Xerox 2013 Annual Report Download - page 125
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Retiree Health
2014 2013 2012 2011
Discount rate 4.5% 3.6% 4.5% 4.9%
_____________________________
Note: Expected return on plan assets is not applicable to retiree health benefits as these plans are not funded. Rate of compensation increase is not
applicable to retiree health benefits as compensation levels do not impact earned benefits.
Assumed health care cost trend rates were as follows:
December 31,
2013 2012
Health care cost trend rate assumed for next year 7.2% 7.5%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 4.9% 4.9%
Year that the rate reaches the ultimate trend rate 2023 2017
Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. A
one-percentage-point change in assumed health care cost trend rates would have the following effects:
1% increase 1% decrease
Effect on total service and interest cost components $ 1$ (1)
Effect on post-retirement benefit obligation 32 (29)
Defined Contribution Plans
We have savings and investment plans in several countries, including the U.S., U.K. and Canada. In many instances,
employees from those defined benefit pension plans that have been amended to freeze future service accruals will be
transitioned to an enhanced defined contribution plan. For the U.S. plans, employees may contribute a portion of their
salaries and bonuses to the plans, and we match a portion of the employee contributions. We recorded charges related
to our defined contribution plans of $96 in 2013, $63 in 2012 and $66 in 2011.
Note 16 - Income and Other Taxes
Income before income taxes (pre-tax income) was as follows:
Year Ended December 31,
2013 2012 2011
Domestic income $ 948 $876 $914
Foreign income 364 456 621
Income Before Income Taxes $1,312 $1,332 $1,535
Provisions (benefits) for income taxes were as follows:
Year Ended December 31,
2013 2012 2011
Federal Income Taxes
Current $ 27 $ 23 $ 51
Deferred 72 84 134
Foreign Income Taxes
Current 89 119 95
Deferred 35 —38
State Income Taxes
Current 38 34 28
Deferred 15 12 31
Total Provision $276 $272 $377
Xerox 2013 Annual Report
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