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Xerox Corporation
49
CONSOLIDATED STATEMENTS OF COMMON
SHAREHOLDERS’EQUITY
Accumulated
Other
Common Common Additional Treasury Treasury Compre-
Stock Stock Paid-In- Stock Stock Retained hensive
(in millions, except share data in thousands) Shares Amount Capital Shares Amount Earnings Loss(1) Total
Balance at December 31, 2002 738,273 $738 $2,001 – $ – $1,025 $(1,871) $1,893
Net income 360 360
Translation adjustments 547 547
Minimum pension liability, net of tax 42 42
Unrealized gain on securities, net of tax 17 17
Unrealized gains on cash flow hedges,
net of tax 22
Comprehensive income $968
Stock option and incentive plans, net 9,530 9 41 50
Common stock offering 46,000 46 405 451
Series B convertible preferred stock dividends
($6.25 per share), net of tax (41) (41)
Series C mandatory convertible preferred
stock dividends ($3.23 per share) (30) (30)
Other 81 1 (2) 1 –
Balance at December 31, 2003 793,884 $794 $2,445 – – $1,315 $(1,263) $3,291
Net income 859 859
Translation adjustments 453 453
Minimum pension liability, net of tax 86 86
Unrealized gain on securities, net of tax 22
Realized gain on securities, net of tax (18) (18)
Unrealized gains on cash flow hedges,
net of tax 22
Comprehensive income $1,384
Stock option and incentive plans, net 11,433 11 111 122
Series B convertible preferred
stock conversion 37,040 37 446 483
Series B convertible preferred stock dividends
($2.54 per share) (15) (15)
Series C mandatory convertible preferred
stock dividends ($6.25 per share) (58) (58)
Conversion of liability to subsidiary trust 113,415 113 922 1,035
Other 225 1 1 2
Balance at December 31, 2004 955,997 $956 $3,925 – – $2,101 $(738) $6,244
Net income 978 978
Translation adjustments (493) (493)
Minimum pension liability,net of tax (6) (6)
Unrealized loss on securities, net of tax (1) (1)
Unrealized losses on cash flow hedges,
net of tax (2) (2)
Comprehensive income $476
Stock option and incentive plans, net 5,548 6 84 90
Series C mandatory convertible preferred
stock dividends ($6.25 per share) (58) (58)
Payments to acquiretreasury stock (30,502) (433) (433)
Cancellation of treasury stock (16,585) (17) (213) 16,585 230 –
Other 146
Balance at December 31, 2005 945,106 $945 $3,796 (13,917) $(203) $3,021 $(1,240) $6,319
(1) As of December 31, 2005, Accumulated Other Comprehensive Loss is composed of cumulative translation adjustments of $(1,017),
cash flow hedging gains of $1 and minimum pension liabilities of $(224).
The accompanying notes are an integral part of these Consolidated Financial Statements.
Xerox Annual Report 2005