Xerox 2015 Annual Report Download - page 77
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Effective Tax reconciliation:
Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013
(in millions)
Pre-Tax
Income
Income Tax
(Benefit)
Expense
Effective
Tax Rate
Pre-Tax
Income
Income Tax
Expense
Effective
Tax Rate
Pre-Tax
Income
Income Tax
Expense
Effective
Tax Rate
Reported(1) $ 412 $ (23) (5.6)% $ 1,206 $ 215 17.8% $ 1,243 $ 253 20.4%
Adjustments:
Amortization of intangible assets 310 117 315 119 305 116
Software Impairment 146 56 — — — —
HE Charge 389 148 — — — —
Deferred tax liability adjustment —— —44 ——
Adjusted $ 1,257 $ 298 23.7 % $ 1,521 $ 378 24.9% $ 1,548 $ 369 23.8%
__________
(1) Pre-tax income and income tax (benefit) expense from continuing operations.
Operating Income / Margin reconciliation:
Year Ended December 31, 2015 Year Ended December 31, 2014 Year Ended December 31, 2013
(in millions) Profit Revenue Margin Profit Revenue Margin Profit Revenue Margin
Reported Pre-tax Income(1) $ 412 $ 18,045 2.3% $ 1,206 $ 19,540 6.2% $ 1,243 $ 20,006 6.2%
Adjustments:
Amortization of intangible assets 310 315 305
Restructuring and asset impairment
charges 186 128 115
HE Charge 389 116 — — — —
Other expenses, net 233 232 146
Adjusted Operating Income / Margin $ 1,530 $ 18,161 8.4% $ 1,881 $ 19,540 9.6% $ 1,809 $ 20,006 9.0%
____________
(1) Profit and revenue from continuing operations.
The following non-GAAP reconciliation tables adjust for the third quarter 2015 HE charge, which does not impact the
years ended December 31, 2014 or 2013.
Revenue / Segment reconciliation:
Year Ended December 31, 2015
(in millions) Reported(1) HE Charge Adjusted
Total Revenue $ 18,045 $ 116 $ 18,161
Annuity Revenue 15,264 116 15,380
Outsourcing, Maintenance and Rentals Revenue 12,951 116 13,067
Total Segment Profit 1,058 389 1,447
Total Segment Margin 5.9% 8.0%
__________________________
(1) Revenue from continuing operations.
Xerox 2015 Annual Report 60