Xerox 2003 Annual Report Download - page 92

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90
Condensed Consolidating Statements of Income
For the Year Ended December 31, 2001
Parent Guarantor Non-Guarantor Total
Company Subsidiaries Subsidiaries Eliminations Company
Revenues
Sales $3,765 $ 73 $3,605 $ – $ 7,443
Service, outsourcing and rentals 4,783 59 3,594 – 8,436
Finance income 248 – 881 – 1,129
Intercompany revenues 386 8 1,083 (1,477) –
Total Revenues 9,182 140 9,163 (1,477) 17,008
Costs and Expenses
Cost of sales 2,429 65 2,829 (153) 5,170
Cost of service, outsourcing and rentals 2,716 65 2,120 (21) 4,880
Equipment financing interest (60) – 517 – 457
Intercompany cost of sales 344 8 921 (1,273) –
Research and development expenses 930 – 80 (13) 997
Selling, administrative and general expenses 2,664 41 2,023 – 4,728
Restructuring and asset impairment charges 329 – 386 – 715
Gain on sale of half of interest in Fuji Xerox 26 – (799) – (773)
Gain on affiliate’s sale of stock (4) – – – (4)
Other expenses (income), net (62) (12) 582 2 510
Total Costs and Expenses 9,312 167 8,659 (1,458) 16,680
(Loss) Income before Income Taxes (Benefits),
Equity Income and Cumulative Effect of Change in
Accounting Principle (130) (27) 504 (19) 328
Income taxes (benefits) (129) 9 600 (7) 473
Loss before Equity Income and Cumulative
Effect of Change in Accounting Principle (1) (36) (96) (12) (145)
Equity in net income of unconsolidated affiliates (7) 10 46 4 53
Equity in net income of consolidated affiliates (84) – – 84 –
(Loss) Income before Cumulative Effect of
Change in Accounting Principle (92) (26) (50) 76 (92)
Cumulative effect of change in accounting principle (2) – (3) 3 (2)
Net (Loss) Income $ (94) $(26) $ (53) $ 79 $ (94)
Condensed Consolidating Statements of Cash Flows
For the Year Ended December 31, 2001
Parent Guarantor Non-Guarantor Total
Company Subsidiaries Subsidiaries Company
Net cash provided by (used in) operating activities $ 3,643 $ 4 $(1,893) $1,754
Net cash (used in) provided by investing activities (1,585) (1) 2,271 685
Net cash (used in) provided by financing activities (641) (3) 455 (189)
Effect of exchange rate changes on cash and cash equivalents – – (10) (10)
Increase in cash and cash equivalents 1,417 – 823 2,240
Cash and cash equivalents at beginning of year 997 – 753 1,750
Cash and cash equivalents at end of year $ 2,414 $ – $ 1,576 $3,990