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JPY (¥)
JPY (¥) / shares
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<div style="font-family: 'Times New Roman',Times,serif">
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>20. Disclosures about the Fair Value of Financial Instruments and Concentrations of Credit Risk</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt"><b><i>Fair value of financial instruments</i></b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The estimated fair values of Canon’s financial instruments at December 31, 2010 and 2009 are set
forth below. The following summary excludes cash and cash equivalents, trade receivables, finance
receivables, noncurrent receivables, short-term loans, trade payables and accrued expenses for
which fair values approximate their carrying amounts. The summary also excludes investments which
are disclosed in Note 2.
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="52%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="14" style="border-bottom: 1px solid #000000"><b>December 31</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Carrying</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Estimated</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Carrying</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Estimated</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>amount</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>fair value</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>amount</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>fair value</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="14"><b>(Millions of yen)</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Long-term debt, including current installments
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"><b>¥</b></td>
<td align="right"><b>(9,260</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td nowrap="nowrap" align="left"><b>¥</b></td>
<td align="right"><b>(9,245</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td nowrap="nowrap" align="left">¥</td>
<td align="right">(9,781</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left">¥</td>
<td align="right">(9,777</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Foreign exchange contracts:
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Assets
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>11,950</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>11,950</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">752</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">752</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Liabilities
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(913</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(913</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(7,210</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(7,210</td>
<td nowrap="nowrap">)</td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The following methods and assumptions are used to estimate the fair value in the above table.
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt"><u>Long-term debt</u>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The fair values of Canon’s long-term debt instruments are based on the present value of future cash
flows associated with each instrument discounted using current market borrowing rates for similar
debt instruments of comparable maturity.
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt"><u>Foreign exchange contracts</u>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The fair values of foreign exchange contracts are measured based on the market price obtained from
financial institutions.
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt"><u>Limitations</u>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Fair value estimates are made at a specific point in time, based on relevant market information and
information about the financial instruments. These estimates are subjective in nature and involve
uncertainties and matters of significant judgment and therefore cannot be determined with
precision. Changes in assumptions could significantly affect the estimates.
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b><i>Concentrations of credit risk</i></b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">At December 31, 2010 and 2009, one customer accounted for approximately 21% and 22% of consolidated
trade receivables, respectively. Although Canon does not expect that the customer will fail to meet
its obligations, Canon is potentially exposed to concentrations of credit risk if the customer
failed to perform according to the terms of the contracts.
</div>
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