Xerox Corporation

Paper Summary:

This paper explains that Xerox Corporation, incorporated in 1906 as Haloid Co., Haloid Xerox Inc. in 1958 and renamed again to its present name in 1961, has experienced numerous acquisitions during the last century. The author points out that because of Xerox's acquisition and spin-off policy, the company has devised several strategies for managing the numerous spin-off firms, which independently commercialized many of its technologies. The paper defines goodwill impairment as the difference between the book value of goodwill and the implied fair value of goodwill. It explains that unlike other assets, goodwill cannot be defined as a stand-alone asset and must be valued as a residual of all other assets; therefore, the estimation of goodwill impairment is not as simple as measuring the difference between market capitalization and net book value. Extensive Accounting Data in Appendix.

Table of Contents
Introduction
The Cost Method and the Equity Method
The Pooling-Of-Interests Method and the Purchase Method
Percentage of Ownership of Recently Acquired Subsidiary and Other Subsidiaries
Unconsolidated Subsidiaries
Non-controlling Interest on the Consolidated Balance Sheet and Income Statement
Goodwill Impairment
Summary and Conclusion

From the Paper:

"The most important operations in the last 20 years were the acquisition of Kurzweil Computer Products Inc. (1980, about 85% of the shares), the sell of the defense and aerospace operations of Xerox Electro-Optical Systems to Loral Corp. for approximately $36,000,000, the acquisition by Xerox Financial Services, Inc., a subsidiary of Xerox Co., acquired Furman Selz Holding Corp. for approx. $110,000,000. The most recent operation is the sale of the company's ownership interest in ScanSoft, Inc. for approximately $80,000,000 in cash, in April 2004."

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