Capital Expenditures, Depreciation and R&D Expenditures

Fiscal years ended March 31

Yen(billions)
U.S. GAAP
2008 2009 2010 2011 2012 2013 2014 2015 2015 2016 2017 2018 2019 2020 2021
Capital Expenditures* 654.0 599.1 329.7 311.3 406.5 593.6 726.1 657.9 Capital Expenditures* 653.8 647.4 541.0 433.8 426.5 375.6 321.2
Depreciation* 417.3 408.2 366.6 325.2 293.7 286.6 375.8 408.3 Depreciation* 404.1 440.4 437.6 467.3 450.3 396.9 365.8
R&D Expenses 587.9 563.1 463.3 487.5 519.8 560.2 634.1 662.6 R&D Expenditures** 670.3 719.8 685.3 730.7 820.0 821.4 780.0

*Capital expenditures as well as Depreciation in results aforementioned exclude investment in operating leases, finance leases
*Capital expenditures and Depreciation in results
and intangible assets.
aforementioned exclude investment in operating leases,
From FY20 Capital expenditures as well as Depreciation in results aforementioned exclude investment in operating leases,
capital leases and intangible assets.
right-of-use assets, and intangible assets.

** Research and development expenditures are research and development activity related costs incurred during the reporting
period. In accordance with IFRS, a portion of research and development expenditures is recognized as an intangible asset and
amortized over its estimated useful life. As such, this amount is not in conformity with "Research and development" on our
Consolidated Statement of Income.
Research and development expenditures aforementioned exclude decrease of 25.4 billion yen due to the impact of pension
accounting treatment in FY17.