Investment in Affiliates, at Equity

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Fuji Xerox	$	41	$	40	$	111	$	117
Other investments	3		3		8		9
Total Equity in Net Income of Unconsolidated Affiliates	$	44	$	43	$	119	$	126

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,
	2014		2013		2014		2013
Summary of Operations:
Revenues	$	2,872	$	2,909	$	8,600	$	8,653
Costs and expenses	2,612		2,670		7,923		7,960
Income before income taxes	260		239		677		693
Income tax expense	87		72		212		197
Net Income	173		167		465		496
Less: Net income – noncontrolling interests	1		1		3		4
Net Income – Fuji Xerox	$	172	$	166	$	462	$	492
Weighted Average Exchange Rate(1)	104.07		98.89		102.97		96.61

_____________________________

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