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Condensed Consolidated Statements of Income
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2017
USD ($)
$ / shares
Jun. 30, 2016
USD ($)
$ / shares
Jun. 30, 2017
USD ($)
$ / shares
Jun. 30, 2016
USD ($)
$ / shares
Revenues        
Sales $ 1,010 $ 1,126 $ 1,946 $ 2,129
Services, maintenance and rentals 1,483 1,585 2,925 3,114
Financing 74 82 150 165
Total Revenues 2,567 2,793 5,021 5,408
Costs and Expenses        
Cost of sales 619 696 1,186 1,310
Cost of services, maintenance and rentals 884 953 1,784 1,903
Cost of financing 33 32 66 65
Research, development and engineering expenses 106 119 224 245
Selling, administrative and general expenses 643 691 1,307 1,392
Restructuring and related costs 40 47 160 147
Amortization of intangible assets 15 16 29 30
Other expenses, net 34 48 88 93
Total Costs and Expenses 2,374 2,602 4,844 5,185
Income before Income Taxes and Equity Income 193 191 177 223
Income tax expense 43 18 19 16
Equity in net income of unconsolidated affiliates 20 26 60 60
Income from Continuing Operations 170 199 218 267
Loss from discontinued operations, net of tax 0 (38) (6) (73)
Net Income 170 161 212 194
Less: Net income attributable to noncontrolling interests 4 3 6 5
Net Income Attributable to Xerox 166 158 206 189
Net income from continuing operations $ 166 $ 196 $ 212 $ 262
Basic Earnings (Loss) per Share(1):        
Continuing operations (dollars per share) | $ / shares $ 0.64 $ 0.75 [1] $ 0.81 $ 0.99 [1]
Discontinued operations (dollars per share) | $ / shares 0.00 (0.15) [1] (0.03) (0.29) [1]
Total Basic Earnings per Share | $ / shares 0.64 0.60 [1] 0.78 0.70 [1]
Diluted Earnings (Loss) per Share(1):        
Continuing operations (dollars per share) | $ / shares 0.63 0.75 [1] 0.80 0.98 [1]
Discontinued operations (dollars per share) | $ / shares 0.00 (0.15) [1] (0.02) (0.28) [1]
Total Diluted Earnings per Share | $ / shares $ 0.63 $ 0.60 [1] $ 0.78 $ 0.70 [1]
[1] Reflects our one-for-four reverse stock split that became effective on June 14, 2017. Refer to Note 1 - Basis of Presentation for further information.