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Xerox Corporation
Consolidated Statements of Shareholders’ Equity
(in millions, except share data in thousands)
Common
Stock
Shares
Common
Stock
Amount
Additional
Paid-In-
Capital
Treasury
Stock
Shares
Treasury
Stock
Amount
Retained
Earnings AOCL(1) Total
Balance at December 31, 2005 945,106 $945 $ 3,796 (13,917) $ (203) $3,021 $(1,240) $ 6,319
Net income — — — — — 1,210 — 1,210
Translation adjustments — — — — — — 485 485
Minimum pension liability — — — — — — 131 131
Other unrealized gains — — — — — — 1 1
Comprehensive income $ 1,827
Adjustment to initially apply FAS 158, net — — — — — — (1,024) (1,024)
Stock option and incentive plans, net 10,256 11 156 — — — — 167
Series C mandatory convertible preferred stock
dividends ($6.25 per share) — — — — — (29) — (29)
Series C mandatory convertible preferred stock
conversion 74,797 75 814 — — — — 889
Payments to acquire treasury stock — — — (70,111) (1,069) — — (1,069)
Cancellation of treasury stock (75,665) (75) (1,056) 75,665 1,131 — — —
Other 74 — — — — — — —
Balance at December 31, 2006 954,568 $956 $ 3,710 (8,363) $ (141) $4,202 $(1,647) $ 7,080
Net income — — — — — 1,135 — 1,135
Translation adjustments — — — — — — 501 501
Cumulative Effect of Change in Accounting
Principles — — — — — (9) — (9)
Changes in defined benefit plans(2) — — — — — — 382 382
Other unrealized losses — — — — — — (1) (1)
Comprehensive income $ 2,008
Cash dividends declared on common stock
($0.0425 per share) — — — — — (40) — (40)
Stock option and incentive plans, net 7,588 7 165 — — — — 172
Payments to acquire treasury stock — — — (36,638) (632) — — (632)
Cancellation of treasury stock (43,165) (43) (699) 43,165 742 — — —
Other 22 — — — — — — —
Balance at December 31, 2007 919,013 $920 $ 3,176 (1,836) $ (31) $5,288 $ (765) $ 8,588
Net income — — — — — 230 — 230
Translation adjustments — — — — — — (1,364) (1,364)
Cumulative Effect of Change in Accounting
Principles — — — — — (25) — (25)
Changes in defined benefit plans(2) — — — — — — (286) (286)
Other unrealized losses — — — — — — (1) (1)
Comprehensive loss $(1,446)
Cash dividends declared on common stock
($0.17 per share) — — — — — (152) — (152)
Stock option and incentive plans, net 4,442 5 55 — — — — 60
Payments to acquire treasury stock — — — (56,842) (812) — — (812)
Cancellation of treasury stock (58,678) (59) (784) 58,678 843 — — —
Balance at December 31, 2008 864,777 $866 $ 2,447 — — 5,341 $(2,416) $ 6,238
(1) Refer to Note 1 “Accumulated Other Comprehensive Loss (AOCL)” section for additional information.
(2) Refer to Note 1 “Benefit Plans Accounting” section for additional information.
The accompanying notes are an integral part of these Consolidated Financial Statements.
50 Xerox 2008 Annual Report