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55Xerox 2011 Annual Report
Xerox Corporation
Consolidated Statements of Income
Year Ended December 31,
(in millions, except per-share data) 2011 2010 2009
Revenues
Sales $ 7,126 $ 7,234 $ 6,646
Service, outsourcing and rentals 14,868 13,739 7,820
Finance income 632 660 713
Total Revenues 22,626 21,633 15,179
Costs and Expenses
Cost of sales 4,697 4,741 4,395
Cost of service, outsourcing and rentals 10,269 9,195 4,488
Equipment financing interest 231 246 271
Research, development and engineering expenses 721 781 840
Selling, administrative and general expenses 4,497 4,594 4,149
Restructuring and asset impairment charges 33 483 (8)
Acquisition-related costs — 77 72
Amortization of intangible assets 398 312 60
Curtailment gain (107) — —
Other expenses, net 322 389 285
Total Costs and Expenses 21,061 20,818 14,552
Income before Income Taxes and Equity Income 1,565 815 627
Income tax expense 386 256 152
Equity in net income of unconsolidated affiliates 149 78 41
Net Income 1,328 637 516
Less: Net income attributable to noncontrolling interests 33 31 31
Net Income Attributable to Xerox $ 1,295 $ 606 $ 485
Basic Earnings per Share $ 0.92 $ 0.44 $ 0.56
Diluted Earnings per Share $ 0.90 $ 0.43 $ 0.55
The accompanying notes are an integral part of these Consolidated Financial Statements.