Investment in Affiliates, at Equity

6 Months Ended

Jun. 30, 2015

Equity Method Investments and Joint Ventures [Abstract]

Investment in Affiliates, at Equity

Investment in Affiliates, at Equity

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Fuji Xerox	$	25	$	31	$	56	$	70
Other investments	4		2		7		5
Total Equity in Net Income of Unconsolidated Affiliates	$	29	$	33	$	63	$	75

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 June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Summary of Operations:
Revenues	$	2,389	$	2,707	$	5,120	$	5,728
Costs and expenses	2,211		2,510		4,731		5,311
Income before income taxes	178		197		389		417
Income tax expense	63		67		129		125
Net Income	115		130		260		292
Less: Net income – noncontrolling interests	2		1		4		2
Net Income – Fuji Xerox	$	113	$	129	$	256	$	290
Weighted Average Exchange Rate(1)	121.39		102.13		120.27		102.41

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