Xerox 2005 Annual Report Download - page 103

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Xerox Corporation
95
Condensed Consolidating Statements of Income
For the Year Ended December 31, 2004
Parent Guarantor Non-Guarantor Total
Company Subsidiary Subsidiaries Eliminations* Company
Revenues
Sales $3,263 $ – $ 3,996 $ – $ 7,259
Service, outsourcing and rentals 4,119 – 3,627 (217) 7,529
Finance income 314 – 713 (93) 934
Intercompany revenues 1,004 – 365 (1,369) –
Total Revenues 8,700 – 8,701 (1,679) 15,722
Cost and Expenses
Cost of sales 2,040 – 2,636 (131) 4,545
Cost of service, outsourcing and rentals 2,312 – 2,000 (17) 4,295
Equipment financing interest 106 – 332 (93) 345
Intercompany cost of sales 914 – 297 (1,211) –
Research, development and engineering expenses 822 – 128 (36) 914
Selling, administrative and general expenses 2,363 – 2,046 (206) 4,203
Restructuring and asset impairment charges 51 – 35 – 86
Other (income) expenses, net (35) (19) 424 (1) 369
Total Cost and Expenses 8,573 (19) 7,898 (1,695) 14,757
Income from Continuing Operations before Income Taxes,
Equity Income, Discontinued Operations and
Cumulative Effect of Change in Accounting Principle 127 19 803 16 965
Income tax expenses 94 7 229 10 340
Equity in net income of unconsolidated affiliates 15 – 131 5 151
Equity in net income of consolidated affiliates 728 8 – (736) –
Income from Continuing Operations before
Discontinued Operations and Cumulative Effect of
Change in Accounting Principle 776 20 705 (725) 776
Income from Discontinued Operations, net of tax 83 – – – 83
Cumulative Effect of Change in Accounting Principle,
net of tax – ––––
Net Income (Loss) $ 859 $ 20 $ 705 $ (725) $ 859
*The information primarily includes elimination entries necessary to consolidate Xerox Corporation, the parent, with the guarantor subsidiary and non-guarantor subsidiaries.
Xerox Annual Report 2005