Investment in Affiliates, at Equity (Tables)

12 Months Ended

Dec. 31, 2018

Investments in corporate joint ventures and other companies in which we generally have a 20% to 50% ownership interest were as follows:



	December 31,
	2018		2017
Fuji Xerox	$	1,360	$	1,366
Other	43		38
Investments in affiliates, at equity	$	1,403	$	1,404

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



	Year Ended December 31,
	2018		2017		2016
Fuji Xerox	$	25	$	102	$	114
Other	8		13		13
Total Equity in net income of unconsolidated affiliates	$	33	$	115	$	127

Summarized financial information for Fuji Xerox is as follows:



	Year Ended December 31,
	2018		2017		2016
Summary of Operations
Revenues	$	9,161	$	9,638	$	10,149
Costs and expenses	8,880		9,072		9,460
Income before income taxes	281		566		689
Income tax expense	160		144		206
Net Income	121		422		483
Less: Net income - noncontrolling interests	2		5		8
Net Income - Fuji Xerox	$	119	$	417	$	475
Balance Sheet
Assets:
Current assets	$	4,179	$	4,315	$	4,313
Long-term assets	4,034		4,488		4,516
Total Assets	$	8,213	$	8,803	$	8,829
Liabilities and Equity
Short-term debt	$	130	$	428	$	681
Other current liabilities	1,827		2,079		2,001
Long-term debt	24		76		283
Other long-term liabilities	395		369		587
Noncontrolling interests	30		33		31
Fuji Xerox shareholders' equity	5,807		5,818		5,246
Total Liabilities and Equity	$	8,213	$	8,803	$	8,829

Yen/U.S. Dollar exchange rates used to translate are as follows:

Transactions with Fuji Xerox were as follows:



	Year Ended December 31,
	2018		2017		2016
Dividends received from Fuji Xerox	$	23	$	46	$	47
Royalty revenue earned	96		103		110
Inventory purchases from Fuji Xerox	1,501		1,585		1,641
Inventory sales to Fuji Xerox	43		58		80
R&D payments received from Fuji Xerox	1		1		1
R&D payments paid to Fuji Xerox	8		14		13