Xerox 10-Q 30 Jul 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page	6 Months Ended
	Jun. 30, 2020shares
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity Registrant Name	XEROX HOLDINGS CORPORATION
Entity Incorporation, State or Country Code	NY
Entity File Number	001-39013
Entity Tax Identification Number	83-3933743
Title of 12(b) Security	Common Stock, $1 par value
Trading Symbol	XRX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	213,013,600
Entity Central Index Key	0001770450
Current Fiscal Year End Date	--12-31
Entity Address, Address Line One	P.O. Box 4505
Entity Address, Address Line Two	201 Merritt 7
Entity Address, City or Town	Norwalk
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06851-1056
City Area Code	(203)
Local Phone Number	968-3000
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false
XEROX CORPORATION
Entity Information [Line Items]
Entity Registrant Name	XEROX CORPORATION
Entity Incorporation, State or Country Code	NY
Entity File Number	001-04471
Entity Tax Identification Number	16-0468020
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000108772

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues
Total Revenues	$ 1,465	$ 2,263	$ 3,325	$ 4,443
Costs and Expenses
Cost of financing	30	33	60	65
Research, development and engineering expenses	76	88	160	180
Selling, administrative and general expenses	426	517	967	1,063
Restructuring and related costs	3	37	44	149
Amortization of intangible assets	10	11	21	26
Transaction and related costs, net	7	4	24	4
Other expenses, net	7	38	30	77
Total Costs and Expenses	1,430	2,073	3,295	4,180
Income before Income Taxes and Equity Income	35	190	30	263
Income tax expense	8	50	7	40
Equity in net income of unconsolidated affiliates	0	2	2	4
Income from Continuing Operations	27	142	25	227
Income from discontinued operations, net of tax	0	42	0	93
Net Income	27	184	25	320
Less: Income from continuing operations attributable to noncontrolling interests	0	1	0	2
Less: Income from discontinued operations attributable to noncontrolling interests	0	2	0	4
Net Income Attributable to Xerox	27	181	25	314
Income from continuing operations	27	141	25	225
Income from discontinued operations	0	40	0	89
XEROX CORPORATION
Revenues
Total Revenues	1,465	2,263	3,325	4,443
Costs and Expenses
Cost of financing	30	33	60	65
Research, development and engineering expenses	76	88	160	180
Selling, administrative and general expenses	426	517	967	1,063
Restructuring and related costs	3	37	44	149
Amortization of intangible assets	10	11	21	26
Transaction and related costs, net	7	4	24	4
Other expenses, net	7	38	30	77
Total Costs and Expenses	1,430	2,073	3,295	4,180
Income before Income Taxes and Equity Income	35	190	30	263
Income tax expense	8	50	7	40
Equity in net income of unconsolidated affiliates	0	2	2	4
Income from Continuing Operations	27	142	25	227
Income from discontinued operations, net of tax	0	42	0	93
Net Income	27	184	25	320
Less: Income from continuing operations attributable to noncontrolling interests	0	1	0	2
Less: Income from discontinued operations attributable to noncontrolling interests	0	2	0	4
Net Income Attributable to Xerox	27	181	25	314
Income from continuing operations	27	141	25	225
Income from discontinued operations	0	40	0	89
Sales
Revenues
Total Revenues	460	800	1,025	1,524
Costs and Expenses
Cost of sales and services	338	539	725	989
Sales | XEROX CORPORATION
Revenues
Total Revenues	460	800	1,025	1,524
Costs and Expenses
Cost of sales and services	338	539	725	989
Services, maintenance and rentals
Revenues
Total Revenues	949	1,402	2,185	2,795
Costs and Expenses
Cost of sales and services	533	806	1,264	1,627
Services, maintenance and rentals | XEROX CORPORATION
Revenues
Total Revenues	949	1,402	2,185	2,795
Costs and Expenses
Cost of sales and services	533	806	1,264	1,627
Financing
Revenues
Total Revenues	56	61	115	124
Financing | XEROX CORPORATION
Revenues
Total Revenues	$ 56	$ 61	$ 115	$ 124

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Net Income		$ 27	$ 184	$ 25	$ 320
Less: Income from continuing operations attributable to noncontrolling interests		0	1	0	2
Less: Income from discontinued operations attributable to noncontrolling interests		0	2	0	4
Net Income Attributable to Xerox		27	181	25	314
Other Comprehensive Income (Loss), Net
Translation adjustments, net	[1]	25	(4)	(172)	33
Unrealized (losses) gains, net	[1]	(2)	0	3	2
Changes in defined benefit plans, net	[1]	80	9	134	10
Other Comprehensive Income (Loss), Net Attributable to Xerox Holdings/Xerox	[1]	103	5	(35)	45
Comprehensive Income (Loss), Net
Comprehensive Income (Loss), Net		130	189	(10)	365
Less: Comprehensive income, net from continuing operations attributable to noncontrolling interests		0	1	0	2
Less: Comprehensive income, net from discontinued operations attributable to noncontrolling interests		0	2	0	4
Comprehensive Income (Loss), Net Attributable to Xerox Holdings/Xerox		130	186	(10)	359
XEROX CORPORATION
Net Income		27	184	25	320
Less: Income from continuing operations attributable to noncontrolling interests		0	1	0	2
Less: Income from discontinued operations attributable to noncontrolling interests		0	2	0	4
Net Income Attributable to Xerox		27	181	25	314
Other Comprehensive Income (Loss), Net
Translation adjustments, net	[2]	25	(4)	(172)	33
Unrealized (losses) gains, net	[2]	(2)	0	3	2
Changes in defined benefit plans, net	[2]	80	9	134	10
Other Comprehensive Income (Loss), Net Attributable to Xerox Holdings/Xerox	[2]	103	5	(35)	45
Comprehensive Income (Loss), Net
Comprehensive Income (Loss), Net		130	189	(10)	365
Less: Comprehensive income, net from continuing operations attributable to noncontrolling interests		0	1	0	2
Less: Comprehensive income, net from discontinued operations attributable to noncontrolling interests		0	2	0	4
Comprehensive Income (Loss), Net Attributable to Xerox Holdings/Xerox		$ 130	$ 186	$ (10)	$ 359
[1]	Refer to Note 19 - Other Comprehensive Income (Loss) for gross components of Other comprehensive income (loss), net, reclassification adjustments out of Accumulated other comprehensive loss and related tax effects.
[2]	Refer to Note 19 - Other Comprehensive Income (Loss) for gross components of Other comprehensive income (loss), net, reclassification adjustments out of Accumulated other comprehensive loss and related tax effects.

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) shares in Thousands, $ in Millions		Jun. 30, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents		$ 2,272	$ 2,740
Accounts receivable (net of allowances of $60 and $55, respectively)	[1]	789	1,236
Billed portion of finance receivables (net of allowances of $4 and $3, respectively)	[1]	116	111
Finance receivables, net		1,046	1,158
Inventories		922	694
Other current assets		246	201
Total current assets		5,391	6,140
Finance receivables due after one year (net of allowances of $139 and $86, respectively)	[1]	1,908	2,082
Equipment on operating leases, net		312	364
Land, buildings and equipment, net		418	426
Intangible assets, net		250	199
Goodwill		3,939	3,900
Deferred tax assets		563	598
Other long-term assets		1,344	1,338
Total Assets		14,125	15,047
Liabilities and Equity
Short-term debt and current portion of long-term debt		1,793	1,049
Accounts payable		916	1,053
Accrued compensation and benefits costs		269	349
Accrued expenses and other current liabilities		813	984
Total current liabilities		3,791	3,435
Long-term debt		2,185	3,233
Pension and other benefit liabilities		1,595	1,707
Post-retirement medical benefits		338	352
Other long-term liabilities		521	512
Total Liabilities		8,430	9,239
Commitments and Contingencies (See Note 21)
Convertible Preferred Stock		214	214
Common stock		213	215
Additional paid-in capital		2,722	2,782
Treasury stock, at cost		0	(76)
Retained earnings		6,223	6,312
Accumulated other comprehensive loss		(3,681)	(3,646)
Xerox Holdings/Xerox shareholders’ equity		5,477	5,587
Noncontrolling interests		4	7
Total Equity		5,481	5,594
Total Liabilities and Equity		$ 14,125	$ 15,047
Shares of common stock issued		213,014	214,621
Shares of treasury stock		0	(2,031)
Shares of Common Stock Outstanding		213,014	212,590
XEROX CORPORATION
Assets
Cash and cash equivalents		$ 2,272	$ 2,740
Accounts receivable (net of allowances of $60 and $55, respectively)	[1]	789	1,236
Billed portion of finance receivables (net of allowances of $4 and $3, respectively)	[1]	116	111
Finance receivables, net		1,046	1,158
Inventories		922	694
Other current assets		249	201
Total current assets		5,394	6,140
Finance receivables due after one year (net of allowances of $139 and $86, respectively)	[1]	1,908	2,082
Equipment on operating leases, net		312	364
Land, buildings and equipment, net		418	426
Intangible assets, net		250	199
Goodwill		3,939	3,900
Deferred tax assets		563	598
Other long-term assets		1,344	1,338
Total Assets		14,128	15,047
Liabilities and Equity
Short-term debt and current portion of long-term debt		1,793	1,049
Accounts payable		916	1,053
Accrued compensation and benefits costs		269	349
Accrued expenses and other current liabilities		748	918
Total current liabilities		3,726	3,369
Long-term debt		2,185	3,233
Pension and other benefit liabilities		1,595	1,707
Post-retirement medical benefits		338	352
Other long-term liabilities		521	512
Total Liabilities		8,365	9,173
Commitments and Contingencies (See Note 21)
Additional paid-in capital		3,515	3,266
Retained earnings		5,925	6,247
Accumulated other comprehensive loss		(3,681)	(3,646)
Xerox Holdings/Xerox shareholders’ equity		5,759	5,867
Noncontrolling interests		4	7
Total Equity		5,763	5,874
Total Liabilities and Equity		$ 14,128	$ 15,047
[1]	Allowances at June 30, 2020 determined in accordance with ASU 2016-13

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Cash Flows from Operating Activities
Net Income	$ 27	$ 184	$ 25	$ 320
Income from discontinued operations, net of tax	0	(42)	0	(93)
Income from Continuing Operations	27	142	25	227
Adjustments required to reconcile Net income to Cash flows from operating activities
Depreciation and amortization	88	110	182	228
Provisions	21	20	101	42
Net gain on sales of businesses and assets	0	0	(1)	(1)
Stock-based compensation	13	15	24	30
Restructuring and asset impairment charges	(2)	18	27	72
Payments for restructurings	(17)	(21)	(52)	(54)
Defined benefit pension cost	13	32	37	68
Contributions to defined benefit pension plans	(31)	(36)	(64)	(70)
Decrease (increase) in accounts receivable and billed portion of finance receivables	262	(29)	428	9
(Increase) decrease in inventories	(99)	64	(225)	16
Increase in equipment on operating leases	(23)	(42)	(55)	(72)
Decrease in finance receivables	97	38	190	119
Decrease (increase) in other current and long-term assets	1	17	(15)	15
Decrease in accounts payable	(210)	(14)	(159)	(46)
Decrease in accrued compensation	(21)	(10)	(129)	(83)
Decrease in other current and long-term liabilities	(92)	(54)	(130)	(7)
Net change in income tax assets and liabilities	13	10	3	(11)
Net change in derivative assets and liabilities	(10)	2	(2)	10
Other operating, net	4	14	22	6
Net cash provided by operating activities of continuing operations	34	276	207	498
Net cash provided by operating activities of discontinued operations	0	37	0	41
Net cash provided by operating activities	34	313	207	539
Cash Flows from Investing Activities
Cost of additions to land, buildings, equipment and software	(19)	(16)	(42)	(31)
Proceeds from sales of business and assets	0	0	2	1
Acquisitions, net of cash acquired	0	(38)	(193)	(42)
Other investing, net	1	0	1	0
Net cash used in investing activities	(18)	(54)	(232)	(72)
Cash Flows from Financing Activities
Net payments on short-term debt	0	(2)	0	0
Proceeds from issuance of long-term debt	3	3	5	5
Payments on long-term debt	(313)	0	(313)	(406)
Dividends	(57)	(60)	(115)	(122)
Payments to acquire treasury stock, including fees	0	(197)	0	(300)
Other financing, net	(5)	(21)	(9)	(23)
Net cash used in financing activities	(372)	(277)	(432)	(846)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	5	8	(24)	7
Decrease in cash, cash equivalents and restricted cash	(351)	(10)	(481)	(372)
Cash, cash equivalents and restricted cash at beginning of period	2,665	786	2,795	1,148
Cash, Cash Equivalents and Restricted Cash at End of Period	2,314	776	2,314	776
XEROX CORPORATION
Cash Flows from Operating Activities
Net Income	27	184	25	320
Income from discontinued operations, net of tax	0	(42)	0	(93)
Income from Continuing Operations	27	142	25	227
Adjustments required to reconcile Net income to Cash flows from operating activities
Depreciation and amortization	88	110	182	228
Provisions	21	20	101	42
Net gain on sales of businesses and assets	0	0	(1)	(1)
Stock-based compensation	13	15	24	30
Restructuring and asset impairment charges	(2)	18	27	72
Payments for restructurings	(17)	(21)	(52)	(54)
Defined benefit pension cost	13	32	37	68
Contributions to defined benefit pension plans	(31)	(36)	(64)	(70)
Decrease (increase) in accounts receivable and billed portion of finance receivables	262	(29)	428	9
(Increase) decrease in inventories	(99)	64	(225)	16
Increase in equipment on operating leases	(23)	(42)	(55)	(72)
Decrease in finance receivables	97	38	190	119
Decrease (increase) in other current and long-term assets	1	17	(15)	15
Decrease in accounts payable	(210)	(14)	(159)	(46)
Decrease in accrued compensation	(21)	(10)	(129)	(83)
Decrease in other current and long-term liabilities	(92)	(54)	(130)	(7)
Net change in income tax assets and liabilities	13	10	3	(11)
Net change in derivative assets and liabilities	(10)	2	(2)	10
Other operating, net	4	14	22	6
Net cash provided by operating activities of continuing operations	34	276	207	498
Net cash provided by operating activities of discontinued operations	0	37	0	41
Net cash provided by operating activities	34	313	207	539
Cash Flows from Investing Activities
Cost of additions to land, buildings, equipment and software	(19)	(16)	(42)	(31)
Proceeds from sales of business and assets	0	0	2	1
Acquisitions, net of cash acquired	0	(38)	(193)	(42)
Other investing, net	1	0	1	0
Net cash used in investing activities	(18)	(54)	(232)	(72)
Cash Flows from Financing Activities
Net payments on short-term debt	0	(2)	0	0
Proceeds from issuance of long-term debt	3	3	5	5
Payments on long-term debt	(313)	0	(313)	(406)
Dividends	0	(60)	0	(122)
Payments to acquire treasury stock, including fees	0	(197)	0	(300)
Distributions to parent	(67)	0	(125)	0
Other financing, net	5	(21)	1	(23)
Net cash used in financing activities	(372)	(277)	(432)	(846)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	5	8	(24)	7
Decrease in cash, cash equivalents and restricted cash	(351)	(10)	(481)	(372)
Cash, cash equivalents and restricted cash at beginning of period	2,665	786	2,795	1,148
Cash, Cash Equivalents and Restricted Cash at End of Period	$ 2,314	$ 776	$ 2,314	$ 776

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets - Parenthetical (Unaudited) - USD ($) $ in Millions		6 Months Ended	12 Months Ended
		Jun. 30, 2020	Dec. 31, 2019
Accounting Standards Update [Extensible List]		us-gaap:AccountingStandardsUpdate201613Member	us-gaap:AccountingStandardsUpdate201613Member
Accounts receivable, allowance for credit loss, current		$ 60	$ 55
Financing receivables, allowance for credit loss, current		4	3
Financing receivables, allowance for credit loss, noncurrent		$ 139	$ 86
XEROX CORPORATION
Accounting Standards Update [Extensible List]		us-gaap:AccountingStandardsUpdate201613Member	us-gaap:AccountingStandardsUpdate201613Member
Accounts receivable, allowance for credit loss, current	[1]	$ 60	$ 55
Financing receivables, allowance for credit loss, current	[1]	4	3
Financing receivables, allowance for credit loss, noncurrent	[1]	$ 139	$ 86
[1]	Allowances at June 30, 2020 determined in accordance with ASU 2016-13

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [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. The accompanying unaudited Condensed 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 unaudited Condensed Consolidated Financial Statements for each registrant. The accompanying unaudited Condensed Consolidated Financial Statements of both Xerox Holdings and Xerox have been prepared in accordance with the accounting policies described in the Combined 2019 Annual Report on Form 10-K ("2019 Annual Report"), except as noted herein, and the interim reporting requirements of Form 10-Q. Accordingly, certain information and note disclosures normally included in our annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. You should read these Condensed Consolidated Financial Statements in conjunction with the Consolidated Financial Statements included in the Combined 2019 Annual Report. In our opinion, all adjustments, which are necessary for a fair statement of financial position, operating results and cash flows for the interim periods presented, have been made. These adjustments consist of normal recurring items. Interim results of operations are not necessarily indicative of the results of the full year. As of June 30, 2020, the impact of the outbreak of COVID-19 continues to unfold. As a result, many of our estimates and assumptions required increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, our estimates may change materially in the future. For convenience and ease of reference, we refer to the financial statement caption “Income before Income Taxes and Equity Income” as “pre-tax income.” Notes to the Condensed Consolidated Financial Statements reflect the activity for both Xerox Holdings and Xerox for all periods presented, unless otherwise noted. Goodwill Interim Impairment Evaluation During the quarter ended June 30, 2020, we evaluated whether events or circumstances changed that would indicate it is more likely than not that our Goodwill was impaired (trigger event). Factors considered in this evaluation included, among other things, the negative financial impacts from the COVID-19 pandemic crisis on current and near-term future operations, the expected slower recovery during the latter half of 2020 as businesses return to their respective offices, as well as a sustained market capitalization below our book value. Based on this assessment, we concluded that a trigger event occurred related to Goodwill and completed an interim quantitative evaluation of Goodwill. As a result of limited market compares due to companies not providing guidance in this current economic environment, our interim quantitative evaluation of Goodwill was based on the income approach to estimate fair value. The income approach is based on the discounted cash flow method that uses the Company's estimates for future forecasted financial performance including revenues, operating expenses, and taxes, as well as working capital and capital asset requirements. Projected cash flows are then discounted to a present value employing a discount rate that properly accounts for the estimated market weighted-average cost of capital, as well as any risk unique to the subject cash flows. Our estimates regarding future forecasted cash flows accordingly reflected consideration of the continued negative financial impacts from the COVID-19 pandemic crisis on our current and future operations as well expected recovery scenarios. After completing our interim impairment review, we concluded that Goodwill was not impaired in the second quarter because the Company’s estimated fair value exceeded the carrying value as of June 30, 2020. If assumptions or estimates in the fair value calculations change or if future cash flows vary from what was expected, including those

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2020
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements 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. ASUs not listed below were assessed and determined to be not applicable to the Condensed Consolidated Financial Statements of either registrant. Accounting Standard Updates to be Adopted: Reference Rate Reform In March 2020, the FASB issued ASU 2020-04 , Reference Rate Reform (Topic 848), 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. The amendments are effective for all entities as of March 12, 2020 through December 31, 2022. There has been no impact to date as a result of ASU 2020-04, 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. 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. This update is effective for our fiscal year beginning January 1, 2021. We are currently in the process of evaluating the effects on our Consolidated Financial Statements. Accounting Standard Updates Adopted in 2020: 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 as provided as a Lessor to our customers and as received as a Lessee. Rent deferrals provided as a Lessor were primarily offered to customers with sales type lease receivables. We elected to account for the deferral in the timing of lease payments as if there were no changes in the lease contract. Under this approach, assuming that collectibility of future lease payments is still probable, the classification of the leases is not updated and we retain the balance of the deferral as a receivable and will settle that receivable at the revised payment date or dates. As of June 30, 2020, we approved payment deferrals of up to three months of approximately $30 or less than 1% of our total finance receivable portfolio. The outstanding principal balance of receivables for customers with an approved payment deferral was approximately $320. Rent abatements to the extent provided were not material and were accounted for as write-offs as part of our normal bad debt reserve assessment. With respect to rent deferrals and abatements received as a Lessee, we elected to account for the deferral and abatements as a resolution of a contingency within the lease. Under this approach, we follow the resolution of a contingency model in ASC 842 without reclassifying the lease or updating the discount rate. We remeasure the remaining consideration in the contract, reallocate it to the lease and non-lease components as applicable, and remeasure the lease liability with an adjustment to the right-of-use asset for the same amount. If the total lease payments remain exactly the same, the lease cost remains unchanged. The impact of this election was not material to our financial condition, results of operations or cash flows, as no rent concessions provided to Xerox in the second quarter of 2020 were material, individually or in the aggregate. Government Grants/Assistance As a result of the significant increase in governmental assistance during the second quarter of 2020, we have updated our significant accounting policies as summarized in Note 1 - Basis of Presentation and Summary of Significant Accounting Policies to the Consolidated Financial Statements included on Form 10-K for the year ended December 31, 2019, as follows for the accounting associated with government assistance. Government grants related to income are recognized as a reduction of related expenses in the Condensed Consolidated Statements of 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. 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. However, as previously disclosed, the future impact from this update is highly dependent on future economic conditions. Refer to Note 8 - Accounts Receivable, Net and Note 9 - Finance Receivable, 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 2018-12 did not have a material impact on our financial condition, results of operations or cash flows as we had previously capitalized these implementation costs and such amounts were not material. Other Updates In 2020 and 2019, the FASB also issued the following ASUs, which impact the Company but did not have or are not expected to have a material impact on our financial condition, results of operations or cash flows upon adoption. Those updates are as follows: • 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 is 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. • Collaborative Arrangements: ASU 2018-18 , (Topic 808) Clarifying the Interaction between Topic 808 and Topic 606. This update was effective for our fiscal year beginning January 1, 2020. • Fair Value Measurement: ASU 2018-13 , (Topic 820) Disclosure Framework. This update was effective for our fiscal year beginning January 1, 2020.

Revenue

Revenue	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Revenues disaggregated by primary geographic markets, major product lines, and sales channels are as follows: Three Months Ended Six Months Ended 2020 2019 2020 2019 Primary geographical markets (1) : United States $ 925 $ 1,344 $ 2,039 $ 2,612 Europe 356 584 837 1,184 Canada 76 130 184 254 Other 108 205 265 393 Total Revenues $ 1,465 $ 2,263 $ 3,325 $ 4,443 Major product and services lines: Equipment $ 310 $ 504 $ 635 $ 952 Supplies, paper and other sales 150 296 390 572 Maintenance agreements (2) 366 609 895 1,207 Service arrangements (3) 460 637 1,026 1,272 Rental and other 123 156 264 316 Financing 56 61 115 124 Total Revenues $ 1,465 $ 2,263 $ 3,325 $ 4,443 Sales channels: Direct equipment lease (4) $ 111 $ 150 $ 237 $ 284 Distributors & resellers (5) 136 333 359 648 Customer direct 213 317 429 592 Total Sales $ 460 $ 800 $ 1,025 $ 1,524 _____________ (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 as Xerox Partner Print Services (XPPS). (3) Primarily includes revenues from our Managed Services offerings. Also includes revenues from embedded operating leases, which were not significant. (4) Primarily reflects direct 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 $127 and $137 at June 30, 2020 and December 31, 2019, respectively. The balance at June 30, 2020 is expected to 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 sales people 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 of the post sale services arrangement, 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: Three Months Ended Six Months Ended 2020 2019 2020 2019 Incremental direct costs of obtaining a contract $ 13 $ 18 $ 28 $ 36 Amortization of incremental direct costs 20 20 41 43 The balance of deferred incremental direct costs net of accumulated amortization at June 30, 2020 and December 31, 2019 was $148 and $163, 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. As of June 30, 2020 and December 31, 2019 amounts deferred associated with contract fulfillment costs and inducements were $12 and $13, respectively. The related amortization was $1 and $2 for the three months ended June 30, 2020 and 2019, respectively, and $2 and $3 for the six months ended June 30, 2020 and 2019, 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.

Lessor

Lessor	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Lessor	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 Three Months Ended Six Months Ended Statements of Income 2020 2019 2020 2019 Revenue from sales type leases Sales $ 111 $ 150 $ 237 $ 284 Interest income on lease receivables Financing 56 61 115 124 Lease income - operating leases Services, maintenance and rentals 79 100 165 204 Variable lease income Services, maintenance and rentals 14 28 36 55 Total Lease income $ 260 $ 339 $ 553 $ 667 Profit at lease commencement on sales type leases was estimated to be approximately $42 and $55 for the three months ended June 30, 2020 and 2019, respectively and $86 and $120 for the six months ended June 30, 2020 and 2019, respectively.
Lessor	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 Three Months Ended Six Months Ended Statements of Income 2020 2019 2020 2019 Revenue from sales type leases Sales $ 111 $ 150 $ 237 $ 284 Interest income on lease receivables Financing 56 61 115 124 Lease income - operating leases Services, maintenance and rentals 79 100 165 204 Variable lease income Services, maintenance and rentals 14 28 36 55 Total Lease income $ 260 $ 339 $ 553 $ 667 Profit at lease commencement on sales type leases was estimated to be approximately $42 and $55 for the three months ended June 30, 2020 and 2019, respectively and $86 and $120 for the six months ended June 30, 2020 and 2019, respectively.

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2020
Business Combinations [Abstract]
Acquisitions	Acquisitions In 2020, Xerox continued its focus on further penetrating the small-to-medium sized business (SMB) market through acquisitions of local area resellers and partners (including multi-brand dealers). During the first quarter of 2020, business acquisitions associated with this initiative totaled $193, net of cash acquired, and included three acquisitions in the U.K. for $171 (GBP 132 million) - Arena Group, Altodigital Networks and ITEC Connect, as well an acquisition in Canada for approximately $22 (CAD 29 million). These acquisitions are expected to expand Xerox's presence in the SMB market in both Western Europe and Canada. The operating results of these acquisitions are not material to our financial statements and are included within our results from the acquisition date. The purchase prices were all cash for 100% ownership of the acquired companies and were primarily allocated to Intangible assets, net (approximately $70) and Goodwill (approximately $100), with the remainder to tangible net assets. The allocations are based on preliminary management estimates, which continue to be reviewed, and are expected to be finalized by the fourth quarter 2020 and may include input and support from third-party valuations. Any adjustments to the preliminary allocations are not expected to be material. Termination of Proposed Transaction with HP Inc. In November 2019, Xerox Holdings commenced a proposed business combination transaction with HP Inc. (HP). HP rejected our initial and subsequent proposals and refused to engage in mutual due diligence or negotiations. In January 2020, Xerox Holdings nominated a slate of directors to HP’s board to be voted on at HP’s 2020 annual meeting of stockholders and shortly thereafter, it launched a tender offer to acquire all outstanding shares of HP, as it intended to continue to pursue the proposed business combination transaction. However, the ongoing COVID-19 pandemic crisis and resulting macroeconomic and market turmoil created an environment that the company determined to not be conducive to Xerox Holdings continuing its pursuit of an acquisition of HP. Accordingly, on March 31, 2020 Xerox Holdings withdrew its tender offer to acquire HP and terminated its proxy solicitation to nominate a slate of candidates to HP’s board of directors. In 2020, Xerox Holdings had obtained $24 billion in financing commitments from several banks to support the cash portion of the proposed business combination transaction with HP. On March 31, 2020, following the withdrawal of Xerox Holdings' tender offer to acquire HP, notice was provided to the banks of the immediate termination of the financing commitment. No termination penalties were paid as a result of termination .

Divestitures

Divestitures	6 Months Ended
	Jun. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Divestitures	Divestitures Sales of Ownership Interests in Fuji Xerox Co., Ltd. and Xerox International Partners In November 2019, Xerox Holdings completed a series of transactions to restructure its relationship with FUJIFILM Holdings Corporation (FH), including the sale of its indirect 25% equity interest in Fuji Xerox (FX), as well as the sale of its indirect 51% partnership interest in Xerox International Partners (XIP) (collectively the Sales). As a result of the Sales and the related strategic shift in our business, the historical financial results of our equity method investment in FX and our XIP business (which was consolidated) for the periods prior to the Sales are reflected as a discontinued operation and as such, their impact is excluded from continuing operations for all periods presented. Summarized financial information for our Discontinued operations is as follows: Three Months Ended Six Months Ended 2020 2019 2020 2019 Revenue $ — $ 26 $ — $ 52 Income from operations (1) $ — $ 42 $ — $ 95 Gain on disposal — — — — Income before income taxes — 42 — 95 Income tax expense — — — 2 Income from discontinued operations, net of tax — 42 — 93 Income from discontinued operations attributable to noncontrolling interests, net of tax — 2 — 4 Income from discontinued operations, attributable to Xerox Holdings, net of tax $ — $ 40 $ — $ 89 _____________ (1) Includes Equity in net income for FX of $32 and $75 for the three and six months ended June 30, 2019, respectively.

Supplementary Financial Informa

Supplementary Financial Information	6 Months Ended
	Jun. 30, 2020
Supplemental Financial Information [Abstract]
Supplementary Financial Information	Supplementary Financial Information Cash, Cash Equivalents and Restricted Cash Cash, cash equivalents and restricted cash amounts were as follows: June 30, December 31, Cash and cash equivalents $ 2,272 $ 2,740 Restricted cash Litigation deposits in Brazil 40 55 Other restricted cash 2 — Total Restricted cash 42 55 Cash, cash equivalents and restricted cash $ 2,314 $ 2,795 Restricted cash primarily relates to escrow cash deposits made in Brazil associated with ongoing litigation. As more fully discussed in Note 21 - 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 Condensed Consolidated Balance Sheets based on when the cash will be contractually or judicially released. Restricted cash was reported in the Condensed Consolidated Balance Sheets as follows: June 30, December 31, Other current assets $ 1 $ — Other long-term assets 41 55 Total Restricted cash $ 42 $ 55 Supplemental Cash Flow Information Summarized cash flow information is as follows: Three Months Ended Six Months Ended 2020 2019 2020 2019 Provision for receivables $ 13 $ 13 $ 87 $ 27 Provision for inventory 8 7 14 15 Provision for product warranty 1 3 3 7 Depreciation of buildings and equipment 22 26 43 53 Depreciation and obsolescence of equipment on operating leases 46 57 97 116 Amortization of internal use software 10 16 21 33 Amortization of acquired intangible assets 10 11 21 26 Amortization of customer contract costs (1) 21 22 43 46 Cost of additions to land, buildings and equipment 9 10 27 19 Cost of additions to internal use software 10 6 15 12 Common stock dividends - Xerox Holdings 54 57 108 115 Preferred stock dividends - Xerox Holdings 3 3 7 7 Repurchases related to stock-based compensation - Xerox Holdings 3 9 10 10 _____________ (1) Amortization of customer contract costs is reported in Decrease (increase) in other current and long-term assets in the Condensed Consolidated Statements of Cash Flows. Refer to Note 3 - Revenue for additional information on contract costs.

Accounts Receivable, Net

Accounts Receivable, Net	6 Months Ended
	Jun. 30, 2020
Receivables [Abstract]
Accounts Receivable, Net	Accounts Receivable, Net Accounts receivable, net were as follows: June 30, December 31, Invoiced $ 660 $ 980 Accrued (1) 189 311 Allowance for doubtful accounts (60) (55) Accounts receivable, net $ 789 $ 1,236 _____________ (1) Accrued receivables include amounts to be invoiced in the subsequent quarter for current services provided. The allowance for doubtful accounts was as follows: Balance at December 31, 2019 $ 55 Provision 8 Charge-offs (2) Recoveries and other (1) (1) Balance at March 31, 2020 $ 60 Provision 9 Charge-offs (8) Recoveries and other (1) (1) Balance at June 30, 2020 $ 60 _____________ (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. Consistent with our adoption of ASU 2016-13 effective January 1, 2020 (refer to Note 2 - Recent Accounting Pronouncements), 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, and primarily as a result of the macroeconomic and market turmoil caused by COVID-19, the allowance for doubtful accounts as a percent of gross accounts receivable increased to 7.1% at June 30, 2020 from 4.3% at December 31, 2019. Accounts Receivable Sales Arrangements Accounts receivable sales 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, $26 and $165 remained uncollected as of June 30, 2020 and December 31, 2019, respectively. Accounts receivable sales activity was as follows: Three Months Ended Six Months Ended 2020 2019 2020 2019 Accounts receivable sales (1) $ 14 $ 110 $ 67 $ 198 ____________ _ (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 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 assets. Finance receivables, net were as follows: June 30, December 31, Gross receivables $ 3,599 $ 3,865 Unearned income (386) (425) Subtotal 3,213 3,440 Residual values — — Allowance for doubtful accounts (143) (89) Finance receivables, net 3,070 3,351 Less: Billed portion of finance receivables, net 116 111 Less: Current portion of finance receivables not billed, net 1,046 1,158 Finance receivables due after one year, net $ 1,908 $ 2,082 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. Consistent with our adoption of ASU 2016-13 effective January 1, 2020 (refer to Note 2 - Recent Accounting Pronouncements), the allowance for credit losses is determined principally 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, and primarily as a result of the macroeconomic and market turmoil caused by COVID-19, the allowance for doubtful credit losses increased to 4.5% of gross finance receivables (net of unearned income) at June 30, 2020 from 2.6% at December 31, 2019. In assessing the level of reserve required as of June 30,2020, we had to critically assess current and forecasted economic conditions in light of the COVID-19 pandemic crisis to ensure we objectively included those expected impacts in the determination of our reserve. Our assessment also included current portfolio credit metrics and the level of reserves and write-offs we recorded on our receivable’s portfolio during the credit crisis in 2008/09 as additional reference points to objectively determine the adequacy of our allowance. The allowance for doubtful accounts and provision for credit losses represents an estimate of the losses expected to be incurred from the Company's finance receivable portfolio. The level of the allowance is determined on a collective basis by applying 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. This 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 doubtful 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 three Since our allowance for doubtful finance receivables is effectively determined by geography, the risk characteristics in our finance receivable portfolio segments will generally be 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. Charge-offs in the U.S. and EMEA remained steady between the first and second quarter and as compared to the prior year. However, in all instances the charge-offs are prior to the anticipated write-offs expected from the economic disruption related to the COVID-19 pandemic crisis, which is expected to impact write-off trends over the next year and a half. Amounts disclosed below for the six months ended and at June 30, 2020 reflect the adoption of ASU 2016-13 in January 2020. Amounts disclosed below for comparable periods in 2019 reflect superseded guidance. The allowance for doubtful accounts as well as the related investment in finance receivables were as follows: United States Canada (1) EMEA (1)(2) Total Balance at December 31, 2019 $ 59 $ 11 $ 19 $ 89 Provision 35 6 25 66 Charge-offs (3) (1) (4) (8) Recoveries and other (3) — (1) — (1) Balance at March 31, 2020 $ 91 $ 15 $ 40 $ 146 Provision 3 1 — 4 Charge-offs (5) (1) (2) (8) Recoveries and other (2) — 1 — 1 Balance at June 30, 2020 $ 89 $ 16 $ 38 $ 143 Finance receivables as of June 30, 2020 collectively evaluated for impairment (4) $ 1,824 $ 289 $ 1,100 $ 3,213 Balance at December 31, 2018 $ 53 $ 12 $ 27 $ 92 Provision 4 1 4 9 Charge-offs (4) (1) (3) (8) Recoveries and other (3) — — — — Balance at March 31, 2019 $ 53 $ 12 $ 28 $ 93 Provision 4 1 3 8 Charge-offs (5) (3) (3) (11) Recoveries and other (2) 1 2 — 3 Balance at June 30, 2019 $ 53 $ 12 $ 28 $ 93 Finance receivables as of June 30, 2019 collectively evaluated for impairment (4) $ 1,885 $ 336 $ 1,221 $ 3,442 _____________ (1) Prior year amounts have been recasted to include the Other geographic region, which was previously disclosed as a separate grouping, conforming to the current year's presentation. (2) Includes developing market countries. (3) 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. (4) Total Finance receivables exclude the allowance for credit losses of $143 and $93 at June 30, 2020 and 2019, 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 customers through bundled lease arrangements, and indirect, which includes lease financing to end-user customers who purchased equipment we sold to distributors or resellers. Indirect also includes leases originated through our XBS sales channel, which utilizes a combination of internal and third party leasing in its lease arrangements with end customers. 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: June 30, 2020 December 31, 2019 2020 2019 2018 2017 2016 Prior Total Total United States (Direct): Low Credit Risk $ 86 $ 187 $ 179 $ 115 $ 68 $ 16 $ 651 $ 640 Average Credit Risk 25 97 50 29 14 4 219 331 High Credit Risk 34 44 28 14 8 3 131 132 Total $ 145 $ 328 $ 257 $ 158 $ 90 $ 23 $ 1,001 $ 1,103 United States (Indirect): Low Credit Risk $ 100 $ 194 $ 116 $ 55 $ 19 $ 3 $ 487 $ 258 Average Credit Risk 54 119 81 41 13 2 310 445 High Credit Risk 10 6 6 3 1 — 26 116 Total $ 164 $ 319 $ 203 $ 99 $ 33 $ 5 $ 823 $ 819 Canada (1) Low Credit Risk $ 16 $ 36 $ 29 $ 13 $ 11 $ 3 $ 108 $ 163 Average Credit Risk 23 42 30 23 10 2 130 97 High Credit Risk 11 11 11 14 4 — 51 66 Total $ 50 $ 89 $ 70 $ 50 $ 25 $ 5 $ 289 $ 326 EMEA (1)(2) Low Credit Risk $ 99 $ 196 $ 159 $ 81 $ 36 $ 8 $ 579 $ 655 Average Credit Risk 101 157 114 64 27 6 469 479 High Credit Risk 8 17 12 10 4 1 52 58 Total $ 208 $ 370 $ 285 $ 155 $ 67 $ 15 $ 1,100 $ 1,192 Total Finance Receivables Low Credit Risk $ 301 $ 613 $ 483 $ 264 $ 134 $ 30 $ 1,825 $ 1,716 Average Credit Risk 203 415 275 157 64 14 1,128 1,352 High Credit Risk 63 78 57 41 17 4 260 372 Total $ 567 $ 1,106 $ 815 $ 462 $ 215 $ 48 $ 3,213 $ 3,440 _____________ (1) Prior year amounts have been recasted to include the Other geographic region, which was previously disclosed as a separate grouping, conforming to the current year's presentation. (2) 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: June 30, 2020 Current 31-90 Days Past Due >90 Days Past Due Total Billed Unbilled Total Finance Receivables >90 Days and Accruing Direct $ 36 $ 9 $ 11 $ 56 $ 945 $ 1,001 $ 84 Indirect 24 6 3 33 790 823 — Total United States 60 15 14 89 1,735 1,824 84 Canada (1) 7 3 1 11 278 289 19 EMEA (1) 14 4 3 21 1,079 1,100 34 Total $ 81 $ 22 $ 18 $ 121 $ 3,092 $ 3,213 $ 137 December 31, 2019 Current 31-90 Days Past Due >90 Days Past Due Total Billed Unbilled Total Finance Receivables >90 Days and Accruing Direct $ 37 $ 11 $ 8 $ 56 $ 1,047 $ 1,103 $ 57 Indirect 25 5 3 33 786 819 — Total United States 62 16 11 89 1,833 1,922 57 Canada (1) 8 2 1 11 315 326 17 EMEA (1)(2) 12 1 2 15 1,177 1,192 32 Total $ 82 $ 19 $ 14 $ 115 $ 3,325 $ 3,440 $ 106 _____________ (1) Includes developing market countries. (2) Prior year amounts have been recasted to include the Other geographic region, which was previously disclosed as a separate grouping, conforming to the current year's presentation.

Finance Receivables, Net

Finance Receivables, Net	6 Months Ended
	Jun. 30, 2020
Receivables [Abstract]
Finance Receivables, Net	Accounts Receivable, Net Accounts receivable, net were as follows: June 30, December 31, Invoiced $ 660 $ 980 Accrued (1) 189 311 Allowance for doubtful accounts (60) (55) Accounts receivable, net $ 789 $ 1,236 _____________ (1) Accrued receivables include amounts to be invoiced in the subsequent quarter for current services provided. The allowance for doubtful accounts was as follows: Balance at December 31, 2019 $ 55 Provision 8 Charge-offs (2) Recoveries and other (1) (1) Balance at March 31, 2020 $ 60 Provision 9 Charge-offs (8) Recoveries and other (1) (1) Balance at June 30, 2020 $ 60 _____________ (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. Consistent with our adoption of ASU 2016-13 effective January 1, 2020 (refer to Note 2 - Recent Accounting Pronouncements), 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, and primarily as a result of the macroeconomic and market turmoil caused by COVID-19, the allowance for doubtful accounts as a percent of gross accounts receivable increased to 7.1% at June 30, 2020 from 4.3% at December 31, 2019. Accounts Receivable Sales Arrangements Accounts receivable sales 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, $26 and $165 remained uncollected as of June 30, 2020 and December 31, 2019, respectively. Accounts receivable sales activity was as follows: Three Months Ended Six Months Ended 2020 2019 2020 2019 Accounts receivable sales (1) $ 14 $ 110 $ 67 $ 198 ____________ _ (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 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 assets. Finance receivables, net were as follows: June 30, December 31, Gross receivables $ 3,599 $ 3,865 Unearned income (386) (425) Subtotal 3,213 3,440 Residual values — — Allowance for doubtful accounts (143) (89) Finance receivables, net 3,070 3,351 Less: Billed portion of finance receivables, net 116 111 Less: Current portion of finance receivables not billed, net 1,046 1,158 Finance receivables due after one year, net $ 1,908 $ 2,082 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. Consistent with our adoption of ASU 2016-13 effective January 1, 2020 (refer to Note 2 - Recent Accounting Pronouncements), the allowance for credit losses is determined principally 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, and primarily as a result of the macroeconomic and market turmoil caused by COVID-19, the allowance for doubtful credit losses increased to 4.5% of gross finance receivables (net of unearned income) at June 30, 2020 from 2.6% at December 31, 2019. In assessing the level of reserve required as of June 30,2020, we had to critically assess current and forecasted economic conditions in light of the COVID-19 pandemic crisis to ensure we objectively included those expected impacts in the determination of our reserve. Our assessment also included current portfolio credit metrics and the level of reserves and write-offs we recorded on our receivable’s portfolio during the credit crisis in 2008/09 as additional reference points to objectively determine the adequacy of our allowance. The allowance for doubtful accounts and provision for credit losses represents an estimate of the losses expected to be incurred from the Company's finance receivable portfolio. The level of the allowance is determined on a collective basis by applying 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. This 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 doubtful 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 three Since our allowance for doubtful finance receivables is effectively determined by geography, the risk characteristics in our finance receivable portfolio segments will generally be 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. Charge-offs in the U.S. and EMEA remained steady between the first and second quarter and as compared to the prior year. However, in all instances the charge-offs are prior to the anticipated write-offs expected from the economic disruption related to the COVID-19 pandemic crisis, which is expected to impact write-off trends over the next year and a half. Amounts disclosed below for the six months ended and at June 30, 2020 reflect the adoption of ASU 2016-13 in January 2020. Amounts disclosed below for comparable periods in 2019 reflect superseded guidance. The allowance for doubtful accounts as well as the related investment in finance receivables were as follows: United States Canada (1) EMEA (1)(2) Total Balance at December 31, 2019 $ 59 $ 11 $ 19 $ 89 Provision 35 6 25 66 Charge-offs (3) (1) (4) (8) Recoveries and other (3) — (1) — (1) Balance at March 31, 2020 $ 91 $ 15 $ 40 $ 146 Provision 3 1 — 4 Charge-offs (5) (1) (2) (8) Recoveries and other (2) — 1 — 1 Balance at June 30, 2020 $ 89 $ 16 $ 38 $ 143 Finance receivables as of June 30, 2020 collectively evaluated for impairment (4) $ 1,824 $ 289 $ 1,100 $ 3,213 Balance at December 31, 2018 $ 53 $ 12 $ 27 $ 92 Provision 4 1 4 9 Charge-offs (4) (1) (3) (8) Recoveries and other (3) — — — — Balance at March 31, 2019 $ 53 $ 12 $ 28 $ 93 Provision 4 1 3 8 Charge-offs (5) (3) (3) (11) Recoveries and other (2) 1 2 — 3 Balance at June 30, 2019 $ 53 $ 12 $ 28 $ 93 Finance receivables as of June 30, 2019 collectively evaluated for impairment (4) $ 1,885 $ 336 $ 1,221 $ 3,442 _____________ (1) Prior year amounts have been recasted to include the Other geographic region, which was previously disclosed as a separate grouping, conforming to the current year's presentation. (2) Includes developing market countries. (3) 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. (4) Total Finance receivables exclude the allowance for credit losses of $143 and $93 at June 30, 2020 and 2019, 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 customers through bundled lease arrangements, and indirect, which includes lease financing to end-user customers who purchased equipment we sold to distributors or resellers. Indirect also includes leases originated through our XBS sales channel, which utilizes a combination of internal and third party leasing in its lease arrangements with end customers. 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: June 30, 2020 December 31, 2019 2020 2019 2018 2017 2016 Prior Total Total United States (Direct): Low Credit Risk $ 86 $ 187 $ 179 $ 115 $ 68 $ 16 $ 651 $ 640 Average Credit Risk 25 97 50 29 14 4 219 331 High Credit Risk 34 44 28 14 8 3 131 132 Total $ 145 $ 328 $ 257 $ 158 $ 90 $ 23 $ 1,001 $ 1,103 United States (Indirect): Low Credit Risk $ 100 $ 194 $ 116 $ 55 $ 19 $ 3 $ 487 $ 258 Average Credit Risk 54 119 81 41 13 2 310 445 High Credit Risk 10 6 6 3 1 — 26 116 Total $ 164 $ 319 $ 203 $ 99 $ 33 $ 5 $ 823 $ 819 Canada (1) Low Credit Risk $ 16 $ 36 $ 29 $ 13 $ 11 $ 3 $ 108 $ 163 Average Credit Risk 23 42 30 23 10 2 130 97 High Credit Risk 11 11 11 14 4 — 51 66 Total $ 50 $ 89 $ 70 $ 50 $ 25 $ 5 $ 289 $ 326 EMEA (1)(2) Low Credit Risk $ 99 $ 196 $ 159 $ 81 $ 36 $ 8 $ 579 $ 655 Average Credit Risk 101 157 114 64 27 6 469 479 High Credit Risk 8 17 12 10 4 1 52 58 Total $ 208 $ 370 $ 285 $ 155 $ 67 $ 15 $ 1,100 $ 1,192 Total Finance Receivables Low Credit Risk $ 301 $ 613 $ 483 $ 264 $ 134 $ 30 $ 1,825 $ 1,716 Average Credit Risk 203 415 275 157 64 14 1,128 1,352 High Credit Risk 63 78 57 41 17 4 260 372 Total $ 567 $ 1,106 $ 815 $ 462 $ 215 $ 48 $ 3,213 $ 3,440 _____________ (1) Prior year amounts have been recasted to include the Other geographic region, which was previously disclosed as a separate grouping, conforming to the current year's presentation. (2) 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: June 30, 2020 Current 31-90 Days Past Due >90 Days Past Due Total Billed Unbilled Total Finance Receivables >90 Days and Accruing Direct $ 36 $ 9 $ 11 $ 56 $ 945 $ 1,001 $ 84 Indirect 24 6 3 33 790 823 — Total United States 60 15 14 89 1,735 1,824 84 Canada (1) 7 3 1 11 278 289 19 EMEA (1) 14 4 3 21 1,079 1,100 34 Total $ 81 $ 22 $ 18 $ 121 $ 3,092 $ 3,213 $ 137 December 31, 2019 Current 31-90 Days Past Due >90 Days Past Due Total Billed Unbilled Total Finance Receivables >90 Days and Accruing Direct $ 37 $ 11 $ 8 $ 56 $ 1,047 $ 1,103 $ 57 Indirect 25 5 3 33 786 819 — Total United States 62 16 11 89 1,833 1,922 57 Canada (1) 8 2 1 11 315 326 17 EMEA (1)(2) 12 1 2 15 1,177 1,192 32 Total $ 82 $ 19 $ 14 $ 115 $ 3,325 $ 3,440 $ 106 _____________ (1) Includes developing market countries. (2) Prior year amounts have been recasted to include the Other geographic region, which was previously disclosed as a separate grouping, conforming to the current year's presentation.

Inventories and Equipment on Op

Inventories and Equipment on Operating Leases, Net	6 Months Ended
	Jun. 30, 2020
Inventories and Equipment on Operating Leases, Net [Abstract]
Inventories and Equipment on Operating Leases, Net	Inventories and Equipment on Operating Leases, Net The following is a summary of Inventories by major category: June 30, December 31, Finished goods $ 782 $ 576 Work-in-process 46 47 Raw materials 94 71 Total Inventories $ 922 $ 694 The transfer of equipment from our inventories to equipment subject to an operating lease is presented in our Condensed Consolidated Statements of Cash Flows in the operating activities section. Equipment on operating leases 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: June 30, December 31, Equipment on operating leases $ 1,389 $ 1,443 Accumulated depreciation (1,077) (1,079) Equipment on operating leases, net $ 312 $ 364

Lessee

Lessee	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Lessee	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 ten years and a variety of renewal and/or termination options. The components of lease expense are as follows: Three Months Ended Six Months Ended 2020 2019 2020 2019 Operating lease expense $ 28 $ 33 $ 56 $ 66 Short-term lease expense 5 5 10 10 Variable lease expense (1) 10 12 22 25 Sublease income (1) (1) (1) (1) Total Lease expense $ 42 $ 49 $ 87 $ 100 _____________ (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. Operating leases right-of-use (ROU) assets, net and operating lease liabilities were reported in the Condensed Consolidated Balance Sheets as follows: June 30, December 31, Other long-term assets $ 327 $ 319 Accrued expenses and other current liabilities $ 86 $ 87 Other long-term liabilities 269 260 Total Operating lease liabilities $ 355 $ 347 Supplemental information related to operating leases is as follows: Three Months Ended Six Months Ended 2020 2019 2020 2019 Cash paid for amounts included in the measurement of lease liabilities - Operating cash flows $ 29 $ 32 $ 58 $ 64 ROU assets obtained in exchange for new lease liabilities (1) $ 29 $ 14 $ 56 $ 23 Weighted-average remaining lease term 5 years 4 years Weighted-average discount rate 5.40 % 5.63 % _____________ (1) Includes the impact of new leases as well as remeasurements and modifications to existing leases. Finance Leases
Lessee	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 ten years and a variety of renewal and/or termination options. The components of lease expense are as follows: Three Months Ended Six Months Ended 2020 2019 2020 2019 Operating lease expense $ 28 $ 33 $ 56 $ 66 Short-term lease expense 5 5 10 10 Variable lease expense (1) 10 12 22 25 Sublease income (1) (1) (1) (1) Total Lease expense $ 42 $ 49 $ 87 $ 100 _____________ (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. Operating leases right-of-use (ROU) assets, net and operating lease liabilities were reported in the Condensed Consolidated Balance Sheets as follows: June 30, December 31, Other long-term assets $ 327 $ 319 Accrued expenses and other current liabilities $ 86 $ 87 Other long-term liabilities 269 260 Total Operating lease liabilities $ 355 $ 347 Supplemental information related to operating leases is as follows: Three Months Ended Six Months Ended 2020 2019 2020 2019 Cash paid for amounts included in the measurement of lease liabilities - Operating cash flows $ 29 $ 32 $ 58 $ 64 ROU assets obtained in exchange for new lease liabilities (1) $ 29 $ 14 $ 56 $ 23 Weighted-average remaining lease term 5 years 4 years Weighted-average discount rate 5.40 % 5.63 % _____________ (1) Includes the impact of new leases as well as remeasurements and modifications to existing leases. Finance Leases

Restructuring Programs

Restructuring Programs	6 Months Ended
	Jun. 30, 2020
Restructuring and Related Activities [Abstract]
Restructuring Programs	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 and to achieve operating efficiencies through a number of opportunities including reduction of our real estate footprint. During the six months ended June 30, 2020, we recorded net restructuring and asset impairment charges of $27, which included $39 of severance costs related to headcount reductions of approximately 450 employees worldwide, $1 of other contractual termination costs and $2 of asset impairment charges. These costs were partially offset by $15 of net reversals, primarily resulting from changes in estimated reserves from prior period initiatives. Information related to restructuring program activity is outlined below: Severance and Related Costs Other Contractual Termination Costs (2) Asset Impairments (3) Total Balance at December 31, 2019 $ 66 $ 4 $ — $ 70 Provision 32 1 2 35 Reversals (5) — (1) (6) Net current period charges (1) 27 1 1 29 Charges against reserve and currency (36) 2 (1) (35) Balance at March 31, 2020 $ 57 $ 7 $ — $ 64 Provision 7 — — 7 Reversals (6) (1) (2) (9) Net current period charges (1) 1 (1) (2) (2) Charges against reserve and currency (14) (1) 2 (13) Balance at June 30, 2020 $ 44 $ 5 $ — $ 49 _____________ _ (1) Represents net amount recognized within the Condensed Consolidated Statements of Income for the period shown for restructuring and asset impairment charges. (2) Primarily includes additional costs incurred upon the exit from our facilities including decommissioning costs and associated contractual termination costs. Charges for first quarter 2020 include a reclassification of $4 related to expected recovery from sublease. (3) Primarily related to the exit and abandonment of leased and owned facilities. The charge includes the accelerated write-off of $1 for leased right-of-use assets and $1 for owned assets upon exit from the facilities, net of any potential sublease income and other recoveries. The following table summarizes the reconciliation to the Condensed Consolidated Statements of Cash Flows: Three Months Ended Six Months Ended 2020 2019 2020 2019 Charges against reserve and currency $ (13) $ (29) $ (48) $ (98) Effects of foreign currency and other non-cash items (4) 8 (4) 44 Restructuring cash payments $ (17) $ (21) $ (52) $ (54) In connection with our restructuring programs, we also incurred certain related costs as follows: Three Months Ended Six Months Ended 2020 2019 2020 2019 Retention related severance/bonuses (1) $ 4 $ 11 $ 11 $ 20 Contractual severance costs (2) — — 4 38 Consulting and other costs (3) 1 8 2 19 Total $ 5 $ 19 $ 17 $ 77 ____________ _ (1) Includes retention related severance and bonuses for employees expected to continue working beyond their minimum notification period before termination. (2) Amounts reflect estimated severance and other related costs we were contractually required to pay in connection with employees transferred as part of the shared service arrangement entered into with HCL Technologies in the first quarter 2019. (3) Represents professional support services associated with our business transformation initiatives. The restructuring related costs reserve as of June 30, 2020 was $46, which is expected to be paid over the next twelve months, as compared to $37 at December 31, 2019.

Debt

Debt	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Debt	Debt Interest Expense and Income Interest expense and income were as follows: Three Months Ended Six Months Ended 2020 2019 2020 2019 Interest expense (1) $ 48 $ 59 $ 99 $ 119 Interest income (2) 59 64 126 131 ____________ _ (1) Includes Cost of financing as well as non-financing interest expense that is included in Other expenses, net in the Condensed Consolidated Statements of Income. (2) Includes Financing revenue as well as other interest income that is included in Other expenses, net in the Condensed Consolidated Statements of Income.

Financial Instruments

Financial Instruments	6 Months Ended
	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Instruments	Financial Instruments Interest Rate Risk Management We use interest rate swap 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. Fair Value Hedges During the first quarter 2020, we terminated our remaining pay variable/receive fixed interest rate swaps with notional amounts of $200 and net asset fair value of $4 prior to termination. The swaps had been designated and accounted for as fair value hedges prior to termination. The swaps were structured to hedge the fair value of related debt by converting them from fixed rate instruments to variable rate instruments. No ineffective portion was recorded to earnings for the six months ended June 30, 2020 prior to termination. The corresponding net fair value adjustment to the hedged debt of $(4) will be amortized to interest expense over the remaining term of the related notes. 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: • Forecasted purchases and sales in foreign currency • Foreign currency-denominated assets and liabilities At June 30, 2020 and December 31, 2019, we had outstanding forward exchange and purchased option contracts with gross notional values of $885 and $1,091 respectively, with terms of less than 12 months. Approximately 87% of the contracts at June 30, 2020 mature within three months, 9% mature in three to six months and 4% in six to twelve months. The associated currency exposures being hedged at June 30, 2020 were lower by 20% as compared to our year-end currency exposures. There has not been any material change in our hedging strategy. 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. The net asset (liability) fair value of these contracts were $0 and $(4) as of June 30, 2020 and December 31, 2019, respectively. Summary of Derivative Instruments Fair Value The following table provides a summary of the fair value amounts of our derivative instruments: Designation of Derivatives Balance Sheet Location June 30, December 31, Derivatives Designated as Hedging Instruments Foreign exchange contracts - forwards Other current assets $ 1 $ 1 Accrued expenses and other current liabilities (1) (5) Interest rate swaps Other long-term assets — 1 Net designated derivative asset (liability) $ — $ (3) Derivatives NOT Designated as Hedging Instruments Foreign exchange contracts – forwards Other current assets $ 5 $ 1 Accrued expenses and other current liabilities (1) (3) Net undesignated derivative asset (liability) $ 4 $ (2) Summary of Derivatives Total Derivative assets $ 6 $ 3 Total Derivative liabilities (2) (8) Net Derivative asset (liability) $ 4 $ (5) 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 (losses). Designated Derivative Instruments Gains (Losses) The following table provides a summary of gains (losses) on derivative instruments: Three Months Ended Six Months Ended Gain (Loss) on Derivative Instruments 2020 2019 2020 2019 Fair Value Hedges - Interest Rate Contracts Derivative gain (loss) recognized in interest expense $ — $ 2 $ (1) $ 4 Hedged item (loss) gain recognized in interest expense — (2) 1 (4) Cash Flow Hedges - Foreign Exchange Forward Contracts and Options Derivative (loss) gain recognized in OCI (effective portion) $ (3) $ 3 $ 4 $ 6 Derivative gain reclassified from AOCL to income - Cost of sales (effective portion) 2 2 1 3 During the three and six months ended June 30, 2020 and 2019, no amount of ineffectiveness was recorded in the Condensed Consolidated Statements of 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. In addition, no amount was recorded for an underlying exposure that did not occur or was not expected to occur. As of June 30, 2020, a net after-tax gain of $1 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 and (losses) on non-designated derivative instruments: Derivatives NOT Designated as Hedging Instruments Location of Derivative Gain Three Months Ended Six Months Ended 2020 2019 2020 2019 Foreign exchange contracts – forwards Other expense – Currency gain, net $ 2 $ 6 $ 17 $ 1 For the three and six months ended June 30, 2020 currency losses, net were $2 and $4, respectively, and for the three and six months ended June 30, 2019 were $0 and $2, 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

Fair Value of Financial Assets and Liabilities	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value of Financial Assets and Liabilities	Fair Value of Financial Assets and Liabilities The following table represents assets and liabilities measured at fair value on a recurring basis. The basis for the measurement at fair value in all cases is Level 2 – Significant Other Observable Inputs. June 30, December 31, Assets Foreign exchange contracts - forwards $ 6 $ 2 Interest rate swaps — 1 Deferred compensation investments in mutual funds 18 19 Total $ 24 $ 22 Liabilities Foreign exchange contracts - forwards $ 2 $ 8 Deferred compensation plan liabilities 17 18 Total $ 19 $ 26 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: June 30, 2020 December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value Cash and cash equivalents $ 2,272 $ 2,272 $ 2,740 $ 2,740 Accounts receivable, net 789 789 1,236 1,236 Short-term debt and current portion of long-term debt 1,793 1,814 1,049 1,054 Long-term debt 2,185 2,193 3,233 3,331 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.

Employee Benefit Plans

Employee Benefit Plans	6 Months Ended
	Jun. 30, 2020
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans The components of Net periodic benefit cost and other changes in plan assets and benefit obligations were as follows: Three Months Ended June 30, Pension Benefits U.S. Plans Non-U.S. Plans Retiree Health Components of Net Periodic Benefit Costs: 2020 2019 2020 2019 2020 2019 Service cost $ — $ 1 $ 5 $ 5 $ — $ 1 Interest cost 21 28 26 38 4 4 Expected return on plan assets (26) (25) (46) (58) — — Recognized net actuarial loss (gain) 7 6 14 12 (1) (1) Amortization of prior service credit (1) (1) — (1) (19) (19) Recognized settlement loss 13 27 — — — — Defined benefit plans 14 36 (1) (4) (16) (15) Defined contribution plans 6 5 5 6 n/a n/a Net Periodic Benefit Cost (Credit) 20 41 4 2 (16) (15) Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss): Net actuarial (gain) loss (1) (92) 21 — — (6) — Amortization of net actuarial (loss) gain (20) (33) (14) (12) 1 1 Amortization of net prior service credit 1 1 — 1 19 19 Total Recognized in Other Comprehensive Income (Loss) (2) (111) (11) (14) (11) 14 20 Total Recognized in Net Periodic Benefit (Credit) Cost and Other Comprehensive Income (Loss) $ (91) $ 30 $ (10) $ (9) $ (2) $ 5 Six Months Ended June 30, Pension Benefits U.S. Plans Non-U.S. Plans Retiree Health Components of Net Periodic Benefit Costs: 2020 2019 2020 2019 2020 2019 Service cost $ 1 $ 1 $ 10 $ 12 $ 1 $ 1 Interest cost 44 58 55 77 6 8 Expected return on plan assets (52) (51) (93) (118) — — Recognized net actuarial loss (gain) 14 11 28 22 (1) (2) Amortization of prior service credit (1) (1) — (1) (38) (38) Recognized settlement loss 32 58 — — — — Recognized curtailment gain — — (1) — — — Defined benefit plans 38 76 (1) (8) (32) (31) Defined contribution plans (1) 11 13 10 12 n/a n/a Net Periodic Benefit Cost (Credit) 49 89 9 4 (32) (31) Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss): Net actuarial (gain) loss (1) (80) 36 — — (6) — Amortization of net actuarial (loss) gain (46) (69) (28) (22) 1 2 Amortization of prior service credit 1 1 — 1 38 38 Total Recognized in Other Comprehensive Income (Loss) (2) (125) (32) (28) (21) 33 40 Total Recognized in Net Periodic Benefit (Credit) Cost and Other Comprehensive Income (Loss) $ (76) $ 57 $ (19) $ (17) $ 1 $ 9 _____________ (1) The net actuarial (gain) loss for U.S. Plans primarily reflects (i) the remeasurement of our primary U.S. pension plans as a result of the payment of periodic settlements and (ii) adjustments for the actuarial valuation results based on January 1st plan census data. (2) Amounts represent the pre-tax effect included within Other Comprehensive Income (Loss). Refer to Note 19 - Other Comprehensive Income (Loss) for related tax effects and the after-tax amounts. Contributions The following table summarizes cash contributions to our defined benefit pension plans and retiree health benefit plans. Six Months Ended June 30, Year Ended December 31, 2020 2019 Estimated 2020 2019 U.S. plans $ 12 $ 13 $ 25 $ 26 Non-U.S. plans 52 57 110 115 Total Pension $ 64 $ 70 $ 135 $ 141 Retiree Health $ 9 $ 16 $ 35 $ 30 There are no mandatory contributions required in 2020 for our U.S. tax-qualified defined benefit plans to meet the minimum funding requirements.

Shareholders' Equity of Xerox H

Shareholders' Equity of Xerox Holdings	6 Months Ended
	Jun. 30, 2020
Stockholders' Equity Note [Abstract]
Shareholders' Equity of Xerox Holdings	Shareholders’ Equity of Xerox Holdings (shares in thousands) The shareholders' equity information presented below reflects the consolidated activity of Xerox Holdings. Common Stock Additional Paid-in Capital Treasury Stock Retained Earnings AOCL (1) Xerox Holdings Shareholders’ Equity Non-controlling Interests Total Equity Balance at March 31, 2020 $ 213 $ 2,712 $ — $ 6,252 $ (3,784) $ 5,393 $ 7 $ 5,400 Comprehensive income, net — — — 27 103 130 — 130 Cash dividends declared - common (2) — — — (53) — (53) — (53) Cash dividends declared - preferred (3) — — — (3) — (3) — (3) Stock option and incentive plans, net — 10 — — — 10 — 10 Distributions to noncontrolling interests — — — — — — (3) (3) Balance at June 30, 2020 $ 213 $ 2,722 $ — $ 6,223 $ (3,681) $ 5,477 $ 4 $ 5,481 Common Stock Additional Paid-in Capital Treasury Stock Retained Earnings AOCL (1) Xerox Holdings Shareholders’ Equity Non- controlling Interests Total Equity Balance at March 31, 2019 $ 230 $ 3,282 $ (103) $ 5,270 $ (3,652) $ 5,027 $ 36 $ 5,063 Comprehensive income, net — — — 181 5 186 3 189 Cash dividends declared - common (2) — — — (57) — (57) — (57) Cash dividends declared - preferred (3) — — — (3) — (3) — (3) Stock option and incentive plans, net — 6 — — — 6 — 6 Payments to acquire treasury stock, including fees — — (197) — — (197) — (197) Cancellation of treasury stock (5) (164) 169 — — — — — Distributions to noncontrolling interests — — — — — — (9) (9) Balance at June 30, 2019 $ 225 $ 3,124 $ (131) $ 5,391 $ (3,647) $ 4,962 $ 30 $ 4,992 Common Stock Additional Paid-in Capital Treasury Stock Retained Earnings AOCL (1) Xerox Holdings Shareholders’ Equity Non-controlling Interests Total Equity Balance at December 31, 2019 $ 215 $ 2,782 $ (76) $ 6,312 $ (3,646) $ 5,587 $ 7 $ 5,594 Comprehensive income (loss), net — — — 25 (35) (10) — (10) Cash dividends declared - common (2) — — — (107) — (107) — (107) Cash dividends declared - preferred (3) — — — (7) — (7) — (7) Stock option and incentive plans, net — 14 — — — 14 — 14 Cancellation of treasury stock (2) (74) 76 — — — — — Distributions to noncontrolling interests — — — — — — (3) (3) Balance at June 30, 2020 $ 213 $ 2,722 $ — $ 6,223 $ (3,681) $ 5,477 $ 4 $ 5,481 Common Stock Additional Paid-in Capital Treasury Stock Retained Earnings AOCL (1) Xerox Holdings Shareholders’ Equity Non- controlling Interests Total Equity Balance at December 31, 2018 $ 232 $ 3,321 $ (55) $ 5,072 $ (3,565) $ 5,005 $ 34 $ 5,039 Cumulative effect of change in accounting principle — — — 127 (127) — — — Comprehensive income, net — — — 314 45 359 6 365 Cash dividends declared - common (2) — — — (115) — (115) — (115) Cash dividends declared - preferred (3) — — — (7) — (7) — (7) Stock option and incentive plans, net — 20 — — — 20 — 20 Payments to acquire treasury stock, including fees — — (300) — — (300) — (300) Cancellation of treasury stock (7) (217) 224 — — — — — Distributions to noncontrolling interests — — — — — — (10) (10) Balance at June 30, 2019 $ 225 $ 3,124 $ (131) $ 5,391 $ (3,647) $ 4,962 $ 30 $ 4,992 _____________ (1) Refer to Note 19 - Other Comprehensive Income (Loss) for the components of AOCL. (2) Cash dividends declared on common stock for the three and six months ended June 30, 2020 and 2019 were $0.25 per share and $0.50 per share, respectively. (3) Cash dividends declared on preferred stock for the three and six months ended June 30, 2020 and 2019 were $20.00 per share and $40.00 per share, respectively. Treasury Stock The following is a summary of the purchases of common stock during 2020: Shares Amount Balance at December 31, 2019 2,031 $ 76 Purchases (1) — — Cancellations (2,031) (76) Balance at June 30, 2020 — $ — _____________ (1) Includes associated fees.

Shareholders' Equity of Xerox

Shareholders' Equity of Xerox	6 Months Ended
	Jun. 30, 2020
Shareholders' Equity of Xerox	Shareholders’ Equity of Xerox Holdings (shares in thousands) The shareholders' equity information presented below reflects the consolidated activity of Xerox Holdings. Common Stock Additional Paid-in Capital Treasury Stock Retained Earnings AOCL (1) Xerox Holdings Shareholders’ Equity Non-controlling Interests Total Equity Balance at March 31, 2020 $ 213 $ 2,712 $ — $ 6,252 $ (3,784) $ 5,393 $ 7 $ 5,400 Comprehensive income, net — — — 27 103 130 — 130 Cash dividends declared - common (2) — — — (53) — (53) — (53) Cash dividends declared - preferred (3) — — — (3) — (3) — (3) Stock option and incentive plans, net — 10 — — — 10 — 10 Distributions to noncontrolling interests — — — — — — (3) (3) Balance at June 30, 2020 $ 213 $ 2,722 $ — $ 6,223 $ (3,681) $ 5,477 $ 4 $ 5,481 Common Stock Additional Paid-in Capital Treasury Stock Retained Earnings AOCL (1) Xerox Holdings Shareholders’ Equity Non- controlling Interests Total Equity Balance at March 31, 2019 $ 230 $ 3,282 $ (103) $ 5,270 $ (3,652) $ 5,027 $ 36 $ 5,063 Comprehensive income, net — — — 181 5 186 3 189 Cash dividends declared - common (2) — — — (57) — (57) — (57) Cash dividends declared - preferred (3) — — — (3) — (3) — (3) Stock option and incentive plans, net — 6 — — — 6 — 6 Payments to acquire treasury stock, including fees — — (197) — — (197) — (197) Cancellation of treasury stock (5) (164) 169 — — — — — Distributions to noncontrolling interests — — — — — — (9) (9) Balance at June 30, 2019 $ 225 $ 3,124 $ (131) $ 5,391 $ (3,647) $ 4,962 $ 30 $ 4,992 Common Stock Additional Paid-in Capital Treasury Stock Retained Earnings AOCL (1) Xerox Holdings Shareholders’ Equity Non-controlling Interests Total Equity Balance at December 31, 2019 $ 215 $ 2,782 $ (76) $ 6,312 $ (3,646) $ 5,587 $ 7 $ 5,594 Comprehensive income (loss), net — — — 25 (35) (10) — (10) Cash dividends declared - common (2) — — — (107) — (107) — (107) Cash dividends declared - preferred (3) — — — (7) — (7) — (7) Stock option and incentive plans, net — 14 — — — 14 — 14 Cancellation of treasury stock (2) (74) 76 — — — — — Distributions to noncontrolling interests — — — — — — (3) (3) Balance at June 30, 2020 $ 213 $ 2,722 $ — $ 6,223 $ (3,681) $ 5,477 $ 4 $ 5,481 Common Stock Additional Paid-in Capital Treasury Stock Retained Earnings AOCL (1) Xerox Holdings Shareholders’ Equity Non- controlling Interests Total Equity Balance at December 31, 2018 $ 232 $ 3,321 $ (55) $ 5,072 $ (3,565) $ 5,005 $ 34 $ 5,039 Cumulative effect of change in accounting principle — — — 127 (127) — — — Comprehensive income, net — — — 314 45 359 6 365 Cash dividends declared - common (2) — — — (115) — (115) — (115) Cash dividends declared - preferred (3) — — — (7) — (7) — (7) Stock option and incentive plans, net — 20 — — — 20 — 20 Payments to acquire treasury stock, including fees — — (300) — — (300) — (300) Cancellation of treasury stock (7) (217) 224 — — — — — Distributions to noncontrolling interests — — — — — — (10) (10) Balance at June 30, 2019 $ 225 $ 3,124 $ (131) $ 5,391 $ (3,647) $ 4,962 $ 30 $ 4,992 _____________ (1) Refer to Note 19 - Other Comprehensive Income (Loss) for the components of AOCL. (2) Cash dividends declared on common stock for the three and six months ended June 30, 2020 and 2019 were $0.25 per share and $0.50 per share, respectively. (3) Cash dividends declared on preferred stock for the three and six months ended June 30, 2020 and 2019 were $20.00 per share and $40.00 per share, respectively. Treasury Stock The following is a summary of the purchases of common stock during 2020: Shares Amount Balance at December 31, 2019 2,031 $ 76 Purchases (1) — — Cancellations (2,031) (76) Balance at June 30, 2020 — $ — _____________ (1) Includes associated fees.
XEROX CORPORATION
Shareholders' Equity of Xerox	Shareholders’ Equity of Xerox The shareholders' equity information presented below reflects the consolidated activity of Xerox. Common Stock Additional Paid-in Capital Treasury Stock Retained Earnings AOCL (1) Xerox Shareholders’ Equity Non-controlling Interests Total Equity Balance at March 31, 2020 $ — $ 3,504 $ — $ 5,955 $ (3,784) $ 5,675 $ 7 $ 5,682 Comprehensive income, net — — — 27 103 130 — 130 Dividends declared to parent — — — (57) — (57) — (57) Transfers from parent — 11 — — — 11 — 11 Distributions to noncontrolling interests — — — — — — (3) (3) Balance at June 30, 2020 $ — $ 3,515 $ — $ 5,925 $ (3,681) $ 5,759 $ 4 $ 5,763 Common Stock Additional Paid-in Capital Treasury Stock Retained Earnings AOCL (1) Xerox Shareholders’ Equity Non- controlling Interests Total Equity Balance at March 31, 2019 $ 230 $ 3,282 $ (103) $ 5,270 $ (3,652) $ 5,027 $ 36 $ 5,063 Comprehensive income, net — — — 181 5 186 3 189 Cash dividends declared - common — — — (57) — (57) — (57) Cash dividends declared - preferred — — — (3) — (3) — (3) Stock option and incentive plans, net — 6 — — — 6 — 6 Payments to acquire treasury stock, including fees — — (197) — — (197) — (197) Cancellation of treasury stock (5) (164) 169 — — — — — Distributions to noncontrolling interests — — — — — — (9) (9) Balance at June 30, 2019 $ 225 $ 3,124 $ (131) $ 5,391 $ (3,647) $ 4,962 $ 30 $ 4,992 Common Stock Additional Paid-in Capital Treasury Stock Retained Earnings AOCL (1) Xerox Shareholders’ Equity Non-controlling Interests Total Equity Balance at December 31, 2019 $ — $ 3,266 $ — $ 6,247 $ (3,646) $ 5,867 $ 7 $ 5,874 Comprehensive income (loss), net — — — 25 (35) (10) — (10) Dividends declared to parent — — — (347) — (347) — (347) Transfers from parent — 249 — — — 249 — 249 Distributions to noncontrolling interests — — — — — — (3) (3) Balance at June 30, 2020 $ — $ 3,515 $ — $ 5,925 $ (3,681) $ 5,759 $ 4 $ 5,763 Common Stock Additional Paid-in Capital Treasury Stock Retained Earnings AOCL (1) Xerox Shareholders’ Equity Non- controlling Interests Total Equity Balance at December 31, 2018 $ 232 $ 3,321 $ (55) $ 5,072 $ (3,565) $ 5,005 $ 34 $ 5,039 Cumulative effect of change in accounting principle — — — 127 (127) — — — Comprehensive income, net — — — 314 45 359 6 365 Cash dividends declared - common — — — (115) — (115) — (115) Cash dividends declared - preferred — — — (7) — (7) — (7) Stock option and incentive plans, net — 20 — — — 20 — 20 Payments to acquire treasury stock, including fees — — (300) — — (300) — (300) Cancellation of treasury stock (7) (217) 224 — — — — — Distributions to noncontrolling interests — — — — — — (10) (10) Balance at June 30, 2019 $ 225 $ 3,124 $ (131) $ 5,391 $ (3,647) $ 4,962 $ 30 $ 4,992 _____________ (1) Refer to Note 19 - Other Comprehensive Income (Loss) for the components of AOCL.

Other Comprehensive Income (Los

Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Other Comprehensive Income (Loss)	Other Comprehensive Income (Loss) Other Comprehensive Income (Loss) is comprised of the following: Three Months Ended Six Months Ended 2020 2019 2020 2019 Pre-tax Net of Tax Pre-tax Net of Tax Pre-tax Net of Tax Pre-tax Net of Tax Translation adjustments gains (losses) $ 26 $ 25 $ (5) $ (4) $ (178) $ (172) $ 32 $ 33 Unrealized (losses) gains Changes in fair value of cash flow hedges (losses) gains (3) (1) 3 1 4 3 6 4 Changes in cash flow hedges reclassed to earnings (1) (2) (1) (2) (1) (1) — (3) (2) Net Unrealized (losses) gains (5) (2) 1 — 3 3 3 2 Defined benefit plans gains (losses) Net actuarial/prior service gains (losses) 98 73 (21) (15) 86 64 (36) (27) Prior service amortization (2) (20) (15) (21) (16) (39) (29) (40) (30) Actuarial loss amortization/settlement (2) 33 26 44 33 73 56 89 67 Fuji Xerox changes in defined benefit plans, net (3) — — (7) (7) — — 2 2 Other (losses) gains (4) (4) (4) 14 14 43 43 (2) (2) Changes in defined benefit plans gains 107 80 9 9 163 134 13 10 Other Comprehensive Income (Loss) Attributable to Xerox Holdings/Xerox $ 128 $ 103 $ 5 $ 5 $ (12) $ (35) $ 48 $ 45 ____________ (1) Reclassified to Cost of sales - refer to Note 14 - Financial Instruments for additional information regarding our cash flow hedges. (2) Reclassified to Total Net Periodic Benefit Cost - refer to Note 16 - Employee Benefit Plans for additional information. (3) Represents our share of Fuji Xerox's benefit plan changes. (4) 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: June 30, December 31, Cumulative translation adjustments $ (2,133) $ (1,961) Other unrealized gains (losses), net 1 (2) Benefit plans net actuarial losses and prior service credits (1,549) (1,683) Total Accumulated other comprehensive loss attributable to Xerox Holdings/Xerox $ (3,681) $ (3,646)

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share (shares in thousands) The following table sets forth the computation of basic and diluted earnings per share of common stock of Xerox Holdings: Three Months Ended Six Months Ended 2020 2019 2020 2019 Basic Earnings per Share Net Income from Continuing Operations Attributable to Xerox Holdings $ 27 $ 141 $ 25 $ 225 Accrued dividends on preferred stock (3) (3) (7) (7) Adjusted Net income from continuing operations available to common shareholders 24 138 18 218 Income from discontinued operations attributable to Xerox Holdings, net of tax — 40 — 89 Adjusted Net income available to common shareholders $ 24 $ 178 $ 18 $ 307 Weighted average common shares outstanding 212,949 223,606 212,852 226,040 Basic Earnings per Share: Continuing operations $ 0.11 $ 0.62 $ 0.08 $ 0.97 Discontinued operations — 0.17 — 0.39 Basic Earnings per Share $ 0.11 $ 0.79 $ 0.08 $ 1.36 Diluted Earnings per Share Net Income from Continuing Operations Attributable to Xerox Holdings $ 27 $ 141 $ 25 $ 225 Accrued dividends on preferred stock (3) — (7) (7) Adjusted Net income from continuing operations available to common shareholders 24 141 18 218 Income from discontinued operations attributable to Xerox Holdings, net of tax — 40 — 89 Adjusted Net income available to common shareholders $ 24 $ 181 $ 18 $ 307 Weighted average common shares outstanding 212,949 223,606 212,852 226,040 Common shares issuable with respect to: Stock options — 65 30 34 Restricted stock and performance shares 2,618 4,866 3,132 4,636 Convertible preferred stock — 6,742 — — Adjusted Weighted average common shares outstanding 215,567 235,279 216,014 230,710 Diluted Earnings per Share: Continuing operations $ 0.11 $ 0.60 $ 0.08 $ 0.94 Discontinued operations — 0.17 — 0.38 Diluted Earnings per Share $ 0.11 $ 0.77 $ 0.08 $ 1.32 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: Stock options 845 848 816 879 Restricted stock and performance shares 3,648 2,357 3,134 2,587 Convertible preferred stock 6,742 — 6,742 6,742 Total Anti-Dilutive Securities 11,235 3,205 10,692 10,208 Dividends per Common Share $ 0.25 $ 0.25 $ 0.50 $ 0.50

Contingencies and Litigation

Contingencies and Litigation	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Litigation	Contingencies and Litigation Legal Matters 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. Brazil Contingencies Our Brazilian operations have received or been the subject of numerous governmental assessments related to indirect and other taxes. The 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: June 30, December 31, Tax contingency - unreserved $ 336 $ 442 Escrow cash deposits 38 51 Surety bonds 102 135 Letters of credit 71 91 Liens on Brazilian assets — — The decrease in the unreserved portion of the tax contingency, inclusive of any related interest, was primarily related to currency. 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 June 30, 2020 and December 31, 2019. We routinely assess all these matters as to the 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 Against the Company Pending Litigation Relating to the Fuji Transaction: 1. Ribbe v. Jacobson, et al.: On April 11, 2019, Carmen Ribbe filed a putative derivative and class action stockholder complaint in the Supreme Court of the State of New York for New York County, naming as defendants Xerox, current Board members Joseph J. Echevarria, Cheryl Gordon Krongard, Keith Cozza, Giovanni G. Visentin, Jonathan Christodoro, Nicholas Graziano, and A. Scott Letier, and former Board members Jeffrey Jacobson, William Curt Hunter, Robert J. Keegan, Charles Prince, Ann N. Reese, Stephen H. Rusckowski, Gregory Q. Brown, and Sara Martinez Tucker. Plaintiff previously filed a putative shareholder derivative lawsuit on May 24, 2018 against certain of these defendants, as well as others, in the same court; that lawsuit was dismissed without prejudice on December 6, 2018. The new complaint included putative derivative claims on behalf of Xerox for breach of fiduciary duty against the then members of the Xerox Board who approved Xerox’s entry into agreements to settle shareholder actions filed in 2018 in the same court against Xerox, its then directors, and FUJIFILM Holdings Corporation (“Fujifilm”) in connection with a proposed transaction announced in January 2018 to combine Xerox and Fuji Xerox (the “Fuji Transaction”), including a consolidated putative class action, In re Xerox Corporation Consolidated Shareholder Litigation (“XCCSL”), and actions filed by Darwin Deason, Deason v. Fujifilm Holdings Corp., et al. and Deason v. Xerox Corporation, et al., against the same defendants as well as, in the first Deason action, former Xerox Chief Executive Officer Ursula M. Burns (the "Fuji Transaction Shareholder Lawsuits"). Plaintiff alleged that the settlements ceded control of the Board and the Company to Darwin Deason and Carl C. Icahn without a vote by, or compensation to, other Xerox stockholders; improperly provided certain benefits and releases to the resigning and continuing directors; and subjected Xerox to potential breach of contract damages in an action by Fuji relating to Xerox’s termination of the proposed Fuji Transaction. Plaintiff also alleged that the current Board members breached their fiduciary duties by allegedly rejecting plaintiff’s January 14, 2019 shareholder demand on the Board to remedy harms arising from entry into the Deason and XCCSL settlements. The new complaint further included direct claims for breach of fiduciary duty on behalf of a putative class of current Xerox stockholders other than Mr. Deason, Mr. Icahn, and their affiliated entities (the “Ribbe Class”) against the defendants for causing Xerox to enter into the Deason and XCCSL settlements, which plaintiff alleged perpetuated control of Xerox by Mr. Icahn and Mr. Deason and denied the voting franchise of Xerox shareholders. Among other things, plaintiff sought damages in an unspecified amount for the alleged fiduciary breaches in favor of Xerox against defendants jointly and severally; rescission or reformation of the Deason and XCCSL settlements; restitution of funds paid to the resigning directors under the Deason settlement; an injunction against defendants’ engaging in the alleged wrongful practices and equitable relief affording the putative Ribbe Class the ability to determine the composition of the Board; costs and attorneys’ fees; and other further relief as the Court may deem proper. Defendants accepted service of the complaint as of May 16, 2019. On June 4, 2019, the Court entered an order setting a briefing schedule for defendants’ motions to dismiss the complaint. On July 12, 2019, plaintiff filed a motion to preclude defendants from referencing in their motions to dismiss the formation of, or work by, the committee of the Board established to investigate plaintiff’s shareholder demand. On July 18, 2019, the Court denied plaintiff’s motion and adjourned sine die the deadline by which defendants must file any motions to dismiss the complaint. On January 6, 2020, plaintiff filed his first amended complaint (“FAC”). The FAC includes many of plaintiff’s original allegations regarding the 2018 shareholder litigation and settlements, as well as additional allegations, including, among others, that the members of the Special Committee of the Board that investigated plaintiff’s demand lacked independence and wrongfully refused to pursue the claims in the demand; allegations that an agreement announced in November 2019 for, among other things, the sale by Xerox of its interest in Fuji Xerox to Fujifilm and dismissal of Fujifilm’s breach of contract lawsuit against Xerox (the “FX Sale Transaction”), was unfavorable to Xerox; and allegations about a potential acquisition by Xerox of HP similar to those in the Miami Firefighters derivative action described below. In addition to the claims in the April 11, 2019 complaint, the FAC adds as defendants Carl C. Icahn, Icahn Capital LP, and High River Limited Partnership (the “Icahn defendants”) and asserts claims against those defendants and the Board similar to those in Miami Firefighters relating to the Icahn defendants’ purchases of HP stock allegedly with knowledge of material nonpublic information concerning Xerox’s potential acquisition of HP. In addition to the relief sought in Ribbe’s prior complaint, the FAC seeks relief similar to that sought in Miami Firefighters relating to the Icahn defendants’ alleged purchases of HP stock. On January 21, 2020, plaintiff in the Miami Firefighters action filed a motion seeking to intervene in Ribbe and to have stayed, or alternatively, severed and consolidated with the Miami Firefighters action, any claims first filed in Miami Firefighters and later asserted by Ribbe. At a conference held on February 25, 2020, the Court denied the motion to intervene without prejudice. On March 6, 2020, plaintiff in the Miami Firefighters action renewed its motion. On July 23, 2020, after hearing oral argument, the Court issued an order denying the motion and setting certain case deadlines. Xerox will vigorously defend against this matter. At this time, it is premature to make any conclusion regarding the probability of incurring material losses in this litigation. Should developments cause a change in our determination as to an unfavorable outcome, or result in a final adverse judgment or settlement, there could be a material adverse effect on our results of operations, cash flows and financial position in the period in which such change in determination, judgment, or settlement occurs. 2. 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") (as nominal defendant) against Carl Icahn and his affiliated entities High River Limited Partnership and Icahn Capital LP (the "Icahn defendants"), Xerox Holdings, and all current Xerox Holdings directors (the "Directors"). Plaintiff made no demand on the Board before bringing the action, but instead alleges that doing so would be futile because the Directors lack independence due to alleged direct or indirect relationships with Icahn. Among other things, the complaint alleges that Icahn controls and dominates Xerox Holdings and therefore owes a fiduciary duty of loyalty to Xerox Holdings, which he breached by acquiring HP stock at a time when he knew that Xerox Holdings was considering an offer to acquire HP or had knowledge of the "obvious merits" of such potential acquisition, and that the Icahn defendants’ holdings of HP common stock have risen in market value by approximately $128 since disclosure of the offer. 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 a judgment of breach of fiduciary duties against the Icahn defendants and the Directors; a declaration that Icahn breached his confidentiality agreement with Xerox Holdings; a constructive trust on Icahn Capital and High River's investments in HP securities; disgorgement to Xerox Holdings of profits Icahn Capital and High River earned from trading in HP stock; payment of unspecified damages by the Directors for breaching fiduciary duties; and attorneys' fees, costs, and other relief the Court deems just and proper. On January 15, 2020, the Court entered an order granting plaintiff’s unopposed motion to consolidate with Miami Firefighters 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. On January 21, 2020, plaintiff filed a motion seeking to intervene in Ribbe v. Jacobson , et al., described above, and to have stayed, or alternatively, severed and consolidated with this action, any claims first filed in this action and later asserted by Ribbe. At a conference held on February 25, 2020, the Court denied the motion to intervene without prejudice. On March 6, 2020, plaintiff in the Miami Firefighters action renewed its motion. On July 23, 2020, after hearing oral argument, the Court issued an order denying the motion and setting certain case deadlines. Xerox Holdings will vigorously defend against this matter. At this time, it is premature to make any conclusion regarding the probability of incurring material losses in this litigation. Should developments cause a change in our determination as to an unfavorable outcome, or result in a final adverse judgment or settlement, there could be a material adverse effect on our results of operations, cash flows and financial position in the period in which such change in determination, judgment, or settlement occurs. Guarantees We have issued or provided approximately $290 of guarantees as of June 30, 2020 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 contingencies; and iii) 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 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.

Subsequent Event

Subsequent Event	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Event	Note 22 – Subsequent Event Secured Borrowings and Collateral In July 2020, we entered into a secured loan agreement with a financial institution where we sold $355 of U.S. based finance receivables and the rights to payments under operating leases with an equipment net book value of $10 to a special purpose entity (SPE). The purchase by the SPE was funded through an amortizing secured loan to the SPE from the financial institution of $340. The sale of the receivables to the SPE was structured as a "true sale at law," and we have received an opinion to that effect from outside legal counsel. However, the transaction was accounted for as a secured borrowing as we consolidate the SPE since we have both the power to direct the activities that most significantly impact the SPE's economic performance through our role as servicer of all the receivables held by the SPE, and the obligation through variable interests in the SPE to absorb losses or receive benefits that could potentially be significant to the SPE. As a result, the assets of the SPE are not available to satisfy any of our other obligations. Conversely, the credit holder of this SPE does not have legal recourse to the Company’s general credit. The debt has a variable interest rate based on LIBOR (initial rate of 1.76%) and an expected life of less than three years with half projected to be repaid within the first year based on collections of the underlying portfolio of receivables. We also entered into an interest rate hedge agreement to cap LIBOR over the life of the loan.

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Standards Update and Change in Accounting Principle [Abstract]
Accounting Standards Updates	Accounting Standard Updates to be Adopted: Reference Rate Reform In March 2020, the FASB issued ASU 2020-04 , Reference Rate Reform (Topic 848), 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. The amendments are effective for all entities as of March 12, 2020 through December 31, 2022. There has been no impact to date as a result of ASU 2020-04, 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. 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. This update is effective for our fiscal year beginning January 1, 2021. We are currently in the process of evaluating the effects on our Consolidated Financial Statements. Accounting Standard Updates Adopted in 2020: 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 as provided as a Lessor to our customers and as received as a Lessee. Rent deferrals provided as a Lessor were primarily offered to customers with sales type lease receivables. We elected to account for the deferral in the timing of lease payments as if there were no changes in the lease contract. Under this approach, assuming that collectibility of future lease payments is still probable, the classification of the leases is not updated and we retain the balance of the deferral as a receivable and will settle that receivable at the revised payment date or dates. As of June 30, 2020, we approved payment deferrals of up to three months of approximately $30 or less than 1% of our total finance receivable portfolio. The outstanding principal balance of receivables for customers with an approved payment deferral was approximately $320. Rent abatements to the extent provided were not material and were accounted for as write-offs as part of our normal bad debt reserve assessment. With respect to rent deferrals and abatements received as a Lessee, we elected to account for the deferral and abatements as a resolution of a contingency within the lease. Under this approach, we follow the resolution of a contingency model in ASC 842 without reclassifying the lease or updating the discount rate. We remeasure the remaining consideration in the contract, reallocate it to the lease and non-lease components as applicable, and remeasure the lease liability with an adjustment to the right-of-use asset for the same amount. If the total lease payments remain exactly the same, the lease cost remains unchanged. The impact of this election was not material to our financial condition, results of operations or cash flows, as no rent concessions provided to Xerox in the second quarter of 2020 were material, individually or in the aggregate. Government Grants/Assistance As a result of the significant increase in governmental assistance during the second quarter of 2020, we have updated our significant accounting policies as summarized in Note 1 - Basis of Presentation and Summary of Significant Accounting Policies to the Consolidated Financial Statements included on Form 10-K for the year ended December 31, 2019, as follows for the accounting associated with government assistance. Government grants related to income are recognized as a reduction of related expenses in the Condensed Consolidated Statements of 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. 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. However, as previously disclosed, the future impact from this update is highly dependent on future economic conditions. Refer to Note 8 - Accounts Receivable, Net and Note 9 - Finance Receivable, 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 2018-12 did not have a material impact on our financial condition, results of operations or cash flows as we had previously capitalized these implementation costs and such amounts were not material. Other Updates In 2020 and 2019, the FASB also issued the following ASUs, which impact the Company but did not have or are not expected to have a material impact on our financial condition, results of operations or cash flows upon adoption. Those updates are as follows: • 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 is 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. • Collaborative Arrangements: ASU 2018-18 , (Topic 808) Clarifying the Interaction between Topic 808 and Topic 606. This update was effective for our fiscal year beginning January 1, 2020. • Fair Value Measurement: ASU 2018-13 , (Topic 820) Disclosure Framework. This update was effective for our fiscal year beginning January 1, 2020.

Leases, Codification Topic 842

Leases, Codification Topic 842 (Policies)	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Operating Leases	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 ten years and a variety of renewal and/or termination options.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenues Disaggregated by Primary Geographic Markets, Major Products Lines, and Sales Channels	Revenues disaggregated by primary geographic markets, major product lines, and sales channels are as follows: Three Months Ended Six Months Ended 2020 2019 2020 2019 Primary geographical markets (1) : United States $ 925 $ 1,344 $ 2,039 $ 2,612 Europe 356 584 837 1,184 Canada 76 130 184 254 Other 108 205 265 393 Total Revenues $ 1,465 $ 2,263 $ 3,325 $ 4,443 Major product and services lines: Equipment $ 310 $ 504 $ 635 $ 952 Supplies, paper and other sales 150 296 390 572 Maintenance agreements (2) 366 609 895 1,207 Service arrangements (3) 460 637 1,026 1,272 Rental and other 123 156 264 316 Financing 56 61 115 124 Total Revenues $ 1,465 $ 2,263 $ 3,325 $ 4,443 Sales channels: Direct equipment lease (4) $ 111 $ 150 $ 237 $ 284 Distributors & resellers (5) 136 333 359 648 Customer direct 213 317 429 592 Total Sales $ 460 $ 800 $ 1,025 $ 1,524 _____________ (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 as Xerox Partner Print Services (XPPS). (3) Primarily includes revenues from our Managed Services offerings. Also includes revenues from embedded operating leases, which were not significant. (4) Primarily reflects direct sales through bundled lease arrangements. (5) Primarily reflects sales through our two-tier distribution channels.
Incremental Direct Costs of Obtaining a Contract	Incremental direct costs are as follows: Three Months Ended Six Months Ended 2020 2019 2020 2019 Incremental direct costs of obtaining a contract $ 13 $ 18 $ 28 $ 36 Amortization of incremental direct costs 20 20 41 43

Lessor (Tables)

Lessor (Tables)	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Components of lease income	The components of lease income are as follows: Location in Three Months Ended Six Months Ended Statements of Income 2020 2019 2020 2019 Revenue from sales type leases Sales $ 111 $ 150 $ 237 $ 284 Interest income on lease receivables Financing 56 61 115 124 Lease income - operating leases Services, maintenance and rentals 79 100 165 204 Variable lease income Services, maintenance and rentals 14 28 36 55 Total Lease income $ 260 $ 339 $ 553 $ 667
Components of lease income	The components of lease income are as follows: Location in Three Months Ended Six Months Ended Statements of Income 2020 2019 2020 2019 Revenue from sales type leases Sales $ 111 $ 150 $ 237 $ 284 Interest income on lease receivables Financing 56 61 115 124 Lease income - operating leases Services, maintenance and rentals 79 100 165 204 Variable lease income Services, maintenance and rentals 14 28 36 55 Total Lease income $ 260 $ 339 $ 553 $ 667

Divestitures (Tables)

Divestitures (Tables)	6 Months Ended
	Jun. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Summarized Financial Information - Discontinued operations	Summarized financial information for our Discontinued operations is as follows: Three Months Ended Six Months Ended 2020 2019 2020 2019 Revenue $ — $ 26 $ — $ 52 Income from operations (1) $ — $ 42 $ — $ 95 Gain on disposal — — — — Income before income taxes — 42 — 95 Income tax expense — — — 2 Income from discontinued operations, net of tax — 42 — 93 Income from discontinued operations attributable to noncontrolling interests, net of tax — 2 — 4 Income from discontinued operations, attributable to Xerox Holdings, net of tax $ — $ 40 $ — $ 89 _____________ (1) Includes Equity in net income for FX of $32 and $75 for the three and six months ended June 30, 2019, respectively.

Supplementary Financial Infor_2

Supplementary Financial Information (Tables)	6 Months Ended
	Jun. 30, 2020
Supplemental Financial Information [Abstract]
Cash, Cash Equivalents and Restricted Cash	Cash, cash equivalents and restricted cash amounts were as follows: June 30, December 31, Cash and cash equivalents $ 2,272 $ 2,740 Restricted cash Litigation deposits in Brazil 40 55 Other restricted cash 2 — Total Restricted cash 42 55 Cash, cash equivalents and restricted cash $ 2,314 $ 2,795
Cash, Cash Equivalents and Restricted Cash	Cash, cash equivalents and restricted cash amounts were as follows: June 30, December 31, Cash and cash equivalents $ 2,272 $ 2,740 Restricted cash Litigation deposits in Brazil 40 55 Other restricted cash 2 — Total Restricted cash 42 55 Cash, cash equivalents and restricted cash $ 2,314 $ 2,795
Restricted Cash Balance Sheet Location	Restricted cash was reported in the Condensed Consolidated Balance Sheets as follows: June 30, December 31, Other current assets $ 1 $ — Other long-term assets 41 55 Total Restricted cash $ 42 $ 55
Supplemental Cash Flow Information	Summarized cash flow information is as follows: Three Months Ended Six Months Ended 2020 2019 2020 2019 Provision for receivables $ 13 $ 13 $ 87 $ 27 Provision for inventory 8 7 14 15 Provision for product warranty 1 3 3 7 Depreciation of buildings and equipment 22 26 43 53 Depreciation and obsolescence of equipment on operating leases 46 57 97 116 Amortization of internal use software 10 16 21 33 Amortization of acquired intangible assets 10 11 21 26 Amortization of customer contract costs (1) 21 22 43 46 Cost of additions to land, buildings and equipment 9 10 27 19 Cost of additions to internal use software 10 6 15 12 Common stock dividends - Xerox Holdings 54 57 108 115 Preferred stock dividends - Xerox Holdings 3 3 7 7 Repurchases related to stock-based compensation - Xerox Holdings 3 9 10 10 _____________ (1) Amortization of customer contract costs is reported in Decrease (increase) in other current and long-term assets in the Condensed Consolidated Statements of Cash Flows. Refer to Note 3 - Revenue for additional information on contract costs.

Accounts Receivable, Net (Table

Accounts Receivable, Net (Tables)	6 Months Ended
	Jun. 30, 2020
Receivables [Abstract]
Schedule of accounts receivable, net	Accounts receivable, net were as follows: June 30, December 31, Invoiced $ 660 $ 980 Accrued (1) 189 311 Allowance for doubtful accounts (60) (55) Accounts receivable, net $ 789 $ 1,236 _____________ (1) Accrued receivables include amounts to be invoiced in the subsequent quarter for current services provided. The allowance for doubtful accounts was as follows: Balance at December 31, 2019 $ 55 Provision 8 Charge-offs (2) Recoveries and other (1) (1) Balance at March 31, 2020 $ 60 Provision 9 Charge-offs (8) Recoveries and other (1) (1) Balance at June 30, 2020 $ 60 _____________ (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: Three Months Ended Six Months Ended 2020 2019 2020 2019 Accounts receivable sales (1) $ 14 $ 110 $ 67 $ 198 ____________ _ (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 (Table

Finance Receivables, Net (Tables)	6 Months Ended
	Jun. 30, 2020
Receivables [Abstract]
Finance Receivables	Finance receivables, net were as follows: June 30, December 31, Gross receivables $ 3,599 $ 3,865 Unearned income (386) (425) Subtotal 3,213 3,440 Residual values — — Allowance for doubtful accounts (143) (89) Finance receivables, net 3,070 3,351 Less: Billed portion of finance receivables, net 116 111 Less: Current portion of finance receivables not billed, net 1,046 1,158 Finance receivables due after one year, net $ 1,908 $ 2,082
Allowance for Credit Losses on Financing Receivables	The allowance for doubtful accounts as well as the related investment in finance receivables were as follows: United States Canada (1) EMEA (1)(2) Total Balance at December 31, 2019 $ 59 $ 11 $ 19 $ 89 Provision 35 6 25 66 Charge-offs (3) (1) (4) (8) Recoveries and other (3) — (1) — (1) Balance at March 31, 2020 $ 91 $ 15 $ 40 $ 146 Provision 3 1 — 4 Charge-offs (5) (1) (2) (8) Recoveries and other (2) — 1 — 1 Balance at June 30, 2020 $ 89 $ 16 $ 38 $ 143 Finance receivables as of June 30, 2020 collectively evaluated for impairment (4) $ 1,824 $ 289 $ 1,100 $ 3,213 Balance at December 31, 2018 $ 53 $ 12 $ 27 $ 92 Provision 4 1 4 9 Charge-offs (4) (1) (3) (8) Recoveries and other (3) — — — — Balance at March 31, 2019 $ 53 $ 12 $ 28 $ 93 Provision 4 1 3 8 Charge-offs (5) (3) (3) (11) Recoveries and other (2) 1 2 — 3 Balance at June 30, 2019 $ 53 $ 12 $ 28 $ 93 Finance receivables as of June 30, 2019 collectively evaluated for impairment (4) $ 1,885 $ 336 $ 1,221 $ 3,442 _____________ (1) Prior year amounts have been recasted to include the Other geographic region, which was previously disclosed as a separate grouping, conforming to the current year's presentation. (2) Includes developing market countries. (3) 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.
Financing Receivable Credit Quality Indicators	Details about our finance receivables portfolio based on geography, origination year and credit quality indicators are as follows: June 30, 2020 December 31, 2019 2020 2019 2018 2017 2016 Prior Total Total United States (Direct): Low Credit Risk $ 86 $ 187 $ 179 $ 115 $ 68 $ 16 $ 651 $ 640 Average Credit Risk 25 97 50 29 14 4 219 331 High Credit Risk 34 44 28 14 8 3 131 132 Total $ 145 $ 328 $ 257 $ 158 $ 90 $ 23 $ 1,001 $ 1,103 United States (Indirect): Low Credit Risk $ 100 $ 194 $ 116 $ 55 $ 19 $ 3 $ 487 $ 258 Average Credit Risk 54 119 81 41 13 2 310 445 High Credit Risk 10 6 6 3 1 — 26 116 Total $ 164 $ 319 $ 203 $ 99 $ 33 $ 5 $ 823 $ 819 Canada (1) Low Credit Risk $ 16 $ 36 $ 29 $ 13 $ 11 $ 3 $ 108 $ 163 Average Credit Risk 23 42 30 23 10 2 130 97 High Credit Risk 11 11 11 14 4 — 51 66 Total $ 50 $ 89 $ 70 $ 50 $ 25 $ 5 $ 289 $ 326 EMEA (1)(2) Low Credit Risk $ 99 $ 196 $ 159 $ 81 $ 36 $ 8 $ 579 $ 655 Average Credit Risk 101 157 114 64 27 6 469 479 High Credit Risk 8 17 12 10 4 1 52 58 Total $ 208 $ 370 $ 285 $ 155 $ 67 $ 15 $ 1,100 $ 1,192 Total Finance Receivables Low Credit Risk $ 301 $ 613 $ 483 $ 264 $ 134 $ 30 $ 1,825 $ 1,716 Average Credit Risk 203 415 275 157 64 14 1,128 1,352 High Credit Risk 63 78 57 41 17 4 260 372 Total $ 567 $ 1,106 $ 815 $ 462 $ 215 $ 48 $ 3,213 $ 3,440 _____________ (1) Prior year amounts have been recasted to include the Other geographic region, which was previously disclosed as a separate grouping, conforming to the current year's presentation. (2) Includes developing market countries.
Finance Receivables Aging	June 30, 2020 Current 31-90 Days Past Due >90 Days Past Due Total Billed Unbilled Total Finance Receivables >90 Days and Accruing Direct $ 36 $ 9 $ 11 $ 56 $ 945 $ 1,001 $ 84 Indirect 24 6 3 33 790 823 — Total United States 60 15 14 89 1,735 1,824 84 Canada (1) 7 3 1 11 278 289 19 EMEA (1) 14 4 3 21 1,079 1,100 34 Total $ 81 $ 22 $ 18 $ 121 $ 3,092 $ 3,213 $ 137 December 31, 2019 Current 31-90 Days Past Due >90 Days Past Due Total Billed Unbilled Total Finance Receivables >90 Days and Accruing Direct $ 37 $ 11 $ 8 $ 56 $ 1,047 $ 1,103 $ 57 Indirect 25 5 3 33 786 819 — Total United States 62 16 11 89 1,833 1,922 57 Canada (1) 8 2 1 11 315 326 17 EMEA (1)(2) 12 1 2 15 1,177 1,192 32 Total $ 82 $ 19 $ 14 $ 115 $ 3,325 $ 3,440 $ 106 _____________ (1) Includes developing market countries. (2) Prior year amounts have been recasted to include the Other geographic region, which was previously disclosed as a separate grouping, conforming to the current year's presentation.

Inventories and Equipment on _2

Inventories and Equipment on Operating Leases, Net (Tables)	6 Months Ended
	Jun. 30, 2020
Inventories and Equipment on Operating Leases, Net [Abstract]
Inventories	The following is a summary of Inventories by major category: June 30, December 31, Finished goods $ 782 $ 576 Work-in-process 46 47 Raw materials 94 71 Total Inventories $ 922 $ 694
Equipment on Operating Leases, Net	Equipment on operating leases and the related accumulated depreciation were as follows: June 30, December 31, Equipment on operating leases $ 1,389 $ 1,443 Accumulated depreciation (1,077) (1,079) Equipment on operating leases, net $ 312 $ 364

Lessee (Tables)

Lessee (Tables)	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Schedule of components of lease expense	The components of lease expense are as follows: Three Months Ended Six Months Ended 2020 2019 2020 2019 Operating lease expense $ 28 $ 33 $ 56 $ 66 Short-term lease expense 5 5 10 10 Variable lease expense (1) 10 12 22 25 Sublease income (1) (1) (1) (1) Total Lease expense $ 42 $ 49 $ 87 $ 100 _____________
Schedule of operating leases assets and liabilities	Operating leases right-of-use (ROU) assets, net and operating lease liabilities were reported in the Condensed Consolidated Balance Sheets as follows: June 30, December 31, Other long-term assets $ 327 $ 319 Accrued expenses and other current liabilities $ 86 $ 87 Other long-term liabilities 269 260 Total Operating lease liabilities $ 355 $ 347
Schedule of supplemental information related to operating leases	Supplemental information related to operating leases is as follows: Three Months Ended Six Months Ended 2020 2019 2020 2019 Cash paid for amounts included in the measurement of lease liabilities - Operating cash flows $ 29 $ 32 $ 58 $ 64 ROU assets obtained in exchange for new lease liabilities (1) $ 29 $ 14 $ 56 $ 23 Weighted-average remaining lease term 5 years 4 years Weighted-average discount rate 5.40 % 5.63 % _____________ (1) Includes the impact of new leases as well as remeasurements and modifications to existing leases.

Restructuring Programs (Tables)

Restructuring Programs (Tables)	6 Months Ended
	Jun. 30, 2020
Restructuring and Related Activities [Abstract]
Restructuring Program Activity	Information related to restructuring program activity is outlined below: Severance and Related Costs Other Contractual Termination Costs (2) Asset Impairments (3) Total Balance at December 31, 2019 $ 66 $ 4 $ — $ 70 Provision 32 1 2 35 Reversals (5) — (1) (6) Net current period charges (1) 27 1 1 29 Charges against reserve and currency (36) 2 (1) (35) Balance at March 31, 2020 $ 57 $ 7 $ — $ 64 Provision 7 — — 7 Reversals (6) (1) (2) (9) Net current period charges (1) 1 (1) (2) (2) Charges against reserve and currency (14) (1) 2 (13) Balance at June 30, 2020 $ 44 $ 5 $ — $ 49 _____________ _ (1) Represents net amount recognized within the Condensed Consolidated Statements of Income for the period shown for restructuring and asset impairment charges. (2) Primarily includes additional costs incurred upon the exit from our facilities including decommissioning costs and associated contractual termination costs. Charges for first quarter 2020 include a reclassification of $4 related to expected recovery from sublease. (3) Primarily related to the exit and abandonment of leased and owned facilities. The charge includes the accelerated write-off of $1 for leased right-of-use assets and $1 for owned assets upon exit from the facilities, net of any potential sublease income and other recoveries.
Reconciliation to the Condensed Consolidated Statements of Cash Flows	The following table summarizes the reconciliation to the Condensed Consolidated Statements of Cash Flows: Three Months Ended Six Months Ended 2020 2019 2020 2019 Charges against reserve and currency $ (13) $ (29) $ (48) $ (98) Effects of foreign currency and other non-cash items (4) 8 (4) 44 Restructuring cash payments $ (17) $ (21) $ (52) $ (54)
Related Restructuring Costs	In connection with our restructuring programs, we also incurred certain related costs as follows: Three Months Ended Six Months Ended 2020 2019 2020 2019 Retention related severance/bonuses (1) $ 4 $ 11 $ 11 $ 20 Contractual severance costs (2) — — 4 38 Consulting and other costs (3) 1 8 2 19 Total $ 5 $ 19 $ 17 $ 77 ____________ _ (1) Includes retention related severance and bonuses for employees expected to continue working beyond their minimum notification period before termination. (2) Amounts reflect estimated severance and other related costs we were contractually required to pay in connection with employees transferred as part of the shared service arrangement entered into with HCL Technologies in the first quarter 2019. (3) Represents professional support services associated with our business transformation initiatives.

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Schedule of Interest Expense and Income	Interest expense and income were as follows: Three Months Ended Six Months Ended 2020 2019 2020 2019 Interest expense (1) $ 48 $ 59 $ 99 $ 119 Interest income (2) 59 64 126 131 ____________ _ (1) Includes Cost of financing as well as non-financing interest expense that is included in Other expenses, net in the Condensed Consolidated Statements of Income. (2) Includes Financing revenue as well as other interest income that is included in Other expenses, net in the Condensed Consolidated Statements of Income.

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Derivative Instruments Fair Value	The following table provides a summary of the fair value amounts of our derivative instruments: Designation of Derivatives Balance Sheet Location June 30, December 31, Derivatives Designated as Hedging Instruments Foreign exchange contracts - forwards Other current assets $ 1 $ 1 Accrued expenses and other current liabilities (1) (5) Interest rate swaps Other long-term assets — 1 Net designated derivative asset (liability) $ — $ (3) Derivatives NOT Designated as Hedging Instruments Foreign exchange contracts – forwards Other current assets $ 5 $ 1 Accrued expenses and other current liabilities (1) (3) Net undesignated derivative asset (liability) $ 4 $ (2) Summary of Derivatives Total Derivative assets $ 6 $ 3 Total Derivative liabilities (2) (8) Net Derivative asset (liability) $ 4 $ (5)
Summary of Gains (Losses) on Derivative Instruments	The following table provides a summary of gains (losses) on derivative instruments: Three Months Ended Six Months Ended Gain (Loss) on Derivative Instruments 2020 2019 2020 2019 Fair Value Hedges - Interest Rate Contracts Derivative gain (loss) recognized in interest expense $ — $ 2 $ (1) $ 4 Hedged item (loss) gain recognized in interest expense — (2) 1 (4) Cash Flow Hedges - Foreign Exchange Forward Contracts and Options Derivative (loss) gain recognized in OCI (effective portion) $ (3) $ 3 $ 4 $ 6 Derivative gain reclassified from AOCL to income - Cost of sales (effective portion) 2 2 1 3
Summary of Derivatives Not Designated as Hedging Instruments Gains (Losses)	The following table provides a summary of gains and (losses) on non-designated derivative instruments: Derivatives NOT Designated as Hedging Instruments Location of Derivative Gain Three Months Ended Six Months Ended 2020 2019 2020 2019 Foreign exchange contracts – forwards Other expense – Currency gain, net $ 2 $ 6 $ 17 $ 1

Fair Value of Financial Asset_2

Fair Value of Financial Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Fair value of financial assets and liabilities	The following table represents assets and liabilities measured at fair value on a recurring basis. The basis for the measurement at fair value in all cases is Level 2 – Significant Other Observable Inputs. June 30, December 31, Assets Foreign exchange contracts - forwards $ 6 $ 2 Interest rate swaps — 1 Deferred compensation investments in mutual funds 18 19 Total $ 24 $ 22 Liabilities Foreign exchange contracts - forwards $ 2 $ 8 Deferred compensation plan liabilities 17 18 Total $ 19 $ 26
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: June 30, 2020 December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value Cash and cash equivalents $ 2,272 $ 2,272 $ 2,740 $ 2,740 Accounts receivable, net 789 789 1,236 1,236 Short-term debt and current portion of long-term debt 1,793 1,814 1,049 1,054 Long-term debt 2,185 2,193 3,233 3,331

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2020
Retirement Benefits [Abstract]
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: Three Months Ended June 30, Pension Benefits U.S. Plans Non-U.S. Plans Retiree Health Components of Net Periodic Benefit Costs: 2020 2019 2020 2019 2020 2019 Service cost $ — $ 1 $ 5 $ 5 $ — $ 1 Interest cost 21 28 26 38 4 4 Expected return on plan assets (26) (25) (46) (58) — — Recognized net actuarial loss (gain) 7 6 14 12 (1) (1) Amortization of prior service credit (1) (1) — (1) (19) (19) Recognized settlement loss 13 27 — — — — Defined benefit plans 14 36 (1) (4) (16) (15) Defined contribution plans 6 5 5 6 n/a n/a Net Periodic Benefit Cost (Credit) 20 41 4 2 (16) (15) Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss): Net actuarial (gain) loss (1) (92) 21 — — (6) — Amortization of net actuarial (loss) gain (20) (33) (14) (12) 1 1 Amortization of net prior service credit 1 1 — 1 19 19 Total Recognized in Other Comprehensive Income (Loss) (2) (111) (11) (14) (11) 14 20 Total Recognized in Net Periodic Benefit (Credit) Cost and Other Comprehensive Income (Loss) $ (91) $ 30 $ (10) $ (9) $ (2) $ 5 Six Months Ended June 30, Pension Benefits U.S. Plans Non-U.S. Plans Retiree Health Components of Net Periodic Benefit Costs: 2020 2019 2020 2019 2020 2019 Service cost $ 1 $ 1 $ 10 $ 12 $ 1 $ 1 Interest cost 44 58 55 77 6 8 Expected return on plan assets (52) (51) (93) (118) — — Recognized net actuarial loss (gain) 14 11 28 22 (1) (2) Amortization of prior service credit (1) (1) — (1) (38) (38) Recognized settlement loss 32 58 — — — — Recognized curtailment gain — — (1) — — — Defined benefit plans 38 76 (1) (8) (32) (31) Defined contribution plans (1) 11 13 10 12 n/a n/a Net Periodic Benefit Cost (Credit) 49 89 9 4 (32) (31) Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss): Net actuarial (gain) loss (1) (80) 36 — — (6) — Amortization of net actuarial (loss) gain (46) (69) (28) (22) 1 2 Amortization of prior service credit 1 1 — 1 38 38 Total Recognized in Other Comprehensive Income (Loss) (2) (125) (32) (28) (21) 33 40 Total Recognized in Net Periodic Benefit (Credit) Cost and Other Comprehensive Income (Loss) $ (76) $ 57 $ (19) $ (17) $ 1 $ 9 _____________ (1) The net actuarial (gain) loss for U.S. Plans primarily reflects (i) the remeasurement of our primary U.S. pension plans as a result of the payment of periodic settlements and (ii) adjustments for the actuarial valuation results based on January 1st plan census data. (2) Amounts represent the pre-tax effect included within Other Comprehensive Income (Loss). Refer to Note 19 - Other Comprehensive Income (Loss) for related tax effects and the after-tax amounts.
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. Six Months Ended June 30, Year Ended December 31, 2020 2019 Estimated 2020 2019 U.S. plans $ 12 $ 13 $ 25 $ 26 Non-U.S. plans 52 57 110 115 Total Pension $ 64 $ 70 $ 135 $ 141 Retiree Health $ 9 $ 16 $ 35 $ 30

Shareholders' Equity of Xerox_2

Shareholders' Equity of Xerox Holdings (Tables)	6 Months Ended
	Jun. 30, 2020
Stockholders' Equity Note [Abstract]
Schedule of Stockholders Equity	The shareholders' equity information presented below reflects the consolidated activity of Xerox Holdings. Common Stock Additional Paid-in Capital Treasury Stock Retained Earnings AOCL (1) Xerox Holdings Shareholders’ Equity Non-controlling Interests Total Equity Balance at March 31, 2020 $ 213 $ 2,712 $ — $ 6,252 $ (3,784) $ 5,393 $ 7 $ 5,400 Comprehensive income, net — — — 27 103 130 — 130 Cash dividends declared - common (2) — — — (53) — (53) — (53) Cash dividends declared - preferred (3) — — — (3) — (3) — (3) Stock option and incentive plans, net — 10 — — — 10 — 10 Distributions to noncontrolling interests — — — — — — (3) (3) Balance at June 30, 2020 $ 213 $ 2,722 $ — $ 6,223 $ (3,681) $ 5,477 $ 4 $ 5,481 Common Stock Additional Paid-in Capital Treasury Stock Retained Earnings AOCL (1) Xerox Holdings Shareholders’ Equity Non- controlling Interests Total Equity Balance at March 31, 2019 $ 230 $ 3,282 $ (103) $ 5,270 $ (3,652) $ 5,027 $ 36 $ 5,063 Comprehensive income, net — — — 181 5 186 3 189 Cash dividends declared - common (2) — — — (57) — (57) — (57) Cash dividends declared - preferred (3) — — — (3) — (3) — (3) Stock option and incentive plans, net — 6 — — — 6 — 6 Payments to acquire treasury stock, including fees — — (197) — — (197) — (197) Cancellation of treasury stock (5) (164) 169 — — — — — Distributions to noncontrolling interests — — — — — — (9) (9) Balance at June 30, 2019 $ 225 $ 3,124 $ (131) $ 5,391 $ (3,647) $ 4,962 $ 30 $ 4,992 Common Stock Additional Paid-in Capital Treasury Stock Retained Earnings AOCL (1) Xerox Holdings Shareholders’ Equity Non-controlling Interests Total Equity Balance at December 31, 2019 $ 215 $ 2,782 $ (76) $ 6,312 $ (3,646) $ 5,587 $ 7 $ 5,594 Comprehensive income (loss), net — — — 25 (35) (10) — (10) Cash dividends declared - common (2) — — — (107) — (107) — (107) Cash dividends declared - preferred (3) — — — (7) — (7) — (7) Stock option and incentive plans, net — 14 — — — 14 — 14 Cancellation of treasury stock (2) (74) 76 — — — — — Distributions to noncontrolling interests — — — — — — (3) (3) Balance at June 30, 2020 $ 213 $ 2,722 $ — $ 6,223 $ (3,681) $ 5,477 $ 4 $ 5,481 Common Stock Additional Paid-in Capital Treasury Stock Retained Earnings AOCL (1) Xerox Holdings Shareholders’ Equity Non- controlling Interests Total Equity Balance at December 31, 2018 $ 232 $ 3,321 $ (55) $ 5,072 $ (3,565) $ 5,005 $ 34 $ 5,039 Cumulative effect of change in accounting principle — — — 127 (127) — — — Comprehensive income, net — — — 314 45 359 6 365 Cash dividends declared - common (2) — — — (115) — (115) — (115) Cash dividends declared - preferred (3) — — — (7) — (7) — (7) Stock option and incentive plans, net — 20 — — — 20 — 20 Payments to acquire treasury stock, including fees — — (300) — — (300) — (300) Cancellation of treasury stock (7) (217) 224 — — — — — Distributions to noncontrolling interests — — — — — — (10) (10) Balance at June 30, 2019 $ 225 $ 3,124 $ (131) $ 5,391 $ (3,647) $ 4,962 $ 30 $ 4,992 _____________ (1) Refer to Note 19 - Other Comprehensive Income (Loss) for the components of AOCL. (2) Cash dividends declared on common stock for the three and six months ended June 30, 2020 and 2019 were $0.25 per share and $0.50 per share, respectively. (3) Cash dividends declared on preferred stock for the three and six months ended June 30, 2020 and 2019 were $20.00 per share and $40.00 per share, respectively.
Summary of Treasury Stock Purchases	The following is a summary of the purchases of common stock during 2020: Shares Amount Balance at December 31, 2019 2,031 $ 76 Purchases (1) — — Cancellations (2,031) (76) Balance at June 30, 2020 — $ — _____________ (1) Includes associated fees.

Shareholders' Equity of Xerox (

Shareholders' Equity of Xerox (Tables)	6 Months Ended
	Jun. 30, 2020
Schedule of Stockholders Equity	The shareholders' equity information presented below reflects the consolidated activity of Xerox Holdings. Common Stock Additional Paid-in Capital Treasury Stock Retained Earnings AOCL (1) Xerox Holdings Shareholders’ Equity Non-controlling Interests Total Equity Balance at March 31, 2020 $ 213 $ 2,712 $ — $ 6,252 $ (3,784) $ 5,393 $ 7 $ 5,400 Comprehensive income, net — — — 27 103 130 — 130 Cash dividends declared - common (2) — — — (53) — (53) — (53) Cash dividends declared - preferred (3) — — — (3) — (3) — (3) Stock option and incentive plans, net — 10 — — — 10 — 10 Distributions to noncontrolling interests — — — — — — (3) (3) Balance at June 30, 2020 $ 213 $ 2,722 $ — $ 6,223 $ (3,681) $ 5,477 $ 4 $ 5,481 Common Stock Additional Paid-in Capital Treasury Stock Retained Earnings AOCL (1) Xerox Holdings Shareholders’ Equity Non- controlling Interests Total Equity Balance at March 31, 2019 $ 230 $ 3,282 $ (103) $ 5,270 $ (3,652) $ 5,027 $ 36 $ 5,063 Comprehensive income, net — — — 181 5 186 3 189 Cash dividends declared - common (2) — — — (57) — (57) — (57) Cash dividends declared - preferred (3) — — — (3) — (3) — (3) Stock option and incentive plans, net — 6 — — — 6 — 6 Payments to acquire treasury stock, including fees — — (197) — — (197) — (197) Cancellation of treasury stock (5) (164) 169 — — — — — Distributions to noncontrolling interests — — — — — — (9) (9) Balance at June 30, 2019 $ 225 $ 3,124 $ (131) $ 5,391 $ (3,647) $ 4,962 $ 30 $ 4,992 Common Stock Additional Paid-in Capital Treasury Stock Retained Earnings AOCL (1) Xerox Holdings Shareholders’ Equity Non-controlling Interests Total Equity Balance at December 31, 2019 $ 215 $ 2,782 $ (76) $ 6,312 $ (3,646) $ 5,587 $ 7 $ 5,594 Comprehensive income (loss), net — — — 25 (35) (10) — (10) Cash dividends declared - common (2) — — — (107) — (107) — (107) Cash dividends declared - preferred (3) — — — (7) — (7) — (7) Stock option and incentive plans, net — 14 — — — 14 — 14 Cancellation of treasury stock (2) (74) 76 — — — — — Distributions to noncontrolling interests — — — — — — (3) (3) Balance at June 30, 2020 $ 213 $ 2,722 $ — $ 6,223 $ (3,681) $ 5,477 $ 4 $ 5,481 Common Stock Additional Paid-in Capital Treasury Stock Retained Earnings AOCL (1) Xerox Holdings Shareholders’ Equity Non- controlling Interests Total Equity Balance at December 31, 2018 $ 232 $ 3,321 $ (55) $ 5,072 $ (3,565) $ 5,005 $ 34 $ 5,039 Cumulative effect of change in accounting principle — — — 127 (127) — — — Comprehensive income, net — — — 314 45 359 6 365 Cash dividends declared - common (2) — — — (115) — (115) — (115) Cash dividends declared - preferred (3) — — — (7) — (7) — (7) Stock option and incentive plans, net — 20 — — — 20 — 20 Payments to acquire treasury stock, including fees — — (300) — — (300) — (300) Cancellation of treasury stock (7) (217) 224 — — — — — Distributions to noncontrolling interests — — — — — — (10) (10) Balance at June 30, 2019 $ 225 $ 3,124 $ (131) $ 5,391 $ (3,647) $ 4,962 $ 30 $ 4,992 _____________ (1) Refer to Note 19 - Other Comprehensive Income (Loss) for the components of AOCL. (2) Cash dividends declared on common stock for the three and six months ended June 30, 2020 and 2019 were $0.25 per share and $0.50 per share, respectively. (3) Cash dividends declared on preferred stock for the three and six months ended June 30, 2020 and 2019 were $20.00 per share and $40.00 per share, respectively.
XEROX CORPORATION
Schedule of Stockholders Equity	The shareholders' equity information presented below reflects the consolidated activity of Xerox. Common Stock Additional Paid-in Capital Treasury Stock Retained Earnings AOCL (1) Xerox Shareholders’ Equity Non-controlling Interests Total Equity Balance at March 31, 2020 $ — $ 3,504 $ — $ 5,955 $ (3,784) $ 5,675 $ 7 $ 5,682 Comprehensive income, net — — — 27 103 130 — 130 Dividends declared to parent — — — (57) — (57) — (57) Transfers from parent — 11 — — — 11 — 11 Distributions to noncontrolling interests — — — — — — (3) (3) Balance at June 30, 2020 $ — $ 3,515 $ — $ 5,925 $ (3,681) $ 5,759 $ 4 $ 5,763 Common Stock Additional Paid-in Capital Treasury Stock Retained Earnings AOCL (1) Xerox Shareholders’ Equity Non- controlling Interests Total Equity Balance at March 31, 2019 $ 230 $ 3,282 $ (103) $ 5,270 $ (3,652) $ 5,027 $ 36 $ 5,063 Comprehensive income, net — — — 181 5 186 3 189 Cash dividends declared - common — — — (57) — (57) — (57) Cash dividends declared - preferred — — — (3) — (3) — (3) Stock option and incentive plans, net — 6 — — — 6 — 6 Payments to acquire treasury stock, including fees — — (197) — — (197) — (197) Cancellation of treasury stock (5) (164) 169 — — — — — Distributions to noncontrolling interests — — — — — — (9) (9) Balance at June 30, 2019 $ 225 $ 3,124 $ (131) $ 5,391 $ (3,647) $ 4,962 $ 30 $ 4,992 Common Stock Additional Paid-in Capital Treasury Stock Retained Earnings AOCL (1) Xerox Shareholders’ Equity Non-controlling Interests Total Equity Balance at December 31, 2019 $ — $ 3,266 $ — $ 6,247 $ (3,646) $ 5,867 $ 7 $ 5,874 Comprehensive income (loss), net — — — 25 (35) (10) — (10) Dividends declared to parent — — — (347) — (347) — (347) Transfers from parent — 249 — — — 249 — 249 Distributions to noncontrolling interests — — — — — — (3) (3) Balance at June 30, 2020 $ — $ 3,515 $ — $ 5,925 $ (3,681) $ 5,759 $ 4 $ 5,763 Common Stock Additional Paid-in Capital Treasury Stock Retained Earnings AOCL (1) Xerox Shareholders’ Equity Non- controlling Interests Total Equity Balance at December 31, 2018 $ 232 $ 3,321 $ (55) $ 5,072 $ (3,565) $ 5,005 $ 34 $ 5,039 Cumulative effect of change in accounting principle — — — 127 (127) — — — Comprehensive income, net — — — 314 45 359 6 365 Cash dividends declared - common — — — (115) — (115) — (115) Cash dividends declared - preferred — — — (7) — (7) — (7) Stock option and incentive plans, net — 20 — — — 20 — 20 Payments to acquire treasury stock, including fees — — (300) — — (300) — (300) Cancellation of treasury stock (7) (217) 224 — — — — — Distributions to noncontrolling interests — — — — — — (10) (10) Balance at June 30, 2019 $ 225 $ 3,124 $ (131) $ 5,391 $ (3,647) $ 4,962 $ 30 $ 4,992 _____________ (1) Refer to Note 19 - Other Comprehensive Income (Loss) for the components of AOCL.

Other Comprehensive Income (L_2

Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Schedule of Other Comprehensive (Loss) Income	Other Comprehensive Income (Loss) is comprised of the following: Three Months Ended Six Months Ended 2020 2019 2020 2019 Pre-tax Net of Tax Pre-tax Net of Tax Pre-tax Net of Tax Pre-tax Net of Tax Translation adjustments gains (losses) $ 26 $ 25 $ (5) $ (4) $ (178) $ (172) $ 32 $ 33 Unrealized (losses) gains Changes in fair value of cash flow hedges (losses) gains (3) (1) 3 1 4 3 6 4 Changes in cash flow hedges reclassed to earnings (1) (2) (1) (2) (1) (1) — (3) (2) Net Unrealized (losses) gains (5) (2) 1 — 3 3 3 2 Defined benefit plans gains (losses) Net actuarial/prior service gains (losses) 98 73 (21) (15) 86 64 (36) (27) Prior service amortization (2) (20) (15) (21) (16) (39) (29) (40) (30) Actuarial loss amortization/settlement (2) 33 26 44 33 73 56 89 67 Fuji Xerox changes in defined benefit plans, net (3) — — (7) (7) — — 2 2 Other (losses) gains (4) (4) (4) 14 14 43 43 (2) (2) Changes in defined benefit plans gains 107 80 9 9 163 134 13 10 Other Comprehensive Income (Loss) Attributable to Xerox Holdings/Xerox $ 128 $ 103 $ 5 $ 5 $ (12) $ (35) $ 48 $ 45 ____________ (1) Reclassified to Cost of sales - refer to Note 14 - Financial Instruments for additional information regarding our cash flow hedges. (2) Reclassified to Total Net Periodic Benefit Cost - refer to Note 16 - Employee Benefit Plans for additional information. (3) Represents our share of Fuji Xerox's benefit plan changes.
Schedule of Accumulated Other Comprehensive Loss	AOCL is comprised of the following: June 30, December 31, Cumulative translation adjustments $ (2,133) $ (1,961) Other unrealized gains (losses), net 1 (2) Benefit plans net actuarial losses and prior service credits (1,549) (1,683) Total Accumulated other comprehensive loss attributable to Xerox Holdings/Xerox $ (3,681) $ (3,646)

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Basic and Diluted Earnings per Share	The following table sets forth the computation of basic and diluted earnings per share of common stock of Xerox Holdings: Three Months Ended Six Months Ended 2020 2019 2020 2019 Basic Earnings per Share Net Income from Continuing Operations Attributable to Xerox Holdings $ 27 $ 141 $ 25 $ 225 Accrued dividends on preferred stock (3) (3) (7) (7) Adjusted Net income from continuing operations available to common shareholders 24 138 18 218 Income from discontinued operations attributable to Xerox Holdings, net of tax — 40 — 89 Adjusted Net income available to common shareholders $ 24 $ 178 $ 18 $ 307 Weighted average common shares outstanding 212,949 223,606 212,852 226,040 Basic Earnings per Share: Continuing operations $ 0.11 $ 0.62 $ 0.08 $ 0.97 Discontinued operations — 0.17 — 0.39 Basic Earnings per Share $ 0.11 $ 0.79 $ 0.08 $ 1.36 Diluted Earnings per Share Net Income from Continuing Operations Attributable to Xerox Holdings $ 27 $ 141 $ 25 $ 225 Accrued dividends on preferred stock (3) — (7) (7) Adjusted Net income from continuing operations available to common shareholders 24 141 18 218 Income from discontinued operations attributable to Xerox Holdings, net of tax — 40 — 89 Adjusted Net income available to common shareholders $ 24 $ 181 $ 18 $ 307 Weighted average common shares outstanding 212,949 223,606 212,852 226,040 Common shares issuable with respect to: Stock options — 65 30 34 Restricted stock and performance shares 2,618 4,866 3,132 4,636 Convertible preferred stock — 6,742 — — Adjusted Weighted average common shares outstanding 215,567 235,279 216,014 230,710 Diluted Earnings per Share: Continuing operations $ 0.11 $ 0.60 $ 0.08 $ 0.94 Discontinued operations — 0.17 — 0.38 Diluted Earnings per Share $ 0.11 $ 0.77 $ 0.08 $ 1.32 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: Stock options 845 848 816 879 Restricted stock and performance shares 3,648 2,357 3,134 2,587 Convertible preferred stock 6,742 — 6,742 6,742 Total Anti-Dilutive Securities 11,235 3,205 10,692 10,208 Dividends per Common Share $ 0.25 $ 0.25 $ 0.50 $ 0.50

Contingencies and Litigation (T

Contingencies and Litigation (Tables)	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Brazil Tax Contingencies	Below is a summary of our Brazilian tax contingencies: June 30, December 31, Tax contingency - unreserved $ 336 $ 442 Escrow cash deposits 38 51 Surety bonds 102 135 Letters of credit 71 91 Liens on Brazilian assets — —

Recent Accounting Pronounceme_3

Recent Accounting Pronouncements (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)
Accounting Standards Update and Change in Accounting Principle [Abstract]
Lessor, lease, term of deferral (months)	3 months
Lessor, lease receivable, amount deferred	$ 30
Lessor, lease receivable, maximum percentage deferred	1.00%
Lessor, lease receivables	$ 320
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lessor, lease receivables	$ 320

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Total Revenues	$ 1,465	$ 2,263	$ 3,325	$ 4,443
Equipment
Disaggregation of Revenue [Line Items]
Total Revenues	310	504	635	952
Supplies, paper and other sales
Disaggregation of Revenue [Line Items]
Total Revenues	150	296	390	572
Maintenance agreements
Disaggregation of Revenue [Line Items]
Total Revenues	366	609	895	1,207
Service arrangements
Disaggregation of Revenue [Line Items]
Total Revenues	460	637	1,026	1,272
Rental and other
Disaggregation of Revenue [Line Items]
Total Revenues	123	156	264	316
Financing
Disaggregation of Revenue [Line Items]
Total Revenues	56	61	115	124
Sales
Disaggregation of Revenue [Line Items]
Total Revenues	460	800	1,025	1,524
Sales | Direct equipment lease
Disaggregation of Revenue [Line Items]
Total Revenues	111	150	237	284
Sales | Distributors & resellers
Disaggregation of Revenue [Line Items]
Total Revenues	136	333	359	648
Sales | Customer direct
Disaggregation of Revenue [Line Items]
Total Revenues	213	317	429	592
United States
Disaggregation of Revenue [Line Items]
Total Revenues	925	1,344	2,039	2,612
Europe
Disaggregation of Revenue [Line Items]
Total Revenues	356	584	837	1,184
Canada
Disaggregation of Revenue [Line Items]
Total Revenues	76	130	184	254
Other
Disaggregation of Revenue [Line Items]
Total Revenues	$ 108	$ 205	$ 265	$ 393

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Revenue, Contract Assets, Liabilities and Costs[Line Items]
Contract liabilities	$ 127		$ 127		$ 137
Contract liability amortization period			30 months
Deferred incremental direct costs, amortization period	4 years		4 years
Deferred incremental direct costs net of accumulated amortization	$ 148		$ 148		163
Contract Fulfillment Costs and Inducements
Revenue, Contract Assets, Liabilities and Costs[Line Items]
Capitalized contract costs, amounts deferred	12		12		$ 13
Capitalized contract costs, amortization	$ 1	$ 2	$ 2	$ 3

Revenue - Incremental Direct Co

Revenue - Incremental Direct Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenue from Contract with Customer [Abstract]
Incremental direct costs of obtaining a contract	$ 13	$ 18	$ 28	$ 36
Amortization of incremental direct costs	$ 20	$ 20	$ 41	$ 43

Lessor - Components of Lease In

Lessor - Components of Lease Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Leases [Abstract]
Revenue from sales type leases	$ 111	$ 150	$ 237	$ 284
Interest income on lease receivables	56	61	115	124
Lease income - operating leases	79	100	165	204
Variable lease income	14	28	36	55
Total Lease income	260	339	553	667
Profit at lease commencement, sales type leases	$ 42	$ 55	$ 86	$ 120

Acquisitions - Additional Infor

Acquisitions - Additional Information (Details) £ in Millions, $ in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2020GBP (£)	Jun. 30, 2020CAD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Business Acquisition [Line Items]
Acquisition	$ 193
Goodwill	3,939				$ 3,900
Arena Group, Altodigital Networks and ITEC Connect
Business Acquisition [Line Items]
Acquisition	$ 171	£ 132
Arena Group
Business Acquisition [Line Items]
Percentage of ownership acquired	100.00%
Altodigital Networks
Business Acquisition [Line Items]
Percentage of ownership acquired	100.00%
ITEC Connect
Business Acquisition [Line Items]
Percentage of ownership acquired	100.00%
Digitex Canada
Business Acquisition [Line Items]
Acquisition	$ 22		$ 29
Percentage of ownership acquired	100.00%
2020 Acquisitions
Business Acquisition [Line Items]
Intangible assets	$ 70
Goodwill	$ 100
HP Inc. | Bridge Loan
Business Acquisition [Line Items]
Short-term Debt, Amount Committed by Lender				$ 24,000

Divestitures (Details)

Divestitures (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Nov. 30, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue	$ 0	$ 26	$ 0	$ 52
Income from operations	0	42	0	95
Gain on disposal	0	0	0	0
Income before income taxes	0	42	0	95
Income tax expense	0	0	0	2
Income from discontinued operations, net of tax	0	42	0	93
Less: Income from discontinued operations attributable to noncontrolling interests	0	2	0	4
Income from discontinued operations, attributable to Xerox Holdings, net of tax	$ 0	40	$ 0	89
Equity in net income of FX		$ 32		$ 75
Discontinued Operations, Disposed of by Sale | Fuji Xerox
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage					25.00%
Discontinued Operations, Disposed of by Sale | Xerox International Partners
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage					51.00%

Supplementary Financial Infor_3

Supplementary Financial Information - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Supplemental Financial Information [Abstract]
Cash and cash equivalents	$ 2,272	$ 2,740
Restricted cash
Litigation deposits in Brazil	40	55
Other restricted cash	2	0
Total Restricted cash	42	55
Cash, cash equivalents and restricted cash	$ 2,314	$ 2,795

Supplementary Financial Infor_4

Supplementary Financial Information - Restricted Cash Balance Sheet Location (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Restricted Cash and Cash Equivalents Items [Line Items]
Total Restricted cash	$ 42	$ 55
Other current assets
Restricted Cash and Cash Equivalents Items [Line Items]
Total Restricted cash	1	0
Other long-term assets
Restricted Cash and Cash Equivalents Items [Line Items]
Total Restricted cash	$ 41	$ 55

Supplementary Financial Infor_5

Supplementary Financial Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Supplemental Financial Information [Abstract]
Provision for receivables	$ 13	$ 13	$ 87	$ 27
Provision for inventory	8	7	14	15
Provision for product warranty	1	3	3	7
Depreciation of buildings and equipment	22	26	43	53
Depreciation and obsolescence of equipment on operating leases	46	57	97	116
Amortization of internal use software	10	16	21	33
Amortization of acquired intangible assets	10	11	21	26
Amortization of customer contract costs	21	22	43	46
Cost of additions to land, buildings and equipment	9	10	27	19
Cost of additions to internal use software	10	6	15	12
Common stock dividends - Xerox Holdings	54	57	108	115
Preferred stock dividends - Xerox Holdings	3	3	7	7
Repurchases related to stock-based compensation - Xerox Holdings	$ 3	$ 9	$ 10	$ 10

Accounts Receivable, Net (Detai

Accounts Receivable, Net (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended	12 Months Ended
		Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for doubtful accounts		$ (60)	$ (60)	$ (60)	$ (55)	$ (60)	$ (55)
Accounts receivable, net	[1]					789	1,236
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance		60	60	$ 60	$ 55
Provision for receivables		9	8
Charge-offs		(8)	(2)
Recoveries and other		(1)	$ (1)
Credit Concentration Risk | Accounts Receivable
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Concentration risk (percentage)				7.10%	4.30%
Accounts Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Invoiced						660	980
Accrued						189	311
Allowance for doubtful accounts		(60)		$ (60)	$ (55)	(60)	(55)
Accounts receivable, net						$ 789	$ 1,236
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance		$ 60		$ 60	$ 55
[1]	Allowances at June 30, 2020 determined in accordance with ASU 2016-13

Accounts Receivable, Net - Acco

Accounts Receivable, Net - Accounts Receivable Sales Arrangements (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Accounts Receivable Sales Arrangements [Abstract]
Uncollected accounts receivable sold and derecognized	$ 26		$ 26		$ 165
Accounts Receivable
Accounts Receivable Sales Arrangements [Abstract]
Accounts receivable sales	$ 14	$ 110	$ 67	$ 198

Finance Receivables, Net (Detai

Finance Receivables, Net (Details) - USD ($) $ in Millions		3 Months Ended				6 Months Ended	12 Months Ended
		Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Financing Receivable, Allowance for Credit Loss [Line Items]
Gross receivables		$ 3,599				$ 3,599	$ 3,865
Unearned income		(386)				(386)	(425)
Subtotal		3,213				3,213	3,440
Residual values		0				0	0
Allowance for doubtful accounts		(143)	$ (146)	$ (93)	$ (93)	(143)	(89)	$ (92)
Finance receivables, net		3,070				3,070	3,351
Less: Billed portion of finance receivables, net		116				116	111
Less: Current portion of finance receivables not billed, net		1,046				1,046	1,158
Finance receivables due after one year, net	[1]	1,908				$ 1,908	$ 2,082
Finance receivables lease portfolio -low - years						2 years
Finance lease portfolio average maturity - high - years						3 years
Charge-offs		(8)	(8)	(11)	(8)
Credit Concentration Risk | Financing Receivable
Financing Receivable, Allowance for Credit Loss [Line Items]
Concentration risk (percentage)						4.50%	2.60%
Europe
Financing Receivable, Allowance for Credit Loss [Line Items]
Subtotal		1,100				$ 1,100	$ 1,192
Allowance for doubtful accounts		(38)	(40)	(28)	(28)	$ (38)	$ (19)	$ (27)
Charge-offs		$ (2)	$ (4)	$ (3)	$ (3)
[1]	Allowances at June 30, 2020 determined in accordance with ASU 2016-13

Finance Receivables, Net - Allo

Finance Receivables, Net - Allowance for Credit Losses (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 146	$ 89	$ 93	$ 92	$ 89
Provision	4	66	8	9
Charge-offs	(8)	(8)	(11)	(8)
Recoveries and other	1	(1)	3	0
Ending Balance	143	146	93	93	143
Finance receivables collectively evaluated for impairment	3,213		3,442		$ 3,213
Loss rates of customers with investment grade credit quality					1.00%
Loss rates of customers with non investment grade credit quality, low range					2.00%
Loss rates of customers with non investment grade credit quality, high range					5.00%
Loss rates of customers with substandard doubtful credit quality - low					7.00%
Loss rates of customers with substandard doubtful credit quality - high					10.00%
United States
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	91	59	53	53	$ 59
Provision	3	35	4	4
Charge-offs	(5)	(3)	(5)	(4)
Recoveries and other	0	0	1	0
Ending Balance	89	91	53	53	89
Finance receivables collectively evaluated for impairment	1,824		1,885		1,824
Canada
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	15	11	12	12	11
Provision	1	6	1	1
Charge-offs	(1)	(1)	(3)	(1)
Recoveries and other	1	(1)	2	0
Ending Balance	16	15	12	12	16
Finance receivables collectively evaluated for impairment	289		336		289
Europe
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	40	19	28	27	19
Provision	0	25	3	4
Charge-offs	(2)	(4)	(3)	(3)
Recoveries and other	0	0	0	0
Ending Balance	38	$ 40	28	$ 28	38
Finance receivables collectively evaluated for impairment	$ 1,100		$ 1,221		$ 1,100

Finance Receivables, Net - Cred

Finance Receivables, Net - Credit Quality Indicators (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Financing Receivable, Credit Quality Indicator [Line Items]
2020	$ 567
2019	1,106
2018	815
2017	462
2016	215
Prior	48
Subtotal	3,213	$ 3,440
United States (Direct):
Financing Receivable, Credit Quality Indicator [Line Items]
2020	145
2019	328
2018	257
2017	158
2016	90
Prior	23
Subtotal	1,001	1,103
United States (Indirect):
Financing Receivable, Credit Quality Indicator [Line Items]
2020	164
2019	319
2018	203
2017	99
2016	33
Prior	5
Subtotal	823	819
Canada
Financing Receivable, Credit Quality Indicator [Line Items]
2020	50
2019	89
2018	70
2017	50
2016	25
Prior	5
Subtotal	289	326
Europe
Financing Receivable, Credit Quality Indicator [Line Items]
2020	208
2019	370
2018	285
2017	155
2016	67
Prior	15
Subtotal	1,100	1,192
Low Credit Risk
Financing Receivable, Credit Quality Indicator [Line Items]
2020	301
2019	613
2018	483
2017	264
2016	134
Prior	30
Subtotal	1,825	1,716
Low Credit Risk | United States (Direct):
Financing Receivable, Credit Quality Indicator [Line Items]
2020	86
2019	187
2018	179
2017	115
2016	68
Prior	16
Subtotal	651	640
Low Credit Risk | United States (Indirect):
Financing Receivable, Credit Quality Indicator [Line Items]
2020	100
2019	194
2018	116
2017	55
2016	19
Prior	3
Subtotal	487	258
Low Credit Risk | Canada
Financing Receivable, Credit Quality Indicator [Line Items]
2020	16
2019	36
2018	29
2017	13
2016	11
Prior	3
Subtotal	108	163
Low Credit Risk | Europe
Financing Receivable, Credit Quality Indicator [Line Items]
2020	99
2019	196
2018	159
2017	81
2016	36
Prior	8
Subtotal	579	655
Average Credit Risk
Financing Receivable, Credit Quality Indicator [Line Items]
2020	203
2019	415
2018	275
2017	157
2016	64
Prior	14
Subtotal	1,128	1,352
Average Credit Risk | United States (Direct):
Financing Receivable, Credit Quality Indicator [Line Items]
2020	25
2019	97
2018	50
2017	29
2016	14
Prior	4
Subtotal	219	331
Average Credit Risk | United States (Indirect):
Financing Receivable, Credit Quality Indicator [Line Items]
2020	54
2019	119
2018	81
2017	41
2016	13
Prior	2
Subtotal	310	445
Average Credit Risk | Canada
Financing Receivable, Credit Quality Indicator [Line Items]
2020	23
2019	42
2018	30
2017	23
2016	10
Prior	2
Subtotal	130	97
Average Credit Risk | Europe
Financing Receivable, Credit Quality Indicator [Line Items]
2020	101
2019	157
2018	114
2017	64
2016	27
Prior	6
Subtotal	469	479
High Credit Risk
Financing Receivable, Credit Quality Indicator [Line Items]
2020	63
2019	78
2018	57
2017	41
2016	17
Prior	4
Subtotal	260	372
High Credit Risk | United States (Direct):
Financing Receivable, Credit Quality Indicator [Line Items]
2020	34
2019	44
2018	28
2017	14
2016	8
Prior	3
Subtotal	131	132
High Credit Risk | United States (Indirect):
Financing Receivable, Credit Quality Indicator [Line Items]
2020	10
2019	6
2018	6
2017	3
2016	1
Prior	0
Subtotal	26	116
High Credit Risk | Canada
Financing Receivable, Credit Quality Indicator [Line Items]
2020	11
2019	11
2018	11
2017	14
2016	4
Prior	0
Subtotal	51	66
High Credit Risk | Europe
Financing Receivable, Credit Quality Indicator [Line Items]
2020	8
2019	17
2018	12
2017	10
2016	4
Prior	1
Subtotal	$ 52	$ 58

Finance Receivables, Net - Agin

Finance Receivables, Net - Aging of Billed Finance Receivables (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Financing Receivable, Past Due [Line Items]
Total Finance Receivables	$ 3,213	$ 3,440
Billed Revenues
Financing Receivable, Past Due [Line Items]
Total Finance Receivables	121	115
Unbilled Revenues
Financing Receivable, Past Due [Line Items]
Total Finance Receivables	3,092	3,325
Current | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total Finance Receivables	81	82
31-90 Days Past Due | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total Finance Receivables	22	19
>90 Days Past Due | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total Finance Receivables	18	14
>90 Days and Accruing
Financing Receivable, Past Due [Line Items]
Finance receivables, greater than 90 days and accruing	137	106
United States (Direct):
Financing Receivable, Past Due [Line Items]
Total Finance Receivables	1,001	1,103
United States (Direct): | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total Finance Receivables	56	56
United States (Direct): | Unbilled Revenues
Financing Receivable, Past Due [Line Items]
Total Finance Receivables	945	1,047
United States (Direct): | Current | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total Finance Receivables	36	37
United States (Direct): | 31-90 Days Past Due | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total Finance Receivables	9	11
United States (Direct): | >90 Days Past Due | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total Finance Receivables	11	8
United States (Direct): | >90 Days and Accruing
Financing Receivable, Past Due [Line Items]
Finance receivables, greater than 90 days and accruing	84	57
United States (Indirect):
Financing Receivable, Past Due [Line Items]
Total Finance Receivables	823	819
United States (Indirect): | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total Finance Receivables	33	33
United States (Indirect): | Unbilled Revenues
Financing Receivable, Past Due [Line Items]
Total Finance Receivables	790	786
United States (Indirect): | Current | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total Finance Receivables	24	25
United States (Indirect): | 31-90 Days Past Due | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total Finance Receivables	6	5
United States (Indirect): | >90 Days Past Due | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total Finance Receivables	3	3
United States (Indirect): | >90 Days and Accruing
Financing Receivable, Past Due [Line Items]
Finance receivables, greater than 90 days and accruing	0	0
United States
Financing Receivable, Past Due [Line Items]
Total Finance Receivables	1,824	1,922
United States | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total Finance Receivables	89	89
United States | Unbilled Revenues
Financing Receivable, Past Due [Line Items]
Total Finance Receivables	1,735	1,833
United States | Current | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total Finance Receivables	60	62
United States | 31-90 Days Past Due | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total Finance Receivables	15	16
United States | >90 Days Past Due | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total Finance Receivables	14	11
United States | >90 Days and Accruing
Financing Receivable, Past Due [Line Items]
Finance receivables, greater than 90 days and accruing	84	57
Canada
Financing Receivable, Past Due [Line Items]
Total Finance Receivables	289	326
Canada | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total Finance Receivables	11	11
Canada | Unbilled Revenues
Financing Receivable, Past Due [Line Items]
Total Finance Receivables	278	315
Canada | Current | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total Finance Receivables	7	8
Canada | 31-90 Days Past Due | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total Finance Receivables	3	2
Canada | >90 Days Past Due | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total Finance Receivables	1	1
Canada | >90 Days and Accruing
Financing Receivable, Past Due [Line Items]
Finance receivables, greater than 90 days and accruing	19	17
Europe
Financing Receivable, Past Due [Line Items]
Total Finance Receivables	1,100	1,192
Europe | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total Finance Receivables	21	15
Europe | Unbilled Revenues
Financing Receivable, Past Due [Line Items]
Total Finance Receivables	1,079	1,177
Europe | Current | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total Finance Receivables	14	12
Europe | 31-90 Days Past Due | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total Finance Receivables	4	1
Europe | >90 Days Past Due | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total Finance Receivables	3	2
Europe | >90 Days and Accruing
Financing Receivable, Past Due [Line Items]
Finance receivables, greater than 90 days and accruing	$ 34	$ 32

Inventories and Equipment on _3

Inventories and Equipment on Operating Leases, Net - Summary of Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Inventories, net [Abstract]
Finished goods	$ 782	$ 576
Work-in-process	46	47
Raw materials	94	71
Total Inventories	$ 922	$ 694

Inventories and Equipment on _4

Inventories and Equipment on Operating Leases, Net - Equipment on Operating Leases and Accumulated Depreciation (Details) - Equipment on Operating Leases and Related Accumulated Depreciation - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Equipment on Operating Leases, Net [Line Items]
Equipment on operating leases	$ 1,389	$ 1,443
Accumulated depreciation	(1,077)	(1,079)
Equipment on operating leases, net	$ 312	$ 364

Inventories and Equipment on _5

Inventories and Equipment on Operating Leases, Net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Inventories and Equipment on Operating Leases, Net [Abstract]
Contingent rentals on operating lease, total	$ 14	$ 28	$ 36	$ 55

Lessee - Additional Information

Lessee - Additional Information (Details) $ in Millions	Jun. 30, 2020USD ($)
Leases [Abstract]
Remaining terms of leases (years)	10 years
Remaining terms of leases (years)	6 years
Remaining lease obligation	$ 11
Finance leases, discount rate	4.39%
Finance lease, right-of-use asset	$ 12
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesCurrent
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesNoncurrent
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:AssetsAbstract

Lessee - Components of Lease Ex

Lessee - Components of Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Leases [Abstract]
Operating lease expense	$ 28	$ 33	$ 56	$ 66
Short-term lease expense	5	5	10	10
Variable lease expense	10	12	22	25
Sublease income	(1)	(1)	(1)	(1)
Total Lease expense	$ 42	$ 49	$ 87	$ 100

Lessee - Operating Lease ROU As

Lessee - Operating Lease ROU Asset, Net and Operating Lease Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease, Other long-term assets	$ 327	$ 319
Operating lease, Accrued expenses and other current liabilities	86	87
Operating lease, Other long-term liabilities	269	260
Total Operating lease liabilities	$ 355	$ 347

Lessee - Supplemental Informati

Lessee - Supplemental Information Related to Operating Leases (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities - Operating cash flows	$ 29	$ 32	$ 58	$ 64
ROU assets obtained in exchange for new lease liabilities	$ 29	$ 14	$ 56	$ 23
Weighted-average remaining lease term (years)	5 years	4 years	5 years	4 years
Weighted-average discount rate (percent)	5.40%	5.63%	5.40%	5.63%

Restructuring Programs - Additi

Restructuring Programs - Additional Information (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Jun. 30, 2020USD ($)Employees	Dec. 31, 2019USD ($)
Restructuring Cost and Reserve [Line Items]
Net restructuring and asset impairment charges	$ (2)	$ 29	$ 27
Restructuring charges	7	35
Headcount reductions, number of employees | Employees			450
Restructuring charges, net reversals	9	6	$ 15
Restructuring related reserve	46		46	$ 37
Severance and Related Costs
Restructuring Cost and Reserve [Line Items]
Net restructuring and asset impairment charges	1	27
Restructuring charges	7	32	39
Restructuring charges, net reversals	6	5
Other Contractual Termination Costs
Restructuring Cost and Reserve [Line Items]
Net restructuring and asset impairment charges	(1)	1
Restructuring charges	0	1	1
Restructuring charges, net reversals	1	0
Asset Impairments
Restructuring Cost and Reserve [Line Items]
Net restructuring and asset impairment charges	(2)	1
Restructuring charges	0	2	$ 2
Restructuring charges, net reversals	$ 2	$ 1

Restructuring Programs - Inform

Restructuring Programs - Information Related to Restructuring Program Activity (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Restructuring Reserve [Roll Forward]
Balance at beginning of period	$ 64	$ 70		$ 70
Provision	7	35
Reversals	(9)	(6)		(15)
Net current period charges	(2)	29		27
Charges against reserve and currency	(13)	(35)	$ (29)	(48)	$ (98)
Balance at end of period	49	64		49
Restructuring reserve, reclassification to other assets				4
Leased right-of-use asset write-off				1
Owned asset write-off				1
Severance and Related Costs
Restructuring Reserve [Roll Forward]
Balance at beginning of period	57	66		66
Provision	7	32		39
Reversals	(6)	(5)
Net current period charges	1	27
Charges against reserve and currency	(14)	(36)
Balance at end of period	44	57		44
Other Contractual Termination Costs
Restructuring Reserve [Roll Forward]
Balance at beginning of period	7	4		4
Provision	0	1		1
Reversals	(1)	0
Net current period charges	(1)	1
Charges against reserve and currency	(1)	2
Balance at end of period	5	7		5
Asset Impairments
Restructuring Reserve [Roll Forward]
Balance at beginning of period	0	0		0
Provision	0	2		2
Reversals	(2)	(1)
Net current period charges	(2)	1
Charges against reserve and currency	2	(1)
Balance at end of period	$ 0	$ 0		$ 0

Restructuring Programs - Summar

Restructuring Programs - Summary Of Reconciliation to Statements of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Restructuring and Related Activities [Abstract]
Charges against reserve and currency	$ (13)	$ (35)	$ (29)	$ (48)	$ (98)
Effects of foreign currency and other non-cash items	(4)		8	(4)	44
Restructuring cash payments	$ (17)		$ (21)	$ (52)	$ (54)

Restructuring Programs - Certai

Restructuring Programs - Certain Related Costs Incurred in Connection with Restructuring Programs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Restructuring Cost and Reserve [Line Items]
Related restructuring costs	$ 5	$ 19	$ 17	$ 77
Retention related severance/bonuses
Restructuring Cost and Reserve [Line Items]
Related restructuring costs	4	11	11	20
Contractual severance costs
Restructuring Cost and Reserve [Line Items]
Related restructuring costs	0	0	4	38
Consulting and other costs
Restructuring Cost and Reserve [Line Items]
Related restructuring costs	$ 1	$ 8	$ 2	$ 19

Debt - Interest Expense and Inc

Debt - Interest Expense and Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Debt Disclosure [Abstract]
Interest expense	$ 48	$ 59	$ 99	$ 119
Interest income	$ 59	$ 64	$ 126	$ 131

Financial Instruments - Additio

Financial Instruments - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Derivative [Line Items]
Notional amount	$ 885,000,000		$ 885,000,000		$ 1,091,000,000
Average maturity of foreign exchange hedging contract - within three months (as a percent of total contracts)	87.00%		87.00%
Average maturity of foreign exchange hedging contract - within three and six months (as a percent of total contracts)	9.00%		9.00%
Average maturity of foreign exchange hedging contract - within six and twelve months (as a percent of total contracts)	4.00%		4.00%
Net asset fair value	$ (4,000,000)		$ (4,000,000)		5,000,000
Net gain recorded in AOCL expected to be reclassified to net income in the future			1,000,000
Foreign currency transaction (losses) gains, before tax	2,000,000	$ 0	$ 4,000,000	$ 2,000,000
Decrease in currency exposure (percent)			20.00%
Senior Notes Due 2021
Derivative [Line Items]
Notional amount	200,000,000		$ 200,000,000
Derivative asset, fair value, gross liability	4,000,000		4,000,000
Derivatives Designated as Hedging Instruments
Derivative [Line Items]
Net asset fair value	0		0		3,000,000
Fair Value Hedges | Senior Notes Due 2021
Derivative [Line Items]
Hedge ineffectiveness			0
Net fair value adjustment			(4,000,000)
Cash Flow Hedging | Foreign exchange contracts - forwards | Cost of Sales
Derivative [Line Items]
Hedge ineffectiveness	0	0	0	$ 0
Derivative, underlying exposure	0	$ 0
Cash Flow Hedging | Derivatives Designated as Hedging Instruments
Derivative [Line Items]
Net asset fair value	$ 0		$ 0		$ (4,000,000)

Financial Instruments - Summary

Financial Instruments - Summary of Derivative Instruments Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Summary Of Derivative Instruments By Hedge Designation [Abstract]
Net Derivative asset	$ 4	$ (5)
Total Derivative assets
Summary Of Derivative Instruments By Hedge Designation [Abstract]
Derivative Assets	6	3
Total Derivative liabilities
Summary Of Derivative Instruments By Hedge Designation [Abstract]
Derivative Liabilities	(2)	(8)
Derivatives Designated as Hedging Instruments
Summary Of Derivative Instruments By Hedge Designation [Abstract]
Net Derivative asset	0	(3)
Derivatives Designated as Hedging Instruments | Other current assets | Foreign exchange contracts - forwards
Summary Of Derivative Instruments By Hedge Designation [Abstract]
Derivative Assets	1	1
Derivatives Designated as Hedging Instruments | Accrued expenses and other current liabilities | Foreign exchange contracts - forwards
Summary Of Derivative Instruments By Hedge Designation [Abstract]
Derivative Liabilities	(1)	(5)
Derivatives Designated as Hedging Instruments | Other long-term assets | Interest rate swaps
Summary Of Derivative Instruments By Hedge Designation [Abstract]
Derivative Assets	0	1
Not Designated as Hedging Instrument | Foreign exchange contracts - forwards
Summary Of Derivative Instruments By Hedge Designation [Abstract]
Net Derivative asset	4	(2)
Not Designated as Hedging Instrument | Other current assets | Foreign exchange contracts - forwards
Summary Of Derivative Instruments By Hedge Designation [Abstract]
Derivative Assets	5	1
Not Designated as Hedging Instrument | Accrued expenses and other current liabilities | Foreign exchange contracts - forwards
Summary Of Derivative Instruments By Hedge Designation [Abstract]
Derivative Liabilities	$ (1)	$ (3)

Financial Instruments - Summa_2

Financial Instruments - Summary of Derivative Instruments Gain (Losses) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Summary of Derivative Instruments Gains (Losses) [Abstract]
Derivative (loss) gain recognized in OCI (effective portion)	$ (3)	$ 3	$ 4	$ 6
Derivative gain reclassified from AOCL to income - Cost of sales (effective portion)	2	2	1	3
Interest Rate Contract | Fair Value Hedges | Interest Expense
Summary of Derivative Instruments Gains (Losses) [Abstract]
Derivative gain (loss) recognized in interest expense	0	2	(1)	4
Hedged item (loss) gain recognized in interest expense	0	(2)	1	(4)
Foreign exchange contracts - forwards | Cash Flow Hedges
Summary of Derivative Instruments Gains (Losses) [Abstract]
Derivative (loss) gain recognized in OCI (effective portion)	(3)	3	4	6
Foreign exchange contracts - forwards | Cash Flow Hedges | Cost of Sales
Summary of Derivative Instruments Gains (Losses) [Abstract]
Derivative gain reclassified from AOCL to income - Cost of sales (effective portion)	$ 2	$ 2	$ 1	$ 3

Financial Instruments - Summa_3

Financial Instruments - Summary of Gains (Losses) Non-designated Derivative Instruments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Foreign exchange contracts - forwards | Other expense – Currency gain, net | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on non-designated derivative instruments	$ 2	$ 6	$ 17	$ 1

Fair Value of Financial Asset_3

Fair Value of Financial Assets and Liabilities - Recurring (Details) - Recurring - Level 2 - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Assets
Deferred compensation investments in mutual funds	$ 18	$ 19
Total	24	22
Liabilities
Deferred compensation plan liabilities	17	18
Total	19	26
Foreign exchange contracts - forwards
Assets
Foreign currency contracts - assets	6	2
Liabilities
Foreign currency contracts - liabilities	2	8
Interest rate swaps
Assets
Interest rate swaps	$ 0	$ 1

Fair Value of Financial Asset_4

Fair Value of Financial Assets and Liabilities - Nonrecurring (Details) - Nonrecurring - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	$ 2,272	$ 2,740
Accounts receivable, net	789	1,236
Short-term debt and current portion of long-term debt	1,793	1,049
Long-term debt	2,185	3,233
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	2,272	2,740
Accounts receivable, net	789	1,236
Short-term debt and current portion of long-term debt	1,814	1,054
Long-term debt	$ 2,193	$ 3,331

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2020
Components of Net Periodic Benefit Costs:
Defined benefit plans	$ 13,000,000	$ 32,000,000	$ 37,000,000	$ 68,000,000
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss):
Net actuarial loss	(98,000,000)	21,000,000	(86,000,000)	36,000,000
Amortization of net actuarial (loss) gain	(33,000,000)	(44,000,000)	(73,000,000)	(89,000,000)
Amortization of net prior service credit	20,000,000	21,000,000	39,000,000	40,000,000
Pension Plan
Contributions [Abstract]
Defined benefit plan, contributions by employer			64,000,000	70,000,000	$ 141,000,000
Pension Plan | Forecast
Contributions [Abstract]
Defined benefit plan, expected future employer contributions						$ 135,000,000
Pension Plan | U.S.
Components of Net Periodic Benefit Costs:
Service cost	0	1,000,000	1,000,000	1,000,000
Interest cost	21,000,000	28,000,000	44,000,000	58,000,000
Expected return on plan assets	(26,000,000)	(25,000,000)	(52,000,000)	(51,000,000)
Recognized net actuarial loss (gain)	7,000,000	6,000,000	14,000,000	11,000,000
Amortization of prior service credit	(1,000,000)	(1,000,000)	(1,000,000)	(1,000,000)
Recognized settlement loss	13,000,000	27,000,000	32,000,000	58,000,000
Recognized curtailment gain			0	0
Defined benefit plans	14,000,000	36,000,000	38,000,000	76,000,000
Defined contribution plans	6,000,000	5,000,000	11,000,000	13,000,000
Net Periodic Benefit Cost (Credit)	20,000,000	41,000,000	49,000,000	89,000,000
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss):
Net actuarial loss	(92,000,000)	21,000,000	(80,000,000)	36,000,000
Amortization of net actuarial (loss) gain	(20,000,000)	(33,000,000)	(46,000,000)	(69,000,000)
Amortization of net prior service credit	1,000,000	1,000,000	1,000,000	1,000,000
Total Recognized in Other Comprehensive (Loss) Income	(111,000,000)	(11,000,000)	(125,000,000)	(32,000,000)
Total Recognized in Net Periodic Benefit (Credit) Cost and Other Comprehensive Income (Loss)	(91,000,000)	30,000,000	(76,000,000)	57,000,000
Contributions [Abstract]
Defined benefit plan, contributions by employer			12,000,000	13,000,000	26,000,000
Pension Plan | U.S. | Forecast
Contributions [Abstract]
Defined benefit plan, expected future employer contributions						25,000,000
Pension Plan | U.S. | Qualified Plan
Contributions [Abstract]
Mandatory future contributions	0		0
Pension Plan | Non-U.S.
Components of Net Periodic Benefit Costs:
Service cost	5,000,000	5,000,000	10,000,000	12,000,000
Interest cost	26,000,000	38,000,000	55,000,000	77,000,000
Expected return on plan assets	(46,000,000)	(58,000,000)	(93,000,000)	(118,000,000)
Recognized net actuarial loss (gain)	14,000,000	12,000,000	28,000,000	22,000,000
Amortization of prior service credit	0	(1,000,000)	0	(1,000,000)
Recognized settlement loss	0	0	0	0
Recognized curtailment gain			(1,000,000)	0
Defined benefit plans	(1,000,000)	(4,000,000)	(1,000,000)	(8,000,000)
Defined contribution plans	5,000,000	6,000,000	10,000,000	12,000,000
Net Periodic Benefit Cost (Credit)	4,000,000	2,000,000	9,000,000	4,000,000
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss):
Net actuarial loss	0	0	0	0
Amortization of net actuarial (loss) gain	(14,000,000)	(12,000,000)	(28,000,000)	(22,000,000)
Amortization of net prior service credit	0	1,000,000	0	1,000,000
Total Recognized in Other Comprehensive (Loss) Income	(14,000,000)	(11,000,000)	(28,000,000)	(21,000,000)
Total Recognized in Net Periodic Benefit (Credit) Cost and Other Comprehensive Income (Loss)	(10,000,000)	(9,000,000)	(19,000,000)	(17,000,000)
Contributions [Abstract]
Defined benefit plan, contributions by employer			52,000,000	57,000,000	115,000,000
Pension Plan | Non-U.S. | Forecast
Contributions [Abstract]
Defined benefit plan, expected future employer contributions						110,000,000
Retiree Health
Components of Net Periodic Benefit Costs:
Service cost	0	1,000,000	1,000,000	1,000,000
Interest cost	4,000,000	4,000,000	6,000,000	8,000,000
Expected return on plan assets	0	0	0	0
Recognized net actuarial loss (gain)	(1,000,000)	(1,000,000)	(1,000,000)	(2,000,000)
Amortization of prior service credit	(19,000,000)	(19,000,000)	(38,000,000)	(38,000,000)
Recognized settlement loss	0	0	0	0
Recognized curtailment gain			0	0
Defined benefit plans	(16,000,000)	(15,000,000)	(32,000,000)	(31,000,000)
Net Periodic Benefit Cost (Credit)	(16,000,000)	(15,000,000)	(32,000,000)	(31,000,000)
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss):
Net actuarial loss	(6,000,000)	0	(6,000,000)	0
Amortization of net actuarial (loss) gain	1,000,000	1,000,000	1,000,000	2,000,000
Amortization of net prior service credit	19,000,000	19,000,000	38,000,000	38,000,000
Total Recognized in Other Comprehensive (Loss) Income	14,000,000	20,000,000	33,000,000	40,000,000
Total Recognized in Net Periodic Benefit (Credit) Cost and Other Comprehensive Income (Loss)	$ (2,000,000)	$ 5,000,000	1,000,000	9,000,000
Contributions [Abstract]
Defined benefit plan, contributions by employer			$ 9,000,000	$ 16,000,000	$ 30,000,000
Retiree Health | Forecast
Contributions [Abstract]
Defined benefit plan, expected future employer contributions						$ 35,000,000

Shareholders' Equity of Xerox_3

Shareholders' Equity of Xerox Holdings (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	$ 5,400	$ 5,063	$ 5,594	$ 5,039
Comprehensive Income (Loss), Net	130	189	(10)	365
Cash dividends declared - common	(53)	(57)	(107)	(115)
Stock option and incentive plans, net	10	6	14	20
Payments to acquire treasury stock, including fees		(197)		(300)
Cancellation of treasury stock		0	0	0
Distributions to noncontrolling interests	(3)	(9)	(3)	(10)
Balance at end of period	$ 5,481	$ 4,992	$ 5,481	$ 4,992
Dividends per common share (in dollars per share)	$ 0.25	$ 0.25	$ 0.50	$ 0.50
Dividends per preferred share (in dollars per share)	$ 20	$ 20	$ 40	$ 40
Cumulative Effect, Period of Adoption, Adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period				$ 0
Series B Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends declared - preferred	$ (3)	$ (3)	$ (7)	(7)
Xerox Holdings/Xerox Shareholders’ Equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	5,393	5,027	5,587	5,005
Comprehensive Income (Loss), Net	130	186	(10)	359
Cash dividends declared - common	(53)	(57)	(107)	(115)
Stock option and incentive plans, net	10	6	14	20
Payments to acquire treasury stock, including fees		(197)		(300)
Balance at end of period	5,477	4,962	5,477	4,962
Xerox Holdings/Xerox Shareholders’ Equity | Series B Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends declared - preferred	(3)	(3)	(7)	(7)
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	213	230	215	232
Cancellation of treasury stock		(5)	(2)	(7)
Balance at end of period	213	225	213	225
Additional Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	2,712	3,282	2,782	3,321
Stock option and incentive plans, net	10	6	14	20
Cancellation of treasury stock		(164)	(74)	(217)
Balance at end of period	2,722	3,124	2,722	3,124
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	0	(103)	(76)	(55)
Payments to acquire treasury stock, including fees		(197)	0	(300)
Cancellation of treasury stock		(169)	(76)	224
Balance at end of period	0	(131)	0	(131)
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	6,252	5,270	6,312	5,072
Comprehensive Income (Loss), Net	27	181	25	314
Cash dividends declared - common	(53)	(57)	(107)	(115)
Balance at end of period	6,223	5,391	6,223	5,391
Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period				127
Retained Earnings | Series B Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends declared - preferred	(3)	(3)	(7)	(7)
AOCL
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	(3,784)	(3,652)	(3,646)	(3,565)
Comprehensive Income (Loss), Net	103	5	(35)	45
Balance at end of period	(3,681)	(3,647)	(3,681)	(3,647)
AOCL | Cumulative Effect, Period of Adoption, Adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period				(127)
Non-controlling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	7	36	7	34
Comprehensive Income (Loss), Net	0	3	0	6
Distributions to noncontrolling interests	(3)	(9)	(3)	(10)
Balance at end of period	$ 4	$ 30	$ 4	$ 30

Shareholders' Equity of Xerox_4

Shareholders' Equity of Xerox Holdings - Treasury Stock (Details) - USD ($) shares in Thousands, $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Increase (Decrease) In Treasury Stock [Roll Forward]
Balance at December 31, 2019 (in shares)		2,031
Balance at December 31, 2019		$ 76
Purchases	$ 197		$ 300
Cancellations	0	$ 0	0
Balance at June 30, 2020 (in shares)		0
Balance at June 30, 2020		$ 0
Treasury Stock
Increase (Decrease) In Treasury Stock [Roll Forward]
Balance at December 31, 2019 (in shares)		2,031
Balance at December 31, 2019		$ 76
Purchases (in shares)		0
Purchases	197	$ 0	300
Cancellations (in shares)		(2,031)
Cancellations	$ (169)	$ (76)	$ 224
Balance at June 30, 2020 (in shares)		0
Balance at June 30, 2020		$ 0

Shareholders' Equity of Xerox_5

Shareholders' Equity of Xerox (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	$ 5,400	$ 5,063	$ 5,594	$ 5,039
Comprehensive income (loss), net	130	189	(10)	365
Cash dividends declared - common	(53)	(57)	(107)	(115)
Stock option and incentive plans, net	10	6	14	20
Payments to acquire treasury stock, including fees		(197)		(300)
Cancellation of treasury stock		0	0	0
Distributions to noncontrolling interests	(3)	(9)	(3)	(10)
Balance at end of period	5,481	4,992	5,481	4,992
Cumulative Effect, Period of Adoption, Adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period				0
XEROX CORPORATION
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	5,682	5,063	5,874	5,039
Comprehensive income (loss), net	130	189	(10)	365
Cash dividends declared - common		(57)		(115)
Cash dividends declared - preferred		(3)		(7)
Dividends declared to parent	(57)		(347)
Transfers from parent	11		249
Stock option and incentive plans, net		6		20
Payments to acquire treasury stock, including fees		(197)		(300)
Distributions to noncontrolling interests	(3)	(9)	(3)	(10)
Balance at end of period	5,763	4,992	5,763	4,992
XEROX CORPORATION | Cumulative Effect, Period of Adoption, Adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period				0
Xerox Holdings/Xerox Shareholders’ Equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	5,393	5,027	5,587	5,005
Comprehensive income (loss), net	130	186	(10)	359
Cash dividends declared - common	(53)	(57)	(107)	(115)
Stock option and incentive plans, net	10	6	14	20
Payments to acquire treasury stock, including fees		(197)		(300)
Balance at end of period	5,477	4,962	5,477	4,962
Xerox Holdings/Xerox Shareholders’ Equity | XEROX CORPORATION
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	5,675	5,027	5,867	5,005
Comprehensive income (loss), net	130	186	(10)	359
Cash dividends declared - common		(57)		(115)
Cash dividends declared - preferred		(3)		(7)
Dividends declared to parent	(57)		(347)
Transfers from parent	11		249
Stock option and incentive plans, net		6		20
Payments to acquire treasury stock, including fees		(197)		(300)
Balance at end of period	5,759	4,962	5,759	4,962
Xerox Holdings/Xerox Shareholders’ Equity | XEROX CORPORATION | Cumulative Effect, Period of Adoption, Adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period				0
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	213	230	215	232
Cancellation of treasury stock		(5)	(2)	(7)
Balance at end of period	213	225	213	225
Common Stock | XEROX CORPORATION
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	0	230	0	232
Stock option and incentive plans, net		0		0
Cancellation of treasury stock		(5)		(7)
Balance at end of period	0	225	0	225
Additional Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	2,712	3,282	2,782	3,321
Stock option and incentive plans, net	10	6	14	20
Cancellation of treasury stock		(164)	(74)	(217)
Balance at end of period	2,722	3,124	2,722	3,124
Additional Paid-in Capital | XEROX CORPORATION
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	3,504	3,282	3,266	3,321
Transfers from parent	11		249
Stock option and incentive plans, net		6		20
Cancellation of treasury stock		(164)		(217)
Balance at end of period	3,515	3,124	3,515	3,124
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	0	(103)	(76)	(55)
Payments to acquire treasury stock, including fees		(197)	0	(300)
Cancellation of treasury stock		(169)	(76)	224
Balance at end of period	0	(131)	0	(131)
Treasury Stock | XEROX CORPORATION
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	0	(103)	0	(55)
Payments to acquire treasury stock, including fees		(197)		(300)
Cancellation of treasury stock		169		224
Balance at end of period	0	(131)	0	(131)
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	6,252	5,270	6,312	5,072
Comprehensive income (loss), net	27	181	25	314
Cash dividends declared - common	(53)	(57)	(107)	(115)
Balance at end of period	6,223	5,391	6,223	5,391
Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period				127
Retained Earnings | XEROX CORPORATION
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	5,955	5,270	6,247	5,072
Comprehensive income (loss), net	27	181	25	314
Cash dividends declared - common		(57)		(115)
Cash dividends declared - preferred		(3)		(7)
Dividends declared to parent	(57)		(347)
Balance at end of period	5,925	5,391	5,925	5,391
Retained Earnings | XEROX CORPORATION | Cumulative Effect, Period of Adoption, Adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period				127
AOCL
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	(3,784)	(3,652)	(3,646)	(3,565)
Comprehensive income (loss), net	103	5	(35)	45
Balance at end of period	(3,681)	(3,647)	(3,681)	(3,647)
AOCL | Cumulative Effect, Period of Adoption, Adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period				(127)
AOCL | XEROX CORPORATION
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	(3,784)	(3,652)	(3,646)	(3,565)
Comprehensive income (loss), net	103	5	(35)	45
Balance at end of period	(3,681)	(3,647)	(3,681)	(3,647)
AOCL | XEROX CORPORATION | Cumulative Effect, Period of Adoption, Adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period				(127)
Non-controlling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	7	36	7	34
Comprehensive income (loss), net	0	3	0	6
Distributions to noncontrolling interests	(3)	(9)	(3)	(10)
Balance at end of period	4	30	4	30
Non-controlling Interests | XEROX CORPORATION
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	7	36	7	34
Comprehensive income (loss), net	0	3	0	6
Distributions to noncontrolling interests	(3)	(9)	(3)	(10)
Balance at end of period	$ 4	$ 30	$ 4	$ 30

Other Comprehensive Income (L_3

Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Equity [Abstract]
Translation adjustments gains (losses), Pre-tax		$ 26	$ (5)	$ (178)	$ 32
Translation adjustments gains (losses), Net of Tax	[1]	25	(4)	(172)	33
Unrealized (losses) gains, Pre-tax
Changes in fair value of cash flow hedges (losses) gains		(3)	3	4	6
Changes in cash flow hedges reclassed to earnings		(2)	(2)	(1)	(3)
Net Unrealized (losses) gains		(5)	1	3	3
Unrealized (losses) gains, Net of Tax
Changes in fair value of cash flow hedges (losses) gains		(1)	1	3	4
Changes in cash flow hedges reclassed to earnings		(1)	(1)	0	(2)
Net Unrealized (losses) gains	[1]	(2)	0	3	2
Defined benefit plans (losses) gains, Pre-tax
Net actuarial/prior service gains (losses)		98	(21)	86	(36)
Prior service amortization		(20)	(21)	(39)	(40)
Actuarial loss amortization/settlement		33	44	73	89
Fuji Xerox changes in defined benefit plans, net		0	(7)	0	2
Other (losses) gains		(4)	14	43	(2)
Changes in defined benefit plans gains		107	9	163	13
Defined benefit plans gains (losses), Net of Tax
Net actuarial/prior service gains (losses)		73	(15)	64	(27)
Prior service amortization		(15)	(16)	(29)	(30)
Actuarial loss amortization/settlement		26	33	56	67
Fuji Xerox changes in defined benefit plans, net		0	(7)	0	2
Other (losses) gains		(4)	14	43	(2)
Changes in defined benefit plans gains	[1]	80	9	134	10
Other Comprehensive Income (Loss) Attributable to Xerox Holdings/Xerox, Pre-tax		128	5	(12)	48
Other Comprehensive Income (Loss), Net Attributable to Xerox Holdings/Xerox	[1]	$ 103	$ 5	$ (35)	$ 45
[1]	Refer to Note 19 - Other Comprehensive Income (Loss) for gross components of Other comprehensive income (loss), net, reclassification adjustments out of Accumulated other comprehensive loss and related tax effects.

Other Comprehensive Income (L_4

Other Comprehensive Income (Loss) - Accumulated Other Comprehensive Loss (AOCL) (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Equity [Abstract]
Cumulative translation adjustments	$ (2,133)	$ (1,961)
Other unrealized gains (losses), net	1	(2)
Benefit plans net actuarial losses and prior service credits	(1,549)	(1,683)
Total Accumulated other comprehensive loss attributable to Xerox Holdings/Xerox	$ (3,681)	$ (3,646)

Earnings per Share - Computatio

Earnings per Share - Computation of Basic and Diluted Earnings (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Basic Earnings per Share
Net Income from Continuing Operations Attributable to Xerox Holdings	$ 27	$ 141	$ 25	$ 225
Accrued dividends on preferred stock	(3)	(3)	(7)	(7)
Adjusted Net income from continuing operations available to common shareholders	24	138	18	218
Income from discontinued operations attributable to Xerox Holdings, net of tax	0	40	0	89
Adjusted Net income available to common shareholders	$ 24	$ 178	$ 18	$ 307
Weighted average common shares outstanding (in shares)	212,949	223,606	212,852	226,040
Basic (loss) earnings per share, continuing operations (USD per share)	$ 0.11	$ 0.62	$ 0.08	$ 0.97
Basic (loss) earnings per share, discontinued operations (USD per share)	0	0.17	0	0.39
Basic (loss) earnings per share (USD per share)	$ 0.11	$ 0.79	$ 0.08	$ 1.36
Diluted Earnings per Share
Net Income from Continuing Operations Attributable to Xerox Holdings	$ 27	$ 141	$ 25	$ 225
Accrued dividends on preferred stock	(3)	0	(7)	(7)
Adjusted Net income from continuing operations available to common shareholders	24	141	18	218
Income from discontinued operations attributable to Xerox Holdings, net of tax	0	40	0	89
Adjusted Net income available to common shareholders	$ 24	$ 181	$ 18	$ 307
Weighted average common shares outstanding (in shares)	212,949	223,606	212,852	226,040
Common shares issuable with respect to:
Adjusted Weighted average common shares outstanding (in shares)	215,567	235,279	216,014	230,710
Diluted (loss) earnings per share, continuing operations (USD per share)	$ 0.11	$ 0.60	$ 0.08	$ 0.94
Diluted (loss) earnings per share, discontinued operations (USD per share)	0	0.17	0	0.38
Diluted (loss) earnings per share (USD per share)	$ 0.11	$ 0.77	$ 0.08	$ 1.32
Stock options
Common shares issuable with respect to:
Common shares attributable to dilutive effect of share-based payments (in shares)	0	65	30	34
Restricted stock and performance shares
Common shares issuable with respect to:
Common shares attributable to dilutive effect of share-based payments (in shares)	2,618	4,866	3,132	4,636
Convertible preferred stock
Common shares issuable with respect to:
Common shares attributable to dilutive effect of share-based payments (in shares)	0	6,742	0	0

Earnings per Share - Anti-Dilut

Earnings per Share - Anti-Dilutive Securities (Details) - $ / shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	11,235	3,205	10,692	10,208
Dividends per common share (in dollars per share)	$ 0.25	$ 0.25	$ 0.50	$ 0.50
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	845	848	816	879
Restricted stock and performance shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	3,648	2,357	3,134	2,587
Convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	6,742	0	6,742	6,742

Contingencies and Litigation -

Contingencies and Litigation - Brazilian Tax Contingencies (Details) - Brazil Contingencies - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Loss Contingencies [Line Items]
Tax contingency - unreserved	$ 336	$ 442
Escrow cash deposits	38	51
Surety bonds	102	135
Letters of credit	71	91
Liens on Brazilian assets	$ 0	$ 0

Contingencies and Litigation _2

Contingencies and Litigation - Other Pending Litigation (Details) - USD ($) $ in Millions	Dec. 13, 2019	Jun. 30, 2020
HP Inc. | Miami Firefighters Relief Pension Fund V. Icahn Et Al
Guarantor Obligations [Line Items]
Marketable securities, gain (loss)	$ 128
Performance Guarantee
Guarantor Obligations [Line Items]
Maximum exposure, undiscounted		$ 290

Subsequent Event (Details)

Subsequent Event (Details) - Subsequent Event $ in Millions	1 Months Ended
	Jul. 31, 2020USD ($)
Special Purpose Entity (SPE) [Member]
Subsequent Event [Line Items]
Proceeds from borrowing	$ 340
Effective interest rate (percent)	1.76%
Term of debt (years)	3 years
Special Purpose Entity (SPE) [Member]
Subsequent Event [Line Items]
Financing receivables sold	$ 355
Net book value of equipment under operating lease	$ 10