Investment in Affiliates, at Equity

3 Months Ended

Mar. 31, 2014

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 March 31,
	2014		2013
Fuji Xerox	$	39	$	44
Other investments	3		3
Total Equity in Net Income of Unconsolidated Affiliates	$	42	$	47

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 March 31,
	2014		2013
Summary of Operations:
Revenues	$	3,021	$	3,028
Costs and expenses	2,801		2,784
Income before income taxes	220		244
Income tax expense	58		61
Net Income	162		183
Less: Net income – noncontrolling interests	1		1
Net Income – Fuji Xerox	$	161	$	182
Weighted Average Exchange Rate(1)	102.67		92.64

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