Investment in Affiliates, at Equity

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
Fuji Xerox	$	35	$	34	$	87	$	90
Other investments	4		6		11		13
Total Equity in Net Income of Unconsolidated Affiliates	$	39	$	40	$	98	$	103

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,
	2016		2015		2016		2015
Summary of Operations:
Revenues	$	2,695	$	2,518	$	7,823	$	7,638
Costs and expenses	2,492		2,333		7,285		7,064
Income before income taxes	203		185		538		574
Income tax expense	54		57		163		186
Net Income	149		128		375		388
Less: Net income – noncontrolling interests	2		1		5		5
Net Income – Fuji Xerox	$	147	$	127	$	370	$	383
Weighted Average Exchange Rate(1)	102.41		122.11		108.45		120.88

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