Investment in Affiliates, at Equity

6 Months Ended

Jun. 30, 2016

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,
	2016		2015		2016		2015
Fuji Xerox	$	19	$	25	$	52	$	56
Other investments	3		4		7		7
Total Equity in Net Income of Unconsolidated Affiliates	$	22	$	29	$	59	$	63

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,
	2016		2015		2016		2015
Summary of Operations:
Revenues	$	2,450	$	2,389	$	5,128	$	5,120
Costs and expenses	2,329		2,211		4,793		4,731
Income before income taxes	121		178		335		389
Income tax expense	44		63		109		129
Net Income	77		115		226		260
Less: Net income – noncontrolling interests	1		2		3		4
Net Income – Fuji Xerox	$	76	$	113	$	223	$	256
Weighted Average Exchange Rate(1)	107.84		121.39		111.62		120.27

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