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Condensed Consolidated Statements of Income (Unaudited) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenues        
Total Revenues [1],[2] $ 2,200 $ 2,352 $ 6,695 $ 7,297
Costs and Expenses        
Cost of financing 33 33 98 100
Research, development and engineering expenses 100 102 280 303
Selling, administrative and general expenses 513 583 1,580 1,835
Restructuring and related costs 27 29 176 91
Amortization of intangible assets 9 12 35 36
Transaction and related costs, net 4 (33) 8 63
Other expenses, net (3) 57 74 126
Total Costs and Expenses 1,970 2,160 6,182 6,838
Income before Income Taxes and Equity Income 230 192 513 459
Income tax expense 66 142 108 220
Equity in net income (loss) of unconsolidated affiliates 58 43 137 (6)
Net Income 222 93 542 233
Less: Net income attributable to noncontrolling interests 1 4 7 9
Net Income Attributable to Xerox Holdings/Xerox $ 221 $ 89 $ 535 $ 224
Basic Earnings per Share:        
Basic Earnings per Share (in dollars per share) $ 0.99 $ 0.34 $ 2.34 $ 0.84
Diluted Earnings per Share:        
Diluted Earnings per Share (in dollars per share) $ 0.96 $ 0.34 $ 2.27 $ 0.83
XEROX CORPORATION        
Revenues        
Total Revenues $ 2,200 $ 2,352 $ 6,695 $ 7,297
Costs and Expenses        
Cost of financing 33 33 98 100
Research, development and engineering expenses 100 102 280 303
Selling, administrative and general expenses 513 583 1,580 1,835
Restructuring and related costs 27 29 176 91
Amortization of intangible assets 9 12 35 36
Transaction and related costs, net 4 (33) 8 63
Other expenses, net (3) 57 74 126
Total Costs and Expenses 1,970 2,160 6,182 6,838
Income before Income Taxes and Equity Income 230 192 513 459
Income tax expense 66 142 108 220
Equity in net income (loss) of unconsolidated affiliates 58 43 137 (6)
Net Income 222 93 542 233
Less: Net income attributable to noncontrolling interests 1 4 7 9
Net Income Attributable to Xerox Holdings/Xerox 221 89 535 224
Sales        
Revenues        
Total Revenues [1],[3] 804 856 2,379 2,628
Costs and Expenses        
Cost of sales and services [3] 515 539 1,531 1,664
Sales | XEROX CORPORATION        
Revenues        
Total Revenues [4] 804 856 2,379 2,628
Costs and Expenses        
Cost of sales and services [4] 515 539 1,531 1,664
Services, maintenance and rentals        
Revenues        
Total Revenues [3] 1,336 1,431 4,132 4,465
Costs and Expenses        
Cost of sales and services [3] 772 838 2,400 2,620
Services, maintenance and rentals | XEROX CORPORATION        
Revenues        
Total Revenues [4] 1,336 1,431 4,132 4,465
Costs and Expenses        
Cost of sales and services [4] 772 838 2,400 2,620
Financing        
Revenues        
Total Revenues 60 65 184 204
Financing | XEROX CORPORATION        
Revenues        
Total Revenues $ 60 $ 65 $ 184 $ 204
[1]
Certain prior year amounts have been revised to conform to the current year presentation. Refer to Note 1 - Basis of Presentation - Change in Presentation, for additional information.
[2]
Geographic area data is based upon the location of the subsidiary reporting the revenue.
[3]
Certain prior year amounts have been conformed to the current year presentation. Refer to Note 1 - Basis of Presentation for additional information.
[4]
Certain prior year amounts have been conformed to the current year presentation. Refer to Note 1 - Basis of Presentation for additional information.