Investment in Affiliates, at Equity

3 Months Ended

Mar. 31, 2015

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,
	2015		2014
Fuji Xerox	$	31	$	39
Other investments	3		3
Total Equity in Net Income of Unconsolidated Affiliates	$	34	$	42

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,
	2015		2014
Summary of Operations:
Revenues	$	2,731	$	3,021
Costs and expenses	2,520		2,801
Income before income taxes	211		220
Income tax expense	66		58
Net Income	145		162
Less: Net income – noncontrolling interests	2		1
Net Income – Fuji Xerox	$	143	$	161
Weighted Average Exchange Rate(1)	119.29		102.67

_____________________________

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