Xerox 2012 Annual Report Download - page 78

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Notes to Consolidated Financial Statements
(in millions, except per-share data and where otherwise noted)
76
December 31, 2012
Finance
Total Billed Unbilled Total Receivables
31-90 Days >90 Days Finance Finance Finance >90 Days and
Current Past Due Past Due Receivables Receivables Receivables Accruing
Finance and other services $ 12 $ 3 $ 2 $ 17 $ 441 $ 458 $ 18
Government and education 21 5 3 29 740 769 42
Graphic arts 16 1 1 18 301 319 12
Industrial 5 2 1 8 155 163 6
Healthcare 6 2 1 9 151 160 9
Other 5 1 1 7 136 143 6
Total United States 65 14 9 88 1,924 2,012 93
Canada 2 3 2 7 794 801 30
France – 5 1 6 696 702 22
U.K./Ireland 2 – 2 4 416 420 2
Central (1) 3 2 4 9 807 816 30
Southern (2) 20 8 14 42 400 442 72
Nordics (3) 1 – – 1 93 94 –
Total Europe 26 15 21 62 2,412 2,474 126
Other 2 1 – 3 191 194 –
Total $ 95 $ 33 $ 32 $ 160 $ 5,321 $ 5,481 $ 249
(1) Switzerland, Germany, Austria, Belgium and Holland.
(2) Italy, Greece, Spain and Portugal.
(3) Sweden, Norway, Denmark and Finland.
The aging of our receivables portfolio is based upon the number
of days an invoice is past due. Receivables that are more than 90
days past due are considered delinquent. Receivable losses are
charged against the allowance when management believes the
uncollectibility of the receivable is confirmed and is generally based on
individual credit evaluations, results of collection efforts and specific
circumstances of the customer. Subsequent recoveries, if any, are
credited to the allowance.
We generally continue to maintain equipment on lease and provide
services to customers that have invoices for finance receivables that
are 90 days or more past due and, as a result of the bundled nature
of billings, we also continue to accrue interest on those receivables.
However, interest revenue for such billings is only recognized if
collectability is deemed reasonably assured. The aging of our billed
finance receivables is as follows: