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57Xerox 2010 Annual Report
Xerox Corporation
Consolidated Statements of Shareholders’ Equity
Additional Xerox Non-
Common Paid-In Treasury Retained Shareholders’ controlling Total
(in millions) Stock(6) Capital Stock(6) Earnings AOCL(1) Equity Interests Equity
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 benefit plans(2) — — — — (286) (286) — (286)
Other unrealized losses, net — — — — (1) (1) — (1)
Comprehensive (Loss) Income $ (1,446) $ 32 $ (1,414)
Cash dividends declared – common stock(3) — — — (152) — (152) — (152)
Stock option and incentive plans 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 benefit plans(2) — — — — (169) (169) — (169)
Other unrealized gains — — — — 2 2 — 2
Comprehensive Income $ 913 $ 32 $ 945
Cash dividends declared – common stock
(3) — — — (152) — (152) — (152)
Stock option and incentive plans 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
Net income — — — 606 — 606 31 637
Translation adjustments — — — — (35) (35) — (35)
Changes in benefit plans(2) — — — — 23 23 — 23
Other unrealized gains, net — — — — 12 12 — 12
Comprehensive Income $ 606 $ 31 $ 637
ACS acquisition(4) 490 3,825 — — — 4,315 — 4,315
Cash dividends declared – common stock(3) — — — (243) — (243) — (243)
Cash dividends declared – preferred stock(5) — — — (21) — (21) — (21)
Stock option and incentive plans 37 256 — — — 293 — 293
Tax benefit on stock option and
incentive plans, net — 6 — — — 6 — 6
Distributions to noncontrolling interests — — — — — — (19) (19)
Balance at December 31, 2010 $ 1,398 $ 6,580 $ — $ 6,016 $ (1,988) $ 12,006 $ 153 $ 12,159
(1) Refer to Note 1 “Accumulated Other Comprehensive Loss (AOCL)” section for additional information.
(2) Refer to Note 15 – Employee Benefit Plans for additional information.
(3) Cash dividends declared on common stock of $0.0425 in each of the four quarters in 2008, 2009 and 2010.
(4) Refer to Note 3 – Acquisitions for additional information.
(5) Cash dividends declared on preferred stock of $12.22 per share in the first quarter of 2010 and $20 per share in each of the second, third and fourth quarters of 2010.
(6) Refer to Note 19 – Shareholders’ Equity for rollforward of shares.
The accompanying notes are an integral part of these Consolidated Financial Statements.