Investment in Affiliates, at Equity

12 Months Ended

Dec. 31, 2021

Equity Method Investments and Joint Ventures [Abstract]

Investment in Affiliates, at Equity

Investment in Affiliates, at Equity

As disclosed in Note 6 - Divestitures, in November 2019 Xerox Holdings sold its remaining indirect 25% equity interest in Fuji Xerox (now known as FUJIFILM Business Innovation Corp.), which had been previously accounted for as an equity method investment. Accordingly, our remaining Investment in Affiliates, at Equity largely consists of several minor investments in entities in the Middle East region. Investments in corporate joint ventures and other companies in which we generally have a 20% to 50% ownership interest were $45 and $47 at December 31, 2021 and 2020, respectively.

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

	Year Ended December 31,
	2021		2020		2019
Fuji Xerox(1)	$	—	$	—	$	147
Other	3		4		8
Total Equity in net income of unconsolidated affiliates	$	3	$	4	$	155

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(1)Equity in net income for Fuji Xerox is reported in Income from discontinued operations, net of tax for 2019 and is through the date of sale.

Fuji Xerox

We received dividends of $69 from Fuji Xerox for the year ended December 31, 2019, which was reflected as a reduction in our investment upon receipt. No dividends were received from Fuji Xerox in 2021 or 2020 due to the Sale of our equity interest in Fuji Xerox in 2019.

Summarized financial information for Fuji Xerox was as follows:

	Through Date of Sale
Summary of Operations
Revenues	$	7,667
Costs and expenses	6,814
Income before income taxes	853
Income tax expense	258
Net Income	595
Less: Net income - noncontrolling interests	3
Net Income - Fuji Xerox	$	592

Yen/U.S. Dollar exchange rate used to translate was as follows:

Financial Statement	Exchange Basis	2019
Summary of Operations	Weighted average rate	109.03