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59Xerox 2011 Annual Report
Xerox Corporation
Consolidated Statements of Shareholders’ Equity
Additional Xerox Non-
Common Paid-In Treasury Retained Shareholders’ controlling Total
(in millions) Stock(1) Capital Stock(1) Earnings AOCL(6) Equity Interests Equity
Balance at December 31, 2008 $ 866 $ 2,447 $ — $ 5,341 $ (2,416) $ 6,238 $ 120 $ 6,358
Comprehensive income — — — 485 428 913 32 945
Cash dividends declared-common stock(2) — — — (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
Comprehensive income — — — 606 — 606 31 637
ACS Acquisition(4) 490 3,825 — — — 4,315 — 4,315
Cash dividends declared-common stock(2) — — — (243) — (243) — (243)
Cash dividends declared-preferred stock(3) — — — (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
Comprehensive income — — — 1,295 (728) 567 32 599
Cash dividends declared-common stock(2) — — — (241) — (241) — (241)
Cash dividends declared-preferred stock(3) — — — (24) — (24) — (24)
Contribution of common stock to U.S.
pension plan(5) 17 113 — — — 130 — 130
Stock option and incentive plans 11 129 — — — 140 — 140
Tax loss on stock option and incentive
plans, net — (1) — — — (1) — (1)
Payments to acquire treasury stock,
including fees — — (701) — — (701) — (701)
Cancellation of treasury stock (73) (504) 577 — — — — —
Distributions to noncontrolling interests — — — — — — (37) (37)
Other — — — — — — 1 1
Balance at December 31, 2011 $ 1,353 $ 6,317 $ (124) $ 7,046 $ (2,716) $ 11,876 $ 149 $ 12,025
(1) Refer to Note 18 – Shareholders’ Equity for rollforward of related shares.
(2) Cash dividends declared on common stock of $0.0425 in each of the four quarters in 2011, 2010 and 2009.
(3) Cash dividends declared on preferred stock of $12.22 per share in the first quarter of 2010 and $20 per share in each quarter thereafter in 2010 and 2011.
(4) Refer to Note 3 – Acquisitions for additional information.
(5) Refer to Note 14 – Employee Benefit Plans for additional information regarding pension plan contributions.
(6) Refer to Note 19 – Comprehensive Income for components.
The accompanying notes are an integral part of these Consolidated Financial Statements.