(1)	Cost, accumulated depreciation and net carrying amounts include amounts relating to real estate utilized by Nomura.

Nomura recognized lease income of ¥2,732 million, ¥1,878 million and ¥3,653 million for the years ended March 31, 2020, 2021 and 2022, respectively. These are included in the consolidated statements of income within

Revenue

—Other

The following table presents an analysis of future undiscounted lease payments receivable in connection with noncancellable operating leases entered into by Nomura as lessor over the remaining lease term as of March 31, 2022. Amounts in connection with finance leases were not significant.


	Millions of yen
	March 31, 2022
	Minimum lease payments to be received
Years of receipt
Less than 1 year	¥	1,013
1 to 2 years		986
2 to 3 years		986
3 to 4 years		986
4 to 5 years		986
More than 5 years		4,883

Total	¥	9,840

Nomura as lessee

Nomura enters into leases of office space, residential facilities for employees, motor vehicles, equipment and technology assets in the ordinary course of business in both Japan and overseas as lessee. These arrangements predominantly consist of operating leases. Separately Nomura subleases certain real estate and

equipment through operating lease arrangements. The total carrying values of

right-of-use

(“ROU”) assets recognized in connection with operating leases as of March 31, 2021 and 2022 were ¥185,085 million and ¥175,422 million, respectively. The total carrying values of ROU asset recognized in connection with finance leases as of March 31, 2021 and 2022 were not significant. These lease assets are reported within

Other assets-Office buildings, land, equipment and facilities

in the consolidated balance sheets.

The following table presents income and expense amounts recognized through the consolidated statements of income for leases where Nomura is acting as lessee for the year ended March 31, 2020, 2021 and 2022. Amounts recognized in the consolidated statements of income in respect of finance lease cost, short-term lease cost, variable lease cost and net gains (losses) on qualifying sale and leaseback transactions were not significant during the years ended March 31, 2020, 2021 and 2022.


	Millions of yen
	Year ended March 31
	2020		2021		2022
Lease expense:
Operating lease costs	¥	48,475	¥	49,168	¥	47,643

Other income and expenses:
Gross sublease income (1)	¥	5,377	¥	4,638	¥	3,464

(1)	Gross sublease income represents income from subleases separate from lease payments made by Nomura on the head lease as lessee.

Lease cash flow information

Lease payments made in cash in connection with operating leases are classified as operating activity in the consolidated statements of cash flows. The initial recognition of ROU assets and lease liabilities on lease commencement date represents noncash transactions.

The following table presents cash payments made by Nomura as lessee which meet the definition of lease payments and therefore have been included in the measurement of operating lease liabilities recorded under operating cash flows and the total amount of ROU assets and lease liabilities recognized during the years ended March 31, 2020, 2021 and 2022.


	Millions of yen
	Year ended March 31
	2020		2021		2022
Operating cash flows for operating leases	¥	47,212	¥	47,584	¥	46,565
ROU assets recognized in connection with new operating leases	¥	18,026	¥	41,279	¥	32,208

Maturity analysis of lease liabilities

The following table presents an analysis of future undiscounted lease payments under operating leases entered into by Nomura as lessee over the remaining lease term as of March 31, 2022 and also represents a reconciliation between total of such lease payments and the discounted carrying value of operating lease liabilities recognized in the consolidated balance sheets as of March 31, 2022. Finance lease liabilities were not significant as of March 31, 2022. These lease liabilities are reported within

Other liabilities

in the consolidated balance sheets.


	Millions of yen
	March 31, 2022
	Operating leases
Years of payment
Less than 1 year	¥	44,493
1 to 2 years		32,034
2 to 3 years		25,850
3 to 4 years		23,507
4 to 5 years		19,254
More than 5 years		63,902

Total undiscounted lease payments	¥	209,040
Less: Impact of discounting		(10,909	)

Lease liabilities as reported in the consolidated balance sheets	¥	198,131

The following table presents the weighted-average discount rate used to measure lease liabilities and the weighted-average remaining lease term of operating leases as of March 31, 2021 and 2022.


	Year ended March 31
	2021	2022
	Operating leases	Operating leases
Weighted-average discount rate used to measure lease liabilities	1.4%	1.4%
Weighted-average remaining lease term	7.6 years	7.2 years