Xerox 2004 Annual Report Download - page 87

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85
Condensed Consolidating Statements of Income
For the Year Ended December 31, 2003
Parent Guarantor Non-Guarantor Total
Company Subsidiaries Subsidiaries Eliminations Company
Revenues
Sales $3,326 $ — $3,704 $ (60) $ 6,970
Service, outsourcing and rentals 4,257 — 3,680 (203) 7,734
Finance income 337 – 750 (90) 997
Intercompany revenues 535 – 427 (962) —
Total Revenues 8,455 — 8,561 (1,315) 15,701
Cost and Expenses
Cost of sales 2,155 — 2,487 (206) 4,436
Cost of service, outsourcing and rentals 2,314 — 2,019 (22) 4,311
Equipment financing interest 88 – 364 (90) 362
Intercompany cost of sales 473 – 342 (815) —
Research and development expenses 765 — 116 (13) 868
Selling, administrative and general expenses 2,485 — 1,955 (191) 4,249
Restructuring and asset impairment charges 105 – 71 — 176
Gain on affiliate’ssale of stock (13) – — — (13)
Other expenses (income), net 517 (18) 371 6 876
Total Cost and Expenses 8,889 (18) 7,725 (1,331) 15,265
(Loss) Income before Income Taxes (Benefits)
and Equity Income (434) 18 836 16 436
Income taxes (benefits) (108) 7 224 11 134
Equity in net income of unconsolidated affiliates — — 61 (3) 58
Equity in net income of consolidated affiliates 686 (28) — (658) —
Net Income (Loss) $ 360 $ (17) $ 673 $ (656) $ 360