Pension and other employee benefit plans (Tables)
|
12 Months Ended |
Mar. 31, 2026 |
|---|
| Defined Benefit Plan Disclosure [Line Items] |
|
| Components of Net Periodic Benefit Cost of Severance Indemnities and Pension Plans |
The following table presents the components of net periodic benefit cost of the severance indemnities and pension plans for the fiscal years ended March 31, 2024, 2025 and 2026:
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| |
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|
|
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| |
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|
Service cost-benefits earned during the fiscal year |
|
|
28,936 |
|
|
|
21,288 |
|
|
|
18,192 |
|
Interest costs on projected benefit obligations |
|
|
9,982 |
|
|
|
14,459 |
|
|
|
19,280 |
|
Expected return on plan assets |
|
|
(34,565 |
) |
|
|
(31,835 |
) |
|
|
(32,633 |
) |
Amortization of prior service cost (benefits) |
|
|
(4,890 |
) |
|
|
(5,553 |
) |
|
|
(5,682 |
) |
Amortization of net actuarial loss (gain) |
|
|
(29,045 |
) |
|
|
(38,339 |
) |
|
|
(32,420 |
) |
Special termination benefits |
|
|
1,244 |
|
|
|
971 |
|
|
|
835 |
|
Loss (gain) on settlement |
|
|
2,210 |
|
|
|
— |
|
|
|
— |
|
| |
|
|
3,179 |
|
|
|
2,004 |
|
|
|
2,118 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net periodic benefit cost |
|
|
(22,948 |
) |
|
|
(37,005 |
) |
|
|
(30,310 |
) |
|
|
|
|
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|
|
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|
| Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) Before-Tax |
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) before-tax for the fiscal years ended March 31, 2025 and 2026 are summarized as follows:
|
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|
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|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
Net actuarial gain (loss) |
|
|
(72,336 |
) |
|
|
259,652 |
|
Amortization of net actuarial loss (gain) |
|
|
(38,339 |
) |
|
|
(32,420 |
) |
Prior service benefits (cost) |
|
|
9,360 |
|
|
|
— |
|
Amortization of prior service cost (benefits) |
|
|
(5,553 |
) |
|
|
(5,682 |
) |
|
|
|
|
|
|
|
|
|
Total recognized in other comprehensive income (loss) before-tax |
|
|
(106,868 |
) |
|
|
221,550 |
|
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|
|
|
|
|
|
|
|
|
| Weighted-Average Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Cost |
Weighted-average assumptions used to determine benefit obligations and net periodic benefit cost are as follows:
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| |
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Weighted-average assumptions used to determine benefit obligations at fiscal year end: |
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|
|
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|
|
|
|
|
| |
|
|
1.00 |
% |
|
|
1.67 |
% |
|
|
2.49 |
% |
Rates of increase in future compensation levels |
|
|
2.00 |
% |
|
|
2.00 |
% |
|
|
2.00 |
% |
| |
|
|
4.52 |
% |
|
|
4.79 |
% |
|
|
5.20 |
% |
|
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|
Weighted-average assumptions used to determine net periodic benefit cost during the year: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
0.82 |
% |
|
|
1.00 |
% |
|
|
1.67 |
% |
Rates of increase in future compensation levels |
|
|
2.00 |
% |
|
|
2.00 |
% |
|
|
2.00 |
% |
Expected rates of return on plan assets |
|
|
1.66 |
% |
|
|
1.61 |
% |
|
|
1.83 |
% |
| |
|
|
4.45 |
% |
|
|
4.52 |
% |
|
|
4.79 |
% |
|
| Combined Funded Status and Amounts Recognized in Accompanying Consolidated Balance Sheets |
The following table sets forth the combined funded status and amounts recognized in the accompanying consolidated balance sheets at March 31, 2025 and 2026 for the plans of MHFG and its subsidiaries:
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| |
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| |
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| |
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Change in benefit obligations: |
|
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|
|
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|
|
|
Benefit obligations at beginning of fiscal year |
|
|
1,216,964 |
|
|
|
1,125,955 |
|
| |
|
|
21,288 |
|
|
|
18,192 |
|
| |
|
|
14,459 |
|
|
|
19,280 |
|
Plan participants’ contributions |
|
|
335 |
|
|
|
— |
|
| |
|
|
(9,360 |
) |
|
|
— |
|
| |
|
|
(49,329 |
) |
|
|
(68,762 |
) |
Foreign exchange translation |
|
|
756 |
|
|
|
2,358 |
|
| |
|
|
(53,521 |
) |
|
|
(53,859 |
) |
| |
|
|
(15,367 |
) |
|
|
(16,670 |
) |
| |
|
|
(270 |
) |
|
|
(360 |
) |
|
|
|
|
|
|
|
|
|
Benefit obligations at end of fiscal year |
|
|
1,125,955 |
|
|
|
1,026,135 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
Fair value of plan assets at beginning of fiscal year |
|
|
1,956,619 |
|
|
|
1,784,082 |
|
Actual return (negative return) on plan assets |
|
|
(84,844 |
) |
|
|
186,730 |
|
Foreign exchange translation |
|
|
633 |
|
|
|
3,302 |
|
Partial withdrawal of assets from employee retirement benefits trusts (2) . |
|
|
(59,552 |
) |
|
|
(218,991 |
) |
| |
|
|
24,395 |
|
|
|
19,845 |
|
Plan participants’ contributions |
|
|
335 |
|
|
|
— |
|
| |
|
|
(53,521 |
) |
|
|
(53,859 |
) |
| |
|
|
17 |
|
|
|
(155 |
) |
|
|
|
|
|
|
|
|
|
Fair value of plan assets at end of fiscal year |
|
|
1,784,082 |
|
|
|
1,720,955 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
658,126 |
|
|
|
694,820 |
|
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|
Amounts recognized in the consolidated balance sheets consist of: |
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|
|
|
|
| |
|
|
682,222 |
|
|
|
717,926 |
|
Accrued pension liability |
|
|
(24,095 |
) |
|
|
(23,106 |
) |
|
|
|
|
|
|
|
|
|
| |
|
|
658,126 |
|
|
|
694,820 |
|
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|
|
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|
|
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|
Amounts recognized in Accumulated other comprehensive income (loss) before-tax consist of: |
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|
|
|
|
|
|
Prior service benefits (cost) |
|
|
57,023 |
|
|
|
51,334 |
|
Net actuarial gain (loss) |
|
|
526,116 |
|
|
|
753,354 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
583,139 |
|
|
|
804,688 |
|
|
|
|
|
|
|
|
|
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| (1) |
In June 2024, based on various approvals, MHFG and certain domestic subsidiaries communicated to their employees the amendment to the defined benefit plans that was effective as of July 1, 2024. In accordance with ASC 715, “Compensation—Retirement Benefits” (“ASC 715”), any change in projected benefit obligations due to a plan amendment is required to be recognized as prior service benefits (cost) as of the amendment date. Accordingly, the MHFG Group recognized ¥9,360 million of prior service benefits for the fiscal year ended March 31, 2025. |
| (2) |
During the fiscal years ended March 31, 2025 and 2026, certain subsidiaries of MHFG partially withdrew assets from employee retirement benefit trusts, which were established for the payment of employees’ severance pay and retirement pensions. Overall, the trusts remain in overfunded status as of March 31, 2026. No gains or losses have been recognized as a result of these transactions. |
|
| Plans with Projected Benefit Obligations in Excess of Plan Assets and Plans with Accumulated Benefit Obligations in Excess of Plan Assets |
The following table shows the projected benefit obligations and the fair value of plan assets for the plans of MHFG and its subsidiaries with projected benefit obligations in excess of plan assets, and the accumulated benefit obligations and the fair value of plan assets for the plans with accumulated benefit obligations in excess of plan assets at March 31, 2025 and 2026:
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| |
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| |
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| |
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|
Plans with projected benefit obligations in excess of plan assets: |
|
|
|
|
|
|
|
|
Projected benefit obligations |
|
|
28,770 |
|
|
|
34,583 |
|
Fair value of plan assets |
|
|
4,675 |
|
|
|
11,477 |
|
Plans with accumulated benefit obligations in excess of plan assets: |
|
|
|
|
|
|
|
|
Accumulated benefit obligations |
|
|
28,770 |
|
|
|
34,583 |
|
Fair value of plan assets |
|
|
4,675 |
|
|
|
11,477 |
|
| Note: |
The plans with projected benefit obligations in excess of plan assets include those with accumulated benefit obligations in excess of plan assets. |
|
| Target Allocation for Plan Assets Excluding those of Employee Retirement Benefit Trusts |
MHFG and certain subsidiaries’ target allocation for the plan assets, excluding those of the employee retirement benefit trusts, at March 31, 2026 is as follows:
|
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|
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| |
|
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|
Japanese equity securities |
|
|
3.00 |
% |
| |
|
|
32.00 |
% |
Foreign equity securities |
|
|
26.00 |
% |
| |
|
|
24.00 |
% |
General account of life insurance companies |
|
|
10.00 |
% |
| |
|
|
5.00 |
% |
|
|
|
|
|
| |
|
|
100.00 |
% |
|
|
|
|
|
| Note: |
General account of life insurance companies is a contract with life insurance companies which guarantees payments of principal and predetermined interest payments. |
|
| Fair Value of Plan Assets by Asset Category |
The following table presents the fair value of plan assets of MHFG and its subsidiaries at March 31, 2025 and 2026, by asset class. For the detailed information on fair value measurements, including descriptions of Level 1, 2 and 3 of the fair value hierarchy and the valuation methodologies, see Note 26 “Fair value.”
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|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
| |
|
|
|
|
|
|
| |
|
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| |
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| |
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| Japanese equity securities: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
758 |
|
|
|
— |
|
|
|
— |
|
|
|
758 |
|
|
|
672 |
|
|
|
— |
|
|
|
— |
|
|
|
672 |
|
| |
|
|
5 |
|
|
|
8 |
|
|
|
— |
|
|
|
12 |
|
|
|
4 |
|
|
|
9 |
|
|
|
— |
|
|
|
13 |
|
| Japanese debt securities: |
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|
|
|
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|
|
|
|
|
|
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|
|
|
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| Government bonds |
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|
83 |
|
|
|
— |
|
|
|
— |
|
|
|
83 |
|
|
|
84 |
|
|
|
— |
|
|
|
— |
|
|
|
84 |
|
| |
|
|
— |
|
|
|
9 |
|
|
|
— |
|
|
|
9 |
|
|
|
— |
|
|
|
10 |
|
|
|
— |
|
|
|
10 |
|
| Other |
|
|
— |
|
|
|
18 |
|
|
|
— |
|
|
|
18 |
|
|
|
— |
|
|
|
15 |
|
|
|
— |
|
|
|
15 |
|
| Foreign equity securities: |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common stocks |
|
|
121 |
|
|
|
— |
|
|
|
— |
|
|
|
121 |
|
|
|
117 |
|
|
|
— |
|
|
|
— |
|
|
|
117 |
|
| |
|
|
1 |
|
|
|
10 |
|
|
|
— |
|
|
|
11 |
|
|
|
2 |
|
|
|
12 |
|
|
|
— |
|
|
|
14 |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
| |
|
|
|
|
|
|
| |
|
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|
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|
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|
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| |
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|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| Foreign debt securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Government bonds |
|
|
144 |
|
|
|
24 |
|
|
|
— |
|
|
|
168 |
|
|
|
142 |
|
|
|
24 |
|
|
|
— |
|
|
|
167 |
|
| |
|
|
— |
|
|
|
4 |
|
|
|
— |
|
|
|
4 |
|
|
|
— |
|
|
|
3 |
|
|
|
— |
|
|
|
3 |
|
| Other |
|
|
— |
|
|
|
30 |
|
|
|
— |
|
|
|
31 |
|
|
|
— |
|
|
|
32 |
|
|
|
— |
|
|
|
32 |
|
General account of life insurance companies (3) |
|
|
— |
|
|
|
118 |
|
|
|
— |
|
|
|
118 |
|
|
|
— |
|
|
|
108 |
|
|
|
— |
|
|
|
108 |
|
| Other |
|
|
46 |
|
|
|
(2 |
) |
|
|
— |
|
|
|
44 |
|
|
|
64 |
|
|
|
(5 |
) |
|
|
— |
|
|
|
59 |
|
Plan assets measured at net asset value (5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
408 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
428 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total assets at fair value |
|
|
1,158 |
|
|
|
218 |
|
|
|
— |
|
|
|
1,784 |
|
|
|
1,085 |
|
|
|
208 |
|
|
|
— |
|
|
|
1,721 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
This class represents equity securities held in the employee retirement benefit trusts of ¥758 billion and ¥672 billion carried at fair value at March 31, 2025 and 2026, respectively, which are well-diversified across industries. |
(2) |
These classes primarily include pension investment fund trusts. Investments in these classes are generally measured at fair value and can be redeemed within a short-term period upon request. |
(3) |
Investments in this class are measured at conversion value, which is equivalent to fair value. |
(4) |
Amounts primarily include cash and short-term assets carried at fair value. |
(5) |
In accordance with ASC 820, certain plan assets that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. |
|
| Forecasted Benefit Payments Including Effect of Expected Future Service |
The following table presents forecasted benefit payments including the effect of expected future service for the fiscal years indicated:
|
|
|
|
|
| |
|
|
|
Fiscal year ending March 31: |
|
|
|
|
| |
|
|
77,600 |
|
| |
|
|
79,313 |
|
| |
|
|
79,739 |
|
| |
|
|
80,254 |
|
| |
|
|
75,406 |
|
| |
|
|
326,146 |
|
|