation allowances related to the liquidation of certain foreign subsidiaries and a reduction of \13,488 million of valuation allowances established by the Company and domestic subsidiaries because of changes in the expected realization of deferred tax assets other than those related to operating loss carryforwards. In total, \31,617 million of allowances decreased for the year ended March 31, 2014. | |||||
[3] | Primarily includes \52,862 million of additional full valuation allowances established by certain foreign subsidiaries against additional operating loss carryforwards generated during the period as a result of additional taxable losses being incurred by such subsidiaries, \1,275 million of additional valuation allowances established against deferred tax assets of certain Japanese subsidiaries and the Company, offset by a reduction of \22,903 million of valuation allowances relating to the deconsolidation of NREH. In total, \31,234 million of allowances increased for the year ended March 31, 2013. |
Income Taxes - Summarizes Major
Income Taxes - Summarizes Major Jurisdictions Subject to Examination (Detail) | 12 Months Ended | |
Mar. 31, 2015 | ||
Japan | ||
Income Tax Contingency [Line Items] | ||
Income tax examination, year(s) under examination | [1] | 2,010 |
United Kingdom | ||
Income Tax Contingency [Line Items] | ||
Income tax examination, year(s) under examination | 2,014 | |
United States | ||
Income Tax Contingency [Line Items] | ||
Income tax examination, year(s) under examination | 2,012 | |
[1] | The earliest year in which Nomura remains subject to examination for transfer pricing issues is 2009. |
Income Taxes - Summarizes Ma148
Income Taxes - Summarizes Major Jurisdictions Subject to Examination (Parenthetical) (Detail) | 12 Months Ended |
Mar. 31, 2015 | |
Japan | |
Income Tax Contingency [Line Items] | |
Earliest year for transfer pricing taxation under examination | 2,009 |
Other comprehensive income (149
Other comprehensive income (loss) - Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Accumulated other comprehensive income (loss) [Line Items] | ||
Balance at beginning of year | ¥ 20,636 | ¥ (57,395) |
Other comprehensive income (loss) before reclassifications | 130,035 | 78,757 |
Reclassifications out of accumulated other comprehensive income (loss) | (6,932) | (726) |
Net change during the year | 123,103 | 78,031 |
Balance at end of year | 143,739 | 20,636 |
Cumulative translation adjustments [Member] | ||
Accumulated other comprehensive income (loss) [Line Items] | ||
Balance at beginning of year | 27,704 | (38,875) |
Other comprehensive income (loss) before reclassifications | 110,679 | 66,707 |
Reclassifications out of accumulated other comprehensive income (loss) | (5,012) | (128) |
Net change during the year | 105,667 | 66,579 |
Balance at end of year | 133,371 | 27,704 |
Pension liability adjustment [Member] | ||
Accumulated other comprehensive income (loss) [Line Items] | ||
Balance at beginning of year | (18,809) | (28,518) |
Other comprehensive income (loss) before reclassifications | 2,768 | 8,708 |
Reclassifications out of accumulated other comprehensive income (loss) | 637 | 1,001 |
Net change during the year | 3,405 | 9,709 |
Balance at end of year | (15,404) | (18,809) |
Net unrealized gain on non-trading securities [Member] | ||
Accumulated other comprehensive income (loss) [Line Items] | ||
Balance at beginning of year | 11,741 | 9,998 |
Other comprehensive income (loss) before reclassifications | 16,588 | 3,342 |
Reclassifications out of accumulated other comprehensive income (loss) | (2,557) | (1,599) |
Net change during the year | 14,031 | 1,743 |
Balance at end of year | ¥ 25,772 | ¥ 11,741 |
Other comprehensive income (150
Other comprehensive income (loss) - Significant reclassifications out of Accumulated other comprehensive income (loss) (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Affected line items in consolidated statements of income [Line Items] | |||
Revenue - Other | ¥ 175,702 | ¥ 179,485 | ¥ 708,767 |
Income tax expense | (120,780) | (145,165) | (132,039) |
Net income attributable to noncontrolling interests | (1,194) | (2,858) | 1,543 |
Net income attributable to NHI shareholders | 224,785 | 213,591 | ¥ 107,234 |
Reclassifications out of accumulated other comprehensive income (loss) [Member] | Cumulative translation adjustments [Member] | |||
Affected line items in consolidated statements of income [Line Items] | |||
Revenue - Other | 5,995 | ¥ 128 | |
Income tax expense | (983) | ||
Net income | ¥ 5,012 | ¥ 128 | |
Net income attributable to noncontrolling interests | |||
Net income attributable to NHI shareholders | ¥ 5,012 | ¥ 128 | |
Reclassifications out of accumulated other comprehensive income (loss) [Member] | Net unrealized gain on non-trading securities [Member] | |||
Affected line items in consolidated statements of income [Line Items] | |||
Revenue - Other | 4,879 | 4,220 | |
Income tax expense | (1,481) | (2,065) | |
Net income | 3,398 | 2,155 | |
Net income attributable to noncontrolling interests | (841) | (556) | |
Net income attributable to NHI shareholders | ¥ 2,557 | ¥ 1,599 |
Shareholders' equity - Shares o
Shareholders' equity - Shares of Common Stock Outstanding (Detail) - shares | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Shareholders' equity | |||
Common stock outstanding at beginning of year | 3,717,630,462 | 3,710,960,252 | 3,663,483,895 |
Common stock held in treasury: | |||
Repurchases of common stock | (155,232,995) | (40,054,831) | (19,209) |
Sales of common stock | 5,251 | 1,920,457 | 601 |
Common stock issued to employees | 36,461,000 | 44,689,800 | 47,335,900 |
Other net change in treasury stock | 1,495 | 114,784 | 159,065 |
Common stock outstanding at end of year | 3,598,865,213 | 3,717,630,462 | 3,710,960,252 |
Shareholders' equity - Addition
Shareholders' equity - Additional Information (Detail) - JPY (¥) ¥ / shares in Units, ¥ in Millions | May. 29, 2015 | May. 19, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Class of Stock [Line Items] | |||||
Amounts available for distributions | ¥ 735,394 | ¥ 583,354 | ¥ 538,021 | ||
Investee undistributed earnings equity method | ¥ 164,311 | ¥ 136,112 | ¥ 125,944 | ||
Dividends on common stock per share | ¥ 19 | ¥ 17 | ¥ 8 | ||
Minimum tradable quantity of share lot | 100 | ||||
Common stock held in treasury, shares | 223,697,388 | 104,932,139 | |||
Common stock held in treasury, value | ¥ 151,805 | ¥ 72,090 | |||
Repurchased shares of common stock | 155,232,995 | 40,054,831 | 19,209 | ||
Subsequent Event [Member] | |||||
Class of Stock [Line Items] | |||||
Date of the board of directors | May 19, 2015 | ||||
Repurchased shares of common stock | 24,331,100 | ||||
Repurchased shares of common stock at cost | ¥ 19,977 | ||||
Subsequent Event [Member] | Maximum [Member] | |||||
Class of Stock [Line Items] | |||||
Repurchased shares of common stock | 25,000,000 | ||||
Repurchased shares of common stock at cost | ¥ 20,000 | ||||
Affiliated companies | |||||
Class of Stock [Line Items] | |||||
Common stock held in treasury, shares | 1,141,686 | 1,143,181 | 1,257,966 | ||
Common stock held in treasury, value | ¥ 2,017 | ¥ 2,120 | ¥ 2,161 |
Regulatory requirements - Addit
Regulatory requirements - Additional Information (Detail) ¥ in Millions, SGD in Millions | Mar. 31, 2015JPY (¥) | Mar. 31, 2015USD ($) | Mar. 31, 2015SGD | Mar. 31, 2014JPY (¥) |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Common equity Tier 1 capital ratio | 6.00% | 6.00% | 6.00% | |
Capital adequacy ratio | 8.00% | 8.00% | 8.00% | |
Quantified total of business risk | 120.00% | 120.00% | 120.00% | |
NSC [Member] | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Quantified total of business risk | 120.00% | 120.00% | 120.00% | 120.00% |
Segregated bonds with a market value | ¥ | ¥ 433,011 | ¥ 456,070 | ||
Equities with a market value | ¥ | ¥ 7,656 | |||
NFPS [Member] | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Quantified total of business risk | 120.00% | 120.00% | 120.00% | 120.00% |
NSI [Member] | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Net capital defined under the alternative method | $ 1,000,000 | |||
Ratio of net capital under the alternative method | 2.00% | 2.00% | 2.00% | |
Percentage of total risk margin requirement | 8.00% | 8.00% | 8.00% | |
Amount of maintenance of net capital as cash | $ 1,000,000 | |||
NGFP [Membrer] | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Net capital defined under the alternative method | 20,000,000 | |||
ILLC [Member] | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Net capital defined under the alternative method | $ 1,000,000 | |||
Ratio of net capital under the alternative method | 2.00% | 2.00% | 2.00% | |
Minimum capital required | $ 45,000 | |||
NSL [Member] | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Minimum capital required | SGD | SGD 15 |
Affiliated companies and oth154
Affiliated companies and other equity-method investees - Additional Information (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Subsidiary or Equity Method Investee [Line Items] | |||
Revenue - Other | ¥ 175,702 | ¥ 179,485 | ¥ 708,767 |
Non-interest expenses - Other | 227,205 | 202,754 | 616,463 |
Equity in earnings of equity-method investees | 43,028 | 37,805 | 18,597 |
Dividends from equity-method investees | ¥ 8,256 | ¥ 8,306 | ¥ 5,594 |
JAFCO [Member] | |||
Subsidiary or Equity Method Investee [Line Items] | |||
Number of shares sold by parent company | 2,200,000 | ||
Percentage of ownership before decrease | 24.40% | ||
Ownership percentage | 19.50% | 19.40% | |
NRI [Member] | |||
Subsidiary or Equity Method Investee [Line Items] | |||
Ownership percentage | 37.90% | ||
Equity method goodwill, remaining carrying value | ¥ 57,210 | ||
NREH [Member] | |||
Subsidiary or Equity Method Investee [Line Items] | |||
Number of shares sold by parent company | 32,040,000 | ||
Ownership percentage | 34.10% | 34.00% | |
Equity method goodwill, remaining carrying value | ¥ 11,012 | ||
Revenue - Other | ¥ 336,858 | ||
Non-interest expenses - Other | 306,570 | ||
Gain recognized on deconsolidation process | 50,139 | ||
Unrealized gain from remaining shares | ¥ 38,468 |
Affiliated companies and oth155
Affiliated companies and other equity-method investees - Summary of Financial Information for Subsidiaries (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |||
Subsidiary or Equity Method Investee [Line Items] | |||||
Total assets | ¥ 41,783,236 | ¥ 43,520,314 | |||
Total liabilities | 39,038,290 | 40,967,101 | |||
Non-interest expenses | 1,257,417 | 1,195,456 | ¥ 1,575,901 | ||
Net income attributable to the companies | 224,785 | 213,591 | 107,234 | ||
JAFCO, NRI and NREH [Member] | |||||
Subsidiary or Equity Method Investee [Line Items] | |||||
Total assets | 2,268,874 | 2,089,844 | |||
Total liabilities | 1,308,632 | 1,247,768 | |||
Net revenues | 781,110 | 947,213 | 143,193 | [1] | |
Non-interest expenses | 610,747 | 779,690 | 69,899 | [1] | |
Net income attributable to the companies | ¥ 119,838 | 87,261 | 48,706 | [1] | |
Fortress [Member] | |||||
Subsidiary or Equity Method Investee [Line Items] | |||||
Net revenues | [2] | 144,349 | 95,356 | ||
Non-interest expenses | [2] | 89,338 | 73,956 | ||
Net income attributable to the companies | [2] | ¥ 20,071 | ¥ 6,487 | ||
[1] | NREH has been accounted for using the equity method from March 2013. | ||||
[2] | Financial information for Fortress is as of its fiscal years ended December 31, 2012 and 2013, respectively. Nomura historically recognized its share of Fortress's earnings on a three-month lag prior to its disposal in 2014. |
Affiliated companies and oth156
Affiliated companies and other equity-method investees - Summary of Balances and Transactions with Affiliated Companies and Other Equity-Method Investees (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Subsidiary or Equity Method Investee [Line Items] | |||
Revenues | ¥ 1,930,588 | ¥ 1,831,844 | ¥ 2,079,943 |
Non-interest expenses | 1,257,417 | 1,195,456 | 1,575,901 |
Affiliated companies and other equity-method investees [Member] | |||
Subsidiary or Equity Method Investee [Line Items] | |||
Investments in affiliated companies | 376,174 | 339,637 | |
Advances to affiliated companies | 2,104 | 5,797 | |
Other receivables from affiliated companies | 2,328 | 6,919 | |
Other payables to affiliated companies | 6,720 | 9,344 | |
Revenues | 688 | 411 | 7,418 |
Non-interest expenses | 48,176 | 57,687 | 48,755 |
Purchase of software, securities and tangible assets | ¥ 26,772 | ¥ 26,655 | ¥ 55,099 |
Affiliated companies and oth157
Affiliated companies and other equity-method investees - Summary of Aggregate Carrying Amount and Fair Value of Investments in Affiliated Companies and Other Equity-Method Investees (Detail) - Affiliated companies and other equity-method investees [Member] - JPY (¥) ¥ in Millions | Mar. 31, 2015 | Mar. 31, 2014 |
Subsidiary or Equity Method Investee [Line Items] | ||
Carrying amount | ¥ 362,984 | ¥ 330,983 |
Fair value | ¥ 530,570 | ¥ 429,854 |
Commitments, contingencies a158
Commitments, contingencies and guarantees - Commitments Outstanding (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2015 | Mar. 31, 2014 |
Commitments to extend credit [Member] | ||
Commitments [Line Items] | ||
Commitments outstanding | ¥ 421,526 | ¥ 479,634 |
Commitments to invest in partnerships [Member] | ||
Commitments [Line Items] | ||
Commitments outstanding | ¥ 20,710 | 18,460 |
Commitments to purchase aircraft [Member] | ||
Commitments [Line Items] | ||
Commitments outstanding | ¥ 4,409 |
Commitments, contingencies a159
Commitments, contingencies and guarantees - Maturities of Commitments (Detail) ¥ in Millions | Mar. 31, 2015JPY (¥) |
Commitments to extend credit [Member] | |
Commitments And Contingencies Disclosure [Line Items] | |
Contractual amount | ¥ 421,526 |
Commitments to invest in partnerships [Member] | |
Commitments And Contingencies Disclosure [Line Items] | |
Contractual amount | ¥ 20,710 |
Commitments to purchase aircraft [Member] | |
Commitments And Contingencies Disclosure [Line Items] | |
Contractual amount | |
Contractual amount due less than 1 year [Member] | Commitments to extend credit [Member] | |
Commitments And Contingencies Disclosure [Line Items] | |
Contractual amount | ¥ 50,395 |
Contractual amount due less than 1 year [Member] | Commitments to invest in partnerships [Member] | |
Commitments And Contingencies Disclosure [Line Items] | |
Contractual amount | ¥ 2,676 |
Contractual amount due less than 1 year [Member] | Commitments to purchase aircraft [Member] | |
Commitments And Contingencies Disclosure [Line Items] | |
Contractual amount | |
Contractual amount due 1 to 3 years [Member] | Commitments to extend credit [Member] | |
Commitments And Contingencies Disclosure [Line Items] | |
Contractual amount | ¥ 74,747 |
Contractual amount due 1 to 3 years [Member] | Commitments to invest in partnerships [Member] | |
Commitments And Contingencies Disclosure [Line Items] | |
Contractual amount | ¥ 318 |
Contractual amount due 1 to 3 years [Member] | Commitments to purchase aircraft [Member] | |
Commitments And Contingencies Disclosure [Line Items] | |
Contractual amount | |
Contractual amount due 3 to 5 years [Member] | Commitments to extend credit [Member] | |
Commitments And Contingencies Disclosure [Line Items] | |
Contractual amount | ¥ 181,211 |
Contractual amount due 3 to 5 years [Member] | Commitments to invest in partnerships [Member] | |
Commitments And Contingencies Disclosure [Line Items] | |
Contractual amount | ¥ 6,462 |
Contractual amount due 3 to 5 years [Member] | Commitments to purchase aircraft [Member] | |
Commitments And Contingencies Disclosure [Line Items] | |
Contractual amount | |
Contractual amount due more than 5 years [Member] | Commitments to extend credit [Member] | |
Commitments And Contingencies Disclosure [Line Items] | |
Contractual amount | ¥ 115,173 |
Contractual amount due more than 5 years [Member] | Commitments to invest in partnerships [Member] | |
Commitments And Contingencies Disclosure [Line Items] | |
Contractual amount | ¥ 11,254 |
Contractual amount due more than 5 years [Member] | Commitments to purchase aircraft [Member] | |
Commitments And Contingencies Disclosure [Line Items] | |
Contractual amount |
Commitments, contingencies a160
Commitments, contingencies and guarantees - Additional Information (Detail) € in Millions, ¥ in Millions, $ in Millions | 12 Months Ended | |||||||||||||||||||||
Mar. 31, 2015JPY (¥) | Mar. 31, 2014JPY (¥) | Jun. 25, 2015JPY (¥) | May. 15, 2015USD ($) | Mar. 31, 2015USD ($) | Oct. 31, 2014JPY (¥) | Jul. 25, 2014EUR (€) | Jul. 15, 2014EUR (€) | Mar. 31, 2014EUR (€) | Apr. 30, 2013JPY (¥) | Apr. 15, 2013EUR (€) | Mar. 31, 2013EUR (€) | Aug. 31, 2012USD ($) | Jun. 30, 2012USD ($) | Apr. 30, 2012JPY (¥) | Nov. 30, 2011USD ($) | Oct. 31, 2011USD ($) | Sep. 30, 2011USD ($) | Jul. 31, 2011USD ($) | Apr. 30, 2011USD ($) | Mar. 31, 2011USD ($) | Jan. 31, 2008EUR (€) | |
Contingencies | ||||||||||||||||||||||
Current estimate of maximum reasonably possible loss | ¥ | ¥ 45,000 | |||||||||||||||||||||
Other mortgage-related contingencies [Abstract] | ||||||||||||||||||||||
Loan repurchase claims received against the relevant subsidiaries | $ 3,203 | |||||||||||||||||||||
Tax notice issued by tax authorities in Pescara, Italy [Member] | ||||||||||||||||||||||
Contingencies | ||||||||||||||||||||||
Current estimate of maximum reasonably possible loss | € | € 33.8 | |||||||||||||||||||||
Two actions by Fairfield Sentry Ltd. and Fairfield Sigma Ltd. [Member] | ||||||||||||||||||||||
Contingencies | ||||||||||||||||||||||
Current estimate of maximum reasonably possible loss | $ 35 | |||||||||||||||||||||
Action by PT Bank Mutiara Tbk. [Member] | ||||||||||||||||||||||
Contingencies | ||||||||||||||||||||||
Claim against special purpose company rights | $ 156 | |||||||||||||||||||||
Action by the Federal Home Loan Bank of Boston [Member] | ||||||||||||||||||||||
Contingencies | ||||||||||||||||||||||
Compensatory damages with original principal amount issued in offering | $ 406 | |||||||||||||||||||||
Action by the National Credit Union Administration Board [Member] | ||||||||||||||||||||||
Contingencies | ||||||||||||||||||||||
Compensatory damages with original principal amount issued in offering | $ 50 | $ 83 | ||||||||||||||||||||
Action by the Federal Housing Finance Agency [Member] | ||||||||||||||||||||||
Contingencies | ||||||||||||||||||||||
Compensatory damages with original principal amount issued in offering | $ 2,046 | |||||||||||||||||||||
Order for payment | $ 806 | |||||||||||||||||||||
Claim filed by the Madoff Trustee [Member] | ||||||||||||||||||||||
Contingencies | ||||||||||||||||||||||
Current estimate of maximum reasonably possible loss | $ 21 | |||||||||||||||||||||
Action by the Prudential Insurance Company of America [Member] | ||||||||||||||||||||||
Contingencies | ||||||||||||||||||||||
Amount of residential mortgage-backed securities plaintiffs purchased | $ 183 | |||||||||||||||||||||
Action by Banca Monte dei Paschi di Siena SpA [Member] | ||||||||||||||||||||||
Contingencies | ||||||||||||||||||||||
Current estimate of maximum reasonably possible loss | € | € 1,500 | |||||||||||||||||||||
Damages for unlawful conduct of former directors | € | € 963 | |||||||||||||||||||||
Seized assets by Public Prosecutor | € | € 1,900 | |||||||||||||||||||||
Coupon payment | € | € 6.9 | |||||||||||||||||||||
Cash and other financial assets | € | € 98.3 | |||||||||||||||||||||
NSC [Member] | ||||||||||||||||||||||
Contingencies | ||||||||||||||||||||||
Current estimate of maximum reasonably possible loss | ¥ | ¥ 2,143 | ¥ 10,247 | ¥ 5,102 | |||||||||||||||||||
Number of significant clients | 5,260,000 | |||||||||||||||||||||
Currency-linked structured notes purchased | 16 | |||||||||||||||||||||
Equity-linked structured notes purchased | 11 | |||||||||||||||||||||
Other commitments [Member] | ||||||||||||||||||||||
Commitments And Contingencies Disclosure [Line Items] | ||||||||||||||||||||||
Purchase obligations for goods or services | ¥ | ¥ 18,779 | ¥ 15,901 | ||||||||||||||||||||
Resale agreements | ¥ | 3,140,000 | 2,365,000 | ||||||||||||||||||||
Repurchase agreements | ¥ | 1,296,000 | 771,000 | ||||||||||||||||||||
Obligations to return debt and equity securities borrowed without collateral | ¥ | ¥ 358,000 | ¥ 259,000 |
Commitments, contingencies a161
Commitments, contingencies and guarantees - Information on Derivative Contracts and Standby Letters of Credit and Other Guarantees (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2015 | Mar. 31, 2014 | |
Derivative contracts [Member] | |||
Guarantees [Line Items] | |||
Carrying value | [1],[2] | ¥ 7,961,476 | ¥ 5,155,198 |
Maximum potential payout /Notional total | [1],[2] | 253,243,082 | 195,466,506 |
Standby letters of credit and other guarantees [Member] | |||
Guarantees [Line Items] | |||
Carrying value | [3] | 291 | 276 |
Maximum potential payout /Notional total | [3] | ¥ 9,494 | ¥ 11,509 |
[1] | Credit derivatives are disclosed in Note 3 "Derivative instruments and hedging activities" and are excluded from derivative contracts. | ||
[2] | Derivative contracts primarily consist of equity, interest rate and foreign exchange contracts. | ||
[3] | Collateral held in connection with standby letters of credit and other guarantees as of March 31, 2014 and March 31, 2015 was \6,487 million and \7,041 million, respectively. |
Commitments, contingencies a162
Commitments, contingencies and guarantees - Information on Derivative Contracts and Standby Letters of Credit and Other Guarantees (Parenthetical) (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2015 | Mar. 31, 2014 |
Commitments, contingencies and guarantees | ||
Collateral held in connection with standby letters of credit and other guarantees | ¥ 7,041 | ¥ 6,487 |
Commitments, contingencies a163
Commitments, contingencies and guarantees - Maturity Information on Derivative Contracts and Standby Letters of Credit and Other Guarantees (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2015 | Mar. 31, 2014 | |
Derivative contracts [Member] | |||
Guarantees [Line Items] | |||
Carrying value | [1],[2] | ¥ 7,961,476 | ¥ 5,155,198 |
Maximum potential payout /Notional total | [1],[2] | 253,243,082 | 195,466,506 |
Derivative contracts [Member] | Less than 1 year,Years to Maturity, Maximum potential payout/ Notional [Member] | |||
Guarantees [Line Items] | |||
Maximum potential payout /Notional total | 92,239,350 | ||
Derivative contracts [Member] | 1 to 3 years, Years to Maturity, Maximum potential payout/ Notional [Member] | |||
Guarantees [Line Items] | |||
Maximum potential payout /Notional total | 76,301,785 | ||
Derivative contracts [Member] | 3 to 5 years, Years to Maturity, Maximum potential payout/ Notional [Member] | |||
Guarantees [Line Items] | |||
Maximum potential payout /Notional total | 22,716,918 | ||
Derivative contracts [Member] | More than 5 years, Years to Maturity, Maximum potential payout/ Notional [Member] | |||
Guarantees [Line Items] | |||
Maximum potential payout /Notional total | 61,985,029 | ||
Standby letters of credit and other guarantees [Member] | |||
Guarantees [Line Items] | |||
Carrying value | [3] | 291 | 276 |
Maximum potential payout /Notional total | [3] | 9,494 | ¥ 11,509 |
Standby letters of credit and other guarantees [Member] | Less than 1 year,Years to Maturity, Maximum potential payout/ Notional [Member] | |||
Guarantees [Line Items] | |||
Maximum potential payout /Notional total | 13 | ||
Standby letters of credit and other guarantees [Member] | 1 to 3 years, Years to Maturity, Maximum potential payout/ Notional [Member] | |||
Guarantees [Line Items] | |||
Maximum potential payout /Notional total | ¥ 8 | ||
Standby letters of credit and other guarantees [Member] | 3 to 5 years, Years to Maturity, Maximum potential payout/ Notional [Member] | |||
Guarantees [Line Items] | |||
Maximum potential payout /Notional total | |||
Standby letters of credit and other guarantees [Member] | More than 5 years, Years to Maturity, Maximum potential payout/ Notional [Member] | |||
Guarantees [Line Items] | |||
Maximum potential payout /Notional total | ¥ 9,473 | ||
[1] | Credit derivatives are disclosed in Note 3 "Derivative instruments and hedging activities" and are excluded from derivative contracts. | ||
[2] | Derivative contracts primarily consist of equity, interest rate and foreign exchange contracts. | ||
[3] | Collateral held in connection with standby letters of credit and other guarantees as of March 31, 2014 and March 31, 2015 was \6,487 million and \7,041 million, respectively. |
Segment and geographic infor164
Segment and geographic information - Net Interest Revenue (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Non-interest revenue | ¥ 1,469,137 | ¥ 1,404,766 | ¥ 1,648,251 |
Net interest revenue | 110,354 | 141,576 | 127,695 |
Net revenue | 1,579,491 | 1,546,342 | 1,775,946 |
Non-interest expenses | 1,257,417 | 1,195,456 | 1,575,901 |
Income (loss) before income taxes | 322,074 | 350,886 | 200,045 |
Retail [Member] | |||
Segment Reporting Information [Line Items] | |||
Non-interest revenue | 471,565 | 505,911 | 394,294 |
Net interest revenue | 4,940 | 6,005 | 3,631 |
Net revenue | 476,505 | 511,916 | 397,925 |
Non-interest expenses | 314,675 | 319,915 | 297,297 |
Income (loss) before income taxes | 161,830 | 192,001 | 100,628 |
Asset Management [Member] | |||
Segment Reporting Information [Line Items] | |||
Non-interest revenue | 88,802 | 77,354 | 66,489 |
Net interest revenue | 3,552 | 3,126 | 2,448 |
Net revenue | 92,354 | 80,480 | 68,937 |
Non-interest expenses | 60,256 | 53,373 | 47,768 |
Income (loss) before income taxes | 32,098 | 27,107 | 21,169 |
Wholesale [Member] | |||
Segment Reporting Information [Line Items] | |||
Non-interest revenue | 626,228 | 637,987 | 491,773 |
Net interest revenue | 163,639 | 127,110 | 153,083 |
Net revenue | 789,867 | 765,097 | 644,856 |
Non-interest expenses | 707,671 | 653,299 | 573,199 |
Income (loss) before income taxes | 82,196 | 111,798 | 71,657 |
Other (Incl. elimination) [Member] | |||
Segment Reporting Information [Line Items] | |||
Non-interest revenue | 282,542 | 183,514 | 695,695 |
Net interest revenue | (61,777) | 5,335 | (31,467) |
Net revenue | 220,765 | 188,849 | 664,228 |
Non-interest expenses | 174,815 | 168,869 | 657,637 |
Income (loss) before income taxes | ¥ 45,950 | ¥ 19,980 | ¥ 6,591 |
Segment and geographic infor165
Segment and geographic information - Major Components of Income (Loss) Before Income Taxes in "Other" (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | ||
Segment Reporting Information [Line Items] | ||||
Equity in earnings of affiliates | ¥ 43,028 | ¥ 37,805 | ¥ 18,597 | |
Total | 322,074 | 350,886 | 200,045 | |
Other (Incl. elimination) [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net gain related to economic hedging transactions | 15,120 | 17,403 | 989 | |
Realized gain (loss) on investments in equity securities held for operating purposes | 4,725 | 4,428 | 1,001 | |
Equity in earnings of affiliates | 42,235 | 28,571 | 14,401 | |
Corporate items | (20,119) | (38,772) | 17,652 | |
Other | [1] | 3,989 | 8,350 | (27,452) |
Total | ¥ 45,950 | ¥ 19,980 | ¥ 6,591 | |
[1] | Includes the impact of Nomura's own creditworthiness. |
Segment and geographic infor166
Segment and geographic information - Reconciliation of Combined Business Segments' Results Included in Preceding Table to Reported Net Revenue, Non-Interest Expenses and Income (Loss) Before Income Taxes (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | ||
Segment and geographic information | ||||
Net revenue | ¥ 1,579,491 | ¥ 1,546,342 | ¥ 1,775,946 | |
Unrealized gain (loss) on investments in equity securities held for operating purposes | 24,685 | 10,728 | 37,685 | |
Consolidated net revenue | [1] | 1,604,176 | 1,557,070 | 1,813,631 |
Non-interest expenses | ¥ 1,257,417 | ¥ 1,195,456 | ¥ 1,575,901 | |
Unrealized gain (loss) on investments in equity securities held for operating purposes | ||||
Consolidated non-interest expenses | ¥ 1,257,417 | ¥ 1,195,456 | ¥ 1,575,901 | |
Income before income taxes | 322,074 | 350,886 | 200,045 | |
Unrealized gain (loss) on investments in equity securities held for operating purposes | 24,685 | 10,728 | 37,685 | |
Consolidated income before income taxes | ¥ 346,759 | ¥ 361,614 | ¥ 237,730 | |
[1] | There is no revenue derived from transactions with a single major external customer. |
Segment and geographic infor167
Segment and geographic information - Geographic Allocation of Net Revenue and Income (Loss) Before Income Taxes from Operations by Geographic Areas, and Long-Lived Assets (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | ||
Net revenue, income (loss) before income taxes and long-lived assets | ||||
Consolidated, Net revenue | [1] | ¥ 1,604,176 | ¥ 1,557,070 | ¥ 1,813,631 |
Consolidated, Income (loss) before income taxes | 346,759 | 361,614 | 237,730 | |
Consolidated, Long-lived assets | 524,779 | 524,201 | 544,156 | |
Americas [Member] | ||||
Net revenue, income (loss) before income taxes and long-lived assets | ||||
Consolidated, Net revenue | [1] | 207,859 | 262,684 | 208,962 |
Consolidated, Income (loss) before income taxes | (27,575) | 29,472 | 25,730 | |
Consolidated, Long-lived assets | 146,758 | 133,147 | 118,302 | |
Europe [Member] | ||||
Net revenue, income (loss) before income taxes and long-lived assets | ||||
Consolidated, Net revenue | [1] | 201,278 | 232,735 | 172,761 |
Consolidated, Income (loss) before income taxes | (23,455) | (48,911) | (93,099) | |
Consolidated, Long-lived assets | 88,928 | 93,111 | 111,381 | |
Asia and Oceania [Member] | ||||
Net revenue, income (loss) before income taxes and long-lived assets | ||||
Consolidated, Net revenue | [1] | 86,746 | 62,622 | 43,265 |
Consolidated, Income (loss) before income taxes | 34,594 | (5,247) | (12,063) | |
Consolidated, Long-lived assets | 14,891 | 16,163 | 20,471 | |
Subtotal [Member] | ||||
Net revenue, income (loss) before income taxes and long-lived assets | ||||
Consolidated, Net revenue | [1] | 495,883 | 558,041 | 424,988 |
Consolidated, Income (loss) before income taxes | (16,436) | (24,686) | (79,432) | |
Consolidated, Long-lived assets | 250,577 | 242,421 | 250,154 | |
Japan [Member] | ||||
Net revenue, income (loss) before income taxes and long-lived assets | ||||
Consolidated, Net revenue | [1] | 1,108,293 | 999,029 | 1,388,643 |
Consolidated, Income (loss) before income taxes | 363,195 | 386,300 | 317,162 | |
Consolidated, Long-lived assets | ¥ 274,202 | ¥ 281,780 | ¥ 294,002 | |
[1] | There is no revenue derived from transactions with a single major external customer. |