Xerox 2012 Annual Report Download - page 55

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53Xerox 2012 Annual Report
Effective Tax reconciliation:
Year Ended December 31, 2012 Year Ended December 31, 2011 Year Ended December 31, 2010
Pre-Tax Income Tax Effective Pre-Tax Income Tax Effective Pre-Tax Income Tax Effective
(in millions) Income Expense Tax Rate Income Expense Tax Rate Income Expense Tax Rate
As Reported $ 1,348 $ 277 20.5% $ 1,565 $ 386 24.7% $ 815 $ 256 31.4%
Adjustments:
Amortization of intangible assets 328 125 398 150 312 118
Loss on early extinguishment of liability – – 33 13 15 5
Xerox restructuring charge – – – – 483 166
ACS acquisition-related costs – – – – 77 19
ACS shareholders’ litigation settlement – – – – 36 –
Venezuelan devaluation costs – – – – 21 –
Medicare subsidy tax law change – – – – – (16)
Adjusted $ 1,676 $ 402 24.0% $ 1,996 $ 549 27.5% $ 1,759 $ 548 31.2%
Operating Income/Margin reconciliation:
As Reported Pro-forma (1)
(in millions) 2012 2011 2010 2010
Total Revenue $ 22,390 $ 22,626 $ 21,633 $ 22,252
Pre-tax Income 1,348 1,565 815 777
Adjustments:
Amortization of intangible assets 328 398 312 339
Xerox restructuring charge 153 33 483 483
Curtailment gain – (107) – –
ACS acquisition-related costs – – 77 77
Other expenses, net 256 322 389 444
Adjusted Operating Income $ 2,085 $ 2,211 $ 2,076 $ 2,120
Pre-tax Income Margin 6.0% 6.9% 3.8% 3.5%
Adjusted Operating Margin 9.3% 9.8% 9.6% 9.5%
(1) Pro-forma 2010 includes ACS’s 2010 estimated results from January 1 through February 5 in our reported 2010 results.