Xerox 2014 Annual Report Download - page 77

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XEROX CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
Year Ended December 31,
(in millions, except per-share data) 2014 2013 2012
Revenues
Sales $ 5,288 $5,582 $5,827
Outsourcing, maintenance and rentals 13,865 13,941 13,997
Financing 387 483 597
Total Revenues 19,540 20,006 20,421
Costs and Expenses
Cost of sales 3,269 3,550 3,701
Cost of outsourcing, maintenance and rentals 9,885 9,808 9,735
Cost of financing 140 163 198
Research, development and engineering expenses 577 603 655
Selling, administrative and general expenses 3,788 4,073 4,141
Restructuring and asset impairment charges 128 115 149
Amortization of intangible assets 315 305 301
Other expenses, net 232 146 257
Total Costs and Expenses 18,334 18,763 19,137
Income Before Income Taxes and Equity Income 1,206 1,243 1,284
Income tax expense 259 253 256
Equity in net income of unconsolidated affiliates 160 169 152
Income from Continuing Operations 1,107 1,159 1,180
(Loss) income from discontinued operations, net of tax (115)20 43
Net Income 992 1,179 1,223
Less: Net income attributable to noncontrolling interests 23 20 28
Net Income Attributable to Xerox $969 $1,159 $1,195
Amounts attributable to Xerox:
Net income from continuing operations $ 1,084 $1,139 $1,152
(Loss) income from discontinued operations, net of tax (115)20 43
Net Income Attributable to Xerox $969 $1,159 $1,195
Basic Earnings per Share:
Continuing operations $ 0.92 $0.91 $0.87
Discontinued operations (0.10)0.02 0.03
Total Basic Earnings per Share $0.82 $0.93 $0.90
Diluted Earnings per Share:
Continuing operations $ 0.90 $0.89 $0.85
Discontinued operations (0.09)0.02 0.03
Total Diluted Earnings per Share $0.81 $0.91 $0.88
The accompanying notes are an integral part of these Consolidated Financial Statements.
Xerox 2014 Annual Report 62