Investment in Affiliates, at Equity

9 Months Ended

Sep. 30, 2013

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,
	2013		2012		2013		2012
Fuji Xerox	$	40	$	32	$	117	$	97
Other investments	3		2		9		8
Total Equity in Net Income of Unconsolidated Affiliates	$	43	$	34	$	126	$	105

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.

Condensed financial data of Fuji Xerox was as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012
Summary of Operations:
Revenues	$	2,909	$	3,192	$	8,653	$	9,586
Costs and expenses	2,670		2,988		7,960		8,928
Income before income taxes	239		204		693		658
Income tax expense	72		68		197		246
Net Income	167		136		496		412
Less: Net income – noncontrolling interests	1		2		4		4
Net Income – Fuji Xerox	$	166	$	134	$	492	$	408
Weighted Average Exchange Rate(1)	98.89		78.61		96.61		79.47

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