REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||||||||
(1) |
(delisted on March 6, 2023) | |||||||||
(2) |
* | Not for trading, but only for technical purposes in connection with the registration of ADSs. |
Accelerated filer ☐ | Non-accelerated filer ☐ |
Emerging growth company |
☑ |
☐ International Financial Reporting Standards as issued by the International Accounting Standards Board |
☐ Other |
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181 |
Selected financial data *1: |
2022 |
2021 |
2020 |
2019 |
2018 |
|||||||||||||||
(Millions of yen, except average number of shares and per share data) |
||||||||||||||||||||
Net sales |
¥ | 4,031,414 | ¥ | 3,513,357 | ¥ | 3,160,243 | ¥ | 3,593,299 | ¥ | 3,951,937 | ||||||||||
Operating profit |
353,399 | 281,918 | 110,547 | 174,420 | 342,452 | |||||||||||||||
Income before income taxes |
352,440 | 302,706 | 130,280 | 195,493 | 362,392 | |||||||||||||||
Net income attributable to Canon Inc. |
243,961 | 214,718 | 83,318 | 124,964 | 252,441 | |||||||||||||||
Advertising expenses |
45,986 | 36,812 | 31,273 | 46,665 | 58,729 | |||||||||||||||
Research and development expenses |
306,730 | 287,338 | 272,312 | 298,503 | 315,842 | |||||||||||||||
Depreciation of property, plant and equipment |
162,841 | 156,333 | 162,733 | 170,418 | 175,771 | |||||||||||||||
Increase in property, plant and equipment |
156,593 | 151,914 | 132,302 | 178,088 | 159,316 | |||||||||||||||
Long-term debt, excluding current installments |
2,417 | 179,750 | 4,834 | 357,340 | 361,962 | |||||||||||||||
Common stock |
174,762 | 174,762 | 174,762 | 174,762 | 174,762 | |||||||||||||||
Canon Inc. shareholders’ equity |
3,113,105 | 2,873,773 | 2,575,031 | 2,685,496 | 2,820,644 | |||||||||||||||
Total assets |
5,095,530 | 4,750,888 | 4,625,614 | 4,771,918 | 4,902,955 | |||||||||||||||
Average number of common shares in thousands |
1,030,644 | 1,045,633 | 1,049,802 | 1,069,957 | 1,079,753 | |||||||||||||||
Per share data: |
||||||||||||||||||||
Net income attributable to Canon Inc. shareholders per share: |
||||||||||||||||||||
Basic |
¥ | 236.71 | ¥ | 205.35 | ¥ | 79.37 | ¥ | 116.79 | ¥ | 233.80 | ||||||||||
Diluted |
236.63 | 205.29 | 79.35 | 116.77 | 233.78 | |||||||||||||||
Cash dividends declared |
120.00 | 100.00 | 80.00 | 160.00 | 160.00 | |||||||||||||||
Cash dividends declared (U.S.$)*2 |
$ | 0.879 | $ | 0.889 | $ | 0.745 | $ | 1.514 | $ | 1.440 |
1. | The above financial data is prepared in accordance with U.S. generally accepted accounting principles. |
2. | Annual cash dividends declared (U.S.$) are translated from yen based on a weighted average of the noon buying rates for yen in New York City as reported by the Federal Reserve Bank of New York in effect on the date of each semiannual dividend payment or on the latest practicable date. |
Years ended December 31 |
||||||||||||||||||||
2022 |
change |
2021 |
change |
2020 |
||||||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||||||
Printing |
2,261,938 | 16.7 | % | 1,938,847 | 7.4 | % | 1,804,427 | |||||||||||||
Imaging |
803,480 | 22.9 | 653,532 | 20.7 | 541,314 | |||||||||||||||
Medical |
513,331 | 6.9 | 480,362 | 10.2 | 436,074 | |||||||||||||||
Industrial |
329,232 | -2.5 | 337,721 | 22.0 | 276,806 | |||||||||||||||
Others and Corporate |
223,021 | 19.5 | 186,593 | 10.3 | 169,140 | |||||||||||||||
Eliminations |
(99,588 | ) | — | (83,698 | ) | — | (67,518 | ) | ||||||||||||
Total |
4,031,414 | 14.7 | % | 3,513,357 | 11.2 | % | 3,160,243 | |||||||||||||
1. | Based on the realignment of Canon’s internal management structure, from 2022, Canon has changed the name and structure of segments from Industrial and Others Business Unit and Corporate and eliminations to Industrial Business Unit, Others and Corporate and Eliminations. Net sales by segment for the fiscal years ended December 31, 2021 and 2020 also have been reclassified. |
Years ended December 31 |
||||||||||||||||||||
2022 |
change |
2021 |
change |
2020 |
||||||||||||||||
(Millions of yen, except percentage data) |
||||||||||||||||||||
Japan |
864,808 | 4.1 | % | 830,378 | 3.0 | % | 806,305 | |||||||||||||
Americas |
1,255,405 | 29.6 | 968,839 | 13.7 | 852,451 | |||||||||||||||
Europe |
1,034,008 | 15.5 | 894,898 | 12.5 | 795,616 | |||||||||||||||
Asia and Oceania |
877,193 | 7.1 | 819,242 | 16.1 | 705,871 | |||||||||||||||
Total |
4,031,414 | 14.7 | % | 3,513,357 | 11.2 | % | 3,160,243 | |||||||||||||
Kyocera Document Solutions Inc. |
Electrophotography | |
Brother Industries, Ltd. |
Electrophotography and facsimile machines |
HP Inc. |
Bubble jet printers | |
Xerox Corporation |
Business machines | |
International Business Machines Corporation |
Information handling systems | |
Eastman Kodak Company |
Electrophotography and image processing technology | |
Seiko Epson Corporation |
Information-related instruments |
1. |
Measures Addressing Global Climate Change |
* | Total volume of lifecycle CO2 emissions contains the data of the carbon dioxide equivalent of greenhouse gas (GHG) including PFCs, HFCs, SF6, N2O, methane, and NF3. The scope of the total volume of lifecycle CO2 emissions covers consolidated subsidiaries of Canon Group. |
2. |
Measures to Address the Circular Economy and Sustainable Products |
3. |
European Union Directive on the Restriction of the Use of Certain Hazardous Substances in Electrical and Electronic Equipment (“the RoHS Directive”) |
4. |
European Framework for the Management of Chemical Substances (“REACH Regulation”) |
5. |
Other Environmental Regulations |
• | CMSC, a wholly-owned Japanese subsidiary of Canon Inc., had indirect sales transactions through independent distributors in Istanbul, Turkey, Sharjah, United Arab Emirates and Tehran, Iran for computed tomography, diagnostic ultrasound systems and service parts for those products with hospitals in Iran. It is our understanding that Iranian hospitals are owned or controlled by the Government of Iran (central or local government) and that their purchases are controlled through an agency of the Iranian Ministry of Health and Medical Education. Total gross sales under these contracts during the year 2022 were approximately ¥154 million. The net profit was substantially less than that. |
Name of company |
Head office location |
Proportion of ownership interest owned |
Proportion of voting power held |
|||||||
Canon Marketing Japan Inc. |
Tokyo, Japan | 57.8 | % | 58.5 | % | |||||
Canon U.S.A., Inc. |
New York, U.S.A. | 100.0 | % | 100.0 | % | |||||
Canon Europa N.V. |
Amstelveen, The Netherlands | 100.0 | % | 100.0 | % | |||||
Canon Medical Systems Corporation |
Tochigi, Japan | 100.0 | % | 100.0 | % |
Name and location |
Floor space (including leased space) |
Principal activities and products manufactured | ||||
Domestic |
(Thousands of square feet) |
|||||
Headquarters, Tokyo |
2,557 | R&D, corporate administration and other functions | ||||
Canon Global Management Institute, Tokyo |
166 | Training and administration | ||||
Kawasaki Office, Kanagawa |
1,882 | R&D and manufacturing of production equipment and semiconductor devices; R&D of laser printers, toner cartridges and network cameras | ||||
Kosugi Office, Kanagawa |
378 | Development of medical equipment | ||||
Fuji-Susono Research Park, Shizuoka |
932 | R&D in electrophotographic technologies | ||||
Ayase Plant, Kanagawa |
394 | R&D and manufacturing of semiconductor devices |
Name and location |
Floor space (including leased space) |
Principal activities and products manufactured | ||||
Domestic |
(Thousands of square feet) |
|||||
Hiratsuka Plant, Kanagawa |
905 | R&D of display products and manufacturing of semiconductor devices | ||||
Tamagawa Office, Kanagawa |
384 | Quality engineering | ||||
Oita Plant, Oita |
487 | Manufacturing of semiconductor devices | ||||
Yako Office, Kanagawa |
906 | Development of inkjet printers, inkjet chemical products | ||||
Utsunomiya Office, Tochigi |
2,764 | Manufacturing of interchangeable lenses and other applications, R&D in optical technologies, development and sales of broadcasting equipment, R&D, manufacturing, and servicing of semiconductor lithography equipment and FPD lithography equipment | ||||
Toride Plant, Ibaraki |
2,863 | R&D in electrophotographic technologies, mass-production trials and supports; manufacturing of office MFDs, chemical products; training of manufacturing | ||||
Ami Plant, Ibaraki |
955 | Manufacturing of FPD production-related equipment | ||||
Canon Electronics Inc., Tokyo, Saitama and Gunma |
1,421 | Magnetic/business machine components, document scanners and handy terminals | ||||
Canon Finetech Nisca Inc., Saitama, Ibaraki and Yamanashi |
1,106 | Development, production and sales of office MFDs peripherals, printers, DC motors | ||||
Canon Precision Inc., Aomori |
1,591 | Micromotors, production of toner cartridges and sensors | ||||
Canon Optron Inc., Ibaraki |
144 | Optical crystals (cameras, telescopes) and vapor deposition materials | ||||
Canon Chemicals Inc., Ibaraki |
1,896 | Toner cartridges, advanced-function parts, plastic precision-molded parts and metal molds | ||||
Canon Components, Inc., Saitama |
710 | Image sensor units, Printed Circuit Boards (“PCB”), inkjet cartridges and medical equipment | ||||
Oita Canon Inc., Oita |
2,096 | Interchangeable-lens digital cameras, interchangeable lenses and digital camcorders | ||||
Nagahama Canon Inc., Shiga |
1,095 | Laser printers, toner cartridges, A-Si drums and semiconductor production-related equipment | ||||
Oita Canon Materials Inc., Oita |
3,062 | Chemical products for MFDs and printers |
Name and location |
Floor space (including leased space) |
Principal activities and products manufactured | ||||
Domestic |
(Thousands of square feet) |
|||||
Ueno Canon Materials Inc., Mie |
654 | Chemical products for MFDs and printers | ||||
Fukushima Canon Inc., Fukushima |
1,310 | Inkjet printers, print heads, ink tanks and analysis of software | ||||
Canon Semiconductor Equipment Inc., Ibaraki |
242 | Development and production of semiconductor production-related equipment | ||||
Canon Ecology Industry Inc., Ibaraki |
1,463 | Recycling of toner cartridges, repair and recycling of office MFDs | ||||
Fukui Canon Materials Inc., Fukui |
192 | OPC raw stock, material for optics and high water-repellent material | ||||
Miyazaki Canon Inc., Miyazaki |
652 | Interchangeable-lens digital cameras and electronics packaging | ||||
Canon Mold Co., Ltd., Ibaraki |
375 | Design and production of precise plastic molds | ||||
Canon ANELVA Corporation, Kanagawa and Yamanashi |
745 | Development, production, sales and maintenance of semiconductor, electronic and R&D equipment | ||||
Canon Machinery Inc., Shiga |
557 | Semiconductor and precision automation equipment | ||||
Canon Tokki Corporation, Niigata and Kanagawa |
371 | OLED display manufacturing equipment, thin-film photovoltaic cell manufacturing equipment and vacuum process equipment | ||||
Nagasaki Canon Inc., Nagasaki |
477 | Digital cameras and network cameras | ||||
Canon Medical Systems Corporation, Tochigi |
1,441 | Development, manufacturing, sales and technical services of medical equipment | ||||
Canon Electron Tubes & Devices Corporation, Tochigi |
506 | Development, manufacturing and sales of electron tubes and application products |
Name and location |
Floor space (including leased space) |
Principal activities and products manufactured | ||||
Overseas |
(Thousands of square feet) |
|||||
Europe |
||||||
Canon Giessen GmbH, Giessen, Germany |
348 | Production and remanufacturing of office MFDs, refilling of toner cartridges, refurbishing of semiconductor lithography equipment | ||||
Canon Bretagne S.A.S., Liffre, France |
505 | Manufacturing and recycling of toner cartridges, PCB assembly, packaging, after sales service |
Name and location |
Floor space (including leased space) |
Principal activities and products manufactured | ||||
Overseas |
(Thousands of square feet) |
|||||
Canon Production Printing Netherlands B.V., Venlo, the Netherlands |
2,152 | R&D, manufacturing, sales and distribution of large format printing systems, display graphics printing systems, mid- and high- volume office MFDs, sheet-fed printing systems, ancillary equipment, software, consumables | ||||
Americas |
||||||
Canon Virginia, Inc., Virginia, U.S. |
1,537 | Production of toner cartridges, toner for MFDs and printers, molding dies, service and support for Canon sales companies (repair of cameras, remanufacturing and repair office MFDs) | ||||
Asia |
||||||
Canon Inc., Taiwan, Taiwan |
1,597 | Interchangeable-lens digital cameras, network cameras, interchangeable lenses, camera accessories, precision-metal molds and others | ||||
Canon Opto (Malaysia) Sdn. Bhd., Selangor, Malaysia |
611 | Interchangeable lenses, optical lenses and others | ||||
Canon Dalian Business Machines, Inc., Dalian, China |
1,721 | Production and recycling of toner cartridges, production of laser printer units, design and production of precision molds and tools | ||||
Canon Prachinburi (Thailand) Ltd., Prachinburi, Thailand |
1,268 | Office MFDs | ||||
Canon Hi-Tech (Thailand) Ltd., Ayutthaya and Nakohon Ratchasima, Thailand |
3,270 | Inkjet printers and office MFDs | ||||
Canon Zhongshan Business Machines Co., Ltd., Zhongshan, China |
52 | Laser printers | ||||
Canon Vietnam Co., Ltd., Hanoi, Vietnam |
3,370 | Inkjet printers, laser printers, office MFDs, image scanners and contact image sensors | ||||
Canon (Suzhou) Inc., Suzhou, China |
1,528 | Office MFDs and laser printers | ||||
Canon Business Machines (Philippines), Inc., Batangas, Philippines |
898 | Laser printers |
Name and location |
Principal activities and products manufactured | |
Domestic |
||
Canon Inc., Hiratsuka Plant, Kanagawa |
New production base (Manufacturing of semiconductor devices) |
2022 |
Change |
2021 |
||||||||||
(Millions of yen, except per share |
||||||||||||
amounts and percentage data) |
||||||||||||
Net sales |
4,031,414 | +14.7 | % | 3,513,357 | ||||||||
Gross profit |
1,827,802 | +12.3 | 1,627,792 | |||||||||
Operating expenses |
1,474,403 | +9.5 | 1,345,874 | |||||||||
Operating profit |
353,399 | +25.4 | 281,918 | |||||||||
Other income (deductions) |
(959 | ) | — | 20,788 | ||||||||
Income before income taxes |
352,440 | +16.4 | 302,706 | |||||||||
Net income attributable to Canon Inc. |
243,961 | +13.6 | 214,718 | |||||||||
Net income attributable to Canon Inc. shareholders per share: |
||||||||||||
Basic |
236.71 | +15.3 | 205.35 | |||||||||
Diluted |
236.63 | +15.3 | 205.29 |
2022 |
Change |
2021 |
||||||||||
(Millions of yen, except per share amounts and percentage data) |
||||||||||||
Total assets |
5,095,530 | 344,642 | 4,750,888 | |||||||||
Total liabilities |
1,746,500 | 94,041 | 1,652,459 | |||||||||
Canon Inc. shareholders’ equity |
3,113,105 | 239,332 | 2,873,773 | |||||||||
Noncontrolling interests |
235,925 | 11,269 | 224,656 | |||||||||
Total equity |
3,349,030 | 250,601 | 3,098,429 | |||||||||
Total liabilities and equity |
5,095,530 | 344,642 | 4,750,888 | |||||||||
Canon Inc. shareholders’ equity as a percentage of total assets |
61.1 | % | 0.6 | % | 60.5 | % |
2022 |
2021 |
2020 |
2019 |
2018 |
||||||||||||||||
Net sales (Millions of yen) |
4,031,414 | 3,513,357 | 3,160,243 | 3,593,299 | 3,951,937 | |||||||||||||||
Gross profit to net sales ratio |
45.3 | % | 46.3 | % | 43.5 | % | 44.8 | % | 46.4 | % | ||||||||||
R&D expense to net sales ratio |
7.6 | % | 8.2 | % | 8.6 | % | 8.3 | % | 8.0 | % | ||||||||||
Operating profit to net sales ratio |
8.8 | % | 8.0 | % | 3.5 | % | 4.9 | % | 8.7 | % | ||||||||||
Income before income taxes to net sales ratio |
8.7 | % | 8.6 | % | 4.1 | % | 5.4 | % | 9.2 | % | ||||||||||
Inventory turnover measured in days |
69 days | 66 days | 60 days | 59 days | 56 days | |||||||||||||||
Debt to total assets ratio |
8.2 | % | 6.8 | % | 10.9 | % | 10.8 | % | 8.2 | % | ||||||||||
Canon Inc. shareholders’ equity to total assets ratio |
61.1 | % | 60.5 | % | 55.7 | % | 56.3 | % | 57.5 | % |
1. | See notes to Item 3A “Selected Financial Data”. |
2022 |
Change |
2021 |
||||||||||
(Millions of yen, except per share |
||||||||||||
amounts and percentage data) |
||||||||||||
Net sales |
||||||||||||
Products and Equipment |
3,231,837 | +15.2 | % | 2,804,680 | ||||||||
Services |
799,577 | +12.8 | 708,677 | |||||||||
4,031,414 | +14.7 | 3,513,357 | ||||||||||
Operating profit |
353,399 | +25.4 | 281,918 | |||||||||
Income before income taxes |
352,440 | +16.4 | 302,706 | |||||||||
Net income attributable to Canon Inc. |
243,961 | +13.6 | 214,718 | |||||||||
Net income attributable to Canon Inc. shareholders per share: |
||||||||||||
Basic |
236.71 | +15.3 | 205.35 | |||||||||
Diluted |
236.63 | +15.3 | 205.29 |
• | The Printing Business Unit mainly includes office MFDs, document solutions, laser MFPs, laser printers, inkjet printers, image scanners, calculators, digital continuous feed presses, digital sheet-fed presses and large format printers. |
• | The Imaging Business Unit mainly includes interchangeable—lens digital cameras, interchangeable lenses, digital compact cameras, compact photo printers, MR Systems, network cameras, video management software, video content analytics software, digital camcorders, digital cinema cameras, broadcast equipment and projectors. |
• | The Medical Business Unit mainly includes CT systems, diagnostic ultrasound systems, diagnostic X-ray systems, MRI systems, clinical chemistry analyzers, digital radiography systems and ophthalmic equipment. |
• | The Industrial Business Unit mainly includes semiconductor lithography equipment, FPD lithography equipment, OLED display manufacturing equipment, vacuum thin-film deposition equipment and die bonders. |
2022 |
Change |
2021 |
||||||||||
(Millions of yen, except percentage data) |
||||||||||||
Printing |
2,261,938 | +16.7 | % | 1,938,847 | ||||||||
Imaging |
803,480 | +22.9 | 653,532 | |||||||||
Medical |
513,331 | +6.9 | 480,362 | |||||||||
Industrial |
329,232 | -2.5 | 337,721 | |||||||||
Others and Corporate |
223,021 | +19.5 | 186,593 | |||||||||
Eliminations |
(99,588 | ) | — | (83,698 | ) | |||||||
Total |
4,031,414 | +14.7 | % | 3,513,357 | ||||||||
Note: | Based on the realignment of Canon’s internal management structure, from 2022, Canon has changed the name and structure of segments from Industrial and Others Business Unit and Corporate and eliminations to Industrial Business Unit, Others and Corporate and Eliminations. Sales by segment amounts for the year ended December 31, 2021 also have been reclassified. |
Printing Business Unit |
2022 |
Change |
2021 |
|||||||||
(Millions of yen, except percentage data) |
||||||||||||
Net sales: |
||||||||||||
Office |
890,888 | +17.8 | % | 756,366 | ||||||||
Prosumer |
1,002,462 | +12.8 | 889,091 | |||||||||
Production |
362,052 | +25.5 | 288,555 | |||||||||
External customers total |
2,255,402 | +16.6 | 1,934,012 | |||||||||
Intersegment |
6,536 | +35.2 | 4,835 | |||||||||
Total |
2,261,938 | +16.7 | 1,938,847 | |||||||||
Operating cost and expenses |
2,049,964 | +19.7 | 1,713,154 | |||||||||
Operating profit |
211,974 | -6.1 | 225,693 | |||||||||
Income before income taxes |
225,780 | -3.1 | 232,952 |
Imaging Business Unit |
2022 |
Change |
2021 |
|||||||||
(Millions of yen, except percentage data) |
||||||||||||
Net sales: |
||||||||||||
Cameras |
509,464 | +17.7 | % | 432,885 | ||||||||
Network cameras and Others |
293,593 | +34.3 | 218,609 | |||||||||
External customers total |
803,057 | +23.3 | 651,494 | |||||||||
Intersegment |
423 | -79.2 | 2,038 | |||||||||
Total |
803,480 | +22.9 | 653,532 | |||||||||
Operating cost and expenses |
676,850 | +17.8 | 574,814 | |||||||||
Operating profit |
126,630 | +60.9 | 78,718 | |||||||||
Income before income taxes |
128,033 | +63.2 | 78,462 |
Medical Business Unit |
2022 |
Change |
2021 |
|||||||||
(Millions of yen, except percentage data) |
||||||||||||
Net sales: |
||||||||||||
External customers total |
513,028 | +6.9 | % | 480,029 | ||||||||
Intersegment |
303 | -9.0 | 333 | |||||||||
Total |
513,331 | +6.9 | 480,362 | |||||||||
Operating cost and expenses |
482,326 | +7.0 | 450,942 | |||||||||
Operating profit |
31,005 | +5.4 | 29,420 | |||||||||
Income before income taxes |
31,895 | -7.0 | 34,296 |
Industrial Business Unit |
2022 |
Change |
2021 |
|||||||||
(Millions of yen, except percentage data) |
||||||||||||
Net sales: |
||||||||||||
Optical equipment |
240,332 | +11.3 | % | 215,890 | ||||||||
Industrial equipment |
80,485 | -28.3 | 112,274 | |||||||||
External customers total |
320,817 | -2.2 | 328,164 | |||||||||
Intersegment |
8,415 | -11.9 | 9,557 | |||||||||
Total |
329,232 | -2.5 | 337,721 | |||||||||
Operating cost and expenses |
271,213 | -7.4 | 292,854 | |||||||||
Operating profit |
58,019 | +29.3 | 44,867 | |||||||||
Income before income taxes |
59,213 | +30.7 | 45,301 |
2022 |
Change |
2021 |
||||||||||
(Millions of yen, except percentage data) |
||||||||||||
Japan |
864,808 | +4.1 | % | 830,378 | ||||||||
Americas |
1,255,405 | +29.6 | 968,839 | |||||||||
Europe |
1,034,008 | +15.5 | 894,898 | |||||||||
Asia and Oceania |
877,193 | +7.1 | 819,242 | |||||||||
Total |
4,031,414 | +14.7 | % | 3,513,357 | ||||||||
Note: | This summary of net sales by geographic area is determined by the location where the product is shipped to the customers. |
2021 |
Change |
2020 |
||||||||||
(Millions of yen, except per share amounts and percentage data) |
||||||||||||
Net sales |
||||||||||||
Products and Equipment |
2,804,680 | +12.6 | % | 2,489,829 | ||||||||
Services |
708,677 | +5.7 | 670,414 | |||||||||
3,513,357 | +11.2 | 3,160,243 | ||||||||||
Operating profit |
281,918 | +155.0 | 110,547 | |||||||||
Income before income taxes |
302,706 | +132.4 | 130,280 | |||||||||
Net income attributable to Canon Inc. |
214,718 | +157.7 | 83,318 | |||||||||
Net income attributable to Canon Inc. shareholders per share: |
||||||||||||
Basic |
205.35 | +158.7 | 79.37 | |||||||||
Diluted |
205.29 | +158.7 | 79.35 |
• | The Printing Business Unit mainly includes office MFDs, document solutions, laser MFPs, laser printers, inkjet printers, image scanners, calculators, digital continuous feed presses, digital sheet-fed presses and large format printers. |
• | The Imaging Business Unit mainly includes interchangeable-lens digital cameras, interchangeable lenses, digital compact cameras, compact photo printers, MR Systems, network cameras, video management software, video content analytics software, digital camcorders, digital cinema cameras, broadcast equipment and projectors. |
• | The Medical Business Unit mainly includes CT systems, diagnostic ultrasound systems, diagnostic X-ray systems, MRI systems, clinical chemistry analyzers, digital radiography systems and ophthalmic equipment. |
• | The Industrial Business Unit mainly includes semiconductor lithography equipment, FPD lithography equipment, OLED display manufacturing equipment, vacuum thin-film deposition equipment and die bonders. |
2021 |
Change |
2020 |
||||||||||
(Millions of yen, except percentage data) |
||||||||||||
Printing |
1,938,847 | +7.4 | % | 1,804,427 | ||||||||
Imaging |
653,532 | +20.7 | 541,314 | |||||||||
Medical |
480,362 | +10.2 | 436,074 | |||||||||
Industrial |
337,721 | +22.0 | 276,806 | |||||||||
Others and Corporate |
186,593 | +10.3 | 169,140 | |||||||||
Eliminations |
(83,698 | ) | — | (67,518 | ) | |||||||
Total |
3,513,357 | +11.2 | % | 3,160,243 | ||||||||
Note: | Based on the realignment of Canon’s internal management structure, from 2022, Canon has changed the name and structure of segments from Industrial and Others Business Unit and Corporate and eliminations to Industrial Business Unit, Others and Corporate and Eliminations. Sales by segment amounts for the years ended December 31, 2021 and 2020 also have been reclassified. |
Printing Business Unit |
2021 |
Change |
2020 |
|||||||||
(Millions of yen, except percentage data) |
||||||||||||
Net sales: |
||||||||||||
Office |
756,366 | +4.7 | % | 722,480 | ||||||||
Prosumer |
889,091 | +7.4 | 828,198 | |||||||||
Production |
288,555 | +15.3 | 250,220 | |||||||||
External customers total |
1,934,012 | +7.4 | 1,800,898 | |||||||||
Intersegment |
4,835 | +37.0 | 3,529 | |||||||||
Total |
1,938,847 | +7.4 | 1,804,427 | |||||||||
Operating cost and expenses |
1,713,154 | +3.4 | 1,657,319 | |||||||||
Operating profit |
225,693 | +53.4 | 147,108 | |||||||||
Income before income taxes |
232,952 | +53.1 | 152,184 |
Imaging Business Unit |
2021 |
Change |
2020 |
|||||||||
(Millions of yen, except percentage data) |
||||||||||||
Net sales: |
||||||||||||
Cameras |
432,885 | +24.7 | % | 347,240 | ||||||||
Network cameras and Others |
218,609 | +13.7 | 192,320 | |||||||||
External customers total |
651,494 | +20.7 | 539,560 | |||||||||
Intersegment |
2,038 | +16.2 | 1,754 | |||||||||
Total |
653,532 | +20.7 | 541,314 | |||||||||
Operating cost and expenses |
574,814 | +7.3 | 535,584 | |||||||||
Operating profit |
78,718 | +1,273.8 | 5,730 | |||||||||
Income before income taxes |
78,462 | +1,484.5 | 4,952 |
Medical Business Unit |
2021 |
Change |
2020 |
|||||||||
(Millions of yen, except percentage data) |
||||||||||||
Net sales: |
||||||||||||
External customers total |
480,029 | +10.3 | % | 435,368 | ||||||||
Intersegment |
333 | -52.8 | 706 | |||||||||
Total |
480,362 | +10.2 | 436,074 | |||||||||
Operating cost and expenses |
450,942 | +9.8 | 410,830 | |||||||||
Operating profit |
29,420 | +16.5 | 25,244 | |||||||||
Income before income taxes |
34,296 | +34.3 | 25,544 |
Industrial Business Unit |
2021 |
Change |
2020 |
|||||||||
(Millions of yen, except percentage data) |
||||||||||||
Net sales: |
||||||||||||
Optical equipment |
215,890 | +49.5 | % | 144,387 | ||||||||
Industrial equipment |
112,274 | -11.4 | 126,762 | |||||||||
External customers total |
328,164 | +21.0 | 271,149 | |||||||||
Intersegment |
9,557 | +68.9 | 5,657 | |||||||||
Total |
337,721 | +22.0 | 276,806 | |||||||||
Operating cost and expenses |
292,854 | +17.4 | 249,346 | |||||||||
Operating profit |
44,867 | +63.4 | 27,460 | |||||||||
Income before income taxes |
45,301 | +61.0 | 28,137 |
2021 |
Change |
2020 |
||||||||||
(Millions of yen, except percentage data) |
||||||||||||
Japan |
830,378 | +3.0 | % | 806,305 | ||||||||
Americas |
968,839 | +13.7 | 852,451 | |||||||||
Europe |
894,898 | +12.5 | 795,616 | |||||||||
Asia and Oceania |
819,242 | +16.1 | 705,871 | |||||||||
Total |
3,513,357 | +11.2 | % | 3,160,243 | ||||||||
Note: | This summary of net sales by geographic area is determined by the location where the product is shipped to the customers. |
• | Canon strives to improve a highly profitable structure by further improving the profitability of existing businesses and accelerating the growth of new businesses. |
• | Canon strives to maintain financial soundness by keeping total capital investments for medium-term business expansion and growth within the range of depreciation and amortization expenses. However, Canon plans to actively engage in large-scale M&A for growth strategies, and also raises external funds as needed. |
• | Investment for growth such as capital investment, R&D, M&A, etc.: |
• | Return to shareholders: |
• | Repayment of borrowings: |
Payments Due By Period |
||||||||||||||||||||
Total |
Less than 1 year |
1-3 years |
3-5 years |
More than 5 years |
||||||||||||||||
(Millions of yen) |
||||||||||||||||||||
Contractual obligations: |
||||||||||||||||||||
Long-Term Debt: |
||||||||||||||||||||
Loan from the banks |
54,000 | 54,000 | — | — | — | |||||||||||||||
Other debt |
3,589 | 1,172 | 1,414 | 756 | 247 | |||||||||||||||
Operating Lease Obligations |
123,609 | 35, 535 | 46,776 | 23,349 | 17,949 | |||||||||||||||
Purchase commitments for : |
||||||||||||||||||||
Property, Plant and Equipment |
101,351 | 101,351 | — | — | — | |||||||||||||||
Parts and Raw Materials |
287,591 | 287,591 | — | — | — | |||||||||||||||
Other long-term liabilities |
||||||||||||||||||||
Contribution to Defined Benefit Pension Plans |
34,658 | 34,658 | — | — | — | |||||||||||||||
Total |
604,798 | 514,307 | 48,190 | 24,105 | 18,196 | |||||||||||||||
Note: | See Note 9, 11, 19 and 20 in the Notes to Consolidated Financial Statements for further details. The table does not include provisions for uncertain tax positions and related accrued interest and penalties, as the specific timing of future payments related to these obligations cannot be projected with reasonable certainty. See Note 12, Income Taxes in the Notes to Consolidated Financial Statements for further details. |
Years ended December 31 |
||||||||
2022 |
2021 |
|||||||
(Millions of yen) |
||||||||
Net cash provided by operating activities |
262,603 |
451,028 | ||||||
Net cash used in investing activities |
(180,820 |
) |
(207,256 | ) | ||||
Free cash flow |
81,783 |
243,772 | ||||||
• | Reinforce fundamental technologies and value creation technologies |
• | Create future businesses based on strong core technologies and fundamental technologies |
• | Enhance innovation-type R&D in response to the demands of the current age |
• |
Reinforce fundamental technologies and value creation technologies: |
• |
Create future businesses based on strong core technologies and fundamental technologies: |
• |
Enhance innovation-type R&D in response to the demands of the current age: |
Name (Date of birth) |
Position (Group executive/function) |
Date of commencement |
Business experience (*current position/function) | |||
Fujio Mitarai |
Chairman & CEO | 4/1961 | Entered the Company | |||
(Sep. 23, 1935) |
1/1979 | President of Canon U.S.A., Inc. | ||||
3/1981 | Director | |||||
3/1985 | Managing Director | |||||
1/1989 | In charge of HQ administration | |||||
3/1989 | Senior Managing Director | |||||
3/1993 | Executive Vice President | |||||
9/1995 | President & CEO | |||||
3/2006 | Chairman of the Board & President & CEO | |||||
5/2006 | Chairman & CEO* | |||||
Toshizo Tanaka |
Executive Vice President & CFO (Group Executive of Public Affairs HQ, Group Executive of Facilities Management HQ) |
4/1964 | Entered the Company | |||
(Oct. 8, 1940) |
1/1992 | Deputy Group Executive of Finance & Accounting HQ | ||||
3/1995 | Director | |||||
4/1995 | Group Executive of Finance & Accounting HQ | |||||
3/1997 | Managing Director | |||||
3/2001 | Senior Managing Director | |||||
1/2007 | Group Executive of Policy and Economy Research HQ | |||||
3/2007 | Executive Vice President & Director | |||||
3/2008 | Executive Vice President & CFO* | |||||
1/2010 | Group Executive of General Affairs HQ | |||||
3/2010 | Group Executive of External Relations HQ | |||||
4/2011 | Group Executive of Finance & Accounting HQ | |||||
4/2012 | Group Executive of Facilities Management HQ | |||||
3/2014 | Group Executive of Human Resources Management & Organization HQ | |||||
4/2017 | Group Executive of Facilities Management HQ* | |||||
3/2018 | Group Executive of Public Affairs HQ* | |||||
4/2018 | Group Executive of Finance & Accounting HQ | |||||
Name (Date of birth) |
Position (Group executive/function) |
Date of commencement |
Business experience (*current position/function) | |||
Toshio Homma |
Executive Vice President & CTO (Head of Printing Group) |
4/1972 | Entered the Company | |||
(Mar. 10, 1949) |
4/2001 | Deputy Chief Executive of i Printer Products Operations | ||||
3/2003 | Director | |||||
4/2003 | Group Executive of Business Promotion HQ | |||||
7/2003 | Group Executive of L Printer Business Promotion HQ | |||||
1/2007 | Chief Executive of L Printer Products Operations | |||||
3/2008 | Managing Director | |||||
3/2012 | Senior Managing Director Group Executive of Procurement HQ | |||||
3/2016 | Executive Vice President | |||||
4/2016 | Chief Executive of Office Imaging Products Operations | |||||
3/2017 | Executive Vice President in charge of Office Business | |||||
3/2019 | Executive Vice President & CTO & In charge of Office Business | |||||
4/2020 | Executive Vice President & CTO & In charge of Printing Business | |||||
Chief Executive of Digital Printing Business Operations* | ||||||
4/2021 | Executive Vice President & CTO* | |||||
Head of Printing Group* | ||||||
Kunitaro Saida |
Director | 5/2006 | Qualified for attorney* | |||
(May 4, 1943) |
6/2007 | Audit & Supervisory Board Member of NICHIREI CORPORATION | ||||
6/2008 | Director of Sumitomo Osaka Cement Co., Ltd. | |||||
6/2010 | Director of HEIWA REAL ESTATE CO., LTD. | |||||
3/2014 | Director* | |||||
Name (Date of birth) |
Position (Group executive/function) |
Date of commencement |
Business experience (*current position/function) | |||
Yusuke Kawamura |
Director | 4/1977 | Entered Daiwa Securities Co. Ltd. | |||
(Dec. 5, 1953) |
1/1997 | General Manager of Syndicate Department of Daiwa Securities Co. Ltd. | ||||
4/2000 | Professor of Faculty of Economics and the Graduate School of Economics of Nagasaki University | |||||
4/2010 | Senior Managing Director of the Institute of Daiwa Institute of Research Ltd. | |||||
1/2011 | Commissioner of Fiscal System Council of Ministry of Finance | |||||
4/2012 | Deputy Chairman of Daiwa Institute of Research Ltd. | |||||
2/2013 | Commissioner of Business Accounting Council of Financial Services Agency* | |||||
6/2017 | Director of Mitsui Sugar Co., Ltd. | |||||
4/2019 | Executive Counselor of Japan Securities Dealers Association | |||||
4/2020 | Chairman & CEO of Institute of Glocal Policy Research* | |||||
3/2021 | Director* | |||||
4/2021 | Director of Mitsui DM Sugar Holdings Co., Ltd.* | |||||
Katsuhito Yanagibashi (Aug. 25, 1957) |
Audit & Supervisory Board Member | 4/1980 | Entered the Company | |||
1/2010 | Senior General Manager of Global Accounting Planning Administration Center of Finance & Accounting Headquarters | |||||
1/2013 | Senior General Manager of Accounting Standards & Systems Development Center of Finance & Accounting Headquarters | |||||
1/2017 | Senior Principal of Finance & Accounting Headquarters | |||||
6/2017 | Audit & Supervisory Board Member of Toshiba Medical Systems Corporation (currently, Canon Medical Systems Corporation) | |||||
3/2021 | Advisor of Canon Medical Systems Corporation | |||||
3/2022 | Audit & Supervisory Board Member* | |||||
Name (Date of birth) |
Position (Group executive/function) |
Date of commencement |
Business experience (*current position/function) | |||
Hideya Hatamochi |
Audit & Supervisory Board Member | 4/1983 | Entered the Company | |||
(Oct. 4, 1960) |
4/2009 | General Manager of Office Imaging Products Electrical Parts Engineering Division, Office Imaging Products Operations | ||||
5/2012 | General Manager of Office Imaging Products Manufacturing Division, Office Imaging Products Operations | |||||
1/2014 | General Manager in charge of Corporate Audit Center | |||||
2/2015 | President of Canon (Suzhou) Inc. | |||||
3/2023 | Audit & Supervisory Board Member* | |||||
Yutaka Tanaka (Mar. 11, 1949) |
Audit & Supervisory Board Member | 4/1975 | Assistant Judge of the Tokyo District Court | |||
4/1986 | Judge of the Tokyo District Court | |||||
4/1987 | Instructor of the Legal Training & Research Institute, the Supreme Court of Japan | |||||
4/1992 | Judicial Research Official, the Supreme Court of Japan | |||||
4/1996 | Registered as an attorney* | |||||
4/2004 | Professor of Keio University Law School | |||||
3/2019 | Audit & Supervisory Board Member* | |||||
Hiroshi Yoshida |
Audit & Supervisory Board Member | 10/1980 | Joined Tohmatsu Awoki & Co. | |||
(Sep. 5, 1954) |
4/1984 | Registered as Certified Public Accountant* | ||||
7/1993 | Partner of Tohmatsu & Co. | |||||
6/2000 | Representative Partner of Tohmatsu & Co. | |||||
5/2007 | Managing Partner, Finance & Administration of Deloitte Touche Tohmatsu The Board Member of Deloitte Touche Tohmatsu | |||||
11/2011 | CFO of Deloitte Touche Tohmatsu LLC | |||||
3/2017 | Audit & Supervisory Board Member* | |||||
Name (Date of birth) |
Position (Group executive/function) |
Date of commencement |
Business experience (*current position/function) | |||
Koichi Kashimoto (Jul. 2, 1961) | Audit & Supervisory Board Member | 4/1984 | Entered The Dai-ichi Life Insurance Company, Limited (formerly The Dai-ichi Mutual Life Insurance Co.) | |||
4/1997 | Manager of Government Relations Department of The Dai-ichi Life Insurance Company, Limited | |||||
4/2005 | General Manager of Corporate Administration Center of The Dai-ichi Life Insurance Company, Limited | |||||
4/2009 | Managing Director of Dai-ichi Life International (Europe), Limited | |||||
4/2012 | General Manager of Secretarial Department of The Dai-ichi Life Insurance Company, Limited | |||||
4/2016 | Senior General Manager of Secretarial Department (in charge of Secretarial Department and General Affairs Department), and Senior General Manager of Group General Affairs Unit of The Dai-ichi Life Insurance Company, Limited | |||||
10/2016 | Senior General Manager of Secretarial Department (in charge of Secretarial Department and General Affairs Department) of The Dai-ichi Life Insurance Company, Limited, and Senior General Manager and Chief of General Affairs Unit of Dai-ichi Life Holdings, Inc. | |||||
3/2018 | Audit & Supervisory Board Member* | |||||
Name |
Position |
(Group executive/function) | ||
Hideki Ozawa |
Executive Vice President | President of Canon (China) Co., Ltd. | ||
Seymour Liebman |
Senior Managing Executive Officer | Executive Vice President of Canon U.S.A., Inc. | ||
Toshio Takiguchi |
Senior Managing Executive Officer | Head of Medical Group, President of Canon Medical Systems Corporation | ||
Eiji Osanai |
Senior Managing Executive Officer | Group Executive of Production Engineering HQ | ||
Yuichi Ishizuka |
Senior Managing Executive Officer | President of Canon Europa N.V., President of Canon Europe Ltd. | ||
Kazuto Ogawa |
Senior Managing Executive Officer | President of Canon U.S.A., Inc. | ||
Takayuki Miyamoto |
Senior Managing Executive Officer | Group Executive of Frontier Business Promotion HQ | ||
Hiroaki Takeishi |
Senior Managing Executive Officer | Head of Industrial Group, Chairman of Canon Tokki Corporation | ||
Masanori Yamada |
Senior Managing Executive Officer | Head of Imaging Group | ||
Katsumi Iijima |
Senior Managing Executive Officer | Group Executive of Digital Business Platform Development HQ | ||
Shunsuke Inoue |
Senior Managing Executive Officer | Group Executive of R&D HQ | ||
Soichi Hiramatsu |
Senior Managing Executive Officer | Group Executive of Procurement HQ | ||
Go Tokura |
Senior Managing Executive Officer | Deputy Head of Imaging Group | ||
Minoru Asada |
Senior Managing Executive Officer | Group Executive of Finance & Accounting HQ | ||
Takashi Takeya |
Managing Executive Officer | Senior General Manager of Global Logistics Management Center | ||
Hisahiro Minokawa |
Managing Executive Officer | Group Executive of Human Resources Management & Organization HQ | ||
Ritsuo Mashiko |
Managing Executive Officer | President of Oita Canon Inc. | ||
Kazuhiko Nagashima |
Managing Executive Officer | Executive Vice President of Canon Europe Ltd. | ||
Yoichi Iwabuchi |
Managing Executive Officer | Group Executive of Information & Communication Systems HQ | ||
Takanobu Nakamasu |
Managing Executive Officer | President of Canon Production Printing Holding B.V. | ||
Tamaki Hashimoto |
Managing Executive Officer | Unit Executive of Solution & Recurring Product Business Unit | ||
Katsuhiko Shinjo |
Managing Executive Officer | Deputy Group Executive of R&D HQ | ||
Masaki Omori |
Managing Executive Officer | President of Canon Machinery Inc. | ||
Takeshi Ichikawa |
Managing Executive Officer | Group Executive of Device Technology Development HQ | ||
Akiko Tanaka |
Executive Officer | Deputy Group Executive of R&D HQ | ||
Noriko Gunji |
Executive Officer | Group Executive of Sustainability Headquarters | ||
Hideki Sanatake |
Executive Officer | Deputy Group Executive of Corporate Intellectual Property & Legal HQ | ||
Hideto Kohtani |
Executive Officer | Unit Executive of Image Solutions Business Unit 1 | ||
Katsuyoshi Soma |
Executive Officer | President of Fukushima Canon Inc. |
Name |
Position |
(Group executive/function) | ||
Saijiro Endo |
Executive Officer | Senior General Manager of Digital Printing Development Technology Planning & Management Center | ||
Toshiyuki Matsuda |
Executive Officer | Unit Executive of Peripherals Marketing Unit | ||
Hiroto Okawara |
Executive Officer | Senior General Manager of Smart Mobility Business Promotion Center | ||
Yoshiyuki Koshimizu |
Executive Officer | Senior General Manager of Digital Printing Business Planning and Management Center | ||
Toshiyuki Ishii |
Executive Officer | Executive Vice President of Canon (China) Co., Ltd. | ||
Masahide Kinoshita |
Executive Officer | Chief Executive of Peripheral Products Operations | ||
Shunji Sawa |
Executive Officer | Plant Manager of Toride | ||
Makoto Kambe |
Executive Officer | Senior General Manager of Human Resources Management & Organization Center | ||
Hirotomo Fujimori |
Executive Officer | Senior General Manager of Public Relations and IR Center | ||
Isao Kobayashi |
Executive Officer | President of Canon Canada Inc. | ||
Katsuhito Sakurai |
Executive Officer | Senior General Manager of Semiconductor Device Development Center 1 |
Name (Position) |
Category of remuneration |
|||||||||||||||||||
Company |
Basic Remuneration |
Bonus |
Stock-Type Compensation Stock Options |
Total |
||||||||||||||||
(Millions of yen) |
||||||||||||||||||||
Fujio Mitarai (Director) |
Canon Inc. | 320 | 145 | 31 | 496 | |||||||||||||||
Toshizo Tanaka (Director) |
Canon Inc. | 136 | 70 | 15 | 221 | |||||||||||||||
Toshio Homma (Director) |
Canon Inc. | 120 | 61 | 14 | 195 |
(1) | Items that relate to policies which determine the amount of director and audit & supervisory board member remuneration or its calculation method: |
Number of shares acquired after adjustment |
= | Number of shares acquired before adjustment | × | Ratio of share split or share consolidation |
Number of shares acquired after adjustment |
= | Number of shares acquired before adjustment | × | Ratio of share split or share consolidation |
Number of shares acquired after adjustment |
= | Number of shares acquired before adjustment | × | Ratio of share split or share consolidation |
Number of shares acquired after adjustment |
= | Number of shares acquired before adjustment | × | Ratio of share split or share consolidation |
Number of shares acquired after adjustment |
= | Number of shares acquired before adjustment | × | Ratio of share split or share consolidation |
Number of shares acquired after adjustment |
= | Number of shares acquired before adjustment | × | Ratio of share split or share consolidation |
Number of shares acquired after adjustment |
= | Number of shares acquired before adjustment |
× | Ratio of share split or share consolidation |
Total |
Japan |
Americas |
Europe |
Asia and Oceania |
||||||||||||||||
December 31, 2022 |
||||||||||||||||||||
Printing |
118,971 | 35,063 | 11,135 | 14,724 | 58,049 | |||||||||||||||
Imaging |
24,917 | 10,345 | 1,943 | 5,501 | 7,128 | |||||||||||||||
Medical |
12,801 | 6,977 | 2,434 | 1,729 | 1,661 | |||||||||||||||
Industrial |
8,005 | 5,669 | 250 | 111 | 1,975 | |||||||||||||||
Corporate and Others |
16,081 | 11,401 | 9 | 149 | 4,522 | |||||||||||||||
Total |
180,775 | 69,455 | 15,771 | 22,214 | 73,335 | |||||||||||||||
December 31, 2021* |
||||||||||||||||||||
Printing |
122,864 | 35,842 | 10,516 | 15,063 | 61,443 | |||||||||||||||
Imaging |
25,761 | 10,766 | 2,100 | 5,184 | 7,711 | |||||||||||||||
Medical |
12,769 | 6,919 | 2,421 | 1,670 | 1,759 | |||||||||||||||
Industrial |
7,814 | 5,750 | 223 | 107 | 1,734 | |||||||||||||||
Corporate and Others |
14,826 | 11,647 | 3 | 142 | 3,034 | |||||||||||||||
Total |
184,034 | 70,924 | 15,263 | 22,166 | 75,681 | |||||||||||||||
December 31, 2020* |
||||||||||||||||||||
Printing |
118,146 | 36,632 | 10,601 | 15,162 | 55,751 | |||||||||||||||
Imaging |
27,994 | 11,263 | 2,135 | 5,465 | 9,131 | |||||||||||||||
Medical |
12,602 | 6,882 | 2,212 | 1,753 | 1,755 | |||||||||||||||
Industrial |
8,115 | 6,006 | 350 | 99 | 1,660 | |||||||||||||||
Corporate and Others |
15,040 | 11,555 | 9 | 99 | 3,377 | |||||||||||||||
Total |
181,897 | 72,338 | 15,307 | 22,578 | 71,674 | |||||||||||||||
Name |
Position |
Number of shares |
||||
Fujio Mitarai |
Chairman & CEO | 148,344 | ||||
Toshizo Tanaka |
Executive Vice President & CFO | 24,910 | ||||
Toshio Homma |
Executive Vice President & CTO | 72,652 | ||||
Kunitaro Saida |
Director | 12,800 | ||||
Yusuke Kawamura |
Director | 1,300 | ||||
Katsuhito Yanagibashi |
Audit & Supervisory Board Member | 4,500 | ||||
Hideya Hatamochi |
Audit & Supervisory Board Member | 0 | ||||
Yutaka Tanaka |
Audit & Supervisory Board Member | 3,400 | ||||
Hiroshi Yoshida |
Audit & Supervisory Board Member | 5,200 | ||||
Koichi Kashimoto |
Audit & Supervisory Board Member | 3,700 | ||||
Total | 276,806 | |||||
Name of major shareholder |
Shares owned |
Percentage |
||||||
Number of shares owned / |
||||||||
Number of shares issued |
||||||||
The Master Trust Bank of Japan, Ltd. (Trust Account) |
174,622,700 | 17.2 | % | |||||
Custody Bank of Japan, Ltd. (Trust Account) |
70,247,400 | 6.9 | % | |||||
Mizuho Bank, Ltd. |
22,558,173 | 2.2 | % | |||||
State Street Bank West Client—Treaty 505234 |
21,655,878 | 2.1 | % | |||||
SMBC Nikko Securities Inc. |
20,533,800 | 2.0 | % | |||||
Moxley and Co. LLC |
17,371,450 | 1.7 | % | |||||
The Dai-ichi Life Insurance Company, Limited |
16,695,780 | 1.6 | % | |||||
OBAYASHI CORPORATION |
16,527,607 | 1.6 | % | |||||
Barclays Securities Japan Limited BNYM |
14,796,800 | 1.5 | % | |||||
Sompo Japan Insurance Inc. |
13,080,087 | 1.3 | % |
1: | Apart from the above shares, The Dai-ichi Life Insurance Company, Limited held 6,180,000 shares contributed to a trust fund for its retirement and severance plans. |
2: | Moxley and Co. LLC is a stocks holder of a title deed of JPMorgan Chase Bank which is the Company’s trustee bank of the American Depository Receipt. |
3: | Apart from the above shares, the Company owns 318,250,096 shares (23.9% of total issued shares) of treasury stock. |
4: | Ownership percentage is calculated by deducting the number of treasury shares from the total shares issued. |
(1) | Manufacture and sale of optical machineries and instruments of various kinds. |
(2) | Manufacture and sale of acoustic, electrical and electronic machineries and instruments of various kinds. |
(3) | Manufacture and sale of precision machineries and instruments of various kinds. |
(4) | Manufacture and sale of medical machineries and instruments of various kinds. |
(5) | Manufacture and sale of general machineries, instruments and equipment of various kinds. |
(6) | Manufacture and sale of parts, materials, etc. relative to the products mentioned in each of the preceding items. |
(7) | Production and sale of software products. |
(8) | Manufacture and sale of pharmaceutical products. |
(9) | Telecommunications business, and information service business such as information processing service business, information providing service business, etc. |
(10) | Contracting for telecommunications works, electrical works and machinery and equipment installation works. |
(11) | Sale, purchase and leasing of real properties, contracting for construction works, design of buildings and supervision of construction works. |
(12) | Manpower providing business, property leasing business and travel business. |
(13) | Business relative to investigation, analysis of the environment and purification process of soil, water, etc. |
(14) | Any and all business relative to each of the preceding items. |
• | to receive annual and interim dividends, |
• | to receive cash or other assets in case of consolidation or split of shares, exchange or transfer of shares or corporate merger, |
• | to be allotted rights to subscribe for free for new shares when such rights are granted to shareholders, and |
• | to participate in any distribution of surplus assets upon liquidation. |
• | a reduction of stated capital, |
• | amendment of the Articles of Incorporation (except amendments which the Board of Directors are authorized to make under the Companies Act of Japan as described in “Stock Splits“ and “Japanese Unit Share System“ above), |
• | the removal of an Audit & Supervisory Board Member, |
• | establishment of a 100% parent-subsidiary relationship by way of share exchange or share transfer, |
• | establishment of a parent-subsidiary relationship by way of share delivery, |
• | a dissolution, merger or consolidation, |
• | a corporate separation, |
• | the transfer of the whole or an important part of the Company’s business, |
• | the transfer of the whole or a part of the Company’s equity interests in any of the Company’s significant subsidiaries which meets certain requirements, |
• | the taking over of the whole of the business of any other corporation, |
• | any issuance of new shares at a “specially favorable” price, stock acquisition rights ( shinkabu yoyakuken shinkabu yoyakuken-tsuki shasai |
• | distribution of Surplus in kind with respect to which shareholders are not granted the right to require the Company to make such distribution in cash instead of in kind, |
• | purchase of shares by the Company from a specific shareholder other than its subsidiaries, |
• | consolidation of shares, and |
• | discharge of a portion of liabilities of Directors, Audit & Supervisory Board Members or independent auditors that are owed to the Company. |
• | certain financial institutions; |
• | insurance companies; |
• | dealers and traders in securities or foreign currencies; |
• | persons holding the Company shares or ADSs as part of a straddle, conversion, other integrated transaction or other similar transaction; |
• | persons whose functional currency for U.S. federal income tax purposes is not the U.S. dollar; |
• | partnerships or other entities classified as partnerships for U.S. federal income tax purposes; |
• | tax-exempt entities; |
• | persons holding the Company shares or ADSs that own or are deemed to own 10% or more of the Company stock, by vote or by value; |
• | persons who acquired the Company shares or ADSs pursuant to the exercise of any employee stock option or otherwise as compensation; or |
• | persons holding the Company shares or ADSs in connection with trade or business conducted outside of the United States. |
• | a citizen or individual resident of the United States; |
• | a corporation, or other entity taxable as a corporation, created or organized in or under the laws of the United States, any state thereof or the District of Columbia; or |
• | an estate or trust the income of which is subject to U.S. federal income taxation regardless of its source. |
2022 |
||||
Fair value |
||||
(Millions of yen) |
||||
Fund trusts and others |
638 | |||
Equity securities |
21,770 | |||
22,408 | ||||
U.S.$ |
Euro |
Others |
Total |
|||||||||||||
(Millions of yen) |
||||||||||||||||
Forwards to sell foreign currencies: |
||||||||||||||||
Contract amounts |
57,098 | 74,266 | 17,716 | 149,080 | ||||||||||||
Estimated fair value |
754 | 856 | 483 | 2,093 | ||||||||||||
Forwards to buy foreign currencies: |
||||||||||||||||
Contract amounts |
17,155 | 1,070 | 7,999 | 26,224 | ||||||||||||
Estimated fair value |
(315 | ) | (9 | ) | (316 | ) | (640 | ) |
(a) | Depositing or substituting the underlying shares |
(b) | Receiving or distributing dividends |
(c) | Selling or exercising rights |
(d) | Withdrawing an underlying security |
(e) | Transferring, splitting or grouping receipts |
(f) | General depositary services, particularly those charged on an annual basis |
(g) | Expenses of the depositary |
• | All services provided to Canon necessary to perform an annual audit or review to comply with the standards of the Public Company Accounting Oversight Board (United States), in any jurisdiction, including tax services and accounting consultation necessary to comply with the standards of the Public Company Accounting Oversight Board (United States) in those jurisdictions, and any engagement of |
an Independent Registered Public Accounting Firm for any audit or non-audit service involving estimated fees exceeding ¥10,000,000 per single engagement must be pre-approved by the majority of Audit & Supervisory Board. |
• | Certain other services may be pre-approved under detailed categories of audit and non-audit services established annually by the Audit & Supervisory Board, as long as those services do not exceed specified maximum yen limits for aggregate fees relating to each of those categories. Any engagement of an Independent Registered Public Accounting Firm by this means must be reported to the Audit & Supervisory Board at its next regularly scheduled meeting. |
• | For services that are not covered by the above two means of pre-approval, the Audit & Supervisory Board has delegated pre-approval authority to any of the standing Audit & Supervisory Board Members of the board. Any engagement of an Independent Registered Public Accounting Firm pre-approved by one of the standing Audit & Supervisory Board Members is required to be reported to the Audit & Supervisory Board at its next regularly scheduled meeting. |
Year ended December 31, 2022 |
Year ended December 31, 2021 |
|||||||
(Millions of yen) |
||||||||
Audit fees |
3,144 | 3,009 | ||||||
Audit-related fees |
41 | 3 | ||||||
Tax fees |
176 | 160 | ||||||
All other fees |
12 | 129 | ||||||
Total |
3,373 | 3,301 | ||||||
• | the Audit & Supervisory Board is established pursuant to applicable Japanese law and Canon’s Articles of Incorporation; |
• | under Japanese legal requirements, the Audit & Supervisory Board is separate from the board of directors; |
• | the Audit & Supervisory Board is not elected by the management of Canon and no executive officer of Canon is a member of the Audit & Supervisory Board; |
• | Japanese regulations provide for standards for the independence of the Audit & Supervisory Board from the Company and its management; |
• | the Audit & Supervisory Board, in accordance with and to the extent permitted by Japanese law, is responsible for the appointment, retention and oversight of the work of Canon’s external auditors engaged for the purpose of issuing audit reports on Canon’s annual financial statements; |
• | the Audit & Supervisory Board maintains a complaints procedure in accordance with Rule 10A-3(b)(3) of the Exchange Act; |
• | the Audit & Supervisory Board is authorized to engage independent counsel and other advisers, as it deems appropriate; and |
• | the Audit & Supervisory Board is provided with appropriate funding for payment of (i) compensation to Canon’s independent registered public accounting firm engaged for the purpose of issuing audit reports on Canon’s annual financial statements, (ii) compensation to independent counsel and other advisers engaged by the Audit & Supervisory Board, and (iii) ordinary administrative expenses of the Audit & Supervisory Board in carrying out its duties. |
Period |
(a) Total number of shares purchased |
(b) Average price paid per share |
(c) Total number of shares purchased as part of publicly announced plans or |
(d) Maximum number of shares that may yet be purchased under the plans or |
||||||||||||
2022 |
(Shares) |
(Yen) |
programs |
programs |
||||||||||||
January 1 - January 31 |
481 | 2,788 | — | — | ||||||||||||
February 1 - February 28 |
364 | 2,793 | — | — | ||||||||||||
March 1 - March 31 |
492 | 2,650 | — | — | ||||||||||||
April 1 - April 30 |
504 | 3,011 | — | — | ||||||||||||
May 1 - May 31 |
15,627,768 | 3,200 | 15,626,900 | — | ||||||||||||
June 1 - June 30 |
353 | 3,239 | — | — | ||||||||||||
July 1 - July 31 |
591 | 3,122 | — | — | ||||||||||||
August 1 - August 31 |
14,631,506 | 3,417 | 14,631,200 | — | ||||||||||||
September 1 - September 30 |
556 | 3,310 | — | — | ||||||||||||
October 1 - October 31 |
210 | 3,196 | — | — | ||||||||||||
November 1 - November 30 |
617 | 3,148 | — | — | ||||||||||||
December 1 - December 31 |
283 | 3,125 | — | — |
(1) | On May 9, 2022, a resolution approved at the meeting of the board directors authorized the Company to acquire to up to 20.0 million shares with an aggregate purchase price of ¥50 billion during the period from May 10, 2022 through August 4, 2022. |
(2) | On August 5, 2022, a resolution approved at the meeting of the board directors authorized the Company to acquire to up to 18.0 million shares with an aggregate purchase price of ¥50 billion during the period from August 8, 2022 through October 18, 2022. |
Page number |
||||
Consolidated financial statements of Canon Inc. and Subsidiaries: |
||||
122 |
||||
126 |
||||
127 |
||||
128 |
||||
129 |
||||
131 |
||||
132 |
||||
Schedule: |
||||
179 |
• |
We tested the effectiveness of controls over management’s goodwill impairment evaluation, including those over management’s estimates and assumptions used in the projected future cash flows and selection of the discount rate. |
• |
We evaluated management’s ability to accurately project future cash flows by comparing actual results to management’s historical projections. |
• |
We made inquiries of management to understand significant assumptions used in the projected future cash flows. |
• |
We evaluated the reasonableness of management’s projected future cash flows by comparing the projections to actual results and a mid-term management plan for respective net sales, cost of sales and other elements, which comprise management’s projected future cash flows. |
• |
We evaluated the reasonableness of management’s significant assumptions regarding the revenue growth rate, which could have a significant impact on the fair value of the Medical Reporting Unit, by comparing the revenue growth rates to the expected market growth rate for each type of medical equipment included in the third-party industry reports. |
• |
With the assistance of our fair value specialists, we evaluated the reasonableness of the valuation methodology and selected discount rate by: |
December 31 |
||||||||
2022 |
2021 |
|||||||
(Millions of yen) |
||||||||
Assets |
||||||||
Current assets: |
||||||||
Cash and cash equivalents (Notes 1 and 22) |
||||||||
Short-term investments (Notes 2 and 22) |
||||||||
Trade receivables (Note 3) |
||||||||
Inventories (Note 4) |
||||||||
Current lease receivables (Notes 1 and 6) |
||||||||
Prepaid expenses and other current assets (Notes 15, 18 and 22) |
||||||||
Allowance for credit losses (Notes 3 and 6) |
( |
) |
( |
) | ||||
Total current assets |
||||||||
Noncurrent receivables (Note 20) |
||||||||
Investments (Notes 2 and 22) |
||||||||
Property, plant and equipment, net (Note 5) |
||||||||
Operating lease right-of-use (Note 19) |
||||||||
Intangible assets, net (Notes 7 and 8) |
||||||||
Goodwill (Notes 7 and 8) |
||||||||
Noncurrent lease receivables (Notes 1 and 6) |
||||||||
Other assets (Notes 11 and 12) |
||||||||
Allowance for credit losses (Note 6) |
( |
) |
( |
) | ||||
Total assets |
||||||||
Liabilities and equity |
||||||||
Current liabilities: |
||||||||
Short-term loans and current portion of long-term debt (Notes 9 and 21) |
||||||||
Short-term loans related to financial services |
||||||||
Other short-term loans and current portion of long-term debt |
||||||||
Trade payables (Note 10) |
||||||||
Accrued income taxes (Note 12) |
||||||||
Accrued expenses (Notes 11 and 20) |
||||||||
Current operating lease liabilities (Note 19) |
||||||||
Other current liabilities (Notes 5, 15, 18 and 22) |
||||||||
Total current liabilities |
||||||||
Long-term debt, excluding current portion of long-term debt (Notes 9 and 21) |
||||||||
Accrued pension and severance cost (Note 11) |
||||||||
Noncurrent operating lease liabilities (Note 19) |
||||||||
Other noncurrent liabilities (Notes 12 and 15) |
||||||||
Total liabilities |
||||||||
Equity: |
||||||||
Canon Inc. shareholders’ equity: |
||||||||
Common stock |
||||||||
Authorized shares; issued shares in 2022 and 2021 |
||||||||
Additional paid-in capital (Note 13) |
||||||||
Legal reserve (Note 13) |
||||||||
Retained earnings (Note 13) |
||||||||
Accumulated other comprehensive income (loss) (Note 14) |
( |
) | ||||||
Treasury stock, at cost; shares in 2022 and shares in 2021 |
( |
) |
( |
) | ||||
Total Canon Inc. shareholders’ equity |
||||||||
Noncontrolling interests |
||||||||
Total equity |
||||||||
Total liabilities and equity |
||||||||
Years ended December 31 |
||||||||||||
2022 |
2021 |
2020 |
||||||||||
(Millions of yen) |
||||||||||||
Net sales (Notes 6,14,15 and 18) |
||||||||||||
Products and Equipment |
||||||||||||
Services |
||||||||||||
|
|
|
|
|
|
|||||||
Cost of sales (Notes 5, 8, 11 and 19) |
||||||||||||
Products and Equipment |
||||||||||||
Services |
||||||||||||
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|||||||
Gross profit |
||||||||||||
|
|
|
|
|
|
|||||||
Operating expenses (Notes 1, 5, 8, 11, 14, 16, 19 and 20) |
||||||||||||
Selling, general and administrative expenses |
||||||||||||
Research and development expenses |
||||||||||||
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|||||||
Operating profit |
||||||||||||
Other income (deductions): |
||||||||||||
Interest and dividend income |
||||||||||||
Interest expense |
( |
) |
( |
) | ( |
) | ||||||
Other, net (Notes 1, 2, 7, 11, 14 and 18) |
( |
) |
||||||||||
|
|
|
|
|
|
|||||||
( |
) |
|||||||||||
|
|
|
|
|
|
|||||||
Income before income taxes |
||||||||||||
Income taxes (Note 12) |
||||||||||||
|
|
|
|
|
|
|||||||
Consolidated net income |
||||||||||||
Less: Net income attributable to noncontrolling interests |
||||||||||||
|
|
|
|
|
|
|||||||
Net income attributable to Canon Inc. |
||||||||||||
|
|
|
|
|
|
|||||||
(Yen) |
||||||||||||
Net income attributable to Canon Inc. shareholders per share (Note 17) |
||||||||||||
Basic |
||||||||||||
Diluted |
Years ended December 31 |
||||||||||||
2022 |
2021 |
2020 |
||||||||||
(Millions of yen) |
Consolidated net income |
||||||||||||
Other comprehensive income (loss), net of tax (Note 14) |
||||||||||||
Foreign currency translation adjustments |
( |
) | ||||||||||
Net unrealized gains and losses on securities |
( |
) |
— | — | ||||||||
Net gains and losses on derivative instruments |
( |
) | ||||||||||
Pension liability adjustments |
||||||||||||
|
|
|
|
|
|
|||||||
( |
) | |||||||||||
|
|
|
|
|
|
|||||||
Comprehensive income (loss) |
||||||||||||
Less: Comprehensive income attributable to noncontrolling interests |
||||||||||||
|
|
|
|
|
|
|||||||
Comprehensive income (loss) attributable to Canon Inc. |
||||||||||||
|
|
|
|
|
|
Common stock |
Additional paid-in capital |
Legal reserve |
Other Retained earnings |
Total Retained earnings |
Accumulated other comprehensive income (loss) |
Treasury stock |
Total Canon Inc. shareholders’ equity |
Non- controlling interests |
Total equity |
|||||||||||||||||||||||||||||||
Balance at December 31, 2019 |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||||||
Cumulative effects of accounting standard update – adoption of ASU No. 2016-13 |
( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||||||||||||||||||||||
Equity transactions with noncontrolling interests and other |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Dividends to Canon Inc. shareholders ( |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Dividends to noncontrolling interests |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||||||
Transfers to legal reserve |
( |
) | — | — | — | |||||||||||||||||||||||||||||||||||
Comprehensive income: |
||||||||||||||||||||||||||||||||||||||||
Net income |
||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax (Note 14) |
||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||||||
Net unrealized gains and losses on securities |
||||||||||||||||||||||||||||||||||||||||
Net gains and losses on derivative instruments |
( |
) | ||||||||||||||||||||||||||||||||||||||
Pension liability adjustments |
||||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) |
||||||||||||||||||||||||||||||||||||||||
Repurchases and reissuance of treasury stock |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||
Balance at December 31, 2020 |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||||||
Equity transactions with noncontrolling interests and other |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||||||
Dividends to Canon Inc. shareholders ( |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Dividends to noncontrolling interests |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||||||
Transfers to legal reserve |
( |
) | ( |
) | — | — | ||||||||||||||||||||||||||||||||||
Comprehensive income: |
||||||||||||||||||||||||||||||||||||||||
Net income |
||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax (Note 14) |
||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments |
||||||||||||||||||||||||||||||||||||||||
Net unrealized gains and losses on securities |
||||||||||||||||||||||||||||||||||||||||
Net gains and losses on derivative instruments |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||||||
Pension liability adjustments |
||||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) |
||||||||||||||||||||||||||||||||||||||||
Repurchases and reissuance of treasury stock |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Balance at December 31, 2021 |
( |
) |
( |
) |
Common stock |
Additional paid-in capital |
Legal reserve |
Other Retained earnings |
Total Retained earnings |
Accumulated other comprehensive income (loss) |
Treasury stock |
Total Canon Inc. shareholders’ equity |
Non- controlling interests |
Total equity |
|||||||||||||||||||||||||||||||
Equity transactions with noncontrolling interests and other |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||||||||||||||
Dividends to Canon Inc. shareholders ( |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||||||||||||||
Dividends to noncontrolling interests |
( |
) |
( |
) | ||||||||||||||||||||||||||||||||||||
Transfers to legal reserve |
( |
) |
( |
) |
— |
— |
||||||||||||||||||||||||||||||||||
Comprehensive income: |
||||||||||||||||||||||||||||||||||||||||
Net income |
||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax (Note 14) |
||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments |
||||||||||||||||||||||||||||||||||||||||
Net unrealized gains and losses on securities |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||||||||||||||||
Net gains and losses on derivative instruments |
( |
) |
||||||||||||||||||||||||||||||||||||||
Pension liability adjustments |
||||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) |
||||||||||||||||||||||||||||||||||||||||
Repurchases and reissuance of treasury stock |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||||||||||
Balance at December 31, 2022 |
( |
) |
||||||||||||||||||||||||||||||||||||||
Years ended December 31 |
||||||||||||
2022 |
2021 |
2020 |
||||||||||
(Millions of yen) |
||||||||||||
Cash flows from operating activities: |
||||||||||||
Consolidated net income |
||||||||||||
Adjustments to reconcile consolidated net income to net cash provided by operating activities: |
||||||||||||
Depreciation and amortization |
|
|
||||||||||
(Gain) loss on disposal of fixed assets |
( |
) |
||||||||||
Deferred income taxes |
( |
) |
( |
) | ( |
) | ||||||
(Increase) decrease in trade receivables |
( |
) |
||||||||||
(Increase) decrease in inventories |
( |
) |
( |
) | ||||||||
(Increase) decrease in lease receivables ( Notes 1 and 6 |
( |
) |
( |
) | ||||||||
Increase (decrease) in trade payables |
( |
) | ||||||||||
Increase in accrued income taxes |
||||||||||||
Increase (decrease) in accrued expenses |
( |
) | ( |
) | ||||||||
Decrease in accrued pension and severance cost |
( |
) |
( |
) | ( |
) | ||||||
Other, net |
( |
) | ||||||||||
|
|
|
|
|
|
|||||||
Net cash provided by operating activities |
||||||||||||
Cash flows from investing activities: |
||||||||||||
Purchases of fixed assets (Note 5) |
( |
) |
( |
) | ( |
) | ||||||
Proceeds from sale of fixed assets (Note 5) |
||||||||||||
Purchases of held-to-maturity |
— |
( |
) | — | ||||||||
Proceeds from maturity of held to maturity securities |
— | — | ||||||||||
Purchases of securities |
( |
) |
( |
) | ( |
) | ||||||
Proceeds from sale and maturity of securities |
||||||||||||
Acquisitions of businesses, net of cash acquired (Note 7) |
( |
) |
( |
) | ( |
) | ||||||
Other, net |
||||||||||||
|
|
|
|
|
|
|||||||
Net cash used in investing activities |
( |
) |
( |
) | ( |
) | ||||||
Cash flows from financing activities: |
||||||||||||
Proceeds from issuance of long-term debt (Note 9) |
||||||||||||
Repayments of long-term debt (Note 9) |
( |
) |
( |
) | ( |
) | ||||||
(Decrease) increase in short-term loans related to financial services, net (Note 9) |
( |
) |
( |
) | ||||||||
Increase (decrease) in other short-term loans, net (Note 9) |
( |
) | ||||||||||
Transaction with noncontrolling interests |
||||||||||||
Dividends paid |
( |
) |
( |
) | ( |
) | ||||||
Repurchases and reissuance of treasury stock, net |
( |
) |
( |
) | ( |
) | ||||||
Other, net |
( |
) |
( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
Net cash used in financing activities |
( |
) |
( |
) | ( |
) | ||||||
Effect of exchange rate changes on cash and cash equivalents |
( |
) | ||||||||||
|
|
|
|
|
|
|||||||
Net change in cash and cash equivalents |
( |
) |
( |
) | ( |
) | ||||||
Cash and cash equivalents at beginning of year |
||||||||||||
|
|
|
|
|
|
|||||||
Cash and cash equivalents at end of year |
||||||||||||
|
|
|
|
|
|
|||||||
Supplemental disclosure for cash flow information: |
||||||||||||
Cash paid during the year for: |
||||||||||||
Interest |
||||||||||||
Income taxes |
1. |
Basis of Presentation and Significant Accounting Policies |
(a) | Description of Business |
(b) | Basis of Presentation |
1. |
Basis of Presentation and Significant Accounting Policies (continued) |
(c) |
Principles of Consolidation |
(d) |
Use of Estimates |
(e) | Translation of Foreign Currencies |
(f) | Cash Equivalents |
(g) | Investments |
1. |
Basis of Presentation and Significant Accounting Policies (continued) |
(g) | Investments (continued) |
(h) | Allowance for Credit Losses |
(i) | Inventories |
1. |
Basis of Presentation and Significant Accounting Policies (continued) |
(j) |
Impairment of Long-Lived Assets |
(k) |
Property, Plant and Equipment, net |
(l) | Leases |
1. |
Basis of Presentation and Significant Accounting Policies (continued) |
(m) |
Goodwill and Other Intangible Assets |
(n) | Environmental Liabilities |
(o) | Income Taxes |
1. |
Basis of Presentation and Significant Accounting Policies (continued) |
(p) | Stock-Based Compensation |
(q) | Net Income Attributable to Canon Inc. Shareholders per Share |
(r) | Revenue Recognition |
(s) | Research and Development Costs |
(t) | Advertising Costs |
(u) | Shipping and Handling Costs |
(v) | Derivative Financial Instruments |
1. |
Basis of Presentation and Significant Accounting Policies (continued) |
(v) |
Derivative Financial Instruments (continued) |
(w) |
Guarantees |
(x) |
Recent Accounting Guidance |
1. |
Basis of Presentation and Significant Accounting Policies (continued) |
(x) |
Recent Accounting Guidance (continued) |
2. |
Investments |
December 31, 2022 |
||||||||||||||||
Cost |
Gross unrealized holding gains |
Gross unrealized holding losses |
Fair value |
|||||||||||||
Millions of yen |
||||||||||||||||
Current: | ||||||||||||||||
Corporate bonds |
|
|
||||||||||||||
Noncurrent: | ||||||||||||||||
Corporate bonds |
— | |||||||||||||||
Fair value |
||||
Millions of yen |
||||
Due within one year |
||||
Due after one year through five years |
||||
Total |
||||
2. |
Investments (continued) |
Years ended December 31 |
||||||||||||
2022 |
2021 |
2020 |
||||||||||
(Millions of yen) |
||||||||||||
Net gains (losses) recognized during the period on equity securities |
( |
) |
|
|
||||||||
Less: Net gains (losses) recognized during the period on equity securities sold during the period |
||||||||||||
Unrealized gains (losses) recognized during the period on equity securities still held at December 31 |
( |
) |
|
|
||||||||
Years ended December 31 |
||||||||||||
2022 Ownership percentage |
2022 |
2021 |
||||||||||
(Millions of yen, except percentage data) |
||||||||||||
Canon Korea Inc. |
% |
|
||||||||||
Others |
— |
|||||||||||
— |
||||||||||||
3. |
Trade Receivables |
December 31 |
||||||||
2022 |
2021 |
|||||||
(Millions of yen) |
||||||||
Notes |
|
|||||||
Accounts |
||||||||
Trade receivables |
||||||||
Less allowance for credit losses |
( |
) |
( |
) | ||||
|
||||||||
4. |
Inventories |
December 31 |
||||||||
2022 |
2021 |
|||||||
(Millions of yen) |
||||||||
Finished goods |
||||||||
Work in process |
||||||||
Raw materials |
||||||||
|
||||||||
5. |
Property, Plant and Equipment |
December 31 |
||||||||
2022 |
2021 |
|||||||
(Millions of yen) |
||||||||
Land |
||||||||
Buildings |
||||||||
Machinery and equipment |
||||||||
Construction in progress |
||||||||
right-of-use |
||||||||
Cost |
||||||||
Less accumulated depreciation |
( |
) |
( |
) | ||||
Property, plant and equipment, net |
||||||||
6. |
Lessor Accounting |
Years ended December 31 |
||||||||||||
2022 |
2021 |
2020 |
||||||||||
(Millions of yen) |
||||||||||||
Lease income – sales-type and direct financing leases |
||||||||||||
Revenue at lease commencement |
||||||||||||
Interest income on lease receivables |
||||||||||||
Variable lease income |
||||||||||||
|
||||||||||||
December 31 |
||||||||
2022 |
2021 |
|||||||
(Millions of yen) |
||||||||
Total minimum lease payments receivable |
|
|||||||
Unguaranteed residual values |
||||||||
Executory costs |
— | |||||||
Unearned income |
( |
) |
( |
) | ||||
Less allowance for credit losses |
( |
) |
( |
) | ||||
Less current portion |
( |
) |
( |
) | ||||
Years ended December 31 |
||||||||
2022 |
2021 |
|||||||
(Millions of yen) |
||||||||
Balance at beginning of year |
||||||||
Write-offs |
( |
) |
( |
) | ||||
Provision |
||||||||
Translation adjustments and other |
||||||||
Balance at end of year |
|
|||||||
6. |
Lessor Accounting (continued) |
Financing leases |
Operating leases |
|||||||
(Millions of yen) |
||||||||
Year ending December 31: |
||||||||
2023 |
||||||||
2024 |
||||||||
2025 |
||||||||
2026 |
||||||||
2027 |
||||||||
Thereafter |
||||||||
|
|
|||||||
7. |
Acquisitions |
(Millions of yen) |
||||
Current assets |
||||
Intangible assets |
||||
Goodwill |
||||
Others |
||||
Assets acquired |
||||
Liabilities assumed |
||||
Net assets acquired |
||||
8. |
Goodwill and Other Intangible Assets |
December 31, 2022 |
December 31, 2021 |
|||||||||||||||
Gross carrying amount |
Accumulated amortization |
Gross carrying amount |
Accumulated amortization |
|||||||||||||
(Millions of yen) |
||||||||||||||||
Software |
||||||||||||||||
Customer relationships |
||||||||||||||||
Patents and developed technology |
||||||||||||||||
Trademarks |
||||||||||||||||
License fees |
||||||||||||||||
Other |
||||||||||||||||
8. |
Goodwill and Other Intangible Assets (continued) |
Year ended December 31, 2022 |
||||||||||||||||||||||||
Printing |
Imaging |
Medical |
Industrial* |
Others and Corporate* |
Total |
|||||||||||||||||||
(Millions of yen) |
||||||||||||||||||||||||
Goodwill – gross |
||||||||||||||||||||||||
Accumulated impairment losses |
( |
) |
— |
— |
— |
— |
( |
) | ||||||||||||||||
Balance at beginning of year |
||||||||||||||||||||||||
Goodwill acquired during the year |
— |
— |
— |
|||||||||||||||||||||
Translation adjustments and other |
( |
) |
||||||||||||||||||||||
Goodwill – gross |
||||||||||||||||||||||||
Accumulated impairment losses |
( |
) |
— |
— |
— |
— |
( |
) | ||||||||||||||||
Balance at end of year |
||||||||||||||||||||||||
Year ended December 31, 2021 |
||||||||||||||||||||||||
Printing |
Imaging |
Medical |
Industrial* |
Others and Corporate* |
Total |
|||||||||||||||||||
(Millions of yen) |
||||||||||||||||||||||||
Goodwill – gross |
|
|||||||||||||||||||||||
Accumulated impairment losses |
( |
) | — | — | — | — | ( |
) | ||||||||||||||||
Balance at beginning of year |
||||||||||||||||||||||||
Goodwill acquired during the year |
— | — | — | — | ||||||||||||||||||||
Translation adjustments and other |
( |
) | ||||||||||||||||||||||
Goodwill – gross |
|
|||||||||||||||||||||||
Accumulated impairment losses |
( |
) | — | — | — | — | ( |
) | ||||||||||||||||
Balance at end of year |
|
|||||||||||||||||||||||
* |
Based on the realignment of Canon’s internal management structure, from 2022, Canon has changed the name and structure of segments from Industrial and Others Business Unit and Corporate and eliminations to Industrial Business Unit, Others and Corporate and Eliminations. Changes in the carrying amounts of goodwill by segment for the fiscal year ended December 31, 2021 also have been reclassified. |
9. |
Short-Term Loans and Long-Term Debt |
9. |
Short-Term Loans and Long-Term Debt (continued) |
December 31 |
||||||||
2022 |
2021 |
|||||||
(Millions of yen) |
||||||||
Loan from banks; bearing interest rates of |
||||||||
Other debt *2 |
||||||||
Less current portion |
( |
) |
( |
) | ||||
*1 |
During the year ended December 31, 2022, Canon prepaid ¥ December 31, 2022 . |
*2 |
Other debt consisted of Bank loans and finance lease obligations as of December 31, 2022 and 2021. |
(Millions of yen) |
||||
Year ending December 31: |
||||
2023 |
||||
2024 |
||||
2025 |
||||
2026 |
||||
2027 |
||||
Thereafter |
||||
|
||||
10. |
Trade Payables |
December 31 |
||||||||
2022 |
2021 |
|||||||
(Millions of yen) |
||||||||
Notes |
||||||||
Accounts |
||||||||
|
||||||||
11. |
Employee Retirement and Severance Benefits |
Japanese plans |
Foreign plans |
|||||||||||||||
December 31 |
December 31 |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
(Millions of yen) |
(Millions of yen) |
|||||||||||||||
Change in benefit obligations: |
||||||||||||||||
Projected benefit obligations at beginning of year |
|
|||||||||||||||
Service cost |
||||||||||||||||
Plan participants’ contributions |
— | |||||||||||||||
Actuarial (gain) loss |
( |
) |
( |
) |
( |
) | ||||||||||
Benefits paid |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||
Plan amendments |
( |
) |
( |
) | ( |
) | ||||||||||
Curtailments and settlements |
( |
) |
( |
) |
( |
) | ||||||||||
Foreign currency exchange rate changes |
— |
— | ||||||||||||||
Projected benefit obligations at end of year |
||||||||||||||||
Change in plan assets: |
||||||||||||||||
Fair value of plan assets at beginning of year |
||||||||||||||||
Actual return on plan assets |
( |
) |
( |
) |
||||||||||||
Employer contributions |
||||||||||||||||
Plan participants’ contributions |
— | |||||||||||||||
Benefits paid |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||
Settlements |
— |
( |
) |
|||||||||||||
Foreign currency exchange rate changes |
— |
— | ||||||||||||||
Fair value of plan assets at end of year |
||||||||||||||||
Funded status at end of year |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||
Japanese plans |
Foreign plans |
|||||||||||||||
December 31 |
December 31 |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
(Millions of yen) |
(Millions of yen) |
|||||||||||||||
Other assets |
|
|||||||||||||||
Accrued expenses |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||
Accrued pension and severance cost |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||
( |
) |
( |
) | ( |
) |
( |
) | |||||||||
11. |
Employee Retirement and Severance Benefits (continued) |
Japanese plans |
Foreign plans |
|||||||||||||||
December 31 |
December 31 |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
(Millions of yen) |
(Millions of yen) |
|||||||||||||||
Actuarial loss |
||||||||||||||||
Prior service credit |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||
|
||||||||||||||||
Japanese plans |
Foreign plans |
|||||||||||||||
December 31 |
December 31 |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
(Millions of yen) |
(Millions of yen) |
|||||||||||||||
Accumulated benefit obligation |
|
|
Japanese plans |
Foreign plans |
|||||||||||||||
December 31 |
December 31 |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
(Millions of yen) |
(Millions of yen) |
|||||||||||||||
Plans with projected benefit obligations in excess of plan assets: |
||||||||||||||||
Projected benefit obligations |
||||||||||||||||
Fair value of plan assets |
||||||||||||||||
Plans with accumulated benefit obligations in excess of plan assets: |
||||||||||||||||
Accumulated benefit obligations |
||||||||||||||||
Fair value of plan assets |
|
|
11. |
Employee Retirement and Severance Benefits (continued) |
Japanese plans |
Foreign plans |
|||||||||||||||||||||||
Years ended December 31 |
Years ended December 31 |
|||||||||||||||||||||||
2022 |
2021 |
2020 |
2022 |
2021 |
2020 |
|||||||||||||||||||
(Millions of yen) |
(Millions of yen) |
|||||||||||||||||||||||
Service cost |
||||||||||||||||||||||||
Interest cost |
||||||||||||||||||||||||
( |
) |
( |
) | ( |
) | ( |
) |
( |
) | ( |
) | |||||||||||||
Amortization of prior service credit |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
( |
) |
— | — | ( |
) |
|||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Japanese plans |
Foreign plans |
|||||||||||||||||||||||
Years ended December 31 |
Years ended December 31 |
|||||||||||||||||||||||
2022 |
2021 |
2020 |
2022 |
2021 |
2020 |
|||||||||||||||||||
(Millions of yen) |
(Millions of yen) |
|||||||||||||||||||||||
Current year actuarial (gain) loss |
( |
) |
( |
) | ( |
) | ( |
) |
( |
) | ||||||||||||||
Current year prior service credit |
( |
) |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
Amortization of actuarial loss |
( |
) |
( |
) | ( |
) | ( |
) |
( |
) | ( |
) | ||||||||||||
Amortization of prior service credit |
|
|
|
|
||||||||||||||||||||
Curtailments and settlements |
( |
) |
— | — | ( |
) |
( |
) | ( |
) | ||||||||||||||
( |
) |
( |
) | ( |
) | ( |
) |
( |
) | |||||||||||||||
Japanese plans |
Foreign plans |
|||||||||||||||
December 31 |
December 31 |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Discount rate |
% |
% | % |
% | ||||||||||||
Assumed rate of increase in future compensation levels |
% |
|
% | % |
|
% | ||||||||||
Interest crediting rate for cash balance plans |
% |
% | % |
% |
11. |
Employee Retirement and Severance Benefits (continued) |
Japanese plans |
Foreign plans |
|||||||||||||||||||||||
Years ended December 31 |
Years ended December 31 |
|||||||||||||||||||||||
2022 |
2021 |
2020 |
2022 |
2021 |
2020 |
|||||||||||||||||||
Discount rate |
% |
% | % | % |
% | % | ||||||||||||||||||
Assumed rate of increase in future compensation levels |
% |
% | % | % |
% | % | ||||||||||||||||||
Expected long-term rate of return on plan assets |
% |
% | % | % |
% | % | ||||||||||||||||||
Interest crediting rate for cash balance plans |
% |
% | % | % |
% | % |
11. |
Employee Retirement and Severance Benefits (continued) |
December 31, 2022 |
||||||||||||||||||||||||||||||||
Japanese plans |
Foreign plans |
|||||||||||||||||||||||||||||||
Level 1 |
Level 2 |
Level 3 |
Total |
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||||||||||||||
(Millions of yen) |
||||||||||||||||||||||||||||||||
Equity securities: |
||||||||||||||||||||||||||||||||
Japanese companies (a) |
— |
— |
— |
— |
||||||||||||||||||||||||||||
Foreign companies |
— |
— |
— |
|||||||||||||||||||||||||||||
Pooled funds (b) |
— |
— |
— |
— |
||||||||||||||||||||||||||||
Debt securities: |
||||||||||||||||||||||||||||||||
Government bonds (c) |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||
Municipal bonds |
— |
— |
— |
— |
||||||||||||||||||||||||||||
Corporate bonds |
— |
— |
— |
— |
||||||||||||||||||||||||||||
Pooled funds (d) |
— |
— |
— |
— |
||||||||||||||||||||||||||||
Mortgage backed securities (and other asset backed securities) |
— |
— |
— |
— |
||||||||||||||||||||||||||||
Insurance contracts |
— |
— |
— |
|||||||||||||||||||||||||||||
Other assets |
— |
— |
||||||||||||||||||||||||||||||
Investment measured at net asset value |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||
11. |
Employee Retirement and Severance Benefits (continued) |
December 31, 2021 |
||||||||||||||||||||||||||||||||
Japanese plans |
Foreign plans |
|||||||||||||||||||||||||||||||
Level 1 |
Level 2 |
Level 3 |
Total |
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||||||||||||||
(Millions of yen) |
||||||||||||||||||||||||||||||||
Equity securities: |
||||||||||||||||||||||||||||||||
Japanese companies (e) |
— | — | — | — | — | — | ||||||||||||||||||||||||||
Foreign companies |
— | — | — | — | ||||||||||||||||||||||||||||
Pooled funds (f) |
— | — | — | — | ||||||||||||||||||||||||||||
Debt securities: |
||||||||||||||||||||||||||||||||
Government bonds (g) |
— | — | — | — | — | — | ||||||||||||||||||||||||||
Municipal bonds |
— | — | — | — | ||||||||||||||||||||||||||||
Corporate bonds |
— | — | — | — | ||||||||||||||||||||||||||||
Pooled funds (h) |
— | — | — | — | ||||||||||||||||||||||||||||
Mortgage backed securities (and other asset backed securities) |
— | — | — | — | ||||||||||||||||||||||||||||
Insurance contracts |
— | — | — | |||||||||||||||||||||||||||||
Other assets |
— | — | ||||||||||||||||||||||||||||||
Investment measured at net asset value |
— | — | — | — | — | — | ||||||||||||||||||||||||||
(a) | The plan’s equity securities include common stock of the Company and certain of its subsidiaries in the amounts of ¥ |
(b) | These funds invest in listed equity securities consisting of approximately |
( c ) |
This class includes approximately |
( d ) |
These funds invest in approximately |
(e) |
The plan’s equity securities include common stock of the Company and certain of its subsidiaries in the amounts of ¥ million. |
(f ) |
These funds invest in listed equity securities consisting of approximately % Japanese companies and % foreign companies for Japanese plans, and mainly foreign companies for foreign plans. |
( g |
This class includes approximately % Japanese government bonds and % foreign government bonds for Japanese plans. |
( h ) |
These funds invest in approximately % Japanese government bonds, % foreign government bonds, % Japanese municipal bonds, and % corporate bonds for Japanese plans. These funds invest in approximately % foreign government bonds and % corporate bonds for foreign plans. |
11. |
Employee Retirement and Severance Benefits (continued) |
Japanese plans |
Foreign plans |
|||||||
(Millions of yen) |
(Millions of yen) |
|||||||
Year ending December 31: |
||||||||
2023 |
||||||||
2024 |
||||||||
2025 |
||||||||
2026 |
||||||||
2027 |
||||||||
2028 – 2032 |
12. |
Income Taxes |
Year ended December 31, 2022 |
||||||||||||
Japanese |
Foreign |
Total |
||||||||||
(Millions of yen) |
||||||||||||
Income before income taxes |
||||||||||||
Income taxes: |
||||||||||||
Current |
||||||||||||
Deferred |
( |
) |
( |
) |
( |
) | ||||||
Year ended December 31, 2021 |
||||||||||||
Japanese |
Foreign |
Total |
||||||||||
(Millions of yen) |
||||||||||||
Income before income taxes |
||||||||||||
Income taxes: |
||||||||||||
Current |
||||||||||||
Deferred |
( |
) | ( |
) | ||||||||
Year ended December 31, 2020 |
||||||||||||
Japanese |
Foreign |
Total |
||||||||||
(Millions of yen) |
||||||||||||
Income before income taxes |
||||||||||||
Income taxes: |
||||||||||||
Current |
||||||||||||
Deferred |
( |
) | ( |
) | ( |
) | ||||||
12. |
Income Taxes (continued) |
Years ended December 31 |
||||||||||||
2022 |
2021 |
2020 |
||||||||||
Japanese statutory income tax rate |
% |
% | % | |||||||||
Increase (reduction) in income taxes resulting from: |
||||||||||||
Expenses not deductible for tax purposes |
||||||||||||
Income of foreign subsidiaries taxed at lower than Japanese statutory tax rate |
( |
) |
( |
) | ( |
) | ||||||
Tax credit for research and development expenses |
( |
) |
( |
) | ( |
) | ||||||
Change in valuation allowance |
( |
) |
( |
) | ||||||||
Deferred tax liabilities on undistributed earnings of foreign subsidiaries |
||||||||||||
Tax credit at foreign subsidiaries |
( |
) |
( |
) | ( |
) | ||||||
Effect of enacted changes in tax laws |
( |
) | ( |
) | ||||||||
Other |
( |
) |
( |
) | ( |
) | ||||||
Effective income tax rate |
% |
% | % | |||||||||
December 31 |
||||||||
2022 |
2021 |
|||||||
(Millions of yen) |
||||||||
Other assets |
||||||||
Other noncurrent liabilities |
( |
) |
( |
) | ||||
12. |
Income Taxes (continued) |
December 31 |
||||||||
2022 |
2021 |
|||||||
(Millions of yen) |
||||||||
Deferred tax assets: |
||||||||
Inventories |
||||||||
Accrued business tax |
||||||||
Accrued pension and severance cost |
||||||||
Research and development – costs capitalized for tax purposes |
||||||||
Property, plant and equipment |
||||||||
Operating lease liabilities |
||||||||
Accrued expenses |
||||||||
Net operating losses carried forward |
||||||||
Other |
||||||||
Less valuation allowance |
( |
) |
( |
) | ||||
Total deferred tax assets |
||||||||
Deferred tax liabilities: |
||||||||
Undistributed earnings of foreign subsidiaries |
( |
) |
( |
) | ||||
Tax deductible reserve |
( |
) |
( |
) | ||||
Financing lease revenue |
( |
) |
( |
) | ||||
Operating lease right-of-use |
( |
) |
( |
) | ||||
Intangible assets |
( |
) |
( |
) | ||||
Other |
( |
) |
( |
) | ||||
Total deferred tax liabilities |
( |
) |
( |
) | ||||
Net deferred tax assets |
||||||||
12. |
Income Taxes (continued) |
(Millions of yen) |
||||
Within one year |
||||
After one year through five years |
||||
After five years through ten years |
||||
After ten years through twenty years |
||||
Indefinite period |
||||
Years ended December 31 |
||||||||||||
2022 |
2021 |
2020 |
||||||||||
(Millions of yen) |
||||||||||||
Balance at beginning of year |
||||||||||||
Additions for tax positions of the current year |
||||||||||||
Additions for tax positions of prior years |
||||||||||||
Reductions for tax positions of prior years |
( |
) | ( |
) | ||||||||
Settlements with tax authorities |
( |
) |
( |
) | ||||||||
Other |
( |
) | ||||||||||
Balance at end of year* |
||||||||||||
* |
The unrecognized tax benefits were offset by deferred tax assets in the amount of million, ¥ million and ¥ million as of December 31, 2022, 2021 and 2020, respectively, and reported under “other noncurrent liabilities” on the consolidated balance sheets. |
12. |
Income Taxes (continued) |
13. |
Legal Reserve and Retained Earnings |
14. |
Other Comprehensive Income (Loss) |
Foreign currency translation adjustments |
Net unrealized gains and losses on securities |
Gains and losses on derivative instruments |
Pension liability adjustments |
Total |
||||||||||||||||
(Millions of yen) |
||||||||||||||||||||
Balance at December 31, 2019 |
( |
) | — | ( |
) | ( |
) | ( |
) | |||||||||||
Equity transactions with noncontrolling interests and other |
( |
) | — | — | — | ( |
) | |||||||||||||
Other comprehensive income (loss) before reclassifications |
( |
) | — | ( |
) | ( |
) | ( |
) | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) |
— | |||||||||||||||||||
Net change during the year |
( |
) | — | ( |
) | |||||||||||||||
Balance at December 31, 2020 |
( |
) | — | ( |
) | ( |
) | |||||||||||||
Other comprehensive income (loss) before reclassifications |
— | ( |
) | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) |
( |
) | — | |||||||||||||||||
Net change during the year |
— | ( |
) | |||||||||||||||||
Balance at December 31, 2021 |
— | ( |
) | ( |
) | ( |
) | |||||||||||||
Other comprehensive income (loss) before reclassifications |
( |
) | ( |
) | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) |
( |
) | ||||||||||||||||||
Net change during the year |
( |
) | ||||||||||||||||||
Balance at December 31, 2022 |
( |
) | ( |
) | ( |
) | ||||||||||||||
14. |
Other Comprehensive Income (Loss) (continued) |
Amount reclassified from accumulated other comprehensive income (loss) * | ||||||||||||||
Year ended December 31, 2022 |
Year ended December 31, 2021 |
Year ended December 31, 2020 |
Affected line items in consolidated statements of income | |||||||||||
(Millions of yen) |
||||||||||||||
Foreign currency translation adjustments |
( |
) | ( |
) | — | Selling, general and administrative expenses | ||||||||
— | Income taxes | |||||||||||||
( |
) | ( |
) | — | Consolidated net income | |||||||||
— | — | — | Net income attributable to noncontrolling interests | |||||||||||
( |
) | ( |
) | — | Net income attributable to Canon Inc. | |||||||||
Net unrealized gains and losses on securities |
— | — | Other, net | |||||||||||
( |
) | — | — | Income taxes | ||||||||||
— | — | Consolidated net income | ||||||||||||
— | — | Net income attributable to noncontrolling interests | ||||||||||||
— | — | Net income attributable to Canon Inc. | ||||||||||||
Gains and losses on derivative instruments |
Net Sales | |||||||||||||
( |
) | ( |
) | ( |
) | Income taxes | ||||||||
Consolidated net income | ||||||||||||||
( |
) | Net income attributable to noncontrolling interests | ||||||||||||
Net income attributable to Canon Inc. | ||||||||||||||
Pension liability adjustments |
Other, net | |||||||||||||
( |
) | ( |
) | ( |
) | Income taxes | ||||||||
Consolidated net income | ||||||||||||||
( |
) | ( |
) | ( |
) | Net income attributable to noncontrolling interests | ||||||||
Net income attributable to Canon Inc. | ||||||||||||||
Total amount reclassified, net of tax and noncontrolling interests |
||||||||||||||
* | Amounts in parentheses indicate gains in consolidated statements of income. |
14. |
Other Comprehensive Income (Loss) (continued) |
Years ended December 31 |
||||||||||||
Before-tax amount |
Tax (expense) or benefit |
Net-of-tax amount |
||||||||||
(Millions of yen) |
||||||||||||
2022: |
||||||||||||
Foreign currency translation adjustments |
||||||||||||
Amount arising during the year |
( |
) |
||||||||||
Reclassification adjustments for gains and losses realized in net income |
( |
) |
( |
) | ||||||||
Net change during the year |
||||||||||||
Net unrealized gains and losses on securities: |
||||||||||||
Amount arising during the year |
( |
) |
( |
) | ||||||||
Reclassification adjustments for gains and losses realized in net income |
( |
) |
||||||||||
Net change during the year |
( |
) |
( |
) | ||||||||
Net gains and losses on derivative instruments: |
||||||||||||
Amount arising during the year |
( |
) |
( |
) | ||||||||
Reclassification adjustments for gains and losses realized in net income |
( |
) |
||||||||||
Net change during the year |
( |
) |
||||||||||
Pension liability adjustments: |
||||||||||||
Amount arising during the year |
( |
|||||||||||
Reclassification adjustments for gains and losses realized in net income |
( |
|||||||||||
Net change during the year |
( |
|||||||||||
Other comprehensive income (loss) |
( |
|||||||||||
Years ended December 31 |
||||||||||||
Before-tax amount |
Tax (expense) or benefit |
Net-of-tax amount |
||||||||||
(Millions of yen) |
||||||||||||
2021: |
||||||||||||
Foreign currency translation adjustments |
||||||||||||
Amount arising during the year |
( |
) | ||||||||||
Reclassification adjustments for gains and losses realized in net income |
( |
) | ( |
) | ||||||||
Net change during the year |
( |
) | ||||||||||
Net gains and losses on derivative instruments: |
||||||||||||
Amount arising during the year |
( |
) | ( |
) | ||||||||
Reclassification adjustments for gains and losses realized in net income |
( |
) | ||||||||||
Net change during the year |
( |
) | ( |
) | ||||||||
Pension liability adjustments: |
||||||||||||
Amount arising during the year |
( |
) | ||||||||||
Reclassification adjustments for gains and losses realized in net income |
( |
) | ||||||||||
Net change during the year |
( |
) | ||||||||||
Other comprehensive income (loss) |
( |
) | ||||||||||
14. |
Other Comprehensive Income (Loss) (continued) |
Years ended December 31 |
||||||||||||
Before-tax amount |
Tax (expense) or benefit |
Net-of-tax amount |
||||||||||
(Millions of yen) |
||||||||||||
2020: |
||||||||||||
Foreign currency translation adjustments |
||||||||||||
Amount arising during the year |
( |
) | ( |
) | ||||||||
Reclassification adjustments for gains and losses realized in net income |
— | — | — | |||||||||
Net change during the year |
( |
) | ( |
) | ||||||||
Net gains and losses on derivative instruments: |
||||||||||||
Amount arising during the year |
( |
) | ( |
) | ||||||||
Reclassification adjustments for gains and losses realized in net income |
( |
) | ||||||||||
Net change during the year |
( |
) | ||||||||||
Pension liability adjustments: |
||||||||||||
Amount arising during the year |
( |
) | ( |
) | ( |
) | ||||||
Reclassification adjustments for gains and losses realized in net income |
( |
) | ||||||||||
Net change during the year |
( |
) | ||||||||||
Other comprehensive income (loss) |
( |
) | ( |
) | ( |
) | ||||||
15. |
Revenue |
15. |
Revenue (continued) |
15. |
Revenue (continued) |
Millions of yen |
||||||||||||||||||||||||||||
Printing |
Imaging |
Medical |
Industrial * |
Others and Corporate * |
Eliminations * |
Consolidated |
||||||||||||||||||||||
2022: |
||||||||||||||||||||||||||||
Revenue recognized at a point in time |
( |
) |
||||||||||||||||||||||||||
Revenue recognized over time |
— |
|||||||||||||||||||||||||||
Total |
( |
) |
||||||||||||||||||||||||||
Millions of yen |
||||||||||||||||||||||||||||
Printing |
Imaging |
Medical |
Industrial * |
Others and Corporate * |
Eliminations * |
Consolidated |
||||||||||||||||||||||
2021: |
||||||||||||||||||||||||||||
Revenue recognized at a point in time |
( |
) | ||||||||||||||||||||||||||
Revenue recognized over time |
— | |||||||||||||||||||||||||||
Total |
( |
) | ||||||||||||||||||||||||||
Millions of yen |
||||||||||||||||||||||||||||
Printing |
Imaging |
Medical |
Industrial * |
Others and Corporate * |
Eliminations * |
Consolidated |
||||||||||||||||||||||
2020: |
||||||||||||||||||||||||||||
Revenue recognized at a point in time |
( |
) | ||||||||||||||||||||||||||
Revenue recognized over time |
— | |||||||||||||||||||||||||||
Total |
( |
) | ||||||||||||||||||||||||||
* | Based on the realignment of Canon’s internal management structure, from 2022, Canon has changed the name and structure of segments from Industrial and Others Business Unit and Corporate and eliminations to Industrial Business Unit, Others and Corporate and Eliminations. Changes in the disaggregated revenue by timing and by segment for the fiscal year ended December 31, 2021 and 2020 also has been reclassified. |
15. |
Revenue (continued) |
16. |
Stock-Based Compensation |
16. |
Stock-Based Compensation (continued) |
Year ended December 31, 2022 |
Year ended December 31, 2021 |
|||||||
Expected term of option (in years) |
||||||||
Expected volatility |
% |
% | ||||||
Dividend yield |
% |
% | ||||||
Risk-free interest rate |
( |
%) |
( |
%) |
Shares |
Weighted-average exercise price |
Weighted-average remaining contractual term |
Aggregate intrinsic value |
|||||||||||||
(Yen) |
(Year) |
(Millions of yen) |
||||||||||||||
Outstanding at January 1, 2020 |
|
|
|
|
||||||||||||
Granted |
||||||||||||||||
Exercised |
( |
) | ||||||||||||||
Outstanding at December 31, 2020 |
||||||||||||||||
Granted |
||||||||||||||||
Exercised |
( |
) | ||||||||||||||
Outstanding at December 31, 2021 |
||||||||||||||||
Granted |
||||||||||||||||
Exercised |
( |
) |
||||||||||||||
Outstanding at December 31, 2022 |
||||||||||||||||
Exercisable at December 31, 2022 |
||||||||||||||||
17. |
Net Income Attributable to Canon Inc. Shareholders per Share |
Years ended December 31 |
||||||||||||
2022 |
2021 |
2020 |
||||||||||
(Millions of yen) |
||||||||||||
Basic net income attributable to Canon Inc. |
||||||||||||
Diluted net income attributable to Canon Inc. |
||||||||||||
(Number of shares) |
||||||||||||
Weighted average common shares outstanding |
||||||||||||
Effect of dilutive securities: |
||||||||||||
Stock options |
||||||||||||
Diluted common shares outstanding |
||||||||||||
(Yen) |
||||||||||||
Net income attributable to Canon Inc. shareholders per share: |
||||||||||||
Basic |
||||||||||||
Diluted |
18. |
Derivatives and Hedging Activities |
18. |
Derivatives and Hedging Activities (continued) |
December 31 |
||||||||
2022 |
2021 |
|||||||
(Millions of yen) |
||||||||
To sell foreign currencies |
|
|||||||
To buy foreign currencies |
Fair value |
||||||||||
December 31 |
||||||||||
Balance sheet location |
2022 |
2021 |
||||||||
(Millions of yen) |
||||||||||
Assets: |
||||||||||
Foreign exchange contracts |
Prepaid expenses and other current assets | |
||||||||
Liabilities: |
||||||||||
Foreign exchange contracts |
Other current liabilities |
Fair value |
||||||||||
December 31 |
||||||||||
Balance sheet location |
2022 |
2021 |
||||||||
(Millions of yen) |
||||||||||
Assets: |
||||||||||
Foreign exchange contracts |
Prepaid expenses and other current assets | |
||||||||
Liabilities: |
||||||||||
Foreign exchange contracts |
Other current liabilities |
18. |
Derivatives and Hedging Activities (continued) |
Year ended December 31 |
||||||||||||
Gain (loss) recognized in OCI |
Gain (loss) reclassified from accumulated OCI into income |
|||||||||||
Amount |
Location |
Amount |
||||||||||
(Millions of yen) |
||||||||||||
2022: |
||||||||||||
Foreign exchange contracts |
( |
) |
Net sales | ( |
) | |||||||
2021: |
||||||||||||
Foreign exchange contracts |
( |
) | Net sales | ( |
) | |||||||
2020: |
||||||||||||
Foreign exchange contracts |
( |
) | Net sales | ( |
) |
Gain (loss) recognized in income on derivative |
||||||||||||||||
Years ended December 31 |
||||||||||||||||
Location |
2022 |
2021 |
2020 |
|||||||||||||
(Millions of yen) |
||||||||||||||||
Other, net | ( |
) |
( |
) |
19. |
Lessee Accounting |
Year ended December 31 |
||||||||||||
2022 |
2021 |
2020 |
||||||||||
(Millions of yen) |
||||||||||||
Operating lease cost |
||||||||||||
Short-term lease cost |
||||||||||||
Other lease cost |
||||||||||||
Total |
||||||||||||
19. |
Lessee Accounting (continued) |
Year ended December 31 |
||||||||||||
2022 |
2021 |
2020 |
||||||||||
(Millions of yen) |
||||||||||||
Cash paid for amount included in the measurement of lease liabilities |
||||||||||||
Operating cash flows from operating leases |
||||||||||||
Noncash activity – Rights of use assets obtained in exchange for lease liabilities |
||||||||||||
Operating leases |
||||||||||||
(Millions of yen) |
||||
Year ending December 31: |
||||
2023 |
||||
2024 |
||||
2025 |
||||
2026 |
||||
2027 |
||||
Thereafter |
||||
Total future minimum lease payments |
||||
Less Imputed Interest |
( |
) | ||
December 31, 2022 |
December 31, 2021 |
|||||||
Weighted-average remaining lease term |
||||||||
Weighted-average discount rate |
% |
|||||||
20. |
Commitments and Contingent Liabilities |
20. |
Commitments and Contingent Liabilities (continued) |
Years ended December 31 |
||||||||
2022 |
2021 |
|||||||
(Millions of yen) |
||||||||
Balance at beginning of the year |
|
|||||||
Additions |
||||||||
Utilization |
( |
) |
( |
) | ||||
Other |
( |
) |
( |
) | ||||
Balance at end of the year |
||||||||
21. |
Disclosures about the Fair Value of Financial Instruments and Concentrations of Credit Risk |
December 31 |
||||||||||||||||
2022 |
2021 |
|||||||||||||||
Carrying amount |
Estimated fair value |
Carrying amount |
Estimated fair value |
|||||||||||||
(Millions of yen) |
||||||||||||||||
Long-term debt, including current portion of long-term debt |
( |
) |
( |
) |
( |
) | ( |
) |
22. |
Fair Value Measurements |
Level 1 |
– | Inputs are quoted prices in active markets for identical assets or liabilities. | ||
Level 2 |
– | Inputs are quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs that are derived principally from or corroborated by observable market data by correlation or other means. | ||
Level 3 |
– | Inputs are derived from valuation techniques in which one or more significant inputs or value drivers are unobservable, which reflect the reporting entity’s own assumptions about the assumptions that market participants would use in establishing a price. |
22. |
Fair Value Measurements (continued) |
December 31, 2022 |
||||||||||||||||
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
(Millions of yen) |
||||||||||||||||
Assets: |
||||||||||||||||
Cash and cash equivalents |
— |
— |
||||||||||||||
Short-term investment: |
||||||||||||||||
Available-for-sale: |
||||||||||||||||
Corporate bonds |
— |
— |
||||||||||||||
Investments: |
||||||||||||||||
Available-for-sale: |
||||||||||||||||
Corporate bonds |
— |
— |
||||||||||||||
Fund trusts and others |
— |
|||||||||||||||
Equity securities |
— |
— |
||||||||||||||
Prepaid expenses and other current assets: |
||||||||||||||||
Derivatives |
— |
— |
||||||||||||||
Total assets |
— |
|||||||||||||||
Liabilities: |
||||||||||||||||
Other current liabilities: |
||||||||||||||||
— |
— |
|||||||||||||||
Total liabilities |
— |
— |
||||||||||||||
December 31, 2021 |
||||||||||||||||
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
(Millions of yen) |
||||||||||||||||
Assets: |
||||||||||||||||
Cash and cash equivalents |
— | — | ||||||||||||||
Short-term investment: |
||||||||||||||||
Available-for-sale: |
||||||||||||||||
Corporate bonds |
— | — | — | — | ||||||||||||
Investments: |
||||||||||||||||
Available-for-sale: |
||||||||||||||||
Corporate bonds |
— | — | — | — | ||||||||||||
Fund trusts and others |
— | |||||||||||||||
Equity securities |
— | — | ||||||||||||||
Prepaid expenses and other current assets: |
||||||||||||||||
Derivatives |
— | — | ||||||||||||||
Total assets |
— | |||||||||||||||
Liabilities: |
||||||||||||||||
Other current liabilities: |
||||||||||||||||
— | — | |||||||||||||||
Total liabilities |
— | — | ||||||||||||||
22. |
Fair Value Measurements (continued) |
23. |
Segment Information |
Printing Business Unit: |
Office multifunction devices (MFDs) / Document solutions/ Laser multifunction printers (MFPs) / Laser printers / Inkjet printers / Image scanners / Calculators / Digital continuous feed presses / Digital sheet-fed presses / Large format printers | |
Imaging Business Unit: |
Interchangeable-lens digital cameras / Interchangeable lenses / Digital compact cameras /Compact photo printers / MR Systems / Network cameras / Video management software / Video content analytics software / Digital camcorders / Digital cinema cameras / Broadcast equipment /Projectors | |
Medical Business Unit: |
Computed tomography (CT) systems / Diagnostic ultrasound systems / Diagnostic X-ray systems / Magnetic resonance imaging (MRI) systems / Clinical chemistry analyzers / Digital radiography systems / Ophthalmic equipment | |
Industrial Business Unit: |
Semiconductor lithography equipment / FPD (Flat panel display) lithography equipment / OLED display manufacturing equipment / Vacuum thin-film deposition equipment / Die bonders | |
Others: |
Handy terminals / Document scanners |
23. |
Segment Information (continued) |
Millions of yen |
||||||||||||||||||||||||||||
Printing |
Imaging |
Medical |
Industrial |
Others and Corporate |
Eliminations |
Consolidated |
||||||||||||||||||||||
2022: |
||||||||||||||||||||||||||||
Net sales: |
||||||||||||||||||||||||||||
External customers |
— |
|||||||||||||||||||||||||||
Intersegment |
( |
) |
— |
|||||||||||||||||||||||||
Total |
( |
) |
||||||||||||||||||||||||||
Operating cost and expenses |
( |
) |
||||||||||||||||||||||||||
Operating profit |
( |
) |
( |
) |
||||||||||||||||||||||||
Other income (deductions) |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||||
Income before income taxes |
( |
) |
( |
) |
||||||||||||||||||||||||
Total assets |
( |
) |
||||||||||||||||||||||||||
Depreciation and amortization |
||||||||||||||||||||||||||||
Capital expenditures |
— |
|||||||||||||||||||||||||||
2021: |
||||||||||||||||||||||||||||
Net sales: |
||||||||||||||||||||||||||||
External customers |
— | |||||||||||||||||||||||||||
Intersegment |
( |
) | — | |||||||||||||||||||||||||
Total |
( |
) | ||||||||||||||||||||||||||
Operating cost and expenses |
( |
) | ||||||||||||||||||||||||||
Operating profit |
( |
) | ( |
) | ||||||||||||||||||||||||
Other income (deductions) |
( |
) | ( |
) | ||||||||||||||||||||||||
Income before income taxes |
( |
) | ( |
) | ||||||||||||||||||||||||
Total assets |
( |
) | ||||||||||||||||||||||||||
Depreciation and amortization |
— | |||||||||||||||||||||||||||
Capital expenditures |
— | |||||||||||||||||||||||||||
2020: |
||||||||||||||||||||||||||||
Net sales: |
||||||||||||||||||||||||||||
External customers |
— | |||||||||||||||||||||||||||
Intersegment |
( |
) | — | |||||||||||||||||||||||||
Total |
( |
) | ||||||||||||||||||||||||||
Operating cost and expenses |
( |
) | ||||||||||||||||||||||||||
Operating profit |
( |
) | ||||||||||||||||||||||||||
Other income (deductions) |
( |
) | ( |
) | ||||||||||||||||||||||||
Income before income taxes |
( |
) | ||||||||||||||||||||||||||
Total assets |
( |
) | ||||||||||||||||||||||||||
Depreciation and amortization |
— | |||||||||||||||||||||||||||
Capital expenditures |
— |
23. |
Segment Information (continued) |
Millions of yen |
||||||||||||
2022 |
2021 |
2020 |
||||||||||
Printing |
||||||||||||
Office multifunction devices |
||||||||||||
Office others |
||||||||||||
Office |
||||||||||||
Laser printers |
||||||||||||
Inkjet printers and Others |
||||||||||||
Prosumer |
||||||||||||
Production |
||||||||||||
Total |
||||||||||||
Imaging |
||||||||||||
Cameras |
||||||||||||
Network cameras and Others |
||||||||||||
Total |
||||||||||||
Medical |
||||||||||||
Diagnostic equipment |
||||||||||||
Industrial |
||||||||||||
Optical equipment |
||||||||||||
Industrial equipment |
||||||||||||
Total |
||||||||||||
Others and Corporate |
||||||||||||
Consolidated |
||||||||||||
23. |
Segment Information (continued) |
Millions of yen |
||||||||||||
2022 |
2021 |
2020 |
||||||||||
Net sales: |
||||||||||||
Japan |
||||||||||||
Americas |
||||||||||||
Europe |
||||||||||||
Asia and Oceania |
||||||||||||
Total |
||||||||||||
Long-lived assets: |
||||||||||||
Japan |
||||||||||||
Americas |
||||||||||||
Europe |
||||||||||||
Asia and Oceania |
||||||||||||
Total |
||||||||||||
24. |
Subsequent Event |
Balance at beginning of period |
Addition- charged to income |
Deduction bad debts written off |
Translation adjustments and other |
Balance at end of period |
||||||||||||||||
(Millions of yen) |
||||||||||||||||||||
Year ended December 31, 2022: |
||||||||||||||||||||
Allowance for credit losses |
||||||||||||||||||||
Trade receivables |
( |
) |
||||||||||||||||||
Lease receivables |
( |
) |
||||||||||||||||||
Year ended December 31, 2021: |
||||||||||||||||||||
Allowance for credit losses |
||||||||||||||||||||
Trade receivables |
( |
) | ||||||||||||||||||
Lease receivables |
( |
) | ||||||||||||||||||
Year ended December 31, 2020: |
||||||||||||||||||||
Allowance for credit losses |
||||||||||||||||||||
Trade receivables |
( |
) | ( |
) | ||||||||||||||||
Lease receivables |
( |
) |
1.1 |
||
1.2 |
||
2.1 |
||
2.2 |
||
2.3 |
||
8 |
||
11.1 |
||
11.2 |
||
12 |
||
13 |
||
101.INS |
Inline XBRL Instance Document—the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |
101.SCH |
Inline XBRL Taxonomy Extension Schema Document | |
101.CAL |
Inline XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF |
Inline XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB |
Inline XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE |
Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
104 |
The cover page for the Company’s Annual Report on Form 20-F for the year ended December 31, 2022, has been formatted in Inline XBRL |
CANON INC. |
(Registrant) |
/s/ Toshizo Tanaka |
Toshizo Tanaka |
Executive Vice President & CFO |
Canon Inc. |
30-2, Shimomaruko 3-chome, |
Ohta-ku, Tokyo 146-8501, Japan |