Xerox 2014 Annual Report Download - page 106
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Yen/U.S. Dollar exchange rates used to translate are as follows:
Financial Statement Exchange Basis 2014 2013 2012
Summary of Operations Weighted average rate 105.58 97.52 79.89
Balance Sheet Year-end rate 119.46 105.15 86.01
Transactions with Fuji Xerox
We receive dividends from Fuji Xerox, which are reflected as a reduction in our investment. Additionally, we have a
Technology Agreement with Fuji Xerox whereby we receive royalty payments for their use of our Xerox brand
trademark, as well as rights to access our patent portfolio in exchange for access to their patent portfolio. These
payments are included in Outsourcing, maintenance and rental revenues in the Consolidated Statements of
Income. We also have arrangements with Fuji Xerox whereby we purchase inventory from and sell inventory to Fuji
Xerox. Pricing of the transactions under these arrangements is based upon terms the Company believes to be
negotiated at arm's length. Our purchase commitments with Fuji Xerox are in the normal course of business and
typically have a lead time of three months. In addition, we pay Fuji Xerox and they pay us for unique research and
development costs.
Transactions with Fuji Xerox were as follows:
Year Ended December 31,
2014 2013 2012
Dividends received from Fuji Xerox $ 58 $ 60 $ 52
Royalty revenue earned 115 118 132
Inventory purchases from Fuji Xerox 1,831 1,903 2,069
Inventory sales to Fuji Xerox 120 145 147
R&D payments received from Fuji Xerox 1 22
R&D payments paid to Fuji Xerox 17 21 15
As of December 31, 2014 and 2013, net amounts due to Fuji Xerox were $339 and $402 (corrected from $85
originally disclosed in the December 31, 2013 Form 10-K), respectively.
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