Xerox 2014 Annual Report Download - page 96
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In 2013, in connection with our decision to exit from the Paper distribution business, we completed the sale of our
North American and European Paper businesses. As a result of these transactions, we reported these paper-related
operations as Discontinued Operations and reclassified the results from the Other segment to Discontinued
operations in 2013. We recorded a net pre-tax loss on disposal of $25 in 2013 for the disposition of these
businesses. In 2014, we recorded income of $1 in discontinued operations primarily representing adjustments to the
loss on disposal recorded in 2013 due to changes in estimates.
Summarized financial information for our Discontinued Operations is as follows:
Year Ended December 31,
2014 2013 2012
ITO Other Total ITO Other Total ITO Other Total
Revenues $1,320 $45 $ 1,365 $ 1,335 $ 497 $ 1,832 $ 1,213 $ 756 $ 1,969
Income (loss) from operations $ 74 $ (1) $ 73 $ 70 $ 2 $ 72 $ 47 $ 17 $ 64
Loss on disposal (181)(1) (182) — (25) (25) — — —
Net (loss) income before income
taxes $(107)$ (2) $ (109) $ 70 $ (23) $ 47 $ 47 $ 17 $ 64
Income tax expense (5) (1) (6) (24) (3) (27) (16) (5) (21)
(Loss) income from discontinued
operations, net of tax $(112)$ (3) $ (115) $ 46 $ (26) $ 20 $ 31 $ 12 $ 43
The following is a summary of the the major categories of assets and liabilities of the ITO business held for sale at
December 31, 2014:
2014
Accounts receivable, net $213
Other current assets 146
Land, buildings and equipment, net 220
Intangible assets, net 197
Goodwill 337
Other long-term assets 147
Total Assets of Discontinued Operations $1,260
Current portion of long-term debt $31
Accounts payable 32
Accrued pension and benefit costs 9
Unearned income 64
Other current liabilities 112
Long-term debt 44
Pension and other benefit liabilities 25
Other long-term liabilities 54
Total Liabilities of Discontinued Operations $371
81