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54 Xerox 2010 Annual Report
Xerox Corporation
Consolidated Statements of Income
Year Ended December 31,
(in millions, except per-share data) 2010 2009 2008
Revenues
Sales $ 7,234 $ 6,646 $ 8,325
Service, outsourcing and rentals 13,739 7,820 8,485
Finance income 660 713 798
Total Revenues 21,633 15,179 17,608
Costs and Expenses
Cost of sales 4,741 4,395 5,519
Cost of service, outsourcing and rentals 9,195 4,488 4,929
Equipment financing interest 246 271 305
Research, development and engineering expenses 781 840 884
Selling, administrative and general expenses 4,594 4,149 4,534
Restructuring and asset impairment charges 483 (8) 429
Acquisition-related costs 77 72 —
Amortization of intangible assets 312 60 54
Other expenses, net 389 285 1,033
Total Costs and Expenses 20,818 14,552 17,687
Income (Loss) before Income Taxes and Equity Income 815 627 (79)
Income tax expense (benefit) 256 152 (231)
Equity in net income of unconsolidated affiliates 78 41 113
Net Income 637 516 265
Less: Net income attributable to noncontrolling interests 31 31 35
Net Income Attributable to Xerox $ 606 $ 485 $ 230
Basic Earnings per Share $ 0.44 $ 0.56 $ 0.26
Diluted Earnings per Share $ 0.43 $ 0.55 $ 0.26
The accompanying notes are an integral part of these Consolidated Financial Statements.