Xerox 2013 Annual Report Download - page 59
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Discontinued Operations
During 2013, in connection with our decision to exit from the Paper distribution business, we completed the sale of
our North American (N.A.) and European Paper businesses. The decision to exit the Paper distribution business
was largely the result of management’s objective to focus more on Services and innovative Document Technology.
As a result of these transactions, we reported these paper-related operations as Discontinued Operations and
reclassified their results from the Other segment to Discontinued Operations. All prior periods have been restated to
conform to this presentation.
Refer to Note 3 - Acquisitions and Divestitures, in the Consolidated Financial Statements for additional information
regarding Discontinued Operations.
Other Comprehensive Income
2013 Other comprehensive income attributable to Xerox of $448 million increased $959 million from 2012. The
increase was primarily the result of gains associated with our defined benefit plans due to an increase in the
discount rates used to measure our benefit obligations (Refer to our discussion of Pension Plan Assumptions in the
Application of Critical Accounting Policies section of the MD&A as well as Note 15 - Employee Benefit Plans in the
Consolidated Financial Statements for additional information). These gains were partially offset by losses from the
translation of our foreign currency-denominated net assets in 2013 as compared to translation gains in 2012. The
translation losses are the result of the weakening of our major foreign currencies against the U.S. Dollar in 2013 as
compared to a strengthening of those same currencies in 2012.
2012 Other comprehensive loss attributable to Xerox of $511 million decreased $217 million from 2011. The
decreased loss was primarily due to gains from the translation of our foreign currency-denominated net assets in
2012 as compared to translation losses in 2011. The translation gains are the result of a strengthening of our major
foreign currencies against the U.S. Dollar in 2012 as compared to a weakening of those same currencies in 2011. A
decrease in losses associated with our defined benefit plans was offset by an increase in unrealized losses from our
cash flow hedges primarily due to a weakening of the Japanese Yen particularly in the fourth quarter 2012 (Refer to
Note 13 - Financial Instruments in the Consolidated Financial Statements for additional information regarding our
cash flow hedges).
Recent Accounting Pronouncements
Refer to Note 1 - Summary of Significant Accounting Policies in the Consolidated Financial Statements for a description
of recent accounting pronouncements including the respective dates of adoption and the effects on results of operations
and financial conditions.
Xerox 2013 Annual Report 42