Investment in Affiliates, at Equity

9 Months Ended

Sep. 30, 2012

Equity Method Investments and Joint Ventures [Abstract]

Investment in Affiliates, at Equity

Investment in Affiliates, at Equity

Our equity in net income of our unconsolidated affiliates was as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2012		2011		2012		2011
Fuji Xerox	$	32	$	42	$	97	$	104
Other investments	2		1		8		7
Total Equity in Net Income of Unconsolidated Affiliates	$	34	$	43	$	105	$	111

Fuji Xerox

Equity in net income of Fuji Xerox is affected by certain adjustments required to reflect the deferral of profit associated with intercompany sales. These adjustments may result in recorded equity income that is different from that implied by our 25% ownership interest. Equity income for the nine months ended September 30, 2012 and 2011 includes after-tax restructuring charges of $15 and $16, respectively, primarily reflecting Fuji Xerox’s continued cost-reduction initiatives.

Condensed financial data of Fuji Xerox was as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2012		2011		2012		2011
Summary of Operations:
Revenues	$	3,192	$	3,330	$	9,586	$	9,274
Costs and expenses	2,988		3,042		8,928		8,584
Income before income taxes	204		288		658		690
Income tax expense	68		107		246		231
Net Income	136		181		412		459
Less: Net income – noncontrolling interests	2		1		4		3
Net Income – Fuji Xerox	$	134	$	180	$	408	$	456
Weighted Average Rate(1)	78.61		77.69		79.47		80.37

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(1) Represents Yen/U.S. Dollar exchange rate used to translate.