Xerox 2014 Annual Report Download - page 105
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Note 9 – Investment in Affiliates, at Equity
Investments in corporate joint ventures and other companies in which we generally have a 20% to 50% ownership
interest were as follows:
December 31,
2014 2013
Fuji Xerox $1,275 $1,224
Other 63 61
Investments in Affiliates, at Equity $1,338 $1,285
Our equity in net income of our unconsolidated affiliates was as follows:
Year Ended December 31,
2014 2013 2012
Fuji Xerox $147 $156 $139
Other 13 13 13
Total Equity in Net Income of Unconsolidated Affiliates $160 $169 $152
Fuji Xerox
Fuji Xerox is headquartered in Tokyo and operates in Japan, China, Australia, New Zealand, Vietnam and other
areas of the Pacific Rim. Our investment in Fuji Xerox of $1,275 at December 31, 2014, differs from our implied
25% interest in the underlying net assets, or $1,367, due primarily to our deferral of gains resulting from sales of
assets by us to Fuji Xerox.
Equity in net income of Fuji Xerox is affected by certain adjustments to reflect the deferral of profit associated with
intercompany sales. These adjustments may result in recorded equity income that is different from that implied by our
25% ownership interest.
Summarized financial information for Fuji Xerox is as follows:
Year Ended December 31,
2014 2013 2012
Summary of Operations
Revenues $11,112 $11,415 $12,633
Costs and expenses 10,242 10,479 11,783
Income before income taxes 870 936 850
Income tax expense 262 276 279
Net Income 608 660 571
Less: Net income - noncontrolling interests 4 56
Net Income - Fuji Xerox $604 $655 $565
Balance Sheet
Assets:
Current assets $ 4,801 $4,955 $5,154
Long-term assets 4,742 5,160 6,158
Total Assets $9,543 $10,115 $11,312
Liabilities and Equity:
Current liabilities $2,982 $3,114 $3,465
Long-term debt 580 978 1,185
Other long-term liabilities 482 680 917
Noncontrolling interests 30 28 27
Fuji Xerox shareholders' equity 5,469 5,315 5,718
Total Liabilities and Equity $9,543 $10,115 $11,312
Xerox 2014 Annual Report 90