0001770450-23-000011 | 10-K | XBRL Viewer

Less: Net Income attributable to noncontrolling interests

$ (322)

$ (455)

$ 192

Net (Loss) Income Attributable to Xerox Holdings

(322)

(455)

192

Other Comprehensive (Loss) Income , Net

Translation adjustments, net

^[1]

(377)

(141)

241

Unrealized (losses) gains, net

^[1]

(2)

(4)

Changes in defined benefit plans, net

^[1]

(171)

489

Other Comprehensive (Loss) Income, Net

^[1]

(550)

344

314

Less: Other comprehensive loss, net attributable to noncontrolling interests

(1)

Other Comprehensive (Loss) Income, Net Attributable to Xerox Holdings

(549)

344

314

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

Comprehensive (Loss) Income, Net

(872)

(111)

506

Less: Comprehensive loss, net attributable to noncontrolling interests

(1)

Comprehensive (Loss) Income, Net Attributable to Xerox Holdings

$ (871)

$ (111)

$ 506

[1]	Refer to Note 24 - Other Comprehensive (Loss) Income for gross components of Other Comprehensive (Loss) Income, reclassification adjustments out of Accumulated Other Comprehensive Loss and related tax effects.

Xerox Holdings Corporation Consolidated Balance Sheets - USD ($) shares in Thousands, $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 1,045	$ 1,840
Accounts receivable (net of allowance of $52 and $58, respectively)	857	818
Billed portion of finance receivables (net of allowance of $4 and $4, respectively)	93	94
Finance receivables, net	1,061	1,042
Inventories	797	696
Other current assets	254	211
Total current assets	4,107	4,701
Finance receivables due after one year (net of allowance of $113 and $114, respectively)	1,948	1,934
Equipment on operating leases, net	235	253
Land, buildings and equipment, net	320	358
Intangible assets, net	208	211
Goodwill, net	2,820	3,287
Deferred tax assets	582	519
Other long-term assets	1,323	1,960
Total Assets	11,543	13,223
Liabilities and Equity
Short-term debt and current portion of long-term debt	860	650
Accounts payable	1,331	1,069
Accrued compensation and benefits costs	258	239
Accrued expenses and other current liabilities	881	871
Total current liabilities	3,330	2,829
Long-term debt	2,866	3,596
Pension and other benefit liabilities	1,175	1,373
Post-retirement medical benefits	184	277
Other long-term liabilities	411	481
Total Liabilities	7,966	8,556
Commitments and Contingencies (See Note 20)
Noncontrolling Interests (See Note 6)	10	10
Convertible Preferred Stock	214	214
Common stock	156	168
Additional paid-in capital	1,588	1,802
Treasury stock, at cost	0	(177)
Retained earnings	5,136	5,631
Accumulated other comprehensive loss	(3,537)	(2,988)
Xerox Holdings shareholders’ equity	3,343	4,436
Noncontrolling interests	10	7
Total Equity	3,353	4,443
Total Liabilities and Equity	$ 11,543	$ 13,223
Shares of common stock issued (in shares)	155,781	168,069
Treasury stock (in shares)	0	(8,675)
Shares of Common Stock Outstanding (in shares)	155,781	159,394

Xerox Holdings Corporation Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit loss, current	$ 52	$ 58
Billed portion of finance receivables, allowance	4	4
Finance receivables due after one year, allowance	$ 113	$ 114

Xerox Holdings Corporation Consolidated Statements of Cash Flows - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Cash Flows from Operating Activities

Adjustments required to reconcile Net (loss) income to Cash flows provided by operating activities

$ (322)

$ (455)

$ 192

Depreciation and amortization

270

327

368

Provisions

147

Deferred tax (benefit) expense

(27)

(89)

Net gain on sales of businesses and assets

(56)

(40)

(30)

Stock-based compensation

Goodwill impairment

412

781

Restructuring and asset impairment charges

Payments for restructurings

(52)

(72)

(81)

Non-service retirement-related costs

^[1]

(12)

(89)

(29)

Contributions to retirement plans

^[1]

(124)

(160)

(164)

(Increase) decrease in accounts receivable and billed portion of finance receivables

(48)

369

(Increase) decrease in inventories

(143)

(134)

Increase in equipment on operating leases

(112)

(129)

(118)

(Increase) decrease in finance receivables

(141)

183

Decrease in other current and long-term assets

Increase (decrease) in accounts payable

278

118

(123)

Increase (decrease) in accrued compensation

^[1]

(77)

Increase (decrease) in other current and long-term liabilities

(165)

Net change in income tax assets and liabilities

(27)

(2)

Net change in derivative assets and liabilities

(22)

Other operating, net

(17)

Net cash provided by operating activities

159

629

548

Cash Flows from Investing Activities

Cost of additions to land, buildings, equipment and software

(57)

(68)

(74)

Proceeds from sales of businesses and assets

Acquisitions, net of cash acquired

(93)

(53)

(203)

Other investing, net

(15)

(8)

Net cash used in investing activities

(78)

(85)

(246)

Cash Flows from Financing Activities

Proceeds from issuance of long-term debt

1,194

311

2,359

Payments on long-term debt

(1,723)

(519)

(2,226)

Dividends

(174)

(206)

(230)

Net cash used in financing activities

(113)

(888)

(300)

Other financing, net

(6)

(8)

(19)

(822)

(1,310)

(416)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

(29)

(16)

Decrease in cash, cash equivalents and restricted cash

(770)

(782)

(104)

Cash, cash equivalents and restricted cash at beginning of year

1,909

2,691

2,795

Cash, Cash Equivalents and Restricted Cash at End of Year

$ 1,139

$ 1,909

$ 2,691

[1]

Captions were changed in 2022 to reflect the inclusion of expense and contributions for our Retiree Health plans, which were previously reported as part of the Increase (decrease) in accrued compensation. There was no change to Net cash provided by operating activities as a result of the reclassification. Prior year amounts have been revised to conform to this presentation. Refer to Note 18 - Employee Benefit Plans for additional information.

Xerox Holdings Corporation Consolidated Statements of Shareholders' Equity - USD ($)
$ in Millions

Total

Xerox Holdings Shareholders' Equity

Common Stock

Additional Paid-in Capital

Treasury Stock

Retained Earnings

AOCL

Non- controlling Interests

Beginning balance at Dec. 31, 2019

$ 5,587

$ 215

$ 2,782

$ (76)

$ 6,312

$ (3,646)

^[1]

Noncontrolling interests beginning balance at Dec. 31, 2019

$ 7

Total equity beginning balance at Dec. 31, 2019

$ 5,594

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Comprehensive income (loss), net attributable to Xerox Holding/Xerox

506

192

314

^[1]

Cash dividends declared-common

506

^[2]

(209)

Cash dividends declared-preferred

^[3]

(14)

Stock option and incentive plans, net

Cancellation of treasury stock

(300)

(18)

(358)

376

Ending balance at Dec. 31, 2020

(3)

5,592

198

2,445

6,281

(3,332)

^[1]

Noncontrolling interests ending balance at Dec. 31, 2020

Total equity ending balance at Dec. 31, 2020

5,596

(3,332)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Comprehensive income (loss), net attributable to Xerox Holding/Xerox

(111)

(455)

344

^[1]

Cash dividends declared-common

(111)

^[2]

(181)

Cash dividends declared-preferred

^[3]

(14)

Stock option and incentive plans, net

Cancellation of treasury stock

(888)

(32)

(679)

711

Ending balance at Dec. 31, 2021

(1)

4,436

168

1,802

(177)

5,631

(2,988)

^[1]

Noncontrolling interests ending balance at Dec. 31, 2021

Total equity ending balance at Dec. 31, 2021

4,443

(2,988)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Comprehensive income (loss), net attributable to Xerox Holding/Xerox

(871)

(322)

(549)

^[1]

(1)

Cash dividends declared-common

(872)

^[2]

(159)

Cash dividends declared-preferred

^[3]

(14)

Stock option and incentive plans, net

Cancellation of treasury stock

(113)

(14)

(276)

290

Ending balance at Dec. 31, 2022

(1)

3,343

$ 3,343

$ 156

$ 1,588

$ 0

$ 5,136

(3,537)

^[1]

Noncontrolling interests ending balance at Dec. 31, 2022

$ 10

Total equity ending balance at Dec. 31, 2022

$ 3,353

$ (3,537)

[1]	AOCL - Accumulated other comprehensive loss.
[2]	Cash dividends declared on common stock for 2022, 2021 and 2020 were $0.25 per share on a quarterly basis and $1.00 per share on an annual basis.
[3]	Cash dividends declared on preferred stock for 2022, 2021 and 2020 were $20 per share on a quarterly basis and $80 per share on an annual basis.

Xerox Holdings Corporation Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended												12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Dividends per common share (in dollars per share)	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 1.00	$ 1.00	$ 1.00
Dividends per preferred share (in dollars per share)	$ 20	$ 20	$ 20	$ 20	$ 20	$ 20	$ 20	$ 20	$ 20	$ 20	$ 20	$ 20	$ 80	$ 80	$ 80

Xerox Corporation Consolidated Statements of (Loss) Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues
Total Revenues	$ 7,107	$ 7,038	$ 7,022
Costs and Expenses
Cost of financing	108	111	121
Research, development and engineering expenses	304	310	311
Selling, administrative and general expenses	1,760	1,718	1,851
Goodwill impairment	412	781	0
Restructuring and related costs, net	65	38	93
Amortization of acquired intangible assets	42	55	56
Transaction and related costs, net	0	0	18
Other expenses, net	63	(24)	45
Total Costs and Expenses	7,435	7,513	6,770
(Loss) Income before Income Taxes and Equity Income	(328)	(475)	252
Income tax (benefit) expense	(3)	(17)	64
Equity in net income of unconsolidated affiliates	3	3	4
Net (Loss) Income	(322)	(455)	192
Less: Net Income attributable to noncontrolling interests	0	0	0
Net (Loss) Income Attributable to Xerox Holdings	(322)	(455)	192
Sales
Revenues
Total Revenues	2,800	2,582	2,449
Costs and Expenses
Cost of goods and services sold	2,002	1,862	1,742
Services, maintenance and rentals
Revenues
Total Revenues	4,100	4,235	4,347
Costs and Expenses
Cost of goods and services sold	2,679	2,662	2,533
Financing
Revenues
Total Revenues	207	221	226
Xerox Corporation
Revenues
Total Revenues	7,107	7,038	7,022
Costs and Expenses
Cost of financing	108	111	121
Research, development and engineering expenses	304	310	311
Selling, administrative and general expenses	1,760	1,718	1,851
Goodwill impairment	412	781	0
Restructuring and related costs, net	65	38	93
Amortization of acquired intangible assets	42	55	56
Transaction and related costs, net	0	0	18
Other expenses, net	63	(24)	45
Total Costs and Expenses	7,435	7,513	6,770
(Loss) Income before Income Taxes and Equity Income	(328)	(475)	252
Income tax (benefit) expense	(3)	(17)	64
Equity in net income of unconsolidated affiliates	3	3	4
Net (Loss) Income	(322)	(455)	192
Less: Net Income attributable to noncontrolling interests	0	0	0
Net (Loss) Income Attributable to Xerox Holdings	(322)	(455)	192
Xerox Corporation \| Sales
Revenues
Total Revenues	2,800	2,582	2,449
Costs and Expenses
Cost of goods and services sold	2,002	1,862	1,742
Xerox Corporation \| Services, maintenance and rentals
Revenues
Total Revenues	4,100	4,235	4,347
Costs and Expenses
Cost of goods and services sold	2,679	2,662	2,533
Xerox Corporation \| Financing
Revenues
Total Revenues	$ 207	$ 221	$ 226

Xerox Corporation Consolidated Statements of Comprehensive (Loss) Income - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Less: Net Income attributable to noncontrolling interests

$ (322)

$ (455)

$ 192

Net (Loss) Income Attributable to Xerox Holdings

(322)

(455)

192

Translation adjustments, net

^[1]

(377)

(141)

241

Unrealized (losses) gains, net

^[1]

(2)

(4)

Changes in defined benefit plans, net

^[1]

(171)

489

Other Comprehensive (Loss) Income, Net

^[1]

(550)

344

314

Less: Other comprehensive loss, net attributable to noncontrolling interests

(1)

Other Comprehensive (Loss) Income, Net Attributable to Xerox Holdings

(549)

344

314

Comprehensive (Loss) Income, Net

(872)

(111)

506

Less: Comprehensive loss, net attributable to noncontrolling interests

(1)

Comprehensive (Loss) Income, Net Attributable to Xerox Holdings

(871)

(111)

506

Xerox Corporation

Less: Net Income attributable to noncontrolling interests

(322)

(455)

192

Net (Loss) Income Attributable to Xerox Holdings

(322)

(455)

192

Translation adjustments, net

^[2]

(377)

(141)

241

Unrealized (losses) gains, net

^[2]

(2)

(4)

Changes in defined benefit plans, net

^[2]

(171)

489

Other Comprehensive (Loss) Income, Net

^[2]

(550)

344

314

Less: Other comprehensive loss, net attributable to noncontrolling interests

(1)

Other Comprehensive (Loss) Income, Net Attributable to Xerox Holdings

(549)

344

314

Comprehensive (Loss) Income, Net

(872)

(111)

506

Less: Comprehensive loss, net attributable to noncontrolling interests

(1)

Comprehensive (Loss) Income, Net Attributable to Xerox Holdings

$ (871)

$ (111)

$ 506

[1]	Refer to Note 24 - Other Comprehensive (Loss) Income for gross components of Other Comprehensive (Loss) Income, reclassification adjustments out of Accumulated Other Comprehensive Loss and related tax effects.
[2]	Refer to Note 24 - Other Comprehensive (Loss) Income for gross components of Other Comprehensive (Loss) Income, reclassification adjustments out of Accumulated Other Comprehensive Loss and related tax effects.

Xerox Corporation Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 1,045	$ 1,840
Accounts receivable (net of allowance of $52 and $58, respectively)	857	818
Billed portion of finance receivables (net of allowance of $4 and $4, respectively)	93	94
Finance receivables, net	1,061	1,042
Inventories	797	696
Other current assets	254	211
Total current assets	4,107	4,701
Finance receivables due after one year (net of allowance of $113 and $114, respectively)	1,948	1,934
Equipment on operating leases, net	235	253
Land, buildings and equipment, net	320	358
Intangible assets, net	208	211
Goodwill, net	2,820	3,287
Deferred tax assets	582	519
Other long-term assets	1,323	1,960
Total Assets	11,543	13,223
Liabilities and Equity
Short-term debt and current portion of long-term debt	860	650
Accounts payable	1,331	1,069
Accrued compensation and benefits costs	258	239
Accrued expenses and other current liabilities	881	871
Total current liabilities	3,330	2,829
Long-term debt	2,866	3,596
Pension and other benefit liabilities	1,175	1,373
Post-retirement medical benefits	184	277
Other long-term liabilities	411	481
Total Liabilities	7,966	8,556
Commitments and Contingencies (See Note 20)
Noncontrolling Interests (See Note 6)	10	10
Additional paid-in capital	1,588	1,802
Retained earnings	5,136	5,631
Accumulated other comprehensive loss	(3,537)	(2,988)
Xerox Holdings shareholders’ equity	3,343	4,436
Noncontrolling interests	10	7
Total Equity	3,353	4,443
Total Liabilities and Equity	11,543	13,223
Xerox Corporation
Assets
Cash and cash equivalents	1,045	1,840
Accounts receivable (net of allowance of $52 and $58, respectively)	857	818
Billed portion of finance receivables (net of allowance of $4 and $4, respectively)	93	94
Finance receivables, net	1,061	1,042
Inventories	797	696
Other current assets	254	211
Total current assets	4,107	4,701
Finance receivables due after one year (net of allowance of $113 and $114, respectively)	1,948	1,934
Equipment on operating leases, net	235	253
Land, buildings and equipment, net	320	358
Intangible assets, net	208	211
Goodwill, net	2,820	3,287
Deferred tax assets	582	519
Other long-term assets	1,302	1,952
Total Assets	11,522	13,215
Liabilities and Equity
Short-term debt and current portion of long-term debt	860	650
Accounts payable	1,331	1,069
Accrued compensation and benefits costs	258	239
Accrued expenses and other current liabilities	834	823
Total current liabilities	3,283	2,781
Long-term debt	1,370	2,102
Related party debt	1,496	1,494
Pension and other benefit liabilities	1,175	1,373
Post-retirement medical benefits	184	277
Other long-term liabilities	411	481
Total Liabilities	7,919	8,508
Commitments and Contingencies (See Note 20)
Noncontrolling Interests (See Note 6)	10	10
Additional paid-in capital	3,693	3,202
Retained earnings	3,427	4,476
Accumulated other comprehensive loss	(3,537)	(2,988)
Xerox Holdings shareholders’ equity	3,583	4,690
Noncontrolling interests	10	7
Total Equity	3,593	4,697
Total Liabilities and Equity	$ 11,522	$ 13,215

Xerox Corporation Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Accounts receivable, allowance for credit loss, current	$ 52	$ 58
Billed portion of finance receivables, allowance	4	4
Finance receivables due after one year, allowance	113	114
Accounts Receivable
Accounts receivable, allowance for credit loss, current	52	58
Xerox Corporation
Billed portion of finance receivables, allowance	4	4
Finance receivables due after one year, allowance	113	114
Xerox Corporation \| Accounts Receivable
Accounts receivable, allowance for credit loss, current	$ 52	$ 58

Xerox Corporation Consolidated Statements of Cash Flows - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Cash Flows from Operating Activities

Adjustments required to reconcile Net (loss) income to Cash flows provided by operating activities

$ (322)

$ (455)

$ 192

Depreciation and amortization

270

327

368

Provisions

147

Deferred tax (benefit) expense

(27)

(89)

Net gain on sales of businesses and assets

(56)

(40)

(30)

Stock-based compensation

Goodwill impairment

412

781

Restructuring and asset impairment charges

Payments for restructurings

(52)

(72)

(81)

Non-service retirement-related costs

^[1]

(12)

(89)

(29)

Contributions to retirement plans

^[1]

(124)

(160)

(164)

(Increase) decrease in accounts receivable and billed portion of finance receivables

(48)

369

(Increase) decrease in inventories

(143)

(134)

Increase in equipment on operating leases

(112)

(129)

(118)

(Increase) decrease in finance receivables

(141)

183

Decrease in other current and long-term assets

Increase (decrease) in accounts payable

278

118

(123)

Increase (decrease) in accrued compensation

^[1]

(77)

Increase (decrease) in other current and long-term liabilities

(165)

Net change in income tax assets and liabilities

(27)

(2)

Net change in derivative assets and liabilities

(22)

Other operating, net

(17)

Net cash provided by operating activities

159

629

548

Cash Flows from Investing Activities

Cost of additions to land, buildings, equipment and software

(57)

(68)

(74)

Proceeds from sales of businesses and assets

Acquisitions, net of cash acquired

(93)

(53)

(203)

Other investing, net

(15)

(8)

Net cash used in investing activities

(78)

(85)

(246)

Cash Flows from Financing Activities

Proceeds from issuance of long-term debt

1,194

311

2,359

Payments on long-term debt

(1,723)

(519)

(2,226)

Other financing, net

(6)

(8)

(19)

Net cash used in financing activities

(822)

(1,310)

(416)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

(29)

(16)

Decrease in cash, cash equivalents and restricted cash

(770)

(782)

(104)

Cash, cash equivalents and restricted cash at beginning of year

1,909

2,691

2,795

Cash, Cash Equivalents and Restricted Cash at End of Year

1,139

1,909

2,691

Xerox Corporation

Cash Flows from Operating Activities

Adjustments required to reconcile Net (loss) income to Cash flows provided by operating activities

(322)

(455)

192

Depreciation and amortization

270

327

368

Provisions

147

Deferred tax (benefit) expense

(27)

(89)

Net gain on sales of businesses and assets

(56)

(40)

(30)

Stock-based compensation

Goodwill impairment

412

781

Restructuring and asset impairment charges

Payments for restructurings

(52)

(72)

(81)

Non-service retirement-related costs

^[2]

(12)

(89)

(29)

Contributions to retirement plans

^[2]

(124)

(160)

(164)

(Increase) decrease in accounts receivable and billed portion of finance receivables

(48)

369

(Increase) decrease in inventories

(143)

(134)

Increase in equipment on operating leases

(112)

(129)

(118)

(Increase) decrease in finance receivables

(141)

183

Decrease in other current and long-term assets

Increase (decrease) in accounts payable

278

118

(123)

Increase (decrease) in accrued compensation

^[2]

(77)

Increase (decrease) in other current and long-term liabilities

(165)

Net change in income tax assets and liabilities

(27)

(2)

Net change in derivative assets and liabilities

(22)

Other operating, net

(17)

Net cash provided by operating activities

159

629

548

Cash Flows from Investing Activities

Cost of additions to land, buildings, equipment and software

(57)

(68)

(74)

Proceeds from sales of businesses and assets

Acquisitions, net of cash acquired

(93)

(53)

(203)

Other investing, net

(2)

Net cash used in investing activities

(65)

(77)

(246)

Cash Flows from Financing Activities

Proceeds from issuance of long-term debt

1,194

311

852

Payments on long-term debt

(1,723)

(519)

(2,213)

Contributions from parent

1,494

Distributions to parent

(312)

(1,120)

(549)

Other financing, net

Net cash used in financing activities

(835)

(1,318)

(416)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

(29)

(16)

Decrease in cash, cash equivalents and restricted cash

(770)

(782)

(104)

Cash, cash equivalents and restricted cash at beginning of year

1,909

2,691

2,795

Cash, Cash Equivalents and Restricted Cash at End of Year

$ 1,139

$ 1,909

$ 2,691

[1]

[2]

Xerox Corporation Consolidated Statements of Shareholders' Equity - USD ($)
$ in Millions

Total

Xerox Holdings Shareholders' Equity

Additional Paid-in Capital

Retained Earnings

AOCL

Non- controlling Interests

Xerox Corporation

Xerox Holdings Shareholders' Equity

Xerox Corporation

Additional Paid-in Capital

Xerox Corporation

Retained Earnings

Xerox Corporation

AOCL

^[2]

Xerox Corporation

Non- controlling Interests

Beginning balance at Dec. 31, 2019

$ 5,587

$ 2,782

$ 6,312

$ (3,646)

^[1]

$ 5,867

$ 3,266

$ 6,247

$ (3,646)

Noncontrolling interests beginning balance at Dec. 31, 2019

$ 7

Total equity beginning balance at Dec. 31, 2019

$ 5,594

$ 5,874

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Comprehensive income (loss), net attributable to Xerox Holding/Xerox

506

192

314

^[1]

506

192

314

Dividends declared to parent

506

(605)

Capital contributions from parent

^[3]

1,494

Transfers (to) from parent

128

Ending balance at Dec. 31, 2020

(3)

5,592

2,445

6,281

(3,332)

^[1]

7,390

4,888

5,834

(3,332)

Noncontrolling interests ending balance at Dec. 31, 2020

Total equity ending balance at Dec. 31, 2020

5,596

(3,332)

7,394

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Comprehensive income (loss), net attributable to Xerox Holding/Xerox

(111)

(455)

344

^[1]

(111)

(455)

344

Dividends declared to parent

(111)

(903)

Transfers (to) from parent

(193)

Intercompany loan capitalization

^[4]

(1,494)

Ending balance at Dec. 31, 2021

(1)

4,436

1,802

5,631

(2,988)

^[1]

4,690

3,202

4,476

(2,988)

Noncontrolling interests ending balance at Dec. 31, 2021

Total equity ending balance at Dec. 31, 2021

4,443

(2,988)

4,697

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Comprehensive income (loss), net attributable to Xerox Holding/Xerox

(871)

(322)

(549)

^[1]

(871)

(322)

(549)

(1)

Dividends declared to parent

(872)

(727)

Transfers (to) from parent

491

Ending balance at Dec. 31, 2022

(1)

3,343

$ 3,343

$ 1,588

$ 5,136

(3,537)

^[1]

3,583

$ 3,583

$ 3,693

$ 3,427

$ (3,537)

Noncontrolling interests ending balance at Dec. 31, 2022

$ 10

Total equity ending balance at Dec. 31, 2022

$ 3,353

$ (3,537)

$ 3,593

[1]	AOCL - Accumulated other comprehensive loss.
[2]	AOCL - Accumulated other comprehensive loss.
[3]	Primarily represents the contribution by Xerox Holdings Corporation of aggregate net debt proceeds received from its Senior Notes offerings in the third quarter of 2020 to Xerox Corporation. Refer to Note 15 - Debt for additional information regarding the Senior Notes offerings.
[4]	Refer to Note 15 - Debt for information regarding capitalization of balance to Intercompany Loan with Xerox Holdings Corporation.

Basis of Presentation	12 Months Ended
Basis of Presentation	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation References to “Xerox Holdings” refer to Xerox Holdings Corporation and its consolidated subsidiaries while references to “Xerox” refer to Xerox Corporation and its consolidated subsidiaries. References herein to “we,” “us,” “our,” the “Company” refer collectively to both Xerox Holdings and Xerox unless the context suggests otherwise. References to “Xerox Holdings Corporation” refer to the stand-alone parent company and do not include its subsidiaries. References to “Xerox Corporation” refer to the stand-alone company and do not include its subsidiaries. The accompanying Consolidated Financial Statements and footnotes represent the respective consolidated results and financial results of Xerox Holdings and Xerox and all respective companies that each registrant directly or indirectly controls, either through majority ownership or otherwise. This is a combined report of Xerox Holdings and Xerox, which includes separate Consolidated Financial Statements for each registrant. The accompanying Consolidated Financial Statements of both Xerox Holdings and Xerox have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). Notes to the Consolidated Financial Statements reflect the activity for both Xerox Holdings and Xerox for all periods presented, unless otherwise noted. Description of Business Currently, Xerox Holdings' primary direct operating subsidiary is Xerox and therefore Xerox represents nearly all of Xerox Holdings' operations. Xerox is a global enterprise for document management solutions. We provide advanced document technology, services, software and genuine Xerox supplies for a range of customers including small and mid-sized businesses, large enterprises, governments and graphic communications providers, and for our partners who serve them. Xerox serves customers globally in North America, Central and South America, Brazil, Europe, Eurasia, the Middle East, Africa and India. Xerox Holdings' other direct subsidiary is Xerox Ventures LLC, which was established in 2021 solely to invest in startups and early/mid-stage growth companies aligned with the Company’s innovation focus areas and targeted adjacencies. The investments are normally equity or equity-linked and for less than 20% ownership. Since the investments normally do not have readily determinable fair values, they are accounted for under the measurement alternative per ASC Topic 321-10-35-2. Xerox Ventures LLC had investments of approximately $21 and $8 at December 31, 2022 and 2021, respectively. Basis of Consolidation All significant intercompany accounts and transactions have been eliminated. Investments in business entities in which we do not have control, but we have the ability to exercise significant influence over operating and financial policies (generally 20% to 50% ownership) are accounted for using the equity method of accounting. Operating results of acquired businesses are included in the Consolidated Statements of (Loss) Income from the date of acquisition. We consolidate variable interest entities if we are deemed to be the primary beneficiary of the entity. Operating results for variable interest entities in which we are determined to be the primary beneficiary are included in the Consolidated Statements of (Loss) Income from the date such determination is made. For convenience and ease of reference, we refer to the financial statement caption “(Loss) Income before Income Taxes and Equity Income” as “pre-tax (loss) income” throughout the Notes to the Consolidated Financial Statements. Segments During the first quarter of 2022, the Company made a change to its reportable segments from one reportable segment to two reportable segments - Print and Other, and Financing (FITTLE) - to align with a change in how the Chief Operating Decision Maker (CODM), our Chief Executive Officer (CEO), allocates resources and assesses performance against the Company’s key growth strategies. As such, prior period reportable segment results and related disclosures have been conformed to reflect the Company’s current reportable segments. Refer to Note 4 - Segment and Geographic Reporting for additional information regarding this change. Goodwill We assess Goodwill for impairment at least annually during the fourth quarter and whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Impairment Evaluation - 2022 During 2022, we had events and conditions in the first quarter and third quarter that required an interim assessment of Goodwill. During the first quarter 2022 the Company made a change to its operating and reportable segments from one operating/reportable segment - Printing - to two operating/reportable segments - Print and Other, and Financing (FITTLE). As a result of the new operating and reportable segments, we also reassessed our reporting units for the evaluation of Goodwill. Prior to this change, we determined that we had one operating/reportable segment and one reporting unit for Goodwill assessment purposes. Our reassessment during the first quarter of 2022 determined that, we had two operating/reportable segments and two reporting units – Print and Other, and Financing (FITTLE) for Goodwill assessment purposes. As a result of the change in reporting units, effective January 1, 2022, we estimated the fair value of our new reporting units and, based on an assessment of the relative fair values of our new reporting units after the change, we determined that no Goodwill was allocable to the Financing (FITTLE) segment. This determination was largely based on the fact that at this stage in the stand-up of the Financing (FITTLE) business, its separate valuation is constrained and limited because the operation is significantly integrated with the Print and Other segment and is primarily an extension or enabler to facilitate the sale of the Company’s products. The change in reporting units was also considered a triggering event indicating a test for Goodwill impairment was required as of January 1, 2022 before and after the change in reporting units. The Company performed those impairment tests, which did not result in the identification of an impairment loss as of January 1, 2022. In 2022, the Company continued to encounter operational challenges due to unfavorable product and services mix associated with supply chain constraints as well the impacts of unfavorable macroeconomic conditions including inflationary pressure on product and labor costs, geopolitical uncertainty in Europe and the continued impacts from the COVID-19 recovery. Additionally, higher interest rates continued to put downward pressure on the Company’s valuation. As a result of these negative financial impacts and a sustained market capitalization below our book value, in the third quarter 2022 we determined there was a triggering event requiring an interim quantitative assessment of Goodwill. After completing our interim impairment test, we concluded that the estimated fair value of the Print and Other reporting unit (the only reporting unit with Goodwill) had declined below its carrying value and we recognized an after-tax non-cash impairment charge of $395 ($412 pre-tax) related to our Goodwill in the third quarter 2022. The estimated fair value of the Print and Other reporting unit is based on estimates and assumptions that are considered Level 3 inputs under the fair value hierarchy. Consistent with our policy for an annual review, we also assessed Goodwill in the fourth quarter 2022. As a result of the quantitative assessment of Goodwill in the third quarter 2022, we performed our annual Goodwill assessment in the fourth quarter 2022 qualitatively. After completing this qualitative impairment review, we concluded that it is more likely-than-not that the fair value of the Print and Other reporting unit is higher than its carrying amount and that it is not necessary to perform a quantitative Goodwill impairment test. Impairment Evaluation - 2021 The COVID-19 pandemic continued to have a significant effect on the Company’s operations impacting revenues, expenses, cash flows and market capitalization in 2021. As a result of these impacts on our future operating results, as well as a sustained market capitalization below book value, we elected to utilize a quantitative model for the assessment of the recoverability of our Goodwill balance for our annual fourth quarter 2021 impairment test. After completing our annual impairment test, we concluded that the fair value of the Company - our single reporting unit in 2021 - had declined below its carrying value. As a result, we recognized an after-tax non-cash impairment charge of $750 ($781 pre-tax) related to our Goodwill for the year ended December 31, 2021. The estimated fair value of our single reporting unit is based on estimates and assumptions that are considered Level 3 inputs under the fair value hierarchy. Use of Estimates The preparation of our Consolidated Financial Statements requires that we make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Future events and their effects cannot be predicted with certainty; accordingly, our accounting estimates require the exercise of judgment. The accounting estimates used in the preparation of our Consolidated Financial Statements will change as new events occur, as more experience is acquired, as additional information is obtained and as our operating environment changes. Our estimates are based on management's best available information including current events, historical experience, actions that the company may undertake in the future and on various other assumptions that are believed to be reasonable under the circumstances. As a result, actual results may be different from these estimates. In the ordinary course of accounting for the items discussed above, we make changes in estimates as appropriate and as we become aware of new or revised circumstances surrounding those estimates. Such changes and refinements in estimation methodologies are reflected in reported results of operations in the period in which the changes are made and, if material, their effects are disclosed in the Notes to the Consolidated Financial Statements and in Management's Discussion and Analysis of Financial Condition and Results of Operations.

Recent Accounting Pronouncements and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements and Summary of Significant Accounting Policies	Recent Accounting Pronouncements and Summary of Significant Accounting Policies New Accounting Standards and Accounting Changes Xerox Holdings and Xerox consider the applicability and impact of all Accounting Standards Updates (ASUs) issued by the Financial Accounting Standards Board (FASB). The ASUs listed below apply to both registrants. Except for the Accounting Standard Updates (ASUs) discussed below, the new ASUs issued by the FASB during the last two years did not have any significant impact on the Company. Accounting Standard Updates to be Adopted: Liabilities In September 2022, the FASB issued ASU 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations that requires entities that use supplier finance programs in connection with the purchase of goods and services to disclose the key terms of the programs and information about obligations outstanding at the end of the reporting period, including a rollforward of those obligations. The guidance does not affect the recognition, measurement or financial statement presentation of supplier finance program obligations. The new standard’s requirements to disclose the key terms of the programs and information about obligations outstanding are effective for all interim and annual periods of our fiscal year beginning on January 1, 2023. The new standard’s requirement to disclose a rollforward of obligations outstanding will be effective for our fiscal year beginning on January 1, 2024. Since this standard primarily relates to new disclosure, we do not expect the adoption to have a material impact on our financial condition, results of operations, and cash flows in future periods. Financial Instruments In March 2022, the FASB issued ASU 2022-02, Financial Instruments - Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures - Gross Write-offs. The amendments in this update eliminate the accounting guidance for Troubled Debt Restructurings (TDRs) by creditors while enhancing disclosure requirements for certain loan refinancing and restructurings by creditors made to borrowers experiencing financial difficulty. The amendments also require disclosure of current-period gross write-offs by year of origination for financing receivables. The disclosure of current-period gross write-offs by year of origination is applicable for financing receivables and net investments in leases that are within the scope of ASC 326-20, Financial Instruments - Credit Losses - Measured at Amortized Cost. This update is effective for our fiscal year beginning on January 1, 2023. The provisions of this amendment are to be applied on a prospective basis. We are currently evaluating the impact of the adoption of this standard on the Company's consolidated financial statements and related disclosures. Since this standard primarily relates to new disclosure, we do not expect the adoption to have a material impact on our financial condition, results of operations, and cash flows in future periods. Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (LIBOR) or by another reference rate expected to be discontinued. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848), Scope, which provided clarification to ASU 2020-04. These ASUs were effective commencing with our quarter ended March 31, 2020 through December 31, 2022. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848), Deferral of the Sunset Date of Topic 848, which defers the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. There has been no material impact to date as a result of adopting these ASUs on reference rate reform. However, we continue to evaluate potential future impacts that may result from the discontinuation of LIBOR or other reference rates as well as the accounting provided in this update on our financial condition, results of operations, and cash flows. Accounting Standard Updates Recently Adopted: Government Assistance In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832), Disclosures by Business Entities about Government Assistance. The update increases the transparency surrounding government assistance by requiring disclosure of 1) the types of assistance received, 2) an entity’s accounting for the assistance, and 3) the effect of the assistance on the entity’s financial statements. We adopted this update effective for our fiscal year beginning January 1, 2022. The impact of adoption was not material to our Consolidated Financial Statements. Impacts on future periods will depend on the amounts of government assistance received. Prior to the COVID-19 pandemic, the amounts of government assistance the Company received were not material and since the update is limited to increased disclosures, we do not expect the adoption to have a material impact on our financial condition, results of operations, and cash flows in future periods. Refer to Note 14 - Supplementary Financial Information - Government Assistance - for additional information. Business Combinations In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The new guidance requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC Topic 606, Revenue from Contracts with Customers, as if the acquirer had originated the contracts. This approach differs from the current requirement to measure contract assets and contract liabilities acquired in a business combination at fair value. We early adopted this update effective for our fiscal year beginning January 1, 2022. The impact of adopting the new standard will depend on the magnitude of future acquisitions. The standard will not impact contract assets or liabilities acquired in business combinations that occurred prior to the adoption date and the adoption has not had a material impact on acquisitions made year to date. Debt In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40). This update simplified the accounting for convertible instruments by reducing the number of accounting models available for convertible debt instruments and convertible preferred stock. This update also amended the guidance for the derivatives scope exception for contracts in an entity's own equity to reduce form-over-substance-based accounting conclusions and required the application of the if-converted method for calculating diluted earnings per share. We adopted this update effective for our fiscal year beginning January 1, 2022. The adoption of this update did not have a material impact on the Company’s consolidated financial statements and related disclosures. Income Taxes In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which was intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. We adopted this update effective for our fiscal year beginning January 1, 2021. The adoption did not have a material impact on our results of operations, financial position, cash flows or disclosures. Leases In April 2020, the FASB staff issued a question and answer (Q&A) document on the application of lease accounting guidance related to lease concessions provided as a result of the economic disruption caused by the COVID-19 pandemic (Topic 842 Q&A). Topic 842 Q&A provides interpretive guidance allowing companies the option to account for lease concessions related to the COVID-19 pandemic consistent with how those concessions would be accounted for under ASU 2016-02, Leases (Topic 842) as though enforceable rights and obligations for those concessions existed at the beginning of the contract (regardless of whether those enforceable rights and obligations for the concessions explicitly exist in the contract). This interpretive guidance was issued in order to reduce the costs and complexities of applying lease modification accounting under Topic 842 to leases impacted by the effects of the COVID-19 pandemic. This election is available for concessions related to the effects of the COVID-19 pandemic that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. We have elected to apply the interpretive guidance provided in Topic 842 Q&A to rent concessions related to the COVID-19 pandemic provided as a Lessor to our customers and as received as a Lessee. The impact of this Q&A both as a Lessor or Lessee was not material to our financial condition, results of operations, cash flows or related disclosures. Financial Instruments - Credit Losses On January 1, 2020, we adopted ASU 2016-13, Financial Instruments Credit Losses - Measurement of Credit Losses on Financial Instruments. This update was issued by the FASB in June 2016, with additional updates and amendments being issued in 2018, 2019 and 2020 and requires measurement and recognition of expected credit losses for financial assets on an expected loss model rather than an incurred loss model. The update impacted financial assets including net investment in leases that are not accounted for at fair value through Net Income. The adoption of ASU 2016-13 primarily impacted the estimation of our Allowance for doubtful accounts for Accounts Receivable and Finance Receivables. The impact recorded on our initial adoption of ASU 2016-13 was not material as our previous methodology for assessing the adequacy of our Allowance for doubtful accounts for Finance Receivables, the larger component of our receivable reserves, incorporated an expected loss model and the methodology for both allowances included an assessment of current economic conditions. Refer to Note 7 - Accounts Receivable, Net and Note 8 - Finance Receivables, Net for additional discussion regarding the impacts from the adoption of this update during the first quarter 2020. Intangibles - Internal-Use Software On January 1, 2020, we adopted ASU 2018-15, Intangibles - Goodwill and Other - Internal Use Software (Subtopic 350-40), Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract. This update was issued by the FASB in August 2018 and aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The update provides criteria for determining which implementation costs to capitalize as an asset related to the service contract and which costs to expense. The capitalized implementation costs are required to be expensed over the term of the hosting arrangement. The update also clarifies the presentation requirements for reporting such costs in the entity’s financial statements. The adoption of ASU 2018-15 did not have a material impact on our financial condition, results of operations, cash flows or related disclosures as we had previously capitalized these implementation costs and such amounts were not material. Other Updates The FASB also issued the following Accounting Standards Updates, which have not had, and are not expected to have, a material impact on our financial condition, results of operations, cash flows or related disclosures upon adoption. •Fair Value Measurement: ASU 2022-03, Fair Value Measurement (Topic 820), Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. This update is effective for our fiscal year beginning January 1, 2024. •Derivatives and Hedging: ASU 2022-01, Derivatives and Hedging (Topic 815), Fair Value Hedging - Portfolio Layer Method. This update is effective for our fiscal year beginning January 1, 2023. •Equity Instruments: ASU 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options). This update was effective for our fiscal year beginning January 1, 2022. •Leases: ASU 2021-05, Leases - Certain Lease Payments with Variable Lease Payments (ASC 842). This update was effective for our fiscal year beginning January 1, 2022. •Investments: ASU 2020-01, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815). This update was effective for our fiscal year beginning January 1, 2021. •Compensation - Stock Compensation and Revenue from Contracts with Customers: ASU 2019-08, (Topic 718) and (Topic 606) Codification Improvements - Share-Based Consideration Payable to a Customer. This update was effective for our fiscal year beginning January 1, 2020. Summary of Accounting Policies Revenue Recognition We generate revenue through the sale of equipment and supplies and by providing maintenance and printing services. Revenue is measured based on the consideration specified in a contract with a customer and is recognized when we satisfy a performance obligation by transferring control of a product to a customer or in the period the customer benefits from the service. With the exception of our sales-type lease arrangements, our invoices to the customer, which normally have short-term payment terms, are typically aligned to the transfer of goods or as services are rendered to our customers and therefore in most cases, we recognize revenue based on our right to invoice customers. As a result of the application of this practical expedient for the substantial portion of our revenue, the disclosure of the value of unsatisfied performance obligations for our services is not required. Significant judgments primarily include the identification of performance obligations in our Document management services arrangements as well as the pattern of delivery for those services. More specifically, revenue related to our products and services is generally recognized as follows: Equipment: Revenues from the sale of equipment directly to end-user customers, including those from sales-type leases (see below), are recognized when obligations under the terms of a contract with our customer are satisfied and control has been transferred to the customer. For equipment placements that require us to install the product at the customer location, revenue is normally recognized when the equipment has been delivered and installed at the customer location. Sales of customer installable products are recognized upon shipment or receipt by the customer according to the customer's shipping terms. Revenue from the equipment performance obligation also includes certain analyst training services performed in connection with the installation or delivery of the equipment. Maintenance services: We provide maintenance agreements on our equipment that include service and supplies for which the customer may pay a base minimum plus a price-per-page charge for usage. In arrangements that include minimums, those minimums are normally set below the customer’s estimated page volumes and are not considered substantive. These agreements are sold as part of a bundled lease arrangement or through distributors and resellers. We normally account for these maintenance agreements as a single performance obligation for printing services being delivered in a series with delivery being measured by usage as billed to the customer. Accordingly, revenue on these types of agreements is normally recognized as billed to the customer over the term of the agreements based on page volumes. A substantial portion of our products are sold with full service maintenance agreements, accordingly, other than the product warranty obligations associated with certain of our entry level products, we do not have any significant warranty obligations, including any obligations under customer satisfaction programs. Print outsourcing services: Revenues associated with our print outsourcing services are generally recognized as the printing services are rendered, which is generally on the basis of the number of images produced. Revenues on unit-price contracts are recognized at the contractual selling prices as work is completed by the customer. We account for these arrangements as a single performance obligation for printing services being delivered in a series with delivery being measured by usage as billed to the customer. Our services contracts may also include the sale or lease of equipment and software. In these instances, we follow the policies noted for Equipment or Software Revenues and separately report the revenue associated with these performance obligations. Certain document management services arrangements may also include an embedded lease of equipment. In these instances, the revenues associated with the lease are recognized in accordance with the requirements for lease accounting. Sales to distributors and resellers: We utilize distributors and resellers to sell our equipment, supplies and maintenance services to end-user customers. We refer to our distributor and reseller network as our two-tier distribution model. Revenues on sales to distributors and resellers are generally recognized when products are shipped to such distributors and resellers. However, revenue is only recognized when the distributor or reseller has economic substance apart from the Company such that collectability is probable and we have no further obligations related to bringing about the resale, delivery or installation of the product that would impact transfer of control. Revenues associated with maintenance agreements sold through distributors and resellers to end-user customers are recognized in a consistent manner for maintenance services. Revenue that may be subject to a reversal of revenue due to contractual terms or uncertainties is not recorded as revenue until the contractual provisions lapse or the uncertainties are resolved. Distributors and resellers participate in various rebate, price-protection, cooperative marketing and other programs. We estimate the variable consideration associated with these programs and record those amounts as a reduction to revenue when sales occur. Similarly, we account for our estimates of sales returns and other allowances when sales occur based on our historical experience. In certain instances, we may provide lease financing to end-user customers who purchased equipment we sold to distributors or resellers. We are not obligated to provide financing and we compete with other third-party leasing companies with respect to the lease financing provided to these end-user customers. Software: Most of our equipment has both software and non-software components that function together to deliver the equipment's essential functionality and therefore they are accounted for together as part of Equipment sales revenues. Software accessories sold in connection with our Equipment sales, as well as free-standing software sales, are accounted for as separate performance obligations if determined to be material in relation to the overall arrangement. Revenue from software is not a significant component of our Total revenues. Supplies: Supplies revenue is recognized upon transfer of control to the customer, generally upon utilization or shipment to the customer in accordance with the sales contract terms. Financing: Finance income attributable to sales-type leases, direct financing leases and installment loans is recognized on the accrual basis using the effective interest method. Bundled Lease Arrangements: A portion of our direct sales of equipment to end-user customers are made through bundled lease arrangements which typically include equipment, services (maintenance and managed services) and financing components, where the customer pays a single negotiated fixed minimum monthly payment for all elements over the contractual lease term. These arrangements also typically include an incremental, variable component for page volumes in excess of the contractual page volume minimums, which are often expressed in terms of price-per-image or page. Revenues under these bundled lease arrangements are allocated considering the relative standalone selling prices of the lease and non-lease deliverables included in the bundled arrangement. Lease deliverables include the equipment and financing, while the non-lease deliverables generally consist of the services, which include supplies. Consistent with the guidance in ASC 842 and ASC 606, regarding the allocation of fixed and variable consideration, we only consider the fixed payments for purposes of allocation to the lease elements of the contract. The fixed minimum monthly payments are multiplied by the number of months in the contract term to arrive at the total fixed lease payments that the customer is obligated to make over the lease term. Amounts allocated to the equipment and financing elements are then subjected to the accounting estimates noted below under Leases to ensure the values reflect standalone selling prices. The remainder of any fixed payments, as well as the variable payments, are allocated to non-lease elements because the variable consideration for incremental page volume or usage is considered attributable to the delivery of those elements. The consideration for the non-lease elements is not dependent on the consideration for equipment and vice versa, and the consideration for the equipment and services is priced at the appropriate standalone values; therefore, the relative standalone selling price allocation method is not necessary. The revenue associated with the non-lease elements are normally accounted for as a single performance obligation being delivered in a series, with delivery being measured as the usage billed to the customer. Accordingly, revenue from these agreements is recognized in a manner consistent with the guidance for Maintenance or Print outsourcing services agreements. Leases: The two primary accounting provisions we use to classify transactions as sales-type or operating leases are: (i) a review of the lease term to determine if it is for the major part of the economic life of the underlying equipment (defined as greater than 75%); and (ii) a review of the present value of the lease payments to determine if they are equal to or greater than substantially all of the fair market value of the equipment at the inception of the lease (defined as greater than 90%). Equipment placements included in arrangements meeting these conditions are accounted for as sales-type leases and revenue is recognized in a manner consistent with Equipment sales. Equipment placements included in arrangements that do not meet these conditions are accounted for as operating leases and revenue is recognized over the term of the lease. We consider the economic life of most of our products to be five years, since this represents the most frequent contractual lease term for our principal products and only a small percentage of our leases are for original terms longer than five years. There is no significant after-market for our used equipment. We believe five years is representative of the period during which the equipment is expected to be economically usable, with normal service, for the purpose for which it is intended. We perform an analysis of the stand-alone selling price of equipment based on cash selling prices as well as other methodologies including a margin analysis during the applicable period. With respect to the analysis of cash sales, cash selling prices are compared to the range of values determined for our leases. The range of cash selling prices must be reasonably consistent with the lease selling prices in order for us to determine that such lease prices reflect stand-alone value. Our lease pricing interest rates, which are used in determining customer payments in a bundled lease arrangement, are developed based upon a variety of factors including local prevailing rates in the marketplace, cost of funds and the customer’s credit history, industry and credit class. We reassess our pricing interest rates quarterly based on changes in the local prevailing rates in the marketplace. The pricing interest rates generally equal the implicit rates within the leases, as corroborated by our comparisons of cash to lease selling prices and other analyses as noted above. Additional Lease Payments: Certain leases may require the customer to pay property taxes and insurance on the equipment. In these instances, the amounts for property taxes and insurance that we invoice to customers and pay to third parties are considered variable payments and are recorded as other revenues and other cost of revenues, respectively. Amounts related to property taxes and insurance are not material. We exclude from variable payments all lessor costs that are explicitly required to be paid directly by a lessee on behalf of the lessor to a third party. Other Revenue Recognition Policies Revenue-based Taxes: Revenue-based taxes assessed by governmental authorities that are both imposed on and concurrent with specific revenue-producing transactions, and that are collected by the Company from a customer, are excluded from revenue. The primary revenue-based taxes are sales tax and value-added tax (VAT). Shipping and Handling: Shipping and handling costs are accounted for as a fulfillment cost and are included in Cost of sales in the Consolidated Statements of (Loss) Income. Refer to Note 3 - Revenue for additional information regarding revenue recognition policies with respect to contract assets and liabilities as well as contract costs. Other Significant Accounting Policies Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, including money market funds, and investments with original maturities of three months or less. Allowance for Doubtful Accounts and Credit Losses The allowance for doubtful accounts and provision for credit losses represents an estimate of the losses expected to be incurred from the Company's trade and finance receivable portfolio. The measurement and recognition of expected credit losses is based on an expected loss model and incorporates an assessment of past collection experience as well as consideration of current and future economic conditions and changes in our customer collection trends. The allowance of finance receivables is determined on a collective basis by year of origination through the application of projected loss rates to our different portfolios by country, which represent our portfolio segments. This is the level at which we develop and document our methodology to determine the allowance for credit losses. These projected loss rates are primarily based upon historical loss experience adjusted for judgments about the probable effects of relevant observable data including current and future economic conditions as well as delinquency trends, resolution rates, the aging of receivables, credit quality indicators and the financial health of specific customer classes or groups. The allowance for finance receivables is inherently more difficult to estimate than the allowance for trade accounts receivable because the underlying lease portfolio has an average maturity, at any time, of approximately two to three years and contains past due billed amounts, as well as unbilled amounts. We consider all available information in our quarterly assessments of the adequacy of the allowance for doubtful accounts. We believe our estimates, including any qualitative adjustments, are reasonable and have considered all reasonably available information about past events, current conditions, and reasonable and supportable forecasts of future events and economic conditions. The identification of account-specific exposure is not a significant factor in establishing the allowance for doubtful finance receivables. Receivable Sales and Securitization The Company securitizes certain finance lease receivables by transferring them to Special Purpose Entities (SPEs) that meet the definition of a Variable Interest Entity (VIE) and are consolidated into our financial statements. These SPEs are bankruptcy-remote legal entities with separate assets and liabilities. The purpose of the SPEs is to facilitate the funding of customer loan and lease payments and associated equipment in the capital markets. These securitizations qualify as collateral for secured borrowings and no gains or losses are recognized at the time of securitization. The receivables remain on the balance sheet and classified as Finance receivables, net. The Company continues recognize finance income over the lives of these receivables. We also transfer certain portions of our finance receivable portfolios to third parties and account for those transfers of financial assets as sales when we have surrendered control over the related assets. Whether control has been relinquished requires, among other things, an evaluation of relevant legal considerations and an assessment of the nature and extent of the Company’s continuing involvement with the assets transferred. Gains and losses stemming from transfers reported as sales are normally included in revenue in the accompanying statements of income. Gains or losses on the sale of finance receivables depend, in part, on both (a) the cash proceeds and (b) the net non-cash proceeds received or paid. Assets obtained and liabilities incurred in connection with transfers reported as sales are initially recognized in the balance sheet at fair value. Refer to Note 8 – Finance Receivables, Net for additional information on our finance receivable sales. Inventories Inventories are carried at the lower of average cost or net realizable value. Inventories also include equipment that is returned at the end of the lease term. Returned equipment is recorded at the lower of remaining net book value or salvage value, which is normally not significant. We regularly review inventory quantities and record a provision for excess and/or obsolete inventory based primarily on our estimated forecast of product demand, production requirements and servicing commitments. Several factors may influence the realizability of our inventories, including our decision to exit a product line, technological changes and new product development. The provision for excess and/or obsolete raw materials and equipment inventories is based primarily on near-term forecasts of product demand and include consideration of new product introductions, as well as changes in remanufacturing strategies. The provision for excess and/or obsolete service parts inventory is based primarily on projected servicing requirements over the life of the related equipment populations. Refer to Note 9 - Inventories and Equipment on Operating Leases, Net for further discussion. Land, Buildings and Equipment on Operating Leases Land, buildings and equipment are recorded at cost. Buildings and equipment are depreciated over their estimated useful lives. Leasehold improvements are depreciated over the shorter of the lease term or the estimated useful life. Equipment on operating leases is depreciated to estimated salvage value over the lease term. Depreciation is computed using the straight-line method. Significant improvements are capitalized, and maintenance and repairs are expensed. Refer to Note 9 - Inventories and Equipment on Operating Leases, Net and Note 10 - Land, Buildings, Equipment and Software, Net for further discussion. Leased Assets We determine at inception whether an arrangement is a lease. Our leases do not include assets of a specialized nature, or the transfer of ownership at the end of the lease, and the exercise of end-of-lease purchase options, which are primarily in our equipment leases, is not reasonably assured at lease inception. Accordingly, the two primary criteria we use to classify transactions as operating leases or finance leases are: (i) a review of the lease term to determine if it is equal to or greater than 75% of the economic life of the asset, and (ii) a review of the present value of the minimum lease payments to determine if they are equal to or greater than 90% of the fair market value of the asset at the inception of the lease. Right-of-use (ROU) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. We also assess arrangements for goods or services to determine if the arrangement contains a lease at its inception. This assessment first considers whether there is an implicitly or explicitly identified asset in the arrangement and then whether there is a right to control the use of the asset. If there is an embedded lease within a contract, the Company determines the classification of the lease at the lease inception date consistent with standalone leases of assets. Operating leases are included in Other long-term assets, Accrued expenses and other current liabilities, and Other long-term liabilities in our Consolidated Balance Sheets. Finance leases are included in Land, buildings and equipment, net, Accrued expenses and other current liabilities, and Other long-term liabilities in our Consolidated Balance Sheets. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Since the implicit rate for almost all of our leases is not readily determinable, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate is the rate of interest that we would have to pay to borrow, on a collateralized basis, an amount equal to the lease payments, in a similar economic environment and over a similar term. The rate is dependent on several factors, including the lease term and currency of the lease payments. Lease terms used to calculate the present value of lease payments generally do not include any options to extend, renew, or terminate the lease, as we do not have reasonable certainty at lease inception that these options will be exercised. We generally consider the economic life of our operating lease ROU assets to be comparable to the useful life of similar owned assets. We have elected the short-term lease exception, therefore operating lease ROU assets and liabilities do not include leases with a lease term of twelve months or less. Our leases generally do not provide a residual guarantee. The operating lease ROU asset also excludes lease incentives. Lease expense is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components. These components are accounted for separately for vehicle and equipment leases. We account for the lease and non-lease components as a single lease component for real estate leases of offices and warehouses. We review the potential impairment of our ROU assets consistent with the approach applied for our other long-lived assets. We review the recoverability of our long-lived assets when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on our ability to recover the carrying value of the asset from the expected undiscounted future pre-tax cash flows of the related operations. We have elected to include the carrying amount of operating lease liabilities in any tested asset group and include the associated operating lease payments in the undiscounted future pre-tax cash flows. Software - Internal Use and Product We capitalize direct costs associated with developing, purchasing or otherwise acquiring software for internal use and amortize these costs on a straight-line basis over the expected useful life of the software, beginning when the software is implemented (Internal Use Software). Costs incurred for upgrades and enhancements that will not result in additional functionality are expensed as incurred. Amounts expended for Internal Use Software are included in Cash Flows from Investing activities. We also capitalize certain costs related to the development of software solutions to be sold to our customers upon reaching technological feasibility (Product Software). These costs are amortized on a straight-line basis over the estimated economic life of the software. Amounts expended for Product Software are included in Cash Flows from Operations. We perform periodic reviews to ensure that unamortized Product Software costs remain recoverable from estimated future operating profits (net realizable value or NRV). Costs to support or service licensed software are charged to Costs of services as incurred. Refer to Note 10 - Land, Buildings, Equipment and Software, Net for further information. Goodwill and Other Intangible Assets Goodwill represents the excess of the purchase price over the fair value of acquired net assets in a business combination, including the amount assigned to identifiable intangible assets. The primary drivers that generate Goodwill are the value of synergies between the acquired entities and the company and the acquired assembled workforce, neither of which qualifies as an identifiable intangible asset. Goodwill is not amortized, but rather is tested for impairment annually, or more frequently whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable and an impairment loss may have been incurred. We assess Goodwill for impairment at least annually, during the fourth quarter based on balances as of October 1st, and more frequently if indicators of impairment exist or if a decision is made to sell or exit a business. Impairment testing for Goodwill is done at the reporting unit level. A reporting unit is an operating segment or one level below an operating segment (a component) if the component constitutes a business for which discrete financial information is available, and segment management regularly reviews the operating results of that component. Consistent with the determination that we had two operating/reportable segments we determined that we had two reporting units – Print and Other, and Financing (FITTLE). We perform an assessment of Goodwill, utilizing either a qualitative or quantitative impairment test. The qualitative impairment test assesses several factors to determine whether it is more-likely-than-not that the fair value of the entity is less than its carrying amount. If we conclude it is more-likely-than-not that the fair value of the entity is less than its carrying amount, a quantitative fair value test is performed. In certain circumstances, we may also bypass the qualitative test and proceed directly to a quantitative impairment test. In a quantitative impairment test, we assess Goodwill by comparing the carrying amount of the entity to its fair value. Fair value of the entity is determined by using a weighted combination of an income approach and a market approach. If the fair value exceeds the carrying value, Goodwill is not considered impaired. If the carrying value exceeds the fair value, Goodwill is considered impaired, and we would recognize an impairment loss for the excess. Other intangible assets primarily consist of assets obtained in connection with business acquisitions, including installed customer base and distribution network relationships, existing technology, trademarks and non-compete agreements. We apply an impairment evaluation whenever events or changes in business circumstances indicate that the carrying value of our intangible assets may not be recoverable. Other intangible assets are amortized on a straight-line basis over their estimated economic lives. We believe that the straight-line method of amortization reflects an appropriate allocation of the cost of the intangible assets to earnings in proportion to the amount of economic benefits obtained annually by the Company. Refer to Note 12 - Goodwill, Net and Intangible Assets, Net for further information. Impairment of Long-Lived Assets We review the recoverability of our long-lived assets, including buildings, equipment, right-of-use leased assets, internal use software and other intangible assets, when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on our ability to recover the carrying value of the asset from the expected future pre-tax cash flows (undiscounted and without interest charges) of the related operations. If these cash flows are less than the carrying value of such asset, an impairment loss is recognized for the difference between estimated fair value and carrying value. Our primary measure of fair value is based on discounted cash flows. Long-lived assets to be disposed of by sale are reported at the lower of carrying amount or fair value less costs to sell. Long-lived assets to be disposed of other than by sale (e.g., by abandonment, cease-use) would continue to be classified as held and used until the long-lived asset is disposed of (e.g., abandoned or when the asset ceases to be used). In 2022, 2021 and 2020 we evaluated the recoverability of our Long-Lived Assets and Other Intangible Assets to be held and used by comparing the carrying amount of those assets to the net undiscounted cash flows expected to be generated by the business unit/component using those assets to determine if the carrying value was recoverable. The recoverability test/income approach indicated that our Long-Lived assets and Other Intangible Assets to be held and used were not impaired. Refer to Note 13 - Restructuring Programs for additional information regarding the impairment of long-lived assets in connection with our restructuring programs and initiatives. Pension and Post-Retirement Benefit Obligations We sponsor various forms of defined benefit pension plans in several countries covering employees who meet eligibility requirements. Retiree health benefit plans cover a portion of our U.S. and Canadian employees for retiree medical costs. We employ a delayed recognition feature in measuring the costs of pension and post-retirement benefit plans. This requires changes in the benefit obligations and changes in the value of assets set aside to meet those obligations to be recognized not as they occur, but systematically and gradually over subsequent periods. All changes are ultimately recognized as components of net periodic benefit cost, except to the extent they may be offset by subsequent changes. At any point, changes that have been identified and quantified but not recognized as components of net periodic benefit cost are recognized in Accumulated other comprehensive loss, net of tax. Several statistical and other factors that attempt to anticipate future events are used in calculating the expense, liability and asset values related to our pension and retiree health benefit plans. These factors include assumptions we make about the applicable discount rate, expected return on plan assets, cash balance interest-crediting rate, rate of increase in healthcare costs, the rate of future compensation increases and mortality. Actual returns on plan assets are not immediately recognized in our income statement due to the delayed recognition requirement. In calculating the expected return on the plan asset component of our net periodic pension cost, we apply our estimate of the long-term rate of return on the plan assets that support our pension obligations, after deducting assets that are specifically allocated to Transitional Retirement Accounts (which are accounted for based on specific plan terms). For purposes of determining the expected return on plan assets, we utilize a market-related value approach in determining the value of the pension plan assets, rather than a fair market value approach. The primary difference between the two methods relates to systematic recognition of changes in fair value over time (generally two years) versus immediate recognition of changes in fair value. Our expected rate of return on plan assets is applied to the market-related asset value to determine the amount of the expected return on plan assets to be used in the determination of the net periodic pension cost. The market-related value approach reduces the volatility in net periodic pension cost that would result from using the fair market value approach. The discount rate is used to present value our future anticipated benefit obligations. The discount rate reflects the current rate at which benefit liabilities could be effectively settled considering the timing of expected payments for plan participants. In estimating our discount rate, we consider rates of return on high-quality fixed-income investments adjusted to eliminate the effects of call provisions, as well as the expected timing of pension and other benefit payments. Each year, the difference between the actual return on plan assets and the expected return on plan assets, as well as increases or decreases in the benefit obligation as a result of changes in the discount rate and other actuarial assumptions, are added to or subtracted from any cumulative actuarial gain or loss from prior years. This amount is the net actuarial gain or loss recognized in Accumulated other comprehensive loss. We amortize net actuarial gains and losses as a component of net pension cost for a year if, as of the beginning of the year, that net gain or loss (excluding asset gains or losses that have not been recognized in market-related value) exceeds 10% of the greater of the projected benefit obligation or the market-related value of plan assets (the corridor method). This determination is made on a plan-by-plan basis. If amortization is required for a particular plan, we amortize the applicable net gain or loss in excess of the 10% threshold on a straight-line basis in net periodic pension cost over the remaining service period of the employees participating in that pension plan. In plans where substantially all participants are inactive, the amortization period for the excess is the average remaining life expectancy of the plan participants. Our primary domestic plans allow participants the option of settling their vested benefits through the receipt of a lump-sum payment. The participant's vested benefit is considered fully settled upon payment of the lump sum. We have elected to apply settlement accounting and therefore we recognize the losses associated with settlements in this plan immediately upon the settlement of the vested benefits. Settlement accounting requires us to recognize a pro rata portion of the aggregate unamortized net actuarial losses upon settlement. The pro rata factor is computed as the percentage reduction in the projected benefit obligation due to the settlement of the participant's vested benefit. Refer to Note 18 - Employee Benefit Plans for further information regarding our Pension and Post-Retirement Benefit Obligations. Research, Development and Engineering (RD&E) Research, development and engineering costs are expensed as incurred. Sustaining engineering costs are incurred with respect to on-going product improvements or environmental compliance after initial product launch. Sustaining engineering costs were $58, $59 and $54 in for the years ended December 31, 2022, 2021 and 2020, respectively. Government Grants/Assistance Government grants related to income are recognized as a reduction of related expenses in the Consolidated Statements of (Loss) Income when there is a reasonable assurance that the entity will comply with the conditions attached to the grant and that the grants will be received. The timing and pattern of recognition of government grants is made on a systematic basis over the periods in which the Company recognizes the related expenses or losses that the grants are intended to compensate. Foreign Currency Translation and Remeasurement The functional currency for most of our foreign operations is the local currency. Net assets are translated at current rates of exchange and income, expense and cash flow items are translated at average exchange rates for the applicable period. The translation adjustments are recorded in Accumulated other comprehensive loss. The U.S. Dollar is used as the functional currency for certain foreign subsidiaries that conduct their business in U.S. Dollars as well as foreign subsidiaries operating in highly inflationary economies. For these subsidiaries, non-monetary foreign currency assets and liabilities are translated using historical rates, while monetary assets and liabilities are translated at current rates, with the U.S. dollar effects of rate changes recorded in Currency (gains) and losses within Other expenses, net together with other foreign currency remeasurements.

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (e)(3)
-URI https://asc.fasb.org/extlink&oid=126983759&loc=SL121830611-158277

Revenue from Contract with Customer [Abstract]

Revenue

12 Months Ended

Dec. 31, 2022

Revenue

Revenues disaggregated by primary geographic markets, major product lines, and sales channels are as follows:


	Year Ended December 31,
	2022		2021		2020
Primary geographical markets(1)
United States	$	4,014	$	3,982	$	4,186
Europe	1,935		2,023		1,883
Canada	545		398		393
Other	613		635		560
Total Revenues	$	7,107	$	7,038	$	7,022

Major product and services lines
Equipment	$	1,624	$	1,581	$	1,564
Supplies, paper and other sales	1,176		1,001		885
Maintenance agreements(2)	1,730		1,787		1,803
Service arrangements(3)	1,953		1,991		2,014
Rental and other	417		457		530
Financing	207		221		226

Total Revenues	$	7,107	$	7,038	$	7,022

Sales channels:

Direct equipment lease(4)	$	708	$	664	$	573
Distributors & resellers(5)	1,222		1,130		910
Customer direct	870		788		966
Total Sales	$	2,800	$	2,582	$	2,449

_____________

(1)Geographic area data is based upon the location of the subsidiary reporting the revenue.

(2)Includes revenues from maintenance agreements on sold equipment as well as revenues associated with service agreements sold through our channel partners.

(3)Primarily includes revenues from our Print outsourcing arrangements including revenues from embedded operating leases in those arrangements, which were not significant.

(4)Primarily reflects sales through bundled lease arrangements.

(5)Primarily reflects sales through our two-tier distribution channels.

Contract assets and liabilities: We normally do not have contract assets, which are primarily unbilled accounts receivable that are conditional on something other than the passage of time. Our contract liabilities, which represent billings in excess of revenue recognized, are primarily related to advanced billings for maintenance and other services to be performed and were approximately $131 and $144 at December 31, 2022 and 2021, respectively. The majority of the balance at December 31, 2022 will be amortized to revenue over approximately the next 30 months.

Contract Costs: Incremental direct costs of obtaining a contract primarily include sales commissions paid to salespeople and agents in connection with the placement of equipment with associated post sale services arrangements. These costs are deferred and amortized on the straight-line basis over the estimated contract term, which is currently estimated to be approximately four years. We pay commensurate sales commissions upon customer renewals, therefore our amortization period is aligned to our initial contract term.

Incremental direct costs are as follows:


	Year Ended December 31,
	2022		2021		2020
Incremental direct costs of obtaining a contract	$	63	$	61	$	62
Amortization of incremental direct costs	68		73		81

The balance of deferred incremental direct costs net of accumulated amortization at December 31, 2022 and 2021 was $125 and $132, respectively. This amount is expected to be amortized over its estimated period of benefit, which we currently estimate to be approximately four years.

We may also incur costs associated with our services arrangements to generate or enhance resources and assets that will be used to satisfy our future performance obligations included in these arrangements. These costs are considered contract fulfillment costs and are amortized over the contractual service period of the arrangement to

cost of services. In addition, we also provide inducements to certain customers in various forms, including contractual credits, which are capitalized and amortized as a reduction of revenue over the term of the contract. Amounts deferred associated with contract fulfillment costs and inducements were $10 and $15 at December 31, 2022 and 2021, respectively, and related amortization was $5, $6 and $4 for the three years ended December 31, 2022, 2021 and 2020, respectively.

Equipment and software used in the fulfillment of service arrangements, and where the Company retains control, are capitalized and depreciated over the shorter of their useful life or the term of the contract if an asset is contract specific.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Segment and Geographic Area Reporting

Segment and Geographic Area Reporting

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Our reportable segments are aligned with how we manage the business and view the markets we serve. During the first quarter of 2022, the Company changed its reportable segments from one reportable segment to two reportable segments – Print and Other, and Financing (FITTLE) to align with a change in how the Chief Operating Decision Maker (CODM), our Chief Executive Officer (CEO), allocates resources and assesses performance against the Company’s key growth strategies. Our two reportable segments are based on the information reviewed by the CODM together with the Company’s management to evaluate performance of the business and allocate resources. As such, prior period reportable segment results and related disclosures have been conformed to reflect the Company’s current reportable segments.

Our Print and Other segment includes the sale of document systems, supplies and technical services and managed services. The segment also includes the delivery of managed services that involve a continuum of solutions and services that help our customers optimize their print and communications infrastructure, apply automation and simplification to maximize productivity, and ensure the highest levels of security. This segment also includes IT services and software. Our product groupings range from:

•“Entry”, which include A4 devices and desktop printers and multifunction devices that primarily serve small and medium workgroups/work teams.

•“Mid-Range”, which include A3 devices that generally serve large workgroup/work teams environments as well as products in the Light Production product groups serving centralized print centers, print for pay and lower volume production print establishments.

•“High-End”, which include production printing and publishing systems that generally serve the graphic communications marketplace and print centers in large enterprises.

Customers range from small and mid-sized businesses to large enterprises. Customers also include graphic communication enterprises as well as channel partners including distributors and resellers. Segment revenues also include commissions and other payments from the Financing (FITTLE) segment for the exclusive right to provide lease financing for Xerox products. These revenues are reported as part of Intersegment Revenues, which are eliminated in consolidated revenues.

The Financing (FITTLE) segment provides leasing solutions through either bundled or unbundled lease agreements of Xerox and non-Xerox products and IT services equipment. These leasing solutions support a wide range of customers, from government to graphic communications and the small and mid-sized markets to Enterprise as well as financing for direct channel customer purchases of both Xerox and non-Xerox equipment. Segment revenues primarily includes financing income on sales-type leases, operating lease income (including month-to-month rentals and extensions) and leasing fees.

Segment Policy

We derive the results of our business segments directly from our internal management reporting system. The accounting policies that the Company uses to derive its segment results are substantially the same as those used by the Company in preparing its consolidated financial statements. The segment results include a significant level of management estimates regarding the allocation of revenues such as finance income in bundled lease arrangements and other leasing revenues and operating lease revenues embedded in our managed services contracts as well as the allocation of expenses for shared selling and administrative services. Accordingly, the financial results for the segments may not be indicative of the results the businesses would have as on a standalone basis or what might be presented for the businesses in stand-alone financial statements. The CODM measures the performance of each segment based on several metrics, including segment revenues and profit. The CODM uses these results, in part, to evaluate the performance of, and to allocate resources to each segment. The Financing (FITTLE) segment also includes interest expense associated with allocated debt of the Company in support of its Finance assets, while no interest expense is allocated to the Print and Other segment.

Selected financial information for our reportable segments was as follows:


	Year Ended December 31,
	2022									2021									2020
	Print and Other			Financing (FITTLE)			Total			Print and Other			Financing (FITTLE)			Total			Print and Other			Financing (FITTLE)			Total
External revenue	$	6,509		$	598		$	7,107		$	6,355		$	683		$	7,038		$	6,290		$	732		$	7,022
Intersegment revenue(1)	158			12			170			193			12			205			199			12			211
Total Segment revenue	$	6,667		$	610		$	7,277		$	6,548		$	695		$	7,243		$	6,489		$	744		$	7,233

Segment profit	$	238		$	37		$	275		$	293		$	82		$	375		$	461		$	3		$	464
Segment margin(2)	3.7		%	6.2		%	3.9		%	4.6		%	12.0		%	5.3		%	7.3		%	0.4		%	6.6		%

Interest income	$	—		$	207		$	207		$	—		$	221		$	221		$	—		$	226		$	226
Interest expense(3)	—			116			116			—			121			121			—			133			133
Depreciation and amortization	113			115			228			117			155			272			129			183			312

Capital expenditures(4)	57			—			57			68			—			68			74			—			74
Total Assets	8,004			3,539			11,543			9,690			3,533			13,223

_____________

(1)Intersegment revenue is primarily commissions and other payments made by the Financing (FITTLE) Segment to the Print and Other Segment for the lease of Xerox equipment placements.

(2)Segment margin based on External revenue only.

(3)Interest expense for the Financing (FITTLE) Segment includes non-financing interest expense on allocated debt associated with Equipment on operating lease of $8, $10 and $12 for the three years ended December 31, 2022, 2021 and 2020, respectively.

(4)Capital expenditures are allocated fully to the Print and Other segment since primarily managed and controlled through that segment together with related assets.

Selected financial information for our reportable segments was as follows:


	Year Ended December 31,
	2022		2021		2020





Pre-tax (Loss) Income
Total Segment profit	$	275	$	375	$	464
Goodwill impairment	(412)		(781)		—
Restructuring and related costs, net	(65)		(38)		(93)
Amortization of intangible assets	(42)		(55)		(56)
Accelerated share vesting	(21)		—		—
Transaction and related costs, net	—		—		(18)
Other expenses, net	(63)		24		(45)
Total Pre-tax (loss) income	$	(328)	$	(475)	$	252

Depreciation and Amortization
Total reported segments	$	228	$	272	$	312
Amortization of intangible assets	42		55		56
Total Depreciation and amortization	$	270	$	327	$	368

Interest Expense
Total reported segments	$	116	$	121	$	133
Corporate	83		86		82
Total Interest expense	$	199	$	207	$	215

Interest Income
Total reported segments	$	207	$	221	$	226
Corporate	11		4		14
Total Interest income	$	218	$	225	$	240

Geographic Area Data

Geographic area data is based upon the location of the subsidiary reporting the revenue or long-lived assets and is as follows:


	Revenues						Long-Lived Assets (1)
	Year Ended December 31,						As of December 31,
	2022		2021		2020		2022		2021
United States	$	4,014	$	3,982	$	4,186	$	537	$	638
Europe	1,935		2,023		1,883		249		258
Canada	545		398		393		54		68
Other areas	613		635		560		25		32
Total	$	7,107	$	7,038	$	7,022	$	865	$	996

_____________

(1)Long-lived assets are comprised of (i) Land, buildings and equipment, net, (ii) Equipment on operating leases, net, (iii) Leased right-of-use (ROU) assets, net, (iv) Internal use software, net, and v) Capitalized product software, net.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Lessor

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Lessor

Revenue from sales-type leases is presented on a gross basis when the Company enters into a lease to realize value from a product that it would otherwise sell in its ordinary course of business, whereas in transactions where the Company enters into a lease for the purpose of generating revenue by providing financing, the profit or loss, if any, is presented on a net basis. In addition, we have elected to account for sales tax and other similar taxes collected from a lessee as lessee costs and therefore we exclude these costs from contract consideration and variable consideration and present revenue net of these costs.

The components of lease income are as follows:


	Location in Statements of (Loss) Income	Year Ended December 31,
		2022		2021		2020
Revenue from sales type leases	Sales	$	708	$	664	$	573


Interest income on lease receivables	Financing	207		221		226


Lease income - operating leases	Services, maintenance and rentals	170		246		313
Variable lease income	Services, maintenance and rentals	63		62		66
Total Lease income		$	1,148	$	1,193	$	1,178

Profit at lease commencement on sales type leases was estimated to be approximately $229, $221 and $207 for the three years ended December 31, 2022, 2021 and 2020, respectively.

Lessor

The components of lease income are as follows:


	Location in Statements of (Loss) Income	Year Ended December 31,
		2022		2021		2020
Revenue from sales type leases	Sales	$	708	$	664	$	573


Interest income on lease receivables	Financing	207		221		226


Lease income - operating leases	Services, maintenance and rentals	170		246		313
Variable lease income	Services, maintenance and rentals	63		62		66
Total Lease income		$	1,148	$	1,193	$	1,178

Profit at lease commencement on sales type leases was estimated to be approximately $229, $221 and $207 for the three years ended December 31, 2022, 2021 and 2020, respectively.

Acquisitions and Investments

12 Months Ended

Dec. 31, 2022

Acquisitions and Investments

The following table summarizes the purchase price allocations for our acquisitions as of the acquisition dates:


	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020
	Weighted-Average Life	Acquisitions		Weighted-Average Life	Acquisitions		Weighted-Average Life	Acquisitions
Accounts/finance receivables		$	29		$	5		$	20
Intangible assets:
Customer relationships	10 years	41		9 years	27		9 years	69
Trademarks	5 years	7		5 years	3		9 years	9
Technology		—		3 years	1		3 years	9

Goodwill		62			25			111
Other assets		30			4			44
Total Assets acquired		169			65			262
Liabilities assumed(1)		(76)			(12)			(59)
Total Cash Purchase Price		$	93		$	53		$	203

_____________

(1)Includes estimated contingent consideration liabilities of approximately $11 as of December 31, 2022.

2022 Acquisitions

During 2022, Xerox acquired two businesses that totaled $93, net of cash acquired.

In February 2022, Xerox acquired Powerland, a leading IT services provider in Canada, for approximately $52 (CAD 66 million), net of cash. The acquisition also included contingent consideration up to approximately $22 (CAD 28 million) based on future performance of the acquisition over the two-year period following the date of acquisition. The acquisition strengthens Xerox’s IT services offerings in North America, which include cloud, cyber security, end user computing and managed services.

In July 2022, Xerox acquired Go Inspire, a U.K.-based print and digital marketing and communication services provider, for approximately $41 (GBP 34 million), net of cash. The acquisition strengthens Xerox’s strategy to grow its global Digital Services presence in EMEA.

Both of our 2022 acquisitions resulted in 100% ownership of the acquired companies. The operating results of these acquisitions are not material to our financial statements and are included within our results from the respective acquisition dates. The purchase prices were primarily allocated to Intangible assets, net and Goodwill, net, of which, approximately $20 is expected to be deductible for tax purposes. The allocations for the Powerland acquisition were finalized during 2022, however, the allocations for the Go Inspire acquisition are based on preliminary management estimates, which continue to be reviewed, and are expected to be finalized by second quarter of 2023 and may include input and support from third-party valuations. Any adjustments to the preliminary allocations are not expected to be material. The Goodwill associated with both acquisitions is included in our Print and Other segment.

2021 Acquisitions

In 2021, Xerox continued its strategy of focusing on further penetrating the small-to-medium sized business (SMB) market through acquisitions of local area resellers and partners, including multi-brand dealers as well as companies with an adjacent or sole IT services business. During 2021, we acquired businesses associated with this initiative that totaled $50, net of cash acquired, which included an office equipment dealer in Canada for approximately $31, as well as two acquisitions in the U.S. for approximately $19. 2021 also included smaller acquisitions totaling approximately $3.

All of our 2021 acquisitions resulted in 100% ownership of the acquired companies. The operating results of these acquisitions are not material to our financial statements and are included within our results from the respective acquisition dates. The purchase prices were all cash and were primarily allocated to Intangible assets, net and Goodwill, net, of which, none is expected to be deductible for tax purposes.

2020 Acquisitions

Business acquisitions in 2020 totaled $194, net of cash acquired, and included three acquisitions in the U.K. for $172 (GBP 133 million) - Arena Group, Altodigital Networks and ITEC Connect, as well as an acquisition in Canada for approximately $22 (CAD 29 million). These acquisitions are expected to expand our presence in the SMB market in both Western Europe and Canada. 2020 also included the acquisition of CareAR for $9.

All of our 2020 acquisitions resulted in 100% ownership of the acquired companies. The operating results of these acquisitions are not material to our financial statements and are included within our results from the respective acquisition dates. The purchase prices were all cash and were primarily allocated to Intangible assets, net and Goodwill, net, of which, none is expected to be deductible for tax purposes.

Revenue Summary

Our acquisitions contributed aggregate revenues from their respective acquisition dates as follows:


	Year Ended December 31,
Acquisition Year	2022		2021		2020
2022	$	163	$	—	$	—
2021	37		19		—
2020	132		137		99
Total Contributed Aggregate Revenue	$	332	$	156	$	99

Joint Venture Formation

In May 2021, Xerox and the Victorian Government (AU) (VicGov) partnered to launch Eloque, a venture to commercialize new technology that will remotely monitor the structural health of critical infrastructure assets, such as road and railway bridges. Under the terms of the agreement, Xerox contributed approximately $5 in cash, along with technology and intellectual property for a controlling interest in the entity, whereas VicGov contributed approximately $5 in cash, along with technology and intellectual property for a noncontrolling interest in the entity. The revenues and expenses of the new entity post formation were not material for the years ended December 31, 2022 and December 31, 2021. In the third quarter of 2022, it was determined that development and commercialization of Eloque’s infrastructure/bridge monitoring solution would require significantly more efforts and capital than initially expected. As a result of this determination, we mutually agreed with our partner VicGov to shut down the Eloque joint venture. The impacts from this shutdown were not material.

ServiceNow Inc. Investment in CareAR

In August 2021, in connection with Xerox Holdings Corporation's formation of the CareAR software business, ServiceNow, Inc. acquired a noncontrolling interest in CareAR Holdings LLC for $10. CareAR Holdings LLC is a direct operating subsidiary of Xerox Corporation and includes Xerox’s XMPie, Inc., DocuShare LLC and CareAR, Inc. business units. ServiceNow’s investment includes a fair value redemption right, which is contingent on the non-occurrence of a future liquidity event (e.g., sale, public offering, spin-off, etc.) within 6 years of the closing of the investment. As a result of this contingent redemption right, we classified ServiceNow’s noncontrolling interest in CareAR Holdings LLC as temporary equity within Xerox’s Consolidated Balance Sheet.

Accounts Receivable, Net

12 Months Ended

Dec. 31, 2022

Receivables [Abstract]

Accounts Receivable, Net

Accounts receivable, net were as follows:


	December 31,
	2022		2021
Invoiced	$	698	$	660
Accrued (1)	211		216
Allowance for doubtful accounts	(52)		(58)
Accounts receivable, net	$	857	$	818

____________

(1)Accrued receivables includes amounts to be invoiced in the subsequent quarter for current services provided.

The allowance for doubtful accounts was as follows:


Balance at December 31, 2020	$	69
Provision	8
Charge-offs	(18)
Recoveries and other(1)	(1)
Balance at December 31, 2021	$	58
Provision	17
Charge-offs	(14)
Recoveries and other(1)	(9)
Balance at December 31, 2022	$	52

_____________

(1)Includes the impacts of foreign currency translation and adjustments to reserves necessary to reflect events of non-payment such as customer accommodations and contract terminations.

We perform ongoing credit evaluations of our customers and adjust credit limits based upon customer payment history and current creditworthiness. The allowance for uncollectible accounts receivable is determined based on an assessment of past collection experience as well as consideration of current and future economic conditions and changes in our customer collection trends. Based on that assessment the allowance for doubtful accounts as a percentage of gross receivables was 5.7% at December 31, 2022 and 6.6% at December 31, 2021. The decrease in the allowance is primarily due to a reduction in estimated losses for customer accommodations and other billing adjustments.

Accounts Receivable Sale Arrangements

Accounts receivable sale arrangements are utilized in the normal course of business as part of our cash and liquidity management. The accounts receivable sold are generally short-term trade receivables with payment due dates of less than 60 days. We have one facility in Europe that enables us to sell accounts receivable associated with our distributor network on an ongoing basis, without recourse. Under this arrangement, we sell our entire interest in the related accounts receivable for cash and no portion of the payment is held back or deferred by the purchaser.

Of the accounts receivable sold and derecognized from our balance sheet, $159 and $102 remained uncollected as of December 31, 2022 and 2021, respectively.

Accounts receivable sales activity was as follows:


	Year Ended December 31,
	2022		2021		2020
Accounts receivable sales(1)	$	593	$	478	$	333

_____________

(1)Losses on sales were not material. Customers may also enter into structured-payable arrangements that require us to sell our receivables from that customer to a third-party financial institution, which then makes payments to us to settle the customer's receivable. In these instances, we ensure the sale of the receivables are bankruptcy-remote and the payment made to us is without recourse. The activity associated with these arrangements is not reflected in this disclosure, as payments under these arrangements have not been material and these are customer directed arrangements.

Finance Receivables, Net

Finance receivables include sales-type leases and installment loans arising from the marketing of our equipment. These receivables are typically collateralized by a security interest in the underlying equipment.

Finance receivables, net were as follows:


	December 31,
	2022		2021
Gross receivables	$	3,593	$	3,568
Unearned income	(374)		(380)
Subtotal	3,219		3,188
Residual values	—		—
Allowance for doubtful accounts	(117)		(118)
Finance Receivables, Net	3,102		3,070
Less: Billed portion of finance receivables, net	93		94
Less: Current portion of finance receivables not billed, net	1,061		1,042
Finance Receivables Due After One Year, Net	$	1,948	$	1,934

A summary of our gross finance receivables' future contractual maturities, including those previously billed, is as follows:


	December 31,
	2022		2021
2022			$	1,357
2023	$	1,325	972
2024	967		668
2025	690		396
2026	411		157
2027	169
Thereafter	31		18
Total	$	3,593	$	3,568

Finance Receivables - Allowance for Credit Losses and Credit Quality

Our finance receivable portfolios are primarily in the U.S., Canada and EMEA. We generally establish customer credit limits and estimate the allowance for credit losses on a country or geographic basis. Customer credit limits are based upon an initial evaluation of the customer's credit quality, and we adjust that limit accordingly based upon ongoing credit assessments of the customer, including payment history and changes in credit quality.

The allowance for doubtful credit losses is principally determined based on an assessment of origination year and past collection experience as well as consideration of current and future economic conditions and changes in our customer collection trends. Based on that assessment, the allowance for doubtful credit losses as a percentage of gross finance receivables (net of unearned income) was 3.6% at December 31, 2022 and 3.7% at December 31, 2021. In determining the level of reserve required, we critically assessed current and forecasted economic conditions and trends to ensure we objectively considered those expected impacts in the determination of our reserve. Our assessment also included a review of current portfolio credit metrics and the level of write-offs incurred over the past year.

Our allowance for doubtful finance receivables is effectively determined by geography. The risk characteristics in our finance receivable portfolio segments are generally consistent with the risk factors associated with the economies of the countries/regions included in those geographies. Since EMEA is comprised of various countries and regional economies, the risk profile within that portfolio segment is somewhat more diversified due to the varying economic conditions among and within the countries.

The bad debt provision was $26 for the year ended December 31, 2022. This compares to the bad debt provision of $(1) for the year ended December 31, 2021. The provision for the year ended December 31, 2021 included a reserve reduction of approximately $31, which was the result of improvements in the macroeconomic environment in 2021 as well as lower write-offs as a result of the COVID-19 pandemic.

Although write-offs incurred to date continue to lag expectations, we believe our current reserve position remains sufficient to cover expected future losses that may result from current and future macroeconomic conditions including higher inflation, interest rates and the potential for recessions in the geographic areas of our customers. In addition, there continues to be geopolitical uncertainty in Europe from the Ukraine/Russia conflict and continued impacts from the COVID-19 recovery. As a result of these uncertainties, our reserve as a percent of receivables has remained elevated as compared to our reserve prior to the onset of the COVID-19 pandemic. We continue to monitor developments in future economic conditions and trends, and as a result, our reserves may need to be updated in future periods.

The allowance for doubtful accounts as well as the related investment in finance receivables were as follows:


Allowance for Credit Losses:	United States		Canada		Europe(1)		Total
Balance at December 31, 2020	$	77	$	15	$	41	$	133
Provision	5		(3)		(3)		(1)
Charge-offs	(7)		(3)		(6)		(16)
Recoveries and other(2)	2		2		(2)		2

Balance at December 31, 2021	$	77	$	11	$	30	$	118
Provision	20		(2)		8		26
Charge-offs	(15)		(3)		(8)		(26)
Recoveries and other(2)	1		1		(3)		(1)

Balance at December 31, 2022	$	83	$	7	$	27	$	117
Finance Receivables Collectively Evaluated for Impairment:
December 31, 2021(3)	$	1,876	$	251	$	1,061	$	3,188
December 31, 2022(3)	$	1,948	$	228	$	1,043	$	3,219

_____________

(1)Includes developing market countries.

(2)Includes the impacts of foreign currency translation and adjustments to reserves necessary to reflect events of non-payment such as customer accommodations and contract terminations.

(3)Total Finance receivables exclude the allowance for credit losses of $117 and $118 at December 31, 2022 and 2021, respectively.

In the U.S., customers are further evaluated by class based on the type of lease origination. The primary categories are direct, which primarily includes leases originated directly with end-user customers through bundled lease arrangements, and indirect, which primarily includes leases originated through our XBS sales channel and lease financing to end-user customers who purchased equipment we sold to distributors or resellers.

We evaluate our customers based on the following credit quality indicators:

•Low Credit Risk: This rating includes accounts with excellent to good business credit, asset quality and capacity to meet financial obligations. These customers are less susceptible to adverse effects due to shifts in economic conditions or changes in circumstance. The rating generally equates to a Standard & Poor's (S&P) rating of BBB- or better. Loss rates in this category in the normal course are generally less than 1%.

•Average Credit Risk: This rating includes accounts with average credit risk that are more susceptible to loss in the event of adverse business or economic conditions. This rating generally equates to a BB S&P rating. Although we experience higher loss rates associated with this customer class, we believe the risk is somewhat mitigated by the fact that our leases are fairly well dispersed across a large and diverse customer base. In addition, the higher loss rates are largely offset by the higher rates of return we obtain with such leases. Loss rates in this category in the normal course are generally in the range of 2% to 5%.

•High Credit Risk: This rating includes accounts that have marginal credit risk such that the customer’s ability to make repayment is impaired or may likely become impaired. We use numerous strategies to mitigate risk including higher rates of interest, prepayments, personal guarantees, etc. Accounts in this category include customers who were downgraded during the term of the lease from low and average credit risk evaluation when the lease was originated. Accordingly, there is a distinct possibility for a loss of principal and interest or customer default. The loss rates in this category in the normal course are generally in the range of 7% to 10%.

Credit quality indicators are updated at least annually, or more frequently to the extent required by economic conditions, and the credit quality of any given customer can change during the life of the portfolio.

Details about our finance receivables portfolio based on geography, origination year and credit quality indicators are as follows:


	December 31, 2022
	2022		2021		2020		2019		2018		Prior		Total Finance Receivables
United States (Direct):
Low Credit Risk	$	173	$	104	$	80	$	53	$	23	$	2	$	435
Average Credit Risk	83		36		26		28		7		2		182
High Credit Risk	71		70		49		18		6		2		216
Total	327		210		155		99		36		6		833

United States (Indirect):
Low Credit Risk	249		165		91		49		12		1		567
Average Credit Risk	210		156		73		40		11		—		490
High Credit Risk	22		20		9		5		2		—		58
Total	481		341		173		94		25		1		1,115

Canada
Low Credit Risk	31		22		17		12		5		—		87
Average Credit Risk	46		25		22		16		5		—		114
High Credit Risk	6		6		8		4		2		1		27
Total	83		53		47		32		12		1		228

EMEA(1)
Low Credit Risk	269		167		90		59		24		5		614
Average Credit Risk	152		105		63		43		15		3		381
High Credit Risk	17		13		9		7		2		—		48
Total	438		285		162		109		41		8		1,043

Total Finance Receivables
Low Credit Risk	722		458		278		173		64		8		1,703
Average Credit Risk	491		322		184		127		38		5		1,167
High Credit Risk	116		109		75		34		12		3		349
Total	$	1,329	$	889	$	537	$	334	$	114	$	16	$	3,219


	December 31, 2021
	2021		2020		2019		2018		2017		Prior		Total Finance Receivables
United States (Direct):
Low Credit Risk	$	148	$	121	$	98	$	68	$	21	$	3	$	459
Average Credit Risk	60		40		57		23		8		2		190
High Credit Risk	91		73		31		16		6		1		218
Total	299		234		186		107		35		6		867

United States (Indirect):
Low Credit Risk	235		145		100		43		11		—		534
Average Credit Risk	201		103		74		35		10		—		423
High Credit Risk	24		15		8		4		1		—		52
Total	460		263		182		82		22		—		1,009

Canada
Low Credit Risk	32		27		22		13		3		1		98
Average Credit Risk	34		34		27		15		6		1		117
High Credit Risk	8		12		7		5		4		—		36
Total	74		73		56		33		13		2		251

EMEA(1)
Low Credit Risk	229		143		121		71		22		6		592
Average Credit Risk	156		109		84		45		15		3		412
High Credit Risk	18		15		13		8		3		—		57
Total	403		267		218		124		40		9		1,061

Total Finance Receivables
Low Credit Risk	644		436		341		195		57		10		1,683
Average Credit Risk	451		286		242		118		39		6		1,142
High Credit Risk	141		115		59		33		14		1		363
Total	$	1,236	$	837	$	642	$	346	$	110	$	17	$	3,188

_____________

(1)Includes developing market countries.

The aging of our receivables portfolio is based upon the number of days an invoice is past due. Receivables that are more than 90 days past due are considered delinquent. Receivable losses are charged against the allowance when management believes the uncollectibility of the receivable is confirmed and is generally based on individual credit evaluations, results of collection efforts and specific circumstances of the customer. Subsequent recoveries, if any, are credited to the allowance.

We generally continue to maintain equipment on lease and provide services to customers that have invoices for finance receivables that are 90 days or more past due and, as a result of the bundled nature of billings, we also continue to accrue interest on those receivables. However, interest revenue for such billings is only recognized if collectability is deemed reasonably assured. The aging of our billed finance receivables is as follows:


	December 31, 2022
	Current		31-90 Days Past Due		>90 Days Past Due		Total Billed		Unbilled		Total Finance Receivables		>90 Days and Accruing






Direct	$	30	$	6	$	6	$	42	$	791	$	833	$	47
Indirect	27		6		4		37		1,078		1,115		—
Total United States	57		12		10		79		1,869		1,948		47
Canada	5		1		—		6		222		228		6





EMEA (1)	9		2		1		12		1,031		1,043		12

Total	$	71	$	15	$	11	$	97	$	3,122	$	3,219	$	65


	December 31, 2021
	Current		31-90 Days Past Due		>90 Days Past Due		Total Billed		Unbilled		Total Finance Receivables		>90 Days and Accruing






Direct	$	28	$	7	$	7	$	42	$	825	$	867	$	61
Indirect	28		5		4		37		972		1,009		—
Total United States	56		12		11		79		1,797		1,876		61
Canada	6		1		—		7		244		251		9





EMEA(1)	9		2		1		12		1,049		1,061		13

Total	$	71	$	15	$	12	$	98	$	3,090	$	3,188	$	83

_____________

(1)Includes developing market countries.

Sales of Receivables

In December 2022, the Company entered into a Receivables Funding Agreement with an affiliate of HPS Investment Partners (the Purchaser) pursuant to which the Company agreed to offer for sale, and Purchaser agreed to purchase, certain eligible pools of finance receivables on a monthly basis in transactions intended to be structured as "true sales at law," and we have received an opinion to that effect from outside legal counsel. Accordingly, the receivables sold were derecognized from our financial statements and the Purchaser does not have recourse back to the Company for uncollectible receivables.

The Receivables Funding Agreement has an initial term through January 31, 2024, with automatic one-year extensions thereafter, unless terminated by either the Company or the Purchaser. The Receivables Funding Agreement contemplates lease receivable sales totaling approximately $600 during the initial term. Additionally, the Company will continue to service the lease receivables for a specified fee and will also be paid a commission on lease receivables sold under the Receivables Funding Agreement.

During the year ended December 31, 2022, the Company sold approximately $60 in principal balances of lease receivables under the Receivables Funding Agreement for approximately $60 in cash and received and recognized commissions of approximately $2, which are recorded in Services, maintenance and rentals as Other revenue. The cash proceeds were recorded in Net cash provided by operating activities.

Secured Borrowings and Collateral

In 2022, 2021, and 2020 we sold certain finance receivables to consolidated special purpose entities included in our Consolidated Balance Sheet as collateral for secured loans.

Refer to Note 15 - Debt, for additional information related to these arrangements.

Finance Receivables, Net

12 Months Ended

Dec. 31, 2022

Financing Receivable, after Allowance for Credit Loss [Abstract]

Finance Receivables, Net

Accounts Receivable, Net

Accounts receivable, net were as follows:


	December 31,
	2022		2021
Invoiced	$	698	$	660
Accrued (1)	211		216
Allowance for doubtful accounts	(52)		(58)
Accounts receivable, net	$	857	$	818

____________

(1)Accrued receivables includes amounts to be invoiced in the subsequent quarter for current services provided.

The allowance for doubtful accounts was as follows:


Balance at December 31, 2020	$	69
Provision	8
Charge-offs	(18)
Recoveries and other(1)	(1)
Balance at December 31, 2021	$	58
Provision	17
Charge-offs	(14)
Recoveries and other(1)	(9)
Balance at December 31, 2022	$	52

_____________

(1)Includes the impacts of foreign currency translation and adjustments to reserves necessary to reflect events of non-payment such as customer accommodations and contract terminations.

Accounts Receivable Sale Arrangements

Of the accounts receivable sold and derecognized from our balance sheet, $159 and $102 remained uncollected as of December 31, 2022 and 2021, respectively.

Accounts receivable sales activity was as follows:


	Year Ended December 31,
	2022		2021		2020
Accounts receivable sales(1)	$	593	$	478	$	333

_____________

Finance Receivables, Net

Finance receivables, net were as follows:


	December 31,
	2022		2021
Gross receivables	$	3,593	$	3,568
Unearned income	(374)		(380)
Subtotal	3,219		3,188
Residual values	—		—
Allowance for doubtful accounts	(117)		(118)
Finance Receivables, Net	3,102		3,070
Less: Billed portion of finance receivables, net	93		94
Less: Current portion of finance receivables not billed, net	1,061		1,042
Finance Receivables Due After One Year, Net	$	1,948	$	1,934

A summary of our gross finance receivables' future contractual maturities, including those previously billed, is as follows:


	December 31,
	2022		2021
2022			$	1,357
2023	$	1,325	972
2024	967		668
2025	690		396
2026	411		157
2027	169
Thereafter	31		18
Total	$	3,593	$	3,568

Finance Receivables - Allowance for Credit Losses and Credit Quality

The allowance for doubtful accounts as well as the related investment in finance receivables were as follows:


Allowance for Credit Losses:	United States		Canada		Europe(1)		Total
Balance at December 31, 2020	$	77	$	15	$	41	$	133
Provision	5		(3)		(3)		(1)
Charge-offs	(7)		(3)		(6)		(16)
Recoveries and other(2)	2		2		(2)		2

Balance at December 31, 2021	$	77	$	11	$	30	$	118
Provision	20		(2)		8		26
Charge-offs	(15)		(3)		(8)		(26)
Recoveries and other(2)	1		1		(3)		(1)

Balance at December 31, 2022	$	83	$	7	$	27	$	117
Finance Receivables Collectively Evaluated for Impairment:
December 31, 2021(3)	$	1,876	$	251	$	1,061	$	3,188
December 31, 2022(3)	$	1,948	$	228	$	1,043	$	3,219

_____________

(1)Includes developing market countries.

(2)Includes the impacts of foreign currency translation and adjustments to reserves necessary to reflect events of non-payment such as customer accommodations and contract terminations.

(3)Total Finance receivables exclude the allowance for credit losses of $117 and $118 at December 31, 2022 and 2021, respectively.

We evaluate our customers based on the following credit quality indicators:

Details about our finance receivables portfolio based on geography, origination year and credit quality indicators are as follows:


	December 31, 2022
	2022		2021		2020		2019		2018		Prior		Total Finance Receivables
United States (Direct):
Low Credit Risk	$	173	$	104	$	80	$	53	$	23	$	2	$	435
Average Credit Risk	83		36		26		28		7		2		182
High Credit Risk	71		70		49		18		6		2		216
Total	327		210		155		99		36		6		833

United States (Indirect):
Low Credit Risk	249		165		91		49		12		1		567
Average Credit Risk	210		156		73		40		11		—		490
High Credit Risk	22		20		9		5		2		—		58
Total	481		341		173		94		25		1		1,115

Canada
Low Credit Risk	31		22		17		12		5		—		87
Average Credit Risk	46		25		22		16		5		—		114
High Credit Risk	6		6		8		4		2		1		27
Total	83		53		47		32		12		1		228

EMEA(1)
Low Credit Risk	269		167		90		59		24		5		614
Average Credit Risk	152		105		63		43		15		3		381
High Credit Risk	17		13		9		7		2		—		48
Total	438		285		162		109		41		8		1,043

Total Finance Receivables
Low Credit Risk	722		458		278		173		64		8		1,703
Average Credit Risk	491		322		184		127		38		5		1,167
High Credit Risk	116		109		75		34		12		3		349
Total	$	1,329	$	889	$	537	$	334	$	114	$	16	$	3,219


	December 31, 2021
	2021		2020		2019		2018		2017		Prior		Total Finance Receivables
United States (Direct):
Low Credit Risk	$	148	$	121	$	98	$	68	$	21	$	3	$	459
Average Credit Risk	60		40		57		23		8		2		190
High Credit Risk	91		73		31		16		6		1		218
Total	299		234		186		107		35		6		867

United States (Indirect):
Low Credit Risk	235		145		100		43		11		—		534
Average Credit Risk	201		103		74		35		10		—		423
High Credit Risk	24		15		8		4		1		—		52
Total	460		263		182		82		22		—		1,009

Canada
Low Credit Risk	32		27		22		13		3		1		98
Average Credit Risk	34		34		27		15		6		1		117
High Credit Risk	8		12		7		5		4		—		36
Total	74		73		56		33		13		2		251

EMEA(1)
Low Credit Risk	229		143		121		71		22		6		592
Average Credit Risk	156		109		84		45		15		3		412
High Credit Risk	18		15		13		8		3		—		57
Total	403		267		218		124		40		9		1,061

Total Finance Receivables
Low Credit Risk	644		436		341		195		57		10		1,683
Average Credit Risk	451		286		242		118		39		6		1,142
High Credit Risk	141		115		59		33		14		1		363
Total	$	1,236	$	837	$	642	$	346	$	110	$	17	$	3,188

_____________

(1)Includes developing market countries.


	December 31, 2022
	Current		31-90 Days Past Due		>90 Days Past Due		Total Billed		Unbilled		Total Finance Receivables		>90 Days and Accruing






Direct	$	30	$	6	$	6	$	42	$	791	$	833	$	47
Indirect	27		6		4		37		1,078		1,115		—
Total United States	57		12		10		79		1,869		1,948		47
Canada	5		1		—		6		222		228		6





EMEA (1)	9		2		1		12		1,031		1,043		12

Total	$	71	$	15	$	11	$	97	$	3,122	$	3,219	$	65


	December 31, 2021
	Current		31-90 Days Past Due		>90 Days Past Due		Total Billed		Unbilled		Total Finance Receivables		>90 Days and Accruing






Direct	$	28	$	7	$	7	$	42	$	825	$	867	$	61
Indirect	28		5		4		37		972		1,009		—
Total United States	56		12		11		79		1,797		1,876		61
Canada	6		1		—		7		244		251		9





EMEA(1)	9		2		1		12		1,049		1,061		13

Total	$	71	$	15	$	12	$	98	$	3,090	$	3,188	$	83

_____________

(1)Includes developing market countries.

Sales of Receivables

Secured Borrowings and Collateral

In 2022, 2021, and 2020 we sold certain finance receivables to consolidated special purpose entities included in our Consolidated Balance Sheet as collateral for secured loans.

Refer to Note 15 - Debt, for additional information related to these arrangements.

Inventories and Equipment on Operating Leases, Net

12 Months Ended

Dec. 31, 2022

Inventories and Equipment on Operating Leases, Net [Abstract]

Inventories and Equipment on Operating Leases, Net

The following is a summary of Inventories by major category:


	December 31,
	2022		2021
Finished goods	$	640	$	568
Work-in-process	45		43
Raw materials	112		85
Total Inventories	$	797	$	696

The transfer of equipment from our inventories to equipment subject to an operating lease is presented in our Consolidated Statements of Cash Flows in the operating activities section. Equipment on operating lease and similar arrangements consists of our equipment rented to customers and depreciated to estimated salvage value at the end of the lease term.

Equipment on operating leases and the related accumulated depreciation were as follows:


	December 31,
	2022		2021
Equipment on operating leases	$	1,163	$	1,266
Accumulated depreciation	(928)		(1,013)
Equipment on operating leases, net	$	235	$	253

Depreciable lives generally vary from four to five years consistent with our planned and historical usage of the equipment subject to operating leases. Estimated minimum future revenues associated with Equipment on operating leases are as follows:


	December 31,
	2022		2021
2022			$	202
2023	$	185	110
2024	95		61
2025	59		32
2026	30		10
2027	13
Thereafter	4		2
Total	$	386	$	417

Total contingent rentals on operating leases, consisting principally of usage charges in excess of minimum contracted amounts, for the years ended December 31, 2022, 2021 and 2020 amounted to $63, $62 and $66, respectively.

Secured Borrowings and Collateral

In 2021, we sold the rights to payments under operating leases to a consolidated special purpose entity included in our Consolidated Balance Sheet as collateral for a secured loan.

Refer to Note 15 - Debt, for additional information related to this arrangement.

Land, Buildings, Equipment and Software, Net

12 Months Ended

Dec. 31, 2022

Land, Buildings, Equipment and Software, Net [Abstract]

Land, Buildings, Equipment and Software, Net

Land, buildings and equipment, net were as follows:


		December 31,
	Estimated Useful Lives (Years)	2022		2021
Land		$	8	$	9
Building and building equipment	25 to 50	708		777
Leasehold improvements	1 to 12	112		112
Plant machinery	5 to 12	1,000		1,098
Office furniture and equipment	3 to 15	460		475
Finance leases	1 to 12	26		13
Other	4 to 20	38		44
Construction in progress		15		17
Subtotal		2,367		2,545
Accumulated depreciation		(2,047)		(2,187)
Land, buildings and equipment, net		$	320	$	358

Depreciation expense was $68, $76 and $87 for the three years ended December 31, 2022, 2021 and 2020, respectively.

We lease buildings and equipment, substantially all of which are accounted for as operating leases. Finance leased assets were $18 and $9 at December 31, 2022 and 2021, respectively. Refer to Note 11 - Lessee for additional information regarding leased assets.

Internal Use Software

As of December 31, 2022 and 2021, capitalized costs related to internal use software, net of accumulated amortization, were $95 and $120, respectively. Useful lives of our internal use software generally vary from three to seven years.

Amortization expense was $45, $41 and $42 for the three years ended December 31, 2022, 2021 and 2020, respectively.

Lessee

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Lessee

Operating Leases

We have operating leases for real estate and vehicles in our domestic and international operations and for certain equipment in our domestic operations. Additionally, we have identified embedded operating leases within certain supply chain contracts for warehouses, primarily within our domestic operations. Our leases have remaining terms of up to twelve years and a variety of renewal and/or termination options.

The components of lease expense are as follows:


	Year Ended December 31,
	2022		2021		2020
Operating lease expense	$	97	$	104	$	113
Short-term lease expense	17		20		20
Variable lease expense(1)	49		48		47
Sublease income	(5)		(4)		(2)

Total Lease expense	$	158	$	168	$	178

_____________

(1)Variable lease expense is related to our leased real estate for offices and warehouses and primarily includes labor and operational costs, as well as taxes and insurance.

As of December 31, 2022, we had no additional operating leases that had not yet commenced.

Operating lease ROU assets, net and operating lease liabilities were reported in the Consolidated Balance Sheets as follows:


	December 31,
	2022		2021
Other long-term assets	$	215	$	264

Accrued expenses and other current liabilities	$	68	$	79
Other long-term liabilities	161		204
Total Operating lease liabilities	$	229	$	283

Supplemental information related to operating leases is as follows:


	Year Ended December 31,
	2022			2021			2020
Cash paid for amounts included in the measurement of lease liabilities - Operating cash flows	$	101		$	109		$	119
Right-of-use assets obtained in exchange for new lease liabilities (1)	$	45		$	41		$	76
Weighted-average remaining lease term	4 years			5 years			5 years
Weighted-average discount rate	5.19		%	4.67		%	5.03		%

_____________

(1)Includes the impact of new leases as well as remeasurements and modifications to existing leases.

Maturities and additional information related to operating lease liabilities are as follows:


	December 31,
	2022		2021
2022			$	98
2023	$	86	78
2024	54		45
2025	38		31
2026	32		26
2027	17
Thereafter	30		35
Total Lease payments	257		313
Less: Imputed interest	28		30
Total Operating lease liabilities	$	229	$	283

Finance Leases

Xerox has finance leases for equipment in the U.S. and Europe and related infrastructure, within outsourced warehouse supply arrangements, in the U.S. These leases have remaining maturities up to nine years with a maximum expiration date through December 2031. As of December 31, 2022 and 2021, the remaining lease obligation for all finance leases is $16 and $7, respectively, based on discount rates of 6.40% and 4.51%, respectively. The ROU asset balances associated with these finance leases at December 31, 2022 and 2021 of $18 and $9, respectively are included in Land, buildings and equipment, net in the Consolidated Balance Sheets.

Lessee

Operating Leases

The components of lease expense are as follows:


	Year Ended December 31,
	2022		2021		2020
Operating lease expense	$	97	$	104	$	113
Short-term lease expense	17		20		20
Variable lease expense(1)	49		48		47
Sublease income	(5)		(4)		(2)

Total Lease expense	$	158	$	168	$	178

_____________

(1)Variable lease expense is related to our leased real estate for offices and warehouses and primarily includes labor and operational costs, as well as taxes and insurance.

As of December 31, 2022, we had no additional operating leases that had not yet commenced.

Operating lease ROU assets, net and operating lease liabilities were reported in the Consolidated Balance Sheets as follows:


	December 31,
	2022		2021
Other long-term assets	$	215	$	264

Accrued expenses and other current liabilities	$	68	$	79
Other long-term liabilities	161		204
Total Operating lease liabilities	$	229	$	283

Supplemental information related to operating leases is as follows:


	Year Ended December 31,
	2022			2021			2020
Cash paid for amounts included in the measurement of lease liabilities - Operating cash flows	$	101		$	109		$	119
Right-of-use assets obtained in exchange for new lease liabilities (1)	$	45		$	41		$	76
Weighted-average remaining lease term	4 years			5 years			5 years
Weighted-average discount rate	5.19		%	4.67		%	5.03		%

_____________

(1)Includes the impact of new leases as well as remeasurements and modifications to existing leases.

Maturities and additional information related to operating lease liabilities are as follows:


	December 31,
	2022		2021
2022			$	98
2023	$	86	78
2024	54		45
2025	38		31
2026	32		26
2027	17
Thereafter	30		35
Total Lease payments	257		313
Less: Imputed interest	28		30
Total Operating lease liabilities	$	229	$	283

Finance Leases

Goodwill, Net and Intangible Assets, Net

12 Months Ended

Dec. 31, 2022

Goodwill, Net and Intangible Assets, Net

Goodwill, Net

The following table presents the changes in the carrying amount of Goodwill, net:


	2022		2021		2020








Goodwill	$	4,068	$	4,071	$	3,900
Accumulated impairment losses	(781)		—		—
Goodwill, net at January 1	$	3,287	$	4,071	$	3,900

Goodwill Activity:
Foreign currency translation	(120)		(23)		60
Acquisitions(1):
U.S. Acquisitions	—		9		—
U.K. Acquisitions	28		—		98
Canada Acquisitions	34		16		10
Other	3		(5)		3
Goodwill impairment	(412)		(781)		—

Goodwill	$	4,013	$	4,068	$	4,071
Accumulated impairment losses	(1,193)		(781)		—
Goodwill, net at December 31	$	2,820	$	3,287	$	4,071

_____________

(1)Refer to Note 6 - Acquisitions and Investments for additional information related to acquisitions.

No Goodwill has been allocated to the Financing (FITTLE) segment for the three years ended December 31, 2022, 2021 or 2020, respectively. Accordingly, amounts above represent the Goodwill allocated to the Print and Other segment, as well as Goodwill on a Total Company basis. Refer to Note 1 - Basis of Presentation for additional information regarding the allocation of Goodwill.

In the third quarter of 2022, we concluded that an interim impairment test of Goodwill was required. Based on that test, we determined that the estimated fair value of the Print and Other reporting unit (the only reporting unit with Goodwill) had declined below its carrying value and, as a result, we recognized an after-tax non-cash impairment charge of $395 ($412 pre-tax) related to our Goodwill for the year ended December 31, 2022.

In the fourth quarter of 2021, after completing our annual impairment test, we concluded that the estimated fair value of the Company had declined below its carrying value. As a result, we recognized an after-tax non-cash impairment charge of $750 ($781 pre-tax) related to our Goodwill for the year ended December 31, 2021.

Refer to Note 1 - Basis of Presentation for additional information related to the Goodwill impairment charges and our annual impairment assessment performed during the fourth quarter 2022.

Intangible Assets, Net

Intangible assets, net were $208 at December 31, 2022, all of which relate to our Print and Other segment. Intangible assets were comprised of the following:


		December 31, 2022						December 31, 2021
	Weighted Average Amortization	Gross Carrying Amount		Accumulated Amortization		Net Amount		Gross Carrying Amount		Accumulated Amortization		Net Amount
Customer relationships	10 years	$	214	$	85	$	129	$	211	$	95	$	116
Distribution network	25 years	123		113		10		123		108		15
Trademarks	19 years	201		135		66		237		164		73
Technology and non-compete	3 years	15		12		3		15		8		7
Total Intangible Assets		$	553	$	345	$	208	$	586	$	375	$	211

Amortization expense related to intangible assets was $42, $55 and $56 for the three years ended December 31, 2022, 2021 and 2020, respectively. The decrease in amortization expense in 2022 primarily related to the write-off of certain XBS trade names in prior years as part of our continued efforts to realign and consolidate this sales unit as part of Project Own It.

Excluding the impact of future acquisitions, amortization expense is expected to approximate $40 in 2023, $37 in 2024 and $32 in 2025, 2026 and in 2027, respectively. Technology and non-compete assets are expected to be fully amortized by 2024 and distribution network assets are expected to be fully amortized by 2025.

Restructuring Programs

12 Months Ended

Dec. 31, 2022

Restructuring and Related Activities [Abstract]

Restructuring Programs

We engage in restructuring actions, including Project Own It, as well as other transformation efforts in order to reduce our cost structure and realign it to the changing nature of our business. As part of our efforts to reduce costs, our restructuring actions may also include the off-shoring and/or outsourcing of certain operations, services and other functions, as well as reducing our real estate footprint.

Restructuring costs include employee severance and related costs, other contractual termination costs and asset impairments that may result from employee reductions, migration of facilities from higher-cost to lower-cost countries, and the consolidation of facilities within countries. In those geographies where we have either a formal severance plan or a history of consistently providing severance benefits representing a substantive plan (on-going benefit arrangements), we recognize employee severance and related costs when they are both probable and reasonably estimable. Severance payments made under a one-time benefit arrangement are recorded upon communication to the affected employees. In the event employees are required to perform future service beyond their minimum retention period, we record severance charges ratably over the remaining service period of those employees. Contractual termination costs, including facility exit costs, are generally recognized when it has been determined that a liability has been incurred. Restructuring activities may include the disposal or abandonment of assets, including leased right-of-use assets, that require an acceleration of depreciation or an impairment charge reflecting the excess of an asset's book value over fair value or other recoveries.

The recognition of restructuring costs requires that we make certain judgments and estimates regarding the nature, timing and amount of costs associated with planned initiatives. To the extent our actual results differ from our estimates and assumptions, we may be required to revise the estimated liabilities, requiring the recognition of additional restructuring costs or the reduction of liabilities already recognized. At the end of each reporting period, we evaluate the remaining accrued balances to ensure they are properly stated, and the utilization of the reserves are for their intended purpose in accordance with developed exit plans.

Restructuring charges primarily relate to the Print and Other segment as amounts related to the Financing (FITTLE) segment were immaterial for all periods presented. A summary of our restructuring program activity for the three years ended December 31, 2022, 2021 and 2020 is as follows:


	Severance and Related Costs		Other Contractual Termination Costs(2)		Total
Balance at December 31, 2019	$	66	$	4	$	70
Restructuring provision	107		3		110
Reversals of prior charges	(21)		(2)		(23)
Net Current Period Charges(1)	86		1		87
Charges against reserve and currency	(74)		(1)		(75)
Balance at December 31, 2020	$	78	$	4	$	82
Restructuring provision	30		3		33
Reversals of prior charges	(13)		(2)		(15)
Net Current Period Charges(1)	17		1		18
Charges against reserve and currency	(70)		(3)		(73)
Balance at December 31, 2021	$	25	$	2	$	27
Restructuring provision	74		3		77
Reversals of prior charges	(8)		(1)		(9)
Net Current Period Charges(1)	66		2		68


Charges against reserve and currency	(52)		—		(52)
Balance at December 31, 2022	$	39	$	4	$	43

_____________

(1)Represents net amount recognized within the Consolidated Statements of (Loss) Income for the years shown for restructuring. Reversals of prior charges primarily include net changes in estimated reserves from prior period initiatives.

(2)Primarily includes additional costs incurred upon the exit from our facilities including decommissioning costs and associated contractual termination costs.

The following table summarizes the reconciliation to the Consolidated Statements of Cash Flows:


	Year Ended December 31,
	2022		2021		2020
Charges against reserve and currency	$	(52)	$	(73)	$	(75)

Effects of foreign currency and other non-cash items	—		1		(6)
Restructuring Cash Payments	$	(52)	$	(72)	$	(81)

Charges associated with asset impairments represent the write-down of the related assets to their new cost basis and are recorded concurrently with the recognition of the provision. Impairments are net of any potential sublease income or other recovery amounts. A summary of our restructuring-related asset impairment activity is as follows:


	Year Ended December 31,
	2022		2021		2020
Lease right of use assets(1)	$	2	$	3	$	4
Owned assets(1)	15		12		2
Asset impairments	17		15		6
Gain on sales of owned assets(2)	(22)		(4)		—
Adjustments/Reversals	(1)		(2)		(6)
Net asset impairment (credit) charge	$	(6)	$	9	$	—

______________

(1)Primarily related to the exit and abandonment of leased and owned facilities, net of any potential sublease income and recoveries.

(2)Reflect gain on the sales of exited surplus facilities and land.

In connection with our restructuring programs, we also incurred certain related costs as follows:


	Year Ended December 31,
	2022		2021		2020
Retention-related severance/bonuses(1)	$	—	$	6	$	4
Contractual severance costs	3		1		(2)
Consulting and other costs(2)	—		4		4
Total	$	3	$	11	$	6

_____________

(1)Includes retention related severance and bonuses for employees expected to continue working beyond their minimum retention period before termination.

(2)Represents professional support services associated with our business transformation initiatives.

For the years ended December 31, 2022, 2021 and 2020, cash payments for restructuring related costs were approximately $9, $13 and $26, respectively, while the reserve was $12 and $18 at December 31, 2022 and 2021, respectively. The balance at December 31, 2022 is expected to be paid over the next twelve months.

Supplementary Financial Information

12 Months Ended

Dec. 31, 2022

Supplemental Financial Information [Abstract]

Supplementary Financial Information

The components of Other assets and liabilities are as follows:


	December 31,
	2022		2021
Other Current Assets

Income taxes receivable	$	27	$	11
Royalties, license fees and software maintenance	23		23
Restricted cash	55		33
Prepaid expenses	32		30



Advances and deposits	29		32
Other	88		82

Total Other Current Assets	$	254	$	211

Other Long-term Assets
Income taxes receivable	$	1	$	8
Prepaid pension costs	667		1,211


Internal use software, net	95		120

Restricted cash	39		36

Customer contract costs, net	135		147

Operating lease right-of-use assets	215		264
Deferred compensation plan investments	15		18
Investments in affiliates, at equity(1)	38		45
Investments at cost - Xerox Holdings	21		8
Other	97		103

Total Other Long-term Assets(2)	$	1,323	$	1,960

Accrued Expenses and Other Current Liabilities

Income taxes payable	$	16	$	30
Other taxes payable	60		69
Operating lease obligations	68		79
Financing lease obligations	6		2
Interest payable	43		53
Restructuring reserves	39		26
Restructuring related costs	12		18

Product warranties	5		5
Dividends payable - Xerox Holdings(3)	47		48
Distributor and reseller rebates/commissions	145		112

Unearned income and other revenue deferrals	154		194
Administration and overhead	72		57
Other	214		178

Total Accrued Expenses and Other Current Liabilities(4)	$	881	$	871

Other Long-term Liabilities
Deferred taxes	$	95	$	108
Income taxes payable	41		40
Operating lease obligations	161		204
Finance lease obligations	10		5
Environmental reserves	11		9

Restructuring reserves	4		1
Other	89		114

Total Other Long-term Liabilities	$	411	$	481

_____________

(1)Investments in affiliates, at equity largely consists of several minor investments in entities in the Middle East region. Xerox's ownership interest in investments in corporate joint ventures and other companies is generally between 20% and 50%.

(2)Xerox's balances of $1,302 and $1,952 at December 31, 2022 and 2021, respectively, excludes Investments at cost.

(3)Represents dividends payable by Xerox Holdings Corporation on Common and Preferred Stock.

(4)Xerox's balances of $834 and $823 at December 31, 2022 and 2021, respectively, excludes Dividends payable of $47 and $48, respectively.

Government Assistance

In response to the COVID-19 pandemic, various governments employed temporary measures to provide aid and economic stimulus to companies through cash grants and credits or indirectly through payments to temporarily furloughed employees. Estimated savings from these various government assistance programs are recorded as follows in the Consolidated Statements of (Loss) Income:


	Year Ended December 31,
	2022		2021		2020
Cost of sales	$	—	$	—	$	1
Cost of services, maintenance and rentals	—		20		73
Research, development and engineering expenses	—		1		1
Selling, administrative and general expenses	—		13		32
Total Estimated savings	$	—	$	34	$	107

Cash, Cash Equivalents and Restricted Cash

Restricted cash primarily relates to escrow cash deposits made in Brazil associated with ongoing litigation as well as cash collections on finance receivables that were pledged for secured borrowings. As more fully discussed in Note 20 - Contingencies and Litigation, various litigation matters in Brazil require us to make cash deposits to escrow as a condition of continuing the litigation. Restricted cash amounts are classified in our Consolidated Balance Sheets based on when the cash will be contractually or judicially released.

Cash, cash equivalents and restricted cash amounts are as follows:


	December 31,
	2022		2021
Cash and cash equivalents	$	1,045	$	1,840
Restricted cash
Litigation deposits in Brazil	39		34
Escrow and cash collections related to secured borrowing arrangements(1)	54		32
Other restricted cash	1		3
Total Restricted cash	94		69


Cash, cash equivalents and restricted cash	$	1,139	$	1,909

__________________________

(1)Represents collections on finance receivables pledged for secured borrowings that will be remitted to lenders in the following month.

Restricted cash is reported in the Consolidated Balance Sheets as follows:


	December 31,
	2022		2021
Other current assets	$	55	$	33
Other long-term assets	39		36
Total Restricted cash	$	94	$	69

Pension and Other Benefit Liabilities


	December 31,
	2022		2021
Pension liabilities(1)	$	1,097	$	1,285
Accrued compensation liabilities	61		66
Deferred compensation liabilities(2)	17		22
Pension and other benefit liabilities	$	1,175	$	1,373

__________________________

(1)Refer to Note 18 - Employee Benefit Plans for additional information regarding pension liabilities.

(2)Includes amounts measured at fair value on a recurring basis at December 31, 2022 and 2021 of $14 and $18, respectively. Refer to Note 17 - Fair Value of Financial Assets and Liabilities for additional information regarding deferred compensation liabilities.

Summarized Cash Flow Information

Summarized cash flow information is as follows:


Source/(Use)	Location in Statement of Cash Flows	Year Ended December 31,
		2022		2021		2020
Provision for receivables	Operating	$	36	$	12	$	116
Provision for inventories	Operating	29		34		31
Provision for product warranties	Operating	7		8		8
Depreciation of buildings and equipment	Operating	68		76		87
Depreciation and obsolescence of equipment on operating leases	Operating	115		155		183
Amortization of internal use software	Operating	45		41		42

Amortization of acquired intangible assets	Operating	42		55		56
Amortization of customer contract costs(1)	Operating	73		79		85
Cost of additions to land, buildings and equipment	Investing	(36)		(29)		(44)
Cost of additions to internal use software	Investing	(21)		(39)		(30)
Payments to acquire noncontrolling interests - Xerox Holdings	Investing	(13)		(8)		—
Common stock dividends - Xerox Holdings	Financing	(160)		(192)		(216)
Preferred stock dividends - Xerox Holdings	Financing	(14)		(14)		(14)
Payments to noncontrolling interests	Financing	(1)		(1)		(3)
Proceeds from noncontrolling interests	Financing	6		15		—
Repurchases related to stock-based compensation - Xerox Holdings	Financing	(12)		(18)		(19)

__________________________

(1)Amortization of customer contract costs is reported in Decrease in other current and long-term assets on the Consolidated Statements of Cash Flows. Refer to Note 3 - Revenue - Contract Costs for additional information.

Debt

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Debt

Short-term borrowings were as follows:


	December 31,
	2022		2021


Short-term debt and current portion of long-term debt
Xerox Holdings Corporation	$	—	$	—
Xerox Corporation	300		300
Xerox - Other Subsidiaries(1)	560		350
Total	$	860	$	650

_____________

(1)Represents subsidiaries of Xerox Corporation.

We classify our debt based on the contractual maturity dates of the underlying debt instruments or as of the earliest put date available to the debt holders. We defer costs associated with debt issuance over the applicable term, or to the first put date in the case of convertible debt or debt with a put feature. These costs are amortized as interest expense in our Consolidated Statements of (Loss) Income.

Long-term debt was as follows:


					December 31,
	Stated Rate		Weighted Average Interest Rates at December 31, 2022(1)		2022		2021
Xerox Holdings Corporation







Senior Notes due 2025	5.00	%	4.95	%	$	750	$	750
Senior Notes due 2028	5.50	%	5.40	%	750		750
Subtotal - Xerox Holdings Corporation					$	1,500	$	1,500
Xerox Corporation




Senior Notes due 2022	4.07	%	—	%	$	—	$	300
Senior Notes due 2023(2)	4.38	%	4.63	%	300		1,000
Senior Notes due 2024	3.80	%	3.84	%	300		300
Senior Notes due 2035	4.80	%	4.84	%	250		250
Senior Notes due 2039	6.75	%	6.78	%	350		350
Subtotal - Xerox Corporation					$	1,200	$	2,200
Xerox - Other Subsidiaries(3)
United States					$	790	$	561
Canada					57		—
France					195		—
Subtotal Secured Borrowings					$	1,042	$	561









Principal debt balance					$	3,742	$	4,261
Xerox Holdings Corporation - Debt issuance costs					(9)		(11)
Xerox Corporation - Debt issuance costs					(4)		(6)
Xerox - Other subsidiaries - Debt issuance costs					(5)		(1)
Subtotal - Debt issuance costs					$	(18)	$	(18)
Unamortized premium					2		3



Less: current maturities					(860)		(650)
Total Long-term Debt					$	2,866	$	3,596

_____________

(1)Represents the weighted average effective interest rate, which includes the effect of discounts and premiums on issued debt.

(2)As a result of the downgrade of our debt ratings in February 2022, the coupon rate of 4.375% increased by 0.25% to 4.625% effective March 15, 2022.

(3)Refer to the Secured Borrowings and Collateral section below for additional information.

Scheduled principal payments due on our long-term debt for the next five years and thereafter are as follows:


	2023(1)		2024		2025		2026		2027		Thereafter		Total
Xerox Holdings Corporation	$	—	$	—	$	750	$	—	$	—	$	750	$	1,500
Xerox Corporation	300		300		—		—		—		600		1,200
Xerox - Other Subsidiaries(2)	562		368		112		—		—		—		1,042
Total	$	862	$	668	$	862	$	—	$	—	$	1,350	$	3,742

_____________

(1)Current portion of long-term debt maturities for 2023 are $447, $146, $139 and $130 for the first, second, third and fourth quarters, respectively.

(2)Represents subsidiaries of Xerox Corporation.

Xerox Holdings Corporation/Xerox Corporation Intercompany Loan

In August 2020, Xerox Holdings Corporation issued $550 of 5.00% Senior Notes due August 2025 (the 2025 Senior Notes) at par and $550 of 5.50% Senior Notes due August 2028 (the 2028 Senior Notes) at par resulting in aggregate net proceeds (after fees and expenses) of approximately $1,089. On August 24, 2020, Xerox Holdings Corporation issued an additional $200 of the 2025 Senior Notes at 100.75% of par and an additional $200 of the 2028 Senior Notes at 102.50% of par resulting in additional aggregate net proceeds (after premium, fees and expenses) of approximately $405 for total aggregate net proceeds from both issuances of approximately $1,494. In 2020, the net debt proceeds were contributed by Xerox Holdings Corporation to Xerox Corporation and recorded as Additional paid-in capital by Xerox Corporation.

In February 2021, Xerox Holdings Corporation and Xerox Corporation entered into an Intercompany Loan agreement for the net proceeds of $1,494 contributed by Xerox Holdings Corporation to Xerox Corporation in 2020. The intercompany loan resulted in the capitalization of the amount contributed in 2020 as Related Party Debt for Xerox Corporation and did not involve the exchange of cash in the current period. The amount was originally recorded as Additional paid-in capital in 2020 when the cash was contributed by Xerox Holdings Corporation.

The intercompany loan was established to mirror the terms of Xerox Holdings Corporation’s 2025 and 2028 Senior Notes, including interest rates and payment dates. The intercompany interest expense also includes a ratable amount to reimburse Xerox Holdings Corporation for its debt issuance costs and premium.

At December 31, 2022 and 2021, the balance of the Intercompany Loan reported in Xerox Corporation’s Consolidated Balance Sheet was $1,496 and $1,494, respectively, which is net of related debt issuance costs, and the intercompany interest payable was $30 and $30, respectively. Xerox Corporation’s interest expense included interest expense associated with this Intercompany Loan of $80, $80 and $32 for the three years ended December 31, 2022, 2021 and 2020, respectively.

Credit Facility

In July 2022, Xerox Corporation, as borrower, and its parent company, Xerox Holdings Corporation, entered into a new Credit Agreement with several participating lending banks. The new Credit Agreement provided Xerox Corporation with a $500 Revolving Credit Facility and has a maturity date of July 7, 2024. We deferred $3 of debt issuance costs in connection with this credit agreement, which will be amortized over the two-year term of the arrangement. This new facility replaced our prior $1.5 billion Credit Facility.

In December 2022, Xerox Corporation amended the Revolving Credit Facility to reduce the aggregate amount of the commitment under the Credit Agreement to $250. The reduction in borrowing capacity resulted in a debt extinguishment loss of approximately $1 related to the write-off of deferred debt issuance costs.

The new revolving Credit Facility includes an uncommitted accordion feature that allows the Company to increase the facility by a total of up to $150, subject to obtaining additional commitments from existing lenders or new lending institutions. The new revolving Credit Agreement also includes a $150 letter of credit sub-facility. At December 31, 2022, we had no outstanding borrowings or letters of credit under the new revolving Credit Facility.

At Xerox Corporation’s election, the borrowings under the new revolving Credit Facility in U.S. dollars will bear interest at either (i) a rate per annum equal to the highest of Citibank’s prime rate or a rate 0.5% in excess of the Federal Funds Rate or a rate 1.0% in excess of one-month Term SOFR (the Base Rate), in each case plus an applicable margin, or (ii) the one-, three-, or six-month per annum Term SOFR (the Term SOFR Rate), as selected by the Company, plus an applicable margin. The applicable margin for Base Rate loans, varies from 0.50% to 1.25% depending on the Company’s consolidated total net leverage ratio (as defined in the New Credit Agreement). The applicable margin for Term SOFR Rate loans varies from 1.50% to 2.25% depending on the Company’s consolidated total net leverage ratio. Xerox Corporation may also borrow in currencies other than U.S. dollars pursuant to the credit agreement, and such borrowings will bear interest calculated under a construct similar to that described above. Principal outstanding would be payable in full at maturity on July 7, 2024.

Xerox Corporation’s borrowings under the new revolving Credit Facility are supported by guarantees from the Company and its subsidiary guarantors, and by security interests in substantially all of the assets of Xerox Holdings Corporation, as well as Xerox Corporation and its subsidiary guarantors, subject to certain exceptions. If an event of default occurs under the new revolving Credit Facility, the entire principal amount outstanding under the New Revolving Credit Facility, together with all accrued unpaid interest and other amounts owing in respect thereof, may be declared immediately due and payable, subject, in certain instances, to the expiration of applicable cure periods.

The new revolving Credit Facility requires the Company to comply with the following financial covenants measured as of the end of each fiscal quarter:

(a)Total Net Leverage Ratio - a quarterly test that is calculated as net debt for borrowed money divided by consolidated EBITDA, both as defined in the new revolving Credit Agreement - with a cap on cash netting of $1.0 billion. The required Total Net Leverage Ratio is 5.00:1.00 at December 31, 2022; 4.75:1.00 at March 31, 2023; 4.50:1:00 at June 30, 2023 and 4.25:1.00 thereafter.

(b)Interest Coverage Ratio - a quarterly test that is calculated as consolidated EBITDA divided by consolidated interest expense, both as defined in the new revolving Credit Agreement. The Interest Coverage Ratio is 2.50:1.00 at December 31, 2022; and 2.75:1.00 thereafter.

The new revolving Credit Facility also imposes restrictions on the Company and its subsidiaries, including on the amount of dividends the Company is permitted to pay and the amount of shares the Company is permitted to repurchase. Pursuant to the credit agreement, provided there is no event of default existing, the Company may declare and pay cash dividends on shares of its common stock and its preferred stock, and may repurchase shares of its common stock and its preferred stock (i) in an unlimited amount if, at the time such dividend or repurchase is made, the Company’s Total Net Leverage ratio is 3.5 to 1.00 or less or (ii) in an aggregate amount in any fiscal year not to exceed the greater of (x) $200 or (y) 50% of free cash flow, which is operating cash flows less capital expenditures, for the prior fiscal year, commencing with the fiscal year ending December 31, 2022.

Secured Borrowings and Collateral

Over the past three years, we have entered into secured loan agreements with various financial institutions where we sold finance receivables and rights to payments under our equipment on operating leases. In certain transactions, the sales were made to special purpose entities (SPEs), owned and controlled by Xerox, where the SPEs funded the purchase through amortizing secured loans from the financial institutions. The loans have variable interest rates and expected lives of approximately 2.5 years, with half projected to be repaid within the first year based on collections of the underlying portfolio of receivables. For certain loans, we entered into interest rate hedge agreements to either fix or cap the interest rate over the life of the loan.

The sales of the receivables to the SPEs were structured as "true sales at law," and we have received opinions to that effect from outside legal counsel. However, the transactions were accounted for as secured borrowings as we fully consolidate the SPEs in our financial statements. As a result, the assets of the SPEs are not available to satisfy any of our other obligations. Conversely, the credit holders of these SPEs do not have legal recourse to the Company’s general credit.

Below are the secured assets and obligations held by subsidiaries of Xerox, which are included in our Consolidated Balance Sheets.


	Balance at December 31, 2022
	Finance Receivables, Net(1)		Equipment on Operating Leases, Net		Secured Debt(2)		Interest Rate(4)		Expected Maturity
United States(3)
December 2022	$	370	$	—	$	247	7.43	%	2025
January 2022	528		—		407		5.83	%	2024
September 2021	180		5		136		5.65	%	2024
Total U.S.	$	1,078	$	5	$	790

Canada(3)
April 2022	$	63	$	—	$	57	5.45	%	2025



France
December 2022	$	235	$	—	$	195	3.03	%	2025


Total	$	1,376	$	5	$	1,042


	Balance at December 31, 2021
	Finance Receivables, Net(1)		Equipment on Operating Leases, Net		Secured Debt(2)		Interest Rate(4)		Expected Maturity
United States(3)
September 2021	$	308	$	8	$	293	1.40	%	2024
December 2020	380		—		268		1.74	%	2023










Total U.S.	$	688	$	8	$	561

_____________

(1)Includes (i) Billed portion of finance receivables, net (ii) Finance receivables, net and (iii) Finance receivables due after one year, net as included in the consolidated balance sheets as of December 31, 2022 and 2021.

(2)Represents Principal Balance and excludes debt issuance costs of $5 and $1 as of December 31, 2022 and 2021, respectively.

(3)Secured assets and obligations held by SPEs.

(4)Represents the pre-hedged rate - refer to Note 16 - Financial Instruments for details regarding hedging of these borrowings.

Interest

Interest paid on our short-term and long-term debt amounted to $201, $203 and $181 for the years ended December 31, 2022, 2021 and 2020, respectively.

Interest expense and interest income was as follows:


	Year Ended December 31,
	2022		2021		2020
Interest expense(1) (2)	$	199	$	207	$	215
Interest income(3)	218		225		240

_____________

(1)Includes Equipment financing interest as well as non-financing interest expense included in Other expenses, net in the Consolidated Statements of (Loss) Income.

(2)Interest expense of Xerox Corporation included intercompany expense associated with the Xerox Holdings Corporation/Xerox Corporation Intercompany Loan of $80, $80 and $32 for the three years ended December 31, 2022, 2021 and 2020, respectively.

(3)Includes Finance income, as well as other interest income that is included in Other expenses, net in the Consolidated Statements of (Loss) Income.

Equipment financing interest is determined based on an estimated cost of funds, applied against the estimated level of debt required to support our net finance receivables. The estimated cost of funds is based on the interest cost associated with actual borrowings determined to be in support of the leasing business. The estimated level of debt continues to be based on an assumed 7 to 1 leverage ratio of debt/equity as compared to our average finance receivable balance during the applicable period.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments

12 Months Ended

Dec. 31, 2022

Financial Instruments

We are exposed to market risk from changes in foreign currency exchange rates and interest rates, which could affect operating results, financial position and cash flows. We manage our exposure to these market risks through our regular operating and financing activities and, when appropriate, through the use of derivative financial instruments. These derivative financial instruments are utilized to hedge economic exposures, as well as to reduce earnings and cash flow volatility resulting from shifts in market rates. We enter into limited types of derivative contracts, including interest rate swap agreements, interest rate caps, foreign currency spot, forward and swap contracts and net purchased foreign currency options to manage interest rate and foreign currency exposures. Our primary foreign currency market exposures include the Japanese Yen, Euro and U.K. Pound Sterling. The fair market values of all our derivative contracts change with fluctuations in interest rates and/or currency exchange rates and are designed so that any changes in their values are offset by changes in the values of the underlying exposures. Derivative financial instruments are held solely as risk management tools and not for trading or speculative purposes. The related cash flow impacts of all of our derivative activities are reflected as cash flows from operating activities.

We do not believe there is significant risk of loss in the event of non-performance by the counterparties associated with our derivative instruments because these transactions are executed with a diversified group of major financial institutions. Further, our policy is to deal only with counterparties having a minimum investment grade or better credit rating. Credit risk is managed through the continuous monitoring of exposures to such counterparties.

Interest Rate Risk Management

We use interest rate swap and interest rate cap agreements to manage our interest rate exposure and to achieve a desired proportion of variable and fixed rate debt. These derivatives may be designated as fair value hedges or cash flow hedges depending on the nature of the risk being hedged. We had no fair value hedges for the three-year period ended December 31, 2022.

Cash Flow Hedges

We use interest rate swaps and caps to manage the exposure to variability in the interest rate payments on our secured loan agreements entered into over the last two years. The interest rate swaps convert the interest paid on certain loans to a fixed amount while the caps limit the maximum amount of interest paid. At December 31, 2022 there were four interest rate derivatives outstanding as follows:


Secured Borrowing	Derivative Type	Principal Debt (1)		Notional Amount		Expected Maturity	Pre-Hedged Rate		Hedged Rate		Net Fair Value
United States	N/A	$	407	$	—	2024	5.83	%	—	%	$	—
United States	Cap	136		129		2024	5.65	%	0.50	%	4
United States	Cap	247		247		2025	7.43	%	4.50	%	1
Canada	Swap	57		52		2025	5.45	%	2.57	%	1
France	Cap	195		195		2025	3.03	%	3.00	%	1
Total		$	1,042	$	623						$	7

_____________

(1)Excludes debt issuance costs of $5 at December 31, 2022.

No amount of ineffectiveness was recorded in the Consolidated Statements of (Loss) Income for these designated cash flow hedges and all components of each derivative’s gain or loss were included in the assessment of hedge effectiveness.

Foreign Exchange Risk Management

We are a global company, and we are exposed to foreign currency exchange rate fluctuations in the normal course of our business. As a part of our foreign exchange risk management strategy, we use derivative instruments, primarily forward contracts and purchased option contracts, to hedge the following foreign currency exposures, thereby reducing volatility of earnings or protecting fair values of assets and liabilities:

•Foreign currency-denominated assets and liabilities

•Forecasted purchases, and sales in foreign currency

At December 31, 2022, we had outstanding forward exchange and purchased option contracts with gross notional values of $1,541, with terms of less than 12 months. At December 31, 2022, approximately 86% of these contracts mature within three months, 7% in three to six months and 7% in six to twelve months. The associated exposures being hedged at December 31, 2022 were higher by 38.5%, as compared to December 31, 2021. There have not been any material changes in our hedging strategy during 2022.

The following is a summary of the primary hedging positions and corresponding fair values as of December 31, 2022:


Currencies Hedged (Buy/Sell)	Gross Notional Value		Fair Value Asset(1)
Japanese Yen/U.S. Dollar	$	389	$	3
Euro/U.K. Pound Sterling	297		6
Japanese Yen/Euro	250		(1)
Euro/Canadian Dollar	131		—
U.S. Dollar/Euro	127		(1)
Euro/U.S. Dollar	70		—
U.S. Dollar/Canadian Dollar	53		1
Swedish Krona/Euro	49		—
Euro/Swedish Krona	45		—


















All Other	130		—
Total Foreign exchange hedging	$	1,541	$	8

_____________

(1)Represents the net receivable (payable) amount included in the Consolidated Balance Sheet at December 31, 2022.

Foreign Currency Cash Flow Hedges

We designate a portion of our foreign currency derivative contracts as cash flow hedges of our foreign currency-denominated inventory purchases, sales and expenses. No amount of ineffectiveness was recorded in the Consolidated Statements of (Loss) Income for these designated cash flow hedges and all components of each derivative’s gain or loss were included in the assessment of hedge effectiveness. The net liability fair value of these contracts was $4 and $3 as of December 31, 2022 and 2021, respectively.

Summary of Derivative Instruments Fair Value

The following table provides a summary of the fair value amounts of our derivative instruments:


		December 31,
Designation of Derivatives	Balance Sheet Location	2022		2021
Derivatives Designated as Hedging Instruments
Foreign exchange contracts – forwards	Other current assets	$	5	$	3
	Accrued expenses and other current liabilities	(9)		(6)


Interest rate cap	Other long-term assets	6		1
Interest rate swap	Other long-term assets	1		—

	Net Designated Derivative Asset (Liability)	$	3	$	(2)

Derivatives NOT Designated as Hedging Instruments
Foreign exchange contracts – forwards	Other current assets	$	14	$	1
	Accrued expenses and other current liabilities	(2)		(5)
	Net Undesignated Derivative Asset (Liability)	$	12	$	(4)

Summary of Derivatives	Total Derivative Assets	$	26	$	5
	Total Derivative Liabilities	(11)		(11)
	Net Derivative Asset (Liability)	$	15	$	(6)

Summary of Derivative Instruments Gains (Losses)

Derivative gains and (losses) affect the income statement based on whether such derivatives are designated as hedges of underlying exposures. The following is a summary of derivative gains and (losses).

Designated Derivative Instruments Gains (Losses)

The following table provide a summary of gains (losses) on derivative instruments:


	Derivative (Loss) Gain Recognized in OCI (Effective Portion)							(Loss) Gain Reclassified from AOCI to Income (Effective Portion)
Derivatives in Cash Flow Hedging Relationships	Year Ended December 31,						Location of Derivative (Loss) Gain Reclassified from AOCI into Income (Effective Portion)	Year Ended December 31,
	2022		2021		2020			2022		2021		2020
Foreign exchange contracts – forwards/options	$	(41)	$	(12)	$	4	Cost of sales	$	(36)	$	(7)	$	(1)
Interest rate contracts	6		—		—		Interest expense	1		—		—
Total	$	(35)	$	(12)	$	4		$	(35)	$	(7)	$	(1)

For the three years ended December 31, 2022, 2021 and 2020 no amount of ineffectiveness was recorded in the Consolidated Statements of (Loss) Income for these designated cash flow hedges. All components of each derivative’s gain or (loss) were included in the assessment of hedge effectiveness.

At December 31, 2022, a net after-tax loss of $4 was recorded in Accumulated other comprehensive loss associated with our cash flow hedging activity. The entire balance is expected to be reclassified into Net income within the next 12 months, providing an offsetting economic impact against the underlying anticipated transactions.

Non-Designated Derivative Instruments Gains (Losses)

Non-designated derivative instruments are primarily instruments used to hedge foreign currency-denominated assets and liabilities. They are not designated as hedges since there is a natural offset for the remeasurement of the underlying foreign currency-denominated asset or liability.

The following table provides a summary of gains (losses) on non-designated derivative instruments:


		Year Ended December 31,
Derivatives NOT Designated as Hedging Instruments	Location of Derivative Gain (Loss)	2022		2021		2020
Foreign exchange contracts – forwards	Other expense – Currency gains (losses), net	$	17	$	(26)	$	14

For the three years ended December 31, 2022, 2021 and 2020, we recorded Currency losses, net of $13, $7 and $3, respectively. Net currency gains and losses include the mark-to-market adjustments of the derivatives not designated as hedging instruments and the related cost of those derivatives, as well as the remeasurement of foreign currency-denominated assets and liabilities and are included in Other expenses, net.

Fair Value of Financial Assets and Liabilities

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets and Liabilities

The following table represents assets and liabilities' fair value measured on a recurring basis. The basis for the measurement at fair value in all cases is Level 2 – Significant Other Observable Inputs.


	As of December 31,
	2022		2021
Assets
Foreign exchange contracts - forwards	$	19	$	4

Interest rate cap	6		1
Interest rate swap	1		—

Deferred compensation investments in mutual funds	15		18
Total	$	41	$	23
Liabilities
Foreign exchange contracts - forwards	$	11	$	11


Deferred compensation plan liabilities	14		18
Total	$	25	$	29

We utilize the income approach to measure the fair value for our derivative assets and liabilities. The income approach uses pricing models that rely on market observable inputs such as yield curves, currency exchange rates and forward prices, and therefore are classified as Level 2.

Fair value for our deferred compensation plan investments in mutual funds is based on quoted market prices for those funds. Fair value for deferred compensation plan liabilities is based on the fair value of investments corresponding to employees’ investment selections.

Summary of Other Financial Assets and Liabilities

The estimated fair values of our other financial assets and liabilities were as follows:


	December 31, 2022				December 31, 2021
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Cash and cash equivalents	$	1,045	$	1,045	$	1,840	$	1,840
Accounts receivable, net	857		857		818		818
Short-term debt and current portion of long-term debt	860		861		650		653
Long-term debt
Xerox Holdings Corporation	$	1,496	$	1,294	$	1,494	$	1,579
Xerox Corporation	894		726		1,892		1,987
Xerox - Other Subsidiaries(1)	476		478		210		210
Total Long-term debt	$	2,866	$	2,498	$	3,596	$	3,776

_____________

(1)Represents subsidiaries of Xerox Corporation.

The fair value amounts for Cash and cash equivalents and Accounts receivable, net, approximate carrying amounts due to the short maturities of these instruments. The fair value of Short-term debt, including the current portion of long-term debt, and Long-term debt was estimated based on the current rates offered to us for debt of similar maturities (Level 2). The difference between the fair value and the carrying value represents the theoretical net premium or discount we would pay or receive to retire all debt at such date.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Employee Benefit Plans

12 Months Ended

Dec. 31, 2022

Employee Benefit Plans

We sponsor numerous defined benefit and defined contribution pension and other post-retirement benefit plans, primarily retiree health care, in our domestic and international operations. December 31 is the measurement date for all of our post-retirement benefit plans.

Where legally possible, we have amended our major defined benefit pension plans to freeze current benefits and eliminate benefit accruals for future service, including our primary U.S. defined benefit plan for salaried employees, the Canadian Salary Pension Plan and the U.K. Final Salary Pension Plan. In certain Non-U.S. plans, we are required to continue to consider salary increases and inflation in determining the benefit obligation related to prior service. Effective January 1, 2023, our pension plan in the Netherlands was changed to a Defined Contribution Plan for future service. We recorded this change as a curtailment effective December 31, 2022. The benefits accrued prior to 2023 under the Netherlands Pension Plan remain in a Collective Defined Contribution (CDC) plan. From a Company risk perspective, this portion of the plan operates just like a defined contribution plan as the company is only responsible for a contribution for annual benefit accruals under 5-year agreements. Although the Company's risk has been mitigated, under U.S. GAAP this plan doesn’t meet the definition of a defined contribution plan and therefore is continues to be accounted for as a defined benefit plan.

Prior to the freeze of current benefits, most of our defined benefit pension plans generally provided employees a benefit, depending on eligibility, calculated under a highest average pay and years of service formula. Our primary domestic defined benefit pension plans provided a benefit at the greater of (i) the highest average pay and years of service formula, (ii) the benefit calculated under a formula that provides for the accumulation of salary and interest credits during an employee's work life or (iii) the individual account balance from the Company's prior defined contribution plan (Transitional Retirement Account or TRA). Pension plan assets consist of both defined benefit plan assets and assets legally restricted to the TRA accounts.

The combined investment results for our primary domestic plans, along with the results for our other defined benefit plans, are shown below in the “actual return on plan assets” caption. To the extent that investment results relate to TRA assets, such results are charged directly to these accounts as a component of interest cost and expected return.


	Pension Benefits
	U.S. Plans				Non-U.S. Plans				Retiree Health
	2022		2021		2022		2021		2022		2021
Change in Benefit Obligation:
Benefit obligation, January 1	$	3,372	$	3,747	$	6,543	$	7,159	$	303	$	370
Service cost	1		2		16		20		1		2
Interest (income) cost	(65)		80		123		88		8		8
Plan participants' contributions	—		—		2		3		9		8
Actuarial gain	(643)		(86)		(1,697)		(233)		(59)		(1)
Currency exchange rate changes	—		—		(534)		(193)		(7)		—
Plan amendment	—		—		72		—		(26)		(50)
Plan curtailments	—		—		(20)		(4)		—		—
Benefits paid/settlements	(320)		(371)		(265)		(297)		(27)		(34)
Other	—		—		—		—		7		—
Benefit Obligation, December 31	$	2,345	$	3,372	$	4,240	$	6,543	$	209	$	303

Change in Plan Assets:
Fair value of plan assets, January 1	$	2,544	$	2,802	$	7,252	$	7,199	$	—	$	—
Actual return on plan assets	(730)		89		(1,865)		415		—		—
Employer contributions	24		24		81		111		19		25
Plan participants' contributions	—		—		2		3		8		8
Currency exchange rate changes	—		—		(609)		(178)		—		—
Benefits paid/settlements	(320)		(371)		(265)		(297)		(27)		(33)
Other	—		—		(2)		(1)		—		—
Fair Value of Plan Assets, December 31	$	1,518	$	2,544	$	4,594	$	7,252	$	—	$	—

Net Funded Status at December 31(1)	$	(827)	$	(828)	$	354	$	709	$	(209)	$	(303)

Amounts Recognized in the Consolidated Balance Sheets:
Other long-term assets	$	—	$	—	$	667	$	1,211	$	—	$	—
Accrued compensation and benefit costs	(24)		(24)		(19)		(21)		(25)		(26)
Pension and other benefit liabilities	(803)		(804)		(294)		(481)		—		—
Post-retirement medical benefits	—		—		—		—		(184)		(277)
Net Amounts Recognized	$	(827)	$	(828)	$	354	$	709	$	(209)	$	(303)

Accumulated Benefit Obligation	$	2,345	$	3,372	$	4,194	$	6,412

_____________

(1)Includes under-funded and unfunded plans.

Benefit plans pre-tax amounts recognized in AOCL at December 31st:


	Pension Benefits
	U.S. Plans				Non-U.S. Plans				Retiree Health
	2022		2021		2022		2021		2022		2021
Net actuarial loss (gain)	$	692	$	745	$	1,202	$	939	$	(79)	$	(25)
Prior service cost (credit)	—		—		99		29		(94)		(83)
Total loss (gain) - Pre-tax	$	692	$	745	$	1,301	$	968	$	(173)	$	(108)

Aggregate information for pension plans with an accumulated benefit obligation in excess of plan assets is presented below. Information for Retiree Health plans with an accumulated post-retirement benefit obligation in excess of plan assets has been disclosed in the preceding table on Benefit obligations and Net funded status as all Retiree Health plans are unfunded.


	December 31, 2022				December 31, 2021
	Accumulated Benefit Obligation		Fair Value of Plan Assets		Accumulated Benefit Obligation		Fair Value of Plan Assets
Underfunded Plans:
U.S.	$	2,098	$	1,518	$	3,056	$	2,544
Non-U.S.	44		38		181		144

Unfunded Plans:
U.S.	$	247	$	—	$	316	$	—
Non-U.S.	304		—		440		—

Total Underfunded and Unfunded Plans:
U.S.	$	2,345	$	1,518	$	3,372	$	2,544
Non-U.S.	348		38		621		144
Total	$	2,693	$	1,556	$	3,993	$	2,688

Aggregate information for pension plans with a projected benefit obligation in excess of plan assets is presented below:


	December 31, 2022				December 31, 2021
	Projected Benefit Obligation		Fair Value of Plan Assets		Projected Benefit Obligation		Fair Value of Plan Assets
Underfunded Plans:
U.S.	$	2,098	$	1,518	$	3,056	$	2,544
Non-U.S.	45		38		810		751

Unfunded Plans:
U.S.	$	247	$	—	$	316	$	—
Non-U.S.	308		—		447		—

Total Underfunded and Unfunded Plans:
U.S.	$	2,345	$	1,518	$	3,372	$	2,544
Non-U.S.	353		38		1,257		751
Total	$	2,698	$	1,556	$	4,629	$	3,295

Pension plan assets and benefit obligations by country were as follows:


	December 31, 2022						December 31, 2021
	Fair Value of Pension Plan Assets		Projected Benefit Obligation		Net Funded Status		Fair Value of Pension Plan Assets		Projected Benefit Obligation		Net Funded Status
U.S. funded	$	1,518	$	2,098	$	(580)	$	2,544	$	3,056	$	(512)
U.S. unfunded	—		247		(247)		—		316		(316)
Total U.S.	1,518		2,345		(827)		2,544		3,372		(828)
U.K.	2,903		2,439		464		4,914		3,870		1,044
Netherlands	793		729		64		1,174		1,145		29
Canada	553		532		21		746		747		(1)
Germany	—		237		(237)		—		346		(346)

Other	345		303		42		418		435		(17)
Total	$	6,112	$	6,585	$	(473)	$	9,796	$	9,915	$	(119)

The components of Net periodic benefit cost and other changes in plan assets and benefit obligations were as follows:


	Year Ended December 31,
	Pension Benefits
	U.S. Plans						Non-U.S. Plans						Retiree Health
	2022		2021		2020		2022		2021		2020		2022		2021		2020
Components of Net Periodic Benefit Costs:
Service cost	$	1	$	2	$	2	$	16	$	20	$	20	$	1	$	2	$	2
Interest (income) cost(1)	(65)		80		196		123		88		113		8		8		12
Expected return on plan assets(2)	71		(117)		(217)		(226)		(208)		(191)		—		—		—
Recognized net actuarial loss (gain)	13		17		27		23		59		58		(4)		1		(1)
Amortization of prior service credit	—		(1)		(2)		1		(1)		(1)		(8)		(66)		(76)
Recognized settlement loss	56		54		53		—		1		1		—		—		—
Recognized curtailment gain	—		—		—		(4)		(4)		(1)		—		—		—

Defined Benefit Plans	76		35		59		(67)		(45)		(1)		(3)		(55)		(63)
Defined contribution plans	20		—		1		17		18		18		n/a		n/a		n/a
Net Periodic Benefit Cost (Credit)	96		35		60		(50)		(27)		17		(3)		(55)		(63)
Other changes in plan assets and benefit obligations recognized in Other Comprehensive (Loss) Income:
Net actuarial loss (gain)	16		(57)		(105)		368		(425)		(9)		(57)		(1)		4
Prior service cost (credit)	—		—		—		72		(4)		4		(26)		(50)		(11)
Amortization of net actuarial (loss) gain	(69)		(71)		(80)		(23)		(60)		(59)		4		(1)		1
Amortization of net prior service credit	—		1		2		(1)		1		1		15		66		76
Curtailment gain	—		—		—		4		4		1		—		—		—
Total Recognized in Other Comprehensive (Loss) Income(3)	(53)		(127)		(183)		420		(484)		(62)		(64)		14		70
Total Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Loss) Income	$	43	$	(92)	$	(123)	$	370	$	(511)	$	(45)	$	(67)	$	(41)	$	7

_____________

(1)Interest cost for Pension Benefits includes interest expense on non-TRA obligations of $205, $150 and $184 and interest (income)/expense directly allocated to TRA participant accounts of $(147), $18 and $125 for the years ended December 31, 2022, 2021 and 2020, respectively.

(2)Expected return on plan assets includes expected investment income on non-TRA assets of $302, $307 and $283 and actual investment (loss)/income on TRA assets of $(147), $18 and $125 for the years ended December 31, 2022, 2021 and 2020, respectively.

(3)Amounts represent the pre-tax effect included in Other comprehensive income. Refer to Note 24 - Other Comprehensive (Loss) Income for the related tax effects and the net of tax amounts.

Plan Amendments

Pension:

In October 2018, the High Court of Justice in the United Kingdom (the High Court) ruled that Lloyds Bank PLC was required to equalize benefits payable to men and women under its U.K. defined benefit pension plans by amending those plans to increase the pension benefits payable to participants that accrued such benefits during the period from 1990 to 1997. The inequalities arose from statutory differences in the retirement ages and rates of accrual of benefits for men and women related to Guaranteed Minimum Pension (GMP) benefits that are included in U.K. defined benefit pension plans.

Based on the above ruling, we estimated the cost of equalization under the minimum cost approach permitted by the High Court’s ruling to be approximately GBP 33 million (approximately USD $42). This increase in the benefit obligation was recorded as a plan amendment in 2018. In November 2020, the High Court made another ruling in this matter related to benefit transfers out of the plan prior to the date of the 2018 ruling, which increased our estimated cost of equalization by a further GBP 3 million (approximately USD $4). Consistent with our approach to the estimate in 2018, the increase in the benefit obligation was recorded as a plan amendment in 2020 and together with the 2018 adjustment will be amortized to future net periodic benefit costs as a prior service cost.

At December 31, 2022, the aggregate cost for this matter was estimated to be approximately GBP 16 million (approximately USD $19) a reduction of approximately GBP 20 million (approximately USD $24) from prior estimates, which was accounted for as an actuarial gain cumulatively through 2022. This latest estimate reflects a more recent analysis completed by the Plan Actuary adjusted approximately for market conditions at December 31, 2022. The equalization method has now been agreed between the Company and Trustee and is now in the process of being implemented. The method decision does not materially impact the estimated cost.

In April 2022, our U.K. defined benefit pension plan was amended, at the sole discretion of the Plan Trustees as legally allowed, to increase the capped inflation indexation for the April 2022 pension increase award to 7.5% in line with the December 2021 U.K. Retail Price Index (RPI). This amendment resulted in an increase of approximately $73 in the projected benefit obligation (PBO) for this plan.

Retiree Health Plans:

During 2022, we amended our U.S. Retiree Health Plan to reduce benefits and eliminate coverage for existing union retirees and for certain union employees as a result of contract negotiations. These negative plan amendments resulted in a reduction of approximately $30 in the Company's postretirement benefit obligation.

In December 2021, we amended our U.S. Retiree Health Plan to reduce certain benefits for existing union retirees through the reduction or elimination of coverage or cost-sharing subsidies for retiree health care and life insurance costs. This negative plan amendment resulted in a reduction of $50 in the postretirement benefit obligation.

In October 2020, we reduced the level of Company cost sharing for retiree health care benefits provided to certain existing non-union retirees. This change to our U.S. Retiree Health Plan was effective January 1, 2021. This negative plan amendment resulted in a reduction in the postretirement benefit obligation of $11.

The reductions in the postretirement benefit obligation resulting from these plan amendments are being amortized to future net periodic benefit costs as prior service credits.

Plan Assets

Current Allocation

As of the 2022 and 2021 measurement dates, the global pension plan assets were $6,112 and $9,796, respectively. These assets were invested among several asset classes.

The following tables present the defined benefit plans assets measured at fair value and the basis for that measurement.


	December 31, 2022
	U.S. Plans										Non-U.S. Plans
Asset Class	Level 1		Level 2		Level 3		Assets measured at NAV(1)		Total		Level 1		Level 2		Level 3		Assets measured at NAV(1)		Total
Cash and cash equivalents	$	3	$	—	$	—	$	—	$	3	$	532	$	—	$	—	$	—	$	532
Equity Securities:
U.S.	44		—		—		—		44		75		27		—		—		102
International	89		—		—		128		217		358		2		—		30		390
Fixed Income Securities:
U.S. treasury securities	—		73		—		—		73		—		72		—		—		72
Debt security issued by government agency	—		151		—		—		151		—		1,326		—		—		1,326
Corporate bonds	—		644		—		—		644		—		263		—		—		263

Derivatives	—		(8)		—		—		(8)		—		79		—		—		79
Real estate	—		—		57		13		70		—		—		144		71		215
Private equity/venture capital	—		—		—		202		202		—		—		4		1,089		1,093
Guaranteed insurance contracts	—		—		—		—		—		—		—		483		—		483
Other(2)(3)	—		—		—		122		122		22		17		—		—		39
Total Fair Value of Plan Assets	$	136	$	860	$	57	$	465	$	1,518	$	987	$	1,786	$	631	$	1,190	$	4,594

_____________

(1)Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.

(2)Other NAV includes mutual funds of $94 (measured at NAV) which are invested approximately 30% in fixed income securities and approximately 70% in equity securities.

(3)Other Level 1 includes net non-financial, Non-U.S. assets of $22, such as due to/from broker, interest receivables and accrued expenses.


	December 31, 2021
	U.S. Plans										Non-U.S. Plans
Asset Class	Level 1		Level 2		Level 3		Assets measured at NAV(1)		Total		Level 1		Level 2		Level 3		Assets measured at NAV(1)		Total
Cash and cash equivalents	$	3	$	—	$	—	$	—	$	3	$	477	$	—	$	—	$	—	$	477
Equity Securities:
U.S.	148		—		—		—		148		35		36		—		—		71
International	161		—		—		230		391		699		339		—		37		1,075
Fixed Income Securities:
U.S. treasury securities	—		214		—		—		214		—		61		—		—		61
Debt security issued by government agency	—		119		—		—		119		—		2,181		—		—		2,181
Corporate bonds	—		1,134		—		—		1,134		—		985		—		—		985

Derivatives	—		5		—		—		5		—		300		—		—		300
Real estate	—		—		51		10		61		—		—		164		112		276
Private equity/venture capital	—		—		—		239		239		—		—		4		1,684		1,688
Guaranteed insurance contracts	—		—		—		—		—		—		—		75		—		75
Other(2)(3)	95		—		—		135		230		22		41		—		—		63
Total Fair Value of Plan Assets	$	407	$	1,472	$	51	$	614	$	2,544	$	1,233	$	3,943	$	243	$	1,833	$	7,252

_____________

(1)Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.

(2)Other NAV includes mutual funds of $73 (measured at NAV) which are invested approximately 75% in fixed income securities and approximately 25% in equity securities.

(3)Other Level 1 includes mutual funds of $93, which are invested in equity securities, and net non-financial (liabilities) assets of $2 U.S. and $22 Non-U.S., respectively, such as due to/from broker, interest receivables and accrued expenses.

The following tables represents a rollforward of the defined benefit plans assets measured at fair value using significant unobservable inputs (Level 3 assets):


	U.S.		Non-U.S.
	Real Estate		Real Estate		Private Equity/Venture Capital		Guaranteed Insurance Contracts		Total
Balance at December 31, 2020	$	31	$	208	$	3	$	86	$	297
Purchases	15		10		—		—		10



Sales	—		(33)		—		(5)		(38)

Unrealized gains (losses)	5		(12)		1		1		(10)
Currency translation	—		(9)		—		(7)		(16)

Balance at December 31, 2021	$	51	$	164	$	4	$	75	$	243
Purchases	—		—		—		569		569

Sales	(2)		(19)		—		(5)		(24)



Unrealized gains (losses)	8		(10)		1		(133)		(142)
Currency translation	—		9		(1)		(23)		(15)

Balance at December 31, 2022	$	57	$	144	$	4	$	483	$	631

Level 3 Valuation Method

Our primary Level 3 assets are Real Estate, Private Equity/Venture Capital investments, and Guaranteed Insurance Contracts. The fair value of our real estate investment funds is based on the Net Asset Value (NAV) of our ownership interest in the funds. NAV information is received from the investment advisers and is primarily derived from third-party real estate appraisals for the properties owned. The fair value for our private equity/venture capital partnership investments are based on our share of the estimated fair values of the underlying investments held by these partnerships as reported (or expected to be reported) in their audited financial statements. 2022 purchases of Guaranteed Insurance Contracts (GICs) include the purchase of a buy-in annuity contract, which has been valued based on the member benefits covered by the contract adjusted for current market factors. The valuation techniques and inputs for our Level 3 assets have been consistently applied for all periods presented.

Investment Strategy

The target asset allocations for our worldwide defined benefit pension plans were:


	2022		2021
	U.S.	Non-U.S.	U.S.	Non-U.S.
Equity investments(1)	24%	11%	24%	15%
Fixed income investments	60%	36%	60%	44%
Real estate	6%	5%	6%	4%
Private equity/venture capital	8%	25%	8%	24%
Other	2%	23%	2%	13%
Total Investment Strategy	100%	100%	100%	100%

_____________

(1)Target allows for an additional allocation to synthetic equity which is offset by cash.

We employ a total return investment approach whereby a mix of equities and fixed income investments are used to maximize the long-term return of plan assets for a prudent level of risk. The intent of this strategy is to minimize plan expenses by exceeding the interest growth in long-term plan liabilities. Risk tolerance is established through careful consideration of plan liabilities, plan funded status and corporate financial condition. This consideration involves the use of long-term measures that address both return and risk. The investment portfolio contains a diversified blend of equity and fixed income investments. Furthermore, equity investments are diversified across U.S. and non-U.S. stocks, as well as growth, value and small and large capitalizations. Other assets such as real estate, private equity, and hedge funds are used to improve portfolio diversification. Derivatives may be used to hedge market exposure in an efficient, timely and cost-effective manner; however, derivatives may not be used to speculate or leverage the portfolio beyond the market value of the underlying investments. Investment risks and returns are measured and monitored on an ongoing basis through annual liability measurements and quarterly investment portfolio reviews.

Expected Long-term Rate of Return

We employ a “building block” approach in determining the long-term rate of return for plan assets. Historical markets are studied and long-term relationships between equities and fixed income are assessed. Current market factors such as inflation and interest rates are evaluated before long-term capital market assumptions are determined. The long-term portfolio return is established giving consideration to investment diversification and rebalancing. Peer data and historical returns are reviewed periodically to assess reasonableness and appropriateness.

Contributions Disclosure

The following table summarizes cash contributions to our defined benefit pension plans and retiree health benefit plans.


	Year Ended December 31,
	2022		Estimated 2023
U.S. Plans	$	24	$	50
Non-U.S. Plans	81		25
Total Pension Plans	$	105	$	75
Retiree Health	19		25
Total Retirement Plans	$	124	$	100

The 2022 U.S. Defined benefit plans contributions did not include any contributions for our domestic tax-qualified defined benefit plans because none were required to meet the minimum funding requirements. Approximately $25 of estimated contributions are included in 2023 for our U.S. tax-qualified defined benefit plans. However, once the January 1, 2023 actuarial valuations and projected results as of the end of the 2023 measurement year are available, actual contributions required to meet minimum funding requirements will be determined and finalized and may change from the current estimate. In addition, the decrease in non-U.S. plan contributions in 2023 is due to further contributions to our U.K. defined benefit pension plan not being required after October 2022 following agreement of the triennial valuation of the Plan with the Plan Trustees.

Estimated Future Benefit Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid during the following years:


	Pension Benefits
	U.S.		Non-U.S.		Total		Retiree Health
2023	$	265	$	262	$	527	$	25
2024	235		271		506		21
2025	227		276		503		20
2026	221		284		505		18
2027	215		289		504		17
Years 2028-2032	906		1,553		2,459		68

Assumptions

Weighted-average assumptions used to determine benefit obligations at the plan measurement dates:


	Pension Benefits
	2022				2021				2020
	U.S.		Non-U.S.		U.S.		Non-U.S.		U.S.		Non-U.S.
Discount rate	5.1	%	4.5	%	2.7	%	1.8	%	2.2	%	1.3	%
Rate of compensation increase	—	%	2.9	%	0.1	%	2.8	%	0.1	%	2.6	%
Interest crediting rate	4.5	%	2.1	%	2.8	%	1.5	%	2.8	%	1.5	%


	Retiree Health
	2022		2021		2020
Discount rate	5.0	%	2.7	%	2.2	%

Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31:


	Pension Benefits
	2023				2022				2021				2020
	U.S.		Non-U.S.		U.S.		Non-U.S.		U.S.		Non-U.S.		U.S.		Non-U.S.
Discount rate	5.1	%	4.5	%	2.7	%	1.8	%	2.2	%	1.3	%	3.1	%	1.8	%
Expected return on plan assets	8.1	%	4.3	%	5.9	%	3.2	%	5.9	%	3.1	%	6.0	%	3.3	%
Rate of compensation increase	—	%	2.9	%	0.1	%	2.8	%	0.1	%	2.6	%	0.2	%	2.6	%
Interest crediting rate	4.5	%	2.1	%	2.5	%	1.5	%	2.8	%	1.5	%	2.8	%	1.5	%


	Retiree Health
	2023		2022		2021		2020
Discount rate	5.0	%	2.7	%	2.2	%	3.0	%

_____________

Note: Expected return on plan assets is not applicable to retiree health benefits as these plans are not funded. Rate of compensation increase is not applicable to retiree health benefits as compensation levels do not impact earned benefits.

Assumed health care cost trend rates were as follows:


	December 31,
	2022		2021
Health care cost trend rate assumed for next year	5.1	%	5.3	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.3	%	4.3	%
Year that the rate reaches the ultimate trend rate	2026		2026

Defined Contribution Plans

We have post-retirement savings and investment plans in several countries, including the U.S., the U.K. and Canada. In many instances, employees who participated in the defined benefit pension plans that have been amended to freeze future service accruals were transitioned to an enhanced defined contribution plan. In these plans, employees are allowed to contribute a portion of their salaries and bonuses to the plans, and we match a portion of the employee contributions. We recorded charges related to our defined contribution plans of $37 in 2022, $18 in 2021 and $19 in 2020.

During 2021 and 2020, the Company suspended its full year employer matching contribution for its U.S. based 401(k) plan for salaried (non-union) employees. The employer matching contribution was reinstated for 2022 and was made in the first quarter of 2023.

The entire disclosure for retirement benefits.

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Income and Other Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income and Other Taxes

(Loss) income before income taxes and equity income (pre-tax (loss) income) was as follows:


	Year Ended December 31,
	2022		2021		2020
Domestic (loss) income	$	(319)	$	(343)	$	353
Foreign (loss) income	(9)		(132)		(101)
(Loss) Income before Income Taxes and Equity Income	$	(328)	$	(475)	$	252

The components of Income tax (benefit) expense were as follows:


	Year Ended December 31,
	2022		2021		2020
Federal Income Taxes
Current	$	(5)	$	33	$	3
Deferred	(16)		(61)		58
Foreign Income Taxes
Current	23		29		19
Deferred	(2)		(20)		(34)
State Income Taxes
Current	6		10		8
Deferred	(9)		(8)		10
Income Tax (Benefit) Expense	$	(3)	$	(17)	$	64

A reconciliation of the U.S. federal statutory income tax rate to the consolidated effective income tax rate was as follows:


	Year Ended December 31,
	2022		2021		2020
U.S. federal statutory income tax rate	21.0	%	21.0	%	21.0	%
Nondeductible expenses	(3.6)	%	(1.9)	%	4.1	%
Effect of tax law changes	0.1	%	3.1	%	(10.5)	%
Change in valuation allowance for deferred tax assets	(2.2)	%	2.0	%	9.9	%
State taxes, net of federal benefit	0.3	%	(0.6)	%	5.5	%
Audit and other tax return adjustments	(1.6)	%	5.6	%	1.4	%
Tax-exempt income, credits and incentives	8.7	%	4.5	%	(5.9)	%
Foreign rate differential adjusted for U.S. taxation of foreign profits(1)	(0.1)	%	(0.9)	%	(2.6)	%
Stock-based compensation	(0.6)	%	(0.2)	%	2.3	%
Goodwill impairment	(22.0)	%	(29.1)	%	—	%
Other	0.9	%	0.1	%	0.2	%
Effective Income Tax Rate	0.9	%	3.6	%	25.4	%

_____________

(1)The “U.S. taxation of foreign profits” represents the U.S. tax, net of foreign tax credits, associated with actual and deemed repatriations of earnings from our non-U.S. subsidiaries.

On a consolidated basis, we paid a total of $50, $61 and $32 in income taxes to federal, foreign and state jurisdictions during the three years ended December 31, 2022, 2021 and 2020, respectively.

Total income tax expense (benefit) was allocated to the following items:


	Year Ended December 31,
	2022		2021		2020
Pre-tax (loss) income	$	(3)	$	(17)	$	64



Common shareholders' equity:
Changes in defined benefit plans	70		143		43

Cash flow hedges	(1)		(1)		1
Translation adjustments	—		(4)		(3)

Total Income Tax Expense	$	66	$	121	$	105

Unrecognized Tax Benefits and Audit Resolutions

We recognize tax liabilities when, despite our belief that our tax return positions are supportable, we believe that certain positions may not be fully sustained upon review by tax authorities. Each period, we assess uncertain tax positions for recognition, measurement and effective settlement. Benefits from uncertain tax positions are measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon settlement - the more-likely-than-not recognition threshold. Where we have determined that our tax return filing position does not satisfy the more-likely-than-not recognition threshold, we have recorded no tax benefits. These assessments require the use of considerable estimates and judgments and can increase or decrease our effective tax rate, as well as impact our operating results. A difference in the ultimate resolution of uncertain tax positions from what is currently estimated could have a material impact on our results of operations and financial condition.

The calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax laws and regulations in a variety of jurisdictions. We are also subject to ongoing tax examinations in numerous jurisdictions due to the extensive geographical scope of our operations. As a result, we have received, and may in the future receive, proposed tax adjustments and tax assessments in multiple jurisdictions. We regularly assess the likelihood of the outcomes resulting from these ongoing tax examinations as part of our continuing assessment of uncertain tax positions to determine our provision for income taxes. The specific timing of when the resolution of each tax position will be reached is uncertain. As of December 31, 2022, we do not believe that there are any positions for which it is reasonably possible that the total amount of unrecognized tax benefits will significantly increase or decrease within the next 12 months.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


	2022		2021		2020
Balance at January 1	$	107	$	115	$	127
Additions related to current year	3		7		3
Additions related to prior years positions	4		—		8
Reductions related to prior years positions	—		(14)		(10)
Settlements with taxing authorities(1)	—		7		(8)
Reductions related to lapse of statute of limitations	(3)		(7)		(7)
Currency	(1)		(1)		2

Balance at December 31	$	110	$	107	$	115

_____________

(1)The majority of settlements did not result in the utilization of cash.

Included in the balances at December 31, 2022, 2021 and 2020 are $1, $1 and $8, respectively, of tax positions that are highly certain of realizability but for which there is uncertainty about the timing or that they may be reduced through an indirect benefit from other taxing jurisdictions. Because of the impact of deferred tax accounting, other than for the possible incurrence of interest and penalties, the disallowance of these positions would not affect the annual effective tax rate.

Within income tax expense, we recognize interest and penalties accrued on unrecognized tax benefits, as well as interest received from favorable settlements. We had $(1), $1 and $4 accrued for the payment of interest and penalties associated with unrecognized tax benefits at December 31, 2022, 2021 and 2020, respectively.

In the U.S., we are no longer subject to U.S. federal income tax examinations for years before 2017. With respect to our major foreign jurisdictions, we are no longer subject to tax examinations by tax authorities for years before 2011.

Deferred Income Taxes

At December 31, 2022 we have not provided deferred taxes on our undistributed pre-1987 E&P of approximately $310, as such undistributed earnings have been determined to be indefinitely reinvested and we currently do not plan to initiate any action that would precipitate a deferred tax impact. The decrease from the amount at December 31, 2021 of $330 is due to foreign currency translation adjustments. Additionally, we have also not provided deferred taxes on the outside basis differences in our investments in foreign subsidiaries that are unrelated to undistributed earnings. These basis differences are also indefinitely reinvested. A determination of the unrecognized deferred taxes related to these components is not practicable.

The tax effects of temporary differences that give rise to significant portions of the deferred taxes were as follows:


	December 31,
	2022		2021
Deferred Tax Assets
Research and development	$	204	$	185
Post-retirement medical benefits	54		78

Net operating losses	380		363
Operating reserves, accruals and deferrals	173		133
Tax credit carryforwards	122		143
Deferred and share-based compensation	26		24
Pension	97		7
Depreciation	2		31
Operating lease liabilities	49		62
Other	31		36
Subtotal	1,138		1,062
Valuation allowance	(366)		(357)
Total	$	772	$	705

Deferred Tax Liabilities
Finance lease and installment sales	$	72	$	61

Intangibles and goodwill	115		122
Unremitted earnings of foreign subsidiaries	26		31
Operating lease ROU assets	46		58
Other	26		22
Total	$	285	$	294

Total Deferred Taxes, Net	$	487	$	411

Reconciliation to the Consolidated Balance Sheets
Deferred tax assets	$	582	$	519
Deferred tax liabilities(1)	(95)		(108)
Total Deferred Taxes, Net	$	487	$	411

_____________

(1)Represents the deferred tax liabilities recorded in Other long-term liabilities - refer to Note 14 - Supplementary Financial Information.

We record the estimated future tax effects of temporary differences between the tax bases of assets and liabilities and the amounts reported, as well as net operating loss and tax credit carryforwards. Deferred tax assets are assessed for realizability and, where applicable, a valuation allowance is recorded to reduce the total deferred tax asset to an amount that will, more-likely-than-not, be realized in the future. We apply judgment in assessing the realizability of these deferred tax assets and the need for any valuation allowances. In determining the amount of deferred tax assets that are more-likely-than-not to be realized, we considered historical profitability, projected future taxable income, the expected timing of the reversals of existing temporary differences and tax planning strategies. The deferred tax assets requiring significant judgment are U.S. foreign tax credit carryforwards with a limited life.

The net change in the total valuation allowance for the years ended December 31, 2022, 2021 and 2020 was an increase of $9, a decrease of $39 and a decrease of $3, respectively. The valuation allowance relates primarily to certain net operating loss carryforwards, tax credit carryforwards and deductible temporary differences for which we have concluded it is more-likely-than-not that these items will not be realized in the ordinary course of operations.

Although realization is not assured, we have concluded that it is more-likely-than-not that the deferred tax assets, for which a valuation allowance was determined to be unnecessary, will be realized in the ordinary course of operations based on the available positive and negative evidence, including scheduling of deferred tax liabilities and projected income from operating activities. The amount of the net deferred tax assets considered realizable, however, could change in the near term if future income or income tax rates are higher or lower than currently estimated, or if there are differences in the timing or amount of future reversals of existing taxable or deductible temporary differences.

At December 31, 2022, we had tax credit carryforwards of $122 available to offset future income taxes, of which $3 are available to carryforward indefinitely while the majority of the remaining $119 will expire 2024 through 2026 if not utilized. We also had net operating loss carryforwards for income tax purposes of $513 that will expire 2023 through 2043, if not utilized, and $1.6 billion available to offset future taxable income indefinitely.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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Commitments and Contingencies Disclosure [Abstract]

Contingencies and Litigation

12 Months Ended

Dec. 31, 2022

Contingencies and Litigation

As more fully discussed below, we are involved in a variety of claims, lawsuits, investigations and proceedings concerning: securities law; governmental entity contracting, servicing and procurement law; intellectual property law; environmental law; employment law; the Employee Retirement Income Security Act (ERISA); and other laws and regulations. We determine whether an estimated loss from a contingency should be accrued by assessing whether a loss is deemed probable and can be reasonably estimated. We assess our potential liability by analyzing our litigation and regulatory matters using available information. We develop our views on estimated losses in consultation with outside counsel handling our defense in these matters, which involves an analysis of potential results, assuming a combination of litigation and settlement strategies. Should developments in any of these matters cause a change in our determination as to an unfavorable outcome and result in the need to recognize a material accrual, or should any of these matters result in a final adverse judgment or be settled for significant amounts, they could have a material adverse effect on our results of operations, cash flows and financial position in the period or periods in which such change in determination, judgment or settlement occurs.

Additionally, guarantees, indemnifications and claims may arise during the ordinary course of business from relationships with suppliers, customers and nonconsolidated affiliates, as well as through divestitures and sales of businesses, when the Company undertakes an obligation to guarantee the performance of others if specified triggering events occur. Nonperformance under a contract could trigger an obligation of the Company. These potential claims include actions based upon alleged exposures to products, real estate, intellectual property such as patents, environmental matters, and other indemnifications. The ultimate effect on future financial results is not subject to reasonable estimation because considerable uncertainty exists as to the final outcome of these claims. However, while the ultimate liabilities resulting from such claims may be significant to results of operations in the period recognized, management does not anticipate they will have a material adverse effect on the Company's consolidated financial position or liquidity. As of December 31, 2022, we have accrued our estimate of liability incurred under our indemnification arrangements and guarantees.

Brazil Contingencies

Our Brazilian operations have received or been the subject of numerous governmental assessments related to indirect and other taxes. These tax matters principally relate to claims for taxes on the internal transfer of inventory, municipal service taxes on rentals and gross revenue taxes. We are disputing these tax matters and intend to vigorously defend our positions. Based on the opinion of legal counsel and current reserves for those matters deemed probable of loss, we do not believe that the ultimate resolution of these matters will materially impact our results of operations, financial position or cash flows. Below is a summary of our Brazilian tax contingencies:


	December 31, 2022		December 31, 2021
Tax contingency - unreserved	$	340	$	292
Escrow cash deposits	36		32
Surety bonds	80		96
Letters of credit	63		74
Liens on Brazilian assets	—		—

The increase in the unreserved portion of the tax contingency, inclusive of any related interest, was primarily related to currency and interest. With respect to the unreserved tax contingency, the majority has been assessed by management as being remote as to the likelihood of ultimately resulting in a loss to the Company. In connection with the above proceedings, customary local regulations may require us to make escrow cash deposits or post other security of up to half of the total amount in dispute, as well as additional surety bonds and letters of credit, which include associated indexation. Generally, any escrowed amounts would be refundable and any liens on assets would be removed to the extent the matters are resolved in our favor. We are also involved in certain disputes with contract and former employees. Exposures related to labor matters are not material to the financial statements as of December 31, 2022 and 2021. We routinely assess all these matters as to probability of ultimately incurring a liability against our Brazilian operations and record our best estimate of the ultimate loss in situations where we assess the likelihood of an ultimate loss as probable.

Litigation Matters

Miami Firefighters’ Relief & Pension Fund v. Icahn, et al.:

On December 13, 2019, alleged shareholder Miami Firefighters’ Relief & Pension Fund (Miami Firefighters) filed a purported derivative complaint in New York State Supreme Court, New York County on behalf of Xerox Holdings Corporation (Xerox Holdings) against Carl Icahn and his affiliated entities High River Limited Partnership and Icahn Capital LP (the Icahn defendants), Xerox Holdings, and all then-current Xerox Holdings directors (the Directors). Xerox Holdings was named as a nominal defendant in the case but no monetary damages are sought against it. The complaint includes four causes of action: breach of fiduciary duty of loyalty against the Icahn defendants; breach of contract against the Icahn defendants (for purchasing HP stock in violation of Icahn’s confidentiality agreement with Xerox Holdings); unjust enrichment against the Icahn defendants; and breach of fiduciary duty of loyalty against the Directors (for any consent to the Icahn defendants’ purchases of HP common stock while Xerox Holdings was considering acquiring HP). The complaint seeks, among other things, a judgment of breach of fiduciary duties against the Icahn defendants and the Directors, and; disgorgement to Xerox Holdings of profits Icahn Capital and High River earned from trading in HP stock. The Court subsequently granted plaintiff’s unopposed motion to consolidate a similar action filed on December 26, 2019 by alleged shareholder Steven J. Reynolds against the same parties in the same court, and designating Miami Firefighters’ counsel as lead counsel in the consolidated action.

Defendants moved to dismiss in August 2020, and the Court granted defendants’ motions and dismissed the action in its entirety. Following an appeal, the appellate court, reversed the lower court’s ruling to the extent that it dismissed the claims asserted against the Icahn defendants. The claims asserted against the Directors remain dismissed.

In December 2021, the Xerox Board approved the formation of a Special Litigation Committee to investigate and evaluate the claims and allegations asserted in the case and determine the course of action that would be in the best interests of the Company and its shareholders. In March 2022, following the conclusion of its investigation, the Special Litigation Committee filed a motion to dismiss plaintiffs’ claims on the grounds that the claims are without merit and pursuing the claims would not be in the best interest of Xerox or its shareholders. The Icahn Defendants subsequently filed a motion for summary judgment seeking dismissal of all claims against them.

Xerox Holdings Corporation v. Factory Mutual Insurance Company and Related Actions:

On March 10, 2021, Xerox Holdings Corporation (Xerox Holdings) filed a complaint for breach of contract and declaratory judgment against Factory Mutual Insurance Company in Rhode Island Superior Court, Providence County seeking insurance coverage for business interruption losses resulting from the coronavirus/COVID-19 pandemic. The complaint alleges, among other things, that defendant agreed to provide Xerox Holdings with up to $1 billion in per-occurrence coverage for losses resulting from pandemic-related loss or damage to certain real and other property, including business interruption loss resulting from insured property damage; that Xerox Holdings’ worldwide actual and projected losses through the end of 2020 totaled in excess of $300; and that defendant improperly denied and rejected coverage following Xerox Holdings' claim for coverage. The complaint seeks against defendant declaring that Xerox is entitled to full coverage of costs and losses under defendant’s policy and declaring that defendant is required to pay for such costs and losses. Subsidiaries of Xerox Holdings filed similar complaints and related requests for arbitration in Toronto, London, and Amsterdam for Canadian, UK and European losses.

The parties have agreed to stay all non-U.S. proceedings pending the outcome of the U.S. litigation. The U.S. litigation is presently in abeyance as the Rhode Island Supreme Court prepares to hear another COVID-19 insurance coverage case against a Factory Mutual affiliate with certain overlapping issues.

Guarantees, Indemnifications and Warranty Liabilities

Indemnifications Provided as Part of Contracts and Agreements

Acquisitions/Divestitures:

We have indemnified, subject to certain deductibles and limits, the purchasers of businesses or divested assets for the occurrence of specified events under certain of our divestiture agreements. In addition, we customarily agree to hold the other party harmless against losses arising from a breach of representations and covenants, including such matters as adequate title to assets sold, intellectual property rights, specified environmental matters and certain income taxes arising prior to the date of acquisition. Where appropriate, an obligation for such indemnifications is recorded as a liability at the time of the acquisition or divestiture. Since the obligated amounts of these types of indemnifications are often not explicitly stated and/or are contingent on the occurrence of future events, the overall

maximum amount of the obligation under such indemnifications cannot be reasonably estimated. Other than obligations recorded as liabilities at the time of divestiture, we have not historically made significant payments for these indemnifications. Additionally, under certain of our acquisition agreements, we have provided for additional consideration to be paid to the sellers if established financial targets are achieved post-closing. We have recognized liabilities for these contingent obligations based on an estimate of the fair value of these contingencies at the time of acquisition. Contingent obligations related to indemnifications arising from our divestitures and contingent consideration provided for by our acquisitions are not expected to be material to our financial position, results of operations or cash flows.

Other Agreements:

We are also party to the following types of agreements pursuant to which we may be obligated to indemnify the other party with respect to certain matters:

•Guarantees on behalf of our subsidiaries with respect to real estate leases. These lease guarantees may remain in effect subsequent to the sale of the subsidiary.

•Agreements to indemnify various service providers, trustees and bank agents from any third-party claims related to their performance on our behalf, with the exception of claims that result from a third-party's own willful misconduct or gross negligence.

•Guarantees of our performance in certain sales and services contracts to our customers and indirectly the performance of third parties with whom we have subcontracted for their services. This includes indemnifications to customers for losses that may be sustained as a result of the use of our equipment at a customer's location.

In each of these circumstances, our payment is conditioned on the other party making a claim pursuant to the procedures specified in the particular contract and such procedures also typically allow us to challenge the other party's claims. In the case of lease guarantees, we may contest the liabilities asserted under the lease. Further, our obligations under these agreements and guarantees may be limited in terms of time and/or amount, and in some instances, we may have recourse against third parties for certain payments we made.

Patent Indemnifications

In most sales transactions to resellers of our products, we indemnify against possible claims of patent infringement caused by our products or solutions. In addition, we indemnify certain software providers against claims that may arise as a result of our use or our subsidiaries', customers' or resellers' use of their software in our products and solutions. These indemnities usually do not include limits on the claims, provided the claim is made pursuant to the procedures required in the sales contract.

Indemnification of Officers and Directors

The corporate by-laws of Xerox Holdings Corporation and Xerox Corporation require that, except to the extent expressly prohibited by law, we must indemnify Xerox Holdings Corporation's and Xerox Corporation's officers and directors, respectively, against judgments, fines, penalties and amounts paid in settlement, including legal fees and all appeals, incurred in connection with civil or criminal action or proceedings, as it relates to their services to Xerox Holdings Corporation and/or Xerox Corporation and their subsidiaries. Although the by-laws provide no limit on the amount of indemnification, Xerox Holdings Corporation or Xerox Corporation may have recourse against our insurance carriers for certain payments made by Xerox Holdings Corporation or Xerox Corporation. However, certain indemnification payments (such as those related to "clawback" provisions in certain compensation arrangements) may not be covered under Xerox Holdings Corporation's and Xerox Corporation's directors' and officers' insurance coverage. Xerox Holdings Corporation and Xerox Corporation also indemnify certain fiduciaries of our employee benefit plans for liabilities incurred in their service as fiduciary whether or not they are officers of Xerox Holdings Corporation or Xerox Corporation. Finally, in connection with Xerox Holdings Corporation's and/or Xerox Corporation's acquisition of businesses, we may become contractually obligated to indemnify certain former and current directors, officers and employees of those businesses in accordance with pre-acquisition by-laws and/or indemnification agreements and/or applicable state law.

Product Warranty Liabilities

In connection with our normal sales of equipment, including those under sales-type leases, we generally do not issue product warranties. Our arrangements typically involve a separate full-service maintenance agreement with the customer. The agreements generally extend over a period equivalent to the lease term or the expected useful life of the equipment under a cash sale. The service agreements involve the payment of fees in return for our performance of repairs and maintenance. As a consequence, we do not have any significant product warranty obligations, including any obligations under customer satisfaction programs. In a few circumstances, particularly in

certain cash sales, we may issue a limited product warranty if negotiated by the customer. We also issue warranties for certain of our entry level products, where full-service maintenance agreements are not available. In these instances, we record warranty obligations at the time of the sale. Aggregate product warranty liability expenses for the three years ended December 31, 2022, 2021 and 2020 were $7, $8 and $8, respectively. Total product warranty liabilities as of December 31, 2022 and 2021 were $6 and $6, respectively.

Guarantees

We have issued or provided approximately $255 of guarantees as of December 31, 2022 in the form of letters of credit or surety bonds issued to i) support certain insurance programs; ii) support our obligations related to the Brazil tax and labor contingencies (see Brazil Contingencies); iii) support our obligations related to our U.K. pension plans; and iv) support certain contracts, primarily with public sector customers, which require us to provide a surety bond as a guarantee of our performance of contractual obligations.

In general, we would only be liable for the amount of these guarantees in the event we, or one of our direct or indirect subsidiaries whose obligations we have guaranteed, defaulted in performing our obligations under each contract; the probability of which we believe is remote. We believe that our capacity in the surety markets as well as under various credit arrangements (including our Credit Facility) is sufficient to allow us to respond to future requests for proposals that require such credit support.

Preferred Stock	12 Months Ended
Preferred Stock	Dec. 31, 2022
Equity [Abstract]
Preferred Stock	Preferred Stock Series A Convertible Perpetual Voting Preferred Stock As of December 31, 2022, Xerox Holdings Corporation had one class of preferred stock outstanding. Xerox Holdings Corporation has issued 180,000 shares of Series A Preferred Stock that have an aggregate liquidation value of $180 and a carrying value of $214. The Series A Preferred Stock pays quarterly cash dividends at a rate of 8% per year ($14 per year), on a cumulative basis. Each share of Series A Preferred Stock is convertible at any time, at the option of the holder, into 37.4532 shares of common stock of Xerox Holdings Corporation for a total of 6,742 thousand shares (reflecting an initial conversion price of approximately $26.70 per share of common stock), subject to customary anti-dilution adjustments. At December 31, 2022, 6,742 thousand shares of Common Stock were reserved for conversion of the Series A Preferred Stock. If the closing price of Xerox Holdings Corporation common stock exceeds $39.00 or 146.1% of the initial conversion price of $26.70 per share of common stock for 20 out of 30 consecutive trading days, Xerox Holdings Corporation will have the right to cause any or all of the Series A Preferred Stock to be converted into shares of common stock at the then applicable conversion rate. The Series A Preferred Stock is also convertible, at the option of the holder, upon a change in control, at the applicable conversion rate plus an additional number of shares determined by reference to the price paid for our common stock upon such change in control. In addition, upon the occurrence of certain fundamental change events, including a change in control or the delisting of Xerox Holdings Corporation's common stock, the holder of the Series A Preferred Stock has the right to require Xerox Holdings Corporation to redeem any or all of the preferred stock in cash at a redemption price per share equal to the liquidation preference and any accrued and unpaid dividends up to, but not including, the redemption date. The Series A Preferred Stock is classified as temporary equity (i.e., apart from permanent equity) as a result of the contingent redemption feature. Series A Preferred Stock Voting Rights The Xerox Holdings Corporation Series A Preferred Stock votes together with the Xerox Holdings Corporation common stock, as a single class, on all matters submitted to the shareholders of Xerox Holdings Corporation, but the Xerox Holdings Corporation Series A Voting Preferred Stock is only entitled to one vote for every ten shares of Xerox Holdings Corporation common stock into which the Xerox Holdings Corporation Series A Preferred Stock is convertible (674,157 votes at December 31, 2022).

Shareholders' Equity

12 Months Ended

Dec. 31, 2022

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders’ Equity

Xerox Holdings

Preferred Stock

Xerox Holdings Corporation is authorized to issue approximately 22 million shares of cumulative Preferred stock, $1.00 par value per share. Refer to Note 21 - Preferred Stock for additional information.

Common Stock

Xerox Holdings Corporation is authorized to issue 437.5 million shares of Common stock, $1.00 par value per share.

Treasury Stock

Xerox Holdings Corporation accounts for the repurchased Common stock under the cost method and includes such Treasury stock as a component of our Common shareholders' equity. Retirement of Treasury stock is recorded as a reduction of Common stock and Additional paid-in capital at the time such retirement is approved by our Board of Directors.

In October 2021, the Xerox Holdings Corporation's Board of Directors authorized a $500 share repurchase program (exclusive of commissions and fees), which has been fully utilized as of December 31, 2022.

The following provides cumulative information relating to Xerox Holdings Corporation's current share repurchase program from its inception in October 2021 through December 31, 2022 (shares in thousands):


Authorized share repurchase program	$	500
Share repurchase cost	$	500
Share repurchase fees	$	1
Number of shares repurchased	24,575

The following table reflects the changes in Common and Treasury stock shares (shares in thousands). The Treasury stock repurchases in the table below include the repurchases under both the prior Xerox Corporation authorized share repurchase program and the current Xerox Holdings Corporation authorized share repurchase program.


	Common Stock Shares	Treasury Stock Shares
Balance at December 31, 2019	214,621	2,031
Stock based compensation plans, net	1,390	—

Acquisition of Treasury stock	—	15,594
Cancellation of Treasury stock	(17,625)	(17,625)

Balance at December 31, 2020	198,386	—
Stock based compensation plans, net	1,206	—

Acquisition of Treasury stock	—	40,198
Cancellation of Treasury stock	(31,523)	(31,523)


Balance at December 31, 2021	168,069	8,675
Stock based compensation plans, net	1,561	—
Acquisition of Treasury stock	—	5,174
Cancellation of Treasury stock	(13,849)	(13,849)

Balance at December 31, 2022	155,781	—

Xerox

At December 31, 2022, Xerox Corporation has 1,000 authorized shares of Common stock, $1.00 par value per share, of which 100 shares are issued and outstanding and held by Xerox Holdings Corporation.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

12 Months Ended

Dec. 31, 2022

Stock-Based Compensation

(shares in thousands, unless otherwise noted)

We have a long-term incentive plan whereby eligible employees may be granted restricted stock units (RSUs), performance share units (PSUs) and stock options (SOs). We grant stock-based compensation awards in order to continue to attract and retain qualified employees and to better align employees' interests with those of our shareholders. Each of these awards is subject to settlement with newly issued shares of Xerox Holdings Corporation's common stock. At December 31, 2022 and 2021, 9 million and 8 million shares, respectively, were available for grant of awards.

Stock-based compensation expense was as follows:


	Year Ended December 31,
	2022		2021		2020
Stock-based compensation expense, pre-tax(1)	$	75	$	54	$	42
Income tax benefit recognized in earnings	11		13		11

____________

(1)2022 includes $21 associated with the accelerated vesting of all outstanding equity awards, according to the terms of the award agreement, in connection with the passing of Xerox Holding's former CEO.

Restricted Stock Units

Compensation expense for RSUs is based upon the grant-date market price and is recognized on a straight-line basis over the vesting period, based on management's estimate of the number of shares expected to vest. RSUs vest on a graded schedule from the date of grant as follows:


	Award Year
Years of Service(1)	2022		2021		2020		2019		2018		Prior to 2018
Year 1	33	%	33	%	25	%	25	%	25	%	—	%
Year 2	33	%	33	%	25	%	25	%	25	%	—	%
Year 3	34	%	34	%	50	%	50	%	50	%	100	%
	100	%	100	%	100	%	100	%	100	%	100	%

____________

(1)RSUs vest on a graded schedule over a three-year service period from the date of grant.

Performance Share Units

PSU awards are comprised of performance-based components (Earnings per share, Revenue and Free cash flow) as well as a market-based component (Absolute Share Price). Accordingly, each PSU grant is one-half performance-based and one-half market-based. The metrics and weightings are as follows:


	Award Year (Metric Weighting)
Performance Metric	2022		2021		2020
Earnings per share	50	%	—	%	—	%
Revenue	—	%	25	%	25	%
Free cash flow	—	%	25	%	25	%
Absolute share price	50	%	50	%	50	%
	100	%	100	%	100	%

The measures are independent of each other and depending on the achievement of these metrics, a recipient of a PSU award is entitled to receive a number of shares equal to a percentage, ranging from 0% to 200% of the PSU award granted. All PSUs granted have a three-year cliff vesting from the date of grant.

In November 2020, the Xerox Holdings Corporation Board approved grants of RSUs to employees who had received grants of PSUs in 2019 and/or 2020 that included performance and market metrics that were adversely affected permanently by the impacts from the COVID-19 pandemic. These grants of RSUs were made in December 2020. The grant-date value of the new RSUs for each recipient was approximately 50% of the grant-date value of the recipient’s 2020 and/or 2019 PSUs. These RSU grants were not intended to take the place of the Company’s 2021 regular annual equity incentive programs.

Performance-Based Component: This PSU component vests contingent upon meeting pre-determined cumulative performance metrics. The fair value of this PSU component is based upon the grant-date market price for the underlying stock. Compensation expense is recognized on a straight-line basis over the vesting period, based on management's estimate of the number of shares expected to vest and based on meeting the performance metrics. If the cumulative three-year actual results exceed the stated targets, all plan participants have the potential to earn additional shares of common stock up to a maximum over-achievement of 100% of the original grant. If the stated targets are not met, any recognized compensation cost would be reversed.

Market-Based Component: The Absolute Share Price metric, included as the market-based component of the 2022, 2021 and 2020 PSU grant, is based on Xerox Holdings Corporation's average closing price for the last 20 trading days of the three-year performance period, inclusive of dividends during that period. Payout for this portion of the PSU will be determined based on total return targets. Since the Absolute Share Price metric of the PSU award represents a market condition, a Monte Carlo simulation was used to determine the grant-date fair value.

A summary of Xerox Holdings key valuation input assumptions used in the Monte Carlo simulation relative to awards granted were as follows:


	2022 Award			2021 Award			2020 Award			2019 Award
Term	3 years			3 years			3 years			3 years
Risk-free interest rate(1)	1.09		%	0.20		%	1.60		%	2.51		%
Dividend yield(2)	4.87		%	4.66		%	2.80		%	3.97		%
Volatility(3)	42.07		%	44.76		%	29.49		%	32.95		%
Weighted average fair value(4)	$	27.89		$	25.80		$	41.28		$	16.27

____________

(1)The risk-free interest rate was based on the zero-coupon U.S. Treasury yield curve on the valuation date, with a maturity matched to the performance period.

(2)The dividend yield was calculated as the expected quarterly dividend divided by our three-month average stock price as of the valuation date, annualized and continuously compounded.

(3)Volatility is derived from historical stock prices as well as implied volatility when appropriate and available.

(4)The weighted average of fair values used to record compensation expense as determined by the Monte Carlo simulation.

Our Absolute Share Price metric is compared against total return targets to determine the payout as follows:


Payout as a Percent of Target	2022 Total Return Targets(1)		2021 Total Return Targets(1)		2020 Total Return Targets(1)		2019 Total Return Targets(1)
200%	$30.00 and above		$33.00 and above		$45.00 and above		$40.00 and above
100%	$	25.00	$	30.00	$	40.00	$	35.00
50%	$	20.00	$	27.00	$	37.00	$	30.00
0%	Below $20.00		Below $27.00		Below $37.00		Below $30.00

____________

(1)For performance between the levels described above, the degree of vesting is interpolated on a linear basis.

Compensation expense for the market-based component of the PSU awards is recognized on a straight-line basis over the vesting period based on the fair value determined by the Monte Carlo simulation and, except in cases of employee forfeiture, cannot be reversed regardless of performance.

Stock Options

The Xerox Corporation Board approved the granting of SOs as part of the 2018 plan design. Compensation expense associated with SOs is based upon the grant-date fair value determined by utilizing the Black-Scholes option-pricing model and is recognized on a straight-line basis over the vesting period, based on management's estimate of the number of SOs expected to vest. The compensation expense associated with our 2018 SO grants was fully recognized by April 2021 when these options fully vested. The 2018 SOs have a contractual term of 10 years from the April 2018 date of grant.

Stock Options – CareAR Holdings, LLC

In September 2021, Xerox Holdings Corporation announced the formation of CareAR Holdings, which consolidates CareAR, Inc., DocuShare® and XMPie under a single holding company named CareAR Holdings (CareAR).

In March 2022, the CareAR Holdings, LLC Board approved the CareAR 2022 Equity Compensation Plan (the Plan) and authorized the issuance of 105 SOs to certain executives and employees of Xerox and CareAR. Compensation expense of $30 associated with 90 SOs currently awarded under the Plan is based upon the grant-date fair value, as determined by utilizing a Black-Scholes option-pricing model and is expected to be recorded on a straight-line basis over 4.7 years, based on the vesting period and management’s estimate of the number of SOs expected to vest. SOs vest on an annual, graduated schedule beginning January 2023 through January 2027 as follows: 10% in January 2023 and 2024, respectively, 20% in January 2025 and 2026, respectively, and 40% in January 2027 based upon continued service. Options granted under the Plan are subject to terms and conditions as determined by the CareAR Board and become vested and exercisable at any time subsequent to the scheduled vesting dates and may expire 90 days or one year from employee termination, depending on cause, but in no event later than 10 years from the May 2022 grant date. The terms of the awards also include certain provisions that allow for the immediate vesting in the event of a sale of the entity.

Note: With respect to all stock-based compensation programs, Management’s estimate of the number of shares expected to vest at the time of grant reflects an estimate for forfeitures based on our historical forfeiture rate to date. Should actual forfeitures differ from management’s estimate, the activity will be reflected in a subsequent period. In addition, RSUs, PSUs and SOs awarded to employees who are retirement-eligible at the date of grant, become retirement-eligible during the vesting period, or are terminated not-for-cause (e.g., as part of a restructuring initiative), vest based on service provided from the date of grant to the date of separation.

Summary of Stock-based Compensation Activity


	2022			2021			2020
	Shares	Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value(1)
Restricted Stock Units
Outstanding at January 1	3,161	$	25.26	3,187	$	26.48	2,845	$	26.87
Granted	2,444	21.75		1,513	23.37		2,028	27.85
Vested(2)	(1,975)	24.56		(1,327)	26.07		(1,473)	28.85
Forfeited	(409)	24.20		(212)	25.06		(213)	28.39


Outstanding at December 31	3,221	23.16		3,161	25.26		3,187	26.48
Performance Shares
Outstanding at January 1	2,818	$	25.47	2,425	$	26.67	2,830	$	24.99
Granted(3)	977	25.72		1,195	24.67		901	37.59
Vested (2)	(644)	27.95		(672)	28.08		(993)	31.94
Forfeited/Expired (4)	(1,422)	20.98		(130)	26.92		(313)	26.22


Outstanding at December 31	1,729	28.38		2,818	25.47		2,425	26.67
Stock Options(5)
Outstanding at January 1	612	$	27.77	799	$	27.81	861	$	27.83
Granted	—	—		—	—		—	—
Forfeited/Expired	(116)	27.95		(187)	27.97		(60)	27.98
Exercised	—	—		—	—		(2)	27.98

Outstanding at December 31	496	27.72		612	27.77		799	27.81
Exercisable at December 31	496	27.72		612	27.77		470	27.84

____________

(1)Weighted average exercise price for stock options.

(2)2022 includes approximately 469 RSUs and 644 PSUs associated with the accelerated vesting of all outstanding equity awards, according to the terms of the award agreement, in connection with the passing of Xerox Holding's former CEO. No other PSUs vested in 2022.

(3)2021 includes 60 shares associated with the over-performance of our 2018 PSU grant.

(4)2022 includes approximately 1,125 PSUs granted in 2019 that were adversely affected permanently by the impacts from the COVID-19 pandemic, and therefore no shares were earned.

(5)Activity excludes the CareAR SO program, for which the number of options outstanding have not changed since the May 2022 grant date.

Unrecognized compensation cost related to non-vested stock-based awards at December 31, 2022 was as follows:


Awards	Unrecognized Compensation		Remaining Weighted-Average Vesting Period (Years)
Restricted Stock Units	$	36	1.8
Performance Shares	12		1.8
Stock Options(1)	24		4.3
Total	$	72

____________

(1)Reflects CareAR SOs granted in May 2022.

The aggregate intrinsic value of outstanding stock-based awards was as follows:


Awards	December 31, 2022
Restricted Stock Units	$	47
Performance Shares	25
Stock Options(1)	—

____________

(1)Strike price greater than Xerox Holdings Corporation Stock price at December 31, 2022, therefore, intrinsic value is considered to be $0.

The intrinsic value and actual tax benefit realized for all vested and exercised stock-based awards was as follows:


	December 31, 2022						December 31, 2021						December 31, 2020
Awards	Total Intrinsic Value		Cash Received		Tax Benefit		Total Intrinsic Value		Cash Received		Tax Benefit		Total Intrinsic Value		Cash Received		Tax Benefit
Restricted Stock Units	$	39	$	—	$	6	$	30	$	—	$	5	$	33	$	—	$	5
Performance Share Units	10		—		—		17		—		2		18		—		4
Stock Options	—		—		—		—		—		—		—		—		—

Other Comprehensive (Loss) Income

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Other Comprehensive (Loss) Income

Other Comprehensive (Loss) Income is comprised of the following:


	Year Ended December 31,
	2022				2021				2020
	Pre-tax		Net of Tax		Pre-tax		Net of Tax		Pre-tax		Net of Tax



Net Translation Adjustments (Losses) Gains	$	(377)	$	(377)	$	(145)	$	(141)	$	238	$	241

Unrealized (Losses) Gains
Changes in fair value of cash flow hedges (losses) gains	(35)		(27)		(12)		(9)		4		3
Changes in cash flow hedges reclassed to earnings(1)	35		26		7		5		1		1
Other losses	(1)		(1)		—		—		—		—
Net Unrealized (Losses) Gains	(1)		(2)		(5)		(4)		5		4

Defined Benefit Plans (Losses) Gains
Net actuarial/prior service (losses) gains	(373)		(284)		537		409		117		86
Prior service amortization/curtailment(2)	(18)		(14)		(72)		(54)		(80)		(60)
Actuarial loss amortization/settlement(2)	88		66		132		99		138		104

Other gains (losses)(3)	62		61		35		35		(63)		(61)

Changes in Defined Benefit Plans (Losses) Gains	(241)		(171)		632		489		112		69

Other Comprehensive (Loss) Income	(619)		(550)		482		344		355		314
Less: Other comprehensive loss attributable to noncontrolling interests	(1)		(1)		—		—		—		—
Other Comprehensive (Loss) Income Attributable to Xerox Holdings/Xerox	$	(618)	$	(549)	$	482	$	344	$	355	$	314

_____________

(1)Reclassified to Cost of sales - refer to Note 16 - Financial Instruments for additional information regarding our cash flow hedges.

(2)Reclassified to Total Net Periodic Benefit Cost - refer to Note 18 - Employee Benefit Plans for additional information.

(3)Primarily represents currency impact on cumulative amount of benefit plan net actuarial losses and prior service credits in AOCL.

Accumulated Other Comprehensive Loss (AOCL)

AOCL is comprised of the following:


	December 31,
	2022		2021		2020
Cumulative translation adjustments	$	(2,237)	$	(1,861)	$	(1,720)
Other unrealized (losses) gains, net	(4)		(2)		2
Benefit plans net actuarial losses and prior service credits	(1,296)		(1,125)		(1,614)
Total Accumulated Other Comprehensive Loss Attributable to Xerox Holdings/Xerox	$	(3,537)	$	(2,988)	$	(3,332)

We utilize the aggregate portfolio approach for releasing disproportionate income tax effects from AOCL.

(Loss) Earnings per Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

(Loss) Earnings per Share

The following table sets forth the computation of basic and diluted (loss) earnings per share of Xerox Holdings Corporation's Common stock (shares in thousands):


	Year Ended December 31,
	2022		2021		2020
Basic (Loss) Earnings per Share:
Net (Loss) Income attributable to Xerox Holdings	$	(322)	$	(455)	$	192
Accrued dividends on preferred stock	(14)		(14)		(14)


Adjusted Net (Loss) income available to common shareholders	$	(336)	$	(469)	$	178

Weighted average common shares outstanding	156,006		183,168		208,983




Basic (Loss) Earnings per Share	$	(2.15)	$	(2.56)	$	0.85

Diluted (Loss) Earnings per Share:
Net (Loss) Income attributable to Xerox Holdings	$	(322)	$	(455)	$	192
Accrued dividends on preferred stock	(14)		(14)		(14)



Adjusted Net (Loss) income available to common shareholders	$	(336)	$	(469)	$	178

Weighted average common shares outstanding	156,006		183,168		208,983
Common shares issuable with respect to:
Stock options	—		—		15
Restricted stock and performance shares	—		—		2,439
Convertible preferred stock	—		—		—

Adjusted Weighted average common shares outstanding	156,006		183,168		211,437





Diluted (Loss) Earnings per Share	$	(2.15)	$	(2.56)	$	0.84

The following securities were not included in the computation of diluted earnings per share as they were either contingently issuable shares or shares that if included would have been anti-dilutive (shares in thousands):
Stock options	586		612		784
Restricted stock and performance shares	4,950		5,979		3,173
Convertible preferred stock	6,742		6,742		6,742

Total Anti-Dilutive Securities	12,278		13,333		10,699

Dividends per Common Share	$	1.00	$	1.00	$	1.00

Schedule II Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2022

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II Valuation and Qualifying Accounts

Xerox Holdings Corporation

Schedule II Valuation and Qualifying Accounts

Receivables - Allowance for doubtful accounts:


(in millions)	Balance at beginning of period		Additions charged to bad debt provision (1)		Amounts charged to other income statement accounts (1)		Deductions and other, net of recoveries (2)		Balance at end of period
Year Ended December 31, 2022
Accounts Receivable	$	58	$	17	$	(9)	$	(14)	$	52
Finance Receivables	118		26		2		(29)		117
	$	176	$	43	$	(7)	$	(43)	$	169

Year Ended December 31, 2021
Accounts Receivable	$	69	$	8	$	1	$	(20)	$	58
Finance Receivables	133		(1)		4		(18)		118
	$	202	$	7	$	5	$	(38)	$	176

Year Ended December 31, 2020
Accounts Receivable	$	55	$	35	$	—	$	(21)	$	69
Finance Receivables	89		81		—		(37)		133
	$	144	$	116	$	—	$	(58)	$	202

_____________

(1)Bad debt provisions relate to estimated losses due to credit and similar collectibility issues. Other charges (credits) relate to adjustments to reserves necessary to reflect events of non-payment such as customer accommodations and contract terminations.

(2)Deductions and other, net of recoveries primarily relates to receivable write-offs, but also includes the impact of foreign currency translation adjustments and recoveries of previously written off receivables.

Deferred Tax Asset Valuation Allowances:


(in millions)	Balance at beginning of period		Additions charged to income tax expense (benefit)	Amounts credited to other accounts (1)	Balance at end of period
Year Ended December 31, 2022	$	357	7	2	$	366

Year Ended December 31, 2021	$	396	(9)	(30)	$	357

Year Ended December 31, 2020	$	399	25	(28)	$	396

_____________

(1)Reflects other increases (decreases) to our valuation allowance, including the effects of currency. These did not affect Income tax (benefit) expense in total as there was a corresponding adjustment to Deferred tax assets or Other comprehensive (loss) income.

Xerox Corporation

Schedule II Valuation and Qualifying Accounts

Receivables - Allowance for doubtful accounts:


(in millions)	Balance at beginning of period		Additions charged to bad debt provision (1)		Amounts charged to other income statement accounts (1)		Deductions and other, net of recoveries (2)		Balance at end of period
Year Ended December 31, 2022
Accounts Receivable	$	58	$	17	$	(9)	$	(14)	$	52
Finance Receivables	118		26		2		(29)		117
	$	176	$	43	$	(7)	$	(43)	$	169

Year Ended December 31, 2021
Accounts Receivable	$	69	$	8	$	1	$	(20)	$	58
Finance Receivables	133		(1)		4		(18)		118
	$	202	$	7	$	5	$	(38)	$	176

Year Ended December 31, 2020
Accounts Receivable	$	55	$	35	$	—	$	(21)	$	69
Finance Receivables	89		81		—		(37)		133
	$	144	$	116	$	—	$	(58)	$	202

_____________

Deferred Tax Asset Valuation Allowances:


(in millions)	Balance at beginning of period		Additions charged to income tax expense (benefit)	Amounts credited to other accounts (1)	Balance at end of period
Year Ended December 31, 2022	$	357	7	2	$	366

Year Ended December 31, 2021	$	396	(9)	(30)	$	357

Year Ended December 31, 2020	$	399	25	(28)	$	396

_____________

Basis of Presentation (Policies)	12 Months Ended
Basis of Presentation (Policies)	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Consolidation	Basis of Consolidation All significant intercompany accounts and transactions have been eliminated. Investments in business entities in which we do not have control, but we have the ability to exercise significant influence over operating and financial policies (generally 20% to 50% ownership) are accounted for using the equity method of accounting. Operating results of acquired businesses are included in the Consolidated Statements of (Loss) Income from the date of acquisition. We consolidate variable interest entities if we are deemed to be the primary beneficiary of the entity. Operating results for variable interest entities in which we are determined to be the primary beneficiary are included in the Consolidated Statements of (Loss) Income from the date such determination is made. For convenience and ease of reference, we refer to the financial statement caption “(Loss) Income before Income Taxes and Equity Income” as “pre-tax (loss) income” throughout the Notes to the Consolidated Financial Statements. Segments During the first quarter of 2022, the Company made a change to its reportable segments from one reportable segment to two reportable segments - Print and Other, and Financing (FITTLE) - to align with a change in how the Chief Operating Decision Maker (CODM), our Chief Executive Officer (CEO), allocates resources and assesses performance against the Company’s key growth strategies. As such, prior period reportable segment results and related disclosures have been conformed to reflect the Company’s current reportable segments. Refer to Note 4 - Segment and Geographic Reporting for additional information regarding this change. Goodwill We assess Goodwill for impairment at least annually during the fourth quarter and whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Impairment Evaluation - 2022 During 2022, we had events and conditions in the first quarter and third quarter that required an interim assessment of Goodwill. During the first quarter 2022 the Company made a change to its operating and reportable segments from one operating/reportable segment - Printing - to two operating/reportable segments - Print and Other, and Financing (FITTLE). As a result of the new operating and reportable segments, we also reassessed our reporting units for the evaluation of Goodwill. Prior to this change, we determined that we had one operating/reportable segment and one reporting unit for Goodwill assessment purposes. Our reassessment during the first quarter of 2022 determined that, we had two operating/reportable segments and two reporting units – Print and Other, and Financing (FITTLE) for Goodwill assessment purposes. As a result of the change in reporting units, effective January 1, 2022, we estimated the fair value of our new reporting units and, based on an assessment of the relative fair values of our new reporting units after the change, we determined that no Goodwill was allocable to the Financing (FITTLE) segment. This determination was largely based on the fact that at this stage in the stand-up of the Financing (FITTLE) business, its separate valuation is constrained and limited because the operation is significantly integrated with the Print and Other segment and is primarily an extension or enabler to facilitate the sale of the Company’s products. The change in reporting units was also considered a triggering event indicating a test for Goodwill impairment was required as of January 1, 2022 before and after the change in reporting units. The Company performed those impairment tests, which did not result in the identification of an impairment loss as of January 1, 2022. In 2022, the Company continued to encounter operational challenges due to unfavorable product and services mix associated with supply chain constraints as well the impacts of unfavorable macroeconomic conditions including inflationary pressure on product and labor costs, geopolitical uncertainty in Europe and the continued impacts from the COVID-19 recovery. Additionally, higher interest rates continued to put downward pressure on the Company’s valuation. As a result of these negative financial impacts and a sustained market capitalization below our book value, in the third quarter 2022 we determined there was a triggering event requiring an interim quantitative assessment of Goodwill. After completing our interim impairment test, we concluded that the estimated fair value of the Print and Other reporting unit (the only reporting unit with Goodwill) had declined below its carrying value and we recognized an after-tax non-cash impairment charge of $395 ($412 pre-tax) related to our Goodwill in the third quarter 2022. The estimated fair value of the Print and Other reporting unit is based on estimates and assumptions that are considered Level 3 inputs under the fair value hierarchy. Consistent with our policy for an annual review, we also assessed Goodwill in the fourth quarter 2022. As a result of the quantitative assessment of Goodwill in the third quarter 2022, we performed our annual Goodwill assessment in the fourth quarter 2022 qualitatively. After completing this qualitative impairment review, we concluded that it is more likely-than-not that the fair value of the Print and Other reporting unit is higher than its carrying amount and that it is not necessary to perform a quantitative Goodwill impairment test. Impairment Evaluation - 2021 The COVID-19 pandemic continued to have a significant effect on the Company’s operations impacting revenues, expenses, cash flows and market capitalization in 2021. As a result of these impacts on our future operating results, as well as a sustained market capitalization below book value, we elected to utilize a quantitative model for the assessment of the recoverability of our Goodwill balance for our annual fourth quarter 2021 impairment test. After completing our annual impairment test, we concluded that the fair value of the Company - our single reporting unit in 2021 - had declined below its carrying value. As a result, we recognized an after-tax non-cash impairment charge of $750 ($781 pre-tax) related to our Goodwill for the year ended December 31, 2021. The estimated fair value of our single reporting unit is based on estimates and assumptions that are considered Level 3 inputs under the fair value hierarchy.
Use of Estimates	Use of Estimates The preparation of our Consolidated Financial Statements requires that we make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Future events and their effects cannot be predicted with certainty; accordingly, our accounting estimates require the exercise of judgment. The accounting estimates used in the preparation of our Consolidated Financial Statements will change as new events occur, as more experience is acquired, as additional information is obtained and as our operating environment changes. Our estimates are based on management's best available information including current events, historical experience, actions that the company may undertake in the future and on various other assumptions that are believed to be reasonable under the circumstances. As a result, actual results may be different from these estimates.
Changes in Estimates - Methodology	In the ordinary course of accounting for the items discussed above, we make changes in estimates as appropriate and as we become aware of new or revised circumstances surrounding those estimates. Such changes and refinements in estimation methodologies are reflected in reported results of operations in the period in which the changes are made and, if material, their effects are disclosed in the Notes to the Consolidated Financial Statements and in Management's Discussion and Analysis of Financial Condition and Results of Operations.
New Accounting Standards and Accounting Changes	New Accounting Standards and Accounting Changes Xerox Holdings and Xerox consider the applicability and impact of all Accounting Standards Updates (ASUs) issued by the Financial Accounting Standards Board (FASB). The ASUs listed below apply to both registrants. Except for the Accounting Standard Updates (ASUs) discussed below, the new ASUs issued by the FASB during the last two years did not have any significant impact on the Company. Accounting Standard Updates to be Adopted: Liabilities In September 2022, the FASB issued ASU 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations that requires entities that use supplier finance programs in connection with the purchase of goods and services to disclose the key terms of the programs and information about obligations outstanding at the end of the reporting period, including a rollforward of those obligations. The guidance does not affect the recognition, measurement or financial statement presentation of supplier finance program obligations. The new standard’s requirements to disclose the key terms of the programs and information about obligations outstanding are effective for all interim and annual periods of our fiscal year beginning on January 1, 2023. The new standard’s requirement to disclose a rollforward of obligations outstanding will be effective for our fiscal year beginning on January 1, 2024. Since this standard primarily relates to new disclosure, we do not expect the adoption to have a material impact on our financial condition, results of operations, and cash flows in future periods. Financial Instruments In March 2022, the FASB issued ASU 2022-02, Financial Instruments - Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures - Gross Write-offs. The amendments in this update eliminate the accounting guidance for Troubled Debt Restructurings (TDRs) by creditors while enhancing disclosure requirements for certain loan refinancing and restructurings by creditors made to borrowers experiencing financial difficulty. The amendments also require disclosure of current-period gross write-offs by year of origination for financing receivables. The disclosure of current-period gross write-offs by year of origination is applicable for financing receivables and net investments in leases that are within the scope of ASC 326-20, Financial Instruments - Credit Losses - Measured at Amortized Cost. This update is effective for our fiscal year beginning on January 1, 2023. The provisions of this amendment are to be applied on a prospective basis. We are currently evaluating the impact of the adoption of this standard on the Company's consolidated financial statements and related disclosures. Since this standard primarily relates to new disclosure, we do not expect the adoption to have a material impact on our financial condition, results of operations, and cash flows in future periods. Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (LIBOR) or by another reference rate expected to be discontinued. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848), Scope, which provided clarification to ASU 2020-04. These ASUs were effective commencing with our quarter ended March 31, 2020 through December 31, 2022. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848), Deferral of the Sunset Date of Topic 848, which defers the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. There has been no material impact to date as a result of adopting these ASUs on reference rate reform. However, we continue to evaluate potential future impacts that may result from the discontinuation of LIBOR or other reference rates as well as the accounting provided in this update on our financial condition, results of operations, and cash flows. Accounting Standard Updates Recently Adopted: Government Assistance In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832), Disclosures by Business Entities about Government Assistance. The update increases the transparency surrounding government assistance by requiring disclosure of 1) the types of assistance received, 2) an entity’s accounting for the assistance, and 3) the effect of the assistance on the entity’s financial statements. We adopted this update effective for our fiscal year beginning January 1, 2022. The impact of adoption was not material to our Consolidated Financial Statements. Impacts on future periods will depend on the amounts of government assistance received. Prior to the COVID-19 pandemic, the amounts of government assistance the Company received were not material and since the update is limited to increased disclosures, we do not expect the adoption to have a material impact on our financial condition, results of operations, and cash flows in future periods. Refer to Note 14 - Supplementary Financial Information - Government Assistance - for additional information. Business Combinations In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The new guidance requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC Topic 606, Revenue from Contracts with Customers, as if the acquirer had originated the contracts. This approach differs from the current requirement to measure contract assets and contract liabilities acquired in a business combination at fair value. We early adopted this update effective for our fiscal year beginning January 1, 2022. The impact of adopting the new standard will depend on the magnitude of future acquisitions. The standard will not impact contract assets or liabilities acquired in business combinations that occurred prior to the adoption date and the adoption has not had a material impact on acquisitions made year to date. Debt In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40). This update simplified the accounting for convertible instruments by reducing the number of accounting models available for convertible debt instruments and convertible preferred stock. This update also amended the guidance for the derivatives scope exception for contracts in an entity's own equity to reduce form-over-substance-based accounting conclusions and required the application of the if-converted method for calculating diluted earnings per share. We adopted this update effective for our fiscal year beginning January 1, 2022. The adoption of this update did not have a material impact on the Company’s consolidated financial statements and related disclosures. Income Taxes In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which was intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. We adopted this update effective for our fiscal year beginning January 1, 2021. The adoption did not have a material impact on our results of operations, financial position, cash flows or disclosures. Leases In April 2020, the FASB staff issued a question and answer (Q&A) document on the application of lease accounting guidance related to lease concessions provided as a result of the economic disruption caused by the COVID-19 pandemic (Topic 842 Q&A). Topic 842 Q&A provides interpretive guidance allowing companies the option to account for lease concessions related to the COVID-19 pandemic consistent with how those concessions would be accounted for under ASU 2016-02, Leases (Topic 842) as though enforceable rights and obligations for those concessions existed at the beginning of the contract (regardless of whether those enforceable rights and obligations for the concessions explicitly exist in the contract). This interpretive guidance was issued in order to reduce the costs and complexities of applying lease modification accounting under Topic 842 to leases impacted by the effects of the COVID-19 pandemic. This election is available for concessions related to the effects of the COVID-19 pandemic that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. We have elected to apply the interpretive guidance provided in Topic 842 Q&A to rent concessions related to the COVID-19 pandemic provided as a Lessor to our customers and as received as a Lessee. The impact of this Q&A both as a Lessor or Lessee was not material to our financial condition, results of operations, cash flows or related disclosures. Financial Instruments - Credit Losses On January 1, 2020, we adopted ASU 2016-13, Financial Instruments Credit Losses - Measurement of Credit Losses on Financial Instruments. This update was issued by the FASB in June 2016, with additional updates and amendments being issued in 2018, 2019 and 2020 and requires measurement and recognition of expected credit losses for financial assets on an expected loss model rather than an incurred loss model. The update impacted financial assets including net investment in leases that are not accounted for at fair value through Net Income. The adoption of ASU 2016-13 primarily impacted the estimation of our Allowance for doubtful accounts for Accounts Receivable and Finance Receivables. The impact recorded on our initial adoption of ASU 2016-13 was not material as our previous methodology for assessing the adequacy of our Allowance for doubtful accounts for Finance Receivables, the larger component of our receivable reserves, incorporated an expected loss model and the methodology for both allowances included an assessment of current economic conditions. Refer to Note 7 - Accounts Receivable, Net and Note 8 - Finance Receivables, Net for additional discussion regarding the impacts from the adoption of this update during the first quarter 2020. Intangibles - Internal-Use Software On January 1, 2020, we adopted ASU 2018-15, Intangibles - Goodwill and Other - Internal Use Software (Subtopic 350-40), Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract. This update was issued by the FASB in August 2018 and aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The update provides criteria for determining which implementation costs to capitalize as an asset related to the service contract and which costs to expense. The capitalized implementation costs are required to be expensed over the term of the hosting arrangement. The update also clarifies the presentation requirements for reporting such costs in the entity’s financial statements. The adoption of ASU 2018-15 did not have a material impact on our financial condition, results of operations, cash flows or related disclosures as we had previously capitalized these implementation costs and such amounts were not material. Other Updates The FASB also issued the following Accounting Standards Updates, which have not had, and are not expected to have, a material impact on our financial condition, results of operations, cash flows or related disclosures upon adoption. •Fair Value Measurement: ASU 2022-03, Fair Value Measurement (Topic 820), Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. This update is effective for our fiscal year beginning January 1, 2024. •Derivatives and Hedging: ASU 2022-01, Derivatives and Hedging (Topic 815), Fair Value Hedging - Portfolio Layer Method. This update is effective for our fiscal year beginning January 1, 2023. •Equity Instruments: ASU 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options). This update was effective for our fiscal year beginning January 1, 2022. •Leases: ASU 2021-05, Leases - Certain Lease Payments with Variable Lease Payments (ASC 842). This update was effective for our fiscal year beginning January 1, 2022. •Investments: ASU 2020-01, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815). This update was effective for our fiscal year beginning January 1, 2021. •Compensation - Stock Compensation and Revenue from Contracts with Customers: ASU 2019-08, (Topic 718) and (Topic 606) Codification Improvements - Share-Based Consideration Payable to a Customer. This update was effective for our fiscal year beginning January 1, 2020.
Revenue Recognition	Revenue Recognition We generate revenue through the sale of equipment and supplies and by providing maintenance and printing services. Revenue is measured based on the consideration specified in a contract with a customer and is recognized when we satisfy a performance obligation by transferring control of a product to a customer or in the period the customer benefits from the service. With the exception of our sales-type lease arrangements, our invoices to the customer, which normally have short-term payment terms, are typically aligned to the transfer of goods or as services are rendered to our customers and therefore in most cases, we recognize revenue based on our right to invoice customers. As a result of the application of this practical expedient for the substantial portion of our revenue, the disclosure of the value of unsatisfied performance obligations for our services is not required. Significant judgments primarily include the identification of performance obligations in our Document management services arrangements as well as the pattern of delivery for those services. More specifically, revenue related to our products and services is generally recognized as follows: Equipment: Revenues from the sale of equipment directly to end-user customers, including those from sales-type leases (see below), are recognized when obligations under the terms of a contract with our customer are satisfied and control has been transferred to the customer. For equipment placements that require us to install the product at the customer location, revenue is normally recognized when the equipment has been delivered and installed at the customer location. Sales of customer installable products are recognized upon shipment or receipt by the customer according to the customer's shipping terms. Revenue from the equipment performance obligation also includes certain analyst training services performed in connection with the installation or delivery of the equipment. Maintenance services: We provide maintenance agreements on our equipment that include service and supplies for which the customer may pay a base minimum plus a price-per-page charge for usage. In arrangements that include minimums, those minimums are normally set below the customer’s estimated page volumes and are not considered substantive. These agreements are sold as part of a bundled lease arrangement or through distributors and resellers. We normally account for these maintenance agreements as a single performance obligation for printing services being delivered in a series with delivery being measured by usage as billed to the customer. Accordingly, revenue on these types of agreements is normally recognized as billed to the customer over the term of the agreements based on page volumes. A substantial portion of our products are sold with full service maintenance agreements, accordingly, other than the product warranty obligations associated with certain of our entry level products, we do not have any significant warranty obligations, including any obligations under customer satisfaction programs. Print outsourcing services: Revenues associated with our print outsourcing services are generally recognized as the printing services are rendered, which is generally on the basis of the number of images produced. Revenues on unit-price contracts are recognized at the contractual selling prices as work is completed by the customer. We account for these arrangements as a single performance obligation for printing services being delivered in a series with delivery being measured by usage as billed to the customer. Our services contracts may also include the sale or lease of equipment and software. In these instances, we follow the policies noted for Equipment or Software Revenues and separately report the revenue associated with these performance obligations. Certain document management services arrangements may also include an embedded lease of equipment. In these instances, the revenues associated with the lease are recognized in accordance with the requirements for lease accounting. Sales to distributors and resellers: We utilize distributors and resellers to sell our equipment, supplies and maintenance services to end-user customers. We refer to our distributor and reseller network as our two-tier distribution model. Revenues on sales to distributors and resellers are generally recognized when products are shipped to such distributors and resellers. However, revenue is only recognized when the distributor or reseller has economic substance apart from the Company such that collectability is probable and we have no further obligations related to bringing about the resale, delivery or installation of the product that would impact transfer of control. Revenues associated with maintenance agreements sold through distributors and resellers to end-user customers are recognized in a consistent manner for maintenance services. Revenue that may be subject to a reversal of revenue due to contractual terms or uncertainties is not recorded as revenue until the contractual provisions lapse or the uncertainties are resolved. Distributors and resellers participate in various rebate, price-protection, cooperative marketing and other programs. We estimate the variable consideration associated with these programs and record those amounts as a reduction to revenue when sales occur. Similarly, we account for our estimates of sales returns and other allowances when sales occur based on our historical experience. In certain instances, we may provide lease financing to end-user customers who purchased equipment we sold to distributors or resellers. We are not obligated to provide financing and we compete with other third-party leasing companies with respect to the lease financing provided to these end-user customers. Software: Most of our equipment has both software and non-software components that function together to deliver the equipment's essential functionality and therefore they are accounted for together as part of Equipment sales revenues. Software accessories sold in connection with our Equipment sales, as well as free-standing software sales, are accounted for as separate performance obligations if determined to be material in relation to the overall arrangement. Revenue from software is not a significant component of our Total revenues. Supplies: Supplies revenue is recognized upon transfer of control to the customer, generally upon utilization or shipment to the customer in accordance with the sales contract terms. Other Revenue Recognition Policies Revenue-based Taxes: Revenue-based taxes assessed by governmental authorities that are both imposed on and concurrent with specific revenue-producing transactions, and that are collected by the Company from a customer, are excluded from revenue. The primary revenue-based taxes are sales tax and value-added tax (VAT). Shipping and Handling: Shipping and handling costs are accounted for as a fulfillment cost and are included in Cost of sales in the Consolidated Statements of (Loss) Income. Refer to Note 3 - Revenue for additional information regarding revenue recognition policies with respect to contract assets and liabilities as well as contract costs.
Financing/Allowance for Doubtful Accounts and Credit Losses	Financing: Finance income attributable to sales-type leases, direct financing leases and installment loans is recognized on the accrual basis using the effective interest method. Allowance for Doubtful Accounts and Credit Losses The allowance for doubtful accounts and provision for credit losses represents an estimate of the losses expected to be incurred from the Company's trade and finance receivable portfolio. The measurement and recognition of expected credit losses is based on an expected loss model and incorporates an assessment of past collection experience as well as consideration of current and future economic conditions and changes in our customer collection trends. The allowance of finance receivables is determined on a collective basis by year of origination through the application of projected loss rates to our different portfolios by country, which represent our portfolio segments. This is the level at which we develop and document our methodology to determine the allowance for credit losses. These projected loss rates are primarily based upon historical loss experience adjusted for judgments about the probable effects of relevant observable data including current and future economic conditions as well as delinquency trends, resolution rates, the aging of receivables, credit quality indicators and the financial health of specific customer classes or groups. The allowance for finance receivables is inherently more difficult to estimate than the allowance for trade accounts receivable because the underlying lease portfolio has an average maturity, at any time, of approximately two to three years and contains past due billed amounts, as well as unbilled amounts. We consider all available information in our quarterly assessments of the adequacy of the allowance for doubtful accounts. We believe our estimates, including any qualitative adjustments, are reasonable and have considered all reasonably available information about past events, current conditions, and reasonable and supportable forecasts of future events and economic conditions. The identification of account-specific exposure is not a significant factor in establishing the allowance for doubtful finance receivables.
Leases	Leases: The two primary accounting provisions we use to classify transactions as sales-type or operating leases are: (i) a review of the lease term to determine if it is for the major part of the economic life of the underlying equipment (defined as greater than 75%); and (ii) a review of the present value of the lease payments to determine if they are equal to or greater than substantially all of the fair market value of the equipment at the inception of the lease (defined as greater than 90%). Equipment placements included in arrangements meeting these conditions are accounted for as sales-type leases and revenue is recognized in a manner consistent with Equipment sales. Equipment placements included in arrangements that do not meet these conditions are accounted for as operating leases and revenue is recognized over the term of the lease. We consider the economic life of most of our products to be five years, since this represents the most frequent contractual lease term for our principal products and only a small percentage of our leases are for original terms longer than five years. There is no significant after-market for our used equipment. We believe five years is representative of the period during which the equipment is expected to be economically usable, with normal service, for the purpose for which it is intended. We perform an analysis of the stand-alone selling price of equipment based on cash selling prices as well as other methodologies including a margin analysis during the applicable period. With respect to the analysis of cash sales, cash selling prices are compared to the range of values determined for our leases. The range of cash selling prices must be reasonably consistent with the lease selling prices in order for us to determine that such lease prices reflect stand-alone value. Our lease pricing interest rates, which are used in determining customer payments in a bundled lease arrangement, are developed based upon a variety of factors including local prevailing rates in the marketplace, cost of funds and the customer’s credit history, industry and credit class. We reassess our pricing interest rates quarterly based on changes in the local prevailing rates in the marketplace. The pricing interest rates generally equal the implicit rates within the leases, as corroborated by our comparisons of cash to lease selling prices and other analyses as noted above.
Cash and Cash Equivalents	Cash and Cash EquivalentsCash and cash equivalents consist of cash on hand, including money market funds, and investments with original maturities of three months or less.
Receivable Sales	Receivable Sales and Securitization The Company securitizes certain finance lease receivables by transferring them to Special Purpose Entities (SPEs) that meet the definition of a Variable Interest Entity (VIE) and are consolidated into our financial statements. These SPEs are bankruptcy-remote legal entities with separate assets and liabilities. The purpose of the SPEs is to facilitate the funding of customer loan and lease payments and associated equipment in the capital markets. These securitizations qualify as collateral for secured borrowings and no gains or losses are recognized at the time of securitization. The receivables remain on the balance sheet and classified as Finance receivables, net. The Company continues recognize finance income over the lives of these receivables. We also transfer certain portions of our finance receivable portfolios to third parties and account for those transfers of financial assets as sales when we have surrendered control over the related assets. Whether control has been relinquished requires, among other things, an evaluation of relevant legal considerations and an assessment of the nature and extent of the Company’s continuing involvement with the assets transferred. Gains and losses stemming from transfers reported as sales are normally included in revenue in the accompanying statements of income. Gains or losses on the sale of finance receivables depend, in part, on both (a) the cash proceeds and (b) the net non-cash proceeds received or paid. Assets obtained and liabilities incurred in connection with transfers reported as sales are initially recognized in the balance sheet at fair value. Refer to Note 8 – Finance Receivables, Net for additional information on our finance receivable sales.
Inventories	Inventories Inventories are carried at the lower of average cost or net realizable value. Inventories also include equipment that is returned at the end of the lease term. Returned equipment is recorded at the lower of remaining net book value or salvage value, which is normally not significant. We regularly review inventory quantities and record a provision for excess and/or obsolete inventory based primarily on our estimated forecast of product demand, production requirements and servicing commitments. Several factors may influence the realizability of our inventories, including our decision to exit a product line, technological changes and new product development. The provision for excess and/or obsolete raw materials and equipment inventories is based primarily on near-term forecasts of product demand and include consideration of new product introductions, as well as changes in remanufacturing strategies. The provision for excess and/or obsolete service parts inventory is based primarily on projected servicing requirements over the life of the related equipment populations. Refer to Note 9 - Inventories and Equipment on Operating Leases, Net for further discussion.
Land, Buildings and Equipment on Operating Leases	Land, Buildings and Equipment on Operating LeasesLand, buildings and equipment are recorded at cost. Buildings and equipment are depreciated over their estimated useful lives. Leasehold improvements are depreciated over the shorter of the lease term or the estimated useful life. Equipment on operating leases is depreciated to estimated salvage value over the lease term. Depreciation is computed using the straight-line method. Significant improvements are capitalized, and maintenance and repairs are expensed. Refer to Note 9 - Inventories and Equipment on Operating Leases, Net and Note 10 - Land, Buildings, Equipment and Software, Net for further discussion.
Leased Assets	Leased Assets We determine at inception whether an arrangement is a lease. Our leases do not include assets of a specialized nature, or the transfer of ownership at the end of the lease, and the exercise of end-of-lease purchase options, which are primarily in our equipment leases, is not reasonably assured at lease inception. Accordingly, the two primary criteria we use to classify transactions as operating leases or finance leases are: (i) a review of the lease term to determine if it is equal to or greater than 75% of the economic life of the asset, and (ii) a review of the present value of the minimum lease payments to determine if they are equal to or greater than 90% of the fair market value of the asset at the inception of the lease. Right-of-use (ROU) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. We also assess arrangements for goods or services to determine if the arrangement contains a lease at its inception. This assessment first considers whether there is an implicitly or explicitly identified asset in the arrangement and then whether there is a right to control the use of the asset. If there is an embedded lease within a contract, the Company determines the classification of the lease at the lease inception date consistent with standalone leases of assets. Operating leases are included in Other long-term assets, Accrued expenses and other current liabilities, and Other long-term liabilities in our Consolidated Balance Sheets. Finance leases are included in Land, buildings and equipment, net, Accrued expenses and other current liabilities, and Other long-term liabilities in our Consolidated Balance Sheets. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Since the implicit rate for almost all of our leases is not readily determinable, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate is the rate of interest that we would have to pay to borrow, on a collateralized basis, an amount equal to the lease payments, in a similar economic environment and over a similar term. The rate is dependent on several factors, including the lease term and currency of the lease payments. Lease terms used to calculate the present value of lease payments generally do not include any options to extend, renew, or terminate the lease, as we do not have reasonable certainty at lease inception that these options will be exercised. We generally consider the economic life of our operating lease ROU assets to be comparable to the useful life of similar owned assets. We have elected the short-term lease exception, therefore operating lease ROU assets and liabilities do not include leases with a lease term of twelve months or less. Our leases generally do not provide a residual guarantee. The operating lease ROU asset also excludes lease incentives. Lease expense is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components. These components are accounted for separately for vehicle and equipment leases. We account for the lease and non-lease components as a single lease component for real estate leases of offices and warehouses. We review the potential impairment of our ROU assets consistent with the approach applied for our other long-lived assets. We review the recoverability of our long-lived assets when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on our ability to recover the carrying value of the asset from the expected undiscounted future pre-tax cash flows of the related operations. We have elected to include the carrying amount of operating lease liabilities in any tested asset group and include the associated operating lease payments in the undiscounted future pre-tax cash flows. Operating LeasesWe have operating leases for real estate and vehicles in our domestic and international operations and for certain equipment in our domestic operations. Additionally, we have identified embedded operating leases within certain supply chain contracts for warehouses, primarily within our domestic operations. Our leases have remaining terms of up to twelve years and a variety of renewal and/or termination options.
Software - Internal Use and Product	Software - Internal Use and Product We capitalize direct costs associated with developing, purchasing or otherwise acquiring software for internal use and amortize these costs on a straight-line basis over the expected useful life of the software, beginning when the software is implemented (Internal Use Software). Costs incurred for upgrades and enhancements that will not result in additional functionality are expensed as incurred. Amounts expended for Internal Use Software are included in Cash Flows from Investing activities. We also capitalize certain costs related to the development of software solutions to be sold to our customers upon reaching technological feasibility (Product Software). These costs are amortized on a straight-line basis over the estimated economic life of the software. Amounts expended for Product Software are included in Cash Flows from Operations. We perform periodic reviews to ensure that unamortized Product Software costs remain recoverable from estimated future operating profits (net realizable value or NRV). Costs to support or service licensed software are charged to Costs of services as incurred. Refer to Note 10 - Land, Buildings, Equipment and Software, Net for further information.
Capitalization of Internal Costs	Software - Internal Use and Product We capitalize direct costs associated with developing, purchasing or otherwise acquiring software for internal use and amortize these costs on a straight-line basis over the expected useful life of the software, beginning when the software is implemented (Internal Use Software). Costs incurred for upgrades and enhancements that will not result in additional functionality are expensed as incurred. Amounts expended for Internal Use Software are included in Cash Flows from Investing activities. We also capitalize certain costs related to the development of software solutions to be sold to our customers upon reaching technological feasibility (Product Software). These costs are amortized on a straight-line basis over the estimated economic life of the software. Amounts expended for Product Software are included in Cash Flows from Operations. We perform periodic reviews to ensure that unamortized Product Software costs remain recoverable from estimated future operating profits (net realizable value or NRV). Costs to support or service licensed software are charged to Costs of services as incurred. Refer to Note 10 - Land, Buildings, Equipment and Software, Net for further information.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill represents the excess of the purchase price over the fair value of acquired net assets in a business combination, including the amount assigned to identifiable intangible assets. The primary drivers that generate Goodwill are the value of synergies between the acquired entities and the company and the acquired assembled workforce, neither of which qualifies as an identifiable intangible asset. Goodwill is not amortized, but rather is tested for impairment annually, or more frequently whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable and an impairment loss may have been incurred. We assess Goodwill for impairment at least annually, during the fourth quarter based on balances as of October 1st, and more frequently if indicators of impairment exist or if a decision is made to sell or exit a business. Impairment testing for Goodwill is done at the reporting unit level. A reporting unit is an operating segment or one level below an operating segment (a component) if the component constitutes a business for which discrete financial information is available, and segment management regularly reviews the operating results of that component. Consistent with the determination that we had two operating/reportable segments we determined that we had two reporting units – Print and Other, and Financing (FITTLE). We perform an assessment of Goodwill, utilizing either a qualitative or quantitative impairment test. The qualitative impairment test assesses several factors to determine whether it is more-likely-than-not that the fair value of the entity is less than its carrying amount. If we conclude it is more-likely-than-not that the fair value of the entity is less than its carrying amount, a quantitative fair value test is performed. In certain circumstances, we may also bypass the qualitative test and proceed directly to a quantitative impairment test. In a quantitative impairment test, we assess Goodwill by comparing the carrying amount of the entity to its fair value. Fair value of the entity is determined by using a weighted combination of an income approach and a market approach. If the fair value exceeds the carrying value, Goodwill is not considered impaired. If the carrying value exceeds the fair value, Goodwill is considered impaired, and we would recognize an impairment loss for the excess. Other intangible assets primarily consist of assets obtained in connection with business acquisitions, including installed customer base and distribution network relationships, existing technology, trademarks and non-compete agreements. We apply an impairment evaluation whenever events or changes in business circumstances indicate that the carrying value of our intangible assets may not be recoverable. Other intangible assets are amortized on a straight-line basis over their estimated economic lives. We believe that the straight-line method of amortization reflects an appropriate allocation of the cost of the intangible assets to earnings in proportion to the amount of economic benefits obtained annually by the Company. Refer to Note 12 - Goodwill, Net and Intangible Assets, Net for further information.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets We review the recoverability of our long-lived assets, including buildings, equipment, right-of-use leased assets, internal use software and other intangible assets, when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on our ability to recover the carrying value of the asset from the expected future pre-tax cash flows (undiscounted and without interest charges) of the related operations. If these cash flows are less than the carrying value of such asset, an impairment loss is recognized for the difference between estimated fair value and carrying value. Our primary measure of fair value is based on discounted cash flows. Long-lived assets to be disposed of by sale are reported at the lower of carrying amount or fair value less costs to sell. Long-lived assets to be disposed of other than by sale (e.g., by abandonment, cease-use) would continue to be classified as held and used until the long-lived asset is disposed of (e.g., abandoned or when the asset ceases to be used). In 2022, 2021 and 2020 we evaluated the recoverability of our Long-Lived Assets and Other Intangible Assets to be held and used by comparing the carrying amount of those assets to the net undiscounted cash flows expected to be generated by the business unit/component using those assets to determine if the carrying value was recoverable. The recoverability test/income approach indicated that our Long-Lived assets and Other Intangible Assets to be held and used were not impaired. Refer to Note 13 - Restructuring Programs for additional information regarding the impairment of long-lived assets in connection with our restructuring programs and initiatives.
Pension and Post-Retirement Benefit Obligations	Pension and Post-Retirement Benefit Obligations We sponsor various forms of defined benefit pension plans in several countries covering employees who meet eligibility requirements. Retiree health benefit plans cover a portion of our U.S. and Canadian employees for retiree medical costs. We employ a delayed recognition feature in measuring the costs of pension and post-retirement benefit plans. This requires changes in the benefit obligations and changes in the value of assets set aside to meet those obligations to be recognized not as they occur, but systematically and gradually over subsequent periods. All changes are ultimately recognized as components of net periodic benefit cost, except to the extent they may be offset by subsequent changes. At any point, changes that have been identified and quantified but not recognized as components of net periodic benefit cost are recognized in Accumulated other comprehensive loss, net of tax. Several statistical and other factors that attempt to anticipate future events are used in calculating the expense, liability and asset values related to our pension and retiree health benefit plans. These factors include assumptions we make about the applicable discount rate, expected return on plan assets, cash balance interest-crediting rate, rate of increase in healthcare costs, the rate of future compensation increases and mortality. Actual returns on plan assets are not immediately recognized in our income statement due to the delayed recognition requirement. In calculating the expected return on the plan asset component of our net periodic pension cost, we apply our estimate of the long-term rate of return on the plan assets that support our pension obligations, after deducting assets that are specifically allocated to Transitional Retirement Accounts (which are accounted for based on specific plan terms). For purposes of determining the expected return on plan assets, we utilize a market-related value approach in determining the value of the pension plan assets, rather than a fair market value approach. The primary difference between the two methods relates to systematic recognition of changes in fair value over time (generally two years) versus immediate recognition of changes in fair value. Our expected rate of return on plan assets is applied to the market-related asset value to determine the amount of the expected return on plan assets to be used in the determination of the net periodic pension cost. The market-related value approach reduces the volatility in net periodic pension cost that would result from using the fair market value approach. The discount rate is used to present value our future anticipated benefit obligations. The discount rate reflects the current rate at which benefit liabilities could be effectively settled considering the timing of expected payments for plan participants. In estimating our discount rate, we consider rates of return on high-quality fixed-income investments adjusted to eliminate the effects of call provisions, as well as the expected timing of pension and other benefit payments. Each year, the difference between the actual return on plan assets and the expected return on plan assets, as well as increases or decreases in the benefit obligation as a result of changes in the discount rate and other actuarial assumptions, are added to or subtracted from any cumulative actuarial gain or loss from prior years. This amount is the net actuarial gain or loss recognized in Accumulated other comprehensive loss. We amortize net actuarial gains and losses as a component of net pension cost for a year if, as of the beginning of the year, that net gain or loss (excluding asset gains or losses that have not been recognized in market-related value) exceeds 10% of the greater of the projected benefit obligation or the market-related value of plan assets (the corridor method). This determination is made on a plan-by-plan basis. If amortization is required for a particular plan, we amortize the applicable net gain or loss in excess of the 10% threshold on a straight-line basis in net periodic pension cost over the remaining service period of the employees participating in that pension plan. In plans where substantially all participants are inactive, the amortization period for the excess is the average remaining life expectancy of the plan participants. Our primary domestic plans allow participants the option of settling their vested benefits through the receipt of a lump-sum payment. The participant's vested benefit is considered fully settled upon payment of the lump sum. We have elected to apply settlement accounting and therefore we recognize the losses associated with settlements in this plan immediately upon the settlement of the vested benefits. Settlement accounting requires us to recognize a pro rata portion of the aggregate unamortized net actuarial losses upon settlement. The pro rata factor is computed as the percentage reduction in the projected benefit obligation due to the settlement of the participant's vested benefit. Refer to Note 18 - Employee Benefit Plans for further information regarding our Pension and Post-Retirement Benefit Obligations.
Research, Development and Engineering (RD&E)	Research, Development and Engineering (RD&E)Research, development and engineering costs are expensed as incurred. Sustaining engineering costs are incurred with respect to on-going product improvements or environmental compliance after initial product launch. Sustaining engineering costs were $58, $59 and $54 in for the years ended December 31, 2022, 2021 and 2020, respectively.
Government Grants/Assistance	Government Grants/Assistance Government grants related to income are recognized as a reduction of related expenses in the Consolidated Statements of (Loss) Income when there is a reasonable assurance that the entity will comply with the conditions attached to the grant and that the grants will be received. The timing and pattern of recognition of government grants is made on a systematic basis over the periods in which the Company recognizes the related expenses or losses that the grants are intended to compensate.
Foreign Currency Translation and Remeasurement	Foreign Currency Translation and Remeasurement The functional currency for most of our foreign operations is the local currency. Net assets are translated at current rates of exchange and income, expense and cash flow items are translated at average exchange rates for the applicable period. The translation adjustments are recorded in Accumulated other comprehensive loss. The U.S. Dollar is used as the functional currency for certain foreign subsidiaries that conduct their business in U.S. Dollars as well as foreign subsidiaries operating in highly inflationary economies. For these subsidiaries, non-monetary foreign currency assets and liabilities are translated using historical rates, while monetary assets and liabilities are translated at current rates, with the U.S. dollar effects of rate changes recorded in Currency (gains) and losses within Other expenses, net together with other foreign currency remeasurements.
Contract assets and liabilities	Contract assets and liabilities: We normally do not have contract assets, which are primarily unbilled accounts receivable that are conditional on something other than the passage of time.
Segment Policy	Segment PolicyWe derive the results of our business segments directly from our internal management reporting system. The accounting policies that the Company uses to derive its segment results are substantially the same as those used by the Company in preparing its consolidated financial statements. The segment results include a significant level of management estimates regarding the allocation of revenues such as finance income in bundled lease arrangements and other leasing revenues and operating lease revenues embedded in our managed services contracts as well as the allocation of expenses for shared selling and administrative services. Accordingly, the financial results for the segments may not be indicative of the results the businesses would have as on a standalone basis or what might be presented for the businesses in stand-alone financial statements. The CODM measures the performance of each segment based on several metrics, including segment revenues and profit. The CODM uses these results, in part, to evaluate the performance of, and to allocate resources to each segment. The Financing (FITTLE) segment also includes interest expense associated with allocated debt of the Company in support of its Finance assets, while no interest expense is allocated to the Print and Other segment.
Lessor	Revenue from sales-type leases is presented on a gross basis when the Company enters into a lease to realize value from a product that it would otherwise sell in its ordinary course of business, whereas in transactions where the Company enters into a lease for the purpose of generating revenue by providing financing, the profit or loss, if any, is presented on a net basis. In addition, we have elected to account for sales tax and other similar taxes collected from a lessee as lessee costs and therefore we exclude these costs from contract consideration and variable consideration and present revenue net of these costs.
Interest	Equipment financing interest is determined based on an estimated cost of funds, applied against the estimated level of debt required to support our net finance receivables. The estimated cost of funds is based on the interest cost associated with actual borrowings determined to be in support of the leasing business. The estimated level of debt continues to be based on an assumed 7 to 1 leverage ratio of debt/equity as compared to our average finance receivable balance during the applicable period.
Fair Value of Financial Assets and Liabilities	We utilize the income approach to measure the fair value for our derivative assets and liabilities. The income approach uses pricing models that rely on market observable inputs such as yield curves, currency exchange rates and forward prices, and therefore are classified as Level 2. Fair value for our deferred compensation plan investments in mutual funds is based on quoted market prices for those funds. Fair value for deferred compensation plan liabilities is based on the fair value of investments corresponding to employees’ investment selections.

Revenue (Tables)

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

Revenues disaggregated by primary geographic markets, major product lines, and sales channels are as follows:


	Year Ended December 31,
	2022		2021		2020
Primary geographical markets(1)
United States	$	4,014	$	3,982	$	4,186
Europe	1,935		2,023		1,883
Canada	545		398		393
Other	613		635		560
Total Revenues	$	7,107	$	7,038	$	7,022

Major product and services lines
Equipment	$	1,624	$	1,581	$	1,564
Supplies, paper and other sales	1,176		1,001		885
Maintenance agreements(2)	1,730		1,787		1,803
Service arrangements(3)	1,953		1,991		2,014
Rental and other	417		457		530
Financing	207		221		226

Total Revenues	$	7,107	$	7,038	$	7,022

Sales channels:

Direct equipment lease(4)	$	708	$	664	$	573
Distributors & resellers(5)	1,222		1,130		910
Customer direct	870		788		966
Total Sales	$	2,800	$	2,582	$	2,449

_____________

(1)Geographic area data is based upon the location of the subsidiary reporting the revenue.

(2)Includes revenues from maintenance agreements on sold equipment as well as revenues associated with service agreements sold through our channel partners.

(3)Primarily includes revenues from our Print outsourcing arrangements including revenues from embedded operating leases in those arrangements, which were not significant.

(4)Primarily reflects sales through bundled lease arrangements.

(5)Primarily reflects sales through our two-tier distribution channels.

Schedule of Capitalized Contract Cost

Incremental direct costs are as follows:


	Year Ended December 31,
	2022		2021		2020
Incremental direct costs of obtaining a contract	$	63	$	61	$	62
Amortization of incremental direct costs	68		73		81

Segment and Geographic Area Reporting (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Selected financial information for our reportable segments was as follows:


	Year Ended December 31,
	2022									2021									2020
	Print and Other			Financing (FITTLE)			Total			Print and Other			Financing (FITTLE)			Total			Print and Other			Financing (FITTLE)			Total
External revenue	$	6,509		$	598		$	7,107		$	6,355		$	683		$	7,038		$	6,290		$	732		$	7,022
Intersegment revenue(1)	158			12			170			193			12			205			199			12			211
Total Segment revenue	$	6,667		$	610		$	7,277		$	6,548		$	695		$	7,243		$	6,489		$	744		$	7,233

Segment profit	$	238		$	37		$	275		$	293		$	82		$	375		$	461		$	3		$	464
Segment margin(2)	3.7		%	6.2		%	3.9		%	4.6		%	12.0		%	5.3		%	7.3		%	0.4		%	6.6		%

Interest income	$	—		$	207		$	207		$	—		$	221		$	221		$	—		$	226		$	226
Interest expense(3)	—			116			116			—			121			121			—			133			133
Depreciation and amortization	113			115			228			117			155			272			129			183			312

Capital expenditures(4)	57			—			57			68			—			68			74			—			74
Total Assets	8,004			3,539			11,543			9,690			3,533			13,223

_____________

(1)Intersegment revenue is primarily commissions and other payments made by the Financing (FITTLE) Segment to the Print and Other Segment for the lease of Xerox equipment placements.

(2)Segment margin based on External revenue only.

(4)Capital expenditures are allocated fully to the Print and Other segment since primarily managed and controlled through that segment together with related assets.

Selected financial information for our reportable segments was as follows:


	Year Ended December 31,
	2022		2021		2020





Pre-tax (Loss) Income
Total Segment profit	$	275	$	375	$	464
Goodwill impairment	(412)		(781)		—
Restructuring and related costs, net	(65)		(38)		(93)
Amortization of intangible assets	(42)		(55)		(56)
Accelerated share vesting	(21)		—		—
Transaction and related costs, net	—		—		(18)
Other expenses, net	(63)		24		(45)
Total Pre-tax (loss) income	$	(328)	$	(475)	$	252

Depreciation and Amortization
Total reported segments	$	228	$	272	$	312
Amortization of intangible assets	42		55		56
Total Depreciation and amortization	$	270	$	327	$	368

Interest Expense
Total reported segments	$	116	$	121	$	133
Corporate	83		86		82
Total Interest expense	$	199	$	207	$	215

Interest Income
Total reported segments	$	207	$	221	$	226
Corporate	11		4		14
Total Interest income	$	218	$	225	$	240

Revenue and Long-lived Assets by Geography

Geographic Area Data

Geographic area data is based upon the location of the subsidiary reporting the revenue or long-lived assets and is as follows:


	Revenues						Long-Lived Assets (1)
	Year Ended December 31,						As of December 31,
	2022		2021		2020		2022		2021
United States	$	4,014	$	3,982	$	4,186	$	537	$	638
Europe	1,935		2,023		1,883		249		258
Canada	545		398		393		54		68
Other areas	613		635		560		25		32
Total	$	7,107	$	7,038	$	7,022	$	865	$	996

_____________

Lessor (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Components of Lease Income

The components of lease income are as follows:


	Location in Statements of (Loss) Income	Year Ended December 31,
		2022		2021		2020
Revenue from sales type leases	Sales	$	708	$	664	$	573


Interest income on lease receivables	Financing	207		221		226


Lease income - operating leases	Services, maintenance and rentals	170		246		313
Variable lease income	Services, maintenance and rentals	63		62		66
Total Lease income		$	1,148	$	1,193	$	1,178

Schedule of Components of Lease Income

The components of lease income are as follows:


	Location in Statements of (Loss) Income	Year Ended December 31,
		2022		2021		2020
Revenue from sales type leases	Sales	$	708	$	664	$	573


Interest income on lease receivables	Financing	207		221		226


Lease income - operating leases	Services, maintenance and rentals	170		246		313
Variable lease income	Services, maintenance and rentals	63		62		66
Total Lease income		$	1,148	$	1,193	$	1,178

Schedule of Components of Lease Income

The components of lease income are as follows:


	Location in Statements of (Loss) Income	Year Ended December 31,
		2022		2021		2020
Revenue from sales type leases	Sales	$	708	$	664	$	573


Interest income on lease receivables	Financing	207		221		226


Lease income - operating leases	Services, maintenance and rentals	170		246		313
Variable lease income	Services, maintenance and rentals	63		62		66
Total Lease income		$	1,148	$	1,193	$	1,178

Acquisitions and Investments (Tables)

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions

The following table summarizes the purchase price allocations for our acquisitions as of the acquisition dates:


	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020
	Weighted-Average Life	Acquisitions		Weighted-Average Life	Acquisitions		Weighted-Average Life	Acquisitions
Accounts/finance receivables		$	29		$	5		$	20
Intangible assets:
Customer relationships	10 years	41		9 years	27		9 years	69
Trademarks	5 years	7		5 years	3		9 years	9
Technology		—		3 years	1		3 years	9

Goodwill		62			25			111
Other assets		30			4			44
Total Assets acquired		169			65			262
Liabilities assumed(1)		(76)			(12)			(59)
Total Cash Purchase Price		$	93		$	53		$	203

_____________

(1)Includes estimated contingent consideration liabilities of approximately $11 as of December 31, 2022.

Contributed Aggregate Revenues from Respective Acquisitions

Our acquisitions contributed aggregate revenues from their respective acquisition dates as follows:


	Year Ended December 31,
Acquisition Year	2022		2021		2020
2022	$	163	$	—	$	—
2021	37		19		—
2020	132		137		99
Total Contributed Aggregate Revenue	$	332	$	156	$	99

Accounts Receivable, Net (Tables)

12 Months Ended

Dec. 31, 2022

Receivables [Abstract]

Schedule of Accounts Receivable, Net

Accounts receivable, net were as follows:


	December 31,
	2022		2021
Invoiced	$	698	$	660
Accrued (1)	211		216
Allowance for doubtful accounts	(52)		(58)
Accounts receivable, net	$	857	$	818

____________

(1)Accrued receivables includes amounts to be invoiced in the subsequent quarter for current services provided.

Schedule of Allowance for Doubtful Accounts

The allowance for doubtful accounts was as follows:


Balance at December 31, 2020	$	69
Provision	8
Charge-offs	(18)
Recoveries and other(1)	(1)
Balance at December 31, 2021	$	58
Provision	17
Charge-offs	(14)
Recoveries and other(1)	(9)
Balance at December 31, 2022	$	52

_____________

(1)Includes the impacts of foreign currency translation and adjustments to reserves necessary to reflect events of non-payment such as customer accommodations and contract terminations.

Schedule of Accounts Receivables Sales

Accounts receivable sales activity was as follows:


	Year Ended December 31,
	2022		2021		2020
Accounts receivable sales(1)	$	593	$	478	$	333

_____________

Finance Receivables, Net (Tables)

12 Months Ended

Dec. 31, 2022

Financing Receivable, after Allowance for Credit Loss [Abstract]

Schedule of Finance Receivables

Finance receivables, net were as follows:


	December 31,
	2022		2021
Gross receivables	$	3,593	$	3,568
Unearned income	(374)		(380)
Subtotal	3,219		3,188
Residual values	—		—
Allowance for doubtful accounts	(117)		(118)
Finance Receivables, Net	3,102		3,070
Less: Billed portion of finance receivables, net	93		94
Less: Current portion of finance receivables not billed, net	1,061		1,042
Finance Receivables Due After One Year, Net	$	1,948	$	1,934

Schedule of Financing Receivables, Minimum Payments

A summary of our gross finance receivables' future contractual maturities, including those previously billed, is as follows:


	December 31,
	2022		2021
2022			$	1,357
2023	$	1,325	972
2024	967		668
2025	690		396
2026	411		157
2027	169
Thereafter	31		18
Total	$	3,593	$	3,568

Schedule of Allowance for Credit Losses, Financing Receivables

The allowance for doubtful accounts as well as the related investment in finance receivables were as follows:


Allowance for Credit Losses:	United States		Canada		Europe(1)		Total
Balance at December 31, 2020	$	77	$	15	$	41	$	133
Provision	5		(3)		(3)		(1)
Charge-offs	(7)		(3)		(6)		(16)
Recoveries and other(2)	2		2		(2)		2

Balance at December 31, 2021	$	77	$	11	$	30	$	118
Provision	20		(2)		8		26
Charge-offs	(15)		(3)		(8)		(26)
Recoveries and other(2)	1		1		(3)		(1)

Balance at December 31, 2022	$	83	$	7	$	27	$	117
Finance Receivables Collectively Evaluated for Impairment:
December 31, 2021(3)	$	1,876	$	251	$	1,061	$	3,188
December 31, 2022(3)	$	1,948	$	228	$	1,043	$	3,219

_____________

(1)Includes developing market countries.

(2)Includes the impacts of foreign currency translation and adjustments to reserves necessary to reflect events of non-payment such as customer accommodations and contract terminations.

(3)Total Finance receivables exclude the allowance for credit losses of $117 and $118 at December 31, 2022 and 2021, respectively.

Schedule of Credit Quality Indicators for Financing Receivables

Details about our finance receivables portfolio based on geography, origination year and credit quality indicators are as follows:


	December 31, 2022
	2022		2021		2020		2019		2018		Prior		Total Finance Receivables
United States (Direct):
Low Credit Risk	$	173	$	104	$	80	$	53	$	23	$	2	$	435
Average Credit Risk	83		36		26		28		7		2		182
High Credit Risk	71		70		49		18		6		2		216
Total	327		210		155		99		36		6		833

United States (Indirect):
Low Credit Risk	249		165		91		49		12		1		567
Average Credit Risk	210		156		73		40		11		—		490
High Credit Risk	22		20		9		5		2		—		58
Total	481		341		173		94		25		1		1,115

Canada
Low Credit Risk	31		22		17		12		5		—		87
Average Credit Risk	46		25		22		16		5		—		114
High Credit Risk	6		6		8		4		2		1		27
Total	83		53		47		32		12		1		228

EMEA(1)
Low Credit Risk	269		167		90		59		24		5		614
Average Credit Risk	152		105		63		43		15		3		381
High Credit Risk	17		13		9		7		2		—		48
Total	438		285		162		109		41		8		1,043

Total Finance Receivables
Low Credit Risk	722		458		278		173		64		8		1,703
Average Credit Risk	491		322		184		127		38		5		1,167
High Credit Risk	116		109		75		34		12		3		349
Total	$	1,329	$	889	$	537	$	334	$	114	$	16	$	3,219


	December 31, 2021
	2021		2020		2019		2018		2017		Prior		Total Finance Receivables
United States (Direct):
Low Credit Risk	$	148	$	121	$	98	$	68	$	21	$	3	$	459
Average Credit Risk	60		40		57		23		8		2		190
High Credit Risk	91		73		31		16		6		1		218
Total	299		234		186		107		35		6		867

United States (Indirect):
Low Credit Risk	235		145		100		43		11		—		534
Average Credit Risk	201		103		74		35		10		—		423
High Credit Risk	24		15		8		4		1		—		52
Total	460		263		182		82		22		—		1,009

Canada
Low Credit Risk	32		27		22		13		3		1		98
Average Credit Risk	34		34		27		15		6		1		117
High Credit Risk	8		12		7		5		4		—		36
Total	74		73		56		33		13		2		251

EMEA(1)
Low Credit Risk	229		143		121		71		22		6		592
Average Credit Risk	156		109		84		45		15		3		412
High Credit Risk	18		15		13		8		3		—		57
Total	403		267		218		124		40		9		1,061

Total Finance Receivables
Low Credit Risk	644		436		341		195		57		10		1,683
Average Credit Risk	451		286		242		118		39		6		1,142
High Credit Risk	141		115		59		33		14		1		363
Total	$	1,236	$	837	$	642	$	346	$	110	$	17	$	3,188

_____________

(1)Includes developing market countries.

Schedule of Aging of Billed Finance Receivables

The aging of our billed finance receivables is as follows:


	December 31, 2022
	Current		31-90 Days Past Due		>90 Days Past Due		Total Billed		Unbilled		Total Finance Receivables		>90 Days and Accruing






Direct	$	30	$	6	$	6	$	42	$	791	$	833	$	47
Indirect	27		6		4		37		1,078		1,115		—
Total United States	57		12		10		79		1,869		1,948		47
Canada	5		1		—		6		222		228		6





EMEA (1)	9		2		1		12		1,031		1,043		12

Total	$	71	$	15	$	11	$	97	$	3,122	$	3,219	$	65


	December 31, 2021
	Current		31-90 Days Past Due		>90 Days Past Due		Total Billed		Unbilled		Total Finance Receivables		>90 Days and Accruing






Direct	$	28	$	7	$	7	$	42	$	825	$	867	$	61
Indirect	28		5		4		37		972		1,009		—
Total United States	56		12		11		79		1,797		1,876		61
Canada	6		1		—		7		244		251		9





EMEA(1)	9		2		1		12		1,049		1,061		13

Total	$	71	$	15	$	12	$	98	$	3,090	$	3,188	$	83

_____________

(1)Includes developing market countries.

Inventories and Equipment on Operating Leases, Net (Tables)

12 Months Ended

Dec. 31, 2022

Inventories and Equipment on Operating Leases, Net [Abstract]

Schedule of Inventories by Major Category

The following is a summary of Inventories by major category:


	December 31,
	2022		2021
Finished goods	$	640	$	568
Work-in-process	45		43
Raw materials	112		85
Total Inventories	$	797	$	696

Schedule of Equipment on Operating Leases and Related Accumulated Depreciation

Equipment on operating leases and the related accumulated depreciation were as follows:


	December 31,
	2022		2021
Equipment on operating leases	$	1,163	$	1,266
Accumulated depreciation	(928)		(1,013)
Equipment on operating leases, net	$	235	$	253

Schedule of Maturities and Additional Information Related to Operating Lease Liabilities

Estimated minimum future revenues associated with Equipment on operating leases are as follows:


	December 31,
	2022		2021
2022			$	202
2023	$	185	110
2024	95		61
2025	59		32
2026	30		10
2027	13
Thereafter	4		2
Total	$	386	$	417

Maturities and additional information related to operating lease liabilities are as follows:


	December 31,
	2022		2021
2022			$	98
2023	$	86	78
2024	54		45
2025	38		31
2026	32		26
2027	17
Thereafter	30		35
Total Lease payments	257		313
Less: Imputed interest	28		30
Total Operating lease liabilities	$	229	$	283

Land, Buildings, Equipment and Software, Net (Tables)

12 Months Ended

Dec. 31, 2022

Land, Buildings, Equipment and Software, Net [Abstract]

Land, Buildings and Equipment, Net

Land, buildings and equipment, net were as follows:


		December 31,
	Estimated Useful Lives (Years)	2022		2021
Land		$	8	$	9
Building and building equipment	25 to 50	708		777
Leasehold improvements	1 to 12	112		112
Plant machinery	5 to 12	1,000		1,098
Office furniture and equipment	3 to 15	460		475
Finance leases	1 to 12	26		13
Other	4 to 20	38		44
Construction in progress		15		17
Subtotal		2,367		2,545
Accumulated depreciation		(2,047)		(2,187)
Land, buildings and equipment, net		$	320	$	358

Lessee (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Components of Lease Expense

The components of lease expense are as follows:


	Year Ended December 31,
	2022		2021		2020
Operating lease expense	$	97	$	104	$	113
Short-term lease expense	17		20		20
Variable lease expense(1)	49		48		47
Sublease income	(5)		(4)		(2)

Total Lease expense	$	158	$	168	$	178

_____________

(1)Variable lease expense is related to our leased real estate for offices and warehouses and primarily includes labor and operational costs, as well as taxes and insurance.

Schedule of Operating Leases Assets and Liabilities

Operating lease ROU assets, net and operating lease liabilities were reported in the Consolidated Balance Sheets as follows:


	December 31,
	2022		2021
Other long-term assets	$	215	$	264

Accrued expenses and other current liabilities	$	68	$	79
Other long-term liabilities	161		204
Total Operating lease liabilities	$	229	$	283

Schedule of Supplemental Information Related to Operating Leases

Supplemental information related to operating leases is as follows:


	Year Ended December 31,
	2022			2021			2020
Cash paid for amounts included in the measurement of lease liabilities - Operating cash flows	$	101		$	109		$	119
Right-of-use assets obtained in exchange for new lease liabilities (1)	$	45		$	41		$	76
Weighted-average remaining lease term	4 years			5 years			5 years
Weighted-average discount rate	5.19		%	4.67		%	5.03		%

_____________

(1)Includes the impact of new leases as well as remeasurements and modifications to existing leases.

Schedule of Maturities and Additional Information Related to Operating Lease Liabilities

Estimated minimum future revenues associated with Equipment on operating leases are as follows:


	December 31,
	2022		2021
2022			$	202
2023	$	185	110
2024	95		61
2025	59		32
2026	30		10
2027	13
Thereafter	4		2
Total	$	386	$	417

Maturities and additional information related to operating lease liabilities are as follows:


	December 31,
	2022		2021
2022			$	98
2023	$	86	78
2024	54		45
2025	38		31
2026	32		26
2027	17
Thereafter	30		35
Total Lease payments	257		313
Less: Imputed interest	28		30
Total Operating lease liabilities	$	229	$	283

Goodwill, Net and Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Goodwill, Net

The following table presents the changes in the carrying amount of Goodwill, net:


	2022		2021		2020








Goodwill	$	4,068	$	4,071	$	3,900
Accumulated impairment losses	(781)		—		—
Goodwill, net at January 1	$	3,287	$	4,071	$	3,900

Goodwill Activity:
Foreign currency translation	(120)		(23)		60
Acquisitions(1):
U.S. Acquisitions	—		9		—
U.K. Acquisitions	28		—		98
Canada Acquisitions	34		16		10
Other	3		(5)		3
Goodwill impairment	(412)		(781)		—

Goodwill	$	4,013	$	4,068	$	4,071
Accumulated impairment losses	(1,193)		(781)		—
Goodwill, net at December 31	$	2,820	$	3,287	$	4,071

_____________

(1)Refer to Note 6 - Acquisitions and Investments for additional information related to acquisitions.

Schedule of Intangible Assets, Net

Intangible Assets, Net

Intangible assets, net were $208 at December 31, 2022, all of which relate to our Print and Other segment. Intangible assets were comprised of the following:


		December 31, 2022						December 31, 2021
	Weighted Average Amortization	Gross Carrying Amount		Accumulated Amortization		Net Amount		Gross Carrying Amount		Accumulated Amortization		Net Amount
Customer relationships	10 years	$	214	$	85	$	129	$	211	$	95	$	116
Distribution network	25 years	123		113		10		123		108		15
Trademarks	19 years	201		135		66		237		164		73
Technology and non-compete	3 years	15		12		3		15		8		7
Total Intangible Assets		$	553	$	345	$	208	$	586	$	375	$	211

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://www.xbrl.org/2003/role/exampleRef
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Restructuring and Related Activities [Abstract]

Restructuring Programs (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Restructuring Program Activity

A summary of our restructuring program activity for the three years ended December 31, 2022, 2021 and 2020 is as follows:


	Severance and Related Costs		Other Contractual Termination Costs(2)		Total
Balance at December 31, 2019	$	66	$	4	$	70
Restructuring provision	107		3		110
Reversals of prior charges	(21)		(2)		(23)
Net Current Period Charges(1)	86		1		87
Charges against reserve and currency	(74)		(1)		(75)
Balance at December 31, 2020	$	78	$	4	$	82
Restructuring provision	30		3		33
Reversals of prior charges	(13)		(2)		(15)
Net Current Period Charges(1)	17		1		18
Charges against reserve and currency	(70)		(3)		(73)
Balance at December 31, 2021	$	25	$	2	$	27
Restructuring provision	74		3		77
Reversals of prior charges	(8)		(1)		(9)
Net Current Period Charges(1)	66		2		68


Charges against reserve and currency	(52)		—		(52)
Balance at December 31, 2022	$	39	$	4	$	43

_____________

(2)Primarily includes additional costs incurred upon the exit from our facilities including decommissioning costs and associated contractual termination costs.

Schedule of Reconciliation to the Consolidated Statements of Cash Flows

The following table summarizes the reconciliation to the Consolidated Statements of Cash Flows:


	Year Ended December 31,
	2022		2021		2020
Charges against reserve and currency	$	(52)	$	(73)	$	(75)

Effects of foreign currency and other non-cash items	—		1		(6)
Restructuring Cash Payments	$	(52)	$	(72)	$	(81)

Schedule of Restructuring Related Asset Impairment Activity

A summary of our restructuring-related asset impairment activity is as follows:


	Year Ended December 31,
	2022		2021		2020
Lease right of use assets(1)	$	2	$	3	$	4
Owned assets(1)	15		12		2
Asset impairments	17		15		6
Gain on sales of owned assets(2)	(22)		(4)		—
Adjustments/Reversals	(1)		(2)		(6)
Net asset impairment (credit) charge	$	(6)	$	9	$	—

______________

(1)Primarily related to the exit and abandonment of leased and owned facilities, net of any potential sublease income and recoveries.

(2)Reflect gain on the sales of exited surplus facilities and land.

In connection with our restructuring programs, we also incurred certain related costs as follows:


	Year Ended December 31,
	2022		2021		2020
Retention-related severance/bonuses(1)	$	—	$	6	$	4
Contractual severance costs	3		1		(2)
Consulting and other costs(2)	—		4		4
Total	$	3	$	11	$	6

_____________

(1)Includes retention related severance and bonuses for employees expected to continue working beyond their minimum retention period before termination.

(2)Represents professional support services associated with our business transformation initiatives.

Supplementary Financial Information (Tables)

12 Months Ended

Dec. 31, 2022

Supplemental Financial Information [Abstract]

Schedule of Other Assets and Liabilities

The components of Other assets and liabilities are as follows:


	December 31,
	2022		2021
Other Current Assets

Income taxes receivable	$	27	$	11
Royalties, license fees and software maintenance	23		23
Restricted cash	55		33
Prepaid expenses	32		30



Advances and deposits	29		32
Other	88		82

Total Other Current Assets	$	254	$	211

Other Long-term Assets
Income taxes receivable	$	1	$	8
Prepaid pension costs	667		1,211


Internal use software, net	95		120

Restricted cash	39		36

Customer contract costs, net	135		147

Operating lease right-of-use assets	215		264
Deferred compensation plan investments	15		18
Investments in affiliates, at equity(1)	38		45
Investments at cost - Xerox Holdings	21		8
Other	97		103

Total Other Long-term Assets(2)	$	1,323	$	1,960

Accrued Expenses and Other Current Liabilities

Income taxes payable	$	16	$	30
Other taxes payable	60		69
Operating lease obligations	68		79
Financing lease obligations	6		2
Interest payable	43		53
Restructuring reserves	39		26
Restructuring related costs	12		18

Product warranties	5		5
Dividends payable - Xerox Holdings(3)	47		48
Distributor and reseller rebates/commissions	145		112

Unearned income and other revenue deferrals	154		194
Administration and overhead	72		57
Other	214		178

Total Accrued Expenses and Other Current Liabilities(4)	$	881	$	871

Other Long-term Liabilities
Deferred taxes	$	95	$	108
Income taxes payable	41		40
Operating lease obligations	161		204
Finance lease obligations	10		5
Environmental reserves	11		9

Restructuring reserves	4		1
Other	89		114

Total Other Long-term Liabilities	$	411	$	481

_____________

(2)Xerox's balances of $1,302 and $1,952 at December 31, 2022 and 2021, respectively, excludes Investments at cost.

(3)Represents dividends payable by Xerox Holdings Corporation on Common and Preferred Stock.

(4)Xerox's balances of $834 and $823 at December 31, 2022 and 2021, respectively, excludes Dividends payable of $47 and $48, respectively.

Schedule Of Government Assistance

Estimated savings from these various government assistance programs are recorded as follows in the Consolidated Statements of (Loss) Income:


	Year Ended December 31,
	2022		2021		2020
Cost of sales	$	—	$	—	$	1
Cost of services, maintenance and rentals	—		20		73
Research, development and engineering expenses	—		1		1
Selling, administrative and general expenses	—		13		32
Total Estimated savings	$	—	$	34	$	107

Schedule of Restricted Cash

Cash, cash equivalents and restricted cash amounts are as follows:


	December 31,
	2022		2021
Cash and cash equivalents	$	1,045	$	1,840
Restricted cash
Litigation deposits in Brazil	39		34
Escrow and cash collections related to secured borrowing arrangements(1)	54		32
Other restricted cash	1		3
Total Restricted cash	94		69


Cash, cash equivalents and restricted cash	$	1,139	$	1,909

__________________________

(1)Represents collections on finance receivables pledged for secured borrowings that will be remitted to lenders in the following month.

Schedule of Restricted Cash Balance Sheet Location

Restricted cash is reported in the Consolidated Balance Sheets as follows:


	December 31,
	2022		2021
Other current assets	$	55	$	33
Other long-term assets	39		36
Total Restricted cash	$	94	$	69

Schedule of Pension and Other Benefit Liabilities

Pension and Other Benefit Liabilities


	December 31,
	2022		2021
Pension liabilities(1)	$	1,097	$	1,285
Accrued compensation liabilities	61		66
Deferred compensation liabilities(2)	17		22
Pension and other benefit liabilities	$	1,175	$	1,373

__________________________

(1)Refer to Note 18 - Employee Benefit Plans for additional information regarding pension liabilities.

Schedule of Cash Flow Information

Summarized cash flow information is as follows:


Source/(Use)	Location in Statement of Cash Flows	Year Ended December 31,
		2022		2021		2020
Provision for receivables	Operating	$	36	$	12	$	116
Provision for inventories	Operating	29		34		31
Provision for product warranties	Operating	7		8		8
Depreciation of buildings and equipment	Operating	68		76		87
Depreciation and obsolescence of equipment on operating leases	Operating	115		155		183
Amortization of internal use software	Operating	45		41		42

Amortization of acquired intangible assets	Operating	42		55		56
Amortization of customer contract costs(1)	Operating	73		79		85
Cost of additions to land, buildings and equipment	Investing	(36)		(29)		(44)
Cost of additions to internal use software	Investing	(21)		(39)		(30)
Payments to acquire noncontrolling interests - Xerox Holdings	Investing	(13)		(8)		—
Common stock dividends - Xerox Holdings	Financing	(160)		(192)		(216)
Preferred stock dividends - Xerox Holdings	Financing	(14)		(14)		(14)
Payments to noncontrolling interests	Financing	(1)		(1)		(3)
Proceeds from noncontrolling interests	Financing	6		15		—
Repurchases related to stock-based compensation - Xerox Holdings	Financing	(12)		(18)		(19)

__________________________

Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Short-term Borrowings

Short-term borrowings were as follows:


	December 31,
	2022		2021


Short-term debt and current portion of long-term debt
Xerox Holdings Corporation	$	—	$	—
Xerox Corporation	300		300
Xerox - Other Subsidiaries(1)	560		350
Total	$	860	$	650

_____________

(1)Represents subsidiaries of Xerox Corporation.

Schedule of Long-term Debt

Long-term debt was as follows:


					December 31,
	Stated Rate		Weighted Average Interest Rates at December 31, 2022(1)		2022		2021
Xerox Holdings Corporation







Senior Notes due 2025	5.00	%	4.95	%	$	750	$	750
Senior Notes due 2028	5.50	%	5.40	%	750		750
Subtotal - Xerox Holdings Corporation					$	1,500	$	1,500
Xerox Corporation




Senior Notes due 2022	4.07	%	—	%	$	—	$	300
Senior Notes due 2023(2)	4.38	%	4.63	%	300		1,000
Senior Notes due 2024	3.80	%	3.84	%	300		300
Senior Notes due 2035	4.80	%	4.84	%	250		250
Senior Notes due 2039	6.75	%	6.78	%	350		350
Subtotal - Xerox Corporation					$	1,200	$	2,200
Xerox - Other Subsidiaries(3)
United States					$	790	$	561
Canada					57		—
France					195		—
Subtotal Secured Borrowings					$	1,042	$	561









Principal debt balance					$	3,742	$	4,261
Xerox Holdings Corporation - Debt issuance costs					(9)		(11)
Xerox Corporation - Debt issuance costs					(4)		(6)
Xerox - Other subsidiaries - Debt issuance costs					(5)		(1)
Subtotal - Debt issuance costs					$	(18)	$	(18)
Unamortized premium					2		3



Less: current maturities					(860)		(650)
Total Long-term Debt					$	2,866	$	3,596

_____________

(1)Represents the weighted average effective interest rate, which includes the effect of discounts and premiums on issued debt.

(2)As a result of the downgrade of our debt ratings in February 2022, the coupon rate of 4.375% increased by 0.25% to 4.625% effective March 15, 2022.

(3)Refer to the Secured Borrowings and Collateral section below for additional information.

Schedule of Maturities of Long-term Debt

Scheduled principal payments due on our long-term debt for the next five years and thereafter are as follows:


	2023(1)		2024		2025		2026		2027		Thereafter		Total
Xerox Holdings Corporation	$	—	$	—	$	750	$	—	$	—	$	750	$	1,500
Xerox Corporation	300		300		—		—		—		600		1,200
Xerox - Other Subsidiaries(2)	562		368		112		—		—		—		1,042
Total	$	862	$	668	$	862	$	—	$	—	$	1,350	$	3,742

_____________

(1)Current portion of long-term debt maturities for 2023 are $447, $146, $139 and $130 for the first, second, third and fourth quarters, respectively.

(2)Represents subsidiaries of Xerox Corporation.

Schedule of Secured Assets and Obligations

Below are the secured assets and obligations held by subsidiaries of Xerox, which are included in our Consolidated Balance Sheets.


	Balance at December 31, 2022
	Finance Receivables, Net(1)		Equipment on Operating Leases, Net		Secured Debt(2)		Interest Rate(4)		Expected Maturity
United States(3)
December 2022	$	370	$	—	$	247	7.43	%	2025
January 2022	528		—		407		5.83	%	2024
September 2021	180		5		136		5.65	%	2024
Total U.S.	$	1,078	$	5	$	790

Canada(3)
April 2022	$	63	$	—	$	57	5.45	%	2025



France
December 2022	$	235	$	—	$	195	3.03	%	2025


Total	$	1,376	$	5	$	1,042


	Balance at December 31, 2021
	Finance Receivables, Net(1)		Equipment on Operating Leases, Net		Secured Debt(2)		Interest Rate(4)		Expected Maturity
United States(3)
September 2021	$	308	$	8	$	293	1.40	%	2024
December 2020	380		—		268		1.74	%	2023










Total U.S.	$	688	$	8	$	561

_____________

(2)Represents Principal Balance and excludes debt issuance costs of $5 and $1 as of December 31, 2022 and 2021, respectively.

(3)Secured assets and obligations held by SPEs.

(4)Represents the pre-hedged rate - refer to Note 16 - Financial Instruments for details regarding hedging of these borrowings.

Schedule of Interest Income and Interest Expense Disclosure

Interest expense and interest income was as follows:


	Year Ended December 31,
	2022		2021		2020
Interest expense(1) (2)	$	199	$	207	$	215
Interest income(3)	218		225		240

_____________

(1)Includes Equipment financing interest as well as non-financing interest expense included in Other expenses, net in the Consolidated Statements of (Loss) Income.

(3)Includes Finance income, as well as other interest income that is included in Other expenses, net in the Consolidated Statements of (Loss) Income.

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Interest Rate Derivatives

At December 31, 2022 there were four interest rate derivatives outstanding as follows:


Secured Borrowing	Derivative Type	Principal Debt (1)		Notional Amount		Expected Maturity	Pre-Hedged Rate		Hedged Rate		Net Fair Value
United States	N/A	$	407	$	—	2024	5.83	%	—	%	$	—
United States	Cap	136		129		2024	5.65	%	0.50	%	4
United States	Cap	247		247		2025	7.43	%	4.50	%	1
Canada	Swap	57		52		2025	5.45	%	2.57	%	1
France	Cap	195		195		2025	3.03	%	3.00	%	1
Total		$	1,042	$	623						$	7

_____________

(1)Excludes debt issuance costs of $5 at December 31, 2022.

Schedule of Foreign Exchange Contracts Gross Notional values

The following is a summary of the primary hedging positions and corresponding fair values as of December 31, 2022:


Currencies Hedged (Buy/Sell)	Gross Notional Value		Fair Value Asset(1)
Japanese Yen/U.S. Dollar	$	389	$	3
Euro/U.K. Pound Sterling	297		6
Japanese Yen/Euro	250		(1)
Euro/Canadian Dollar	131		—
U.S. Dollar/Euro	127		(1)
Euro/U.S. Dollar	70		—
U.S. Dollar/Canadian Dollar	53		1
Swedish Krona/Euro	49		—
Euro/Swedish Krona	45		—


















All Other	130		—
Total Foreign exchange hedging	$	1,541	$	8

_____________

(1)Represents the net receivable (payable) amount included in the Consolidated Balance Sheet at December 31, 2022.

Schedule of Derivative Instruments Fair Value

The following table provides a summary of the fair value amounts of our derivative instruments:


		December 31,
Designation of Derivatives	Balance Sheet Location	2022		2021
Derivatives Designated as Hedging Instruments
Foreign exchange contracts – forwards	Other current assets	$	5	$	3
	Accrued expenses and other current liabilities	(9)		(6)


Interest rate cap	Other long-term assets	6		1
Interest rate swap	Other long-term assets	1		—

	Net Designated Derivative Asset (Liability)	$	3	$	(2)

Derivatives NOT Designated as Hedging Instruments
Foreign exchange contracts – forwards	Other current assets	$	14	$	1
	Accrued expenses and other current liabilities	(2)		(5)
	Net Undesignated Derivative Asset (Liability)	$	12	$	(4)

Summary of Derivatives	Total Derivative Assets	$	26	$	5
	Total Derivative Liabilities	(11)		(11)
	Net Derivative Asset (Liability)	$	15	$	(6)

Schedule of Cash Flow Hedges Gain (Loss)

The following table provide a summary of gains (losses) on derivative instruments:


	Derivative (Loss) Gain Recognized in OCI (Effective Portion)							(Loss) Gain Reclassified from AOCI to Income (Effective Portion)
Derivatives in Cash Flow Hedging Relationships	Year Ended December 31,						Location of Derivative (Loss) Gain Reclassified from AOCI into Income (Effective Portion)	Year Ended December 31,
	2022		2021		2020			2022		2021		2020
Foreign exchange contracts – forwards/options	$	(41)	$	(12)	$	4	Cost of sales	$	(36)	$	(7)	$	(1)
Interest rate contracts	6		—		—		Interest expense	1		—		—
Total	$	(35)	$	(12)	$	4		$	(35)	$	(7)	$	(1)

Schedule of Derivatives not Designated as Hedging Instruments Gains (Losses)

The following table provides a summary of gains (losses) on non-designated derivative instruments:


		Year Ended December 31,
Derivatives NOT Designated as Hedging Instruments	Location of Derivative Gain (Loss)	2022		2021		2020
Foreign exchange contracts – forwards	Other expense – Currency gains (losses), net	$	17	$	(26)	$	14

Fair Value of Financial Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Financial Assets and Liabilities


	As of December 31,
	2022		2021
Assets
Foreign exchange contracts - forwards	$	19	$	4

Interest rate cap	6		1
Interest rate swap	1		—

Deferred compensation investments in mutual funds	15		18
Total	$	41	$	23
Liabilities
Foreign exchange contracts - forwards	$	11	$	11


Deferred compensation plan liabilities	14		18
Total	$	25	$	29

Schedule of Estimated Fair Values of Financial Assets and Liabilities Not Measured at Fair Value on a Recurring Basis

The estimated fair values of our other financial assets and liabilities were as follows:


	December 31, 2022				December 31, 2021
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Cash and cash equivalents	$	1,045	$	1,045	$	1,840	$	1,840
Accounts receivable, net	857		857		818		818
Short-term debt and current portion of long-term debt	860		861		650		653
Long-term debt
Xerox Holdings Corporation	$	1,496	$	1,294	$	1,494	$	1,579
Xerox Corporation	894		726		1,892		1,987
Xerox - Other Subsidiaries(1)	476		478		210		210
Total Long-term debt	$	2,866	$	2,498	$	3,596	$	3,776

_____________

(1)Represents subsidiaries of Xerox Corporation.

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Net Funded Status


	Pension Benefits
	U.S. Plans				Non-U.S. Plans				Retiree Health
	2022		2021		2022		2021		2022		2021
Change in Benefit Obligation:
Benefit obligation, January 1	$	3,372	$	3,747	$	6,543	$	7,159	$	303	$	370
Service cost	1		2		16		20		1		2
Interest (income) cost	(65)		80		123		88		8		8
Plan participants' contributions	—		—		2		3		9		8
Actuarial gain	(643)		(86)		(1,697)		(233)		(59)		(1)
Currency exchange rate changes	—		—		(534)		(193)		(7)		—
Plan amendment	—		—		72		—		(26)		(50)
Plan curtailments	—		—		(20)		(4)		—		—
Benefits paid/settlements	(320)		(371)		(265)		(297)		(27)		(34)
Other	—		—		—		—		7		—
Benefit Obligation, December 31	$	2,345	$	3,372	$	4,240	$	6,543	$	209	$	303

Change in Plan Assets:
Fair value of plan assets, January 1	$	2,544	$	2,802	$	7,252	$	7,199	$	—	$	—
Actual return on plan assets	(730)		89		(1,865)		415		—		—
Employer contributions	24		24		81		111		19		25
Plan participants' contributions	—		—		2		3		8		8
Currency exchange rate changes	—		—		(609)		(178)		—		—
Benefits paid/settlements	(320)		(371)		(265)		(297)		(27)		(33)
Other	—		—		(2)		(1)		—		—
Fair Value of Plan Assets, December 31	$	1,518	$	2,544	$	4,594	$	7,252	$	—	$	—

Net Funded Status at December 31(1)	$	(827)	$	(828)	$	354	$	709	$	(209)	$	(303)

Amounts Recognized in the Consolidated Balance Sheets:
Other long-term assets	$	—	$	—	$	667	$	1,211	$	—	$	—
Accrued compensation and benefit costs	(24)		(24)		(19)		(21)		(25)		(26)
Pension and other benefit liabilities	(803)		(804)		(294)		(481)		—		—
Post-retirement medical benefits	—		—		—		—		(184)		(277)
Net Amounts Recognized	$	(827)	$	(828)	$	354	$	709	$	(209)	$	(303)

Accumulated Benefit Obligation	$	2,345	$	3,372	$	4,194	$	6,412

_____________

(1)Includes under-funded and unfunded plans.

Schedule of Amounts in Accumulated Other Comprehensive Loss to be Recognized Over Next Fiscal Year

Benefit plans pre-tax amounts recognized in AOCL at December 31st:


	Pension Benefits
	U.S. Plans				Non-U.S. Plans				Retiree Health
	2022		2021		2022		2021		2022		2021
Net actuarial loss (gain)	$	692	$	745	$	1,202	$	939	$	(79)	$	(25)
Prior service cost (credit)	—		—		99		29		(94)		(83)
Total loss (gain) - Pre-tax	$	692	$	745	$	1,301	$	968	$	(173)	$	(108)

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets


	December 31, 2022				December 31, 2021
	Accumulated Benefit Obligation		Fair Value of Plan Assets		Accumulated Benefit Obligation		Fair Value of Plan Assets
Underfunded Plans:
U.S.	$	2,098	$	1,518	$	3,056	$	2,544
Non-U.S.	44		38		181		144

Unfunded Plans:
U.S.	$	247	$	—	$	316	$	—
Non-U.S.	304		—		440		—

Total Underfunded and Unfunded Plans:
U.S.	$	2,345	$	1,518	$	3,372	$	2,544
Non-U.S.	348		38		621		144
Total	$	2,693	$	1,556	$	3,993	$	2,688

Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets

Aggregate information for pension plans with a projected benefit obligation in excess of plan assets is presented below:


	December 31, 2022				December 31, 2021
	Projected Benefit Obligation		Fair Value of Plan Assets		Projected Benefit Obligation		Fair Value of Plan Assets
Underfunded Plans:
U.S.	$	2,098	$	1,518	$	3,056	$	2,544
Non-U.S.	45		38		810		751

Unfunded Plans:
U.S.	$	247	$	—	$	316	$	—
Non-U.S.	308		—		447		—

Total Underfunded and Unfunded Plans:
U.S.	$	2,345	$	1,518	$	3,372	$	2,544
Non-U.S.	353		38		1,257		751
Total	$	2,698	$	1,556	$	4,629	$	3,295

Schedule of Defined Benefit Pension Assets and Obligations by Geography

Pension plan assets and benefit obligations by country were as follows:


	December 31, 2022						December 31, 2021
	Fair Value of Pension Plan Assets		Projected Benefit Obligation		Net Funded Status		Fair Value of Pension Plan Assets		Projected Benefit Obligation		Net Funded Status
U.S. funded	$	1,518	$	2,098	$	(580)	$	2,544	$	3,056	$	(512)
U.S. unfunded	—		247		(247)		—		316		(316)
Total U.S.	1,518		2,345		(827)		2,544		3,372		(828)
U.K.	2,903		2,439		464		4,914		3,870		1,044
Netherlands	793		729		64		1,174		1,145		29
Canada	553		532		21		746		747		(1)
Germany	—		237		(237)		—		346		(346)

Other	345		303		42		418		435		(17)
Total	$	6,112	$	6,585	$	(473)	$	9,796	$	9,915	$	(119)

Schedule of Components of Net Periodic Benefit Cost and Other Changes in Plan Assets and Benefit Obligations

The components of Net periodic benefit cost and other changes in plan assets and benefit obligations were as follows:


	Year Ended December 31,
	Pension Benefits
	U.S. Plans						Non-U.S. Plans						Retiree Health
	2022		2021		2020		2022		2021		2020		2022		2021		2020
Components of Net Periodic Benefit Costs:
Service cost	$	1	$	2	$	2	$	16	$	20	$	20	$	1	$	2	$	2
Interest (income) cost(1)	(65)		80		196		123		88		113		8		8		12
Expected return on plan assets(2)	71		(117)		(217)		(226)		(208)		(191)		—		—		—
Recognized net actuarial loss (gain)	13		17		27		23		59		58		(4)		1		(1)
Amortization of prior service credit	—		(1)		(2)		1		(1)		(1)		(8)		(66)		(76)
Recognized settlement loss	56		54		53		—		1		1		—		—		—
Recognized curtailment gain	—		—		—		(4)		(4)		(1)		—		—		—

Defined Benefit Plans	76		35		59		(67)		(45)		(1)		(3)		(55)		(63)
Defined contribution plans	20		—		1		17		18		18		n/a		n/a		n/a
Net Periodic Benefit Cost (Credit)	96		35		60		(50)		(27)		17		(3)		(55)		(63)
Other changes in plan assets and benefit obligations recognized in Other Comprehensive (Loss) Income:
Net actuarial loss (gain)	16		(57)		(105)		368		(425)		(9)		(57)		(1)		4
Prior service cost (credit)	—		—		—		72		(4)		4		(26)		(50)		(11)
Amortization of net actuarial (loss) gain	(69)		(71)		(80)		(23)		(60)		(59)		4		(1)		1
Amortization of net prior service credit	—		1		2		(1)		1		1		15		66		76
Curtailment gain	—		—		—		4		4		1		—		—		—
Total Recognized in Other Comprehensive (Loss) Income(3)	(53)		(127)		(183)		420		(484)		(62)		(64)		14		70
Total Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Loss) Income	$	43	$	(92)	$	(123)	$	370	$	(511)	$	(45)	$	(67)	$	(41)	$	7

_____________

(3)Amounts represent the pre-tax effect included in Other comprehensive income. Refer to Note 24 - Other Comprehensive (Loss) Income for the related tax effects and the net of tax amounts.

Defined Benefit Plan Assets Measured at Fair Value, Observable and Unobservable Inputs

The following tables present the defined benefit plans assets measured at fair value and the basis for that measurement.


	December 31, 2022
	U.S. Plans										Non-U.S. Plans
Asset Class	Level 1		Level 2		Level 3		Assets measured at NAV(1)		Total		Level 1		Level 2		Level 3		Assets measured at NAV(1)		Total
Cash and cash equivalents	$	3	$	—	$	—	$	—	$	3	$	532	$	—	$	—	$	—	$	532
Equity Securities:
U.S.	44		—		—		—		44		75		27		—		—		102
International	89		—		—		128		217		358		2		—		30		390
Fixed Income Securities:
U.S. treasury securities	—		73		—		—		73		—		72		—		—		72
Debt security issued by government agency	—		151		—		—		151		—		1,326		—		—		1,326
Corporate bonds	—		644		—		—		644		—		263		—		—		263

Derivatives	—		(8)		—		—		(8)		—		79		—		—		79
Real estate	—		—		57		13		70		—		—		144		71		215
Private equity/venture capital	—		—		—		202		202		—		—		4		1,089		1,093
Guaranteed insurance contracts	—		—		—		—		—		—		—		483		—		483
Other(2)(3)	—		—		—		122		122		22		17		—		—		39
Total Fair Value of Plan Assets	$	136	$	860	$	57	$	465	$	1,518	$	987	$	1,786	$	631	$	1,190	$	4,594

_____________

(1)Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.

(2)Other NAV includes mutual funds of $94 (measured at NAV) which are invested approximately 30% in fixed income securities and approximately 70% in equity securities.

(3)Other Level 1 includes net non-financial, Non-U.S. assets of $22, such as due to/from broker, interest receivables and accrued expenses.


	December 31, 2021
	U.S. Plans										Non-U.S. Plans
Asset Class	Level 1		Level 2		Level 3		Assets measured at NAV(1)		Total		Level 1		Level 2		Level 3		Assets measured at NAV(1)		Total
Cash and cash equivalents	$	3	$	—	$	—	$	—	$	3	$	477	$	—	$	—	$	—	$	477
Equity Securities:
U.S.	148		—		—		—		148		35		36		—		—		71
International	161		—		—		230		391		699		339		—		37		1,075
Fixed Income Securities:
U.S. treasury securities	—		214		—		—		214		—		61		—		—		61
Debt security issued by government agency	—		119		—		—		119		—		2,181		—		—		2,181
Corporate bonds	—		1,134		—		—		1,134		—		985		—		—		985

Derivatives	—		5		—		—		5		—		300		—		—		300
Real estate	—		—		51		10		61		—		—		164		112		276
Private equity/venture capital	—		—		—		239		239		—		—		4		1,684		1,688
Guaranteed insurance contracts	—		—		—		—		—		—		—		75		—		75
Other(2)(3)	95		—		—		135		230		22		41		—		—		63
Total Fair Value of Plan Assets	$	407	$	1,472	$	51	$	614	$	2,544	$	1,233	$	3,943	$	243	$	1,833	$	7,252

_____________

(1)Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.

(2)Other NAV includes mutual funds of $73 (measured at NAV) which are invested approximately 75% in fixed income securities and approximately 25% in equity securities.

Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following tables represents a rollforward of the defined benefit plans assets measured at fair value using significant unobservable inputs (Level 3 assets):


	U.S.		Non-U.S.
	Real Estate		Real Estate		Private Equity/Venture Capital		Guaranteed Insurance Contracts		Total
Balance at December 31, 2020	$	31	$	208	$	3	$	86	$	297
Purchases	15		10		—		—		10



Sales	—		(33)		—		(5)		(38)

Unrealized gains (losses)	5		(12)		1		1		(10)
Currency translation	—		(9)		—		(7)		(16)

Balance at December 31, 2021	$	51	$	164	$	4	$	75	$	243
Purchases	—		—		—		569		569

Sales	(2)		(19)		—		(5)		(24)



Unrealized gains (losses)	8		(10)		1		(133)		(142)
Currency translation	—		9		(1)		(23)		(15)

Balance at December 31, 2022	$	57	$	144	$	4	$	483	$	631

Schedule of Allocation of Plan Assets

The target asset allocations for our worldwide defined benefit pension plans were:


	2022		2021
	U.S.	Non-U.S.	U.S.	Non-U.S.
Equity investments(1)	24%	11%	24%	15%
Fixed income investments	60%	36%	60%	44%
Real estate	6%	5%	6%	4%
Private equity/venture capital	8%	25%	8%	24%
Other	2%	23%	2%	13%
Total Investment Strategy	100%	100%	100%	100%

_____________

(1)Target allows for an additional allocation to synthetic equity which is offset by cash.

Defined Benefit and Retiree Health Pension Plans, Actual and Expected Cash Contributions

The following table summarizes cash contributions to our defined benefit pension plans and retiree health benefit plans.


	Year Ended December 31,
	2022		Estimated 2023
U.S. Plans	$	24	$	50
Non-U.S. Plans	81		25
Total Pension Plans	$	105	$	75
Retiree Health	19		25
Total Retirement Plans	$	124	$	100

Schedule of Expected Benefit Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid during the following years:


	Pension Benefits
	U.S.		Non-U.S.		Total		Retiree Health
2023	$	265	$	262	$	527	$	25
2024	235		271		506		21
2025	227		276		503		20
2026	221		284		505		18
2027	215		289		504		17
Years 2028-2032	906		1,553		2,459		68

Schedule of Assumptions Used

Weighted-average assumptions used to determine benefit obligations at the plan measurement dates:


	Pension Benefits
	2022				2021				2020
	U.S.		Non-U.S.		U.S.		Non-U.S.		U.S.		Non-U.S.
Discount rate	5.1	%	4.5	%	2.7	%	1.8	%	2.2	%	1.3	%
Rate of compensation increase	—	%	2.9	%	0.1	%	2.8	%	0.1	%	2.6	%
Interest crediting rate	4.5	%	2.1	%	2.8	%	1.5	%	2.8	%	1.5	%


	Retiree Health
	2022		2021		2020
Discount rate	5.0	%	2.7	%	2.2	%

Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31:


	Pension Benefits
	2023				2022				2021				2020
	U.S.		Non-U.S.		U.S.		Non-U.S.		U.S.		Non-U.S.		U.S.		Non-U.S.
Discount rate	5.1	%	4.5	%	2.7	%	1.8	%	2.2	%	1.3	%	3.1	%	1.8	%
Expected return on plan assets	8.1	%	4.3	%	5.9	%	3.2	%	5.9	%	3.1	%	6.0	%	3.3	%
Rate of compensation increase	—	%	2.9	%	0.1	%	2.8	%	0.1	%	2.6	%	0.2	%	2.6	%
Interest crediting rate	4.5	%	2.1	%	2.5	%	1.5	%	2.8	%	1.5	%	2.8	%	1.5	%


	Retiree Health
	2023		2022		2021		2020
Discount rate	5.0	%	2.7	%	2.2	%	3.0	%

_____________

Schedule of Health Care Cost Trend Rates

Assumed health care cost trend rates were as follows:


	December 31,
	2022		2021
Health care cost trend rate assumed for next year	5.1	%	5.3	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.3	%	4.3	%
Year that the rate reaches the ultimate trend rate	2026		2026

Income and Other Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Income Before Income Tax, Domestic and Foreign

(Loss) income before income taxes and equity income (pre-tax (loss) income) was as follows:


	Year Ended December 31,
	2022		2021		2020
Domestic (loss) income	$	(319)	$	(343)	$	353
Foreign (loss) income	(9)		(132)		(101)
(Loss) Income before Income Taxes and Equity Income	$	(328)	$	(475)	$	252

Schedule of Components of Income Tax Expense (Benefit)

The components of Income tax (benefit) expense were as follows:


	Year Ended December 31,
	2022		2021		2020
Federal Income Taxes
Current	$	(5)	$	33	$	3
Deferred	(16)		(61)		58
Foreign Income Taxes
Current	23		29		19
Deferred	(2)		(20)		(34)
State Income Taxes
Current	6		10		8
Deferred	(9)		(8)		10
Income Tax (Benefit) Expense	$	(3)	$	(17)	$	64

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the U.S. federal statutory income tax rate to the consolidated effective income tax rate was as follows:


	Year Ended December 31,
	2022		2021		2020
U.S. federal statutory income tax rate	21.0	%	21.0	%	21.0	%
Nondeductible expenses	(3.6)	%	(1.9)	%	4.1	%
Effect of tax law changes	0.1	%	3.1	%	(10.5)	%
Change in valuation allowance for deferred tax assets	(2.2)	%	2.0	%	9.9	%
State taxes, net of federal benefit	0.3	%	(0.6)	%	5.5	%
Audit and other tax return adjustments	(1.6)	%	5.6	%	1.4	%
Tax-exempt income, credits and incentives	8.7	%	4.5	%	(5.9)	%
Foreign rate differential adjusted for U.S. taxation of foreign profits(1)	(0.1)	%	(0.9)	%	(2.6)	%
Stock-based compensation	(0.6)	%	(0.2)	%	2.3	%
Goodwill impairment	(22.0)	%	(29.1)	%	—	%
Other	0.9	%	0.1	%	0.2	%
Effective Income Tax Rate	0.9	%	3.6	%	25.4	%

_____________

(1)The “U.S. taxation of foreign profits” represents the U.S. tax, net of foreign tax credits, associated with actual and deemed repatriations of earnings from our non-U.S. subsidiaries.

Schedule of Allocation of Income Tax Expense (Benefit)

Total income tax expense (benefit) was allocated to the following items:


	Year Ended December 31,
	2022		2021		2020
Pre-tax (loss) income	$	(3)	$	(17)	$	64



Common shareholders' equity:
Changes in defined benefit plans	70		143		43

Cash flow hedges	(1)		(1)		1
Translation adjustments	—		(4)		(3)

Total Income Tax Expense	$	66	$	121	$	105

Schedule of Unrecognized Tax Benefits Rollforward

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


	2022		2021		2020
Balance at January 1	$	107	$	115	$	127
Additions related to current year	3		7		3
Additions related to prior years positions	4		—		8
Reductions related to prior years positions	—		(14)		(10)
Settlements with taxing authorities(1)	—		7		(8)
Reductions related to lapse of statute of limitations	(3)		(7)		(7)
Currency	(1)		(1)		2

Balance at December 31	$	110	$	107	$	115

_____________

(1)The majority of settlements did not result in the utilization of cash.

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred taxes were as follows:


	December 31,
	2022		2021
Deferred Tax Assets
Research and development	$	204	$	185
Post-retirement medical benefits	54		78

Net operating losses	380		363
Operating reserves, accruals and deferrals	173		133
Tax credit carryforwards	122		143
Deferred and share-based compensation	26		24
Pension	97		7
Depreciation	2		31
Operating lease liabilities	49		62
Other	31		36
Subtotal	1,138		1,062
Valuation allowance	(366)		(357)
Total	$	772	$	705

Deferred Tax Liabilities
Finance lease and installment sales	$	72	$	61

Intangibles and goodwill	115		122
Unremitted earnings of foreign subsidiaries	26		31
Operating lease ROU assets	46		58
Other	26		22
Total	$	285	$	294

Total Deferred Taxes, Net	$	487	$	411

Reconciliation to the Consolidated Balance Sheets
Deferred tax assets	$	582	$	519
Deferred tax liabilities(1)	(95)		(108)
Total Deferred Taxes, Net	$	487	$	411

_____________

(1)Represents the deferred tax liabilities recorded in Other long-term liabilities - refer to Note 14 - Supplementary Financial Information.

Contingencies and Litigation (Tables)

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of Loss Contingencies by Contingency

Below is a summary of our Brazilian tax contingencies:


	December 31, 2022		December 31, 2021
Tax contingency - unreserved	$	340	$	292
Escrow cash deposits	36		32
Surety bonds	80		96
Letters of credit	63		74
Liens on Brazilian assets	—		—

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2022

Stockholders' Equity Note [Abstract]

Schedule of Treasury Stock by Class


Authorized share repurchase program	$	500
Share repurchase cost	$	500
Share repurchase fees	$	1
Number of shares repurchased	24,575

Schedule of Changes in Common Stock And Treasury Stock


	Common Stock Shares	Treasury Stock Shares
Balance at December 31, 2019	214,621	2,031
Stock based compensation plans, net	1,390	—

Acquisition of Treasury stock	—	15,594
Cancellation of Treasury stock	(17,625)	(17,625)

Balance at December 31, 2020	198,386	—
Stock based compensation plans, net	1,206	—

Acquisition of Treasury stock	—	40,198
Cancellation of Treasury stock	(31,523)	(31,523)


Balance at December 31, 2021	168,069	8,675
Stock based compensation plans, net	1,561	—
Acquisition of Treasury stock	—	5,174
Cancellation of Treasury stock	(13,849)	(13,849)

Balance at December 31, 2022	155,781	—

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense, Tax Effect

Stock-based compensation expense was as follows:


	Year Ended December 31,
	2022		2021		2020
Stock-based compensation expense, pre-tax(1)	$	75	$	54	$	42
Income tax benefit recognized in earnings	11		13		11

____________

Share-Based Compensation Arrangement by Share-Based Payment Award, Restricted Stock Units, Vesting Schedule

RSUs vest on a graded schedule from the date of grant as follows:


	Award Year
Years of Service(1)	2022		2021		2020		2019		2018		Prior to 2018
Year 1	33	%	33	%	25	%	25	%	25	%	—	%
Year 2	33	%	33	%	25	%	25	%	25	%	—	%
Year 3	34	%	34	%	50	%	50	%	50	%	100	%
	100	%	100	%	100	%	100	%	100	%	100	%

____________

(1)RSUs vest on a graded schedule over a three-year service period from the date of grant.

Share-Based Payment Arrangement, Performance Shares, Performance Metrics


	Award Year (Metric Weighting)
Performance Metric	2022		2021		2020
Earnings per share	50	%	—	%	—	%
Revenue	—	%	25	%	25	%
Free cash flow	—	%	25	%	25	%
Absolute share price	50	%	50	%	50	%
	100	%	100	%	100	%

Schedule of Stock-based Payment Award Valuation Assumptions, Performance Shares, Market-based Component Table

A summary of Xerox Holdings key valuation input assumptions used in the Monte Carlo simulation relative to awards granted were as follows:


	2022 Award			2021 Award			2020 Award			2019 Award
Term	3 years			3 years			3 years			3 years
Risk-free interest rate(1)	1.09		%	0.20		%	1.60		%	2.51		%
Dividend yield(2)	4.87		%	4.66		%	2.80		%	3.97		%
Volatility(3)	42.07		%	44.76		%	29.49		%	32.95		%
Weighted average fair value(4)	$	27.89		$	25.80		$	41.28		$	16.27

____________

(1)The risk-free interest rate was based on the zero-coupon U.S. Treasury yield curve on the valuation date, with a maturity matched to the performance period.

(2)The dividend yield was calculated as the expected quarterly dividend divided by our three-month average stock price as of the valuation date, annualized and continuously compounded.

(3)Volatility is derived from historical stock prices as well as implied volatility when appropriate and available.

(4)The weighted average of fair values used to record compensation expense as determined by the Monte Carlo simulation.

Schedule of Absolute Share Price and TSR Payout, as a Percentage, Comparison to Targets

Our Absolute Share Price metric is compared against total return targets to determine the payout as follows:


Payout as a Percent of Target	2022 Total Return Targets(1)		2021 Total Return Targets(1)		2020 Total Return Targets(1)		2019 Total Return Targets(1)
200%	$30.00 and above		$33.00 and above		$45.00 and above		$40.00 and above
100%	$	25.00	$	30.00	$	40.00	$	35.00
50%	$	20.00	$	27.00	$	37.00	$	30.00
0%	Below $20.00		Below $27.00		Below $37.00		Below $30.00

____________

(1)For performance between the levels described above, the degree of vesting is interpolated on a linear basis.

Schedule of Share-based Compensation Arrangements by Share-based Payment Award

Summary of Stock-based Compensation Activity


	2022			2021			2020
	Shares	Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value(1)
Restricted Stock Units
Outstanding at January 1	3,161	$	25.26	3,187	$	26.48	2,845	$	26.87
Granted	2,444	21.75		1,513	23.37		2,028	27.85
Vested(2)	(1,975)	24.56		(1,327)	26.07		(1,473)	28.85
Forfeited	(409)	24.20		(212)	25.06		(213)	28.39


Outstanding at December 31	3,221	23.16		3,161	25.26		3,187	26.48
Performance Shares
Outstanding at January 1	2,818	$	25.47	2,425	$	26.67	2,830	$	24.99
Granted(3)	977	25.72		1,195	24.67		901	37.59
Vested (2)	(644)	27.95		(672)	28.08		(993)	31.94
Forfeited/Expired (4)	(1,422)	20.98		(130)	26.92		(313)	26.22


Outstanding at December 31	1,729	28.38		2,818	25.47		2,425	26.67
Stock Options(5)
Outstanding at January 1	612	$	27.77	799	$	27.81	861	$	27.83
Granted	—	—		—	—		—	—
Forfeited/Expired	(116)	27.95		(187)	27.97		(60)	27.98
Exercised	—	—		—	—		(2)	27.98

Outstanding at December 31	496	27.72		612	27.77		799	27.81
Exercisable at December 31	496	27.72		612	27.77		470	27.84

____________

(1)Weighted average exercise price for stock options.

(3)2021 includes 60 shares associated with the over-performance of our 2018 PSU grant.

(4)2022 includes approximately 1,125 PSUs granted in 2019 that were adversely affected permanently by the impacts from the COVID-19 pandemic, and therefore no shares were earned.

(5)Activity excludes the CareAR SO program, for which the number of options outstanding have not changed since the May 2022 grant date.

Schedule of Unrecognized Compensation Cost, Nonvested Awards

Unrecognized compensation cost related to non-vested stock-based awards at December 31, 2022 was as follows:


Awards	Unrecognized Compensation		Remaining Weighted-Average Vesting Period (Years)
Restricted Stock Units	$	36	1.8
Performance Shares	12		1.8
Stock Options(1)	24		4.3
Total	$	72

____________

(1)Reflects CareAR SOs granted in May 2022.

Schedule of Aggregate Intrinsic Value Restricted Stock and Performance Shares Compensation Awards

The aggregate intrinsic value of outstanding stock-based awards was as follows:


Awards	December 31, 2022
Restricted Stock Units	$	47
Performance Shares	25
Stock Options(1)	—

____________

(1)Strike price greater than Xerox Holdings Corporation Stock price at December 31, 2022, therefore, intrinsic value is considered to be $0.

Schedule of Vested and Exercised Stock Based Awards Total Intrinsic Value and Tax Benefit Realized

The intrinsic value and actual tax benefit realized for all vested and exercised stock-based awards was as follows:


	December 31, 2022						December 31, 2021						December 31, 2020
Awards	Total Intrinsic Value		Cash Received		Tax Benefit		Total Intrinsic Value		Cash Received		Tax Benefit		Total Intrinsic Value		Cash Received		Tax Benefit
Restricted Stock Units	$	39	$	—	$	6	$	30	$	—	$	5	$	33	$	—	$	5
Performance Share Units	10		—		—		17		—		2		18		—		4
Stock Options	—		—		—		—		—		—		—		—		—

Other Comprehensive (Loss) Income (Tables)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Schedule of Other Comprehensive Income (Loss)

Other Comprehensive (Loss) Income is comprised of the following:


	Year Ended December 31,
	2022				2021				2020
	Pre-tax		Net of Tax		Pre-tax		Net of Tax		Pre-tax		Net of Tax



Net Translation Adjustments (Losses) Gains	$	(377)	$	(377)	$	(145)	$	(141)	$	238	$	241

Unrealized (Losses) Gains
Changes in fair value of cash flow hedges (losses) gains	(35)		(27)		(12)		(9)		4		3
Changes in cash flow hedges reclassed to earnings(1)	35		26		7		5		1		1
Other losses	(1)		(1)		—		—		—		—
Net Unrealized (Losses) Gains	(1)		(2)		(5)		(4)		5		4

Defined Benefit Plans (Losses) Gains
Net actuarial/prior service (losses) gains	(373)		(284)		537		409		117		86
Prior service amortization/curtailment(2)	(18)		(14)		(72)		(54)		(80)		(60)
Actuarial loss amortization/settlement(2)	88		66		132		99		138		104

Other gains (losses)(3)	62		61		35		35		(63)		(61)

Changes in Defined Benefit Plans (Losses) Gains	(241)		(171)		632		489		112		69

Other Comprehensive (Loss) Income	(619)		(550)		482		344		355		314
Less: Other comprehensive loss attributable to noncontrolling interests	(1)		(1)		—		—		—		—
Other Comprehensive (Loss) Income Attributable to Xerox Holdings/Xerox	$	(618)	$	(549)	$	482	$	344	$	355	$	314

_____________

(1)Reclassified to Cost of sales - refer to Note 16 - Financial Instruments for additional information regarding our cash flow hedges.

(2)Reclassified to Total Net Periodic Benefit Cost - refer to Note 18 - Employee Benefit Plans for additional information.

(3)Primarily represents currency impact on cumulative amount of benefit plan net actuarial losses and prior service credits in AOCL.

Schedule of Accumulated Other Comprehensive Loss

AOCL is comprised of the following:


	December 31,
	2022		2021		2020
Cumulative translation adjustments	$	(2,237)	$	(1,861)	$	(1,720)
Other unrealized (losses) gains, net	(4)		(2)		2
Benefit plans net actuarial losses and prior service credits	(1,296)		(1,125)		(1,614)
Total Accumulated Other Comprehensive Loss Attributable to Xerox Holdings/Xerox	$	(3,537)	$	(2,988)	$	(3,332)

(Loss) Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Basic and Diluted Earnings Per Share

The following table sets forth the computation of basic and diluted (loss) earnings per share of Xerox Holdings Corporation's Common stock (shares in thousands):


	Year Ended December 31,
	2022		2021		2020
Basic (Loss) Earnings per Share:
Net (Loss) Income attributable to Xerox Holdings	$	(322)	$	(455)	$	192
Accrued dividends on preferred stock	(14)		(14)		(14)


Adjusted Net (Loss) income available to common shareholders	$	(336)	$	(469)	$	178

Weighted average common shares outstanding	156,006		183,168		208,983




Basic (Loss) Earnings per Share	$	(2.15)	$	(2.56)	$	0.85

Diluted (Loss) Earnings per Share:
Net (Loss) Income attributable to Xerox Holdings	$	(322)	$	(455)	$	192
Accrued dividends on preferred stock	(14)		(14)		(14)



Adjusted Net (Loss) income available to common shareholders	$	(336)	$	(469)	$	178

Weighted average common shares outstanding	156,006		183,168		208,983
Common shares issuable with respect to:
Stock options	—		—		15
Restricted stock and performance shares	—		—		2,439
Convertible preferred stock	—		—		—

Adjusted Weighted average common shares outstanding	156,006		183,168		211,437





Diluted (Loss) Earnings per Share	$	(2.15)	$	(2.56)	$	0.84

The following securities were not included in the computation of diluted earnings per share as they were either contingently issuable shares or shares that if included would have been anti-dilutive (shares in thousands):
Stock options	586		612		784
Restricted stock and performance shares	4,950		5,979		3,173
Convertible preferred stock	6,742		6,742		6,742

Total Anti-Dilutive Securities	12,278		13,333		10,699

Dividends per Common Share	$	1.00	$	1.00	$	1.00

Basis of Presentation (Details) $ in Millions	3 Months Ended	12 Months Ended
Basis of Presentation (Details) $ in Millions	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) segment unit	Dec. 31, 2021 USD ($) segment unit	Dec. 31, 2020 USD ($)
Product Information [Line Items]
Number of reportable segments \| segment		2	1
Number of operating segments \| segment		2	1
Number of reporting units \| unit		2	1
Goodwill, impairment loss, net of tax	$ 395	$ 395	$ 750
Goodwill impairment	$ 412	$ 412	781	$ 0
Print and Other
Product Information [Line Items]
Number of reporting units \| unit		2
Minimum \| Xerox Holdings Corporation
Product Information [Line Items]
Ownership percentage		20.00%
Maximum \| Xerox Holdings Corporation
Product Information [Line Items]
Ownership percentage		50.00%
Xerox Ventures LLC
Product Information [Line Items]
Investments in and advance to affiliates, subsidiaries, associates, and joint ventures		$ 21	$ 8

Recent Accounting Pronouncements and Summary of Significant Accounting Policies (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) segment unit	Dec. 31, 2021 USD ($) segment unit	Dec. 31, 2020 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Economic life of products	5 years
Number of reportable segments	2	1
Number of operating segments	2	1
Number of reporting units \| unit	2	1
Expected return on plan assets period	2 years
Sustaining engineering costs \| $	$ 58	$ 59	$ 54
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Average maturity of finance receivables	2 years
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Average maturity of finance receivables	3 years

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Total Revenues	$ 7,107	$ 7,038	$ 7,022
Equipment
Disaggregation of Revenue [Line Items]
Total Revenues	1,624	1,581	1,564
Supplies, paper and other sales
Disaggregation of Revenue [Line Items]
Total Revenues	1,176	1,001	885
Maintenance agreements
Disaggregation of Revenue [Line Items]
Total Revenues	1,730	1,787	1,803
Service arrangements
Disaggregation of Revenue [Line Items]
Total Revenues	1,953	1,991	2,014
Rental and other
Disaggregation of Revenue [Line Items]
Total Revenues	417	457	530
Financing
Disaggregation of Revenue [Line Items]
Total Revenues	207	221	226
Sales
Disaggregation of Revenue [Line Items]
Total Revenues	2,800	2,582	2,449
Sales \| Direct equipment lease
Disaggregation of Revenue [Line Items]
Total Revenues	708	664	573
Sales \| Distributors & resellers
Disaggregation of Revenue [Line Items]
Total Revenues	1,222	1,130	910
Sales \| Customer direct
Disaggregation of Revenue [Line Items]
Total Revenues	870	788	966
United States
Disaggregation of Revenue [Line Items]
Total Revenues	4,014	3,982	4,186
Europe
Disaggregation of Revenue [Line Items]
Total Revenues	1,935	2,023	1,883
Canada
Disaggregation of Revenue [Line Items]
Total Revenues	545	398	393
Other
Disaggregation of Revenue [Line Items]
Total Revenues	$ 613	$ 635	$ 560

Revenue - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Capitalized Contract Cost [Line Items]
Contract liabilities	$ 131	$ 144
Contract liability amortization period (months)	30 months
Deferred incremental direct costs, amortization period (years)	4 years
Customer contract costs, net	$ 125	132
Contract Fulfillment Costs and Inducements
Capitalized Contract Cost [Line Items]
Capitalized contract costs, amounts deferred	10	15
Capitalized contract costs, amortization	$ 5	$ 6	$ 4

Revenue - Capitalized Contract Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Incremental direct costs of obtaining a contract	$ 63	$ 61	$ 62
Amortization of incremental direct costs	$ 68	$ 73	$ 81

Segment Reporting - Narrative (Details) - segment	12 Months Ended
Segment Reporting - Narrative (Details) - segment	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting [Abstract]
Number of reportable segments	2	1

Segment Reporting - Selected Financial Information For Reportable Segments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total Revenues	$ 7,107	$ 7,038	$ 7,022
Interest income	218	225	240
Interest expense	199	207	215
Depreciation and amortization	270	327	368
Total Assets	11,543	13,223
Intersegment Eliminations
Segment Reporting Information [Line Items]
Total Revenues	170	205	211
Operating Segments
Segment Reporting Information [Line Items]
Total Revenues	7,277	7,243	7,233
Segment profit	$ 275	$ 375	$ 464
Segment margin	3.90%	5.30%	6.60%
Interest income	$ 207	$ 221	$ 226
Interest expense	116	121	133
Depreciation and amortization	228	272	312
Capital expenditures	57	68	74
Total Assets	11,543	13,223
Print and Other
Segment Reporting Information [Line Items]
Total Revenues	6,509	6,355	6,290
Print and Other \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Total Revenues	158	193	199
Print and Other \| Operating Segments
Segment Reporting Information [Line Items]
Total Revenues	6,667	6,548	6,489
Segment profit	$ 238	$ 293	$ 461
Segment margin	3.70%	4.60%	7.30%
Interest income	$ 0	$ 0	$ 0
Interest expense	0	0	0
Depreciation and amortization	113	117	129
Capital expenditures	57	68	74
Total Assets	8,004	9,690
Financing (FITTLE)
Segment Reporting Information [Line Items]
Total Revenues	598	683	732
Non financing interest expenses	8	10	12
Financing (FITTLE) \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Total Revenues	12	12	12
Financing (FITTLE) \| Operating Segments
Segment Reporting Information [Line Items]
Total Revenues	610	695	744
Segment profit	$ 37	$ 82	$ 3
Segment margin	6.20%	12.00%	0.40%
Interest income	$ 207	$ 221	$ 226
Interest expense	116	121	133
Depreciation and amortization	115	155	183
Capital expenditures	0	0	0
Total Assets	$ 3,539	$ 3,533

Segment Reporting - Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Goodwill impairment	$ (412)	$ (412)	$ (781)	$ 0
Restructuring and related costs, net		(65)	(38)	(93)
Amortization of intangible assets		(42)	(55)	(56)
Accelerated share vesting		(21)	0	0
Transaction and related costs, net		0	0	(18)
Other expenses, net		(63)	24	(45)
Total Pre-tax (loss) income		(328)	(475)	252
Depreciation and amortization		270	327	368
Amortization of acquired intangible assets		42	55	56
Total Interest expense		199	207	215
Interest income		218	225	240
Operating Segments
Segment Reporting Information [Line Items]
Segment profit		275	375	464
Depreciation and amortization		228	272	312
Total Interest expense		116	121	133
Interest income		207	221	226
Corporate
Segment Reporting Information [Line Items]
Total Interest expense		83	86	82
Interest income		$ 11	$ 4	$ 14

Segment and Geographic Area Reporting - Revenue and Long-lived Assets by Geography (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Revenues	$ 7,107	$ 7,038	$ 7,022
Long-lived assets	865	996
United States
Segment Reporting Information [Line Items]
Revenues	4,014	3,982	4,186
Long-lived assets	537	638
Europe
Segment Reporting Information [Line Items]
Revenues	1,935	2,023	1,883
Long-lived assets	249	258
Canada
Segment Reporting Information [Line Items]
Revenues	545	398	393
Long-lived assets	54	68
Other areas
Segment Reporting Information [Line Items]
Revenues	613	635	$ 560
Long-lived assets	$ 25	$ 32

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Lessor (Details) - USD ($) $ in Millions	12 Months Ended
Lessor (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Sales-Type Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Total Revenues
Revenue from sales type leases	$ 708	$ 664	$ 573
Interest income on lease receivables	$ 207	221	226
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Total Revenues
Lease income - operating leases	$ 170	246	313
Variable lease income	63	62	66
Total Lease income	1,148	1,193	1,178
Profit at lease commencement, sales type leases	$ 229	$ 221	$ 207

Acquisitions and Investments - Schedule of Acquisitions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill, net	$ 2,820	$ 3,287	$ 4,071	$ 3,900
Contingent consideration	11
2022 Acquisitions
Business Acquisition [Line Items]
Accounts/finance receivables	29
Goodwill, net	62
Other assets	30
Total Assets acquired	169
Liabilities assumed	(76)
Total Cash Purchase Price	$ 93
2021 Acquisitions
Business Acquisition [Line Items]
Accounts/finance receivables		5
Goodwill, net		25
Other assets		4
Total Assets acquired		65
Liabilities assumed		(12)
Total Cash Purchase Price		$ 53
2020 Acquisitions
Business Acquisition [Line Items]
Accounts/finance receivables			20
Goodwill, net			111
Other assets			44
Total Assets acquired			262
Liabilities assumed			(59)
Total Cash Purchase Price			$ 203
Customer relationships \| 2022 Acquisitions
Business Acquisition [Line Items]
Intangible assets, weighted average life (years)	10 years
Intangible assets	$ 41
Customer relationships \| 2021 Acquisitions
Business Acquisition [Line Items]
Intangible assets, weighted average life (years)		9 years
Intangible assets		$ 27
Customer relationships \| 2020 Acquisitions
Business Acquisition [Line Items]
Intangible assets, weighted average life (years)			9 years
Intangible assets			$ 69
Trademarks \| 2022 Acquisitions
Business Acquisition [Line Items]
Intangible assets, weighted average life (years)	5 years
Intangible assets	$ 7
Trademarks \| 2021 Acquisitions
Business Acquisition [Line Items]
Intangible assets, weighted average life (years)		5 years
Intangible assets		$ 3
Trademarks \| 2020 Acquisitions
Business Acquisition [Line Items]
Intangible assets, weighted average life (years)			9 years
Intangible assets			$ 9
Technology \| 2022 Acquisitions
Business Acquisition [Line Items]
Intangible assets	$ 0
Technology \| 2021 Acquisitions
Business Acquisition [Line Items]
Intangible assets, weighted average life (years)		3 years
Intangible assets		$ 1
Technology \| 2020 Acquisitions
Business Acquisition [Line Items]
Intangible assets, weighted average life (years)			3 years
Intangible assets			$ 9

Acquisitions and Investments - Narrative (Details) £ in Millions, $ in Millions	1 Months Ended					12 Months Ended
	Jul. 31, 2022 USD ($)	Jul. 31, 2022 GBP (£)	Feb. 28, 2022 USD ($)	Feb. 28, 2022 CAD ($)	May 31, 2021 USD ($)	Dec. 31, 2022 USD ($) acquisition	Dec. 31, 2021 USD ($) acquisition	Dec. 31, 2020 USD ($) acquisition	Dec. 31, 2020 CAD ($)	Dec. 31, 2020 GBP (£)	Feb. 28, 2022 CAD ($)	Aug. 31, 2021 USD ($)
Schedule of Business Acquisitions, by Acquisition [Line Items]
Acquisition								$ 194,000,000
Contingent consideration						$ 11,000,000
Noncontrolling interests						10,000,000	$ 10,000,000
Xerox Corporation
Schedule of Business Acquisitions, by Acquisition [Line Items]
Payments to acquire interest in joint venture					$ 5,000,000
Noncontrolling interests						$ 10,000,000	10,000,000
Victorian Government Member
Schedule of Business Acquisitions, by Acquisition [Line Items]
Payments to acquire interest in joint venture					$ 5,000,000
2022 Acquisitions
Schedule of Business Acquisitions, by Acquisition [Line Items]
Number of acquisitions \| acquisition						2
Acquisition						$ 93,000,000
Business acquisition, percentage of voting interests acquired						100.00%
Amount expected to be deductible for tax purposes						$ 20,000,000
Powerland
Schedule of Business Acquisitions, by Acquisition [Line Items]
Acquisition			$ 52,000,000	$ 66
Contingent consideration			$ 22,000,000								$ 28
Contingent consideration, term			2 years	2 years
Go Inspire
Schedule of Business Acquisitions, by Acquisition [Line Items]
Acquisition	$ 41,000,000	£ 34
Series of Individually Immaterial Business Acquisitions
Schedule of Business Acquisitions, by Acquisition [Line Items]
Acquisition							$ 50,000,000
Business acquisition, percentage of voting interests acquired							100.00%
2021 Acquisitions
Schedule of Business Acquisitions, by Acquisition [Line Items]
Acquisition							$ 3,000,000
Amount expected to be deductible for tax purposes							0
Equipment Dealer Canada Member
Schedule of Business Acquisitions, by Acquisition [Line Items]
Acquisition							$ 31,000,000
United States Document Solutions Provider
Schedule of Business Acquisitions, by Acquisition [Line Items]
Number of acquisitions \| acquisition							2
Acquisition							$ 19,000,000
U.K. Acquisitions
Schedule of Business Acquisitions, by Acquisition [Line Items]
Number of acquisitions \| acquisition								3
Acquisition								$ 172,000,000		£ 133
Canada Acquisitions
Schedule of Business Acquisitions, by Acquisition [Line Items]
Acquisition								22,000,000	$ 29
CareAR Holdings LLC
Schedule of Business Acquisitions, by Acquisition [Line Items]
Acquisition								$ 9,000,000
Noncontrolling interests												$ 10,000,000
2020 Acquisitions
Schedule of Business Acquisitions, by Acquisition [Line Items]
Business acquisition, percentage of voting interests acquired								100.00%
Amount expected to be deductible for tax purposes								$ 0

Acquisitions and Investments - Acquisitions Contributed Aggregate Revenues from Their Respective Acquisition Dates (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Asset Acquisition [Line Items]
Total Contributed Aggregate Revenue	$ 332	$ 156	$ 99
2022 Acquisitions
Asset Acquisition [Line Items]
Total Contributed Aggregate Revenue	163	0	0
2021 Acquisitions
Asset Acquisition [Line Items]
Total Contributed Aggregate Revenue	37	19	0
2020 Acquisitions
Asset Acquisition [Line Items]
Total Contributed Aggregate Revenue	$ 132	$ 137	$ 99

Accounts Receivable, Net - Summary (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for doubtful accounts	$ (52)	$ (58)
Accounts receivable, net	857	818
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	58
Provision	36	12	$ 116
Ending balance	$ 52	$ 58
Credit Concentration Risk \| Accounts Receivable \| Customers
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Concentration risk (percentage)	5.70%	6.60%
Accounts Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Invoiced	$ 698	$ 660
Accrued	211	216
Allowance for doubtful accounts	(52)	(58)	(69)
Accounts receivable, net	857	818
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	58	69
Provision	17	8
Charge-offs	(14)	(18)
Recoveries and other	(9)	(1)
Ending balance	$ 52	$ 58	$ 69

Accounts Receivable, Net - Accounts Receivable Sales Arrangements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Uncollected accounts receivable sold and derecognized	$ 159	$ 102
Accounts Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable sales	$ 593	$ 478	$ 333

Finance Receivables, Net - Finance Receivables and Maturities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, after Allowance for Credit Loss [Abstract]
Gross receivables	$ 3,593	$ 3,568
Unearned income	(374)	(380)
Total	3,219	3,188
Residual values	0	0
Allowance for doubtful accounts	(117)	(118)	$ (133)
Finance Receivables, Net	3,102	3,070
Less: Billed portion of finance receivables, net	93	94
Less: Current portion of finance receivables not billed, net	1,061	1,042
Finance Receivables Due After One Year, Net	1,948	1,934
2022		1,357
2023	1,325	972
2024	967	668
2025	690	396
2026	411	157
2027	169
Thereafter	31	18
Total	$ 3,593	$ 3,568

Finance Receivables, Net - Allowance for Credit Losses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Allowance for Credit Loss [Line Items]
Provision (reversal)	$ 26	$ (1)
Reserve reduction		31
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	118	133
Provision	26	(1)
Charge-offs	(26)	(16)
Recoveries and other	(1)	2
Ending balance	117	118
Finance receivables collectively evaluated for impairment	$ 3,219	$ 3,188
United States, Canada and EMEA \| Credit Concentration Risk \| Finance Receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Concentration risk (percentage)	3.60%	3.70%
United States
Financing Receivable, Allowance for Credit Loss [Line Items]
Provision (reversal)	$ 20	$ 5
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	77	77
Provision	20	5
Charge-offs	(15)	(7)
Recoveries and other	1	2
Ending balance	83	77
Finance receivables collectively evaluated for impairment	1,948	1,876
Canada
Financing Receivable, Allowance for Credit Loss [Line Items]
Provision (reversal)	(2)	(3)
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	11	15
Provision	(2)	(3)
Charge-offs	(3)	(3)
Recoveries and other	1	2
Ending balance	7	11
Finance receivables collectively evaluated for impairment	228	251
EMEA
Financing Receivable, Allowance for Credit Loss [Line Items]
Provision (reversal)	8	(3)
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	30	41
Provision	8	(3)
Charge-offs	(8)	(6)
Recoveries and other	(3)	(2)
Ending balance	27	30
Finance receivables collectively evaluated for impairment	$ 1,043	$ 1,061

Finance Receivables, Net - Finance Receivables Credit Quality Indicators (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Loss rates of customers with low risk credit quality (percentage)	1.00%
Loss rates of customers with average credit risk credit quality, low range (percentage)	2.00%
Loss rates of customers with average credit risk credit quality, high range (percentage)	5.00%
Loss rates of customers with high credit risk credit quality, low range (percentage)	7.00%
Loss rates of customers with high credit risk credit quality, high range (percentage)	10.00%
Current Year	$ 1,329	$ 1,236
CY-1	889	837
CY-2	537	642
CY-3	334	346
CY-4	114	110
Prior	16	17
Total	3,219	3,188
United States - Direct
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	327	299
CY-1	210	234
CY-2	155	186
CY-3	99	107
CY-4	36	35
Prior	6	6
Total	833	867
United States - Indirect
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	481	460
CY-1	341	263
CY-2	173	182
CY-3	94	82
CY-4	25	22
Prior	1	0
Total	1,115	1,009
Canada
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	83	74
CY-1	53	73
CY-2	47	56
CY-3	32	33
CY-4	12	13
Prior	1	2
Total	228	251
EMEA
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	438	403
CY-1	285	267
CY-2	162	218
CY-3	109	124
CY-4	41	40
Prior	8	9
Total	1,043	1,061
Low Credit Risk
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	722	644
CY-1	458	436
CY-2	278	341
CY-3	173	195
CY-4	64	57
Prior	8	10
Total	1,703	1,683
Low Credit Risk \| United States - Direct
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	173	148
CY-1	104	121
CY-2	80	98
CY-3	53	68
CY-4	23	21
Prior	2	3
Total	435	459
Low Credit Risk \| United States - Indirect
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	249	235
CY-1	165	145
CY-2	91	100
CY-3	49	43
CY-4	12	11
Prior	1	0
Total	567	534
Low Credit Risk \| Canada
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	31	32
CY-1	22	27
CY-2	17	22
CY-3	12	13
CY-4	5	3
Prior	0	1
Total	87	98
Low Credit Risk \| EMEA
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	269	229
CY-1	167	143
CY-2	90	121
CY-3	59	71
CY-4	24	22
Prior	5	6
Total	614	592
Average Credit Risk
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	491	451
CY-1	322	286
CY-2	184	242
CY-3	127	118
CY-4	38	39
Prior	5	6
Total	1,167	1,142
Average Credit Risk \| United States - Direct
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	83	60
CY-1	36	40
CY-2	26	57
CY-3	28	23
CY-4	7	8
Prior	2	2
Total	182	190
Average Credit Risk \| United States - Indirect
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	210	201
CY-1	156	103
CY-2	73	74
CY-3	40	35
CY-4	11	10
Prior	0	0
Total	490	423
Average Credit Risk \| Canada
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	46	34
CY-1	25	34
CY-2	22	27
CY-3	16	15
CY-4	5	6
Prior	0	1
Total	114	117
Average Credit Risk \| EMEA
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	152	156
CY-1	105	109
CY-2	63	84
CY-3	43	45
CY-4	15	15
Prior	3	3
Total	381	412
High Credit Risk
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	116	141
CY-1	109	115
CY-2	75	59
CY-3	34	33
CY-4	12	14
Prior	3	1
Total	349	363
High Credit Risk \| United States - Direct
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	71	91
CY-1	70	73
CY-2	49	31
CY-3	18	16
CY-4	6	6
Prior	2	1
Total	216	218
High Credit Risk \| United States - Indirect
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	22	24
CY-1	20	15
CY-2	9	8
CY-3	5	4
CY-4	2	1
Prior	0	0
Total	58	52
High Credit Risk \| Canada
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	6	8
CY-1	6	12
CY-2	8	7
CY-3	4	5
CY-4	2	4
Prior	1	0
Total	27	36
High Credit Risk \| EMEA
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	17	18
CY-1	13	15
CY-2	9	13
CY-3	7	8
CY-4	2	3
Prior	0	0
Total	$ 48	$ 57

Finance Receivables, Net - Finance Receivables Aging Schedule (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Past Due [Line Items]
Total	$ 3,219	$ 3,188
Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	97	98
Unbilled
Financing Receivable, Past Due [Line Items]
Total	3,122	3,090
United States
Financing Receivable, Past Due [Line Items]
Total	1,948	1,876
United States \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	79	79
United States \| Unbilled
Financing Receivable, Past Due [Line Items]
Total	1,869	1,797
Canada
Financing Receivable, Past Due [Line Items]
Total	228	251
Canada \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	6	7
Canada \| Unbilled
Financing Receivable, Past Due [Line Items]
Total	222	244
EMEA
Financing Receivable, Past Due [Line Items]
Total	1,043	1,061
EMEA \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	12	12
EMEA \| Unbilled
Financing Receivable, Past Due [Line Items]
Total	1,031	1,049
Current \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	71	71
Current \| United States \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	57	56
Current \| Canada \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	5	6
Current \| EMEA \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	9	9
31-90 Days Past Due \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	15	15
31-90 Days Past Due \| United States \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	12	12
31-90 Days Past Due \| Canada \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	1	1
31-90 Days Past Due \| EMEA \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	2	2
>90 Days Past Due \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	11	12
>90 Days Past Due \| United States \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	10	11
>90 Days Past Due \| Canada \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	0	0
>90 Days Past Due \| EMEA \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	1	1
>90 Days and Accruing
Financing Receivable, Past Due [Line Items]
Financing receivable, 90 days or more past due, still accruing	65	83
>90 Days and Accruing \| United States
Financing Receivable, Past Due [Line Items]
Financing receivable, 90 days or more past due, still accruing	47	61
>90 Days and Accruing \| Canada
Financing Receivable, Past Due [Line Items]
Financing receivable, 90 days or more past due, still accruing	6	9
>90 Days and Accruing \| EMEA
Financing Receivable, Past Due [Line Items]
Financing receivable, 90 days or more past due, still accruing	12	13
Direct
Financing Receivable, Past Due [Line Items]
Total	833	867
Direct \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	42	42
Direct \| Unbilled
Financing Receivable, Past Due [Line Items]
Total	791	825
Direct \| Current \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	30	28
Direct \| 31-90 Days Past Due \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	6	7
Direct \| >90 Days Past Due \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	6	7
Direct \| >90 Days and Accruing
Financing Receivable, Past Due [Line Items]
Financing receivable, 90 days or more past due, still accruing	47	61
Indirect
Financing Receivable, Past Due [Line Items]
Total	1,115	1,009
Indirect \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	37	37
Indirect \| Unbilled
Financing Receivable, Past Due [Line Items]
Total	1,078	972
Indirect \| Current \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	27	28
Indirect \| 31-90 Days Past Due \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	6	5
Indirect \| >90 Days Past Due \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	4	4
Indirect \| >90 Days and Accruing
Financing Receivable, Past Due [Line Items]
Financing receivable, 90 days or more past due, still accruing	$ 0	$ 0

Finance Receivables, Net - Sales of Receivables (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Financing Receivable, after Allowance for Credit Loss [Abstract]
Automatic extension period	1 year
Sales receivable, net	$ 600
Principal balances of lease receivables	60
Receivable in cash	60
Other revenue as commissions	$ 2

Inventories and Equipment on Operating Leases, Net - Inventories by Major Category (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Inventories, net [Abstract]
Finished goods	$ 640	$ 568
Work-in-process	45	43
Raw materials	112	85
Total Inventories	$ 797	$ 696

Inventories and Equipment on Operating Leases, Net - Equipment on Operating Leases and Related Accumulated Depreciation (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Inventories and Equipment on Operating Leases, Net [Abstract]
Equipment on operating leases	$ 1,163	$ 1,266
Accumulated depreciation	(928)	(1,013)
Equipment on operating leases, net	$ 235	$ 253

Inventories and Equipment on Operating Leases, Net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Equipment on Operating Leases, Net [Line Items]
Contingent rental revenue on operating leases	$ 63	$ 62	$ 66
Minimum
Equipment on Operating Leases, Net [Line Items]
Equipment on operating lease depreciable lives	4 years
Maximum
Equipment on Operating Leases, Net [Line Items]
Equipment on operating lease depreciable lives	5 years

Inventories and Equipment on Operating Leases, Net - Estimated Minimum Future Revenues Operating Leases (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Inventories and Equipment on Operating Leases, Net [Abstract]
2022		$ 202
2023	$ 185	110
2024	95	61
2025	59	32
2026	30	10
2027	13
Thereafter	4	2
Total	$ 386	$ 417

Land, Buildings, Equipment and Software, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Land, Building and Equipment, net [Line Items]
Subtotal	$ 2,367	$ 2,545
Accumulated depreciation	(2,047)	(2,187)
Land, buildings and equipment, net	320	358
Depreciation expense	68	76	$ 87
Finance lease, right-of-use asset	18	9
Land
Land, Building and Equipment, net [Line Items]
Subtotal	8	9
Building and building equipment
Land, Building and Equipment, net [Line Items]
Subtotal	708	777
Leasehold improvements
Land, Building and Equipment, net [Line Items]
Subtotal	112	112
Plant machinery
Land, Building and Equipment, net [Line Items]
Subtotal	1,000	1,098
Office furniture and equipment
Land, Building and Equipment, net [Line Items]
Subtotal	460	475
Finance leases
Land, Building and Equipment, net [Line Items]
Subtotal	26	13
Other
Land, Building and Equipment, net [Line Items]
Subtotal	38	44
Construction in progress
Land, Building and Equipment, net [Line Items]
Subtotal	$ 15	$ 17
Minimum
Land, Building and Equipment, net [Line Items]
Estimated Useful Lives (Years)	4 years
Minimum \| Building and building equipment
Land, Building and Equipment, net [Line Items]
Estimated Useful Lives (Years)	25 years
Minimum \| Leasehold improvements
Land, Building and Equipment, net [Line Items]
Estimated Useful Lives (Years)	1 year
Minimum \| Plant machinery
Land, Building and Equipment, net [Line Items]
Estimated Useful Lives (Years)	5 years
Minimum \| Office furniture and equipment
Land, Building and Equipment, net [Line Items]
Estimated Useful Lives (Years)	3 years
Minimum \| Finance leases
Land, Building and Equipment, net [Line Items]
Estimated Useful Lives (Years)	1 year
Minimum \| Other
Land, Building and Equipment, net [Line Items]
Estimated Useful Lives (Years)	4 years
Maximum
Land, Building and Equipment, net [Line Items]
Estimated Useful Lives (Years)	5 years
Maximum \| Building and building equipment
Land, Building and Equipment, net [Line Items]
Estimated Useful Lives (Years)	50 years
Maximum \| Leasehold improvements
Land, Building and Equipment, net [Line Items]
Estimated Useful Lives (Years)	12 years
Maximum \| Plant machinery
Land, Building and Equipment, net [Line Items]
Estimated Useful Lives (Years)	12 years
Maximum \| Office furniture and equipment
Land, Building and Equipment, net [Line Items]
Estimated Useful Lives (Years)	15 years
Maximum \| Finance leases
Land, Building and Equipment, net [Line Items]
Estimated Useful Lives (Years)	12 years
Maximum \| Other
Land, Building and Equipment, net [Line Items]
Estimated Useful Lives (Years)	20 years

Land, Buildings, Equipment and Software, Net - Internal Use Software (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Land, Buildings, Equipment and Software, Net [Abstract]
Internal use software, net	$ 95	$ 120
Internal use, useful lives, minimum, years	3 years
Internal use, useful lives, maximum, years	7 years
Amortization of internal use software	$ 45	$ 41	$ 42

Lessee - Narrative (Details) $ in Millions	Dec. 31, 2022 USD ($) lease	Dec. 31, 2021 USD ($)
Leases [Abstract]
Remaining terms of leases (years)	12 years
Leases not yet commenced \| lease	0
Finance lease maturity	9 years
Remaining lease obligation	$ 16	$ 7
Finance leases, discount rate	6.40%	4.51%
Finance lease, right-of-use asset	$ 18	$ 9
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Land, buildings and equipment, net	Land, buildings and equipment, net

Lessee - Components of Lease Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease expense	$ 97	$ 104	$ 113
Short-term lease expense	17	20	20
Variable lease expense	49	48	47
Sublease income	(5)	(4)	(2)
Total Lease expense	$ 158	$ 168	$ 178

Lessee - Operating Lease ROU Asset- Operating Leases Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease right-of-use assets	$ 215	$ 264
Operating lease obligations	68	79
Operating lease obligations	161	204
Total Operating lease liabilities	$ 229	$ 283
Operating lease, right-of-use asset, statement of financial position [extensible list]	Other long-term assets	Other long-term assets
Operating lease, liability, current, statement of financial position [extensible list]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Operating lease, liability, noncurrent, statement of financial position [extensible list]	Other long-term liabilities	Other long-term liabilities

Lessee - Supplemental Information Related to Operating Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities - Operating cash flows	$ 101	$ 109	$ 119
Right-of-use assets obtained in exchange for new lease liabilities	$ 45	$ 41	$ 76
Weighted-average remaining lease term (years)	4 years	5 years	5 years
Weighted-average discount rate (percentage)	5.19%	4.67%	5.03%

Lessee - Maturities and Additional Information Related to Operating Lease Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
2022		$ 98
2023	$ 86	78
2024	54	45
2025	38	31
2026	32	26
2027	17
Thereafter	30	35
Total Lease payments	257	313
Less: Imputed interest	28	30
Total Operating lease liabilities	$ 229	$ 283

Goodwill, Net and Intangible Assets, Net - Goodwill (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill		$ 4,013	$ 4,068	$ 4,071	$ 3,900
Accumulated impairment losses		(1,193)	(781)	0	0
Goodwill, net		2,820	3,287	4,071	$ 3,900
Goodwill [Roll Forward]
Beginning balance, goodwill		3,287	4,071	3,900
Foreign currency translation		(120)	(23)	60
Goodwill impairment	$ (412)	(412)	(781)	0
Ending balance, goodwill		2,820	3,287	4,071
Goodwill, impairment loss, net of tax	395	395	750
Goodwill impairment	$ 412	412	781	0
U.S. Acquisitions
Goodwill [Roll Forward]
Acquisitions		0	9	0
U.K. Acquisitions
Goodwill [Roll Forward]
Acquisitions		28	0	98
Canada Acquisitions
Goodwill [Roll Forward]
Acquisitions		34	16	10
Other
Goodwill [Roll Forward]
Other		3	(5)	3
Goodwill impairment
Goodwill [Roll Forward]
Goodwill impairment		(412)	(781)	0
Goodwill impairment		$ 412	$ 781	$ 0

Goodwill, Net and Intangible Assets, Net - Intangible Assets Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 553	$ 586
Accumulated Amortization	345	375
Net Amount	208	211
Amortization of acquired intangible assets	42	55	$ 56
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2023	40
2024	37
2025	32
2026	32
2027	$ 32
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization	10 years
Gross Carrying Amount	$ 214	211
Accumulated Amortization	85	95
Net Amount	$ 129	116
Distribution network
Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization	25 years
Gross Carrying Amount	$ 123	123
Accumulated Amortization	113	108
Net Amount	$ 10	15
Trademarks
Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization	19 years
Gross Carrying Amount	$ 201	237
Accumulated Amortization	135	164
Net Amount	$ 66	73
Technology and non-compete
Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization	3 years
Gross Carrying Amount	$ 15	15
Accumulated Amortization	12	8
Net Amount	$ 3	$ 7

Restructuring Programs (Details) - USD ($) $ in Millions	12 Months Ended
Restructuring Programs (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restructuring reserve [Roll Forward]
Balance at beginning of period	$ 27	$ 82	$ 70
Restructuring provision	77	33	110
Reversals of prior charges	(9)	(15)	(23)
Net current period charges	68	18	87
Charges against reserve and currency	(52)	(73)	(75)
Balance at end of period	43	27	82
Reconciliation to the Condensed Consolidated Statements of Cash Flows [Abstract]
Charges against reserve and currency	(52)	(73)	(75)
Effects of foreign currency and other non-cash items	$ 0	1	(6)
Restructuring, Incurred Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Payments for restructurings
Payments for restructurings	$ (52)	(72)	(81)
Severance and Related Costs
Restructuring reserve [Roll Forward]
Balance at beginning of period	25	78	66
Restructuring provision	74	30	107
Reversals of prior charges	(8)	(13)	(21)
Net current period charges	66	17	86
Charges against reserve and currency	(52)	(70)	(74)
Balance at end of period	39	25	78
Reconciliation to the Condensed Consolidated Statements of Cash Flows [Abstract]
Charges against reserve and currency	(52)	(70)	(74)
Other Contractual Termination Costs
Restructuring reserve [Roll Forward]
Balance at beginning of period	2	4	4
Restructuring provision	3	3	3
Reversals of prior charges	(1)	(2)	(2)
Net current period charges	2	1	1
Charges against reserve and currency	0	(3)	(1)
Balance at end of period	4	2	4
Reconciliation to the Condensed Consolidated Statements of Cash Flows [Abstract]
Charges against reserve and currency	$ 0	$ (3)	$ (1)

Restructuring Programs - Restructuring Related Asset Impairment Activity (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restructuring and Related Activities [Abstract]
Lease right of use assets	$ 2	$ 3	$ 4
Owned assets	15	12	2
Asset impairments	17	15	6
Gain on sales of owned assets	(22)	(4)	0
Adjustments/Reversals	(1)	(2)	(6)
Net asset impairment (credit) charge	$ (6)	$ 9	$ 0

Restructuring Programs - Restructuring and Related Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restructuring Cost and Reserve [Line Items]
Related restructuring costs	$ 3	$ 11	$ 6
Retention-related severance/bonuses
Restructuring Cost and Reserve [Line Items]
Related restructuring costs	0	6	4
Contractual severance costs
Restructuring Cost and Reserve [Line Items]
Related restructuring costs	3	1	(2)
Consulting and other costs
Restructuring Cost and Reserve [Line Items]
Related restructuring costs	$ 0	$ 4	$ 4

Restructuring Programs - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restructuring and Related Activities [Abstract]
Cash payments for restructuring related costs	$ 9	$ 13	$ 26
Restructuring related costs	$ 12	$ 18

Supplementary Financial Information - Components of Other Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Other Current Assets
Restricted Cash and Cash Equivalents, Current, Statement of Financial Position [Extensible Enumeration]	Total Other Current Assets
Restricted cash	$ 55	$ 33
Total Other Current Assets	254	211
Other Long-term Assets
Internal use software, net	$ 95	120
Restricted Cash and Cash Equivalents, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Total other long-term assets
Restricted cash	$ 39	36
Customer contract costs, net	$ 125	$ 132
Operating lease, right-of-use asset, statement of financial position [extensible list]	Total other long-term assets	Total other long-term assets
Operating lease right-of-use assets	$ 215	$ 264
Total other long-term assets	$ 1,323	$ 1,960
Accrued Expenses and Other Current Liabilities
Operating lease, liability, current, statement of financial position [extensible list]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Operating lease obligations	$ 68	$ 79
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Financing lease obligations	$ 6	$ 2
Restructuring related costs	12	18
Total accrued expenses and other current liabilities	$ 881	$ 871
Other Long-term Liabilities
Operating lease, liability, noncurrent, statement of financial position [extensible list]	Total Other Long-term Liabilities	Total Other Long-term Liabilities
Operating lease obligations	$ 161	$ 204
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Total Other Long-term Liabilities	Total Other Long-term Liabilities
Finance lease obligations	$ 10	$ 5
Environmental Loss Contingency, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Total Other Long-term Liabilities
Environmental reserves	$ 11	9
Total Other Long-term Liabilities	411	481
Accrued expenses and other current liabilities	881	871
Xerox Corporation
Other Current Assets
Total Other Current Assets	254	211
Other Long-term Assets
Total other long-term assets	1,302	1,952
Other Long-term Liabilities
Total Other Long-term Liabilities	411	481
Accrued expenses and other current liabilities	834	823
Other Current Assets
Other Current Assets
Income taxes receivable	27	11
Royalties, license fees and software maintenance	23	23
Prepaid expenses	32	30
Advances and deposits	29	32
Other	88	82
Other Long-term Assets
Other Long-term Assets
Income taxes receivable	1	8
Prepaid pension costs	667	1,211
Internal use software, net	95	120
Customer contract costs, net	135	147
Deferred compensation plan investments	15	18
Investments in affiliates, at equity	38	45
Investments at cost - Xerox Holdings	21	8
Other	97	103
Accrued Expenses and Other Current Liabilities
Accrued Expenses and Other Current Liabilities
Income taxes payable	16	30
Other taxes payable	60	69
Interest payable	43	53
Restructuring reserves	39	26
Restructuring related costs	12	18
Product warranties	5	5
Dividends payable - Xerox Holdings	47	48
Distributor and reseller rebates/commissions	145	112
Unearned income and other revenue deferrals	154	194
Administration and overhead	72	57
Other	214	178
Other Long-term Liabilities
Other Long-term Liabilities
Deferred taxes	95	108
Income taxes payable	41	40
Restructuring reserves	4	1
Other	$ 89	$ 114

Supplementary Financial Information - Statements of (Loss) Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restricted Cash and Cash Equivalents Items [Line Items]
Research, development and engineering expenses	$ 304	$ 310	$ 311
Selling, administrative and general expenses	1,760	1,718	1,851
Total Costs and Expenses	7,435	7,513	6,770
COVID-19 Pandemic, Aid And Economic Stimulus Savings
Restricted Cash and Cash Equivalents Items [Line Items]
Cost of sales	0	0	1
Cost of services, maintenance and rentals	0	20	73
Research, development and engineering expenses	0	1	1
Selling, administrative and general expenses	0	13	32
Total Costs and Expenses	$ 0	$ 34	$ 107

The aggregate cost of goods produced and sold and services rendered during the reporting period.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Derivative Instruments, Gain (Loss) [Line Items]

Supplementary Financial Information - Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Supplemental Financial Information [Abstract]
Cash and cash equivalents	$ 1,045	$ 1,840
Litigation deposits in Brazil	39	34
Escrow and cash collections related to secured borrowing arrangements	54	32
Other restricted cash	1	3
Total Restricted cash	94	69
Cash, cash equivalents and restricted cash	$ 1,139	$ 1,909	$ 2,691	$ 2,795

Supplementary Financial Information - Restricted Cash Balance Sheet Location (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Restricted Cash and Cash Equivalents Items [Line Items]
Total Restricted cash	$ 94	$ 69
Other Current Assets
Restricted Cash and Cash Equivalents Items [Line Items]
Total Restricted cash	55	33
Other Long-term Assets
Restricted Cash and Cash Equivalents Items [Line Items]
Total Restricted cash	$ 39	$ 36

Supplementary Financial Information - Pension and Other Benefit Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Supplemental Financial Information [Line Items]
Accrued compensation liabilities	$ 61	$ 66
Deferred compensation liabilities	17	22
Pension and other benefit liabilities	1,175	1,373
Pension Plan
Supplemental Financial Information [Line Items]
Pension liabilities	1,097	1,285
Significant Other Observable Inputs (Level 2) \| Fair Value, Recurring
Supplemental Financial Information [Line Items]
Financial liabilities, fair value	25	29
Deferred Compensation Liabilities \| Significant Other Observable Inputs (Level 2) \| Fair Value, Recurring
Supplemental Financial Information [Line Items]
Financial liabilities, fair value	$ 14	$ 18

Supplementary Financial Information - Summarized Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Supplemental Financial Information [Abstract]
Provision for receivables	$ 36	$ 12	$ 116
Provision for inventories	29	34	31
Provision for product warranties	7	8	8
Depreciation of buildings and equipment	68	76	87
Depreciation and obsolescence of equipment on operating leases	115	155	183
Amortization of internal use software	45	41	42
Amortization of acquired intangible assets	42	55	56
Amortization of customer contract costs	73	79	85
Cost of additions to land, buildings and equipment	(36)	(29)	(44)
Cost of additions to internal use software	(21)	(39)	(30)
Payments to acquire noncontrolling interests - Xerox Holdings	(13)	(8)	0
Common stock dividends - Xerox Holdings	(160)	(192)	(216)
Preferred stock dividends - Xerox Holdings	(14)	(14)	(14)
Payments to noncontrolling interests	(1)	(1)	(3)
Proceeds from noncontrolling interests	6	15	0
Repurchases related to stock-based compensation - Xerox Holdings	$ (12)	$ (18)	$ (19)

Debt - Short-term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total	$ 860	$ 650
Xerox Holdings Corporation
Debt Instrument [Line Items]
Total	0	0
Xerox Corporation
Debt Instrument [Line Items]
Total	300	300
Xerox - Other Subsidiaries
Debt Instrument [Line Items]
Total	$ 560	$ 350

Debt - Long-term Debt (Details) - USD ($) $ in Millions	Mar. 15, 2022	Dec. 31, 2022	Mar. 14, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total		$ 3,742
Subtotal - Debt issuance costs		(18)		$ (18)
Unamortized premium		2		3
Less: current maturities		(860)		(650)
Total Long-term Debt		2,866		3,596
Xerox Holdings Corporation
Debt Instrument [Line Items]
Total		1,500
Subtotal - Debt issuance costs		(9)		(11)
Less: current maturities		0		0
Xerox Corporation
Debt Instrument [Line Items]
Total		1,200
Subtotal - Debt issuance costs		(4)		(6)
Less: current maturities		(300)		(300)
Total Long-term Debt		1,370		2,102
Xerox - Other Subsidiaries
Debt Instrument [Line Items]
Total		1,042
Subtotal - Debt issuance costs		(5)		(1)
Less: current maturities		(560)		(350)
Xerox - Other Subsidiaries \| Secured Borrowing
Debt Instrument [Line Items]
Total		1,042		561
Xerox - Other Subsidiaries \| Secured Borrowing \| United States
Debt Instrument [Line Items]
Total		790		561
Xerox - Other Subsidiaries \| Secured Borrowing \| Canada
Debt Instrument [Line Items]
Total		57		0
Xerox - Other Subsidiaries \| Secured Borrowing \| France
Debt Instrument [Line Items]
Total		$ 195		0
Senior Notes Due 2025 5.00% \| Xerox Holdings Corporation
Debt Instrument [Line Items]
Stated rate (percentage)		5.00%
Interest Rate		4.95%
Total		$ 750		750
Senior Notes Due 2028 5.50% \| Xerox Holdings Corporation
Debt Instrument [Line Items]
Stated rate (percentage)		5.50%
Interest Rate		5.40%
Total		$ 750		750
Senior Notes Due 2022 4.07% \| Xerox Corporation
Debt Instrument [Line Items]
Stated rate (percentage)		4.07%
Interest Rate		0.00%
Total		$ 0		300
Senior Notes Due 2023 4.38%
Debt Instrument [Line Items]
Stated rate (percentage)	4.625%		4.375%
Increase to coupon rate (percentage)	0.25%
Senior Notes Due 2023 4.38% \| Xerox Corporation
Debt Instrument [Line Items]
Stated rate (percentage)		4.38%
Interest Rate		4.63%
Total		$ 300		1,000
Senior Notes Due 2024 3.80% \| Xerox Corporation
Debt Instrument [Line Items]
Stated rate (percentage)		3.80%
Interest Rate		3.84%
Total		$ 300		300
Senior Notes Due 2035 4.80% \| Xerox Corporation
Debt Instrument [Line Items]
Stated rate (percentage)		4.80%
Interest Rate		4.84%
Total		$ 250		250
Senior Notes Due 2039 6.75% \| Xerox Corporation
Debt Instrument [Line Items]
Stated rate (percentage)		6.75%
Interest Rate		6.78%
Total		$ 350		350
Long-term Debt
Debt Instrument [Line Items]
Total		3,742		4,261
Long-term Debt \| Xerox Holdings Corporation
Debt Instrument [Line Items]
Total		1,500		1,500
Long-term Debt \| Xerox Corporation
Debt Instrument [Line Items]
Total		$ 1,200		$ 2,200

Debt - Principal Payments Due On Long-Term Debt (Details) $ in Millions	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
2023	$ 862
2024	668
2025	862
2026	0
2027	0
Thereafter	1,350
Total	3,742
Long-term debt maturities, subsequent year by quarter, first	447
Long-term debt maturities, subsequent year by quarter, second	146
Long-term debt maturities, subsequent year by quarter, third	139
Long-term debt maturities, subsequent year by quarter, fourth	130
Xerox Holdings Corporation
Debt Instrument [Line Items]
2023	0
2024	0
2025	750
2026	0
2027	0
Thereafter	750
Total	1,500
Xerox Corporation
Debt Instrument [Line Items]
2023	300
2024	300
2025	0
2026	0
2027	0
Thereafter	600
Total	1,200
Xerox - Other Subsidiaries
Debt Instrument [Line Items]
2023	562
2024	368
2025	112
2026	0
2027	0
Thereafter	0
Total	$ 1,042

Debt - Senior Notes (Details) - USD ($)		1 Months Ended		12 Months Ended
Debt - Senior Notes (Details) - USD ($)	Aug. 24, 2020	Aug. 31, 2020	Aug. 24, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Debt value				$ 1,042,000,000
Interest expense				199,000,000	$ 207,000,000	$ 215,000,000
Senior Notes \| 2025 Senior Notes
Debt Instrument [Line Items]
Debt value	$ 200,000,000	$ 550,000,000	$ 200,000,000
Debt interest rate, percent		5.00%
Debt instrument issuance price percentage of par	100.75%		100.75%
Senior Notes \| 2028 Senior Notes
Debt Instrument [Line Items]
Debt value	$ 200,000,000	$ 550,000,000	$ 200,000,000
Debt interest rate, percent		5.50%
Debt instrument issuance price percentage of par	102.50%		102.50%
Senior Notes \| 2025 And 2028 Senior Notes
Debt Instrument [Line Items]
Proceeds, net of fees and expenses	$ 405,000,000	$ 1,089,000,000
Senior Notes \| 2025 And 2028 Senior Notes \| Xerox Corporation
Debt Instrument [Line Items]
Proceeds, net of fees and expenses			$ 1,494,000,000
Due to related parties				1,496,000,000	1,494,000,000
Interest payable				30,000,000	30,000,000
Interest expense				$ 80,000,000	$ 80,000,000	$ 32,000,000

Debt - Credit Facility (Details)	1 Months Ended	12 Months Ended
Debt - Credit Facility (Details)	Jul. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)
Line of Credit Facility [Line Items]
Debt issuance costs, net		$ 5,000,000
Credit Agreement \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 500,000,000	250,000,000	$ 1,500,000,000
Debt issuance costs, net	$ 3,000,000
Expected life of loan	2 years
Loss on extinguishment of debt	$ 1,000,000
Line of credit facility, accordion feature, increase limit	150,000,000
Letter of credit, credit facility sub-facility, maximum borrowing amount	150,000,000
Line of credit facility, fair value of amount outstanding		$ 0
Cap on cash netting	$ 1,000,000,000
Debt instrument, covenant, leverage ratio, maximum	3.5
Credit Agreement \| Revolving Credit Facility \| Net Leverage Ratio, December 2022
Line of Credit Facility [Line Items]
Debt instrument, covenant, leverage ratio, maximum		5.00
Credit Agreement \| Revolving Credit Facility \| Net Leverage Ratio, March 2023
Line of Credit Facility [Line Items]
Debt instrument, covenant, leverage ratio, maximum		4.75
Credit Agreement \| Revolving Credit Facility \| Net Leverage Ratio, June 2023
Line of Credit Facility [Line Items]
Debt instrument, covenant, leverage ratio, maximum		4.50
Credit Agreement \| Revolving Credit Facility \| Net Leverage Ratio, June 2023 and Thereafter
Line of Credit Facility [Line Items]
Debt instrument, covenant, leverage ratio, maximum		4.25
Credit Agreement \| Revolving Credit Facility \| Interest Coverage Ratio, December 2022
Line of Credit Facility [Line Items]
Debt instrument, covenant, interest coverage ratio		2.50
Credit Agreement \| Revolving Credit Facility \| Interest Coverage Ratio, December 2022 and Thereafter
Line of Credit Facility [Line Items]
Debt instrument, covenant, interest coverage ratio		2.75
Credit Agreement \| Revolving Credit Facility \| Fed Funds Effective Rate Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Initial rate spread	0.50%
Credit Agreement \| Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Initial rate spread	1.00%
Credit Agreement \| Revolving Credit Facility \| Minimum
Line of Credit Facility [Line Items]
Initial rate spread	0.50%
Credit Agreement \| Revolving Credit Facility \| Minimum \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Initial rate spread	1.50%
Credit Agreement \| Revolving Credit Facility \| Maximum
Line of Credit Facility [Line Items]
Initial rate spread	1.25%
Line of credit facility, covenant, number of dividends paid in fiscal year		$ 200,000,000
Line of credit facility, covenant, free cash flow, percentage		50.00%
Credit Agreement \| Revolving Credit Facility \| Maximum \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Initial rate spread	2.25%

Debt - Secured Borrowings and Collateral (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Finance Receivables, Net	$ 4	$ 4
Equipment on operating leases, net	235	253
Debt issuance costs, net	5
Canada \| Secured Borrowing April 2022
Debt Instrument [Line Items]
Finance Receivables, Net	63
Equipment on operating leases, net	0
Secured debt	$ 57
Interest rate	5.45%
France
Debt Instrument [Line Items]
Interest rate	3.03%
Special Purpose Entity (SPE)
Debt Instrument [Line Items]
Expected life of loan	2 years 6 months
Special Purpose Entity (SPE)
Debt Instrument [Line Items]
Finance Receivables, Net	$ 1,376
Equipment on operating leases, net	5
Secured debt	1,042
Debt issuance costs, net	5	1
Special Purpose Entity (SPE) \| United States
Debt Instrument [Line Items]
Finance Receivables, Net	1,078	688
Equipment on operating leases, net	5	8
Secured debt	790	561
Special Purpose Entity (SPE) \| United States \| Secured Borrowing December 2022
Debt Instrument [Line Items]
Finance Receivables, Net	370
Equipment on operating leases, net	0
Secured debt	$ 247
Interest rate	7.43%
Special Purpose Entity (SPE) \| United States \| Secured Borrowing January 2022
Debt Instrument [Line Items]
Finance Receivables, Net	$ 528
Equipment on operating leases, net	0
Secured debt	$ 407
Interest rate	5.83%
Special Purpose Entity (SPE) \| United States \| Secured Borrowing September 2021
Debt Instrument [Line Items]
Finance Receivables, Net	$ 180	308
Equipment on operating leases, net	5	8
Secured debt	$ 136	$ 293
Interest rate	5.65%	1.40%
Special Purpose Entity (SPE) \| United States \| Secured Borrowing December 2020
Debt Instrument [Line Items]
Finance Receivables, Net		$ 380
Equipment on operating leases, net		0
Secured debt		$ 268
Interest rate		1.74%
Special Purpose Entity (SPE) \| France \| Secured Borrowing December 2022
Debt Instrument [Line Items]
Finance Receivables, Net	$ 235
Equipment on operating leases, net	0
Secured debt	$ 195
Interest rate	3.03%

Debt - Interest (Details) $ in Millions	12 Months Ended
Debt - Interest (Details) $ in Millions	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Interest paid	$ 201	$ 203	$ 181
Interest expense	199	207	215
Interest income	$ 218	225	240
Assumed leverage ratio	7
2025 And 2028 Senior Notes \| Senior Notes \| Xerox Corporation
Debt Instrument [Line Items]
Interest expense	$ 80	$ 80	$ 32

Financial Instruments - Schedule of Interest Rate Derivatives (Details)	Dec. 31, 2022 USD ($) derivative	Dec. 31, 2021 USD ($)
Derivative [Line Items]
Derivative contract, outstanding \| derivative	4
Principal Debt	$ 1,042,000,000
Notional Amount	1,541,000,000
Net Fair Value	7,000,000
Debt issuance costs, net	5,000,000
Special Purpose Entity (SPE)
Derivative [Line Items]
Debt issuance costs, net	5,000,000	$ 1,000,000
Secured Borrowing
Derivative [Line Items]
Notional Amount	623,000,000
United States \| Expected Maturity In 2024
Derivative [Line Items]
Principal Debt	407,000,000
Notional Amount	$ 0
Hedged Rate	0.00%
Net Fair Value	$ 0
United States \| Interest rate cap \| Expected Maturity In 2024
Derivative [Line Items]
Principal Debt	136,000,000
Notional Amount	$ 129,000,000
Hedged Rate	0.50%
Net Fair Value	$ 4,000,000
United States \| Interest rate cap \| Expected Maturity In 2025
Derivative [Line Items]
Principal Debt	247,000,000
Notional Amount	$ 247,000,000
Hedged Rate	4.50%
Net Fair Value	$ 1,000,000
Canada \| Interest rate swap \| Expected Maturity In 2025
Derivative [Line Items]
Principal Debt	57,000,000
Notional Amount	$ 52,000,000
Hedged Rate	2.57%
Net Fair Value	$ 1,000,000
France
Derivative [Line Items]
Pre-Hedged Rate	3.03%
France \| Interest rate cap \| Expected Maturity In 2025
Derivative [Line Items]
Principal Debt	$ 195,000,000
Notional Amount	$ 195,000,000
Hedged Rate	3.00%
Net Fair Value	$ 1,000,000

Financial Instruments - Foreign Exchange Risk Management (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Summary of Foreign Exchange Hedging Positions [Abstract]
Gross Notional Value	$ 1,541,000,000
Average maturity of foreign exchange hedging contracts - within three months (percentage)	86.00%
Average maturity of foreign exchange hedging contracts - within three months and six months (percentage)	7.00%
Average maturity of foreign exchange hedging contracts - within six and twelve months (percentage)	7.00%
Exposure increase percent	38.50%
Fair value asset	$ 7,000,000
Derivative assets (liabilities), at fair value, net	15,000,000	$ (6,000,000)
Japanese Yen/U.S. Dollar
Summary of Foreign Exchange Hedging Positions [Abstract]
Gross Notional Value	389,000,000
Euro/U.K. Pound Sterling
Summary of Foreign Exchange Hedging Positions [Abstract]
Gross Notional Value	297,000,000
Japanese Yen/Euro
Summary of Foreign Exchange Hedging Positions [Abstract]
Gross Notional Value	250,000,000
Euro/Canadian Dollar
Summary of Foreign Exchange Hedging Positions [Abstract]
Gross Notional Value	131,000,000
U.S. Dollar/Euro
Summary of Foreign Exchange Hedging Positions [Abstract]
Gross Notional Value	127,000,000
Euro/U.S. Dollar
Summary of Foreign Exchange Hedging Positions [Abstract]
Gross Notional Value	70,000,000
U.S. Dollar/Canadian Dollar
Summary of Foreign Exchange Hedging Positions [Abstract]
Gross Notional Value	53,000,000
Swedish Krona/Euro
Summary of Foreign Exchange Hedging Positions [Abstract]
Gross Notional Value	49,000,000
Euro/Swedish Krona
Summary of Foreign Exchange Hedging Positions [Abstract]
Gross Notional Value	45,000,000
All Other
Summary of Foreign Exchange Hedging Positions [Abstract]
Gross Notional Value	130,000,000
Foreign Exchange Contract
Summary of Foreign Exchange Hedging Positions [Abstract]
Fair value asset	8,000,000
Foreign Exchange Contract \| Japanese Yen/U.S. Dollar
Summary of Foreign Exchange Hedging Positions [Abstract]
Fair value asset	3,000,000
Foreign Exchange Contract \| Euro/U.K. Pound Sterling
Summary of Foreign Exchange Hedging Positions [Abstract]
Fair value asset	6,000,000
Foreign Exchange Contract \| Japanese Yen/Euro
Summary of Foreign Exchange Hedging Positions [Abstract]
Fair value asset	(1,000,000)
Foreign Exchange Contract \| Euro/Canadian Dollar
Summary of Foreign Exchange Hedging Positions [Abstract]
Fair value asset	0
Foreign Exchange Contract \| U.S. Dollar/Euro
Summary of Foreign Exchange Hedging Positions [Abstract]
Fair value asset	(1,000,000)
Foreign Exchange Contract \| Euro/U.S. Dollar
Summary of Foreign Exchange Hedging Positions [Abstract]
Fair value asset	0
Foreign Exchange Contract \| U.S. Dollar/Canadian Dollar
Summary of Foreign Exchange Hedging Positions [Abstract]
Fair value asset	1,000,000
Foreign Exchange Contract \| Swedish Krona/Euro
Summary of Foreign Exchange Hedging Positions [Abstract]
Fair value asset	0
Foreign Exchange Contract \| Euro/Swedish Krona
Summary of Foreign Exchange Hedging Positions [Abstract]
Fair value asset	0
Foreign Exchange Contract \| All Other
Summary of Foreign Exchange Hedging Positions [Abstract]
Fair value asset	0
Cash Flow Hedging
Summary of Foreign Exchange Hedging Positions [Abstract]
Ineffectiveness recorded in the Consolidated Statements of (Loss) Income	0	0	$ 0
Cash Flow Hedging \| Derivatives Designated as Hedging Instruments
Summary of Foreign Exchange Hedging Positions [Abstract]
Derivative assets (liabilities), at fair value, net	$ (4,000,000)	$ (3,000,000)

Financial Instruments - Summary of Derivative Instruments Fair Value (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Summary Of Derivative Instruments By Hedge Designation [Abstract]
Net Derivative Asset (Liability)	$ 15	$ (6)
Other Assets
Summary Of Derivative Instruments By Hedge Designation [Abstract]
Derivative instruments - assets	26	5
Other Liabilities
Summary Of Derivative Instruments By Hedge Designation [Abstract]
Derivative instruments - liabilities	(11)	(11)
Derivatives Designated as Hedging Instruments \| Other Assets
Summary Of Derivative Instruments By Hedge Designation [Abstract]
Net Derivative Asset (Liability)	3
Derivatives Designated as Hedging Instruments \| Other Liabilities
Summary Of Derivative Instruments By Hedge Designation [Abstract]
Net Derivative Asset (Liability)		(2)
Foreign exchange contracts – forwards \| Derivatives Designated as Hedging Instruments \| Other current assets
Summary Of Derivative Instruments By Hedge Designation [Abstract]
Derivative instruments - assets	5	3
Foreign exchange contracts – forwards \| Derivatives Designated as Hedging Instruments \| Accrued expenses and other current liabilities
Summary Of Derivative Instruments By Hedge Designation [Abstract]
Derivative instruments - liabilities	(9)	(6)
Foreign exchange contracts – forwards \| Derivatives NOT Designated as Hedging Instruments
Summary Of Derivative Instruments By Hedge Designation [Abstract]
Net Derivative Asset (Liability)	12	(4)
Foreign exchange contracts – forwards \| Derivatives NOT Designated as Hedging Instruments \| Other current assets
Summary Of Derivative Instruments By Hedge Designation [Abstract]
Derivative instruments - assets	14	1
Foreign exchange contracts – forwards \| Derivatives NOT Designated as Hedging Instruments \| Accrued expenses and other current liabilities
Summary Of Derivative Instruments By Hedge Designation [Abstract]
Derivative instruments - liabilities	(2)	(5)
Interest rate cap \| Derivatives Designated as Hedging Instruments \| Other long-term assets
Summary Of Derivative Instruments By Hedge Designation [Abstract]
Derivative instruments - assets	6	1
Interest rate swap \| Derivatives Designated as Hedging Instruments \| Other long-term assets
Summary Of Derivative Instruments By Hedge Designation [Abstract]
Derivative instruments - assets	$ 1	$ 0

Financial Instruments - Summary of Derivative Instruments Gain (Losses) (Details) - USD ($)

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Derivative (Loss) Gain Recognized in OCI (Effective Portion)

^[1]

$ (2,000,000)

$ (4,000,000)

$ 4,000,000

Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]

Other expenses, net

Foreign currency transaction loss, before tax

$ 13,000,000

7,000,000

3,000,000

Cash Flow Hedging

Derivative Instruments, Gain (Loss) [Line Items]

Ineffectiveness recorded in the Consolidated Statements of (Loss) Income

Foreign exchange contracts – forwards/options | Derivatives NOT Designated as Hedging Instruments

Derivative Instruments, Gain (Loss) [Line Items]

Ineffectiveness recorded in the Consolidated Statements of (Loss) Income

17,000,000

(26,000,000)

14,000,000

Foreign exchange contracts – forwards/options | Cash Flow Hedging

Derivative Instruments, Gain (Loss) [Line Items]

Derivative (Loss) Gain Recognized in OCI (Effective Portion)

(41,000,000)

(12,000,000)

4,000,000

Interest rate contracts | Cash Flow Hedging

Derivative Instruments, Gain (Loss) [Line Items]

Derivative (Loss) Gain Recognized in OCI (Effective Portion)

6,000,000

Effective Portion

Derivative Instruments, Gain (Loss) [Line Items]

Derivative (Loss) Gain Recognized in OCI (Effective Portion)

(35,000,000)

(12,000,000)

4,000,000

(Loss) Gain Reclassified from AOCI to Income (Effective Portion)

(35,000,000)

(7,000,000)

(1,000,000)

Cost of Sales | Foreign exchange contracts – forwards/options | Cash Flow Hedging

Derivative Instruments, Gain (Loss) [Line Items]

(Loss) Gain Reclassified from AOCI to Income (Effective Portion)

(36,000,000)

(7,000,000)

(1,000,000)

Interest Expense | Interest rate contracts | Cash Flow Hedging

Derivative Instruments, Gain (Loss) [Line Items]

(Loss) Gain Reclassified from AOCI to Income (Effective Portion)

$ 1,000,000

$ 0

[1]	Refer to Note 24 - Other Comprehensive (Loss) Income for gross components of Other Comprehensive (Loss) Income, reclassification adjustments out of Accumulated Other Comprehensive Loss and related tax effects.

Fair Value of Financial Assets and Liabilities - Recurring (Details) - Fair Value, Recurring - Significant Other Observable Inputs (Level 2) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Assets:
Total	$ 41	$ 23
Liabilities:
Total	25	29
Foreign exchange contracts – forwards
Assets:
Total	19	4
Liabilities:
Total	11	11
Interest rate cap
Assets:
Total	6	1
Interest rate swap
Assets:
Total	1	0
Deferred Compensation
Assets:
Total	15	18
Liabilities:
Total	$ 14	$ 18

Fair Value of Financial Assets and Liabilities - Nonrecurring (Details) - Fair Value, Nonrecurring - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	$ 1,045	$ 1,840
Accounts receivable, net	857	818
Short-term debt and current portion of long-term debt	860	650
Total Long-term debt	2,866	3,596
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	1,045	1,840
Accounts receivable, net	857	818
Short-term debt and current portion of long-term debt	861	653
Total Long-term debt	2,498	3,776
Xerox Holdings Corporation \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Long-term debt	1,496	1,494
Xerox Holdings Corporation \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Long-term debt	1,294	1,579
Xerox Corporation \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Long-term debt	894	1,892
Xerox Corporation \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Long-term debt	726	1,987
Xerox - Other Subsidiaries \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Long-term debt	476	210
Xerox - Other Subsidiaries \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Long-term debt	$ 478	$ 210

Employee Benefit Plans (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Millions	Apr. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Change in Benefit Obligation:
Plan amendment	$ 73
Change in Plan Assets:
Employer contributions		$ 124
Amounts Recognized in the Consolidated Balance Sheets:
Pension and other benefit liabilities		(1,175)	$ (1,373)
Post-retirement medical benefits		(184)	(277)
Pension Plan
Change in Benefit Obligation:
Benefit obligation - beginning		9,915
Benefit obligation - ending		6,585	9,915
Change in Plan Assets:
Fair value of plan assets - beginning		9,796
Employer contributions		105
Fair value of plan assets - ending		6,112	9,796
Net funded status		(473)	(119)
Pension Plan \| United States
Change in Benefit Obligation:
Benefit obligation - beginning		3,372	3,747
Service cost		1	2	$ 2
Interest (income) cost		(65)	80	196
Plan participants' contributions		0	0
Actuarial gain		(643)	(86)
Currency exchange rate changes		0	0
Plan amendment		0	0
Plan curtailments		0	0
Benefits paid/settlements		(320)	(371)
Other		0	0
Benefit obligation - ending		2,345	3,372	3,747
Change in Plan Assets:
Fair value of plan assets - beginning		2,544	2,802
Actual return on plan assets		(730)	89
Employer contributions		24	24
Plan participants' contributions		0	0
Currency exchange rate changes		0	0
Benefits paid/settlements		(320)	(371)
Other		0	0
Fair value of plan assets - ending		1,518	2,544	2,802
Net funded status		(827)	(828)
Amounts Recognized in the Consolidated Balance Sheets:
Other long-term assets		0	0
Accrued compensation and benefit costs		(24)	(24)
Pension and other benefit liabilities		(803)	(804)
Post-retirement medical benefits		0	0
Net Amounts Recognized		(827)	(828)
Accumulated Benefit Obligation		2,345	3,372
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract]
Net actuarial loss (gain)		692	745
Prior service cost (credit)		0	0
Total loss (gain) - Pre-tax		692	745
Pension Plan \| Non-U.S.
Change in Benefit Obligation:
Benefit obligation - beginning		6,543	7,159
Service cost		16	20	20
Interest (income) cost		123	88	113
Plan participants' contributions		2	3
Actuarial gain		(1,697)	(233)
Currency exchange rate changes		(534)	(193)
Plan amendment		72	0
Plan curtailments		(20)	(4)
Benefits paid/settlements		(265)	(297)
Other		0	0
Benefit obligation - ending		4,240	6,543	7,159
Change in Plan Assets:
Fair value of plan assets - beginning		7,252	7,199
Actual return on plan assets		(1,865)	415
Employer contributions		81	111
Plan participants' contributions		2	3
Currency exchange rate changes		(609)	(178)
Benefits paid/settlements		(265)	(297)
Other		(2)	(1)
Fair value of plan assets - ending		4,594	7,252	7,199
Net funded status		354	709
Amounts Recognized in the Consolidated Balance Sheets:
Other long-term assets		667	1,211
Accrued compensation and benefit costs		(19)	(21)
Pension and other benefit liabilities		(294)	(481)
Post-retirement medical benefits		0	0
Net Amounts Recognized		354	709
Accumulated Benefit Obligation		4,194	6,412
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract]
Net actuarial loss (gain)		1,202	939
Prior service cost (credit)		99	29
Total loss (gain) - Pre-tax		1,301	968
Retiree Health
Change in Benefit Obligation:
Benefit obligation - beginning		303	370
Service cost		1	2	2
Interest (income) cost		8	8	12
Plan participants' contributions		9	8
Actuarial gain		(59)	(1)
Currency exchange rate changes		(7)	0
Plan amendment		(26)	(50)
Plan curtailments		0	0
Benefits paid/settlements		(27)	(34)
Other		7	0
Benefit obligation - ending		209	303	370
Change in Plan Assets:
Fair value of plan assets - beginning		0	0
Actual return on plan assets		0	0
Employer contributions		19	25
Plan participants' contributions		8	8
Currency exchange rate changes		0	0
Benefits paid/settlements		(27)	(33)
Other		0	0
Fair value of plan assets - ending		0	0	$ 0
Net funded status		(209)	(303)
Amounts Recognized in the Consolidated Balance Sheets:
Other long-term assets		0	0
Accrued compensation and benefit costs		(25)	(26)
Pension and other benefit liabilities		0	0
Post-retirement medical benefits		(184)	(277)
Net Amounts Recognized		(209)	(303)
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract]
Net actuarial loss (gain)		(79)	(25)
Prior service cost (credit)		(94)	(83)
Total loss (gain) - Pre-tax		$ (173)	$ (108)

Employee Benefit Plans - Accumulated Benefit Obligation in Excess of Plan Assets (Details) - Pension Plan - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Accumulated Benefit Obligation	$ 2,693	$ 3,993
Fair Value of Plan Assets	1,556	2,688
Projected Benefit Obligation	2,698	4,629
Fair Value of Plan Assets	1,556	3,295
United States
Defined Benefit Plan Disclosure [Line Items]
Accumulated Benefit Obligation	2,345	3,372
Fair Value of Plan Assets	1,518	2,544
Projected Benefit Obligation	2,345	3,372
Fair Value of Plan Assets	1,518	2,544
Non-U.S.
Defined Benefit Plan Disclosure [Line Items]
Accumulated Benefit Obligation	348	621
Fair Value of Plan Assets	38	144
Projected Benefit Obligation	353	1,257
Fair Value of Plan Assets	38	751
Underfunded Plan \| United States
Defined Benefit Plan Disclosure [Line Items]
Accumulated Benefit Obligation	2,098	3,056
Fair Value of Plan Assets	1,518	2,544
Projected Benefit Obligation	2,098	3,056
Fair Value of Plan Assets	1,518	2,544
Underfunded Plan \| Non-U.S.
Defined Benefit Plan Disclosure [Line Items]
Accumulated Benefit Obligation	44	181
Fair Value of Plan Assets	38	144
Projected Benefit Obligation	45	810
Fair Value of Plan Assets	38	751
Unfunded Plan \| United States
Defined Benefit Plan Disclosure [Line Items]
Accumulated Benefit Obligation	247	316
Fair Value of Plan Assets	0	0
Projected Benefit Obligation	247	316
Fair Value of Plan Assets	0	0
Unfunded Plan \| Non-U.S.
Defined Benefit Plan Disclosure [Line Items]
Accumulated Benefit Obligation	304	440
Fair Value of Plan Assets	0	0
Projected Benefit Obligation	308	447
Fair Value of Plan Assets	$ 0	$ 0

Employee Benefit Plans - Pension Plan Assets and Benefit Obligations (Details) - Pension Plan - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets	$ 6,112	$ 9,796
Projected Benefit Obligation	6,585	9,915
Net Funded Status	(473)	(119)
United States
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets	1,518	2,544	$ 2,802
Projected Benefit Obligation	2,345	3,372	3,747
Net Funded Status	(827)	(828)
Non-U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets	4,594	7,252	7,199
Projected Benefit Obligation	4,240	6,543	$ 7,159
Net Funded Status	354	709
U.K.
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets	2,903	4,914
Projected Benefit Obligation	2,439	3,870
Net Funded Status	464	1,044
Netherlands
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets	793	1,174
Projected Benefit Obligation	729	1,145
Net Funded Status	64	29
Canada
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets	553	746
Projected Benefit Obligation	532	747
Net Funded Status	21	(1)
Germany
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets	0	0
Projected Benefit Obligation	237	346
Net Funded Status	(237)	(346)
Other
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets	345	418
Projected Benefit Obligation	303	435
Net Funded Status	42	(17)
Funded Plan \| United States
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets	1,518	2,544
Projected Benefit Obligation	2,098	3,056
Net Funded Status	(580)	(512)
Unfunded Plan \| United States
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets	0	0
Projected Benefit Obligation	247	316
Net Funded Status	$ (247)	$ (316)

Employee Benefit Plans - Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract]
Interest (income) expense on non-TRA obligations	$ 205	$ 150	$ 184
Interest (income) expense allocated to TRA participant accounts	(147)	18	125
Expected investment income on non-TRA assets	302	307	283
Actual investment income (loss) on TRA assets	(147)	18	125
Pension Plan \| United States
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	1	2	2
Interest (income) cost	(65)	80	196
Expected return on plan assets	71	(117)	(217)
Recognized net actuarial loss (gain)	13	17	27
Amortization of prior service credit	0	(1)	(2)
Recognized settlement loss	56	54	53
Recognized curtailment gain	0	0	0
Defined Benefit Plans	76	35	59
Defined contribution plans	20	0	1
Net Periodic Benefit Cost (Credit)	96	35	60
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract]
Net actuarial loss (gain)	16	(57)	(105)
Prior service cost (credit)	0	0	0
Amortization of net actuarial (loss) gain	(69)	(71)	(80)
Amortization of net prior service credit	0	1	2
Curtailment gain	0	0	0
Total Recognized in Other Comprehensive (Loss) Income	(53)	(127)	(183)
Total Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Loss) Income	43	(92)	(123)
Pension Plan \| Non-U.S.
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	16	20	20
Interest (income) cost	123	88	113
Expected return on plan assets	(226)	(208)	(191)
Recognized net actuarial loss (gain)	23	59	58
Amortization of prior service credit	1	(1)	(1)
Recognized settlement loss	0	1	1
Recognized curtailment gain	(4)	(4)	(1)
Defined Benefit Plans	(67)	(45)	(1)
Defined contribution plans	17	18	18
Net Periodic Benefit Cost (Credit)	(50)	(27)	17
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract]
Net actuarial loss (gain)	368	(425)	(9)
Prior service cost (credit)	72	(4)	4
Amortization of net actuarial (loss) gain	(23)	(60)	(59)
Amortization of net prior service credit	(1)	1	1
Curtailment gain	4	4	1
Total Recognized in Other Comprehensive (Loss) Income	420	(484)	(62)
Total Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Loss) Income	370	(511)	(45)
Retiree Health
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	1	2	2
Interest (income) cost	8	8	12
Expected return on plan assets	0	0	0
Recognized net actuarial loss (gain)	(4)	1	(1)
Amortization of prior service credit	(8)	(66)	(76)
Recognized settlement loss	0	0	0
Recognized curtailment gain	0	0	0
Defined Benefit Plans	(3)	(55)	(63)
Net Periodic Benefit Cost (Credit)	(3)	(55)	(63)
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract]
Net actuarial loss (gain)	(57)	(1)	4
Prior service cost (credit)	(26)	(50)	(11)
Amortization of net actuarial (loss) gain	4	(1)	1
Amortization of net prior service credit	15	66	76
Curtailment gain	0	0	0
Total Recognized in Other Comprehensive (Loss) Income	(64)	14	70
Total Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Loss) Income	$ (67)	$ (41)	$ 7

Employee Benefit Plans - Plan Amendments (Details) £ in Millions, $ in Millions	1 Months Ended			12 Months Ended
	Apr. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Oct. 31, 2020 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 GBP (£)	Dec. 31, 2021 USD ($)	Dec. 31, 2022 GBP (£)	Nov. 30, 2020 USD ($)	Nov. 30, 2020 GBP (£)	Dec. 31, 2018 USD ($)	Dec. 31, 2018 GBP (£)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, pension award payment, percentage	7.50%
Plan amendment	$ 73
United States of America, Dollars
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Reduction of accounted for as an actuarial gain				$ 24
United Kingdom, Pounds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Reduction of accounted for as an actuarial gain \| £					£ 20
Pension Plan \| United States of America, Dollars
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Cost of equalization								$ 4		$ 42
Cost before equalization				19
Pension Plan \| United Kingdom, Pounds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Cost of equalization \| £									£ 3		£ 33
Cost before equalization \| £							£ 16
Pension Plan \| United States
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Reduction of accounted for as an actuarial gain				643		$ 86
Plan amendment				0		0
Pension Plan \| Non-U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Reduction of accounted for as an actuarial gain				1,697		233
Plan amendment				72		0
Retiree Health
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Reduction of accounted for as an actuarial gain				59		1
Plan amendment				(26)		$ (50)
Retiree Health \| United States
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Accumulated benefit obligation, increase (decrease) for plan amendment		$ 50	$ 11	$ 30

Employee Benefit Plans - Defined Benefit Plans Measured Using Significant Unobservable Inputs Level 3 (Details) - Pension Plan - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	$ 9,796
Fair value of plan assets - ending	6,112	$ 9,796
U.S.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	2,544	2,802
Fair value of plan assets - ending	1,518	2,544
U.S. \| Real estate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	61
Fair value of plan assets - ending	70	61
U.S. \| Guaranteed Insurance Contracts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	0
Fair value of plan assets - ending	0	0
U.S. \| Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	51
Fair value of plan assets - ending	57	51
U.S. \| Level 3 \| Real estate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	51	31
Purchases	0	15
Sales	(2)	0
Unrealized gains (losses)	8	5
Currency translation	0	0
Fair value of plan assets - ending	57	51
U.S. \| Level 3 \| Guaranteed Insurance Contracts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	0
Fair value of plan assets - ending	0	0
Non-U.S.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	7,252	7,199
Fair value of plan assets - ending	4,594	7,252
Non-U.S. \| Real estate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	276
Fair value of plan assets - ending	215	276
Non-U.S. \| Guaranteed Insurance Contracts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	75
Fair value of plan assets - ending	483	75
Non-U.S. \| Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	243	297
Purchases	569	10
Sales	(24)	(38)
Unrealized gains (losses)	(142)	(10)
Currency translation	(15)	(16)
Fair value of plan assets - ending	631	243
Non-U.S. \| Level 3 \| Real estate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	164	208
Purchases	0	10
Sales	(19)	(33)
Unrealized gains (losses)	(10)	(12)
Currency translation	9	(9)
Fair value of plan assets - ending	144	164
Non-U.S. \| Level 3 \| Private Equity/Venture Capital
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	4	3
Purchases	0	0
Sales	0	0
Unrealized gains (losses)	1	1
Currency translation	(1)	0
Fair value of plan assets - ending	4	4
Non-U.S. \| Level 3 \| Guaranteed Insurance Contracts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	75	86
Purchases	569	0
Sales	(5)	(5)
Unrealized gains (losses)	(133)	1
Currency translation	(23)	(7)
Fair value of plan assets - ending	$ 483	$ 75

Employee Benefit Plans - Investment Strategy (Details) - Pension Plan	Dec. 31, 2022	Dec. 31, 2021
U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, allocation (percentage)	100.00%	100.00%
Non-U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, allocation (percentage)	100.00%	100.00%
Equity Investments \| U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, allocation (percentage)	24.00%	24.00%
Equity Investments \| Non-U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, allocation (percentage)	11.00%	15.00%
Fixed income investments \| U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, allocation (percentage)	60.00%	60.00%
Fixed income investments \| Non-U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, allocation (percentage)	36.00%	44.00%
Real estate \| U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, allocation (percentage)	6.00%	6.00%
Real estate \| Non-U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, allocation (percentage)	5.00%	4.00%
Private equity/venture capital \| U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, allocation (percentage)	8.00%	8.00%
Private equity/venture capital \| Non-U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, allocation (percentage)	25.00%	24.00%
Other \| U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, allocation (percentage)	2.00%	2.00%
Other \| Non-U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, allocation (percentage)	23.00%	13.00%

Employee Benefit Plans - Contributions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer contributions	$ 124
Expected future employer contribution, next fiscal year	100
Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer contributions	105
Expected future employer contribution, next fiscal year	75
Retiree Health
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer contributions	19	$ 25
Expected future employer contribution, next fiscal year	25
U.S. \| Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer contributions	24	24
Expected future employer contribution, next fiscal year	50
U.S. \| Pension Plan \| Tax Qualified
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Expected future employer contribution, next fiscal year	25
Non-U.S. \| Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer contributions	81	$ 111
Expected future employer contribution, next fiscal year	$ 25

Amount of contribution received by defined benefit plan from employer which increases plan assets.

Employee Benefit Plans - Estimated Future Benefit Payments (Details) $ in Millions	Dec. 31, 2022 USD ($)
Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
2022	$ 527
2023	506
2024	503
2025	505
2026	504
Years 2028-2032	2,459
Retiree Health
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
2022	25
2023	21
2024	20
2025	18
2026	17
Years 2028-2032	68
United States \| Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
2022	265
2023	235
2024	227
2025	221
2026	215
Years 2028-2032	906
Non-U.S. \| Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
2022	262
2023	271
2024	276
2025	284
2026	289
Years 2028-2032	$ 1,553

Employee Benefit Plans - Assumptions (Details)	12 Months Ended
Employee Benefit Plans - Assumptions (Details)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Retiree Health
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate assumptions used to determine benefit obligations (percentage)		5.00%	2.70%	2.20%
Discount rate assumptions used to determine net periodic benefit costs (percentage)		2.70%	2.20%	3.00%
Retiree Health \| Forecasted
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate assumptions used to determine net periodic benefit costs (percentage)	5.00%
United States \| Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate assumptions used to determine benefit obligations (percentage)		5.10%	2.70%	2.20%
Rate of compensation increase assumptions used to determine benefit obligation (percentage)		0.00%	0.10%	0.10%
Interest crediting rate used to determine benefit obligation (percentage)		4.50%	2.80%	2.80%
Discount rate assumptions used to determine net periodic benefit costs (percentage)		2.70%	2.20%	3.10%
Expected return on plan assets assumptions used to determine net periodic benefit cost (percentage)		5.90%	5.90%	6.00%
Rate of compensation increase assumptions used to determine net periodic benefit cost (percentage)		0.10%	0.10%	0.20%
Interest crediting rate used to determine net periodic benefit cost (percentage)		2.50%	2.80%	2.80%
United States \| Pension Plan \| Forecasted
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate assumptions used to determine net periodic benefit costs (percentage)	5.10%
Expected return on plan assets assumptions used to determine net periodic benefit cost (percentage)	8.10%
Rate of compensation increase assumptions used to determine net periodic benefit cost (percentage)	0.00%
Interest crediting rate used to determine net periodic benefit cost (percentage)	4.50%
Non-U.S. \| Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate assumptions used to determine benefit obligations (percentage)		4.50%	1.80%	1.30%
Rate of compensation increase assumptions used to determine benefit obligation (percentage)		2.90%	2.80%	2.60%
Interest crediting rate used to determine benefit obligation (percentage)		2.10%	1.50%	1.50%
Discount rate assumptions used to determine net periodic benefit costs (percentage)		1.80%	1.30%	1.80%
Expected return on plan assets assumptions used to determine net periodic benefit cost (percentage)		3.20%	3.10%	3.30%
Rate of compensation increase assumptions used to determine net periodic benefit cost (percentage)		2.80%	2.60%	2.60%
Interest crediting rate used to determine net periodic benefit cost (percentage)		1.50%	1.50%	1.50%
Non-U.S. \| Pension Plan \| Forecasted
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate assumptions used to determine net periodic benefit costs (percentage)	4.50%
Expected return on plan assets assumptions used to determine net periodic benefit cost (percentage)	4.30%
Rate of compensation increase assumptions used to determine net periodic benefit cost (percentage)	2.90%
Interest crediting rate used to determine net periodic benefit cost (percentage)	2.10%

Employee Benefit Plans - Assumed Health Care Cost (Details) - Retiree Health	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Health care cost trend rate assumed for next year (percentage)	5.10%	5.30%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)(percentage)	4.30%	4.30%

Employee Benefit Plans - Defined Contribution Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Employer discretionary contribution	$ 37	$ 18	$ 19

Income and Other Taxes (Details) - USD ($) $ in Millions	12 Months Ended
Income and Other Taxes (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Domestic (loss) income	$ (319)	$ (343)	$ 353
Foreign (loss) income	(9)	(132)	(101)
(Loss) Income before Income Taxes and Equity Income	$ (328)	$ (475)	$ 252

Income and Other Taxes - Income Tax Expense (Benefit), Current Deferred, by Jurisdiction (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Current federal tax expense (benefit)	$ (5)	$ 33	$ 3
Deferred federal income tax expense (benefit)	(16)	(61)	58
Current foreign tax expense	23	29	19
Deferred foreign income tax expense (benefit)	(2)	(20)	(34)
Current state tax expense	6	10	8
Deferred state income tax (benefit) expense	(9)	(8)	10
Income Tax (Benefit) Expense	$ (3)	$ (17)	$ 64

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

Income and Other Taxes - Reconciliation of Statutory Tax Rate to Effective Tax Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
U.S. federal statutory income tax rate	21.00%	21.00%	21.00%
Nondeductible expenses	(3.60%)	(1.90%)	4.10%
Effect of tax law changes	0.10%	3.10%	(10.50%)
Change in valuation allowance for deferred tax assets	(2.20%)	2.00%	9.90%
State taxes, net of federal benefit	0.30%	(0.60%)	5.50%
Audit and other tax return adjustments	(1.60%)	5.60%	1.40%
Tax-exempt income, credits and incentives	8.70%	4.50%	(5.90%)
Foreign rate differential adjusted for U.S. taxation of foreign profits	(0.10%)	(0.90%)	(2.60%)
Stock-based compensation	(0.60%)	(0.20%)	2.30%
Goodwill impairment	(22.00%)	(29.10%)	0.00%
Other	0.90%	0.10%	0.20%
Effective Income Tax Rate	0.90%	3.60%	25.40%
Income taxes to federal, foreign and state jurisdictions	$ 50	$ 61	$ 32

Income and Other Taxes - Allocation of Income Tax Expense Benefit (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Interperiod Allocaion [Line Items]
Income tax expense	$ (3)	$ (17)	$ 64
Total Income Tax Expense	66	121	105
Changes in defined benefit plans
Income Tax Interperiod Allocaion [Line Items]
Other comprehensive income (loss), tax	70	143	43
Cash flow hedges
Income Tax Interperiod Allocaion [Line Items]
Other comprehensive income (loss), tax	(1)	(1)	1
Translation adjustments
Income Tax Interperiod Allocaion [Line Items]
Other comprehensive income (loss), tax	$ 0	$ (4)	$ (3)

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

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Number of classes of stock outstanding | class

Income and Other Taxes - Unrecognized Tax Benefits Rollforward (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 107	$ 115	$ 127
Additions related to current year	3	7	3
Additions related to prior years positions	4	0	8
Reductions related to prior years positions	0	(14)	(10)
Settlements with taxing authorities	0	7
Settlements with taxing authorities			(8)
Reductions related to lapse of statute of limitations	(3)	(7)	(7)
Currency	(1)	(1)
Currency			2
Ending balance	110	107	115
Tax positions, highly certain of realizability but with uncertainty of timing	1	1	8
Accruals for payment of interest and penalties	$ (1)	$ 1	$ 4

Income and Other Taxes - Deferred Tax Asset and Liability (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 1986
Deferred Tax Assets And Liabilities [Line Items]
Research and development	$ 204	$ 185
Post-retirement medical benefits	54	78
Net operating losses	380	363
Operating reserves, accruals and deferrals	173	133
Tax credit carryforwards	122	143
Deferred and share-based compensation	26	24
Pension	97	7
Depreciation	2	31
Operating lease liabilities	49	62
Other	31	36
Subtotal	1,138	1,062
Valuation allowance	(366)	(357)
Total	772	705
Finance lease and installment sales	72	61
Intangibles and goodwill	115	122
Unremitted earnings of foreign subsidiaries	26	31
Operating lease ROU assets	46	58
Other	26	22
Total	285	294
Total Deferred Taxes, Net	487	411
Deferred tax assets	582	519
Valuation allowance, increase (decrease) in amount	9	(39)	$ (3)
Tax credit carryforwards	122
Carryforwards with no expiration
Deferred Tax Assets And Liabilities [Line Items]
Tax credit carryforwards	3
Deferred tax assets, operating loss carryforwards, not subject to expiration	1,600
Carryforwards that expire
Deferred Tax Assets And Liabilities [Line Items]
Tax credit carryforwards	119
Operating loss carryforwards	513
Other long-term liabilities
Deferred Tax Assets And Liabilities [Line Items]
Deferred tax liabilities	$ (95)	(108)
Accounting Standards Update 2018-05
Deferred Tax Assets And Liabilities [Line Items]
Undistributed earnings of foreign subsidiaries		$ 330		$ 310

Contingencies and Litigation - Brazil Contingencies (Details) - Brazil Contingencies - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Loss Contingencies [Line Items]
Tax contingency - unreserved	$ 340	$ 292
Escrow cash deposits	36	32
Surety bonds	80	96
Letters of credit	63	74
Liens on Brazilian assets	$ 0	$ 0

Contingencies and Litigation - Narrative (Details) $ in Millions		12 Months Ended
	Mar. 10, 2021 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 13, 2019 action
Loss Contingencies [Line Items]
Number of causes of action \| action					4
Product warranty expense		$ 7	$ 8	$ 8
Product warranty accrual		6	$ 6
Contractual and Corporate Obligations Guarantee and surety bonds
Loss Contingencies [Line Items]
Guarantor obligations, maximum exposure, undiscounted		$ 255
Xerox Holdings Corporation
Loss Contingencies [Line Items]
Breach of contract, per-occurrence coverage, amount	$ 1,000
Business interruption, projected losses	$ 300

Preferred Stock (Details)
$ / shares in Units, $ in Millions

12 Months Ended

Dec. 31, 2022

USD ($)

class

day

vote

$ / shares

Dec. 31, 2021

USD ($)

Dec. 31, 2020

USD ($)

Class of Stock [Line Items]

Preferred stock, carrying value

$ 214

Preferred stock, annual dividend

^[1]

$ 14

Initial conversion price per share of common stock (in dollars per share) | $ / shares

$ 26.70

Minimum number of trading days C/S close price must exceed conversion price to trigger Pfd Stock conversion | day

Number of trading days used for measurement | day

Common Stock

Class of Stock [Line Items]

Preferred stock converted into common shares (in shares) | shares

37.4532

Preferred stock conversion to common stock, shares (in shares) | shares

6,742,000

Maximum common stock closing price, triggering conversion (in dollars per share) | $ / shares

$ 39.00

Maximum common stock closing price, percent, triggering conversion

146.10%

Series A

Class of Stock [Line Items]

Preferred stock converted into common shares (in shares) | shares

180,000

Preferred stock, aggregate liquidation value

$ 180

Preferred stock, carrying value

$ 214

Preferred stock, dividend rate, percentage

8.00%

Preferred stock, annual dividend

$ 14

Common stock, capital shares reserved for future issuance (in shares) | shares

6,742,000

Number of votes per ten shares | vote

Preferred stock, number of votes if converted | vote

674,157

[1]	Cash dividends declared on preferred stock for 2022, 2021 and 2020 were $20 per share on a quarterly basis and $80 per share on an annual basis.

Shareholders' Equity - Equity Stocks Information (Details)	Dec. 31, 2022 $ / shares shares
Stockholders' Equity Note [Abstract]
Preferred stock, shares authorized (in shares) \| shares	22,000,000
Preferred stock, par value (in dollars per share) \| $ / shares	$ 1.00
Common stock, authorized (in shares) \| shares	437,500,000
Par value of common stock (in dollars per share) \| $ / shares	$ 1.00

Shareholders' Equity - Treasury Stock (Details) - Treasury Stock - Share Repurchase Program - USD ($) shares in Thousands	15 Months Ended
	Dec. 31, 2022	Oct. 31, 2021
Schedule of Common Stock and Treasury Stock [Line Items]
Authorized share repurchase program	$ 500,000,000	$ 500,000,000
Share repurchase cost	500,000,000
Share repurchase fees	$ 1,000,000
Number of shares repurchased	24,575

Shareholders' Equity - Common Stock and Treasury Stock Period Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, authorized (in shares)	437,500,000
Par value of common stock (in dollars per share)	$ 1.00
Common stock issued (in shares)	155,781,000	168,069,000
Common stock outstanding (in shares)	155,781,000	159,394,000
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning	168,069,000	198,386,000	214,621,000
Stock based compensation plans, net	1,561,000	1,206,000	1,390,000
Acquisition of Treasury stock	0	0	0
Cancellation of Treasury stock	(13,849,000)	(31,523,000)	(17,625,000)
Balance, ending	155,781,000	168,069,000	198,386,000
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning	8,675,000	0	2,031,000
Stock based compensation plans, net	0	0	0
Acquisition of Treasury stock	5,174,000	40,198,000	15,594,000
Cancellation of Treasury stock	(13,849,000)	(31,523,000)	(17,625,000)
Balance, ending	0	8,675,000	0
Xerox Corporation
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, authorized (in shares)	1,000,000,000
Par value of common stock (in dollars per share)	$ 1.00
Common stock issued (in shares)	100,000,000
Common stock outstanding (in shares)	100,000,000

Stock-Based Compensation - Narrative (Details) - USD ($) shares in Thousands, $ in Millions	1 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Stock-Based Compensation Details [Line Items]
Number of shares available for grant (in shares)		9,000	8,000
Performance period		3 years
Stock-based compensation expense, pre-tax		$ 75	$ 54	$ 42
Performance Shares
Stock-Based Compensation Details [Line Items]
Weighting of measurement components (percentage)		100.00%	100.00%	100.00%
Approximation of grant date fair value				50.00%
Performance Shares \| Revenue
Stock-Based Compensation Details [Line Items]
Weighting of measurement components (percentage)		0.00%	25.00%	25.00%
Performance Shares \| Performance-Based
Stock-Based Compensation Details [Line Items]
Performance share maximum overachievement		100.00%
Performance Shares \| Performance Based - Actual Results
Stock-Based Compensation Details [Line Items]
Performance-based metric performance period (years)		3 years
Performance Shares \| TSR
Stock-Based Compensation Details [Line Items]
Performance period		3 years	3 years	3 years	3 years
Total number of trading days of performance period		20 days
Performance Shares \| Minimum
Stock-Based Compensation Details [Line Items]
Performance shares entitlement of original award grant (percentage)		0.00%
Performance Shares \| Maximum
Stock-Based Compensation Details [Line Items]
Performance shares entitlement of original award grant (percentage)		200.00%
Stock options
Stock-Based Compensation Details [Line Items]
Options outstanding, term (years)						10 years
Granted (in shares)		0	0	0
Stock options \| CareAR Holdings LLC
Stock-Based Compensation Details [Line Items]
Number of shares available for grant (in shares)	105
Stock-based compensation expense, pre-tax	$ 30
Granted (in shares)	90
Share-based payment arrangement, nonvested award	4 years 8 months 12 days
Share-based compensation arrangement expiration period	10 years
Stock options \| CareAR Holdings LLC \| Graded vesting after year three of service period
Stock-Based Compensation Details [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting rights (percentage)	20.00%
Stock options \| CareAR Holdings LLC \| Graded vesting after year one of service period
Stock-Based Compensation Details [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting rights (percentage)	10.00%
Stock options \| CareAR Holdings LLC \| Graded vesting after year two of service period
Stock-Based Compensation Details [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting rights (percentage)	10.00%
Stock options \| CareAR Holdings LLC \| Graded vesting after year four of service period
Stock-Based Compensation Details [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting rights (percentage)	20.00%
Stock options \| CareAR Holdings LLC \| Graded vesting after year five of service period
Stock-Based Compensation Details [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting rights (percentage)	40.00%
Stock options \| Minimum \| CareAR Holdings LLC
Stock-Based Compensation Details [Line Items]
Share-based compensation arrangement expiration period	90 days
Stock options \| Maximum \| CareAR Holdings LLC
Stock-Based Compensation Details [Line Items]
Share-based compensation arrangement expiration period	1 year

Stock-Based Compensation - Stock-based compensation expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Payment Arrangement [Abstract]
Stock-based compensation expense, pre-tax	$ 75	$ 54	$ 42
Income tax benefit recognized in earnings	11	$ 13	$ 11
Accelerated vesting, cost	$ 21

Stock-Based Compensation - Performance Share Units (Details) - Performance Shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Stock-Based Compensation Details [Line Items]
Weighting of measurement components (percentage)	100.00%	100.00%	100.00%
Earnings per share
Stock-Based Compensation Details [Line Items]
Weighting of measurement components (percentage)	50.00%	0.00%	0.00%
Revenue
Stock-Based Compensation Details [Line Items]
Weighting of measurement components (percentage)	0.00%	25.00%	25.00%
Free cash flow
Stock-Based Compensation Details [Line Items]
Weighting of measurement components (percentage)	0.00%	25.00%	25.00%
Absolute share price
Stock-Based Compensation Details [Line Items]
Weighting of measurement components (percentage)	50.00%	50.00%	50.00%

Stock-Based Compensation - Measurement Inputs (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Stock-Based Compensation Details [Line Items]
Term (years)	3 years
Performance Shares
Stock-Based Compensation Details [Line Items]
Weighted average fair value (in dollars per share)	$ 25.72	$ 24.67	$ 37.59
TSR \| Performance Shares
Stock-Based Compensation Details [Line Items]
Term (years)	3 years	3 years	3 years	3 years
Risk-free interest rate (percentage)	1.09%	0.20%	1.60%	2.51%
Dividend yield (percentage)	4.87%	4.66%	2.80%	3.97%
Historical volatility (percentage)	42.07%	44.76%	29.49%	32.95%
Weighted average fair value (in dollars per share)	$ 27.89	$ 25.80	$ 41.28	$ 16.27

Stock-Based Compensation - Payouts (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
$30.00 and above
Stock-Based Compensation Details [Line Items]
Payout (percent of target)	200.00%
Total Return Targets (in dollars per share)	$ 30.00
$33.00 and above
Stock-Based Compensation Details [Line Items]
Payout (percent of target)				200.00%
Total Return Targets (in dollars per share)		$ 33.00
$45.00 and above
Stock-Based Compensation Details [Line Items]
Payout (percent of target)		200.00%
Total Return Targets (in dollars per share)			$ 45.00
$40.00 and above
Stock-Based Compensation Details [Line Items]
Payout (percent of target)			200.00%
Total Return Targets (in dollars per share)				$ 40.00
25
Stock-Based Compensation Details [Line Items]
Payout (percent of target)	100.00%
Total Return Targets (in dollars per share)	$ 25.00
30
Stock-Based Compensation Details [Line Items]
Payout (percent of target)			50.00%	100.00%
Total Return Targets (in dollars per share)		$ 30.00		$ 30.00
40
Stock-Based Compensation Details [Line Items]
Payout (percent of target)		100.00%
Total Return Targets (in dollars per share)			$ 40.00
35
Stock-Based Compensation Details [Line Items]
Payout (percent of target)			100.00%
Total Return Targets (in dollars per share)				$ 35.00
20
Stock-Based Compensation Details [Line Items]
Payout (percent of target)	50.00%
Total Return Targets (in dollars per share)	$ 20.00
27
Stock-Based Compensation Details [Line Items]
Payout (percent of target)				50.00%
Total Return Targets (in dollars per share)		$ 27.00
37
Stock-Based Compensation Details [Line Items]
Payout (percent of target)		50.00%
Total Return Targets (in dollars per share)			$ 37.00
Below $20.00
Stock-Based Compensation Details [Line Items]
Payout (percent of target)	0.00%
Total Return Targets (in dollars per share)	$ 20.00
Below $27.00
Stock-Based Compensation Details [Line Items]
Payout (percent of target)				0.00%
Total Return Targets (in dollars per share)		$ 27.00
Below $37.00
Stock-Based Compensation Details [Line Items]
Payout (percent of target)		0.00%
Total Return Targets (in dollars per share)			$ 37.00
Below $30.00
Stock-Based Compensation Details [Line Items]
Payout (percent of target)			0.00%
Total Return Targets (in dollars per share)				$ 30.00

Stock-Based Compensation - Stock-based Compensation Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Unrecognized Compensation	$ 72
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding at January 1 (in shares)	3,161	3,187	2,845
Outstanding at January 1 (in dollars per share)	$ 25.26	$ 26.48	$ 26.87
Granted (in shares)	2,444	1,513	2,028
Granted (in dollars per share)	$ 21.75	$ 23.37	$ 27.85
Vested (in shares)	(1,975)	(1,327)	(1,473)
Vested (in dollars per share)	$ 24.56	$ 26.07	$ 28.85
Forfeited/Expired (in shares)	(409)	(212)	(213)
Forfeited/Expired (in dollars per share)	$ 24.20	$ 25.06	$ 28.39
Outstanding at December 31 (in shares)	3,221	3,161	3,187
Outstanding at December 31 (in dollars per share)	$ 23.16	$ 25.26	$ 26.48
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Accelerated vesting (in shares)	1,975	1,327	1,473
Unrecognized Compensation	$ 36
Remaining Weighted-Average Vesting Period (Years)	1 year 9 months 18 days
Restricted Stock Units \| Former CEO
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Vested (in shares)	(469)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Accelerated vesting (in shares)	469
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding at January 1 (in shares)	2,818	2,425	2,830
Outstanding at January 1 (in dollars per share)	$ 25.47	$ 26.67	$ 24.99
Granted (in shares)	977	1,195	901
Granted (in dollars per share)	$ 25.72	$ 24.67	$ 37.59
Vested (in shares)	(644)	(672)	(993)
Vested (in dollars per share)	$ 27.95	$ 28.08	$ 31.94
Forfeited/Expired (in shares)	(1,422)	(130)	(313)
Forfeited/Expired (in dollars per share)	$ 20.98	$ 26.92	$ 26.22
Outstanding at December 31 (in shares)	1,729	2,818	2,425
Outstanding at December 31 (in dollars per share)	$ 28.38	$ 25.47	$ 26.67
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Accelerated vesting (in shares)	644	672	993
Permanently adversely affected (in shares)	1,125
Unrecognized Compensation	$ 12
Remaining Weighted-Average Vesting Period (Years)	1 year 9 months 18 days
Performance Shares \| Former CEO
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Vested (in shares)	(644)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Accelerated vesting (in shares)	644
Stock options
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at January 1 (in shares)	612	799	861
Outstanding at January 1 (in dollars per share)	$ 27.77	$ 27.81	$ 27.83
Granted (in shares)	0	0	0
Granted (in dollars per share)	$ 0	$ 0	$ 0
Forfeited/Expired (in shares)	(116)	(187)	(60)
Forfeited/Expired (in dollars per share)	$ 27.95	$ 27.97	$ 27.98
Exercised (in shares)	0	0	(2)
Exercised (in dollars per share)	$ 0	$ 0	$ 27.98
Outstanding at December 31 (in shares)	496	612	799
Outstanding at December 31 (in dollars per share)	$ 27.72	$ 27.77	$ 27.81
Exercisable at December 31 (in shares)	496	612	470
Exercisable at December 31 (in dollars per share)	$ 27.72	$ 27.77	$ 27.84
Unrecognized Compensation	$ 24
Remaining Weighted-Average Vesting Period (Years)	4 years 3 months 18 days
Over-performance of 2018 PSU grant
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Granted (in shares)	60

Stock-Based Compensation - Stock-Based Awards (Details) $ in Millions	Dec. 31, 2022 USD ($)
Restricted Stock Units
Stock-Based Compensation Details [Line Items]
Aggregate intrinsic value of award outstanding	$ 47
Performance Shares
Stock-Based Compensation Details [Line Items]
Aggregate intrinsic value of award outstanding	25
Stock options
Stock-Based Compensation Details [Line Items]
Aggregate intrinsic value of award outstanding, options	$ 0

Stock-Based Compensation - Exercised Stock-Based Awards (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restricted Stock Units
Stock-Based Compensation Details [Line Items]
Total Intrinsic Value	$ 39	$ 30	$ 33
Cash Received	0	0	0
Tax Benefit	6	5	5
Performance Shares
Stock-Based Compensation Details [Line Items]
Total Intrinsic Value	10	17	18
Cash Received	0	0	0
Tax Benefit	0	2	4
Stock options
Stock-Based Compensation Details [Line Items]
Cash Received	0	0	0
Tax Benefit	0	0	0
Total Intrinsic Value	$ 0	$ 0	$ 0

Other Comprehensive (Loss) Income (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Translation adjustment (losses) gains, net of tax

^[1]

$ (377)

$ (141)

$ 241

(619)

482

355

Less: Other comprehensive loss attributable to noncontrolling interests, pre-tax

^[1]

(550)

344

314

(1)

Less: Other comprehensive loss attributable to noncontrolling interests, net of tax

(1)

Other Comprehensive (Loss) Income, Net Attributable to Xerox Holdings

(549)

344

314

Cumulative translation adjustments

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Translation adjustment (losses) gains, pre-tax

(377)

(145)

238

Translation adjustment (losses) gains, net of tax

(377)

(141)

241

Unrealized (Losses) Gains

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Changes in fair value of cash flow hedges (losses) gains, pre-tax

(35)

(12)

Changes in fair value of cash flow hedges (losses) gains, net of tax

(27)

(9)

Changes in cash flow hedges reclassed to earnings, pre-tax

Changes in cash flow hedges reclassed to earnings, net of tax

Other losses, pre-tax

(1)

Other losses, net of tax

(1)

(1)

(5)

Net actuarial/prior service (losses) gains

(2)

(4)

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

(373)

537

117

Prior service amortization/curtailment

(284)

409

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

(18)

(72)

(80)

Actuarial loss amortization/settlement

(14)

(54)

(60)

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

132

138

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

104

Other gains (losses)

(63)

Changes in Defined Benefit Plans (Losses) Gains

(61)

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

(241)

632

112

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

(171)

489

AOCL

Other comprehensive (loss) income attributable to Xerox Holdings/Xerox pre-tax

(618)

482

355

Other Comprehensive (Loss) Income, Net Attributable to Xerox Holdings

$ (549)

$ 344

$ 314

[1]	Refer to Note 24 - Other Comprehensive (Loss) Income for gross components of Other Comprehensive (Loss) Income, reclassification adjustments out of Accumulated Other Comprehensive Loss and related tax effects.

Other Comprehensive (Loss) Income - AOCL (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total Accumulated Other Comprehensive Loss Attributable to Xerox Holdings/Xerox	$ 3,353	$ 4,443	$ 5,596	$ 5,594
Cumulative translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total Accumulated Other Comprehensive Loss Attributable to Xerox Holdings/Xerox	(2,237)	(1,861)	(1,720)
Other unrealized (losses) gains, net
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total Accumulated Other Comprehensive Loss Attributable to Xerox Holdings/Xerox	(4)	(2)	2
Benefit plans net actuarial losses and prior service credits
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total Accumulated Other Comprehensive Loss Attributable to Xerox Holdings/Xerox	(1,296)	(1,125)	(1,614)
Total Accumulated Other Comprehensive Loss Attributable to Xerox Holdings/Xerox
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total Accumulated Other Comprehensive Loss Attributable to Xerox Holdings/Xerox	$ (3,537)	$ (2,988)	$ (3,332)

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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