Quarterly Results of Operations (Unaudited)
(in millions, except per-share data)
|
First Quarter |
Second Quarter |
Third Quarter |
Fourth Quarter |
Full Year |
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|
2008 |
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|
Revenues |
$ | 4,335 | $ | 4,533 | $ | 4,370 | $ | 4,370 | $ | 17,608 | ||||||||
|
Costs and Expenses(1) |
4,853 | 4,288 | 4,132 | 4,449 | 17,722 | |||||||||||||
|
(Loss) Income before Income Taxes and Equity Income |
(518 | ) | 245 | 238 | (79 | ) | (114 | ) | ||||||||||
|
Income tax (benefits) expenses(2) |
(246 | ) | 59 | 15 | (59 | ) | (231 | ) | ||||||||||
|
Equity in net income of unconsolidated affiliates(3) |
28 | 29 | 35 | 21 | 113 | |||||||||||||
|
Net (Loss) Income |
$ | (244 | ) | $ | 215 | $ | 258 | $ | 1 | $ | 230 | |||||||
|
Basic (Loss) Earnings per Share(4) |
$ | (0.27 | ) | $ | 0.24 | $ | 0.30 | $ | — | $ | 0.26 | |||||||
|
Diluted (Loss) Earnings per Share(4) |
$ | (0.27 | ) | $ | 0.24 | $ | 0.29 | $ | — | $ | 0.26 | |||||||
|
2007 |
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|
Revenues |
$ | 3,836 | $ | 4,208 | $ | 4,302 | $ | 4,882 | $ | 17,228 | ||||||||
|
Costs and Expenses |
3,507 | 3,893 | 3,978 | 4,412 | 15,790 | |||||||||||||
|
Income before Income Taxes and Equity Income |
329 | 315 | 324 | 470 | 1,438 | |||||||||||||
|
Income tax expenses |
102 | 76 | 97 | 125 | 400 | |||||||||||||
|
Equity in net income of unconsolidated affiliates(3) |
6 | 27 | 27 | 37 | 97 | |||||||||||||
|
Net Income |
$ | 233 | $ | 266 | $ | 254 | $ | 382 | $ | 1,135 | ||||||||
|
Basic Earnings per Share(4) |
$ | 0.25 | $ | 0.28 | $ | 0.27 | $ | 0.41 | $ | 1.21 | ||||||||
|
Diluted Earnings per Share(4) |
$ | 0.24 | $ | 0.28 | $ | 0.27 | $ | 0.41 | $ | 1.19 | ||||||||
|
(1) |
Costs and expenses include charges for restructuring and asset impairments and an equipment write-off of $63, $14 and $388 for the second, third and fourth quarters of 2008, respectively. In addition, the first and fourth quarters of 2008 include $795 and $(21) for litigation matters. |
|
(2) |
The first, second, third and fourth quarters of 2008 include $304, $20, $5 and $124 of tax benefits, respectively, from the above noted charges. Third quarter 2008 also included a $41 income tax benefit from the settlement of certain previously unrecognized tax benefits. |
|
(3) |
The first, second, third and fourth quarters of 2008 include $10, $3, $2 and $1 of charges, respectively, for our share of Fuji Xerox restructuring charges. The first, third and fourth quarters of 2007 include $23, $5, and $2 of charges, respectively, for our share of Fuji Xerox restructuring charges. |
|
(4) |
The sum of quarterly earnings per share may differ from the full-year amounts due to rounding, or in the case of diluted earnings per share, because securities that are anti-dilutive in certain quarters may not be anti-dilutive on a full-year basis. |