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Condensed Consolidated Statements of Income - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Revenues        
Sales $ 1,145 $ 1,224 $ 2,166 $ 2,350
Outsourcing, maintenance and rentals 3,158 3,279 6,335 6,532
Financing 82 87 165 177
Total Revenues 4,385 4,590 8,666 9,059
Costs and Expenses        
Cost of sales 707 776 1,331 1,450
Cost of outsourcing, maintenance and rentals 2,279 2,356 4,623 4,724
Cost of financing 32 32 65 65
Research, development and engineering expenses 128 142 262 283
Selling, administrative and general expenses 862 906 1,744 1,821
Restructuring and related costs 71 157 197 171
Amortization of intangible assets 78 79 167 156
Separation costs [1] 28 0 36 0
Other expenses, net 55 68 112 114
Total Costs and Expenses 4,240 4,516 8,537 8,784
Income before Income Taxes and Equity Income 145 74 129 275
Income tax expense (benefit) 9 (9) (6) 30
Equity in net income of unconsolidated affiliates 22 29 59 63
Income from Continuing Operations 158 112 194 308
Loss from discontinued operations, net of tax 0 (95) 0 (61)
Net Income 158 17 194 247
Less: Net income attributable to noncontrolling interests 3 5 5 10
Net income from continuing operations 155 107 189 298
Net Income Attributable to Xerox $ 155 $ 12 $ 189 $ 237
Basic Earnings per Share:        
Continuing operations (dollars per share) $ 0.15 $ 0.09 $ 0.17 $ 0.26
Discontinued operations (dollars per share) 0.00 (0.08) 0.00 (0.06)
Total Basic Earnings per Share 0.15 0.01 0.17 0.20
Diluted Earnings per Share:        
Continuing operations (dollars per share) 0.15 0.09 0.17 0.26
Discontinued operations (dollars per share) 0.00 (0.08) 0.00 (0.06)
Total Diluted Earnings per Share $ 0.15 $ 0.01 $ 0.17 $ 0.20
[1] Separation costs are expenses incurred in connection with Xerox's planned separation into two independent, publicly-traded companies. These costs are primarily for third-party investment banking, accounting, legal, consulting and other similar types of services. Refer to Note 1 - Basis of Presentation for additional information regarding Xerox's planned separation.