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-34000000000 315200000 100000 35000000 48000000 60000000 750000000 92000000 27313000000 100000000 68000000 3203000000 5320000 2143000000 10247000000 11 5656000000 2559000000 <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"><b>1. Summary of accounting policies: </b></p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"><b>Description of business&#8212; </b></p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">Nomura Holdings, Inc. (&#8220;Company&#8221;) 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 &#8220;Nomura&#8221; within these consolidated financial statements.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">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.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">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.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"><b>Basis of presentation&#8212; </b></p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">The accounting and financial reporting policies of the Nomura conform to accounting principles generally accepted in the United States (&#8220;U.S. GAAP&#8221;) as applicable to broker-dealers.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">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 (&#8220;VIE&#8221;) under Financial Accounting Standards Board (&#8220;FASB&#8221;) Accounting Standard Codification (&#8220;ASC&#8221;) 810 &#8220;<i>Consolidation</i>&#8221; (&#8220;ASC 810&#8221;). VIEs are entities in which equity investors do not have the characteristics of a controlling financial interest or which do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. Nomura consolidates VIEs where Nomura is the primary beneficiary, which is where Nomura holds variable interests that provide power over the most significant activities of the VIE and the right to receive benefits or the obligation to absorb losses meeting a significance test, provided that Nomura is not acting as a fiduciary for other interest holders. For certain VIEs that qualify as investment companies under ASC 946 &#8220;<i>Financial Services&#8212;Investment Companies</i>&#8221; (&#8220;ASC 946&#8221;) or for which it is industry practice to apply guidance consistent with the measurement principles in ASC 946, Nomura is the primary beneficiary when it holds an interest that will absorb a majority of the expected losses or a majority of the expected residual returns of the entity, or both.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">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.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">Equity investments in entities in which Nomura has significant influence over operating and financial decisions (generally defined as a holding of 20 to 50&#160;percent of the voting stock of a corporate entity, or at least 3&#160;percent of a limited partnership) are accounted for under the equity method of accounting (&#8220;equity method investments&#8221;) and reported within <i>Other assets</i><i>&#8212;</i><i>Investments in and advances to affiliated companies</i> or at fair value by electing the fair value option permitted by ASC 825 &#8220;<i>Financial Instruments</i>&#8221; (&#8220;ASC 825&#8221;) and reported within <i>Trading assets</i>, <i>Private equity investments</i> <i>or Other assets&#8212;Other.</i> Other financial investments are generally reported within Trading assets. Equity investments in which Nomura has neither control nor significant influence are carried at fair value, with changes in fair value recognized through the consolidated statements of income or the consolidated statements of comprehensive income.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt; TEXT-INDENT: 4%">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.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">The Company&#8217;s principal subsidiaries include Nomura Securities Co., Ltd. (&#8220;NSC&#8221;), Nomura Securities International, Inc. (&#8220;NSI&#8221;), Nomura International plc (&#8220;NIP&#8221;) and Nomura Financial Products&#160;&amp; Services, Inc. (&#8220;NFPS&#8221;).</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">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.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"><b>Use of estimates&#8212; </b></p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">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.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"><b>Fair value of financial instruments&#8212; </b></p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">A significant amount of Nomura&#8217;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.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">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.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">In both cases, fair value is generally determined in accordance with ASC 820 &#8220;<i>Fair Value Measurements and Disclosures</i>&#8221; (&#8220;ASC 820&#8221;) 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&#8217;s principal market, or in the absence of a principal market, the most advantageous market for the relevant financial asset or financial liability. See Note 2 &#8220;<i>Fair value measurements</i>&#8221; for further information regarding how Nomura estimates fair value for specific types of financial instruments used in the ordinary course of business.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">The fair value of financial assets and financial liabilities of consolidated VIEs which meet the definition of collateralized financing entities are both measured using the more observable fair value of the financial assets and financial liabilities.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"><b>Transfers of financial assets&#8212; </b></p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">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)&#160;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)&#160;the transferor has not maintained effective control over the transferred asset.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">In connection with its securitization activities, Nomura utilizes special purpose entities (&#8220;SPEs&#8221;) to securitize commercial and residential mortgage loans, government and corporate securities and other types of financial assets. Nomura&#8217;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 <i>Trading assets</i> in the consolidated balance sheets with the change in fair value reported within <i>Revenue&#8212;Net gain on trading</i> in the consolidated statements of income.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"><b>Foreign currency translation&#8212; </b></p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">The financial statements of the Company&#8217;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, and 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 <i>Accumulated other comprehensive income</i> <i>(loss)</i> in NHI shareholders&#8217; equity.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">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.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"><b>Revenue from services provided to clients&#8212; </b></p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">Nomura earns revenue through fees and commissions from providing financial services to clients across all three business divisions. These services primarily include trade execution and clearing services, financial advisory services, asset management services, underwriting services, syndication services and distribution services.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">Revenues are recognized when the fees and commissions have been earned and are realizable which is either at a specific point in time when Nomura has satisfied its obligations to provide the service to the client or over a period of time where Nomura satisfies its obligation to provide services over time. Fees and commissions may be fixed amounts or variable amounts where the amount to be received is uncertain. Such uncertainty may arise because the amount Nomura is entitled to is based on a variable amount, is dependent upon a contingent event occurring or not occurring, or because it may be reduced by amounts to be repaid to the client. 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Financial liabilities carried at fair value on a recurring basis are reported within <i>Trading liabilities, Short-term borrowings, Payables and deposits, Collateralized financing, Long-term borrowings</i> and <i>Other liabilities.</i></p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">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.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">In all cases, fair value is determined in accordance with ASC 820 &#8220;<i>Fair Value Measurements and Disclosures</i>&#8221; (&#8220;ASC 820&#8221;) 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. 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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.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">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 (&#8220;NAV per share&#8221;) if the NAV per share is calculated in accordance with certain industry standard principles.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">Increases and decreases in the fair value of assets and liabilities will significantly impact Nomura&#8217;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.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt"><b>Valuation methodology for financial instruments carried at fair value on a recurring basis </b></p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">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 <font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">over-the-counter</font></font> (&#8220;OTC&#8221;) contracts, have bid and offer prices that are observable in the market. These are measured at the point within the <font style="WHITE-SPACE: nowrap">bid-offer</font> range which best represents Nomura&#8217;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.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">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. 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Valuation adjustments are used to reflect the assessment of this uncertainty. Common valuation adjustments include model reserves, credit adjustments, <font style="WHITE-SPACE: nowrap">close-out</font> adjustments, and other appropriate instrument-specific adjustments, such as those to reflect transfer or sale restrictions.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">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 valuation inputs for these calculations are reassessed periodically to reflect current market practice and the availability of new information.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">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&#8217;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 valuation inputs for the relevant counterparty. 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As of March&#160;31, 2017 and March&#160;31, 2018, the fair values of these investments which are included in <i>Trading assets</i> <i>and private equity investments</i> were &#165;62&#160;billion and &#165;47&#160;billion, respectively. As of March&#160;31, 2017 and March&#160;31, 2018, the fair values of these investments which are included in <i>Other assets&#8212;Others</i> were &#165;8&#160;billion and &#165;2&#160;billion, respectively.</p></td></tr></table> <table style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="top" width="3%" align="left">(3)</td> <td valign="top" align="left">Includes equity investments that would have been accounted for under the equity method had Nomura not chosen to elect the fair value option.</td></tr></table> <table style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="top" width="3%" align="left">(4)</td> <td valign="top" align="left">Includes collateralized loan obligations (&#8220;CLOs&#8221;) and asset-backed securities (&#8220;ABS&#8221;) such as those secured on credit card loans, auto loans and student loans.</td></tr></table> <table style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="top" width="3%" align="left">(5)</td> <td valign="top" align="left">Each derivative classification includes derivatives with multiple risk underlyings. 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.</td></tr></table> <table style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="top" width="3%" align="left">(6)</td> <td valign="top" align="left">Includes loans for which the fair value option has been elected.</td></tr></table> <table style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="top" width="3%" align="left">(7)</td> <td valign="top" align="left">Includes collateralized agreements or collateralized financing for which the fair value option has been elected.</td></tr></table> <table style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="top" width="3%" align="left">(8)</td> <td valign="top" align="left">Includes structured notes for which the fair value option has been elected.</td></tr></table> <table style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="top" width="3%" align="left">(9)</td> <td valign="top" align="left">Includes embedded derivatives bifurcated from deposits received at banks. If unrealized gains are greater than unrealized losses, deposits are reduced by the excess amount.</td></tr></table> <table style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="top" width="3%" align="left">(10)</td> <td valign="top" align="left">Includes embedded derivatives bifurcated from issued structured notes. If unrealized gains are greater than unrealized losses, borrowings are reduced by the excess amount.</td></tr></table> <table style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="top" width="3%" align="left">(11)</td> <td valign="top" align="left">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.</td></tr></table> <table style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="top" width="3%" align="left">(12)</td> <td valign="top" align="left">Includes loan commitments for which the fair value option has been elected.</td></tr></table> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"><b>Valuation techniques by major class of financial instrument </b></p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">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.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"><i>Equities</i> and equity securities reported within <i>Other assets</i>&#8212;Equities and equity securities reported within <i>Other assets</i> include direct holdings of both listed and unlisted equity securities, and fund investments. The fair value of listed equity securities is determined using quoted prices for identical securities from active markets where available. These valuations should be in line with market practice and therefore can be based on bid prices or <font style="WHITE-SPACE: nowrap">mid-market</font> prices. Nomura determines whether the market is active depending on the sufficiency and frequency of trading activity. Where these securities are classified in Level&#160;1 of the fair value hierarchy, no valuation adjustments are made to fair value. Listed equity securities traded in inactive markets are also generally valued using the exchange price and are classified in Level&#160;2. Whilst rare in practice, Nomura may apply a discount or liquidity adjustment to the exchange price of a listed equity security traded in an inactive market if the exchange price is not considered to be an appropriate representation of fair value. These adjustments are determined by individual security and are not determined or influenced by the size of holding. The amount of such adjustments made to listed equity securities traded in inactive markets was &#165;nil as of March&#160;31, 2017 and 2018, respectively. The fair value of unlisted equity securities is determined using the same methodology as private equity investments described below and are usually classified in Level&#160;3 because significant valuation inputs such as liquidity discounts and credit spreads are unobservable. As a practical expedient, fund investments which do not have a readily determinable fair value are generally valued using NAV per share where available. Publicly traded mutual funds which are valued using a daily NAV per share are classified in Level&#160;1. Fund investments where Nomura has the ability to redeem its investment with the investee at NAV per share as of the balance sheet date or within the near term are classified in Level&#160;2. Fund investments where Nomura does not have the ability to redeem in the near term or does not know when it can redeem are classified in Level&#160;3.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"><i>Private equity investments</i>&#8212;The determination of fair value of unlisted private equity investments requires significant management judgment because the investments, by their nature, have little or no price transparency. Private equity investments are initially carried at cost as an approximation of fair value. Adjustments to carrying value are made if there is third-party evidence of a change in value. Adjustments are also made, in the absence of third-party transactions, if it is determined that the expected exit price of the investment is different from carrying value. In reaching that determination, Nomura primarily uses either a discounted cash flow (&#8220;DCF&#8221;) or market multiple valuation technique. A DCF valuation technique incorporates estimated future cash flows to be generated from the underlying investee, as adjusted for an appropriate growth rate discounted at a weighted average cost of capital (&#8220;WACC&#8221;). Market multiple valuation techniques include comparables such as Enterprise Value/earnings before interest, taxes, depreciation and amortization (&#8220;EV/EBITDA&#8221;) ratios, Price/Earnings (&#8220;PE&#8221;) ratios, Price/Book ratios, Price/Embedded Value ratios and other multiples based on relationships between numbers reported in the financial statements of the investee and the price of comparable companies. A liquidity discount may also be applied to either a DCF or market multiple valuation to reflect the specific characteristics of the investee. The liquidity discount includes considerations for various uncertainties in the model and inputs to valuation. Where possible these valuations are compared with the operating cash flows and financial performance of the investee or properties relative to budgets or projections, price/earnings data for similar quoted companies, trends within sectors and/or regions and any specific rights or terms associated with the investment, such as conversion features and liquidation preferences. Private equity investments are generally classified in Level&#160;3 since the valuation inputs such as those mentioned above are usually unobservable.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"><i>Government, agency and municipal securities</i>&#8212;The fair value of Japanese and other G7 government securities is primarily determined using quoted market prices, executable broker or dealer quotations, or alternative pricing sources. These securities are traded in active markets and therefore are classified within Level&#160;1 of the fair value hierarchy. <font style="WHITE-SPACE: nowrap">Non-G7</font> government securities, agency securities and municipal securities are valued using similar pricing sources but are generally classified in Level&#160;2 as they are traded in inactive markets. Certain <font style="WHITE-SPACE: nowrap">non-G7</font> securities may be classified in Level&#160;1 because they are traded in active markets. Certain securities may be classified in Level&#160;3 because they are traded infrequently and there is not sufficient information from comparable securities to classify them in Level&#160;2. These are valued using DCF valuation techniques which include significant unobservable inputs such as credit spreads of the issuer.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"><i>Bank and corporate debt securities</i>&#8212;The fair value of bank and corporate debt securities is primarily determined using DCF valuation techniques but also using broker or dealer quotations and recent market transactions of identical or similar debt securities, if available. Consideration is given to the nature of the broker and dealer quotations, namely whether these are indicative or executable, the number of available quotations and how these quotations compare to any available recent market activity or alternative pricing sources. The significant valuation inputs used for DCF valuations are yield curves, asset swap spreads, recovery rates and credit spreads of the issuer. Bank and corporate debt securities are generally classified in Level&#160;2 of the fair value hierarchy because these valuation inputs are usually observable or market-corroborated. Certain bank and corporate debt securities will be classified in Level&#160;3 because they are traded infrequently and there is insufficient information from comparable securities to classify them in Level&#160;2, or credit spreads or recovery rates of the issuer used in DCF valuations are unobservable.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"><i>Commercial mortgage-backed securities (&#8220;CMBS&#8221;)</i> and <i>Residential mortgage-backed securities (&#8220;RMBS&#8221;)</i>&#8212;The fair value of CMBS and RMBS is primarily determined using DCF valuation techniques but also using broker or dealer quotations and recent market transactions of identical or similar securities, if available. Consideration is given to the nature of the broker and dealer quotations, namely whether these are indicative or executable, the number of available quotations and how these quotations compare to any available recent market activity or alternative pricing sources. The significant valuation inputs include yields, prepayment rates, default probabilities and loss severities. CMBS and RMBS securities are generally classified in Level&#160;2 because these valuation inputs are observable or market-corroborated. Certain CMBS and RMBS positions will be classified in Level&#160;3 because they are traded infrequently and there is insufficient information from comparable securities to classify them in Level&#160;2, or one or more of the significant valuation inputs used in DCF valuations are unobservable.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"><i>Real estate-backed securities</i>&#8212;The fair value of real estate-backed securities is determined using broker or dealer quotations, recent market transactions or by reference to a comparable market index. Consideration is given to the nature of the broker and dealer quotations, namely whether these are indicative or executable, the number of available quotations and how these quotations compare to any available recent market activity or alternative pricing sources. Where all significant inputs are observable, the securities will be classified in Level&#160;2. For certain securities, no direct pricing sources or comparable securities or indices may be available. These securities are valued using DCF or valuation techniques and are classified in Level&#160;3 as the valuation includes significant unobservable valuation inputs such as yields or loss severities.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"><i>Collateralized debt obligations (&#8220;CDOs&#8221;) and other</i>&#8212;The fair value of CDOs is primarily determined using DCF valuation techniques but also using broker or dealer quotations and recent market transactions of identical or similar securities, if available. Consideration is given to the nature of the broker and dealer quotations, namely whether these are indicative or executable, the number of available quotations and how these quotations compare to any available recent market activity or alternative pricing sources. The significant valuation inputs used include market spread data for each credit rating, yields, prepayment rates, default probabilities and loss severities. CDOs are generally classified in Level&#160;2 of the fair value hierarchy because these valuation inputs are observable or market-corroborated. CDOs will be classified in Level&#160;3 where one or more of the significant valuation inputs used in the DCF valuations are unobservable.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"><i>Investment trust funds and other</i>&#8212;The fair value of investment trust funds is primarily determined using NAV per share. Publicly traded funds which are valued using a daily NAV per share are classified in Level&#160;1 of the fair value hierarchy. For funds that are not publicly traded but Nomura has the ability to redeem its investment with the investee at NAV per share on the balance sheet date or within the near term, the investments are classified in Level&#160;2. Investments where Nomura does not have the ability to redeem in the near term or does not know when it can redeem are classified in Level&#160;3. The fair value of certain other investments reported within <i>Investment trust funds and other</i> is determined using DCF valuation techniques. These investments are classified in Level&#160;3 as the valuation includes significant unobservable valuation inputs such as credit spreads of issuer and correlation.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"><i>Derivatives&#8212;Equity contracts</i>&#8212;Nomura enters into both exchange-traded and OTC equity derivative transactions such as index and equity options, equity basket options and index and equity swaps. Where these derivatives are traded in active markets and the exchange price is representative of fair value, the fair value of exchange-traded equity derivatives is determined using an unadjusted exchange price and classified in Level&#160;1 of the fair value hierarchy. The fair value of exchange-traded equity derivatives which are traded in inactive markets or where the exchange price is not representative of fair value is determined using a model price and are classified in Level&#160;2. The fair value of OTC equity derivatives is determined through option models such as Black-Scholes and Monte Carlo simulation. The significant valuation inputs used include equity prices, dividend yields, volatilities and correlations. Valuation adjustments are also made to model valuations in order to reflect counterparty credit risk on derivative assets and Nomura&#8216;s own creditworthiness on derivative liabilities. OTC equity derivatives are generally classified in Level&#160;2 because all significant valuation inputs and adjustments are observable or market-corroborated. 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The fair value of exchange-traded interest rate derivatives which are traded in inactive markets or where the exchange price is not representative of fair value is determined using a model price and are classified in Level&#160;2. The fair value of OTC interest rate derivatives is determined through DCF valuation techniques as well as option models such as Black-Scholes and Monte Carlo simulation. The significant valuation inputs used include interest rates, forward foreign exchange (&#8220;FX&#8221;) rates, volatilities and correlations. Valuation adjustments are also made to model valuations in order to reflect counterparty credit risk on derivative assets and Nomura&#8216;s own creditworthiness on derivative liabilities. OTC interest rate derivatives are generally classified in Level&#160;2 because all significant valuation inputs and adjustments are observable or market-corroborated. 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Valuation adjustments are also made to model valuations in order to reflect counterparty credit risk on derivative assets and Nomura&#8217;s own creditworthiness on derivative liabilities. OTC credit derivatives are generally classified in Level&#160;2 of the fair value hierarchy because all significant valuation inputs and adjustments are observable or market-corroborated. Certain less liquid vanilla or more complex OTC credit derivatives are classified in Level&#160;3 where credit spread, recovery rate, volatility or correlation valuation inputs are significant and unobservable.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"><i>Derivatives&#8212;Foreign exchange contracts</i>&#8212;Nomura enters into both exchange-traded and OTC foreign exchange derivative transactions such as foreign exchange forwards and currency options. 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Certain foreign exchange derivatives are classified in Level&#160;3 where interest rates, volatility or correlation valuation inputs are significant and unobservable.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">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.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"><i>Loans</i>&#8212;The fair value of loans carried at fair value either as trading assets or through election of the fair value option is primarily determined using DCF valuation techniques as quoted prices are typically not available. 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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, prepayment rates, default probabilities and loss severities. 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&#8217;s own creditworthiness. As of March&#160;31, 2017 and March&#160;31, 2018, the fair value of structured notes includes debit adjustments of &#165;10&#160;billion and &#165;7&#160;billion, respectively, to reflect Nomura&#8217;s own creditworthiness. 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These liabilities are valued using the same valuation techniques that are applied to the transferred financial assets which remain on the consolidated balance sheets and are therefore classified in the same level in the fair value hierarchy as the transferred financial assets. 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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. 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Margin disputes within the collateral process will also be investigated to determine if there is any impact on valuations.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">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. 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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.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"><b>Level&#160;3 financial instruments </b></p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">As described above, the valuation of Level&#160;3 financial assets and liabilities is dependent on certain significant valuation inputs which are unobservable. 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These financial instruments will also typically include observable valuation inputs (i.e. Level&#160;1 or Level&#160;2 valuation inputs) which are not included in the table and are also often hedged using financial instruments which are classified in Level&#160;1 or Level&#160;2 of the fair value hierarchy. Changes in each of these significant unobservable valuation inputs used by Nomura will impact upon the fair value measurement of the financial instrument. 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BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; 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BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; 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BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">&#160;</p></td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">&#160;</p></td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">&#160;</p></td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">&#160;</p></td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">&#160;</p></td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">&#160;</p></td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">&#160;</p></td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 3px double; MARGIN-TOP: 0pt">&#160;</p></td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; 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in our consolidated financial statements included in this annual report.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"><b>Assets and liabilities measured at fair value on a nonrecurring basis </b></p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">In addition to financial instruments carried at fair value on a recurring basis, Nomura also measures other financial and <font style="WHITE-SPACE: nowrap">non-financial</font> assets and liabilities at fair value on a nonrecurring basis, where the primary measurement basis is not fair value. 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Amounts include transactions carried at fair value through election of the fair value option. As of March&#160;31, 2017, 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 &#165;881&#160;billion and &#165;2,596&#160;billion, respectively. As of March&#160;31, 2017, 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 &#165;1,494&#160;billion and &#165;205&#160;billion, respectively. As of March&#160;31, 2018, 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 &#165;1,039&#160;billion and &#165;2,827&#160;billion, respectively. As of March&#160;31, 2018, 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 &#165;1,049&#160;billion and &#165;177&#160;billion, respectively.</td></tr></table> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="top" width="4%" align="left">(2)</td> <td valign="top" align="left">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 <font style="WHITE-SPACE: nowrap">210-20.</font> Amounts offset include transactions carried at fair value through election of the fair value option.</td></tr></table> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="top" width="4%" align="left">(3)</td> <td valign="top" align="left">Reverse repurchase agreements and securities borrowing transactions are reported within <i>Collateralized agreements&#8212;Securities purchased under agreements to resell </i>and<i> Collateralized agreements&#8212;Securities borrowed</i> in the consolidated balance sheets, respectively. Repurchase agreements and securities lending transactions are reported within <i>Collateralized financing&#8212;Securities sold under agreements to repurchase</i> and <i>Collateralized financing&#8212;Securities loaned</i> 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 <i>Other liabilities</i> in the consolidated balance sheets.</td></tr></table> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="top" width="4%" align="left">(4)</td> <td valign="top" align="left"> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="left">Represents amounts which are not permitted to be offset on the face of the balance sheet in accordance with ASC <font style="WHITE-SPACE: nowrap">210-20</font> but which provide Nomura with the right of offset in the event of counterparty default. 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For the year ended March&#160;31, 2017, credit loss component of other-than-temporary impairment losses recognized for <font style="WHITE-SPACE: nowrap">non-trading</font> debt securities was &#165;226&#160;million.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">For the year ended March&#160;31, 2017, the <font style="WHITE-SPACE: nowrap">non-credit</font> loss component of other-than-temporary impairment losses recognized for <font style="WHITE-SPACE: nowrap">non-trading</font> debt securities and reported within <i>Other comprehensive income (loss)</i> were not significant. 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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)&#160;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)&#160;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. 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Reverse repurchase agreements and securities borrowing transactions principally involve the buying of government and government agency securities from customers under agreements that also require Nomura to resell these securities to those customers, or borrowing these securities with cash collateral. Nomura monitors the value of the underlying securities on a daily basis to the related receivables, including accrued interest, and requests or returns additional collateral when appropriate. Reverse repurchase agreements are generally recognized in the consolidated balance sheets at the amount for which the securities were originally acquired with applicable accrued interest. Securities borrowing transactions are generally recognized in the consolidated balance sheets at the amount of cash collateral advanced. 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It is reasonably possible that there may be a significant increase in unrecognized tax benefits within 12 months of March&#160;31, 2018. Quantification of an estimated range cannot be made at this time due to the uncertainty of the potential outcomes. 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Regulatory requirements: </b></p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">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 <font style="WHITE-SPACE: nowrap">III-based</font> consolidated capital adequacy ratio since March 2013.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">In accordance with Article 2 of the Capital Adequacy Notice on Final Designated Parent Company, Nomura&#8217;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&#160;31, 2017 and March&#160;31, 2018, 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, etc. The required level (including applicable minimum consolidated capital buffer) as of March&#160;31, 2018 was 6.77% for the common equity Tier 1 capital ratio, 8.27% for the Tier 1 capital ratio and 10.27% for the consolidated capital adequacy ratio.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">Under the Financial Instruments and Exchange Act (&#8220;FIEA&#8221;), 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&#8217; equity, net unrealized gains and losses on securities held, reserves and subordinated debt) less illiquid assets. Business risks are divided into three categories: (1)&#160;market risks, (2)&#160;counterparty risks, and (3)&#160;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&#160;31, 2017 and 2018, the capital adequacy ratio of NSC exceeded 120%. Also, as of March&#160;31, 2017 and 2018, the capital adequacy ratio of NFPS also exceeded 120%.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">In connection with providing brokerage, clearing, asset management and wealth management services to clients, Nomura maintains segregated accounts to hold financial assets such as cash and securities on behalf of its clients. 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NGFP is required to maintain net capital of $20,000,000 in accordance with the SEC. Another U.S. subsidiary, Instinet, LLC (&#8220;ILLC&#8221;) 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 <font style="WHITE-SPACE: nowrap">Rule&#160;15c3-1</font> 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. 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The regulatory consolidation is produced in accordance with the requirements established under the Capital Requirements Directive and the Capital Requirements Regulation which came into effect on January&#160;1, 2014. Nomura International plc (&#8220;NIP&#8221;), the most significant of NEHS&#8217; subsidiaries, acts as a securities brokerage and dealing business. NIP is regulated by the U.K. PRA and has minimum capital adequacy requirements imposed on it on a standalone basis. In addition, Nomura Bank International plc (&#8220;NBI&#8221;), another subsidiary of NEHS, is also regulated by the U.K. PRA on a standalone basis. As of March&#160;31, 2017 and 2018, NEHS, NIP and NBI were in compliance with relevant regulatory capital related requirements. On May&#160;25, 2018, Nomura Financial Products Europe GmbH, a Nomura subsidiary domiciled in Germany, has been granted a securities trading license by the German regulator (&#8220;BaFin&#8221;).</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">In Asia, Nomura International (Hong Kong) Limited (&#8220;NIHK&#8221;) and Nomura Singapore Ltd (&#8220;NSL&#8221;) 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 and clearing in securities and futures contracts, advising on securities, futures contracts and corporate finance and wealth management. Activities of NIHK, including its branch in Taiwan, 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. 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In accordance with ASC 450 &#8220;<i>Contingencies</i>&#8221; (&#8220;ASC 450&#8221;), the Company recognizes a liability for this risk of loss arising on each individual matter when a loss is probable and the amount of such loss or range of loss can be reasonably estimated. The amount recognized as a liability is reviewed at least quarterly and is revised when further information becomes available. If these criteria are not met for an individual matter, such as if an estimated loss is only reasonably possible rather than probable, no liability is recognized. However, where a material loss is reasonably possible, the Company will disclose details of the legal proceeding or claim below. 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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&#160;million. The case is currently in the discovery phase.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">In September 2011, the Federal Housing Finance Agency (&#8220;FHFA&#8221;), as conservator for the government sponsored enterprises, Federal National Mortgage Association and Federal Home Loan Mortgage Corporation (&#8220;GSEs&#8221;), 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, Nomura Home Equity Loan Inc. (&#8220;NHEL&#8221;), NCCI, NSI and NHA (the Company&#8217;s U.S. subsidiaries). The action alleged 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 alleged that the GSEs purchased certificates in seven offerings in the original principal amount of approximately $2,046&#160;million and sought rescission of its purchases. The case was tried before the Court beginning March&#160;16, 2015 and closing arguments were completed on April&#160;9, 2015. On May&#160;15, 2015, the Court issued a judgment and ordered the defendants to pay $806&#160;million to GSEs upon GSEs&#8217; delivery of the certificates at issue to the defendants. The Company&#8217;s U.S. subsidiaries appealed the decision to the United States Court of Appeals for the Second Circuit and agreed, subject to the outcome of the appeal, to a consent judgment for costs and attorneys&#8217; fees recoverable under the blue sky statutes at issue in the maximum amount of $33&#160;million. On September&#160;28, 2017, the Second Circuit affirmed the judgment of the district court. On November&#160;13, 2017, the Company&#8217;s U.S. subsidiaries filed a petition for rehearing asking the Second Circuit to reconsider portions of its decision. On December&#160;11, 2017, the Second Circuit denied the petition for rehearing. The Company&#8217;s U.S. subsidiaries filed a petition for certiorari to the U.S. Supreme Court on March&#160;12, 2018.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">In November 2011, NIP was served with a claim filed by the Madoff Trustee in the United States Bankruptcy Court for the 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&#160;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. In November 2016, the United States Bankruptcy Court granted a motion to dismiss the Madoff Trustee&#8217;s claim. The Madoff Trustee has appealed the decision to the United States Court of Appeals for the Second Circuit. The amount that the Madoff Trustee is currently seeking to recover from NIP is approximately $21&#160;million.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">In March 2013, Banca Monte dei Paschi di Siena SpA (&#8220;MPS&#8221;) issued a claim in the Italian Courts against (1)&#160;two former directors of MPS and (2)&#160;NIP. MPS alleged that the former directors improperly caused MPS to enter into certain structured financial transactions with NIP in 2009 (&#8220;Transactions&#8221;) and that NIP acted fraudulently and was jointly liable for the unlawful conduct of MPS&#8217;s former directors. MPS claimed damages of not less than EUR 1.142&#160;billion.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">In March 2013, NIP commenced a claim against MPS in the English Courts. The claim was for declaratory relief confirming that the Transactions remained valid and contractually binding. MPS filed and served its defence and counterclaim to these proceedings in March 2014. MPS alleged in its counterclaim that NIP was liable to make restitution of a net amount of approximately EUR 1.5&#160;billion, and sought declarations regarding the illegality and invalidity of the Transactions.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">On September&#160;23, 2015, NIP entered into a settlement agreement with MPS to terminate the Transactions. NIP believes that the Transactions were conducted legally and appropriately, and does not accept the allegations made against it or admit any wrongdoing. Taking into account the views of relevant European financial authorities and the advice provided by external experts, NIP considered it to be in its best interests to reach a settlement in relation to this matter. As part of the agreement, the Transactions were unwound at a discount of EUR 440&#160;million in favour of MPS and the civil proceedings between MPS and NIP in Italy and England, respectively, will no longer be pursued. Pursuant to the settlement agreement MPS and NIP applied to the Italian Courts to discontinue the proceedings brought by MPS against NIP. These proceedings have now been discontinued. The financial impact of the settlement on the Company&#8217;s consolidated results for the fiscal year ended March&#160;31, 2016 was a loss of approximately &#165;34.0&#160;billion and was included in <i>Net gain on trading</i> in the consolidated statement of income for the fiscal year ended March&#160;31, 2016.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">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 (&#8220;FMPS&#8221;). The grounds of the FMPS claim are similar to those on which the MPS claim was founded. The level of damages sought by FMPS is not less than EUR 315.2&#160;million. NIP filed and served defences to both the MPS and the FMPS claims.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">In April 2013, an investigation was commenced by the Public Prosecutor&#8217;s office in Siena, Italy, into various allegations against MPS and certain of its former directors, including in relation to the Transactions. The investigation was subsequently transferred to the Public Prosecutor of Milan. On April&#160;3, 2015, the Public Prosecutor&#8217;s office in Milan issued a notice concluding its preliminary investigation. The Public Prosecutor was seeking to indict MPS, three individuals from MPS&#8217;s former management, NIP and two NIP individuals for, among others, the offences of false accounting and market manipulation in relation to MPS&#8217;s previous accounts. The preliminary hearing at which the court considered whether or not to grant the indictment concluded on October&#160;1, 2016, the Judge ordering the trial of all individuals and banks involved except for MPS (which entered into a plea bargaining agreement with the Public Prosecutor).The trial commenced in December 2016 and is currently ongoing.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">Additionally, NIP was served by the Commissione Nazionale per le Societ&#224; e la Borsa (&#8220;CONSOB&#8221;, the Italian financial regulatory authority) with a notice commencing administrative sanction proceedings for market manipulation in connection with the Transactions. In relation to the Transactions, the notice named MPS, three individuals from MPS&#8217;s former management and two former NIP employees as defendants, whereas NIP was named only in its capacity as vicariously liable to pay any fines imposed on the former NIP employees.On May&#160;22, 2018 CONSOB issued its decision in which it issued EUR 100,000 fines in relation to each of the two NIP former employees as well as revocations of the Italian law integrity requirement to perform certain corporate functions of three and six months respectively. NIP is vicariously liable to pay the fines imposed on its former employees.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">NIP will continue to vigorously defend its position in the ongoing proceedings.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">In January 2016, the Municipality of Civitavecchia in Italy (&#8220;Municipality&#8221;) commenced civil proceedings against NIP in the local courts in Civitavecchia. The Municipality&#8217;s claim relates to derivatives transactions entered into by the Municipality between 2003 and 2005. The Municipality alleges that NIP failed to comply with its duties under an advisory agreement and seeks to recover approximately EUR 35&#160;million in damages. On December&#160;20, 2017, NIP entered into a settlement agreement with the Municipality pursuant to which the Municipality agreed to withdraw its proceedings against NIP. The proceedings have since been formally discontinued.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">In June 2016 and August 2016, Nomura International (Hong Kong) Limited (&#8220;NIHK&#8221;) and Nomura Special Investments Singapore Pte Limited (&#8220;NSIS&#8221;) were respectively served with a complaint filed in the Taipei District Court against NIHK, NSIS and certain individuals by Cathay United Bank, Co., Ltd., Taiwan Cooperative Bank Ltd., Chang Hwa Commercial Bank Ltd., Taiwan Business Bank Ltd., KGI Bank and Hwatai Bank Ltd. (collectively, &#8220;Syndicate Banks&#8221;). The Syndicate Banks&#8217; complaint relates to a $60&#160;million syndicated term loan to a subsidiary of Ultrasonic AG that was arranged by NIHK, and made by Syndicate Banks together with NSIS. The Syndicate Banks&#8217; allegations in the complaint include allegations that NIHK failed to comply with its fiduciary duties to the lenders as the arranger of the loan and the Syndicate Banks seek to recover approximately $48&#160;million in damages and interest. NIHK and NSIS intend to vigorously contest the proceedings.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">In March 2017, certain subsidiaries of American International Group, Inc. (&#8220;AIG&#8221;) commenced proceedings in the District Court of Harris County, Texas against certain entities and individuals, including NSI, in connection with a 2012 offering of $750&#160;million of certain project finance notes, of which $92&#160;million allegedly were purchased by AIG. AIG alleges violations of the Texas Securities Act based on material misrepresentations and omissions in connection with the marketing, offering, issuance and sale of the notes and seeks rescission of the purchases or compensatory damages. The case is in the discovery phase.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">Various authorities continue to conduct investigations concerning the activities of NIP, other entities in the Nomura Group and other parties in respect of government, supranational, <font style="WHITE-SPACE: nowrap">sub-sovereign</font> and agency bonds. NIP and other entities in the Nomura Group are also defendants to a consolidated class action complaint filed in the United States District Court for the Southern District of New York alleging violations of U.S. antitrust law related to the alleged manipulation of the secondary trading market for supranational, <font style="WHITE-SPACE: nowrap">sub-sovereign</font> and agency bonds. NIP and NSI have been served with a similar class action complaint filed in the Toronto Registry Office of the Federal Court of Canada alleging violations of Canadian competition law which also names the Company as a defendant. Nomura intends to vigorously defend the proceedings.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">In September 2017 and November 2017, NIHK and NSIS were respectively served with a complaint filed in the Taipei District Court against NIHK, NSIS, China Firstextile (Holdings) Limited (&#8220;FT&#8221;) and certain individuals by First Commercial Bank, Ltd., Land Bank of Taiwan Co., Ltd., Chang Hwa Commercial Bank Ltd, Taishin International Bank, E.Sun Commercial Bank, Ltd., CTBC Bank Co., Ltd., Hwatai Bank, Ltd. and Bank of Taiwan (collectively, &#8220;FT Syndicate Banks&#8221;). The FT Syndicated Banks&#8217; complaint relates to $100&#160;million syndicated term loan facility to borrower FT that was arranged by NIHK, and made by the FT Syndicate Banks together with NSIS. The FT Syndicated Banks&#8217; allegations in the complaint include tort claims under Taiwan law against the defendants. The FT Syndicated Banks seek to recover approximately $68&#160;million in damages and interest. NIHK and NSIS intend to vigorously contest the proceedings.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">Nomura Securities Co., Ltd. (&#8220;NSC&#8221;) is the leading securities firm in Japan with approximately 5.32&#160;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 in October 2014 by a corporate client seeking &#165;2,143&#160;million in damages for losses on currency derivative transactions conducted between 2006 and 2012. Although the allegations of the client involved in such action include the allegation that NSC&#8217;s explanation was insufficient at the time the contracts were entered into, NSC believes these allegations are without merit.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">On February&#160;8, 2018, for an action commenced in April 2013 by a corporate client seeking &#165;10,247&#160;million in damages for losses on currency derivative transactions and the <font style="WHITE-SPACE: nowrap">pre-maturity</font> cash out or redemption of 11&#160;series of equity-linked structured notes purchased from NSC between 2005 and 2011, NSC entered into a settlement agreement with such client. The proceedings have since been discontinued.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">The Company supports the position of its subsidiaries in each of these claims.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">The United States Department of Justice (&#8220;DOJ&#8221;), led by the United States Attorney&#8217;s Office for the Eastern District of New York, informed NHA; NAAC; NCCI; NHEL; NSI; Nomura America Mortgage Finance, LLC; and Nomura Asset Capital Corporation; (the Company&#8217;s U.S. subsidiaries) that it was investigating possible civil claims against the Company&#8217;s U.S. subsidiaries under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 related to RMBS the Company&#8217;s U.S. subsidiaries sponsored, issued, underwrote, managed, or offered during 2006 and 2007. The Company&#8217;s U.S. subsidiaries are cooperating fully in response to the investigation.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">The United States Securities and Exchange Commission (&#8220;SEC&#8221;) and the DOJ have been investigating past activities of several former employees of NSI in respect of the commercial and residential mortgage-backed securities transactions. NSI has been cooperating fully in those investigations. 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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.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">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. 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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&#160;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 <font style="WHITE-SPACE: nowrap">six-year</font> statute of limitations for breach of contract actions have survived motions to dismiss and are in the discovery phase. 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.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt; MARGIN-LEFT: 2%"><i>Cyber security incident </i></p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">In June 2018, a foreign Nomura subsidiary experienced a cyber incident that resulted in the unauthorized access to certain of its systems including client information. An internal investigation to assess and remediate the incident and inform the appropriate authorities of its occurrence was immediately launched and is currently ongoing. As a result of this incident, Nomura may suffer financial loss through reputational damage, legal liability and enforcement actions and through the cost of additional resources to both remediate this incident and also to enhance and strengthen cybersecurity of other Nomura group companies. As the extent and potential magnitude of this incident have yet to be determined, the Company cannot provide an estimate of the reasonably possible loss in respect of this matter.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"><b>Guarantees&#8212; </b></p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">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.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">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. 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FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#cceeff"> <td valign="top"> <p style="FONT-SIZE: 7.5pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt; MARGIN-LEFT: 5em; TEXT-INDENT: -1em">Commercial mortgage-backed securities (&#8220;CMBS&#8221;)</p></td> <td valign="bottom">&#160;&#160;</td> <td valign="bottom" nowrap="nowrap">&#160;</td> <td valign="bottom" nowrap="nowrap" align="right">&#8212;&#160;&#160;</td> <td valign="bottom" nowrap="nowrap">&#160;</td> <td valign="bottom">&#160;&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom" align="right">10</td> <td valign="bottom" nowrap="nowrap">&#160;</td> <td valign="bottom">&#160;&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom" align="right">1</td> <td valign="bottom" nowrap="nowrap">&#160;</td> <td valign="bottom">&#160;&#160;</td> <td valign="bottom" nowrap="nowrap">&#160;</td> <td valign="bottom" nowrap="nowrap" align="right">&#8212;&#160;&#160;</td> <td valign="bottom" nowrap="nowrap">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom" align="right">11</td> <td valign="bottom" nowrap="nowrap">&#160;</td></tr> <tr style="FONT-SIZE: 7.5pt; 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BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; 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BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; 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BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td>&#160;</td></tr> <tr style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#cceeff"> <td valign="top"> <p style="FONT-SIZE: 7pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt; MARGIN-LEFT: 3em; TEXT-INDENT: -1em">Short-term borrowings</p></td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom" align="right">21</td> <td valign="bottom" nowrap="nowrap">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom" align="right"/> <td valign="bottom" nowrap="nowrap">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom" align="right"/> <td valign="bottom" nowrap="nowrap">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom" align="right">87</td> <td valign="bottom" nowrap="nowrap">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom" align="right">(38</td> <td valign="bottom" nowrap="nowrap">)&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom" nowrap="nowrap">&#160;</td> <td valign="bottom" nowrap="nowrap" align="right">&#8212;&#160;&#160;</td> <td valign="bottom" nowrap="nowrap">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom" align="right">(3</td> <td valign="bottom" nowrap="nowrap">)&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom" align="right">7</td> <td valign="bottom" nowrap="nowrap">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom" align="right">(4</td> <td valign="bottom" nowrap="nowrap">)&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom" align="right">70</td> <td valign="bottom" nowrap="nowrap">&#160;</td></tr> <tr style="FONT-SIZE: 7pt; 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BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; BORDER-TOP: #000000 1px solid; MARGIN-TOP: 0pt">&#160;</p></td> <td>&#160;</td> <td valign="bottom">&#160;</td> <td valign="bottom"> <p style="MARGIN-BOTTOM: 0pt; 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MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"><b>Description of business&#8212; </b></p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">Nomura Holdings, Inc. (&#8220;Company&#8221;) 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 &#8220;Nomura&#8221; within these consolidated financial statements.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">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.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">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.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"><b>Basis of presentation&#8212; </b></p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">The accounting and financial reporting policies of the Nomura conform to accounting principles generally accepted in the United States (&#8220;U.S. GAAP&#8221;) as applicable to broker-dealers.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">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 (&#8220;VIE&#8221;) under Financial Accounting Standards Board (&#8220;FASB&#8221;) Accounting Standard Codification (&#8220;ASC&#8221;) 810 &#8220;<i>Consolidation</i>&#8221; (&#8220;ASC 810&#8221;). VIEs are entities in which equity investors do not have the characteristics of a controlling financial interest or which do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. Nomura consolidates VIEs where Nomura is the primary beneficiary, which is where Nomura holds variable interests that provide power over the most significant activities of the VIE and the right to receive benefits or the obligation to absorb losses meeting a significance test, provided that Nomura is not acting as a fiduciary for other interest holders. For certain VIEs that qualify as investment companies under ASC 946 &#8220;<i>Financial Services&#8212;Investment Companies</i>&#8221; (&#8220;ASC 946&#8221;) or for which it is industry practice to apply guidance consistent with the measurement principles in ASC 946, Nomura is the primary beneficiary when it holds an interest that will absorb a majority of the expected losses or a majority of the expected residual returns of the entity, or both.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">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.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">Equity investments in entities in which Nomura has significant influence over operating and financial decisions (generally defined as a holding of 20 to 50&#160;percent of the voting stock of a corporate entity, or at least 3&#160;percent of a limited partnership) are accounted for under the equity method of accounting (&#8220;equity method investments&#8221;) and reported within <i>Other assets</i><i>&#8212;</i><i>Investments in and advances to affiliated companies</i> or at fair value by electing the fair value option permitted by ASC 825 &#8220;<i>Financial Instruments</i>&#8221; (&#8220;ASC 825&#8221;) and reported within <i>Trading assets</i>, <i>Private equity investments</i> <i>or Other assets&#8212;Other.</i> Other financial investments are generally reported within Trading assets. Equity investments in which Nomura has neither control nor significant influence are carried at fair value, with changes in fair value recognized through the consolidated statements of income or the consolidated statements of comprehensive income.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt; TEXT-INDENT: 4%">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.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">The Company&#8217;s principal subsidiaries include Nomura Securities Co., Ltd. (&#8220;NSC&#8221;), Nomura Securities International, Inc. (&#8220;NSI&#8221;), Nomura International plc (&#8220;NIP&#8221;) and Nomura Financial Products&#160;&amp; Services, Inc. (&#8220;NFPS&#8221;).</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">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.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"><b>Use of estimates&#8212; </b></p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">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.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"><b>Fair value of financial instruments&#8212; </b></p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">A significant amount of Nomura&#8217;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.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">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.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">In both cases, fair value is generally determined in accordance with ASC 820 &#8220;<i>Fair Value Measurements and Disclosures</i>&#8221; (&#8220;ASC 820&#8221;) 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&#8217;s principal market, or in the absence of a principal market, the most advantageous market for the relevant financial asset or financial liability. See Note 2 &#8220;<i>Fair value measurements</i>&#8221; for further information regarding how Nomura estimates fair value for specific types of financial instruments used in the ordinary course of business.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">The fair value of financial assets and financial liabilities of consolidated VIEs which meet the definition of collateralized financing entities are both measured using the more observable fair value of the financial assets and financial liabilities.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"><b>Transfers of financial assets&#8212; </b></p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">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)&#160;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)&#160;the transferor has not maintained effective control over the transferred asset.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">In connection with its securitization activities, Nomura utilizes special purpose entities (&#8220;SPEs&#8221;) to securitize commercial and residential mortgage loans, government and corporate securities and other types of financial assets. Nomura&#8217;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 <i>Trading assets</i> in the consolidated balance sheets with the change in fair value reported within <i>Revenue&#8212;Net gain on trading</i> in the consolidated statements of income.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"><b>Foreign currency translation&#8212; </b></p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">The financial statements of the Company&#8217;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, and 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 <i>Accumulated other comprehensive income</i> <i>(loss)</i> in NHI shareholders&#8217; equity.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">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.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"><b>Revenue from services provided to clients&#8212; </b></p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">Nomura earns revenue through fees and commissions from providing financial services to clients across all three business divisions. These services primarily include trade execution and clearing services, financial advisory services, asset management services, underwriting services, syndication services and distribution services.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">Revenues are recognized when the fees and commissions have been earned and are realizable which is either at a specific point in time when Nomura has satisfied its obligations to provide the service to the client or over a period of time where Nomura satisfies its obligation to provide services over time. Fees and commissions may be fixed amounts or variable amounts where the amount to be received is uncertain. Such uncertainty may arise because the amount Nomura is entitled to is based on a variable amount, is dependent upon a contingent event occurring or not occurring, or because it may be reduced by amounts to be repaid to the client. Variable fees and commissions are only recognized when the underlying uncertainty is resolved.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"><i>Revenue</i>&#8212;<i>Commissions</i> includes amounts charged for executing brokerage transactions accrued on a trade date basis and are included in current period earnings. <i>Revenue&#8212;Fees from investment banking</i> includes underwriting fees, syndication fees and other financial advisory fees. Underwriting and syndication fees are recorded when the underlying underwriting or syndication transactions are completed. Financial advisory fees are recognized when the related services are performed or upon completion of the underlying transaction. <i>Revenue&#8212;Asset management and portfolio service fees</i> are accrued over the period that the related services are provided or when specified performance requirements are met.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt"><b>Trading assets and trading liabilities&#8212; </b></p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"><i>Trading assets and Trading liabilities</i> primarily comprise debt securities, equity securities and derivatives which are recognized on the consolidated balance sheets on a trade date basis and loans which are recognized on the consolidated balance sheets on a settlement date basis. Trading assets and liabilities are carried at fair value and changes in fair value are generally reported within <i>Revenue&#8212;Net gain on trading</i> in the consolidated statements of income.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">Certain trading liabilities are held to economically hedge the price risk of investments in equity securities held for operating purposes. Changes in fair value of these trading liabilities are reported within <i>Revenue&#8212;Gain (loss) on investments in equity securities</i> in the consolidated statements of income.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"><b>Collateralized agreements and collateralized financing&#8212; </b></p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"><i>Collateralized agreements</i> consist of reverse repurchase agreements disclosed as <i>Securities purchased under agreements to resell</i> and securities borrowing transactions disclosed as <i>Securities borrowed</i>. <i>Collateralized financing</i> consists<i> </i>of repurchase agreements disclosed as <i>Securities sold under agreements to repurchase</i>, securities lending transactions disclosed as <i>Securities loaned</i> and certain other secured borrowings.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">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.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">Repurchase agreements where the maturity of the security transferred as collateral matches the maturity of the repurchase agreement <font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">(&#8220;repurchase-to-maturity</font></font> transactions&#8221;) are accounted for as secured borrowing transactions under ASC 860.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">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&#8217;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.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">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 <font style="WHITE-SPACE: nowrap">210-20</font> &#8220;<i>Balance Sheet&#8212;Offsetting</i>&#8221; (&#8220;ASC <font style="WHITE-SPACE: nowrap">210-20&#8221;)</font> 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 <font style="WHITE-SPACE: nowrap">close-out</font> and offsetting rights under the master netting agreement.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">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.</p> <p style="FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&#160;</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt; TEXT-INDENT: 4%">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 <font style="WHITE-SPACE: nowrap">210-20</font> are met.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"><i>Other secured borrowings</i> consist primarily of secured borrowings from financial institutions and central banks in the inter-bank money market, and are carried at contractual amounts due.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"><i>Trading balances of secured borrowings</i> consist of liabilities related to transfers of financial assets that are accounted for as secured financing transactions rather than sales under ASC 860 and are reported in the consolidated balance sheets within <i>Long-term borrowings</i>. The fair value option is generally elected for these transactions, which are carried at fair value on a recurring basis. See Note 6 &#8220;<i>Securitizations and Variable Interest Entities</i>&#8221; and Note 10 &#8220;<i>Borrowings</i>&#8221; for further information regarding these transactions.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">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 <i>Trading assets as Securities pledged as collateral</i> in the consolidated balance sheets.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">See Note 4 &#8220;<i>Collateralized transactions</i>&#8221; for further information.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"><b>Derivatives&#8212; </b></p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">Nomura uses a variety of derivative financial instruments, including futures, forwards, swaps and options, for both trading and <font style="WHITE-SPACE: nowrap">non-trading</font> purposes. All freestanding derivatives are carried at fair value in the consolidated balance sheets and reported within <i>Trading assets or Trading liabilities</i> depending on whether fair value at the balance sheet date is positive or negative, respectively. Certain derivatives embedded in hybrid financial instruments such as structured notes and certificates of deposit are bifurcated from the host contract and are also carried at fair value in the consolidated balance sheets and reported within <i>Short-term borrowings or Long-term borrowings</i> depending on the maturity of the underlying host contract.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">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.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">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 <font style="WHITE-SPACE: nowrap">210-20</font> and ASC 815 &#8220;<i>Derivatives and Hedging</i>&#8221; (&#8220;ASC 815&#8221;) are met. These criteria include requirements around the legal enforceability of such <font style="WHITE-SPACE: nowrap">close-out</font> 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.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">Exchange traded and centrally cleared OTC derivatives typically involve daily variation margin payments and receipts which reflect changes in the fair value of the related derivative. Such variation margin amounts are accounted for as either a partial settlement of the derivative or as a separate cash collateral receivable or payable depending on the legal form of the arrangement.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt; MARGIN-LEFT: 2%"><i>Trading </i></p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">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 <i>Revenue&#8212;Net gain on trading</i>.</p> <p style="FONT-SIZE: 18pt; MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&#160;</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt; MARGIN-LEFT: 2%"><i><font style="WHITE-SPACE: nowrap">Non-trading</font> </i></p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">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 <font style="WHITE-SPACE: nowrap">non-trading</font> purposes are formally designated as fair value and net investment hedges under ASC 815.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">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 <font style="WHITE-SPACE: nowrap">non-trading</font> 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 <i>Interest expense</i> and <i>Revenue</i>&#8212;<i>Other</i>, respectively.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">Derivative financial instruments designated as hedges of the net investment in foreign operations are linked to specific subsidiaries with <font style="WHITE-SPACE: nowrap">non-Japanese</font> 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&#8217; equity within <i>Accumulated other comprehensive income (loss)</i>. The change in fair value of the hedging derivatives attributable to changes in the difference between the forward rate and spot rate is excluded from the measure of hedge effectiveness and is reported in the consolidated statements of income within <i>Revenue&#8212;Other</i>.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">See Note 3 &#8220;<i>Derivative instruments and hedging activities</i>&#8221; for further information.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"><b>Loans receivable&#8212; </b></p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">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 <i>Revenue&#8212;Interest and dividends</i>.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt; MARGIN-LEFT: 2%"><i>Loans receivable carried at fair value </i></p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">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 <i>Revenue&#8212;Net gain on trading</i>.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt; MARGIN-LEFT: 2%"><i>Loans receivable carried at amortized cost </i></p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%">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.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">Loan origination fees, net of direct origination costs, are amortized to <i>Revenue&#8212;Interest and dividends</i> as an adjustment to yield over the life of the loan. Net unamortized deferred fees and costs were immaterial as of March&#160;31, 2017 and March&#160;31, 2018.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%">See Note 7 &#8220;<i>Financing receivables</i>&#8221; for further information.</p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt"><b>Other receivables&#8212; </b></p> <p style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"><i>Receivables from customers</i> include amounts receivable on client securities transactions, amounts receivable from customers for securities failed to deliver and receivables for commissions. <i>Receivables from other than customers</i> include amounts receivable from brokers and dealers for securities failed to deliver, margin deposits, cash collateral receivables for derivative transactions, and net receivables arising from unsettled securities transactions. Certain changes in scope of <i>Receivables from customers</i>, <i>Receivables from other than customers</i> and <i>Other assets&#8212;Others </i>have been made by revisiting the definition of customers. We have reclassified previously reported amounts of <i>Receivables from other than customers </i>to <i>Receivables from customers</i> by &#165;159,708&#160;million and from <i>Other assets&#8212;Other</i> to <i>Receivables from other than customers</i> by &#165;88,701&#160;million respectively to conform to the current presentation. 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and</td></tr></table> <p style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p> <table width="100%" style="font-family: Times New Roman; font-size: 10pt; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"> <tr style="page-break-inside: avoid;"> <td width="4%">&#160;</td> <td width="2%" align="left" valign="top">&#8226;</td> <td width="1%" valign="top">&#160;</td> <td align="left" valign="top">A significant increase in qualitative disclosures included within the footnotes to the financial statements which will discuss the accounting policies applied by Nomura in recognition of revenue from services and the treatment of associated costs.</td></tr></table> <p style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p> <table width="100%" style="font-family: Times New Roman; font-size: 10pt; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"> <tr style="page-break-inside: avoid;"> <td width="4%" align="left" valign="top">(6)</td> <td align="left" valign="top">As subsequently amended by ASU <font style="white-space: nowrap;">2018-01</font> <i>&#8220;Land Easement Practical Expedient for Transition to Topic&#160;842&#8221;</i> and certain other Accounting Standard Updates.</td></tr></table> <table width="100%" style="font-family: Times New Roman; 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Represents the adjustment to initially apply ASU 2015-02, "Amendments to the Consolidation analysis" ("ASU 2015-02"). Represents the amount offset under counterparty netting of derivative assets and liabilities as well as cash collateral netting against net derivatives. Certain investments that are measured at fair value using net asset value per share as a practical expedient have not been classified in the fair value hierarchy. As of March 31, 2017 and March 31, 2018, the fair values of these investments which are included in Trading assets and private equity investments were \62 billion and \47 billion, respectively. As of March 31, 2017 and March 31, 2018, the fair values of these investments which are included in Other assets - Others were \8 billion and \2 billion, respectively. Includes equity investments that would have been accounted for under the equity method had Nomura not chosen to elect the fair value option. Includes collateralized loan obligations ("CLOs") and asset-backed securities ("ABS") such as those secured on credit card loans, auto loans and student loans. Includes collateralized agreements or collateralized financing for which the fair value option has been elected. Each derivative classification includes derivatives with multiple risk underlyings. 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. Includes structured notes for which the fair value option has been elected. Includes embedded derivatives bifurcated from issued structured notes. If unrealized gains are greater than unrealized losses, borrowings are reduced by the excess amount. 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. Includes loan commitments for which the fair value option has been elected. Includes embedded derivatives bifurcated from deposits received at banks. If unrealized gains are greater than unrealized losses, deposits are reduced by the excess amount. Includes loans for which the fair value option has been elected. 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. Valuation technique(s) and unobservable valuation inputs in respect of equity securities reported within Other assets in the consolidated balance sheets. Weighted average information for non-derivative instruments is calculated by weighting each valuation input by the fair value of the financial instrument. The above table only considers the impact of an increase in each significant unobservable valuation input on the fair value measurement of the financial instrument. However, a decrease in the significant unobservable valuation input would have the opposite effect on the fair value measurement of the financial instrument. For example, if an increase in a significant unobservable valuation input would result in a lower fair value measurement, a decrease in the significant unobservable valuation input would result in a higher fair value measurement. The impact of an increase in the significant unobservable input on the fair value measurement for a derivative assumes Nomura is long risk to the input e.g., long volatility. Where Nomura is short such risk, the impact of an increase would have a converse effect on the fair value measurement of the derivative. Consideration of the interrelationships between significant unobservable inputs is only relevant where more than one unobservable valuation input is used to determine the fair value measurement of the financial instrument. 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. Each derivative classification includes derivatives with multiple risk underlyings. 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. Amounts reported in Purchases / issues include increases in trading liabilities while Sales / redemptions include decreases in trading liabilities. 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 is 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 quarter are excluded from the table. 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. Each derivative classification includes derivatives with multiple risk underlyings. 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. The contractual amount of any unfunded commitments Nomura is required to make to the entities in which the investment is held. The range in frequency with which Nomura can redeem investments. The range in notice period required to be provided before redemption is possible. 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. Includes equity investments that would have been accounted for under the equity method had Nomura not chosen to elect the fair value option. Includes reverse repurchase and repurchase agreements. Includes structured notes and other financial liabilities. Includes secured financing transactions arising from transfers of financial assets which did not meet the criteria for sales accounting. Includes unfunded written loan commitments. Other than above, there were \544 billion and \344 billion of government, agency and municipal securities reported within Other assets-Non-trading debt securities in the consolidated balance sheets as of March 31, 2017 and 2018, respectively. These securities are primarily Japanese government, agency and municipal securities. Includes financial instruments which are carried at fair value on a recurring basis. Carrying values are shown after deducting relevant allowances for credit losses. Includes the amount of embedded derivatives bifurcated in accordance with ASC 815. 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 securities. As of March 31, 2017 and 2018, 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. Includes the amount of embedded derivatives bifurcated in accordance with ASC 815. 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, 2017, a total of \197 billion of cash collateral receivables and \484 billion of cash collateral payables, including amounts reported in the table, have not been offset against net derivatives. As of March 31, 2018, a total of \167 billion of cash collateral receivables and \391 billion of cash collateral payables, including amounts reported in the table, have not been offset against net derivatives. During the year ended March 31, 2017 and 2018, the rules of a specific central clearing house were amended such that daily variation margin payments and receipts against specific types of derivative now legally represent partial settlement of the derivative rather than margin. These payments and receipts are accounted for as partial settlement of the derivative rather than cash collateral. While there was no impact on the amounts reported in the consolidated balance sheet as of March 31, 2017 and 2018, lower gross derivative balances and equivalent lower amounts offset in the consolidated balance sheets are included in the above table at such date as a result of this change. 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, 2017, 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 \136 billion and \267 billion, respectively. As of March 31, 2018, the gross balance of such derivative assets and derivative liabilities was \155 billion and \286 billion, respectively. 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. 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, 2017, Nomura offset a total of \1,642 billion of cash collateral receivables against net derivative liabilities and \1,694 billion of cash collateral payables against net derivative assets. As of March 31, 2018, Nomura offset a total of \1,201 billion of cash collateral receivables against net derivative liabilities and \1,838 billion of cash collateral payables against net derivative assets. 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. 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, 2016, 2017 and 2018, these amounts have not been separately presented as net gains (losses) for these non-trading derivatives were not significant. 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. "Other" includes credit derivatives where the credit rating of the underlying reference asset is below investment grade or where a rating is unavailable. 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, 2017, 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 \881 billion and \2,596 billion, respectively. As of March 31, 2017, 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 \1,494 billion and \205 billion, respectively. As of March 31, 2018, 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 \1,039 billion and \2,827 billion, respectively. As of March 31, 2018, 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 \1,049 billion and \177 billion, 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 for 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. The total gross recognized liabilities reported for repurchase agreements and securities lending transactions are consistent with the total gross balances reported in the offsetting disclosures above. 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. 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. 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. Open transactions do not have an explicit contractual maturity date and are terminable on demand by Nomura or the counterparty. 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 for 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. The total gross recognized liabilities reported for repurchase agreements and securities lending transactions are consistent with the total gross balances reported in the offsetting disclosures above. Includes \3,351 billion of U.S. government sponsored agency mortgage pass through securities and collateralized mortgage obligations. Includes CLOs and ABS such as those secured on credit card loans, auto loans and student loans. The sensitivity analysis covers the material retained interests held of \285 billion out of \308 billion as of March 31, 2017 and \263 billion out of \288 billion as of March 31, 2018. Nomura considers the amount or the probability of anticipated credit loss from the retained interests which Nomura continuously holds would be minimal. Includes loans receivable and loan commitments carried at fair value through election of the fair value option. Includes the effect of foreign exchange movements. Relate to collateralized exposures where a specified ratio of LTV is maintained. Cost, accumulated depreciation and net carrying amounts include amounts relating to real estate space utilized by Nomura. 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 \117,476 million and \128,124 million respectively, as of March 31, 2017, and \63,132 million and \129,687 million respectively, as of March 31, 2018. These securities are carried at fair value, with changes in fair value recognized within Revenue-Other in the consolidated statements of income. Certain changes have been made by revisiting the definition of "Customers" in our consolidated balance sheets. Certain reclassifications of previously reported amounts have been made to conform to the current year presentation. Includes liabilities relating to investment contracts underwritten by Nomura's insurance subsidiary. As of March 31, 2017, carrying value was \224,418 million and estimated fair value was \225,563 million. No equivalent amounts were reported in Other liabilities-Other as of March 31, 2018 as Nomura's insurance subsidiary was deconsolidated prior to such date. 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. Includes currency translation adjustments. Includes secured borrowings of \158,156 million as of March 31, 2017 and \96,840 million as of March 31, 2018. Includes secured borrowings of \120,322 million as of March 31, 2017 and \111,147 million as of March 31, 2018. Includes secured borrowings of \851,239 million as of March 31, 2017 and \888,088 million as of March 31, 2018. Includes trading balances of secured borrowings. Includes hedge funds and real estate funds. Weighted-average price of the Company's common stock used to determine number of awards granted. Weighted-average price of the Company's common stock used to determine the final cash settlement amount of the awards. The price of the Company's common stock used to remeasure the fair value of the remaining outstanding unvested awards as of March 31, 2018. The price of each unit is determined using 1/1000th of the index price. Weighted-average index price used to determine number of awards granted. Index price used to remeasure the total fair value of the remaining outstanding unvested awards as of March 31, 2018. Weighted-average index price used to determine the final cash settlement amount of the awards. The tax benefit recognized on the devaluation of investment in subsidiaries and affiliates during the year ended March 31, 2016 of approximately \90 billion (which impacts Nomura's effective statutory tax rate by 54.8%) arises from the recognition of deferred tax assets from the decision of Nomura management to liquidate certain wholly-owned subsidiaries within Nomura during the year. Total valuation allowances of \24 billion have been recognized against these deferred tax assets, the impact of which are reported in changes in deferred tax valuation allowances for the same period. Primarily includes \7,003 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 \27,757 million of valuation allowances of certain foreign subsidiaries and a reduction of \860 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, \21,614 million of allowances decreased for the year ended March 31, 2016. Primarily includes an increase of \2,040 million of valuation allowances of certain foreign subsidiaries partly because of changes in the expected realization of deferred tax assets, a reduction of \35,214 million of valuation allowances of certain foreign subsidiaries mainly by utilization of operating loss carryforwards, an increase of \5,811million of valuation allowances related to Japanese subsidiaries and the Company as a result of changes in the expected realization of deferred tax assets, and an increase of \3,366million related to Japanese subsidiaries and the Company because of increase in valuation allowances related to operating loss carryforwards due to the effect of changes in domestic tax laws. In total, \23,997 million of allowances decreased for the year ended March 31, 2017. Primarily includes a reduction of \80,459 million of valuation allowances of certain foreign subsidiaries mainly due to changes in tax laws in the U.S., an increase of \17,340 million related to Japanese subsidiaries and the Company because of an increase in valuation allowances related to operating loss carryforwards, and a reduction of \34,093 million of valuation allowances related to Japanese subsidiaries and the Company as a result of changes in the expected realization of deferred tax assets. In total, \97,212 million of allowances decreased for the year ended March 31, 2018. The earliest year in which Nomura remains subject to examination for transfer pricing issues is 2012. Change in cumulative translation adjustments, net of tax in other comprehensive income (loss) for the year ended March 31, 2018 includes reclassification adjustment of \45,424 million for profit in connection with the liquidation of an investment in a non-Japanese subsidiary. The adjustment is recognized in Revenue-Other and the amount of income tax loss allocated to this reclassification adjustment is \14,536 million. JAFCO's assets and liabilities are not included because it was not an affiliated company of Nomura as of March 31, 2018. Certain changes to the presentation of previously reported amounts have been made to conform to the current year. For JAFCO, financial information while it was an affiliated company of Nomura is included. Credit derivatives are disclosed in Note 3 "Derivative instruments and hedging activities" and are excluded from derivative contracts. Derivative contracts primarily consist of equity, interest rate and foreign exchange contracts. The amounts of collaterals held in connection with standby letters of credit and other guarantees as of March 31, 2017 and March 31, 2018 was \5,656 million and \2,559 million, respectively. Includes the impact of Nomura's own creditworthiness for the period ended March 31, 2016. Amounts reported for the year ended March 31, 2018 include the gain recognized in earnings in connection with the liquidation of a non-Japanese subsidiary during the year. There is no revenue derived from transactions with a single major external customer.