Xerox 2012 Annual Report Download - page 57

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55Xerox 2012 Annual Report
Consolidated Statements of Income
Year Ended December 31,
(in millions, except per-share data) 2012 2011 2010
Revenues
Sales $ 6,578 $ 7,126 $ 7,234
Outsourcing, service and rentals 15,215 14,868 13,739
Finance income 597 632 660
Total Revenues 22,390 22,626 21,633
Costs and Expenses
Cost of sales 4,362 4,697 4,741
Cost of outsourcing, service and rentals 10,802 10,269 9,195
Equipment financing interest 198 231 246
Research, development and engineering expenses 655 721 781
Selling, administrative and general expenses 4,288 4,497 4,594
Restructuring and asset impairment charges 153 33 483
Acquisition-related costs – – 77
Amortization of intangible assets 328 398 312
Curtailment gain – (107) –
Other expenses, net 256 322 389
Total Costs and Expenses 21,042 21,061 20,818
Income Before Income Taxes and Equity Income 1,348 1,565 815
Income tax expense 277 386 256
Equity in net income of unconsolidated affiliates 152 149 78
Net Income 1,223 1,328 637
Less: Net income attributable to noncontrolling interests 28 33 31
Net Income Attributable to Xerox $ 1,195 $ 1,295 $ 606
Basic Earnings per Share $ 0.90 $ 0.92 $ 0.44
Diluted Earnings per Share $ 0.88 $ 0.90 $ 0.43
The accompanying notes are an integral part of these Consolidated Financial Statements.