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45Xerox 2009 Annual Report
Xerox Corporation
Consolidated Statements of Shareholders’ Equity
Additional Xerox Non-
Common Paid-In Treasury Retained Shareholders’ controlling Total
(in millions) Stock Capital Stock Earnings AOCL(1) Equity Interests Equity
Balance at December 31, 2006 $ 956 $ 3,710 $ (141) $ 4,202 $ (1,647) $ 7,080 $ 108 $ 7,188
Net income — — — 1,135 — 1,135 30 1,165
Translation adjustments — — — — 501 501 1 502
Cumulative effect of change
in accounting principles — — — (9) — (9) — (9)
Changes in defined benefit plans(2) — — — — 382 382 — 382
Other unrealized losses — — — — (1) (1) — (1)
Comprehensive Income $ 2,008 $ 31 $ 2,039
Cash dividends declared on common stock(3) — — — (40) — (40) — (40)
Stock option and incentive plans, net 7 165 — — — 172 — 172
Payments to acquire treasury stock — — (632) — — (632) — (632)
Cancellation of treasury stock (43) (699) 742 — — — — —
Distributions to noncontrolling interests — — — — — — (19) (19)
Purchase of noncontrolling interests(4) — — — — — — (17) (17)
Balance at December 31, 2007 $ 920 $ 3,176 $ (31) $ 5,288 $ (765) $ 8,588 $ 103 $ 8,691
Net income — — — 230 — 230 35 265
Translation adjustments — — — — (1,364) (1,364) (3) (1,367)
Cumulative effect of change in
accounting principles — — — (25) — (25) — (25)
Changes in defined benefit plans(2) — — — — (286) (286) — (286)
Other unrealized losses, net — — — — (1) (1) — (1)
Comprehensive (Loss) Income $ (1,446) $ 32 $(1,414)
Cash dividends declared on common stock(3) — — — (152) — (152) — (152)
Stock option and incentive plans, net 5 55 — — — 60 — 60
Payments to acquire treasury stock — — (812) — — (812) — (812)
Cancellation of treasury stock (59) (784) 843 — — — — —
Distributions to noncontrolling interests — — — — — — (15) (15)
Balance at December 31, 2008 $ 866 $ 2,447 $ — $ 5,341 $ (2,416) $ 6,238 $ 120 $ 6,358
Net income — — — 485 — 485 31 516
Translation adjustments — — — — 595 595 1 596
Changes in defined benefit plans(2) — — — — (169) (169) — (169)
Other unrealized gains — — — — 2 2 — 2
Comprehensive Income $ 913 $ 32 $ 945
Cash dividends declared on common stock(3) — — — (152) — (152) — (152)
Stock option and incentive plans, net 5 67 — — — 72 — 72
Tax loss on stock option and
incentive plans, net — (21) — — — (21) — (21)
Distributions to noncontrolling interests — — — — — — (11) (11)
Balance at December 31, 2009 $ 871 $ 2,493 $ — $ 5,674 $ (1,988) $ 7,050 $ 141 $ 7,191
(1) Refer to Note 1 “Accumulated Other Comprehensive Loss (AOCL)” section for additional information.
(2) Refer to Note 14 – Employee Benefit Plans for additional information.
(3) Cash dividends declared of $0.0425 in the fourth quarter 2007 and in each of the four quarters in 2008 and 2009.
(4) Represents purchase of De Lage Landen’s 51% ownership interest in our lease finance joint venture in the Netherlands.
The accompanying notes are an integral part of these Consolidated Financial Statements.