Xerox 10-Q 3 Aug 22 2022 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2022	Jul. 31, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
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
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	849-5216
Title of 12(b) Security	Common Stock, $1 par value
Trading Symbol	XRX
Security Exchange Name	NASDAQ
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		155,569,686
Entity Central Index Key	0001770450
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
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 (LOSS) INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues
Total Revenues	$ 1,747	$ 1,793	$ 3,415	$ 3,503
Costs and Expenses
Cost of financing	26	28	50	56
Research, development and engineering expenses	84	79	162	153
Selling, administrative and general expenses	459	434	914	882
Restructuring and related costs, net	1	12	19	29
Amortization of intangible assets	10	14	21	29
Other expenses, net	8	1	65	5
Total Costs and Expenses	1,752	1,694	3,509	3,351
(Loss) Income before Income Taxes and Equity Income	(5)	99	(94)	152
Income tax expense (benefit)	1	9	(30)	23
Equity in net income of unconsolidated affiliates	1	1	2	1
Net (Loss) Income	(5)	91	(62)	130
Less: Net loss attributable to noncontrolling interests	(1)	0	(2)	0
Net (Loss) Income Attributable to Xerox Holdings	$ (4)	$ 91	$ (60)	$ 130
Basic (Loss) Earnings per Share (in dollars per share)	$ (0.05)	$ 0.47	$ (0.43)	$ 0.64
Diluted (Loss) Earnings per Share (in dollars per share)	$ (0.05)	$ 0.46	$ (0.43)	$ 0.64
Sales
Revenues
Total Revenues	$ 667	$ 670	$ 1,259	$ 1,272
Costs and Expenses
Cost of services, maintenance and rentals	487	468	922	888
Services, maintenance and rentals
Revenues
Total Revenues	1,028	1,067	2,051	2,120
Costs and Expenses
Cost of services, maintenance and rentals	677	658	1,356	1,309
Financing
Revenues
Total Revenues	$ 52	$ 56	$ 105	$ 111

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (UNAUDITED) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net (Loss) Income		$ (5)	$ 91	$ (62)	$ 130
Less: Net loss attributable to noncontrolling interests		(1)	0	(2)	0
Net (Loss) Income Attributable to Xerox Holdings		(4)	91	(60)	130
Other Comprehensive (Loss) Income , Net
Translation adjustments, net	[1]	(287)	54	(359)	3
Unrealized losses, net	[1]	(14)	0	(25)	(7)
Changes in defined benefit plans, net	[1]	3	16	42	71
Other Comprehensive (Loss) Income, Attributable to Xerox Holdings/Xerox	[1]	(298)	70	(342)	67
Comprehensive (Loss) Income, Net
Comprehensive (Loss) Income, Net		(303)	161	(404)	197
Less: Comprehensive loss, net attributable to noncontrolling interests		(1)	0	(2)	0
Comprehensive (Loss) Income, Net Attributable to Xerox Holdings		$ (302)	$ 161	$ (402)	$ 197
[1]Refer to Note 20 - Other Comprehensive (Loss) Income for gross components of Other comprehensive (loss) income, 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, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 1,151	$ 1,840
Accounts receivable (net of allowance)	852	818
Billed portion of finance receivables	83	94
Finance receivables, net	1,019	1,042
Inventories	765	696
Other current assets	232	211
Total current assets	4,102	4,701
Finance receivables due after one year (net of allowance)	1,845	1,934
Equipment on Operating Leases, Net	226	253
Land, buildings and equipment, net	334	358
Intangible assets, net	223	211
Goodwill	3,217	3,287
Deferred tax assets	539	519
Other long-term assets	1,784	1,960
Total Assets	12,270	13,223
Liabilities and Equity
Short-term debt and current portion of long-term debt	1,108	650
Accounts payable	1,207	1,069
Accrued compensation and benefits costs	233	239
Accrued expenses and other current liabilities	867	871
Total current liabilities	3,415	2,829
Long-term debt	2,764	3,596
Pension and other benefit liabilities	1,310	1,373
Post-retirement medical benefits	242	277
Other long-term liabilities	433	481
Total Liabilities	8,164	8,556
Commitments and Contingencies (See Note 22)
Noncontrolling Interests	10	10
Convertible Preferred Stock	214	214
Common stock	155	168
Additional paid-in capital	1,564	1,802
Treasury stock, at cost	0	(177)
Retained earnings	5,484	5,631
Accumulated other comprehensive loss	(3,330)	(2,988)
Xerox Holdings shareholders’ equity	3,873	4,436
Noncontrolling interests	9	7
Total Equity	3,882	4,443
Total Liabilities and Equity	$ 12,270	$ 13,223
Shares of common stock issued (in shares)	154,966	168,069
Treasury stock (in shares)	0	(8,675)
Shares of common stock outstanding (in shares)	154,966	159,394

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit loss, current	$ 63	$ 58
Financing Receivable, Allowance for Credit Loss, Current	3	4
Finance receivables, allowance for credit loss, noncurrent	$ 113	$ 114

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021
Cash Flows from Operating Activities
Net (Loss) Income		$ (62)	$ 130
Adjustments required to reconcile Net (loss) income to Cash flows (used in) provided by operating activities
Depreciation and amortization		140	170
Provisions		35	34
Net gain on sales of businesses and assets		(1)	(1)
Stock-based compensation		50	30
Restructuring and asset impairment charges		22	25
Payments for restructurings		(21)	(49)
Non-service retirement-related costs	[1]	(11)	(42)
Contributions to retirement plans	[1]	(72)	(80)
(Increase) decrease in accounts receivable and billed portion of finance receivables		(49)	37
(Increase) decrease in inventories		(95)	4
Increase in equipment on operating leases		(47)	(63)
Decrease in finance receivables		17	12
Decrease in other current and long-term assets		35	66
Increase (decrease) in accounts payable		172	(33)
Increase in accrued compensation	[1]	7	16
(Decrease) increase in other current and long-term liabilities		(48)	92
Net change in income tax assets and liabilities		(76)	2
Net change in derivative assets and liabilities		(6)	(2)
Other operating, net		(9)	(17)
Net cash (used in) provided by operating activities		(19)	331
Cash Flows from Investing Activities
Cost of additions to land, buildings, equipment and software		(29)	(33)
Proceeds from sales of businesses and assets		26	1
Acquisitions, net of cash acquired		(52)	(37)
Other investing, net		(7)	(3)
Net cash used in investing activities		(62)	(72)
Cash Flows from Financing Activities
Proceeds from issuance of long-term debt		754	0
Payments on long-term debt		(1,133)	(209)
Dividends		(88)	(108)
Payments to acquire treasury stock, including fees		(113)	(413)
Other financing, net		(7)	(17)
Net cash used in financing activities		(587)	(747)
Effect of exchange rate changes on cash, cash equivalents and restricted cash		(14)	0
Decrease in cash, cash equivalents and restricted cash		(682)	(488)
Cash, cash equivalents and restricted cash at beginning of period		1,909	2,691
Cash, Cash Equivalents and Restricted Cash at End of Period		$ 1,227	$ 2,203
[1]Captions were changed in 2022 to reflect the inclusion of expense and contributions for our Retiree Health plans, which were previously reported as part of the Increase in accrued compensation. There was no change to Net cash (used in) provided by operating activities as a result of the reclassification. Prior year amounts have been revised to conform to this presentation. Refer to Note 16 - Employee Benefit Plans for additional information.

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF (LOSS) INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues
Total Revenues	$ 1,747	$ 1,793	$ 3,415	$ 3,503
Costs and Expenses
Cost of financing	26	28	50	56
Research, development and engineering expenses	84	79	162	153
Selling, administrative and general expenses	459	434	914	882
Restructuring and related costs, net	1	12	19	29
Amortization of intangible assets	10	14	21	29
Other expenses, net	(8)	(1)	(65)	(5)
Total Costs and Expenses	1,752	1,694	3,509	3,351
(Loss) Income before Income Taxes and Equity Income	(5)	99	(94)	152
Income tax expense (benefit)	1	9	(30)	23
Equity in net income of unconsolidated affiliates	1	1	2	1
Net (Loss) Income	(5)	91	(62)	130
Less: Net loss attributable to noncontrolling interests	(1)	0	(2)	0
Net (Loss) Income Attributable to Xerox Holdings	(4)	91	(60)	130
XEROX CORPORATION
Revenues
Total Revenues	1,747	1,793	3,415	3,503
Costs and Expenses
Cost of financing	26	28	50	56
Research, development and engineering expenses	84	79	162	153
Selling, administrative and general expenses	459	434	914	882
Restructuring and related costs, net	1	12	19	29
Amortization of intangible assets	10	14	21	29
Other expenses, net	8	1	65	5
Total Costs and Expenses	1,752	1,694	3,509	3,351
(Loss) Income before Income Taxes and Equity Income	(5)	99	(94)	152
Income tax expense (benefit)	1	9	(30)	23
Equity in net income of unconsolidated affiliates	1	1	2	1
Net (Loss) Income	(5)	91	(62)	130
Less: Net loss attributable to noncontrolling interests	(1)	0	(2)	0
Net (Loss) Income Attributable to Xerox Holdings	(4)	91	(60)	130
Sales
Revenues
Total Revenues	667	670	1,259	1,272
Costs and Expenses
Cost of services, maintenance and rentals	487	468	922	888
Sales | XEROX CORPORATION
Revenues
Total Revenues	667	670	1,259	1,272
Costs and Expenses
Cost of services, maintenance and rentals	487	468	922	888
Services, maintenance and rentals
Revenues
Total Revenues	1,028	1,067	2,051	2,120
Costs and Expenses
Cost of services, maintenance and rentals	677	658	1,356	1,309
Services, maintenance and rentals | XEROX CORPORATION
Revenues
Total Revenues	1,028	1,067	2,051	2,120
Costs and Expenses
Cost of services, maintenance and rentals	677	658	1,356	1,309
Financing
Revenues
Total Revenues	52	56	105	111
Financing | XEROX CORPORATION
Revenues
Total Revenues	$ 52	$ 56	$ 105	$ 111

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (UNAUDITED) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Net (Loss) Income		$ (5)	$ 91	$ (62)	$ 130
Less: Net loss attributable to noncontrolling interests		(1)	0	(2)	0
Net (Loss) Income Attributable to Xerox Holdings		(4)	91	(60)	130
Other Comprehensive (Loss) Income , Net
Translation adjustments, net	[1]	(287)	54	(359)	3
Unrealized losses, net	[1]	(14)	0	(25)	(7)
Changes in defined benefit plans, net	[1]	3	16	42	71
Other Comprehensive (Loss) Income, Attributable to Xerox Holdings/Xerox	[1]	(298)	70	(342)	67
Comprehensive (Loss) Income, Net
Comprehensive (Loss) Income, Net		(303)	161	(404)	197
Less: Comprehensive loss, net attributable to noncontrolling interests		(1)	0	(2)	0
Comprehensive (Loss) Income, Net Attributable to Xerox Holdings		(302)	161	(402)	197
XEROX CORPORATION
Net (Loss) Income		(5)	91	(62)	130
Less: Net loss attributable to noncontrolling interests		(1)	0	(2)	0
Net (Loss) Income Attributable to Xerox Holdings		(4)	91	(60)	130
Other Comprehensive (Loss) Income , Net
Translation adjustments, net	[2]	(287)	54	(359)	3
Unrealized losses, net	[2]	(14)	0	(25)	(7)
Changes in defined benefit plans, net	[2]	3	16	42	71
Other Comprehensive (Loss) Income, Attributable to Xerox Holdings/Xerox	[2]	(298)	70	(342)	67
Comprehensive (Loss) Income, Net
Comprehensive (Loss) Income, Net		(303)	161	(404)	197
Less: Comprehensive loss, net attributable to noncontrolling interests		(1)	0	(2)	0
Comprehensive (Loss) Income, Net Attributable to Xerox Holdings		$ (302)	$ 161	$ (402)	$ 197
[1]Refer to Note 20 - Other Comprehensive (Loss) Income for gross components of Other comprehensive (loss) income, net, reclassification adjustments out of Accumulated other comprehensive loss and related tax effects.[2]Refer to Note 20 - Other Comprehensive (Loss) Income for gross components of Other comprehensive (loss) income, net, reclassification adjustments out of Accumulated other comprehensive loss and related tax effects.

CONDENSED CONSOLIDATED BALANC_3

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Cash and cash equivalents	$ 1,151	$ 1,840
Accounts receivable (net of allowance)	852	818
Billed portion of finance receivables	83	94
Finance receivables, net	1,019	1,042
Inventories	765	696
Other current assets	232	211
Total current assets	4,102	4,701
Finance receivables due after one year, net	1,845	1,934
Equipment on Operating Leases, Net	226	253
Land, buildings and equipment, net	334	358
Intangible assets, net	223	211
Goodwill	3,217	3,287
Deferred tax assets	539	519
Other long-term assets	1,784	1,960
Total Assets	12,270	13,223
Short-term debt and current portion of long-term debt	1,108	650
Accounts payable	1,207	1,069
Accrued compensation and benefits costs	233	239
Accrued expenses and other current liabilities	867	871
Total current liabilities	3,415	2,829
Long-term debt	2,764	3,596
Pension and other benefit liabilities	1,310	1,373
Post-retirement medical benefits	242	277
Other long-term liabilities	433	481
Total Liabilities	8,164	8,556
Commitments and Contingencies (See Note 22)
Noncontrolling Interests	10	10
Additional paid-in capital	1,564	1,802
Retained earnings	5,484	5,631
Accumulated other comprehensive loss	(3,330)	(2,988)
Xerox Holdings shareholders’ equity	3,873	4,436
Noncontrolling interests	9	7
Total Equity	3,882	4,443
Total Liabilities and Equity	12,270	13,223
XEROX CORPORATION
Cash and cash equivalents	1,151	1,840
Accounts receivable (net of allowance)	852	818
Billed portion of finance receivables	83	94
Finance receivables, net	1,019	1,042
Inventories	765	696
Other current assets	232	211
Total current assets	4,102	4,701
Finance receivables due after one year, net	1,845	1,934
Equipment on Operating Leases, Net	226	253
Land, buildings and equipment, net	334	358
Intangible assets, net	223	211
Goodwill	3,217	3,287
Deferred tax assets	539	519
Other long-term assets	1,769	1,952
Total Assets	12,255	13,215
Short-term debt and current portion of long-term debt	1,108	650
Accounts payable	1,207	1,069
Accrued compensation and benefits costs	233	239
Accrued expenses and other current liabilities	819	823
Total current liabilities	3,367	2,781
Long-term debt	1,269	2,102
Related party debt	1,495	1,494
Pension and other benefit liabilities	1,310	1,373
Post-retirement medical benefits	242	277
Other long-term liabilities	433	481
Total Liabilities	8,116	8,508
Commitments and Contingencies (See Note 22)
Noncontrolling Interests	10	10
Additional paid-in capital	3,630	3,202
Retained earnings	3,820	4,476
Accumulated other comprehensive loss	(3,330)	(2,988)
Xerox Holdings shareholders’ equity	4,120	4,690
Noncontrolling interests	9	7
Total Equity	4,129	4,697
Total Liabilities and Equity	$ 12,255	$ 13,215

CONDENSED CONSOLIDATED BALANC_4

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Accounts receivable, allowance for credit loss, current	$ 63	$ 58
Financing Receivable, Allowance for Credit Loss, Current	3	4
Finance receivables, allowance for credit loss, noncurrent	113	114
XEROX CORPORATION
Accounts receivable, allowance for credit loss, current	63	58
Financing Receivable, Allowance for Credit Loss, Current	3	4
Finance receivables, allowance for credit loss, noncurrent	$ 113	$ 114

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021
Cash Flows from Operating Activities
Net (Loss) Income		$ (62)	$ 130
Adjustments required to reconcile Net (loss) income to Cash flows (used in) provided by operating activities
Depreciation and amortization		140	170
Provisions		35	34
Net gain on sales of businesses and assets		(1)	(1)
Stock-based compensation		50	30
Restructuring and asset impairment charges		22	25
Payments for restructurings		(21)	(49)
Non-service retirement-related costs	[1]	(11)	(42)
Contributions to retirement plans	[1]	(72)	(80)
(Increase) decrease in accounts receivable and billed portion of finance receivables		(49)	37
(Increase) decrease in inventories		(95)	4
Increase in equipment on operating leases		(47)	(63)
Decrease in finance receivables		17	12
Decrease in other current and long-term assets		35	66
Increase (decrease) in accounts payable		172	(33)
Increase in accrued compensation	[1]	7	16
(Decrease) increase in other current and long-term liabilities		(48)	92
Net change in income tax assets and liabilities		(76)	2
Net change in derivative assets and liabilities		(6)	(2)
Other operating, net		(9)	(17)
Net cash (used in) provided by operating activities		(19)	331
Cash Flows from Investing Activities
Cost of additions to land, buildings, equipment and software		(29)	(33)
Proceeds from sales of businesses and assets		26	1
Acquisitions, net of cash acquired		(52)	(37)
Net cash used in investing activities		(62)	(72)
Cash Flows from Financing Activities
Proceeds from issuance of long-term debt		754	0
Payments on long-term debt		(1,133)	(209)
Other financing, net		(7)	(17)
Net cash used in financing activities		(587)	(747)
Effect of exchange rate changes on cash, cash equivalents and restricted cash		(14)	0
Decrease in cash, cash equivalents and restricted cash		(682)	(488)
Cash, cash equivalents and restricted cash at beginning of period		1,909	2,691
Cash, Cash Equivalents and Restricted Cash at End of Period		1,227	2,203
XEROX CORPORATION
Cash Flows from Operating Activities
Net (Loss) Income		(62)	130
Adjustments required to reconcile Net (loss) income to Cash flows (used in) provided by operating activities
Depreciation and amortization		140	170
Provisions		35	34
Net gain on sales of businesses and assets		(1)	(1)
Stock-based compensation		50	30
Restructuring and asset impairment charges		22	25
Payments for restructurings		(21)	(49)
Non-service retirement-related costs	[2]	(11)	(42)
Contributions to retirement plans	[2]	(72)	(80)
(Increase) decrease in accounts receivable and billed portion of finance receivables		(49)	37
(Increase) decrease in inventories		(95)	4
Increase in equipment on operating leases		(47)	(63)
Decrease in finance receivables		17	12
Decrease in other current and long-term assets		35	66
Increase (decrease) in accounts payable		172	(33)
Increase in accrued compensation	[2]	7	16
(Decrease) increase in other current and long-term liabilities		(48)	92
Net change in income tax assets and liabilities		(76)	2
Net change in derivative assets and liabilities		(6)	(2)
Other operating, net		(9)	(17)
Net cash (used in) provided by operating activities		(19)	331
Cash Flows from Investing Activities
Cost of additions to land, buildings, equipment and software		(29)	(33)
Proceeds from sales of businesses and assets		26	1
Acquisitions, net of cash acquired		(52)	(37)
Net cash used in investing activities		(55)	(69)
Cash Flows from Financing Activities
Proceeds from issuance of long-term debt		754	0
Payments on long-term debt		(1,133)	(209)
Distributions to parent		(218)	(542)
Other financing, net		3	1
Net cash used in financing activities		(594)	(750)
Effect of exchange rate changes on cash, cash equivalents and restricted cash		(14)	0
Decrease in cash, cash equivalents and restricted cash		(682)	(488)
Cash, cash equivalents and restricted cash at beginning of period		1,909	2,691
Cash, Cash Equivalents and Restricted Cash at End of Period		$ 1,227	$ 2,203
[1]Captions were changed in 2022 to reflect the inclusion of expense and contributions for our Retiree Health plans, which were previously reported as part of the Increase in accrued compensation. There was no change to Net cash (used in) provided by operating activities as a result of the reclassification. Prior year amounts have been revised to conform to this presentation. Refer to Note 16 - Employee Benefit Plans for additional information.[2]Captions were changed in 2022 to reflect the inclusion of expense and contributions for our Retiree Health plans, which were previously reported as part of the Increase in accrued compensation. There was no change to Net cash (used in) provided by operating activities as a result of the reclassification. Prior year amounts have been revised to conform to this presentation. Refer to Note 16 - Employee Benefit Plans for additional information.

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2022
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. References to "Xerox Holdings Corporation" refer to the stand-alone parent company and do not include its subsidiaries. References to "Xerox Corporation" refer to the stand-alone company and do not include its subsidiaries. The accompanying 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 2021 Annual Report on Form 10-K (2021 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 (GAAP) have been condensed or omitted. You should read these Condensed Consolidated Financial Statements in conjunction with the Consolidated Financial Statements included in the 2021 Annual Report. In our opinion, all adjustments 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. For convenience and ease of reference, we refer to the financial statement caption “(Loss) Income before Income Taxes and Equity Income” as “pre-tax (loss) income”. Notes to the Condensed Consolidated Financial Statements reflect the activity for both Xerox Holdings and Xerox for all periods presented, unless otherwise noted. Segments During the first quarter of 2022, the Company made a change to its reportable segments from one reportable segment to two reportable segments - Print and Other, and Financing (FITTLE) - to align with a change in how the Chief Operating Decision Maker (CODM), our Chief Executive Officer (CEO), allocates resources and assesses performance against the Company’s key growth strategies. As such, prior period reportable segment results and related disclosures have been conformed to reflect the Company’s current reportable segments. Refer to Note 4 - Segment Reporting for additional information regarding this change. Goodwill Interim Impairment Evaluation Our goodwill balance was $3.2 billion and $3.3 billion at June 30, 2022 and December 31, 2021, respectively. The balance at December 31, 2021 reflects a pre-tax impairment charge of $781 recorded in the fourth quarter 2021 after completion of our fourth quarter annual goodwill impairment assessment. We assess goodwill for impairment at least annually during the fourth quarter and whenever events or changes in circumstances indicate that the carrying value may not be recoverable. As noted above, during the first quarter 2022, the Company made a change to its operating and reportable segments from one operating/reportable segment - Printing - to two operating/reportable segments - Print and Other, and Financing (FITTLE). As a result of the new operating and reportable segments, we also reassessed our reporting units for the evaluation of goodwill. Prior to this change, consistent with the determination that we had one operating/reportable segment, we determined that we had one reporting unit for goodwill assessment purposes. Our reassessment during the first quarter of 2022 determined that likewise consistent with the determination that we had two operating/reportable segments, we now have two reporting units – Print and Other, and Financing (FITTLE). As a result of the change in reporting units, effective January 1, 2022, we estimated the fair value of our new reporting units and, based on an assessment of the relative fair values of our new reporting units after the change, we determined that no goodwill was allocable to the Financing (FITTLE) segment. This determination was largely based on the fact that at this stage in the stand-up of the Financing (FITTLE) business, its separate valuation is constrained and limited because the operation is significantly integrated with the Print and Other segment and is primarily an extension or enabler to facilitate the sale of the Company’s products. The change in reporting units was also considered a triggering event indicating a test for goodwill impairment was required as of January 1, 2022 before and after the change in reporting units. The Company performed those impairment tests, which did not result in the identification of an impairment loss as of January 1, 2022. During the first half of 2022, the Company continued to encounter significant operational challenges due to supply chain constraints, inflationary pressure on product and labor costs, geopolitical uncertainty in Europe and the continued impacts from additional COVID-19 variants. Operating results did improve in the second quarter 2022 as compared to the first quarter 2022 and operating results are expected to improve further in the second half of 2022 . The Company's latest projections for the full year 2022 as well as for 2023 and 2024 are still within the range of our sensitivity analysis performed as part of the January 1, 2022 interim impairment assessment. Accordingly, based on our interim assessment as of June 30, 2022, we determined that it was more-likely-than-not that the fair value of the Print and Other reporting unit (the only reporting unit with goodwill) was still greater than its net book value and that we did not have a “triggering event” requiring a quantitative assessment of Goodwill. However, given macroeconomic conditions, specifically rising interest rates and their impact on discount rates, our goodwill excess fair value over carrying value is likely reduced as compared to the impairment test as of January 1, 2022. If assumptions or estimates with respect to the Company's future performance vary from what is expected, including those assumptions relating to the supply chain constraints, interest rates, inflationary pressure on product and labor costs, geopolitical uncertainty in Europe and the threat of additional COVID-19 variants, this may impact the impairment analysis and could reduce the underlying cash flows used to estimate fair values and result in a decline in fair value that may trigger future impairment charges. We will continue to monitor developments in 2022 including updates to our forecasts as well as our market capitalization, and an update of our assessment and related estimates may be required in the future.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2022
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: Financial Instruments In March 2022, the FASB issued ASU 2022-02 , Financial Instruments - Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures - Gross Write-offs. The amendments in this update eliminate the accounting guidance for Troubled Debt Restructurings (TDRs) by creditors while enhancing disclosure requirements for certain loan refinancing and restructurings by creditors made to borrowers experiencing financial difficulty. The amendments also require disclosure of current-period gross write-offs by year of origination for financing receivables. The update is applicable for financing receivables and net investments in leases that are within the scope of ASC 326-20 , Financial Instruments - Credit Losses - Measured at Amortized Cost . This update is effective for our fiscal year beginning on January 1, 2023, but early adoption is permitted. The provisions of this amendment are to be applied on a prospective basis. We are currently evaluating the impact of the adoption of this standard on the Company's consolidated financial statements and related disclosures. Reference Rate Reform In March 2020, the FASB issued ASU 2020-04 , Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (LIBOR) or by another reference rate expected to be discontinued. In January 2021, the FASB issued ASU 2021-01 , Reference Rate Reform (Topic 848): Scope , which provided clarification guidance to ASU 2020-04. These ASUs were effective commencing with our quarter ended March 31, 2020 through December 31, 2022. There has been no impact to date as a result of ASU 2020-04 or ASU 2021-01 and subsequent amendments on reference rate reform. However, we continue to evaluate potential future impacts that may result from the discontinuation of LIBOR or other reference rates as well as the accounting provided in this update on our financial condition, results of operations, and cash flows. Accounting Standard Updates Adopted in 2022: Government Assistance In November 2021, the FASB issued ASU 2021-10 , Government Assistance (Topic 832), Disclosures by Business Entities about Government Assistance. The update increases the transparency surrounding government assistance by requiring disclosure of 1) the types of assistance received, 2) an entity’s accounting for the assistance, and 3) the effect of the assistance on the entity’s financial statements. We adopted this update effective for our fiscal year beginning January 1, 2022. The impact of adoption was not material to our Consolidated Financial Statements. Impacts on future periods will depend on the amounts of government assistance received. Prior to the COVID pandemic, the amounts of government assistance the Company received were not material and since the update is limited to increased disclosures, we do not expect the adoption to have a material impact on our financial condition, results of operations, and cash flows in future periods. Business Combinations In October 2021, the FASB issued ASU 2021-08 , Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers . The new guidance requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC Topic 606, Revenue from Contracts with Customers, as if the acquirer had originated the contracts. This approach differs from the current requirement to measure contract assets and contract liabilities acquired in a business combination at fair value. We early adopted this update effective for our fiscal year beginning January 1, 2022. The impact of adopting the new standard will depend on the magnitude of future acquisitions. The standard will not impact contract assets or liabilities acquired in business combinations that occurred prior to the adoption date and the adoption has not had a material impact on acquisitions made year to date. Debt In August 2020, the FASB issued ASU 2020-06 , Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40). This update simplified the accounting for convertible instruments by reducing the number of accounting models available for convertible debt instruments and convertible preferred stock. This update also amended the guidance for the derivatives scope exception for contracts in an entity's own equity to reduce form-over-substance-based accounting conclusions and required the application of the if-converted method for calculating diluted earnings per share. We adopted this update effective for our fiscal year beginning January 1, 2022. The adoption of this update did not have a material impact on the Company’s consolidated financial statements and related disclosures. Other Updates In 2022 and 2021, 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: • Fair Value Measurement: ASU 2022-03 , Fair Value Measurement (Topic 820), Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. This update is effective for our fiscal year beginning January 1, 2024. • Derivatives and Hedging: ASU 2022-01 , Derivatives and Hedging (Topic 815), Fair Value Hedging - Portfolio Layer Method. This update is effective for our fiscal year beginning January 1, 2023. • Equity Instruments: ASU 2021-04 , Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options). This update was effective for our fiscal year beginning January 1, 2022. • Leases: ASU 2021-05 , Leases - Certain Lease Payments with Variable Lease Payments (ASC 842). This update is effective for our fiscal year beginning January 1, 2022.

Revenue

Revenue	6 Months Ended
	Jun. 30, 2022
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 2022 2021 2022 2021 Primary geographical markets (1) : United States $ 992 $ 1,015 $ 1,932 $ 1,989 Europe 467 514 933 1,013 Canada 135 104 250 197 Other 153 160 300 304 Total Revenues $ 1,747 $ 1,793 $ 3,415 $ 3,503 Major product and services lines: Equipment $ 366 $ 429 $ 680 $ 810 Supplies, paper and other sales 301 241 579 462 Maintenance agreements (2) 446 448 875 883 Service arrangements (3) 478 508 964 997 Rental and other 104 111 212 240 Financing 52 56 105 111 Total Revenues $ 1,747 $ 1,793 $ 3,415 $ 3,503 Sales channels: Direct equipment lease (4) $ 144 $ 189 $ 279 $ 336 Distributors & resellers (5) 298 289 559 543 Customer direct 225 192 421 393 Total Sales $ 667 $ 670 $ 1,259 $ 1,272 _____________ (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 arrangements. Also includes revenues from embedded operating leases in our Managed Service arrangements, which were not significant. (4) Primarily reflects sales through bundled lease arrangements. (5) Primarily reflects sales through our two-tier distribution channels. Contract Assets and Liabilities: We normally do not have contract assets, which are primarily unbilled accounts receivable that are conditional on something other than the passage of time. Our contract liabilities, which represent billings in excess of revenue recognized, are primarily related to advance billings for maintenance and other services to be performed and were approximately $144 and $144 at June 30, 2022 and December 31, 2021, respectively. The majority of the balance at June 30, 2022 will be amortized to revenue over approximately the next 30 months. Contract Costs: Incremental direct costs of obtaining a contract primarily include sales commissions paid to 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, 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 2022 2021 2022 2021 Incremental direct costs of obtaining a contract $ 15 $ 17 $ 28 $ 30 Amortization of incremental direct costs 16 18 34 37 The balance of deferred incremental direct costs net of accumulated amortization at June 30, 2022 and December 31, 2021 was $124 and $132, respectively. This amount is expected to be amortized over its estimated period of benefit, which we currently estimate to be approximately four years. We may also incur costs associated with our services arrangements to generate or enhance resources and assets that will be used to satisfy our future performance obligations included in these arrangements. These costs are considered contract fulfillment costs and are amortized over the contractual service period of the arrangement to cost of services. In addition, we 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, 2022 and December 31, 2021, amounts deferred associated with contract fulfillment costs and inducements were $12 and $15, respectively, and the related amortization was $2 and $2 for the three months ended June 30, 2022 and 2021, respectively, and $3 and $3 for the six months ended June 30, 2022 and 2021, 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.

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting Our reportable segments are aligned with how we manage the business and view the markets we serve. During the first quarter of 2022, the Company changed to its reportable segments from one reportable segment to two reportable segments - Print and Other, and Financing (FITTLE) to align with a change in how the Chief Operating Decision Maker (CODM), our Chief Executive Officer (CEO), allocates resources and assesses performance against the Company’s key growth strategies. Our two reportable segments are based on the information reviewed by the CODM together with the Company’s management to evaluate performance of the business and allocate resources. As such, prior period reportable segment results and related disclosures have been conformed to reflect the Company’s current reportable segments. During 2021 we progressed with internally standing up of three new businesses: Software (CareAR), Financing (FITTLE) and Innovation (PARC). As a result of this effort, during the first quarter of 2022, we reassessed our operating and reportable segments and determined that, based on the financial information reviewed by our CODM as well as the CEO’s management and assessment of the Company’s operations, we had two operating and reportable segments - Print and Other, and Financing. • Print and Other - the design, development and sale of document management systems, solutions and services as well as associated technology offerings including IT and software products and services. • Financing (FITTLE) – primarily provides financing for the sales of Xerox equipment. We also determined that the other businesses – Software and Innovation - did not meet the requirements to be considered separate operating segments largely due to their continued management through the Print and Other Segment as well as their immateriality to our results at this stage. Accordingly, those groups will continue to be reported as part of the Print and Other Segment. Our Print and Other segment includes the sale of document systems, supplies and technical services and managed services. The segment also includes the delivery of managed services that involve a continuum of solutions and services that help our customers optimize their print and communications infrastructure, apply automation and simplification to maximize productivity, and ensure the highest levels of security. This segment also includes IT services and software. Our product groupings range from: • “Entry” , which include A4 devices and desktop printers and multifunction devices that primarily serve small and medium workgroups/work teams. • “Mid-Range” , which include A3 devices that generally serve large workgroup/work teams environments as well as products in the Light Production monochrome and color segments serving centralized print centers, print for pay and lower volume production print establishments. • “High-End” , which include production printing and publishing systems that generally serve the graphic communications marketplace and print centers in large enterprises. Customers range from small and mid-sized businesses to large enterprises. Customers also include graphic communication enterprises as well as channel partners including distributors and resellers. Segment revenues also include commissions and other payments from the Financing segment for the exclusive right to provide lease financing for Xerox products. These revenues are reported as part of Intersegment Revenues, which are eliminated in consolidated revenues. The Financing (FITTLE) segment provides leasing solutions through either bundled or unbundled lease agreements of Xerox products or direct purchases of equipment. These leasing solutions support a wide range of customers, from government to graphic communications and SMB to Enterprise as well as financing for direct channel customer purchases of both Xerox and non-Xerox equipment. Segment revenues primarily includes financing income on sales-type leases, operating lease income (including month to month rentals and extensions) and leasing fees. Segment Policy We derive the results of our business segments directly from our internal management reporting system. The accounting policies that the Company uses to derive its segment results are substantially the same as those used by the Company in preparing its consolidated financial statements. The segment results include a significant level of management estimates regarding the allocation of revenues such as finance income in bundled lease arrangements and other leasing revenues and operating lease revenues embedded in our managed services contracts as well as the allocation of expenses for shared selling and administrative services. Accordingly, the financial results for the Financing segment may not be indicative of the results the business would have as on a standalone basis or what might be presented for the business in stand-alone financial statements. The CODM measures the performance of each segment based on several metrics, including segment revenues and profit. The CODM uses these results, in part, to evaluate the performance of, and to allocate resources to each segment. The Financing (FITTLE) segment also includes interest expense associated with allocated debt of the Company in support of its Finance assets, while no interest expense is allocated to the Print and Other segment. Selected financial information for our reportable segments was as follows: Three Months Ended June 30, 2022 2021 Print and Other Financing (FITTLE) Total Print and Other Financing (FITTLE) Total External net revenue $ 1,599 $ 148 $ 1,747 $ 1,619 $ 174 $ 1,793 Intersegment net revenue (1) 34 3 37 53 3 56 Total Segment net revenue $ 1,633 $ 151 $ 1,784 $ 1,672 $ 177 $ 1,849 Segment profit $ 18 $ 17 $ 35 $ 111 $ 15 $ 126 Segment margin (2) 1.1 % 11.5 % 2.0 % 6.9 % 8.6 % 7.0 % Depreciation and amortization $ 28 $ 30 $ 58 $ 29 $ 41 $ 70 Interest income — 52 52 — 56 56 Interest expense (3) — 28 28 — 30 30 Six Months Ended June 30, 2022 2021 Print and Other Financing (FITTLE) Total Print and Other Financing (FITTLE) Total External net revenue $ 3,112 $ 303 $ 3,415 $ 3,152 $ 351 $ 3,503 Intersegment net revenue (1) 71 6 77 101 6 107 Total Segment net revenue $ 3,183 $ 309 $ 3,492 $ 3,253 $ 357 $ 3,610 Segment (loss) profit $ (2) $ 34 $ 32 $ 182 $ 33 $ 215 Segment (loss) margin (2) (0.1) % 11.2 % 0.9 % 5.8 % 9.4 % 6.1 % Depreciation and amortization $ 57 $ 62 $ 119 $ 58 $ 83 $ 141 Interest income — 105 105 — 111 111 Interest expense (3) — 54 54 — 60 60 _____________ (1) Intersegment net revenue is primarily commissions and other payments made by the Financing Segment (FITTLE) to the Print and Other Segment for the lease of Xerox Equipment placements. (2) Segment margin based on External net revenue only. (3) Interest expense for the Financing Segment includes non-financing interest expense on allocated debt associated with Equipment on operating lease of $2 and $2 for the three months ended June 30, 2022 and 2021, respectively, and $4 and $4 for the six months ended June 30, 2022 and 2021, respectively. Selected financial information for our reportable segments was as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 Pre-tax (Loss) Income Total reported segments $ 35 $ 126 $ 32 $ 215 Restructuring and related costs, net (1) (12) (19) (29) Amortization of intangible assets (10) (14) (21) (29) Accelerated share vesting (21) — (21) — Other expenses, net (8) (1) (65) (5) Total Pre-tax (loss) income $ (5) $ 99 $ (94) $ 152 Depreciation and Amortization Total reported segments $ 58 $ 70 $ 119 $ 141 Amortization of intangible assets 10 14 21 29 Total Depreciation and amortization $ 68 $ 84 $ 140 $ 170 Interest Expense Total reported segments $ 28 $ 30 $ 54 $ 60 Corporate 21 22 48 44 Total Interest expense $ 49 $ 52 $ 102 $ 104 Interest Income Total reported segments $ 52 $ 56 $ 105 $ 111 Corporate 3 1 4 2 Total Interest income $ 55 $ 57 $ 109 $ 113

Lessor

Lessor	6 Months Ended
	Jun. 30, 2022
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: Three Months Ended Six Months Ended Location in Statements of (Loss) Income 2022 2021 2022 2021 Revenue from sales type leases Sales $ 144 $ 189 $ 279 $ 336 Interest income on lease receivables Financing 52 56 105 111 Lease income - operating leases Services, maintenance and rentals 44 58 92 118 Variable lease income Services, maintenance and rentals 16 16 31 31 Total Lease income $ 256 $ 319 $ 507 $ 596 Profit at lease commencement on sales-type leases was estimated to be $44 and $57 for the three months ended June 30, 2022 and 2021, respectively, and $88 and $101 for the six months ended June 30, 2022 and 2021, 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: Three Months Ended Six Months Ended Location in Statements of (Loss) Income 2022 2021 2022 2021 Revenue from sales type leases Sales $ 144 $ 189 $ 279 $ 336 Interest income on lease receivables Financing 52 56 105 111 Lease income - operating leases Services, maintenance and rentals 44 58 92 118 Variable lease income Services, maintenance and rentals 16 16 31 31 Total Lease income $ 256 $ 319 $ 507 $ 596 Profit at lease commencement on sales-type leases was estimated to be $44 and $57 for the three months ended June 30, 2022 and 2021, respectively, and $88 and $101 for the six months ended June 30, 2022 and 2021, respectively.

Acquisitions and Investments

Acquisitions and Investments	6 Months Ended
	Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions and Investments	Acquisitions and Investments Acquisition In the first quarter 2022, Xerox acquired Powerland, a leading IT services provider in Canada, for approximately $52 (CAD 66 million). The acquisition also includes contingent consideration up to approximately $22 (CAD 28 million) based on future performance of the acquisition over the next two years. The acquisition strengthens Xerox’s IT services offerings in North America, which include cloud, cyber security, end user computing and managed services. The goodwill associated with the acquisition of Powerland is included in our Print and Other segment.

Supplementary Financial Informa

Supplementary Financial Information	6 Months Ended
	Jun. 30, 2022
Supplemental Financial Information [Abstract]
Supplementary Financial Information	Supplementary Financial Information Government Assistance In response to the COVID-19 pandemic, various governments employed temporary measures to provide aid and economic stimulus to companies through cash grants and credits or indirectly through payments to temporarily furloughed employees. Estimated savings from these various government assistance programs are recorded as follows in the Condensed Consolidated Statements of (Loss) Income: Three Months Ended Six Months Ended 2022 2021 2022 2021 Cost of services, maintenance and rentals $ — $ 6 $ — $ 13 Selling, administrative and general expenses — 4 — 7 Total Estimated savings $ — $ 10 $ — $ 20 Cash, Cash Equivalents and Restricted Cash Restricted cash primarily relates to escrow cash deposits made in Brazil associated with ongoing litigation as well as cash collections on finance receivables that were pledged for secured borrowings. As more fully discussed in Note 22 - 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. Cash, cash equivalents and restricted cash amounts are as follows: June 30, December 31, Cash and cash equivalents $ 1,151 $ 1,840 Restricted cash Litigation deposits in Brazil 39 34 Escrow and cash collections related to secured borrowing arrangements (1) 36 32 Other restricted cash 1 3 Total Restricted cash 76 69 Cash, cash equivalents and restricted cash $ 1,227 $ 1,909 _____________ (1) Represents collections on finance receivables pledged for secured borrowings that will be remitted to lenders in the following month. Restricted cash is reported in the Condensed Consolidated Balance Sheets as follows: June 30, December 31, Other current assets $ 36 $ 33 Other long-term assets 40 36 Total Restricted cash $ 76 $ 69 Supplemental Cash Flow Information Summarized cash flow information is as follows: Six Months Ended 2022 2021 Provision for receivables $ 21 $ 15 Provision for inventory 14 19 Provision for product warranties 3 4 Depreciation of buildings and equipment 34 38 Depreciation and obsolescence of equipment on operating leases 62 83 Amortization of internal use software 23 20 Amortization of acquired intangible assets 21 29 Amortization of customer contract costs (1) 37 40 Cost of additions to land, buildings and equipment 19 12 Cost of additions to internal use software 10 21 Common stock dividends - Xerox Holdings 81 101 Preferred stock dividends - Xerox Holdings 7 7 Payments to noncontrolling interests 1 — Investment from noncontrolling interests 5 5 Repurchases related to stock-based compensation - Xerox Holdings 10 14 _____________ (1) Amortization of customer contract costs is reported in Decrease in other current and long-term assets in the Condensed Consolidated Statements of Cash Flows. Refer to Note 3 - Revenue - Contract Costs for additional information.

Accounts Receivable, Net

Accounts Receivable, Net	6 Months Ended
	Jun. 30, 2022
Receivables [Abstract]
Accounts Receivable, Net	Accounts Receivable, Net Accounts receivable, net were as follows: June 30, December 31, Invoiced $ 703 $ 660 Accrued (1) 212 216 Allowance for doubtful accounts (63) (58) Accounts receivable, net $ 852 $ 818 _____________ (1) Accrued receivables include amounts to be invoiced in the subsequent quarter for current services provided. The allowance for doubtful accounts was as follows: 2022 2021 Balance at January 1 st $ 58 $ 69 Provision 9 4 Charge-offs (3) (5) Recoveries and other (1) (1) 0 Balance at March 31 st 63 68 Provision 3 1 Charge-offs (2) (2) Recoveries and other (1) (1) 1 Balance at June 30 th $ 63 $ 68 _____________ (1) Includes the impacts of foreign currency translation and adjustments to reserves necessary to reflect events of non-payment such as customer accommodations and contract terminations. We perform ongoing credit evaluations of our customers and adjust credit limits based upon customer payment history and current creditworthiness. The allowance for uncollectible accounts receivable is determined based on an assessment of past collection experience as well as consideration of current and future economic conditions and changes in our customer collection trends. Based on that assessment the allowance for doubtful accounts as a percent of gross accounts receivable was 6.9% at June 30, 2022 and 6.6% at December 31, 2021. The increase in the allowance is primarily due to an increased provision to cover expected write-offs of receivables in our Russian subsidiary. 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, $84 and $102 remained uncollected as of June 30, 2022 and December 31, 2021, respectively. Accounts receivable sales activity was as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 Accounts receivable sales (1) $ 120 $ 125 $ 236 $ 232 ____________ (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 $ 3,418 $ 3,568 Unearned income (355) (380) Subtotal 3,063 3,188 Residual values — — Allowance for doubtful accounts (116) (118) Finance receivables, net 2,947 3,070 Less: Billed portion of finance receivables, net 83 94 Less: Current portion of finance receivables not billed, net 1,019 1,042 Finance receivables due after one year, net $ 1,845 $ 1,934 Finance Receivables – Allowance for Credit Losses and Credit Quality Our finance receivable portfolios are primarily in the U.S., Canada and EMEA. We generally establish customer credit limits and estimate the allowance for credit losses on a country or geographic basis. Customer credit limits are based upon an initial evaluation of the customer's credit quality and we adjust that limit accordingly based upon ongoing credit assessments of the customer, including payment history and changes in credit quality. The allowance for doubtful credit losses is principally determined based on an assessment of origination year and past collection experience as well as consideration of current and future economic conditions and changes in our customer collection trends. Based on that assessment, the allowance for doubtful credit losses as a percentage of gross finance receivables (net of unearned income) was 3.8% at June 30, 2022 and 3.7% and 4.0% at December 31, 2021 and 2020, respectively. In determining the level of reserve required we critically assessed current and forecasted economic conditions and trends to ensure we objectively considered those expected impacts in the determination of our reserve. Our assessment also included a review of current portfolio credit metrics and the level of write-offs incurred over the past year. Our allowance for doubtful finance receivables is effectively determined by geography. The risk characteristics in our finance receivable portfolio segments are generally consistent with the risk factors associated with the economies of the countries/regions included in those geographies. Since EMEA is comprised of various countries and regional economies, the risk profile within that portfolio segment is somewhat more diversified due to the varying economic conditions among and within the countries. Although actual finance receivable write-offs incurred to date continue to lag expectations, we believe our current reserve position remains sufficient to cover expected future losses that may result from current and future macro-economic conditions. We continue to believe that uncertainties remain as economies continue to recover from the impacts of the COVID-19 pandemic and deal with recent macro-economic trends including higher interest rates and inflation as well as the prospects of a potential recession. In addition, there is also uncertainty regarding the impact the Russia/Ukraine war and related global sanctions will have on the macro or global economy. As a result of these uncertainties, our reserves as a percent of receivables have remained elevated and fairly consistent subsequent to the first quarter 2020 increase to initially record expected losses from the COVID-19 pandemic. We continue to monitor developments in future economic conditions and trends, and as a result, our reserves may need to be updated in future periods. The allowance for doubtful accounts as well as the related investment in finance receivables were as follows: United States Canada EMEA (1) Total Balance at December 31, 2021 $ 77 $ 11 $ 30 $ 118 Provision 3 — 3 6 Charge-offs (2) (1) (1) (4) Recoveries and other (2) — 1 (1) — Balance at March 31, 2022 78 11 31 120 Provision — 1 3 4 Charge-offs (3) (1) (2) (6) Recoveries and other (2) — — (2) (2) Balance at June 30, 2022 $ 75 $ 11 $ 30 $ 116 Finance receivables as of June 30, 2022 collectively evaluated for impairment (3) $ 1,861 $ 230 $ 972 $ 3,063 Balance at December 31, 2020 $ 77 $ 15 $ 41 $ 133 Provision 2 1 3 6 Charge-offs (2) — (1) (3) Recoveries and other (2) 1 — (2) (1) Balance at March 31, 2021 78 16 41 135 Provision 6 (1) (3) 2 Charge-offs (3) (1) (1) (5) Recoveries and other (2) — 1 — 1 Balance at June 30, 2021 $ 81 $ 15 $ 37 $ 133 Finance receivables as of June 30, 2021 collectively evaluated for impairment (3) $ 1,845 $ 283 $ 1,122 $ 3,250 _____________ (1) Includes developing market countries. (2) Includes the impacts of foreign currency translation and adjustments to reserves necessary to reflect events of non-payment such as customer accommodations and contract terminations. (3) Total Finance receivables exclude the allowance for credit losses of $116 and $133 at June 30, 2022 and 2021, respectively. In the U.S., customers are further evaluated by class based on the type of lease origination. The primary categories are direct, which primarily includes leases originated directly with end customers through bundled lease arrangements, and indirect, which primarily includes leases originated through our XBS sales channel and lease financing to end-user customers who purchased equipment we sold to distributors or resellers. We evaluate our customers based on the following credit quality indicators: • Low Credit Risk: This rating includes accounts with excellent to good business credit, asset quality and capacity to meet financial obligations. These customers are less susceptible to adverse effects due to shifts in economic conditions or changes in circumstance. The rating generally equates to a Standard & Poor's (S&P) rating of BBB- or better. Loss rates in this category in the normal course are generally less than 1%. • Average Credit Risk: This rating includes accounts with average credit risk that are more susceptible to loss in the event of adverse business or economic conditions. This rating generally equates to a BB S&P rating. Although we experience higher loss rates associated with this customer class, we believe the risk is somewhat mitigated by the fact that our leases are fairly well dispersed across a large and diverse customer base. In addition, the higher loss rates are largely offset by the higher rates of return we obtain with such leases. Loss rates in this category in the normal course are generally in the range of 2% to 5%. • High Credit Risk: This rating includes accounts that have marginal credit risk such that the customer’s ability to make repayment is impaired or may likely become impaired. We use numerous strategies to mitigate risk including higher rates of interest, prepayments, personal guarantees, etc. Accounts in this category include customers who were downgraded during the term of the lease from low and average credit risk evaluation when the lease was originated. Accordingly, there is a distinct possibility for a loss of principal and interest or customer default. The loss rates in this category in the normal course are generally in the range of 7% to 10%. Credit quality indicators are updated at least annually, or more frequently to the extent required by economic conditions, and the credit quality of any given customer can change during the life of the portfolio. Details about our finance receivables portfolio based on geography, origination year and credit quality indicators are as follows: June 30, 2022 2022 2021 2020 2019 2018 Prior Total United States (Direct) Low Credit Risk $ 80 $ 124 $ 104 $ 74 $ 44 $ 9 $ 435 Average Credit Risk 40 40 33 43 15 4 175 High Credit Risk 28 82 60 24 9 4 207 Total $ 148 $ 246 $ 197 $ 141 $ 68 $ 17 $ 817 United States (Indirect) Low Credit Risk $ 111 $ 189 $ 108 $ 67 $ 24 $ 3 $ 502 Average Credit Risk 112 189 95 61 24 4 485 High Credit Risk 11 23 14 6 3 — 57 Total $ 234 $ 401 $ 217 $ 134 $ 51 $ 7 $ 1,044 Canada Low Credit Risk $ 11 $ 27 $ 23 $ 18 $ 8 $ 2 $ 89 Average Credit Risk 18 29 28 22 10 3 110 High Credit Risk 4 7 10 5 4 1 31 Total $ 33 $ 63 $ 61 $ 45 $ 22 $ 6 $ 230 EMEA (1) Low Credit Risk $ 124 $ 190 $ 108 $ 80 $ 42 $ 9 $ 553 Average Credit Risk 73 120 80 62 26 7 368 High Credit Risk 9 14 12 10 5 1 51 Total $ 206 $ 324 $ 200 $ 152 $ 73 $ 17 $ 972 Total Finance Receivables Low Credit Risk $ 326 $ 530 $ 343 $ 239 $ 118 $ 23 $ 1,579 Average Credit Risk 243 378 236 188 75 18 1,138 High Credit Risk 52 126 96 45 21 6 346 Total $ 621 $ 1,034 $ 675 $ 472 $ 214 $ 47 $ 3,063 December 31, 2021 2021 2020 2019 2018 2017 Prior Total United States (Direct) Low Credit Risk $ 148 $ 121 $ 98 $ 68 $ 21 $ 3 $ 459 Average Credit Risk 60 40 57 23 8 2 190 High Credit Risk 91 73 31 16 6 1 218 Total $ 299 $ 234 $ 186 $ 107 $ 35 $ 6 $ 867 United States (Indirect) Low Credit Risk $ 235 $ 145 $ 100 $ 43 $ 11 $ — $ 534 Average Credit Risk 201 103 74 35 10 — 423 High Credit Risk 24 15 8 4 1 — 52 Total $ 460 $ 263 $ 182 $ 82 $ 22 $ — $ 1,009 Canada Low Credit Risk $ 32 $ 27 $ 22 $ 13 $ 3 $ 1 $ 98 Average Credit Risk 34 34 27 15 6 1 117 High Credit Risk 8 12 7 5 4 — 36 Total $ 74 $ 73 $ 56 $ 33 $ 13 $ 2 $ 251 EMEA (1) Low Credit Risk $ 229 $ 143 $ 121 $ 71 $ 22 $ 6 $ 592 Average Credit Risk 156 109 84 45 15 3 412 High Credit Risk 18 15 13 8 3 — 57 Total $ 403 $ 267 $ 218 $ 124 $ 40 $ 9 $ 1,061 Total Finance Receivables Low Credit Risk $ 644 $ 436 $ 341 $ 195 $ 57 $ 10 $ 1,683 Average Credit Risk 451 286 242 118 39 6 1,142 High Credit Risk 141 115 59 33 14 1 363 Total $ 1,236 $ 837 $ 642 $ 346 $ 110 $ 17 $ 3,188 _____________ (1) Includes developing market countries. The aging of our receivables portfolio is based upon the number of days an invoice is past due. Receivables that are more than 90 days past due are considered delinquent. Receivable losses are charged against the allowance when management believes the uncollectibility of the receivable is confirmed and is generally based on individual credit evaluations, results of collection efforts and specific circumstances of the customer. Subsequent recoveries, if any, are credited to the allowance. We generally continue to maintain equipment on lease and provide services to customers that have invoices for finance receivables that are 90 days or more past due and, as a result of the bundled nature of billings, we also continue to accrue interest on those receivables. However, interest revenue for such billings is only recognized if collectability is deemed reasonably assured. The aging of our billed finance receivables is as follows: June 30, 2022 Current 31-90 Days Past Due >90 Days Past Due Total Billed Unbilled Total Finance Receivables >90 Days and Accruing Direct $ 26 $ 5 $ 6 $ 37 $ 780 $ 817 $ 57 Indirect 23 5 5 33 1,011 1,044 — Total United States 49 10 11 70 1,791 1,861 57 Canada 5 1 — 6 224 230 9 EMEA (1) 8 2 — 10 962 972 8 Total $ 62 $ 13 $ 11 $ 86 $ 2,977 $ 3,063 $ 74 December 31, 2021 Current 31-90 Days Past Due >90 Days Past Due Total Billed Unbilled Total Finance Receivables >90 Days and Accruing Direct $ 28 $ 7 $ 7 $ 42 $ 825 $ 867 $ 61 Indirect 28 5 4 37 972 1,009 — Total United States 56 12 11 79 1,797 1,876 61 Canada 6 1 — 7 244 251 9 EMEA (1) 9 2 1 12 1,049 1,061 13 Total $ 71 $ 15 $ 12 $ 98 $ 3,090 $ 3,188 $ 83 _____________ (1) Includes developing market countries Secured Borrowings and Collateral In 2022 and 2021, we sold certain finance receivables to consolidated special purpose entities included in our Condensed Consolidated Balance Sheet as collateral for secured loans. Refer to Note 13 - Debt, for additional information related to these arrangements.

Finance Receivables, Net

Finance Receivables, Net	6 Months Ended
	Jun. 30, 2022
Receivables [Abstract]
Finance Receivables, Net	Accounts Receivable, Net Accounts receivable, net were as follows: June 30, December 31, Invoiced $ 703 $ 660 Accrued (1) 212 216 Allowance for doubtful accounts (63) (58) Accounts receivable, net $ 852 $ 818 _____________ (1) Accrued receivables include amounts to be invoiced in the subsequent quarter for current services provided. The allowance for doubtful accounts was as follows: 2022 2021 Balance at January 1 st $ 58 $ 69 Provision 9 4 Charge-offs (3) (5) Recoveries and other (1) (1) 0 Balance at March 31 st 63 68 Provision 3 1 Charge-offs (2) (2) Recoveries and other (1) (1) 1 Balance at June 30 th $ 63 $ 68 _____________ (1) Includes the impacts of foreign currency translation and adjustments to reserves necessary to reflect events of non-payment such as customer accommodations and contract terminations. We perform ongoing credit evaluations of our customers and adjust credit limits based upon customer payment history and current creditworthiness. The allowance for uncollectible accounts receivable is determined based on an assessment of past collection experience as well as consideration of current and future economic conditions and changes in our customer collection trends. Based on that assessment the allowance for doubtful accounts as a percent of gross accounts receivable was 6.9% at June 30, 2022 and 6.6% at December 31, 2021. The increase in the allowance is primarily due to an increased provision to cover expected write-offs of receivables in our Russian subsidiary. 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, $84 and $102 remained uncollected as of June 30, 2022 and December 31, 2021, respectively. Accounts receivable sales activity was as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 Accounts receivable sales (1) $ 120 $ 125 $ 236 $ 232 ____________ (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 $ 3,418 $ 3,568 Unearned income (355) (380) Subtotal 3,063 3,188 Residual values — — Allowance for doubtful accounts (116) (118) Finance receivables, net 2,947 3,070 Less: Billed portion of finance receivables, net 83 94 Less: Current portion of finance receivables not billed, net 1,019 1,042 Finance receivables due after one year, net $ 1,845 $ 1,934 Finance Receivables – Allowance for Credit Losses and Credit Quality Our finance receivable portfolios are primarily in the U.S., Canada and EMEA. We generally establish customer credit limits and estimate the allowance for credit losses on a country or geographic basis. Customer credit limits are based upon an initial evaluation of the customer's credit quality and we adjust that limit accordingly based upon ongoing credit assessments of the customer, including payment history and changes in credit quality. The allowance for doubtful credit losses is principally determined based on an assessment of origination year and past collection experience as well as consideration of current and future economic conditions and changes in our customer collection trends. Based on that assessment, the allowance for doubtful credit losses as a percentage of gross finance receivables (net of unearned income) was 3.8% at June 30, 2022 and 3.7% and 4.0% at December 31, 2021 and 2020, respectively. In determining the level of reserve required we critically assessed current and forecasted economic conditions and trends to ensure we objectively considered those expected impacts in the determination of our reserve. Our assessment also included a review of current portfolio credit metrics and the level of write-offs incurred over the past year. Our allowance for doubtful finance receivables is effectively determined by geography. The risk characteristics in our finance receivable portfolio segments are generally consistent with the risk factors associated with the economies of the countries/regions included in those geographies. Since EMEA is comprised of various countries and regional economies, the risk profile within that portfolio segment is somewhat more diversified due to the varying economic conditions among and within the countries. Although actual finance receivable write-offs incurred to date continue to lag expectations, we believe our current reserve position remains sufficient to cover expected future losses that may result from current and future macro-economic conditions. We continue to believe that uncertainties remain as economies continue to recover from the impacts of the COVID-19 pandemic and deal with recent macro-economic trends including higher interest rates and inflation as well as the prospects of a potential recession. In addition, there is also uncertainty regarding the impact the Russia/Ukraine war and related global sanctions will have on the macro or global economy. As a result of these uncertainties, our reserves as a percent of receivables have remained elevated and fairly consistent subsequent to the first quarter 2020 increase to initially record expected losses from the COVID-19 pandemic. We continue to monitor developments in future economic conditions and trends, and as a result, our reserves may need to be updated in future periods. The allowance for doubtful accounts as well as the related investment in finance receivables were as follows: United States Canada EMEA (1) Total Balance at December 31, 2021 $ 77 $ 11 $ 30 $ 118 Provision 3 — 3 6 Charge-offs (2) (1) (1) (4) Recoveries and other (2) — 1 (1) — Balance at March 31, 2022 78 11 31 120 Provision — 1 3 4 Charge-offs (3) (1) (2) (6) Recoveries and other (2) — — (2) (2) Balance at June 30, 2022 $ 75 $ 11 $ 30 $ 116 Finance receivables as of June 30, 2022 collectively evaluated for impairment (3) $ 1,861 $ 230 $ 972 $ 3,063 Balance at December 31, 2020 $ 77 $ 15 $ 41 $ 133 Provision 2 1 3 6 Charge-offs (2) — (1) (3) Recoveries and other (2) 1 — (2) (1) Balance at March 31, 2021 78 16 41 135 Provision 6 (1) (3) 2 Charge-offs (3) (1) (1) (5) Recoveries and other (2) — 1 — 1 Balance at June 30, 2021 $ 81 $ 15 $ 37 $ 133 Finance receivables as of June 30, 2021 collectively evaluated for impairment (3) $ 1,845 $ 283 $ 1,122 $ 3,250 _____________ (1) Includes developing market countries. (2) Includes the impacts of foreign currency translation and adjustments to reserves necessary to reflect events of non-payment such as customer accommodations and contract terminations. (3) Total Finance receivables exclude the allowance for credit losses of $116 and $133 at June 30, 2022 and 2021, respectively. In the U.S., customers are further evaluated by class based on the type of lease origination. The primary categories are direct, which primarily includes leases originated directly with end customers through bundled lease arrangements, and indirect, which primarily includes leases originated through our XBS sales channel and lease financing to end-user customers who purchased equipment we sold to distributors or resellers. We evaluate our customers based on the following credit quality indicators: • Low Credit Risk: This rating includes accounts with excellent to good business credit, asset quality and capacity to meet financial obligations. These customers are less susceptible to adverse effects due to shifts in economic conditions or changes in circumstance. The rating generally equates to a Standard & Poor's (S&P) rating of BBB- or better. Loss rates in this category in the normal course are generally less than 1%. • Average Credit Risk: This rating includes accounts with average credit risk that are more susceptible to loss in the event of adverse business or economic conditions. This rating generally equates to a BB S&P rating. Although we experience higher loss rates associated with this customer class, we believe the risk is somewhat mitigated by the fact that our leases are fairly well dispersed across a large and diverse customer base. In addition, the higher loss rates are largely offset by the higher rates of return we obtain with such leases. Loss rates in this category in the normal course are generally in the range of 2% to 5%. • High Credit Risk: This rating includes accounts that have marginal credit risk such that the customer’s ability to make repayment is impaired or may likely become impaired. We use numerous strategies to mitigate risk including higher rates of interest, prepayments, personal guarantees, etc. Accounts in this category include customers who were downgraded during the term of the lease from low and average credit risk evaluation when the lease was originated. Accordingly, there is a distinct possibility for a loss of principal and interest or customer default. The loss rates in this category in the normal course are generally in the range of 7% to 10%. Credit quality indicators are updated at least annually, or more frequently to the extent required by economic conditions, and the credit quality of any given customer can change during the life of the portfolio. Details about our finance receivables portfolio based on geography, origination year and credit quality indicators are as follows: June 30, 2022 2022 2021 2020 2019 2018 Prior Total United States (Direct) Low Credit Risk $ 80 $ 124 $ 104 $ 74 $ 44 $ 9 $ 435 Average Credit Risk 40 40 33 43 15 4 175 High Credit Risk 28 82 60 24 9 4 207 Total $ 148 $ 246 $ 197 $ 141 $ 68 $ 17 $ 817 United States (Indirect) Low Credit Risk $ 111 $ 189 $ 108 $ 67 $ 24 $ 3 $ 502 Average Credit Risk 112 189 95 61 24 4 485 High Credit Risk 11 23 14 6 3 — 57 Total $ 234 $ 401 $ 217 $ 134 $ 51 $ 7 $ 1,044 Canada Low Credit Risk $ 11 $ 27 $ 23 $ 18 $ 8 $ 2 $ 89 Average Credit Risk 18 29 28 22 10 3 110 High Credit Risk 4 7 10 5 4 1 31 Total $ 33 $ 63 $ 61 $ 45 $ 22 $ 6 $ 230 EMEA (1) Low Credit Risk $ 124 $ 190 $ 108 $ 80 $ 42 $ 9 $ 553 Average Credit Risk 73 120 80 62 26 7 368 High Credit Risk 9 14 12 10 5 1 51 Total $ 206 $ 324 $ 200 $ 152 $ 73 $ 17 $ 972 Total Finance Receivables Low Credit Risk $ 326 $ 530 $ 343 $ 239 $ 118 $ 23 $ 1,579 Average Credit Risk 243 378 236 188 75 18 1,138 High Credit Risk 52 126 96 45 21 6 346 Total $ 621 $ 1,034 $ 675 $ 472 $ 214 $ 47 $ 3,063 December 31, 2021 2021 2020 2019 2018 2017 Prior Total United States (Direct) Low Credit Risk $ 148 $ 121 $ 98 $ 68 $ 21 $ 3 $ 459 Average Credit Risk 60 40 57 23 8 2 190 High Credit Risk 91 73 31 16 6 1 218 Total $ 299 $ 234 $ 186 $ 107 $ 35 $ 6 $ 867 United States (Indirect) Low Credit Risk $ 235 $ 145 $ 100 $ 43 $ 11 $ — $ 534 Average Credit Risk 201 103 74 35 10 — 423 High Credit Risk 24 15 8 4 1 — 52 Total $ 460 $ 263 $ 182 $ 82 $ 22 $ — $ 1,009 Canada Low Credit Risk $ 32 $ 27 $ 22 $ 13 $ 3 $ 1 $ 98 Average Credit Risk 34 34 27 15 6 1 117 High Credit Risk 8 12 7 5 4 — 36 Total $ 74 $ 73 $ 56 $ 33 $ 13 $ 2 $ 251 EMEA (1) Low Credit Risk $ 229 $ 143 $ 121 $ 71 $ 22 $ 6 $ 592 Average Credit Risk 156 109 84 45 15 3 412 High Credit Risk 18 15 13 8 3 — 57 Total $ 403 $ 267 $ 218 $ 124 $ 40 $ 9 $ 1,061 Total Finance Receivables Low Credit Risk $ 644 $ 436 $ 341 $ 195 $ 57 $ 10 $ 1,683 Average Credit Risk 451 286 242 118 39 6 1,142 High Credit Risk 141 115 59 33 14 1 363 Total $ 1,236 $ 837 $ 642 $ 346 $ 110 $ 17 $ 3,188 _____________ (1) Includes developing market countries. The aging of our receivables portfolio is based upon the number of days an invoice is past due. Receivables that are more than 90 days past due are considered delinquent. Receivable losses are charged against the allowance when management believes the uncollectibility of the receivable is confirmed and is generally based on individual credit evaluations, results of collection efforts and specific circumstances of the customer. Subsequent recoveries, if any, are credited to the allowance. We generally continue to maintain equipment on lease and provide services to customers that have invoices for finance receivables that are 90 days or more past due and, as a result of the bundled nature of billings, we also continue to accrue interest on those receivables. However, interest revenue for such billings is only recognized if collectability is deemed reasonably assured. The aging of our billed finance receivables is as follows: June 30, 2022 Current 31-90 Days Past Due >90 Days Past Due Total Billed Unbilled Total Finance Receivables >90 Days and Accruing Direct $ 26 $ 5 $ 6 $ 37 $ 780 $ 817 $ 57 Indirect 23 5 5 33 1,011 1,044 — Total United States 49 10 11 70 1,791 1,861 57 Canada 5 1 — 6 224 230 9 EMEA (1) 8 2 — 10 962 972 8 Total $ 62 $ 13 $ 11 $ 86 $ 2,977 $ 3,063 $ 74 December 31, 2021 Current 31-90 Days Past Due >90 Days Past Due Total Billed Unbilled Total Finance Receivables >90 Days and Accruing Direct $ 28 $ 7 $ 7 $ 42 $ 825 $ 867 $ 61 Indirect 28 5 4 37 972 1,009 — Total United States 56 12 11 79 1,797 1,876 61 Canada 6 1 — 7 244 251 9 EMEA (1) 9 2 1 12 1,049 1,061 13 Total $ 71 $ 15 $ 12 $ 98 $ 3,090 $ 3,188 $ 83 _____________ (1) Includes developing market countries Secured Borrowings and Collateral In 2022 and 2021, we sold certain finance receivables to consolidated special purpose entities included in our Condensed Consolidated Balance Sheet as collateral for secured loans. Refer to Note 13 - Debt, for additional information related to these arrangements.

Inventories and Equipment on Op

Inventories and Equipment on Operating Leases, Net	6 Months Ended
	Jun. 30, 2022
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 $ 607 $ 568 Work-in-process 46 43 Raw materials 112 85 Total Inventories $ 765 $ 696 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 $ 1,188 $ 1,266 Accumulated depreciation (962) (1,013) Equipment on operating leases, net $ 226 $ 253 Total contingent rentals on operating leases, consisting principally of usage charges in excess of minimum contracted amounts, were $16 and $16 for the three months ended June 30, 2022 and 2021, respectively, and $31 and $31 for the six months ended June 30, 2022 and 2021, respectively. Secured Borrowings and Collateral In 2021, we sold the rights to payments under operating leases to a consolidated special purpose entity included in our Condensed Consolidated Balance Sheet as collateral for a secured loan. Refer to Note 13 - Debt, for additional information related to this arrangement.

Lessee

Lessee	6 Months Ended
	Jun. 30, 2022
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 2022 2021 2022 2021 Operating lease expense $ 24 $ 27 $ 49 $ 54 Short-term lease expense 4 6 8 11 Variable lease expense (1) 13 11 25 23 Sublease income (2) (1) (4) (2) Total Lease expense $ 39 $ 43 $ 78 $ 86 _____________ (1) Variable lease expense is related to our leased real estate for offices and warehouses and primarily includes labor and operational costs as well as taxes and insurance. As of June 30, 2022, operating leases that had not yet commenced were not material. Operating lease 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 $ 233 $ 264 Accrued expenses and other current liabilities $ 75 $ 79 Other long-term liabilities 175 204 Total Operating lease liabilities $ 250 $ 283

Restructuring Programs

Restructuring Programs	6 Months Ended
	Jun. 30, 2022
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. As part of our efforts to reduce costs, our restructuring actions may also include the off-shoring and/or outsourcing of certain operations, services and other functions, as well as reducing our real estate footprint. During the six months ended June 30, 2022, we recorded net restructuring charges of $40, which included $44 of severance costs related to headcount reductions of approximately 1,050 employees worldwide, and $1 of other contractual termination costs. These costs were partially offset by $5 of net reversals, which primarily reflect changes in estimated reserves from prior period initiatives. Charges were primarily related to the Print and Other segment as amounts related to the Financing (FITTLE) segment were immaterial for all periods presented. Information related to our restructuring programs is summarized below: Severance and Related Costs Other Contractual Termination Costs (2) Total Balance at December 31, 2021 $ 25 $ 2 $ 27 Provision 22 — 22 Reversals (3) — (3) Net current period charges (1) 19 — 19 Charges against reserve and currency (7) — (7) Balance at March 31, 2022 37 2 39 Provision 22 1 23 Reversals (1) (1) (2) Net current period charges (1) 21 — 21 Charges against reserve and currency (14) — (14) Balance at June 30, 2022 $ 44 $ 2 $ 46 _____________ _ (1) Represents net amount recognized within the Condensed Consolidated Statements of (Loss) Income for the period shown for restructuring charges. (2) Primarily includes additional costs incurred upon the exit from our facilities including decommissioning costs and associated contractual termination costs. The following table summarizes the reconciliation to the Condensed Consolidated Statements of Cash Flows: Six Months Ended 2022 2021 Charges against reserve and currency $ (21) $ (62) Effects of foreign currency and other non-cash items — 13 Restructuring cash payments $ (21) $ (49) In connection with our restructuring programs, we also incurred certain related costs as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 Retention related severance/bonuses (1) $ — $ 3 $ (2) $ (1) Contractual severance costs (1) 3 (1) 3 Consulting and other costs (2) — 2 — 2 Total $ (1) $ 8 $ (3) $ 4 ____________ _ (1) Includes retention related severance and bonuses for employees expected to continue working beyond their minimum notification period before termination. The credit for the six months ended June 30, 2022 and 2021 reflects a change in estimate. Cash paid for restructuring related costs were $2 and $6 for the six months ended June 30, 2022 and 2021, respectively. The restructuring related costs reserve was $13 and $18 at June 30, 2022 and December 31, 2021, respectively. The balance at June 30, 2022 is expected to be paid over the next twelve months. In connection with our restructuring programs, during the six months ended June 30, 2022, we recorded a net gain of $18, which included a gain of $20 on the sale of surplus buildings and land. Information related to our restructuring-related asset impairment activity is summarized below: Three Months Ended Six Months Ended 2022 2021 2022 2021 Lease right of use assets (1) — 2 1 2 Owned assets (1) 1 — 1 10 Asset impairments 1 2 2 12 Gain on sales of assets (2) (20) — (20) — Adjustments/Reversals — (1) — (1) Net asset impairment charges $ (19) $ 1 $ (18) $ 11 _____________ _ (1) Primarily related to the exit and abandonment of leased and owned facilities, net of any potential sublease income and recoveries. (2) Primarily related to the sale of land and a facility during the second quarter of 2022.

Debt

Debt	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Debt	Debt Early Extinguishment of Senior Notes In June 2022, we completed the early redemption of $350 of the $1 billion of Xerox Corporation 4.625% Senior Notes due March 2023, for $353 in cash consideration, which included an early redemption premium over par of $3. The early redemption resulted in a net loss of $4, inclusive of fees and the write-off of debt carrying value adjustments. Xerox Holdings Corporation / Xerox Corporation Intercompany Loan In February 2021, Xerox Holdings Corporation and Xerox Corporation entered into an Intercompany Loan agreement for the net proceeds of $1,494 contributed by Xerox Holdings Corporation to Xerox Corporation in 2020. The intercompany loan was established to mirror the terms included in Xerox Holdings Corporation’s 2025 and 2028 Senior Notes, including interest rates and payment dates. The intercompany interest expense also includes a ratable amount to reimburse Xerox Holdings Corporation for its debt issuance costs and premium. At June 30, 2022 and December 31, 2021, the balance of the Intercompany Loan reported in Xerox Corporation’s Condensed Consolidated Balance Sheet was $1,495 and $1,494, respectively, which is net of related debt issuance costs, and the intercompany interest payable was $30 and $30, respectively. Xerox Corporation’s interest expense included interest expense associated with this Intercompany Loan of $19 and $19 for the three months ended June 30, 2022 and 2021, respectively, and $39 and $39 for the six months ended June 30, 2022 and 2021, respectively. Credit Facility In July 2022, Xerox Corporation entered into an agreement for a new $500 revolving Credit Facility. This new facility replaced our prior $1.5 billion Credit Facility. Refer to Note 23 - Subsequent Events for additional information related to this Credit Facility. Secured Borrowings and Collateral In 2022 and 2021, we entered into secured loan agreements with various financial institutions where we sold finance receivables and rights to payments under our equipment on operating leases to special purpose entities (SPEs). The purchases by the SPEs were funded through amortizing secured loans to the SPEs from the financial institutions. The loans have variable interest rates and expected lives of approximately 2.5 years, with half projected to be repaid within the first year based on collections of the underlying portfolio of receivables. For certain loans, we entered into interest rate hedge agreements to either fix or cap the interest rate over the life of the loan. The sales of the receivables to the SPEs were structured as "true sales at law," and we have received opinions to that effect from outside legal counsel. However, the transactions were accounted for as secured borrowings as we fully consolidate the SPEs in our financial statements. As a result, the assets of the SPEs are not available to satisfy any of our other obligations. Conversely, the credit holders of these SPEs do not have legal recourse to the Company’s general credit. Below are the secured assets and obligations held by the SPEs, which are included in our Condensed Consolidated Balance Sheets. June 30, 2022 Finance Receivables, Net (1) Equipment on Operating Leases, Net Secured Debt (2) Interest Rate Expected Maturity United States January 2022 $ 642 $ — $ 549 3.02 % 2024 September 2021 238 6 207 1.78 % 2024 Total 880 6 756 Canada April 2022 84 0 77 3.32 % 2025 Total $ 964 $ 6 $ 833 December 31, 2021 Finance Receivables, Net (1) Equipment on Operating Leases, Net Secured Debt (2) Interest Rate Expected Maturity United States September 2021 $ 308 $ 8 $ 293 1.40 % 2024 December 2020 380 — 267 1.74 % 2023 Total $ 688 $ 8 $ 560 ____________ _ (1) Includes (i) Billed portion of finance receivables, net (ii) Finance receivables, net and (iii) Finance receivables due after one year, net as included in the condensed consolidated balance sheets as of June 30, 2022 and December 31, 2021. (2) Net of debt issuance costs of $2 and $1 as of June 30, 2022 and December 31, 2021, respectively. Interest Expense and Income Interest expense and income were as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 Interest expense (1)(2) $ 49 $ 52 $ 102 $ 104 Interest income (3) 55 57 109 113 ____________ (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 (Loss) Income. (2) Interest expense of Xerox Corporation included intercompany interest expense associated with the Xerox Holdings Corporation / Xerox Corporation Intercompany Loan of $19 and $19 for the three months ended June 30, 2022 and 2021, respectively, and $39 and $39 for the six months ended June 30, 2022 and 2021, respectively. (3) Includes Financing revenue as well as other interest income that is included in Other expenses, net in the Condensed Consolidated Statements of (Loss) Income.

Financial Instruments

Financial Instruments	6 Months Ended
	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Instruments	Financial Instruments Interest Rate Risk Management We use interest rate swap and interest rate cap agreements to manage our interest rate exposure and to achieve a desired proportion of variable and fixed rate debt. These derivatives may be designated as fair value hedges or cash flow hedges depending on the nature of the risk being hedged. Foreign Exchange Risk Management We are a global company and we are exposed to foreign currency exchange rate fluctuations in the normal course of our business. As a part of our foreign exchange risk management strategy, we use derivative instruments, primarily forward contracts and purchased option contracts, to hedge the following foreign currency exposures, thereby reducing volatility of earnings or protecting fair values of assets and liabilities: • Foreign currency-denominated assets and liabilities • Forecasted purchases and sales in foreign currency At June 30, 2022 and December 31, 2021, we had outstanding forward exchange and purchased option contracts with gross notional values of $1,170 and $1,113 respectively, with terms of less than 12 months. Approximately 81% of the contracts at June 30, 2022 mature within three months, 9% mature in three to six months and 10% in six to twelve months. There have not been any material changes 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 liability fair value of these contracts were $28 and $3 as of June 30, 2022 and December 31, 2021, 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 $ 2 $ 3 Accrued expenses and other current liabilities (30) (6) Interest rate cap Other long-term assets 4 1 Net designated derivative liabilities $ (24) $ (2) Derivatives NOT Designated as Hedging Instruments Foreign exchange contracts – forwards Other current assets $ 2 $ 1 Accrued expenses and other current liabilities (9) (5) Net undesignated derivative liabilities $ (7) $ (4) Summary of Derivatives Total Derivative assets $ 8 $ 5 Total Derivative liabilities (39) (11) Net Derivative liabilities $ (31) $ (6) Summary of Derivative Instruments Gains (Losses) Derivative gains and (losses) affect the income statement based on whether such derivatives are designated as hedges of underlying exposures. The following is a summary of derivative gains (losses). Designated Derivative Instruments Gains (Losses) The following table provides a summary of gains (losses) on derivative instruments: Three Months Ended Six Months Ended Loss on Derivative Instruments 2022 2021 2022 2021 Cash Flow Hedges - Foreign Exchange Forward Contracts and Options Derivative loss recognized in OCI (effective portion) $ (23) $ (2) $ (38) $ (12) Derivative loss reclassified from AOCL to income - Cost of sales (effective portion) (4) (2) (6) (3) During the six months ended June 30, 2022 and 2021, no amount of ineffectiveness was recorded in the Condensed Consolidated Statements of (Loss) Income for these designated cash flow hedges and all components of each derivative’s gain or (loss) were included in the assessment of hedge effectiveness. In addition, no amount was recorded for an underlying exposure that did not occur or was not expected to occur. As of June 30, 2022, a net after-tax loss of $27 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 (Loss) Three Months Ended Six Months Ended 2022 2021 2022 2021 Foreign exchange contracts – forwards Other expense – Currency losses, net $ (14) $ (4) $ (23) $ (22) Currency losses, net were $1 and $1 for the three months ended June 30, 2022 and 2021, respectively, and $1 and $3 for six months ended June 30, 2022 and 2021, 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, 2022
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 $ 4 $ 4 Interest rate cap 4 1 Deferred compensation plan investments in mutual funds 14 18 Total $ 22 $ 23 Liabilities Foreign exchange contracts - forwards $ 39 $ 11 Deferred compensation plan liabilities 14 18 Total $ 53 $ 29 We utilize the income approach to measure the fair value for our derivative assets and liabilities. The income approach uses pricing models that rely on market observable inputs such as yield curves, currency exchange rates and forward prices, and therefore are classified as Level 2. Fair value for our deferred compensation plan investments in mutual funds is based on quoted market prices for those funds. Fair value for deferred compensation plan liabilities is based on the fair value of investments corresponding to employees’ investment selections. Summary of Other Financial Assets and Liabilities The estimated fair values of our other financial assets and liabilities were as follows: June 30, 2022 December 31, 2021 Carrying Amount Fair Value Carrying Amount Fair Value Cash and cash equivalents $ 1,151 $ 1,151 $ 1,840 $ 1,840 Accounts receivable, net 852 852 818 818 Short-term debt and current portion of long-term debt 1,108 1,110 650 653 Long-term Debt Xerox Holdings Corporation 1,495 1,337 1,494 1,579 Xerox Corporation 895 786 1,892 1,987 Xerox - Other Subsidiaries (1) 374 376 210 210 Long-term debt $ 2,764 $ 2,499 $ 3,596 $ 3,776 ____________ (1) Represents subsidiaries of Xerox Corporation The fair value amounts for Cash and cash equivalents and Accounts receivable, net, approximate carrying amounts due to the short maturities of these instruments. The fair value of Short-term debt, including the current portion of long-term debt, and Long-term debt was estimated based on the current rates offered to us for debt of similar maturities (Level 2). The difference between the fair value and the carrying value represents the theoretical net premium or discount we would pay or receive to retire all debt at such date.

Employee Benefit Plans

Employee Benefit Plans	6 Months Ended
	Jun. 30, 2022
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: 2022 2021 2022 2021 2022 2021 Service cost $ 1 $ 1 $ 4 $ 5 $ 1 $ — Interest cost 24 19 33 22 2 2 Expected return on plan assets (24) (27) (59) (52) — — Recognized net actuarial loss (gain) 3 4 6 14 (1) — Amortization of prior service credit — (1) — — (3) (16) Recognized settlement loss 15 13 — — — — Defined benefit plans 19 9 (16) (11) (1) (14) Defined contribution plans 5 — 4 5 n/a n/a Net Periodic Benefit Cost (Credit) 24 9 (12) (6) (1) (14) Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Loss) Income: Net actuarial (gain) loss (1) (7) (25) 31 — — 2 Prior service cost — — 48 — — — Amortization of net actuarial (loss) gain (18) (17) (6) (14) 1 — Amortization of net prior service credit — 1 — — 3 16 Total Recognized in Other Comprehensive (Loss) Income (2) (25) (41) 73 (14) 4 18 Total Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Loss) Income $ (1) $ (32) $ 61 $ (20) $ 3 $ 4 Six Months Ended June 30, Pension Benefits U.S. Plans Non-U.S. Plans Retiree Health Components of Net Periodic Benefit Costs: 2022 2021 2022 2021 2022 2021 Service cost $ 1 $ 1 $ 8 $ 10 $ 1 $ 1 Interest cost 44 37 62 44 4 4 Expected return on plan assets (51) (55) (114) (104) — — Recognized net actuarial loss (gain) 7 9 12 29 (1) — Amortization of prior service credit — (1) — — (7) (33) Recognized settlement loss 33 28 — — — — Defined benefit plans 34 19 (32) (21) (3) (28) Defined contribution plans 10 — 8 10 n/a n/a Net Periodic Benefit Cost (Credit) 44 19 (24) (11) (3) (28) Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Loss) Income: Net actuarial loss (gain) (1) 7 (69) 31 1 (7) 2 Prior service cost (credit) — — 48 — (23) — Amortization of net actuarial (loss) gain (40) (37) (12) (29) 1 — Amortization of prior service credit — 1 — — 7 33 Total Recognized in Other Comprehensive (Loss) Income (2) (33) (105) 67 (28) (22) 35 Total Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Loss) Income $ 11 $ (86) $ 43 $ (39) $ (25) $ 7 _____________ (1) The net actuarial loss (gain) 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 the January 1st plan census data. The non-U.S. net actuarial loss reflects remeasurement related to the second quarter 2022 Pension Plan amendment in the UK. (2) Amounts represent the pre-tax effect included within Other Comprehensive (Loss) Income. Refer to Note 20 - Other Comprehensive (Loss) Income 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 Year Ended 2022 2021 Estimated 2022 2021 U.S. plans $ 12 $ 12 $ 25 $ 24 Non-U.S. plans 51 57 105 111 Total Pension plans 63 69 130 135 Retiree Health 9 11 25 25 Total Retirement plans $ 72 $ 80 $ 155 $ 160 There are no mandatory contributions required in 2022 for our U.S. tax-qualified defined benefit plans to meet the minimum funding requirements. Retiree Health Plan Amendment During the first quarter of 2022, we amended our U.S. Retiree Health Plan to reduce certain benefits for existing union retirees through the reduction or elimination of coverage or cost-sharing subsidies for retiree health care and life insurance costs. This negative plan amendment resulted in a reduction of approximately $23 in the Company's postretirement benefit obligation. The amount for the plan amendment will be amortized to future net periodic benefit costs as a prior service credit. Pension Plan Amendment

Shareholders' Equity of Xerox H

Shareholders' Equity of Xerox Holdings	6 Months Ended
	Jun. 30, 2022
Stockholders' Equity Note [Abstract]
Shareholder's 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 (1) Additional Paid-in Capital Treasury Stock Retained Earnings AOCL (2) Xerox Holdings Shareholders’ Equity Non-controlling Interests Total Equity Balance at March 31, 2022 $ 156 $ 1,560 $ (32) $ 5,532 $ (3,032) $ 4,184 $ 5 $ 4,189 Comprehensive loss, net — — — (4) (298) (302) (1) (303) Cash dividends declared - common (3) — — — (41) — (41) — (41) Cash dividends declared - preferred (4) — — — (3) — (3) — (3) Stock option and incentive plans, net 1 34 — — — 35 — 35 Cancellation of treasury stock (2) (30) 32 — — — — — Investment from noncontrolling interests — — — — — — 5 5 Balance at June 30, 2022 $ 155 $ 1,564 $ — $ 5,484 $ (3,330) $ 3,873 $ 9 $ 3,882 Common Stock (1) Additional Paid-in Capital Treasury Stock Retained Earnings AOCL (2) Xerox Holdings Shareholders’ Equity Non- controlling Interests Total Equity Balance at March 31, 2021 $ 199 $ 2,456 $ (162) $ 6,267 $ (3,335) $ 5,425 $ 4 $ 5,429 Comprehensive income, net — — — 91 70 161 — 161 Cash dividends declared - common (3) — — — (47) — (47) — (47) Cash dividends declared - preferred (4) — — — (3) — (3) — (3) Stock option and incentive plans, net — 5 — — — 5 — 5 Payments to acquire treasury stock, including fees — — (251) — — (251) — (251) Cancellation of treasury stock (10) (244) 254 — — — — — Investment from noncontrolling interests — 1 — — — 1 4 5 Other — (4) — — — (4) — (4) Balance at June 30, 2021 $ 189 $ 2,214 $ (159) $ 6,308 $ (3,265) $ 5,287 $ 8 $ 5,295 Common Stock (1) Additional Paid-in Capital Treasury Stock Retained Earnings AOCL (2) Xerox Holdings Shareholders’ Equity Non-controlling Interests Total Equity Balance at December 31, 2021 $ 168 $ 1,802 $ (177) $ 5,631 $ (2,988) $ 4,436 $ 7 $ 4,443 Comprehensive loss, net — — — (60) (342) (402) (2) (404) Cash dividends declared - common (3) — — — (80) — (80) — (80) Cash dividends declared - preferred (4) — — — (7) — (7) — (7) Stock option and incentive plans, net 1 38 — — — 39 — 39 Payments to acquire treasury stock, including fees — — (113) — — (113) — (113) Cancellation of treasury stock (14) (276) 290 — — — — — Investment from noncontrolling interests — — — — — — 5 5 Distributions to noncontrolling interests — — — — — — (1) (1) Balance at June 30, 2022 $ 155 $ 1,564 $ — $ 5,484 $ (3,330) $ 3,873 $ 9 $ 3,882 Common Stock (1) Additional Paid-in Capital Treasury Stock Retained Earnings AOCL (2) Xerox Holdings Shareholders’ Equity Non- controlling Interests Total Equity Balance at December 31, 2020 $ 198 $ 2,445 $ — $ 6,281 $ (3,332) $ 5,592 $ 4 $ 5,596 Comprehensive income, net — — — 130 67 197 — 197 Cash dividends declared - common (3) — — — (96) — (96) — (96) Cash dividends declared - preferred (4) — — — (7) — (7) — (7) Stock option and incentive plans, net 1 16 — — — 17 — 17 Payments to acquire treasury stock, including fees — — (413) — — (413) — (413) Cancellation of treasury stock (10) (244) 254 — — — — — Investment from noncontrolling interests — 1 — — — 1 4 5 Other — (4) — — — (4) — (4) Balance at June 30, 2021 $ 189 $ 2,214 $ (159) $ 6,308 $ (3,265) $ 5,287 $ 8 $ 5,295 _____________ (1) Common Stock has a par value of $1 per share. (2) Refer to Note 20 - Other Comprehensive (Loss) Income for the components of AOCL. (3) Cash dividends declared on common stock for the three and six months ended June 30, 2022 and 2021 were $0.25 per share, respectively, and $0.50 per share, respectively. (4) Cash dividends declared on preferred stock for the three and six months ended June 30, 2022 and 2021 were $20.00 per share, respectively, and $40.00 per share, respectively. Common Stock and Treasury Stock The following is a summary of the changes in Common and Treasury stock shares: Common Stock Shares Treasury Stock Shares Balance at December 31, 2021 168,069 8,675 Stock based compensation plans, net 630 — Acquisition of Treasury stock — 5,174 Cancellation of Treasury stock (12,341) (12,341) Balance at March 31, 2022 156,358 1,508 Stock based compensation plans, net 116 — Cancellation of Treasury stock (1,508) (1,508) Balance at June 30, 2022 154,966 — The shareholder's equity information presented below reflects the consolidated activity of Xerox. Additional Paid-in Capital Retained Earnings AOCL (1) Xerox Shareholder's Equity Non- controlling Interests Total Equity Balance at March 31, 2022 $ 3,592 $ 3,871 $ (3,032) $ 4,431 $ 5 $ 4,436 Comprehensive loss, net — (4) (298) (302) (1) (303) Dividends declared to parent — (47) — (47) — (47) Transfers from parent 38 — — 38 — 38 Investment from noncontrolling interests — — — — 5 5 Balance at June 30, 2022 $ 3,630 $ 3,820 $ (3,330) $ 4,120 $ 9 $ 4,129 Additional Paid-in Capital Retained Earnings AOCL (1) Xerox Shareholder's Equity Non- controlling Interests Total Equity Balance at March 31, 2021 $ 3,360 $ 5,672 $ (3,335) $ 5,697 $ 4 $ 5,701 Comprehensive income, net — 91 70 161 — 161 Dividends declared to parent — (358) — (358) — (358) Transfers from parent 52 — — 52 — 52 Investment from noncontrolling interests 1 — — 1 4 5 Balance at June 30, 2021 $ 3,413 $ 5,405 $ (3,265) $ 5,553 $ 8 $ 5,561 Additional Paid-in Capital Retained Earnings AOCL (1) Xerox Shareholder's Equity Non- controlling Interests Total Equity Balance at December 31, 2021 $ 3,202 $ 4,476 $ (2,988) $ 4,690 $ 7 $ 4,697 Comprehensive loss, net — (60) (342) (402) (2) (404) Dividends declared to parent — (596) — (596) — (596) Transfers from parent 428 — — 428 — 428 Investment from noncontrolling interests — — — — 5 5 Distributions to noncontrolling interests — — — — (1) (1) Balance at June 30, 2022 $ 3,630 $ 3,820 $ (3,330) $ 4,120 $ 9 $ 4,129 Additional Paid-in Capital Retained Earnings AOCL (1) Xerox Shareholder's Equity Non- controlling Interests Total Equity Balance at December 31, 2020 $ 4,888 $ 5,834 $ (3,332) $ 7,390 $ 4 $ 7,394 Comprehensive income, net — 130 67 197 — 197 Dividends declared to parent — (559) — (559) — (559) Intercompany loan capitalization (2) (1,494) — — (1,494) — (1,494) Transfers from parent 18 — — 18 — 18 Investment from noncontrolling interests 1 — — 1 4 5 Balance at June 30, 2021 $ 3,413 $ 5,405 $ (3,265) $ 5,553 $ 8 $ 5,561 _____________ (1) Refer to Note 20 - Other Comprehensive (Loss) Income for the components of AOCL. (2) Refer to Note 13 - Debt for information regarding capitalization of balance to Intercompany Loan with Xerox Holdings Corporation.

Shareholder's Equity of Xerox

Shareholder's Equity of Xerox	6 Months Ended
	Jun. 30, 2022
Stockholders' Equity Note [Abstract]
Shareholder's 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 (1) Additional Paid-in Capital Treasury Stock Retained Earnings AOCL (2) Xerox Holdings Shareholders’ Equity Non-controlling Interests Total Equity Balance at March 31, 2022 $ 156 $ 1,560 $ (32) $ 5,532 $ (3,032) $ 4,184 $ 5 $ 4,189 Comprehensive loss, net — — — (4) (298) (302) (1) (303) Cash dividends declared - common (3) — — — (41) — (41) — (41) Cash dividends declared - preferred (4) — — — (3) — (3) — (3) Stock option and incentive plans, net 1 34 — — — 35 — 35 Cancellation of treasury stock (2) (30) 32 — — — — — Investment from noncontrolling interests — — — — — — 5 5 Balance at June 30, 2022 $ 155 $ 1,564 $ — $ 5,484 $ (3,330) $ 3,873 $ 9 $ 3,882 Common Stock (1) Additional Paid-in Capital Treasury Stock Retained Earnings AOCL (2) Xerox Holdings Shareholders’ Equity Non- controlling Interests Total Equity Balance at March 31, 2021 $ 199 $ 2,456 $ (162) $ 6,267 $ (3,335) $ 5,425 $ 4 $ 5,429 Comprehensive income, net — — — 91 70 161 — 161 Cash dividends declared - common (3) — — — (47) — (47) — (47) Cash dividends declared - preferred (4) — — — (3) — (3) — (3) Stock option and incentive plans, net — 5 — — — 5 — 5 Payments to acquire treasury stock, including fees — — (251) — — (251) — (251) Cancellation of treasury stock (10) (244) 254 — — — — — Investment from noncontrolling interests — 1 — — — 1 4 5 Other — (4) — — — (4) — (4) Balance at June 30, 2021 $ 189 $ 2,214 $ (159) $ 6,308 $ (3,265) $ 5,287 $ 8 $ 5,295 Common Stock (1) Additional Paid-in Capital Treasury Stock Retained Earnings AOCL (2) Xerox Holdings Shareholders’ Equity Non-controlling Interests Total Equity Balance at December 31, 2021 $ 168 $ 1,802 $ (177) $ 5,631 $ (2,988) $ 4,436 $ 7 $ 4,443 Comprehensive loss, net — — — (60) (342) (402) (2) (404) Cash dividends declared - common (3) — — — (80) — (80) — (80) Cash dividends declared - preferred (4) — — — (7) — (7) — (7) Stock option and incentive plans, net 1 38 — — — 39 — 39 Payments to acquire treasury stock, including fees — — (113) — — (113) — (113) Cancellation of treasury stock (14) (276) 290 — — — — — Investment from noncontrolling interests — — — — — — 5 5 Distributions to noncontrolling interests — — — — — — (1) (1) Balance at June 30, 2022 $ 155 $ 1,564 $ — $ 5,484 $ (3,330) $ 3,873 $ 9 $ 3,882 Common Stock (1) Additional Paid-in Capital Treasury Stock Retained Earnings AOCL (2) Xerox Holdings Shareholders’ Equity Non- controlling Interests Total Equity Balance at December 31, 2020 $ 198 $ 2,445 $ — $ 6,281 $ (3,332) $ 5,592 $ 4 $ 5,596 Comprehensive income, net — — — 130 67 197 — 197 Cash dividends declared - common (3) — — — (96) — (96) — (96) Cash dividends declared - preferred (4) — — — (7) — (7) — (7) Stock option and incentive plans, net 1 16 — — — 17 — 17 Payments to acquire treasury stock, including fees — — (413) — — (413) — (413) Cancellation of treasury stock (10) (244) 254 — — — — — Investment from noncontrolling interests — 1 — — — 1 4 5 Other — (4) — — — (4) — (4) Balance at June 30, 2021 $ 189 $ 2,214 $ (159) $ 6,308 $ (3,265) $ 5,287 $ 8 $ 5,295 _____________ (1) Common Stock has a par value of $1 per share. (2) Refer to Note 20 - Other Comprehensive (Loss) Income for the components of AOCL. (3) Cash dividends declared on common stock for the three and six months ended June 30, 2022 and 2021 were $0.25 per share, respectively, and $0.50 per share, respectively. (4) Cash dividends declared on preferred stock for the three and six months ended June 30, 2022 and 2021 were $20.00 per share, respectively, and $40.00 per share, respectively. Common Stock and Treasury Stock The following is a summary of the changes in Common and Treasury stock shares: Common Stock Shares Treasury Stock Shares Balance at December 31, 2021 168,069 8,675 Stock based compensation plans, net 630 — Acquisition of Treasury stock — 5,174 Cancellation of Treasury stock (12,341) (12,341) Balance at March 31, 2022 156,358 1,508 Stock based compensation plans, net 116 — Cancellation of Treasury stock (1,508) (1,508) Balance at June 30, 2022 154,966 — The shareholder's equity information presented below reflects the consolidated activity of Xerox. Additional Paid-in Capital Retained Earnings AOCL (1) Xerox Shareholder's Equity Non- controlling Interests Total Equity Balance at March 31, 2022 $ 3,592 $ 3,871 $ (3,032) $ 4,431 $ 5 $ 4,436 Comprehensive loss, net — (4) (298) (302) (1) (303) Dividends declared to parent — (47) — (47) — (47) Transfers from parent 38 — — 38 — 38 Investment from noncontrolling interests — — — — 5 5 Balance at June 30, 2022 $ 3,630 $ 3,820 $ (3,330) $ 4,120 $ 9 $ 4,129 Additional Paid-in Capital Retained Earnings AOCL (1) Xerox Shareholder's Equity Non- controlling Interests Total Equity Balance at March 31, 2021 $ 3,360 $ 5,672 $ (3,335) $ 5,697 $ 4 $ 5,701 Comprehensive income, net — 91 70 161 — 161 Dividends declared to parent — (358) — (358) — (358) Transfers from parent 52 — — 52 — 52 Investment from noncontrolling interests 1 — — 1 4 5 Balance at June 30, 2021 $ 3,413 $ 5,405 $ (3,265) $ 5,553 $ 8 $ 5,561 Additional Paid-in Capital Retained Earnings AOCL (1) Xerox Shareholder's Equity Non- controlling Interests Total Equity Balance at December 31, 2021 $ 3,202 $ 4,476 $ (2,988) $ 4,690 $ 7 $ 4,697 Comprehensive loss, net — (60) (342) (402) (2) (404) Dividends declared to parent — (596) — (596) — (596) Transfers from parent 428 — — 428 — 428 Investment from noncontrolling interests — — — — 5 5 Distributions to noncontrolling interests — — — — (1) (1) Balance at June 30, 2022 $ 3,630 $ 3,820 $ (3,330) $ 4,120 $ 9 $ 4,129 Additional Paid-in Capital Retained Earnings AOCL (1) Xerox Shareholder's Equity Non- controlling Interests Total Equity Balance at December 31, 2020 $ 4,888 $ 5,834 $ (3,332) $ 7,390 $ 4 $ 7,394 Comprehensive income, net — 130 67 197 — 197 Dividends declared to parent — (559) — (559) — (559) Intercompany loan capitalization (2) (1,494) — — (1,494) — (1,494) Transfers from parent 18 — — 18 — 18 Investment from noncontrolling interests 1 — — 1 4 5 Balance at June 30, 2021 $ 3,413 $ 5,405 $ (3,265) $ 5,553 $ 8 $ 5,561 _____________ (1) Refer to Note 20 - Other Comprehensive (Loss) Income for the components of AOCL. (2) Refer to Note 13 - Debt for information regarding capitalization of balance to Intercompany Loan with Xerox Holdings Corporation.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation expense of $50 for the six months ended June 30, 2022 reflects $21 of accelerated expense associated with the vesting of all outstanding equity awards, according to the terms of the award agreement, in connection with the passing of Xerox Holding's former CEO. Stock Options – CareAR Holdings, LLC In September 2021, Xerox Holdings Corporation announced the formation of CareAR Holdings, which consolidates CareAR, Inc., Docushare ® and XMPie under a single holding company named CareAR Holdings (CareAR).

Other Comprehensive (Loss) Inco

Other Comprehensive (Loss) Income	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Other Comprehensive (Loss) Income	Other Comprehensive (Loss) Income Other Comprehensive (Loss) Income is comprised of the following: Three Months Ended Six Months Ended 2022 2021 2022 2021 Pre-tax Net of Tax Pre-tax Net of Tax Pre-tax Net of Tax Pre-tax Net of Tax Translation Adjustments (Losses) Gains $ (295) $ (287) $ 55 $ 54 $ (366) $ (359) $ 3 $ 3 Unrealized (Losses) Gains Changes in fair value of cash flow hedges losses (23) (16) (2) (1) (38) (29) (12) (9) Changes in cash flow hedges reclassed to earnings (1) 4 2 2 1 6 4 3 2 Net Unrealized Losses (19) (14) — — (32) (25) (9) (7) Defined Benefit Plans (Losses) Gains Net actuarial/prior service (losses) gains (72) (55) 23 17 (56) (43) 66 49 Prior service amortization (2) (3) (2) (17) (13) (7) (5) (34) (25) Actuarial loss amortization/settlement (2) 23 17 31 23 51 38 66 49 Other gains (losses) (3) 43 43 (11) (11) 52 52 (2) (2) Changes in Defined Benefit Plans (Losses) Gains (9) 3 26 16 40 42 96 71 Other Comprehensive (Loss) Income Attributable to Xerox Holdings/Xerox $ (323) $ (298) $ 81 $ 70 $ (358) $ (342) $ 90 $ 67 ____________ (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) 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 $ (2,220) $ (1,861) Other unrealized losses, net (27) (2) Benefit plans net actuarial losses and prior service credits (1,083) (1,125) Total Accumulated Other Comprehensive Loss Attributable to Xerox Holdings/Xerox $ (3,330) $ (2,988)

(Loss) Earnings_per Share

(Loss) Earnings per Share	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
(Loss) Earnings per Share	(Loss) Earnings per Share (shares in thousands) The following table sets forth the computation of basic and diluted earnings per share of Xerox Holdings Corporation's common stock: Three Months Ended Six Months Ended 2022 2021 2022 2021 Basic (Loss) Earnings per Share Net (Loss) Income Attributable to Xerox Holdings $ (4) $ 91 $ (60) $ 130 Accrued dividends on preferred stock (3) (3) (7) (7) Adjusted Net (loss) income available to common shareholders $ (7) $ 88 $ (67) $ 123 Weighted average common shares outstanding (1) 155,170 187,009 155,897 191,433 Basic (Loss) Earnings per Share $ (0.05) $ 0.47 $ (0.43) $ 0.64 Diluted (Loss) Earnings per Share Net (Loss) Income Attributable to Xerox Holdings $ (4) $ 91 $ (60) $ 130 Accrued dividends on preferred stock (3) (3) (7) (7) Adjusted Net (loss) income available to common shareholders $ (7) $ 88 $ (67) $ 123 Weighted average common shares outstanding (1) 155,170 187,009 155,897 191,433 Common shares issuable with respect to: Stock options — — — — Restricted stock and performance shares — 2,012 — 2,096 Convertible preferred stock — — — — Adjusted weighted average common shares outstanding 155,170 189,021 155,897 193,529 Diluted (Loss) Earnings per Share $ (0.05) $ 0.46 $ (0.43) $ 0.64 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 693 694 693 694 Restricted stock and performance shares 6,178 4,647 6,178 4,562 Convertible preferred stock 6,742 6,742 6,742 6,742 Total Anti-Dilutive Securities 13,613 12,083 13,613 11,998 Dividends per Common Share $ 0.25 $ 0.25 $ 0.50 $ 0.50 ____________

Contingencies and Litigation

Contingencies and Litigation	6 Months Ended
	Jun. 30, 2022
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 $ 343 $ 292 Escrow cash deposits 36 32 Surety bonds 62 96 Letters of credit 81 74 Liens on Brazilian assets — — The increase in the unreserved portion of the tax contingency, inclusive of any related interest, was primarily due to currency and interest. With respect to the unreserved tax contingency, the majority has been assessed by management as being remote as to the likelihood of ultimately resulting in a loss to the Company. In connection with the above proceedings, customary local regulations may require us to make escrow cash deposits or post other security of up to half of the total amount in dispute, as well as, additional surety bonds and letters of credit, which include associated indexation. Generally, any escrowed amounts would be refundable and any liens on assets would be removed to the extent the matters are resolved in our favor. We are also involved in certain disputes with contract and former employees. Exposures related to labor matters are not material to the financial statements as of June 30, 2022 and December 31, 2021. 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 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 then-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. The Court subsequently granted plaintiff’s unopposed motion to consolidate a similar action filed on December 26, 2019 by alleged shareholder Steven J. Reynolds against the same parties in the same court, and designating Miami Firefighters’ counsel as lead counsel in the consolidated action. Defendants moved to dismiss in August 2020, and the Court granted defendants’ motions and dismissed the action in its entirety, on December 14, 2020. Plaintiffs appealed the dismissal of the case to the Appellate Division, First Department. On November 18, 2021, the Appellate Division issued its decision and reversed the lower court’s ruling to the extent that it dismissed the claims asserted against the Icahn defendants. The claims asserted against the Directors remain dismissed. On December 8, 2021, the Xerox Board approved the formation of a Special Litigation Committee to investigate and evaluate the claims and allegations asserted in the Miami Firefighters’ case and determine the course of action that would be in the best interests of the Company and its shareholders. The Court subsequently stayed all discovery until February 28, 2022, except as related to the issue of the alleged damages sustained by Xerox. On March 18, 2022, following the conclusion of its investigation, the Special Litigation Committee filed a motion to dismiss plaintiffs’ claims on the grounds that the derivative claims are without merit and pursuing the claims would not be in the best interest of Xerox or its shareholders. One week later the Icahn Defendants filed a motion for summary judgment seeking dismissal of all claims against them. On April 4, 2022, Miami Firefighters filed papers in opposition to the pending motions and cross-moved to, among other things, seek discovery regarding the Special Litigation Committee’s investigation. Miami Firefighters also cross-moved seeking an order granting partial summary judgment against the Icahn Defendants for disgorgement of alleged unrealized profits in the amount of $18.12. Oral argument on all pending motions took place on July 5, 2022. After hearing from all parties on the various motions, the Court denied without prejudice the Special Litigation Committee's motion to dismiss, the Icahn defendants' motion for summary judgment and the plaintiffs' cross-motion for summary judgment. The Court also granted the plaintiffs limited discovery to be completed within 60 days. Xerox Holdings Corporation v. Factory Mutual Insurance Company and Related Actions: On March 10, 2021, Xerox Holdings Corporation (“Xerox Holdings”) filed a complaint for breach of contract and declaratory judgment against Factory Mutual Insurance Company in Rhode Island Superior Court, Providence County seeking insurance coverage for business interruption losses resulting from the coronavirus/COVID-19 pandemic. The complaint alleges that defendant agreed to provide Xerox Holdings with up to $1 billion in per-occurrence coverage for losses resulting from pandemic-related loss or damage to certain real and other property, including business interruption loss resulting from insured property damage; that the pandemic had inflicted significant physical loss or damage to property of Xerox Holdings and its direct and indirect customers; that Xerox Holdings’ worldwide actual and projected losses through the end of 2020 totaled in excess of $300 (and is still increasing); and that following Xerox Holdings' timely and proper claim in March 2020 for coverage under the “all risk” commercial property insurance policy it had purchased from defendant, defendant improperly denied and rejected coverage for most of the claim. The complaint seeks a jury trial, a declaratory judgment against defendant declaring that Xerox is entitled to full coverage of costs and losses under defendant’s policy and declaring that defendant is required to pay for such costs and losses, subject to any applicable limits; damages in an amount to be determined at trial; consequential damages; attorneys’ fees and costs; pre- and post-judgment interest; and other relief the Court deems just and proper. Also on March 10, 2021, subsidiaries of Xerox Holdings filed similar complaints and related requests for arbitration in Toronto, London, and Amsterdam for Canadian, UK and European losses. Xerox Holdings consented to defendant’s request for an extension of its time in which to answer or otherwise respond to the complaint. On May 6, 2021, FMG filed its answer to the complaint. The parties thereafter agreed to stay all non-U.S. proceedings pending the outcome of the U.S. litigation. Guarantees We have issued or provided approximately $258 of guarantees as of June 30, 2022 in the form of letters of credit or surety bonds issued to i) support certain insurance programs; ii) support our obligations related to the Brazil 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 Events

Subsequent Events	6 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Credit Facility On July 7, 2022, Xerox Corporation, as borrower, and its parent company, Xerox Holdings Corporation (the Company), entered into a new Credit Agreement with several participating lending banks. The new Credit Agreement provides Xerox Corporation with a $500 Revolving Credit Facility (the New Revolving Credit Facility) and has a maturity date of July 7, 2024. We deferred $3 of debt issuance costs in connection with this agreement, which will be amortized over the two-year term of the arrangement. The New Revolving Credit Agreement includes an uncommitted accordion feature that allows the Company to increase the facility by a total of up to $150, subject to obtaining additional commitments from existing lenders or new lending institutions. The New Revolving Credit Agreement also includes a $150 letter of credit sub-facility. At Xerox Corporation’s election, the borrowings under the New Revolving Credit Facility in U.S. dollars will bear interest at either (i) a rate per annum equal to the highest of Citibank’s prime rate or a rate 0.5% in excess of the Federal Funds Rate or a rate 1.0% in excess of one-month Term SOFR (the Base Rate), in each case plus an applicable margin, or (ii) the one-, three-, or six-month per annum Term SOFR (the Term SOFR Rate), as selected by the Company, plus an applicable margin. The applicable margin for Base Rate loans, through the quarterly reporting for the fiscal quarter ending September 30, 2022, is 1.00% per annum, and thereafter varies from 0.50% to 1.25% depending on the Company’s consolidated total net leverage ratio (as defined in the New Credit Agreement). The applicable margin for Term SOFR Rate loans, through the quarterly reporting for the fiscal quarter ending September 30, 2022, is 2.00% per annum, and thereafter varies from 1.50% to 2.25% depending on the Company’s consolidated total net leverage ratio. Xerox Corporation may also borrow in currencies other than U.S. dollars under the New Revolving Credit Agreement, and such borrowings will bear interest calculated under a construct similar to that described above. Principal outstanding would be payable in full at maturity on July 7, 2024. Xerox Corporation’s borrowings under the New Revolving Credit Facility are supported by guarantees from the Company and its subsidiary guarantors, and by security interests in substantially all of the assets of Xerox Corporation, the Company, and its subsidiary guarantors, subject to certain exceptions. If an event of default occurs under the New Revolving Credit Facility, the entire principal amount outstanding under the New Revolving Credit Facility, together with all accrued unpaid interest and other amounts owing in respect thereof, may be declared immediately due and payable, subject, in certain instances, to the expiration of applicable cure periods. The New Revolving Credit Facility requires the Company to comply with the following financial covenants measured as of the end of each fiscal quarter, commencing with the quarter ending September 30, 2022: (a) Minimum Unrestricted Cash - maintain an Unrestricted Cash balance, as defined in the New Revolving Credit Agreement, in an amount not less than $500 as of the last day of the quarter. (b) Total Net Leverage Ratio - a quarterly test that is calculated as net debt for borrowed money divided by consolidated EBITDA, both as defined in the New Revolving Credit Agreement - with a cap on cash netting of $1.0 billion. (c) Interest Coverage Ratio - a quarterly test that is calculated as consolidated EBITDA divided by consolidated interest expense, both as defined in the New Revolving Credit Agreement. In addition, the New Revolving Credit Facility requires that no more than $300 of the $650 2023 Senior Notes is outstanding as of December 15, 2022 in order for the facility to remain in effect. The New Revolving Credit Facility also imposes restrictions on the Company and its subsidiaries, including on the amount of dividends the Company is permitted to pay and the amount of shares the Company is permitted to repurchase. Under the New Revolving Credit Facility, provided there is no event of default existing, the Company may declare and pay cash dividends on shares of its common stock and its preferred stock, and may repurchase shares of its common stock and its preferred stock (i) in an unlimited amount if, at the time such dividend or repurchase is made, the Company’s Total Net Leverage ratio is 3.5 to 1.00 or less or (ii) in an aggregate amount in any fiscal year not to exceed the greater of (x) $200 or (y) 50% of free cash flow, which is operating cash flows less capital expenditures, for the prior fiscal year, commencing with the fiscal year ending December 31, 2022. Acquisition In July 2022, Xerox acquired Go Inspire, a U.K.-based print and digital marketing and communication services provider, for approximately $48 (GBP 40 million). The acquisition strengthens Xerox’s strategy to grow its global Digital Services presence in EMEA. The purchase price was all cash for 100% ownership of the acquired company and is expected to be primarily allocated to intangible assets and goodwill. The goodwill associated with the acquisition of Go Inspire will be included in our Print and Other segment. The operating results of this acquisition are not expected to be material to our financial statements.

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Standards Update and Change in Accounting Principle [Abstract]
Accounting Standard Updates to be Adopted	Accounting Standard Updates to be Adopted: Financial Instruments In March 2022, the FASB issued ASU 2022-02 , Financial Instruments - Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures - Gross Write-offs. The amendments in this update eliminate the accounting guidance for Troubled Debt Restructurings (TDRs) by creditors while enhancing disclosure requirements for certain loan refinancing and restructurings by creditors made to borrowers experiencing financial difficulty. The amendments also require disclosure of current-period gross write-offs by year of origination for financing receivables. The update is applicable for financing receivables and net investments in leases that are within the scope of ASC 326-20 , Financial Instruments - Credit Losses - Measured at Amortized Cost . This update is effective for our fiscal year beginning on January 1, 2023, but early adoption is permitted. The provisions of this amendment are to be applied on a prospective basis. We are currently evaluating the impact of the adoption of this standard on the Company's consolidated financial statements and related disclosures. Reference Rate Reform In March 2020, the FASB issued ASU 2020-04 , Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (LIBOR) or by another reference rate expected to be discontinued. In January 2021, the FASB issued ASU 2021-01 , Reference Rate Reform (Topic 848): Scope , which provided clarification guidance to ASU 2020-04. These ASUs were effective commencing with our quarter ended March 31, 2020 through December 31, 2022. There has been no impact to date as a result of ASU 2020-04 or ASU 2021-01 and subsequent amendments on reference rate reform. However, we continue to evaluate potential future impacts that may result from the discontinuation of LIBOR or other reference rates as well as the accounting provided in this update on our financial condition, results of operations, and cash flows. Accounting Standard Updates Adopted in 2022: Government Assistance In November 2021, the FASB issued ASU 2021-10 , Government Assistance (Topic 832), Disclosures by Business Entities about Government Assistance. The update increases the transparency surrounding government assistance by requiring disclosure of 1) the types of assistance received, 2) an entity’s accounting for the assistance, and 3) the effect of the assistance on the entity’s financial statements. We adopted this update effective for our fiscal year beginning January 1, 2022. The impact of adoption was not material to our Consolidated Financial Statements. Impacts on future periods will depend on the amounts of government assistance received. Prior to the COVID pandemic, the amounts of government assistance the Company received were not material and since the update is limited to increased disclosures, we do not expect the adoption to have a material impact on our financial condition, results of operations, and cash flows in future periods. Business Combinations In October 2021, the FASB issued ASU 2021-08 , Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers . The new guidance requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC Topic 606, Revenue from Contracts with Customers, as if the acquirer had originated the contracts. This approach differs from the current requirement to measure contract assets and contract liabilities acquired in a business combination at fair value. We early adopted this update effective for our fiscal year beginning January 1, 2022. The impact of adopting the new standard will depend on the magnitude of future acquisitions. The standard will not impact contract assets or liabilities acquired in business combinations that occurred prior to the adoption date and the adoption has not had a material impact on acquisitions made year to date. Debt In August 2020, the FASB issued ASU 2020-06 , Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40). This update simplified the accounting for convertible instruments by reducing the number of accounting models available for convertible debt instruments and convertible preferred stock. This update also amended the guidance for the derivatives scope exception for contracts in an entity's own equity to reduce form-over-substance-based accounting conclusions and required the application of the if-converted method for calculating diluted earnings per share. We adopted this update effective for our fiscal year beginning January 1, 2022. The adoption of this update did not have a material impact on the Company’s consolidated financial statements and related disclosures. Other Updates In 2022 and 2021, 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: • Fair Value Measurement: ASU 2022-03 , Fair Value Measurement (Topic 820), Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. This update is effective for our fiscal year beginning January 1, 2024. • Derivatives and Hedging: ASU 2022-01 , Derivatives and Hedging (Topic 815), Fair Value Hedging - Portfolio Layer Method. This update is effective for our fiscal year beginning January 1, 2023. • Equity Instruments: ASU 2021-04 , Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options). This update was effective for our fiscal year beginning January 1, 2022. • Leases: ASU 2021-05 , Leases - Certain Lease Payments with Variable Lease Payments (ASC 842). This update is effective for our fiscal year beginning January 1, 2022.
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, 2022
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	Revenues disaggregated by primary geographic markets, major product lines, and sales channels are as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 Primary geographical markets (1) : United States $ 992 $ 1,015 $ 1,932 $ 1,989 Europe 467 514 933 1,013 Canada 135 104 250 197 Other 153 160 300 304 Total Revenues $ 1,747 $ 1,793 $ 3,415 $ 3,503 Major product and services lines: Equipment $ 366 $ 429 $ 680 $ 810 Supplies, paper and other sales 301 241 579 462 Maintenance agreements (2) 446 448 875 883 Service arrangements (3) 478 508 964 997 Rental and other 104 111 212 240 Financing 52 56 105 111 Total Revenues $ 1,747 $ 1,793 $ 3,415 $ 3,503 Sales channels: Direct equipment lease (4) $ 144 $ 189 $ 279 $ 336 Distributors & resellers (5) 298 289 559 543 Customer direct 225 192 421 393 Total Sales $ 667 $ 670 $ 1,259 $ 1,272 _____________ (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 arrangements. Also includes revenues from embedded operating leases in our Managed Service arrangements, which were not significant. (4) Primarily reflects sales through bundled lease arrangements. (5) Primarily reflects sales through our two-tier distribution channels.
Schedule of Capitalized Contract Cost	Incremental direct costs are as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 Incremental direct costs of obtaining a contract $ 15 $ 17 $ 28 $ 30 Amortization of incremental direct costs 16 18 34 37

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	Selected financial information for our reportable segments was as follows: Three Months Ended June 30, 2022 2021 Print and Other Financing (FITTLE) Total Print and Other Financing (FITTLE) Total External net revenue $ 1,599 $ 148 $ 1,747 $ 1,619 $ 174 $ 1,793 Intersegment net revenue (1) 34 3 37 53 3 56 Total Segment net revenue $ 1,633 $ 151 $ 1,784 $ 1,672 $ 177 $ 1,849 Segment profit $ 18 $ 17 $ 35 $ 111 $ 15 $ 126 Segment margin (2) 1.1 % 11.5 % 2.0 % 6.9 % 8.6 % 7.0 % Depreciation and amortization $ 28 $ 30 $ 58 $ 29 $ 41 $ 70 Interest income — 52 52 — 56 56 Interest expense (3) — 28 28 — 30 30 Six Months Ended June 30, 2022 2021 Print and Other Financing (FITTLE) Total Print and Other Financing (FITTLE) Total External net revenue $ 3,112 $ 303 $ 3,415 $ 3,152 $ 351 $ 3,503 Intersegment net revenue (1) 71 6 77 101 6 107 Total Segment net revenue $ 3,183 $ 309 $ 3,492 $ 3,253 $ 357 $ 3,610 Segment (loss) profit $ (2) $ 34 $ 32 $ 182 $ 33 $ 215 Segment (loss) margin (2) (0.1) % 11.2 % 0.9 % 5.8 % 9.4 % 6.1 % Depreciation and amortization $ 57 $ 62 $ 119 $ 58 $ 83 $ 141 Interest income — 105 105 — 111 111 Interest expense (3) — 54 54 — 60 60 _____________ (1) Intersegment net revenue is primarily commissions and other payments made by the Financing Segment (FITTLE) to the Print and Other Segment for the lease of Xerox Equipment placements. (2) Segment margin based on External net revenue only. (3) Interest expense for the Financing Segment includes non-financing interest expense on allocated debt associated with Equipment on operating lease of $2 and $2 for the three months ended June 30, 2022 and 2021, respectively, and $4 and $4 for the six months ended June 30, 2022 and 2021, respectively. Selected financial information for our reportable segments was as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 Pre-tax (Loss) Income Total reported segments $ 35 $ 126 $ 32 $ 215 Restructuring and related costs, net (1) (12) (19) (29) Amortization of intangible assets (10) (14) (21) (29) Accelerated share vesting (21) — (21) — Other expenses, net (8) (1) (65) (5) Total Pre-tax (loss) income $ (5) $ 99 $ (94) $ 152 Depreciation and Amortization Total reported segments $ 58 $ 70 $ 119 $ 141 Amortization of intangible assets 10 14 21 29 Total Depreciation and amortization $ 68 $ 84 $ 140 $ 170 Interest Expense Total reported segments $ 28 $ 30 $ 54 $ 60 Corporate 21 22 48 44 Total Interest expense $ 49 $ 52 $ 102 $ 104 Interest Income Total reported segments $ 52 $ 56 $ 105 $ 111 Corporate 3 1 4 2 Total Interest income $ 55 $ 57 $ 109 $ 113

Lessor (Tables)

Lessor (Tables)	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Schedule of Components of Lease Income	The components of lease income are as follows: Three Months Ended Six Months Ended Location in Statements of (Loss) Income 2022 2021 2022 2021 Revenue from sales type leases Sales $ 144 $ 189 $ 279 $ 336 Interest income on lease receivables Financing 52 56 105 111 Lease income - operating leases Services, maintenance and rentals 44 58 92 118 Variable lease income Services, maintenance and rentals 16 16 31 31 Total Lease income $ 256 $ 319 $ 507 $ 596
Schedule of Components of Lease Income	The components of lease income are as follows: Three Months Ended Six Months Ended Location in Statements of (Loss) Income 2022 2021 2022 2021 Revenue from sales type leases Sales $ 144 $ 189 $ 279 $ 336 Interest income on lease receivables Financing 52 56 105 111 Lease income - operating leases Services, maintenance and rentals 44 58 92 118 Variable lease income Services, maintenance and rentals 16 16 31 31 Total Lease income $ 256 $ 319 $ 507 $ 596
Schedule of Components of Lease Income	The components of lease income are as follows: Three Months Ended Six Months Ended Location in Statements of (Loss) Income 2022 2021 2022 2021 Revenue from sales type leases Sales $ 144 $ 189 $ 279 $ 336 Interest income on lease receivables Financing 52 56 105 111 Lease income - operating leases Services, maintenance and rentals 44 58 92 118 Variable lease income Services, maintenance and rentals 16 16 31 31 Total Lease income $ 256 $ 319 $ 507 $ 596

Supplementary Financial Infor_2

Supplementary Financial Information (Tables)	6 Months Ended
	Jun. 30, 2022
Supplemental Financial Information [Abstract]
Schedule of Statement Loss Income Information	Estimated savings from these various government assistance programs are recorded as follows in the Condensed Consolidated Statements of (Loss) Income: Three Months Ended Six Months Ended 2022 2021 2022 2021 Cost of services, maintenance and rentals $ — $ 6 $ — $ 13 Selling, administrative and general expenses — 4 — 7 Total Estimated savings $ — $ 10 $ — $ 20
Schedule of Restricted Cash	Cash, cash equivalents and restricted cash amounts are as follows: June 30, December 31, Cash and cash equivalents $ 1,151 $ 1,840 Restricted cash Litigation deposits in Brazil 39 34 Escrow and cash collections related to secured borrowing arrangements (1) 36 32 Other restricted cash 1 3 Total Restricted cash 76 69 Cash, cash equivalents and restricted cash $ 1,227 $ 1,909 _____________ (1) Represents collections on finance receivables pledged for secured borrowings that will be remitted to lenders in the following month.
Schedule of Restricted Cash Balance Sheet Location	Restricted cash is reported in the Condensed Consolidated Balance Sheets as follows: June 30, December 31, Other current assets $ 36 $ 33 Other long-term assets 40 36 Total Restricted cash $ 76 $ 69
Schedule Cash Flow Information	Summarized cash flow information is as follows: Six Months Ended 2022 2021 Provision for receivables $ 21 $ 15 Provision for inventory 14 19 Provision for product warranties 3 4 Depreciation of buildings and equipment 34 38 Depreciation and obsolescence of equipment on operating leases 62 83 Amortization of internal use software 23 20 Amortization of acquired intangible assets 21 29 Amortization of customer contract costs (1) 37 40 Cost of additions to land, buildings and equipment 19 12 Cost of additions to internal use software 10 21 Common stock dividends - Xerox Holdings 81 101 Preferred stock dividends - Xerox Holdings 7 7 Payments to noncontrolling interests 1 — Investment from noncontrolling interests 5 5 Repurchases related to stock-based compensation - Xerox Holdings 10 14 _____________ (1) Amortization of customer contract costs is reported in Decrease in other current and long-term assets in the Condensed Consolidated Statements of Cash Flows. Refer to Note 3 - Revenue - Contract Costs for additional information.

Accounts Receivable, Net (Table

Accounts Receivable, Net (Tables)	6 Months Ended
	Jun. 30, 2022
Receivables [Abstract]
Schedule of Accounts Receivable, Net	Accounts receivable, net were as follows: June 30, December 31, Invoiced $ 703 $ 660 Accrued (1) 212 216 Allowance for doubtful accounts (63) (58) Accounts receivable, net $ 852 $ 818 _____________ (1) Accrued receivables include amounts to be invoiced in the subsequent quarter for current services provided.
Schedule of Allowance for Doubtful Accounts	The allowance for doubtful accounts was as follows: 2022 2021 Balance at January 1 st $ 58 $ 69 Provision 9 4 Charge-offs (3) (5) Recoveries and other (1) (1) 0 Balance at March 31 st 63 68 Provision 3 1 Charge-offs (2) (2) Recoveries and other (1) (1) 1 Balance at June 30 th $ 63 $ 68 _____________ (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 2022 2021 2022 2021 Accounts receivable sales (1) $ 120 $ 125 $ 236 $ 232 ____________ (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, 2022
Receivables [Abstract]
Schedule of Finance Receivables	Finance receivables, net were as follows: June 30, December 31, Gross receivables $ 3,418 $ 3,568 Unearned income (355) (380) Subtotal 3,063 3,188 Residual values — — Allowance for doubtful accounts (116) (118) Finance receivables, net 2,947 3,070 Less: Billed portion of finance receivables, net 83 94 Less: Current portion of finance receivables not billed, net 1,019 1,042 Finance receivables due after one year, net $ 1,845 $ 1,934
Schedule of Allowance for Credit Losses, Financing Receivables	The allowance for doubtful accounts as well as the related investment in finance receivables were as follows: United States Canada EMEA (1) Total Balance at December 31, 2021 $ 77 $ 11 $ 30 $ 118 Provision 3 — 3 6 Charge-offs (2) (1) (1) (4) Recoveries and other (2) — 1 (1) — Balance at March 31, 2022 78 11 31 120 Provision — 1 3 4 Charge-offs (3) (1) (2) (6) Recoveries and other (2) — — (2) (2) Balance at June 30, 2022 $ 75 $ 11 $ 30 $ 116 Finance receivables as of June 30, 2022 collectively evaluated for impairment (3) $ 1,861 $ 230 $ 972 $ 3,063 Balance at December 31, 2020 $ 77 $ 15 $ 41 $ 133 Provision 2 1 3 6 Charge-offs (2) — (1) (3) Recoveries and other (2) 1 — (2) (1) Balance at March 31, 2021 78 16 41 135 Provision 6 (1) (3) 2 Charge-offs (3) (1) (1) (5) Recoveries and other (2) — 1 — 1 Balance at June 30, 2021 $ 81 $ 15 $ 37 $ 133 Finance receivables as of June 30, 2021 collectively evaluated for impairment (3) $ 1,845 $ 283 $ 1,122 $ 3,250 _____________ (1) Includes developing market countries. (2) Includes the impacts of foreign currency translation and adjustments to reserves necessary to reflect events of non-payment such as customer accommodations and contract terminations.
Schedule of Credit Quality Indicators for Financing Receivables	Details about our finance receivables portfolio based on geography, origination year and credit quality indicators are as follows: June 30, 2022 2022 2021 2020 2019 2018 Prior Total United States (Direct) Low Credit Risk $ 80 $ 124 $ 104 $ 74 $ 44 $ 9 $ 435 Average Credit Risk 40 40 33 43 15 4 175 High Credit Risk 28 82 60 24 9 4 207 Total $ 148 $ 246 $ 197 $ 141 $ 68 $ 17 $ 817 United States (Indirect) Low Credit Risk $ 111 $ 189 $ 108 $ 67 $ 24 $ 3 $ 502 Average Credit Risk 112 189 95 61 24 4 485 High Credit Risk 11 23 14 6 3 — 57 Total $ 234 $ 401 $ 217 $ 134 $ 51 $ 7 $ 1,044 Canada Low Credit Risk $ 11 $ 27 $ 23 $ 18 $ 8 $ 2 $ 89 Average Credit Risk 18 29 28 22 10 3 110 High Credit Risk 4 7 10 5 4 1 31 Total $ 33 $ 63 $ 61 $ 45 $ 22 $ 6 $ 230 EMEA (1) Low Credit Risk $ 124 $ 190 $ 108 $ 80 $ 42 $ 9 $ 553 Average Credit Risk 73 120 80 62 26 7 368 High Credit Risk 9 14 12 10 5 1 51 Total $ 206 $ 324 $ 200 $ 152 $ 73 $ 17 $ 972 Total Finance Receivables Low Credit Risk $ 326 $ 530 $ 343 $ 239 $ 118 $ 23 $ 1,579 Average Credit Risk 243 378 236 188 75 18 1,138 High Credit Risk 52 126 96 45 21 6 346 Total $ 621 $ 1,034 $ 675 $ 472 $ 214 $ 47 $ 3,063 December 31, 2021 2021 2020 2019 2018 2017 Prior Total United States (Direct) Low Credit Risk $ 148 $ 121 $ 98 $ 68 $ 21 $ 3 $ 459 Average Credit Risk 60 40 57 23 8 2 190 High Credit Risk 91 73 31 16 6 1 218 Total $ 299 $ 234 $ 186 $ 107 $ 35 $ 6 $ 867 United States (Indirect) Low Credit Risk $ 235 $ 145 $ 100 $ 43 $ 11 $ — $ 534 Average Credit Risk 201 103 74 35 10 — 423 High Credit Risk 24 15 8 4 1 — 52 Total $ 460 $ 263 $ 182 $ 82 $ 22 $ — $ 1,009 Canada Low Credit Risk $ 32 $ 27 $ 22 $ 13 $ 3 $ 1 $ 98 Average Credit Risk 34 34 27 15 6 1 117 High Credit Risk 8 12 7 5 4 — 36 Total $ 74 $ 73 $ 56 $ 33 $ 13 $ 2 $ 251 EMEA (1) Low Credit Risk $ 229 $ 143 $ 121 $ 71 $ 22 $ 6 $ 592 Average Credit Risk 156 109 84 45 15 3 412 High Credit Risk 18 15 13 8 3 — 57 Total $ 403 $ 267 $ 218 $ 124 $ 40 $ 9 $ 1,061 Total Finance Receivables Low Credit Risk $ 644 $ 436 $ 341 $ 195 $ 57 $ 10 $ 1,683 Average Credit Risk 451 286 242 118 39 6 1,142 High Credit Risk 141 115 59 33 14 1 363 Total $ 1,236 $ 837 $ 642 $ 346 $ 110 $ 17 $ 3,188 _____________ (1) Includes developing market countries.
Schedule of Aging of Billed Finance Receivables	The aging of our billed finance receivables is as follows: June 30, 2022 Current 31-90 Days Past Due >90 Days Past Due Total Billed Unbilled Total Finance Receivables >90 Days and Accruing Direct $ 26 $ 5 $ 6 $ 37 $ 780 $ 817 $ 57 Indirect 23 5 5 33 1,011 1,044 — Total United States 49 10 11 70 1,791 1,861 57 Canada 5 1 — 6 224 230 9 EMEA (1) 8 2 — 10 962 972 8 Total $ 62 $ 13 $ 11 $ 86 $ 2,977 $ 3,063 $ 74 December 31, 2021 Current 31-90 Days Past Due >90 Days Past Due Total Billed Unbilled Total Finance Receivables >90 Days and Accruing Direct $ 28 $ 7 $ 7 $ 42 $ 825 $ 867 $ 61 Indirect 28 5 4 37 972 1,009 — Total United States 56 12 11 79 1,797 1,876 61 Canada 6 1 — 7 244 251 9 EMEA (1) 9 2 1 12 1,049 1,061 13 Total $ 71 $ 15 $ 12 $ 98 $ 3,090 $ 3,188 $ 83 _____________ (1) Includes developing market countries

Inventories and Equipment on _2

Inventories and Equipment on Operating Leases, Net (Tables)	6 Months Ended
	Jun. 30, 2022
Inventories and Equipment on Operating Leases, Net [Abstract]
Schedule of Inventories by Major Category	The following is a summary of Inventories by major category: June 30, December 31, Finished goods $ 607 $ 568 Work-in-process 46 43 Raw materials 112 85 Total Inventories $ 765 $ 696
Schedule of Equipment on Operating Leases and Related Accumulated Depreciation	Equipment on operating leases and the related accumulated depreciation were as follows: June 30, December 31, Equipment on operating leases $ 1,188 $ 1,266 Accumulated depreciation (962) (1,013) Equipment on operating leases, net $ 226 $ 253

Lessee (Tables)

Lessee (Tables)	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Schedule of Components of Lease Expense	The components of lease expense are as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 Operating lease expense $ 24 $ 27 $ 49 $ 54 Short-term lease expense 4 6 8 11 Variable lease expense (1) 13 11 25 23 Sublease income (2) (1) (4) (2) Total Lease expense $ 39 $ 43 $ 78 $ 86 _____________
Schedule of Operating Leases Assets and Liabilities	Operating lease 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 $ 233 $ 264 Accrued expenses and other current liabilities $ 75 $ 79 Other long-term liabilities 175 204 Total Operating lease liabilities $ 250 $ 283

Restructuring Programs (Tables)

Restructuring Programs (Tables)	6 Months Ended
	Jun. 30, 2022
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Program Activity	Information related to our restructuring programs is summarized below: Severance and Related Costs Other Contractual Termination Costs (2) Total Balance at December 31, 2021 $ 25 $ 2 $ 27 Provision 22 — 22 Reversals (3) — (3) Net current period charges (1) 19 — 19 Charges against reserve and currency (7) — (7) Balance at March 31, 2022 37 2 39 Provision 22 1 23 Reversals (1) (1) (2) Net current period charges (1) 21 — 21 Charges against reserve and currency (14) — (14) Balance at June 30, 2022 $ 44 $ 2 $ 46 _____________ _ (1) Represents net amount recognized within the Condensed Consolidated Statements of (Loss) Income for the period shown for restructuring charges. (2) Primarily includes additional costs incurred upon the exit from our facilities including decommissioning costs and associated contractual termination costs.
Schedule of Reconciliation to The Consolidated Statements of Cash Flows	The following table summarizes the reconciliation to the Condensed Consolidated Statements of Cash Flows: Six Months Ended 2022 2021 Charges against reserve and currency $ (21) $ (62) Effects of foreign currency and other non-cash items — 13 Restructuring cash payments $ (21) $ (49)
Schedule of Restructuring Related Asset Impairment Activity	In connection with our restructuring programs, we also incurred certain related costs as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 Retention related severance/bonuses (1) $ — $ 3 $ (2) $ (1) Contractual severance costs (1) 3 (1) 3 Consulting and other costs (2) — 2 — 2 Total $ (1) $ 8 $ (3) $ 4 ____________ _ (1) Includes retention related severance and bonuses for employees expected to continue working beyond their minimum notification period before termination. The credit for the six months ended June 30, 2022 and 2021 reflects a change in estimate. Three Months Ended Six Months Ended 2022 2021 2022 2021 Lease right of use assets (1) — 2 1 2 Owned assets (1) 1 — 1 10 Asset impairments 1 2 2 12 Gain on sales of assets (2) (20) — (20) — Adjustments/Reversals — (1) — (1) Net asset impairment charges $ (19) $ 1 $ (18) $ 11 _____________ _ (1) Primarily related to the exit and abandonment of leased and owned facilities, net of any potential sublease income and recoveries. (2) Primarily related to the sale of land and a facility during the second quarter of 2022.

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Schedule of Long-Term Debt Instruments	Below are the secured assets and obligations held by the SPEs, which are included in our Condensed Consolidated Balance Sheets. June 30, 2022 Finance Receivables, Net (1) Equipment on Operating Leases, Net Secured Debt (2) Interest Rate Expected Maturity United States January 2022 $ 642 $ — $ 549 3.02 % 2024 September 2021 238 6 207 1.78 % 2024 Total 880 6 756 Canada April 2022 84 0 77 3.32 % 2025 Total $ 964 $ 6 $ 833 December 31, 2021 Finance Receivables, Net (1) Equipment on Operating Leases, Net Secured Debt (2) Interest Rate Expected Maturity United States September 2021 $ 308 $ 8 $ 293 1.40 % 2024 December 2020 380 — 267 1.74 % 2023 Total $ 688 $ 8 $ 560 ____________ _ (1) Includes (i) Billed portion of finance receivables, net (ii) Finance receivables, net and (iii) Finance receivables due after one year, net as included in the condensed consolidated balance sheets as of June 30, 2022 and December 31, 2021. (2) Net of debt issuance costs of $2 and $1 as of June 30, 2022 and December 31, 2021, respectively.
Schedule of Interest Income and Interest Expense Disclosure	Interest expense and income were as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 Interest expense (1)(2) $ 49 $ 52 $ 102 $ 104 Interest income (3) 55 57 109 113 ____________ (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 (Loss) Income. (2) Interest expense of Xerox Corporation included intercompany interest expense associated with the Xerox Holdings Corporation / Xerox Corporation Intercompany Loan of $19 and $19 for the three months ended June 30, 2022 and 2021, respectively, and $39 and $39 for the six months ended June 30, 2022 and 2021, respectively. (3) Includes Financing revenue as well as other interest income that is included in Other expenses, net in the Condensed Consolidated Statements of (Loss) Income.

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule 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 $ 2 $ 3 Accrued expenses and other current liabilities (30) (6) Interest rate cap Other long-term assets 4 1 Net designated derivative liabilities $ (24) $ (2) Derivatives NOT Designated as Hedging Instruments Foreign exchange contracts – forwards Other current assets $ 2 $ 1 Accrued expenses and other current liabilities (9) (5) Net undesignated derivative liabilities $ (7) $ (4) Summary of Derivatives Total Derivative assets $ 8 $ 5 Total Derivative liabilities (39) (11) Net Derivative liabilities $ (31) $ (6)
Schedule of Gains (losses) on Derivative Instruments	The following table provides a summary of gains (losses) on derivative instruments: Three Months Ended Six Months Ended Loss on Derivative Instruments 2022 2021 2022 2021 Cash Flow Hedges - Foreign Exchange Forward Contracts and Options Derivative loss recognized in OCI (effective portion) $ (23) $ (2) $ (38) $ (12) Derivative loss reclassified from AOCL to income - Cost of sales (effective portion) (4) (2) (6) (3)
Schedule 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 (Loss) Three Months Ended Six Months Ended 2022 2021 2022 2021 Foreign exchange contracts – forwards Other expense – Currency losses, net $ (14) $ (4) $ (23) $ (22)

Fair Value of Financial Asset_2

Fair Value of Financial Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of 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 $ 4 $ 4 Interest rate cap 4 1 Deferred compensation plan investments in mutual funds 14 18 Total $ 22 $ 23 Liabilities Foreign exchange contracts - forwards $ 39 $ 11 Deferred compensation plan liabilities 14 18 Total $ 53 $ 29
Schedule of Estimated Fair Values of Financial Assets and Liabilities Not Measured at Fair Value on a Recurring Basis	The estimated fair values of our other financial assets and liabilities were as follows: June 30, 2022 December 31, 2021 Carrying Amount Fair Value Carrying Amount Fair Value Cash and cash equivalents $ 1,151 $ 1,151 $ 1,840 $ 1,840 Accounts receivable, net 852 852 818 818 Short-term debt and current portion of long-term debt 1,108 1,110 650 653 Long-term Debt Xerox Holdings Corporation 1,495 1,337 1,494 1,579 Xerox Corporation 895 786 1,892 1,987 Xerox - Other Subsidiaries (1) 374 376 210 210 Long-term debt $ 2,764 $ 2,499 $ 3,596 $ 3,776 ____________ (1) Represents subsidiaries of Xerox Corporation

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2022
Retirement Benefits [Abstract]
Schedule of Components of Net Periodic Benefit Cost and Other Changes in Plan Assets and Benefit Obligations	The components of Net periodic benefit cost and other changes in plan assets and benefit obligations were as follows: Three Months Ended June 30, Pension Benefits U.S. Plans Non-U.S. Plans Retiree Health Components of Net Periodic Benefit Costs: 2022 2021 2022 2021 2022 2021 Service cost $ 1 $ 1 $ 4 $ 5 $ 1 $ — Interest cost 24 19 33 22 2 2 Expected return on plan assets (24) (27) (59) (52) — — Recognized net actuarial loss (gain) 3 4 6 14 (1) — Amortization of prior service credit — (1) — — (3) (16) Recognized settlement loss 15 13 — — — — Defined benefit plans 19 9 (16) (11) (1) (14) Defined contribution plans 5 — 4 5 n/a n/a Net Periodic Benefit Cost (Credit) 24 9 (12) (6) (1) (14) Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Loss) Income: Net actuarial (gain) loss (1) (7) (25) 31 — — 2 Prior service cost — — 48 — — — Amortization of net actuarial (loss) gain (18) (17) (6) (14) 1 — Amortization of net prior service credit — 1 — — 3 16 Total Recognized in Other Comprehensive (Loss) Income (2) (25) (41) 73 (14) 4 18 Total Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Loss) Income $ (1) $ (32) $ 61 $ (20) $ 3 $ 4 Six Months Ended June 30, Pension Benefits U.S. Plans Non-U.S. Plans Retiree Health Components of Net Periodic Benefit Costs: 2022 2021 2022 2021 2022 2021 Service cost $ 1 $ 1 $ 8 $ 10 $ 1 $ 1 Interest cost 44 37 62 44 4 4 Expected return on plan assets (51) (55) (114) (104) — — Recognized net actuarial loss (gain) 7 9 12 29 (1) — Amortization of prior service credit — (1) — — (7) (33) Recognized settlement loss 33 28 — — — — Defined benefit plans 34 19 (32) (21) (3) (28) Defined contribution plans 10 — 8 10 n/a n/a Net Periodic Benefit Cost (Credit) 44 19 (24) (11) (3) (28) Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Loss) Income: Net actuarial loss (gain) (1) 7 (69) 31 1 (7) 2 Prior service cost (credit) — — 48 — (23) — Amortization of net actuarial (loss) gain (40) (37) (12) (29) 1 — Amortization of prior service credit — 1 — — 7 33 Total Recognized in Other Comprehensive (Loss) Income (2) (33) (105) 67 (28) (22) 35 Total Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Loss) Income $ 11 $ (86) $ 43 $ (39) $ (25) $ 7 _____________ (1) The net actuarial loss (gain) 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 the January 1st plan census data. The non-U.S. net actuarial loss reflects remeasurement related to the second quarter 2022 Pension Plan amendment in the UK. (2) Amounts represent the pre-tax effect included within Other Comprehensive (Loss) Income. Refer to Note 20 - Other Comprehensive (Loss) Income for related tax effects and the after-tax amounts.
Schedule of 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 Year Ended 2022 2021 Estimated 2022 2021 U.S. plans $ 12 $ 12 $ 25 $ 24 Non-U.S. plans 51 57 105 111 Total Pension plans 63 69 130 135 Retiree Health 9 11 25 25 Total Retirement plans $ 72 $ 80 $ 155 $ 160

Shareholders' Equity of Xerox_2

Shareholders' Equity of Xerox Holdings (Tables)	6 Months Ended
	Jun. 30, 2022
Stockholders' Equity Note [Abstract]
Shareholder's Equity of Xerox	The shareholders' equity information presented below reflects the consolidated activity of Xerox Holdings. Common Stock (1) Additional Paid-in Capital Treasury Stock Retained Earnings AOCL (2) Xerox Holdings Shareholders’ Equity Non-controlling Interests Total Equity Balance at March 31, 2022 $ 156 $ 1,560 $ (32) $ 5,532 $ (3,032) $ 4,184 $ 5 $ 4,189 Comprehensive loss, net — — — (4) (298) (302) (1) (303) Cash dividends declared - common (3) — — — (41) — (41) — (41) Cash dividends declared - preferred (4) — — — (3) — (3) — (3) Stock option and incentive plans, net 1 34 — — — 35 — 35 Cancellation of treasury stock (2) (30) 32 — — — — — Investment from noncontrolling interests — — — — — — 5 5 Balance at June 30, 2022 $ 155 $ 1,564 $ — $ 5,484 $ (3,330) $ 3,873 $ 9 $ 3,882 Common Stock (1) Additional Paid-in Capital Treasury Stock Retained Earnings AOCL (2) Xerox Holdings Shareholders’ Equity Non- controlling Interests Total Equity Balance at March 31, 2021 $ 199 $ 2,456 $ (162) $ 6,267 $ (3,335) $ 5,425 $ 4 $ 5,429 Comprehensive income, net — — — 91 70 161 — 161 Cash dividends declared - common (3) — — — (47) — (47) — (47) Cash dividends declared - preferred (4) — — — (3) — (3) — (3) Stock option and incentive plans, net — 5 — — — 5 — 5 Payments to acquire treasury stock, including fees — — (251) — — (251) — (251) Cancellation of treasury stock (10) (244) 254 — — — — — Investment from noncontrolling interests — 1 — — — 1 4 5 Other — (4) — — — (4) — (4) Balance at June 30, 2021 $ 189 $ 2,214 $ (159) $ 6,308 $ (3,265) $ 5,287 $ 8 $ 5,295 Common Stock (1) Additional Paid-in Capital Treasury Stock Retained Earnings AOCL (2) Xerox Holdings Shareholders’ Equity Non-controlling Interests Total Equity Balance at December 31, 2021 $ 168 $ 1,802 $ (177) $ 5,631 $ (2,988) $ 4,436 $ 7 $ 4,443 Comprehensive loss, net — — — (60) (342) (402) (2) (404) Cash dividends declared - common (3) — — — (80) — (80) — (80) Cash dividends declared - preferred (4) — — — (7) — (7) — (7) Stock option and incentive plans, net 1 38 — — — 39 — 39 Payments to acquire treasury stock, including fees — — (113) — — (113) — (113) Cancellation of treasury stock (14) (276) 290 — — — — — Investment from noncontrolling interests — — — — — — 5 5 Distributions to noncontrolling interests — — — — — — (1) (1) Balance at June 30, 2022 $ 155 $ 1,564 $ — $ 5,484 $ (3,330) $ 3,873 $ 9 $ 3,882 Common Stock (1) Additional Paid-in Capital Treasury Stock Retained Earnings AOCL (2) Xerox Holdings Shareholders’ Equity Non- controlling Interests Total Equity Balance at December 31, 2020 $ 198 $ 2,445 $ — $ 6,281 $ (3,332) $ 5,592 $ 4 $ 5,596 Comprehensive income, net — — — 130 67 197 — 197 Cash dividends declared - common (3) — — — (96) — (96) — (96) Cash dividends declared - preferred (4) — — — (7) — (7) — (7) Stock option and incentive plans, net 1 16 — — — 17 — 17 Payments to acquire treasury stock, including fees — — (413) — — (413) — (413) Cancellation of treasury stock (10) (244) 254 — — — — — Investment from noncontrolling interests — 1 — — — 1 4 5 Other — (4) — — — (4) — (4) Balance at June 30, 2021 $ 189 $ 2,214 $ (159) $ 6,308 $ (3,265) $ 5,287 $ 8 $ 5,295 _____________ (1) Common Stock has a par value of $1 per share. (2) Refer to Note 20 - Other Comprehensive (Loss) Income for the components of AOCL. (3) Cash dividends declared on common stock for the three and six months ended June 30, 2022 and 2021 were $0.25 per share, respectively, and $0.50 per share, respectively. (4) Cash dividends declared on preferred stock for the three and six months ended June 30, 2022 and 2021 were $20.00 per share, respectively, and $40.00 per share, respectively. The shareholder's equity information presented below reflects the consolidated activity of Xerox. Additional Paid-in Capital Retained Earnings AOCL (1) Xerox Shareholder's Equity Non- controlling Interests Total Equity Balance at March 31, 2022 $ 3,592 $ 3,871 $ (3,032) $ 4,431 $ 5 $ 4,436 Comprehensive loss, net — (4) (298) (302) (1) (303) Dividends declared to parent — (47) — (47) — (47) Transfers from parent 38 — — 38 — 38 Investment from noncontrolling interests — — — — 5 5 Balance at June 30, 2022 $ 3,630 $ 3,820 $ (3,330) $ 4,120 $ 9 $ 4,129 Additional Paid-in Capital Retained Earnings AOCL (1) Xerox Shareholder's Equity Non- controlling Interests Total Equity Balance at March 31, 2021 $ 3,360 $ 5,672 $ (3,335) $ 5,697 $ 4 $ 5,701 Comprehensive income, net — 91 70 161 — 161 Dividends declared to parent — (358) — (358) — (358) Transfers from parent 52 — — 52 — 52 Investment from noncontrolling interests 1 — — 1 4 5 Balance at June 30, 2021 $ 3,413 $ 5,405 $ (3,265) $ 5,553 $ 8 $ 5,561 Additional Paid-in Capital Retained Earnings AOCL (1) Xerox Shareholder's Equity Non- controlling Interests Total Equity Balance at December 31, 2021 $ 3,202 $ 4,476 $ (2,988) $ 4,690 $ 7 $ 4,697 Comprehensive loss, net — (60) (342) (402) (2) (404) Dividends declared to parent — (596) — (596) — (596) Transfers from parent 428 — — 428 — 428 Investment from noncontrolling interests — — — — 5 5 Distributions to noncontrolling interests — — — — (1) (1) Balance at June 30, 2022 $ 3,630 $ 3,820 $ (3,330) $ 4,120 $ 9 $ 4,129 Additional Paid-in Capital Retained Earnings AOCL (1) Xerox Shareholder's Equity Non- controlling Interests Total Equity Balance at December 31, 2020 $ 4,888 $ 5,834 $ (3,332) $ 7,390 $ 4 $ 7,394 Comprehensive income, net — 130 67 197 — 197 Dividends declared to parent — (559) — (559) — (559) Intercompany loan capitalization (2) (1,494) — — (1,494) — (1,494) Transfers from parent 18 — — 18 — 18 Investment from noncontrolling interests 1 — — 1 4 5 Balance at June 30, 2021 $ 3,413 $ 5,405 $ (3,265) $ 5,553 $ 8 $ 5,561 _____________ (1) Refer to Note 20 - Other Comprehensive (Loss) Income for the components of AOCL. (2) Refer to Note 13 - Debt for information regarding capitalization of balance to Intercompany Loan with Xerox Holdings Corporation.
Summary of Treasury Stock Purchases	The following is a summary of the changes in Common and Treasury stock shares: Common Stock Shares Treasury Stock Shares Balance at December 31, 2021 168,069 8,675 Stock based compensation plans, net 630 — Acquisition of Treasury stock — 5,174 Cancellation of Treasury stock (12,341) (12,341) Balance at March 31, 2022 156,358 1,508 Stock based compensation plans, net 116 — Cancellation of Treasury stock (1,508) (1,508) Balance at June 30, 2022 154,966 —

Shareholder's Equity of Xerox (

Shareholder's Equity of Xerox (Tables)	6 Months Ended
	Jun. 30, 2022
Stockholders' Equity Note [Abstract]
Shareholder's Equity of Xerox	The shareholders' equity information presented below reflects the consolidated activity of Xerox Holdings. Common Stock (1) Additional Paid-in Capital Treasury Stock Retained Earnings AOCL (2) Xerox Holdings Shareholders’ Equity Non-controlling Interests Total Equity Balance at March 31, 2022 $ 156 $ 1,560 $ (32) $ 5,532 $ (3,032) $ 4,184 $ 5 $ 4,189 Comprehensive loss, net — — — (4) (298) (302) (1) (303) Cash dividends declared - common (3) — — — (41) — (41) — (41) Cash dividends declared - preferred (4) — — — (3) — (3) — (3) Stock option and incentive plans, net 1 34 — — — 35 — 35 Cancellation of treasury stock (2) (30) 32 — — — — — Investment from noncontrolling interests — — — — — — 5 5 Balance at June 30, 2022 $ 155 $ 1,564 $ — $ 5,484 $ (3,330) $ 3,873 $ 9 $ 3,882 Common Stock (1) Additional Paid-in Capital Treasury Stock Retained Earnings AOCL (2) Xerox Holdings Shareholders’ Equity Non- controlling Interests Total Equity Balance at March 31, 2021 $ 199 $ 2,456 $ (162) $ 6,267 $ (3,335) $ 5,425 $ 4 $ 5,429 Comprehensive income, net — — — 91 70 161 — 161 Cash dividends declared - common (3) — — — (47) — (47) — (47) Cash dividends declared - preferred (4) — — — (3) — (3) — (3) Stock option and incentive plans, net — 5 — — — 5 — 5 Payments to acquire treasury stock, including fees — — (251) — — (251) — (251) Cancellation of treasury stock (10) (244) 254 — — — — — Investment from noncontrolling interests — 1 — — — 1 4 5 Other — (4) — — — (4) — (4) Balance at June 30, 2021 $ 189 $ 2,214 $ (159) $ 6,308 $ (3,265) $ 5,287 $ 8 $ 5,295 Common Stock (1) Additional Paid-in Capital Treasury Stock Retained Earnings AOCL (2) Xerox Holdings Shareholders’ Equity Non-controlling Interests Total Equity Balance at December 31, 2021 $ 168 $ 1,802 $ (177) $ 5,631 $ (2,988) $ 4,436 $ 7 $ 4,443 Comprehensive loss, net — — — (60) (342) (402) (2) (404) Cash dividends declared - common (3) — — — (80) — (80) — (80) Cash dividends declared - preferred (4) — — — (7) — (7) — (7) Stock option and incentive plans, net 1 38 — — — 39 — 39 Payments to acquire treasury stock, including fees — — (113) — — (113) — (113) Cancellation of treasury stock (14) (276) 290 — — — — — Investment from noncontrolling interests — — — — — — 5 5 Distributions to noncontrolling interests — — — — — — (1) (1) Balance at June 30, 2022 $ 155 $ 1,564 $ — $ 5,484 $ (3,330) $ 3,873 $ 9 $ 3,882 Common Stock (1) Additional Paid-in Capital Treasury Stock Retained Earnings AOCL (2) Xerox Holdings Shareholders’ Equity Non- controlling Interests Total Equity Balance at December 31, 2020 $ 198 $ 2,445 $ — $ 6,281 $ (3,332) $ 5,592 $ 4 $ 5,596 Comprehensive income, net — — — 130 67 197 — 197 Cash dividends declared - common (3) — — — (96) — (96) — (96) Cash dividends declared - preferred (4) — — — (7) — (7) — (7) Stock option and incentive plans, net 1 16 — — — 17 — 17 Payments to acquire treasury stock, including fees — — (413) — — (413) — (413) Cancellation of treasury stock (10) (244) 254 — — — — — Investment from noncontrolling interests — 1 — — — 1 4 5 Other — (4) — — — (4) — (4) Balance at June 30, 2021 $ 189 $ 2,214 $ (159) $ 6,308 $ (3,265) $ 5,287 $ 8 $ 5,295 _____________ (1) Common Stock has a par value of $1 per share. (2) Refer to Note 20 - Other Comprehensive (Loss) Income for the components of AOCL. (3) Cash dividends declared on common stock for the three and six months ended June 30, 2022 and 2021 were $0.25 per share, respectively, and $0.50 per share, respectively. (4) Cash dividends declared on preferred stock for the three and six months ended June 30, 2022 and 2021 were $20.00 per share, respectively, and $40.00 per share, respectively. The shareholder's equity information presented below reflects the consolidated activity of Xerox. Additional Paid-in Capital Retained Earnings AOCL (1) Xerox Shareholder's Equity Non- controlling Interests Total Equity Balance at March 31, 2022 $ 3,592 $ 3,871 $ (3,032) $ 4,431 $ 5 $ 4,436 Comprehensive loss, net — (4) (298) (302) (1) (303) Dividends declared to parent — (47) — (47) — (47) Transfers from parent 38 — — 38 — 38 Investment from noncontrolling interests — — — — 5 5 Balance at June 30, 2022 $ 3,630 $ 3,820 $ (3,330) $ 4,120 $ 9 $ 4,129 Additional Paid-in Capital Retained Earnings AOCL (1) Xerox Shareholder's Equity Non- controlling Interests Total Equity Balance at March 31, 2021 $ 3,360 $ 5,672 $ (3,335) $ 5,697 $ 4 $ 5,701 Comprehensive income, net — 91 70 161 — 161 Dividends declared to parent — (358) — (358) — (358) Transfers from parent 52 — — 52 — 52 Investment from noncontrolling interests 1 — — 1 4 5 Balance at June 30, 2021 $ 3,413 $ 5,405 $ (3,265) $ 5,553 $ 8 $ 5,561 Additional Paid-in Capital Retained Earnings AOCL (1) Xerox Shareholder's Equity Non- controlling Interests Total Equity Balance at December 31, 2021 $ 3,202 $ 4,476 $ (2,988) $ 4,690 $ 7 $ 4,697 Comprehensive loss, net — (60) (342) (402) (2) (404) Dividends declared to parent — (596) — (596) — (596) Transfers from parent 428 — — 428 — 428 Investment from noncontrolling interests — — — — 5 5 Distributions to noncontrolling interests — — — — (1) (1) Balance at June 30, 2022 $ 3,630 $ 3,820 $ (3,330) $ 4,120 $ 9 $ 4,129 Additional Paid-in Capital Retained Earnings AOCL (1) Xerox Shareholder's Equity Non- controlling Interests Total Equity Balance at December 31, 2020 $ 4,888 $ 5,834 $ (3,332) $ 7,390 $ 4 $ 7,394 Comprehensive income, net — 130 67 197 — 197 Dividends declared to parent — (559) — (559) — (559) Intercompany loan capitalization (2) (1,494) — — (1,494) — (1,494) Transfers from parent 18 — — 18 — 18 Investment from noncontrolling interests 1 — — 1 4 5 Balance at June 30, 2021 $ 3,413 $ 5,405 $ (3,265) $ 5,553 $ 8 $ 5,561 _____________ (1) Refer to Note 20 - Other Comprehensive (Loss) Income for the components of AOCL. (2) Refer to Note 13 - Debt for information regarding capitalization of balance to Intercompany Loan with Xerox Holdings Corporation.

Other Comprehensive (Loss) In_2

Other Comprehensive (Loss) Income (Tables)	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Schedule of Other Comprehensive Income (Loss)	Other Comprehensive (Loss) Income is comprised of the following: Three Months Ended Six Months Ended 2022 2021 2022 2021 Pre-tax Net of Tax Pre-tax Net of Tax Pre-tax Net of Tax Pre-tax Net of Tax Translation Adjustments (Losses) Gains $ (295) $ (287) $ 55 $ 54 $ (366) $ (359) $ 3 $ 3 Unrealized (Losses) Gains Changes in fair value of cash flow hedges losses (23) (16) (2) (1) (38) (29) (12) (9) Changes in cash flow hedges reclassed to earnings (1) 4 2 2 1 6 4 3 2 Net Unrealized Losses (19) (14) — — (32) (25) (9) (7) Defined Benefit Plans (Losses) Gains Net actuarial/prior service (losses) gains (72) (55) 23 17 (56) (43) 66 49 Prior service amortization (2) (3) (2) (17) (13) (7) (5) (34) (25) Actuarial loss amortization/settlement (2) 23 17 31 23 51 38 66 49 Other gains (losses) (3) 43 43 (11) (11) 52 52 (2) (2) Changes in Defined Benefit Plans (Losses) Gains (9) 3 26 16 40 42 96 71 Other Comprehensive (Loss) Income Attributable to Xerox Holdings/Xerox $ (323) $ (298) $ 81 $ 70 $ (358) $ (342) $ 90 $ 67 ____________ (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.
Schedule of Accumulated Other Comprehensive Loss	AOCL is comprised of the following: June 30, December 31, Cumulative translation adjustments $ (2,220) $ (1,861) Other unrealized losses, net (27) (2) Benefit plans net actuarial losses and prior service credits (1,083) (1,125) Total Accumulated Other Comprehensive Loss Attributable to Xerox Holdings/Xerox $ (3,330) $ (2,988)

(Loss) Earnings_per Share (Tabl

(Loss) Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Share	The following table sets forth the computation of basic and diluted earnings per share of Xerox Holdings Corporation's common stock: Three Months Ended Six Months Ended 2022 2021 2022 2021 Basic (Loss) Earnings per Share Net (Loss) Income Attributable to Xerox Holdings $ (4) $ 91 $ (60) $ 130 Accrued dividends on preferred stock (3) (3) (7) (7) Adjusted Net (loss) income available to common shareholders $ (7) $ 88 $ (67) $ 123 Weighted average common shares outstanding (1) 155,170 187,009 155,897 191,433 Basic (Loss) Earnings per Share $ (0.05) $ 0.47 $ (0.43) $ 0.64 Diluted (Loss) Earnings per Share Net (Loss) Income Attributable to Xerox Holdings $ (4) $ 91 $ (60) $ 130 Accrued dividends on preferred stock (3) (3) (7) (7) Adjusted Net (loss) income available to common shareholders $ (7) $ 88 $ (67) $ 123 Weighted average common shares outstanding (1) 155,170 187,009 155,897 191,433 Common shares issuable with respect to: Stock options — — — — Restricted stock and performance shares — 2,012 — 2,096 Convertible preferred stock — — — — Adjusted weighted average common shares outstanding 155,170 189,021 155,897 193,529 Diluted (Loss) Earnings per Share $ (0.05) $ 0.46 $ (0.43) $ 0.64 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 693 694 693 694 Restricted stock and performance shares 6,178 4,647 6,178 4,562 Convertible preferred stock 6,742 6,742 6,742 6,742 Total Anti-Dilutive Securities 13,613 12,083 13,613 11,998 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, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Loss Contingencies by Contingency	Below is a summary of our Brazilian tax contingencies: June 30, December 31, Tax contingency - unreserved $ 343 $ 292 Escrow cash deposits 36 32 Surety bonds 62 96 Letters of credit 81 74 Liens on Brazilian assets — —

Basis of Presentation (Details)

Basis of Presentation (Details) $ in Millions	3 Months Ended		6 Months Ended	12 Months Ended
	Mar. 31, 2022 segment unit	Dec. 31, 2021 USD ($)	Jun. 30, 2022 USD ($) segment	Dec. 31, 2021 USD ($) segment unit
Segment Reporting, Asset Reconciling Item [Line Items]
Number of reportable segments | segment	2		2	1
Goodwill | $		$ 3,287	$ 3,217	$ 3,287
Pre-tax impairment charges | $		$ 781
Number of operating segments | segment	2		2	1
Number of reporting units | unit				1
Print and Other
Segment Reporting, Asset Reconciling Item [Line Items]
Number of reporting units | unit	2

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Total Revenues	$ 1,747	$ 1,793	$ 3,415	$ 3,503
Equipment
Disaggregation of Revenue [Line Items]
Total Revenues	366	429	680	810
Supplies, paper and other sales
Disaggregation of Revenue [Line Items]
Total Revenues	301	241	579	462
Maintenance agreements
Disaggregation of Revenue [Line Items]
Total Revenues	446	448	875	883
Service arrangements
Disaggregation of Revenue [Line Items]
Total Revenues	478	508	964	997
Rental and other
Disaggregation of Revenue [Line Items]
Total Revenues	104	111	212	240
Financing
Disaggregation of Revenue [Line Items]
Total Revenues	52	56	105	111
Sales
Disaggregation of Revenue [Line Items]
Total Revenues	667	670	1,259	1,272
Sales | Direct equipment lease
Disaggregation of Revenue [Line Items]
Total Revenues	144	189	279	336
Sales | Distributors & resellers
Disaggregation of Revenue [Line Items]
Total Revenues	298	289	559	543
Sales | Customer direct
Disaggregation of Revenue [Line Items]
Total Revenues	225	192	421	393
United States
Disaggregation of Revenue [Line Items]
Total Revenues	992	1,015	1,932	1,989
Europe
Disaggregation of Revenue [Line Items]
Total Revenues	467	514	933	1,013
Canada
Disaggregation of Revenue [Line Items]
Total Revenues	135	104	250	197
Other
Disaggregation of Revenue [Line Items]
Total Revenues	$ 153	$ 160	$ 300	$ 304

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Capitalized Contract Cost [Line Items]
Contract liabilities	$ 144		$ 144		$ 144
Contract liability amortization period (months)			30 months
Deferred incremental direct costs, amortization period (years)	4 years		4 years
Deferred incremental direct costs net of accumulated amortization	$ 124		$ 124		132
Contract Fulfillment Costs and Inducements
Capitalized Contract Cost [Line Items]
Capitalized contract costs, amounts deferred	12		12		$ 15
Capitalized contract costs, amortization	$ 2	$ 2	$ 3	$ 3

Revenue - Capitalized Contract

Revenue - Capitalized Contract Cost (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Incremental direct costs of obtaining a contract	$ 15	$ 17	$ 28	$ 30
Amortization of incremental direct costs	$ 16	$ 18	$ 34	$ 37

Segment Reporting - Additional

Segment Reporting - Additional Information (Details)	3 Months Ended	6 Months Ended	12 Months Ended
	Mar. 31, 2022 segment	Jun. 30, 2022 segment	Dec. 31, 2021 segment business
Segment Reporting [Abstract]
Number of reportable segments	2	2	1
Number of businesses | business			3
Number of operating segments	2	2	1

Segment Reporting - Selected Fi

Segment Reporting - Selected Financial Information For Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	$ 1,747	$ 1,793	$ 3,415	$ 3,503
Depreciation and amortization	68	84	140	170
Interest income	55	57	109	113
Total Interest expense	49	52	102	104
Intersegment Eliminations
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	37	56	77	107
Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	1,784	1,849	3,492	3,610
Segment (loss) profit	$ 35	$ 126	$ 32	$ 215
Segment (loss) margin	2%	7%	0.90%	6.10%
Depreciation and amortization	$ 58	$ 70	$ 119	$ 141
Interest income	52	56	105	111
Total Interest expense	28	30	54	60
Non financing interest expenses	2	2	4	4
Print and Other
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	1,599	1,619	3,112	3,152
Print and Other | Intersegment Eliminations
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	34	53	71	101
Print and Other | Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	1,633	1,672	3,183	3,253
Segment (loss) profit	$ 18	$ 111	$ (2)	$ 182
Segment (loss) margin	1.10%	6.90%	(0.10%)	5.80%
Depreciation and amortization	$ 28	$ 29	$ 57	$ 58
Interest income	0	0	0	0
Total Interest expense	0	0	0	0
Financing (FITTLE)
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	148	174	303	351
Financing (FITTLE) | Intersegment Eliminations
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	3	3	6	6
Financing (FITTLE) | Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	151	177	309	357
Segment (loss) profit	$ 17	$ 15	$ 34	$ 33
Segment (loss) margin	11.50%	8.60%	11.20%	9.40%
Depreciation and amortization	$ 30	$ 41	$ 62	$ 83
Interest income	52	56	105	111
Total Interest expense	$ 28	$ 30	$ 54	$ 60

Segment Reporting - Reportable

Segment Reporting - Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting, Asset Reconciling Item [Line Items]
Total Pre-tax (loss) income	$ (5)	$ 99	$ (94)	$ 152
Restructuring and related costs, net	(1)	(12)	(19)	(29)
Amortization of intangible assets	(10)	(14)	(21)	(29)
Accelerated share vesting	(21)	0	(21)	0
Other expenses, net	(8)	(1)	(65)	(5)
Depreciation and amortization	68	84	140	170
Amortization of intangible assets	10	14	21	29
Total Interest expense	49	52	102	104
Interest income	55	57	109	113
Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total Pre-tax (loss) income	35	126	32	215
Depreciation and amortization	58	70	119	141
Total Interest expense	28	30	54	60
Interest income	52	56	105	111
Corporate
Segment Reporting, Asset Reconciling Item [Line Items]
Total Interest expense	21	22	48	44
Interest income	$ 3	$ 1	$ 4	$ 2

Lessor (Details)

Lessor (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Revenue from sales type leases	$ 144	$ 189	$ 279	$ 336
Interest income on lease receivables	52	56	105	111
Lease income - operating leases	44	58	92	118
Variable lease income	16	16	31	31
Total Lease income	256	319	507	596
Profit at lease commencement, sales type leases	$ 44	$ 57	$ 88	$ 101

Acquisitions and Investments (D

Acquisitions and Investments (Details) $ in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)	Mar. 31, 2022 CAD ($)	Jul. 31, 2022	Jun. 30, 2022 USD ($)	Mar. 31, 2022 CAD ($)	Dec. 31, 2021 USD ($)
Business Acquisition [Line Items]
Goodwill				$ 3,217		$ 3,287
Powerland
Business Acquisition [Line Items]
Acquisition price	$ 52	$ 66
Contingent consideration	$ 22				$ 28
Contingent consideration, term	2 years	2 years
Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Percentage of ownership acquired			100%
Intangible assets, net				39
Goodwill				$ 40

Supplementary Financial Infor_3

Supplementary Financial Information - Statements of (Loss) Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Restricted Cash and Cash Equivalents Items [Line Items]
Selling, administrative and general expenses	$ 459	$ 434	$ 914	$ 882
Total Costs and Expenses	1,752	1,694	3,509	3,351
COVID-19 Pandemic, Aid And Economic Stimulus Savings
Restricted Cash and Cash Equivalents Items [Line Items]
Cost of services, maintenance and rentals	0	6	0	13
Selling, administrative and general expenses	0	4	0	7
Total Costs and Expenses	$ 0	$ 10	$ 0	$ 20

Supplementary Financial Infor_4

Supplementary Financial Information - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Supplemental Financial Information [Abstract]
Cash and cash equivalents	$ 1,151	$ 1,840
Restricted cash
Litigation deposits in Brazil	39	34
Escrow and cash collections related to secured borrowing arrangements	36	32
Other restricted cash	1	3
Total Restricted cash	76	69
Cash, cash equivalents and restricted cash	$ 1,227	$ 1,909

Supplementary Financial Infor_5

Supplementary Financial Information - Restricted Cash Balance Sheet Location (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Restricted Cash and Cash Equivalents Items [Line Items]
Total Restricted cash	$ 76	$ 69
Other current assets
Restricted Cash and Cash Equivalents Items [Line Items]
Total Restricted cash	36	33
Other long-term assets
Restricted Cash and Cash Equivalents Items [Line Items]
Total Restricted cash	$ 40	$ 36

Supplementary Financial Infor_6

Supplementary Financial Information - Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Supplemental Financial Information [Abstract]
Provision for receivables			$ 21	$ 15
Provision for inventory			14	19
Provision for product warranties			3	4
Depreciation of buildings and equipment			34	38
Depreciation and obsolescence of equipment on operating leases			62	83
Amortization of internal use software			23	20
Amortization of acquired intangible assets	$ 10	$ 14	21	29
Amortization of customer contract costs			37	40
Cost of additions to land, buildings and equipment			19	12
Cost of additions to internal use software			10	21
Common stock dividends - Xerox Holdings			81	101
Preferred stock dividends - Xerox Holdings			7	7
Payments to noncontrolling interests			1	0
Investment from noncontrolling interests			5	5
Repurchases related to stock-based compensation - Xerox Holdings			$ 10	$ 14

Accounts Receivable, Net - Summ

Accounts Receivable, Net - Summary (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended	12 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for doubtful accounts	$ (63)				$ (63)	$ (58)
Accounts receivable, net	852				852	818
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance		$ 58			58
Ending balance	63				$ 63	$ 58
Credit Concentration Risk | Accounts Receivable | Customers
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Concentration risk (percentage)					6.90%	6.60%
Accounts Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Invoiced	703				$ 703	$ 660
Accrued	212				212	216
Allowance for doubtful accounts	(63)	(63)	$ (68)	$ (68)	(63)	(58)
Accounts receivable, net	852				852	818
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	63	58	68	69	58	69
Provision	3	9	1	4
Charge-offs	(2)	(3)	(2)	(5)
Recoveries and other	(1)	(1)	1	0
Ending balance	$ 63	$ 63	$ 68	$ 68	$ 63	$ 58

Accounts Receivable, Net - Acco

Accounts Receivable, Net - Accounts Receivable Sales Arrangements (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($) facility	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) facility	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Receivables [Abstract]
Number of facilities enabling the sale of accounts receivable | facility	1		1
Accounts Receivable Sales Arrangements [Abstract]
Uncollected accounts receivable sold and derecognized	$ 84		$ 84		$ 102
Accounts Receivable
Accounts Receivable Sales Arrangements [Abstract]
Accounts receivable sales	$ 120	$ 125	$ 236	$ 232

Finance Receivables, Net - Summ

Finance Receivables, Net - Summary (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021
Financing Receivable, Allowance for Credit Loss [Line Items]
Gross receivables	$ 3,418	$ 3,568
Unearned income	(355)	(380)
Total	3,063	3,188
Residual values	0	0
Allowance for doubtful accounts	(116)	(118)	$ (133)	$ (120)	$ (133)	$ (135)
Finance receivables, net	2,947	3,070
Less: Billed portion of finance receivables, net	83	94
Less: Current portion of finance receivables not billed, net	1,019	1,042
Finance receivables due after one year, net	$ 1,845	$ 1,934
Credit Concentration Risk | Financing Receivable | U.S., Canada and EMEA
Financing Receivable, Allowance for Credit Loss [Line Items]
Concentration risk (percentage)	3.80%	3.70%	4%

Finance Receivables, Net - Allo

Finance Receivables, Net - Allowance for Credit Losses (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 120	$ 118	$ 135	$ 133	$ 118
Provision	4	6	2	6
Charge-offs	(6)	(4)	(5)	(3)
Recoveries and other	(2)	0	1	(1)
Ending balance	116	120	133	135	116
Finance receivables collectively evaluated for impairment	3,063		3,250		$ 3,063
Loss rates of customers with low credit risk					1%
Loss rates of customers with average credit risk, low range					2%
Loss rates of customers with average credit risk, high range					5%
Loss rates of customers with high credit risk, low range					7%
Loss rates of customers with high credit risk, high range					10%
United States
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	78	77	78	77	$ 77
Provision	0	3	6	2
Charge-offs	(3)	(2)	(3)	(2)
Recoveries and other	0	0	0	1
Ending balance	75	78	81	78	75
Finance receivables collectively evaluated for impairment	1,861		1,845		1,861
Canada
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	11	11	16	15	11
Provision	1	0	(1)	1
Charge-offs	(1)	(1)	(1)	0
Recoveries and other	0	1	1	0
Ending balance	11	11	15	16	11
Finance receivables collectively evaluated for impairment	230		283		230
EMEA
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	31	30	41	41	30
Provision	3	3	(3)	3
Charge-offs	(2)	(1)	(1)	(1)
Recoveries and other	(2)	(1)	0	(2)
Ending balance	30	$ 31	37	$ 41	30
Finance receivables collectively evaluated for impairment	$ 972		$ 1,122		$ 972

Finance Receivables, Net - Cred

Finance Receivables, Net - Credit Quality Indicators (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	$ 621	$ 1,236
CY-1	1,034	837
CY-2	675	642
CY-3	472	346
CY-4	214	110
Prior	47	17
Total	3,063	3,188
United States (Direct)
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	148	299
CY-1	246	234
CY-2	197	186
CY-3	141	107
CY-4	68	35
Prior	17	6
Total	817	867
United States (Indirect)
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	234	460
CY-1	401	263
CY-2	217	182
CY-3	134	82
CY-4	51	22
Prior	7	0
Total	1,044	1,009
Canada
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	33	74
CY-1	63	73
CY-2	61	56
CY-3	45	33
CY-4	22	13
Prior	6	2
Total	230	251
EMEA
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	206	403
CY-1	324	267
CY-2	200	218
CY-3	152	124
CY-4	73	40
Prior	17	9
Total	972	1,061
Low Credit Risk
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	326	644
CY-1	530	436
CY-2	343	341
CY-3	239	195
CY-4	118	57
Prior	23	10
Total	1,579	1,683
Low Credit Risk | United States (Direct)
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	80	148
CY-1	124	121
CY-2	104	98
CY-3	74	68
CY-4	44	21
Prior	9	3
Total	435	459
Low Credit Risk | United States (Indirect)
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	111	235
CY-1	189	145
CY-2	108	100
CY-3	67	43
CY-4	24	11
Prior	3	0
Total	502	534
Low Credit Risk | Canada
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	11	32
CY-1	27	27
CY-2	23	22
CY-3	18	13
CY-4	8	3
Prior	2	1
Total	89	98
Low Credit Risk | EMEA
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	124	229
CY-1	190	143
CY-2	108	121
CY-3	80	71
CY-4	42	22
Prior	9	6
Total	553	592
Average Credit Risk
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	243	451
CY-1	378	286
CY-2	236	242
CY-3	188	118
CY-4	75	39
Prior	18	6
Total	1,138	1,142
Average Credit Risk | United States (Direct)
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	40	60
CY-1	40	40
CY-2	33	57
CY-3	43	23
CY-4	15	8
Prior	4	2
Total	175	190
Average Credit Risk | United States (Indirect)
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	112	201
CY-1	189	103
CY-2	95	74
CY-3	61	35
CY-4	24	10
Prior	4	0
Total	485	423
Average Credit Risk | Canada
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	18	34
CY-1	29	34
CY-2	28	27
CY-3	22	15
CY-4	10	6
Prior	3	1
Total	110	117
Average Credit Risk | EMEA
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	73	156
CY-1	120	109
CY-2	80	84
CY-3	62	45
CY-4	26	15
Prior	7	3
Total	368	412
High Credit Risk
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	52	141
CY-1	126	115
CY-2	96	59
CY-3	45	33
CY-4	21	14
Prior	6	1
Total	346	363
High Credit Risk | United States (Direct)
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	28	91
CY-1	82	73
CY-2	60	31
CY-3	24	16
CY-4	9	6
Prior	4	1
Total	207	218
High Credit Risk | United States (Indirect)
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	11	24
CY-1	23	15
CY-2	14	8
CY-3	6	4
CY-4	3	1
Prior	0	0
Total	57	52
High Credit Risk | Canada
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	4	8
CY-1	7	12
CY-2	10	7
CY-3	5	5
CY-4	4	4
Prior	1	0
Total	31	36
High Credit Risk | EMEA
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	9	18
CY-1	14	15
CY-2	12	13
CY-3	10	8
CY-4	5	3
Prior	1	0
Total	$ 51	$ 57

Finance Receivables, Net - Agin

Finance Receivables, Net - Aging of Billed Finance Receivables (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Financing Receivable, Past Due [Line Items]
Total	$ 3,063	$ 3,188
Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	86	98
Unbilled Revenues
Financing Receivable, Past Due [Line Items]
Total	2,977	3,090
United States
Financing Receivable, Past Due [Line Items]
Total	1,861	1,876
United States | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	70	79
United States | Unbilled Revenues
Financing Receivable, Past Due [Line Items]
Total	1,791	1,797
Canada
Financing Receivable, Past Due [Line Items]
Total	230	251
Canada | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	6	7
Canada | Unbilled Revenues
Financing Receivable, Past Due [Line Items]
Total	224	244
EMEA
Financing Receivable, Past Due [Line Items]
Total	972	1,061
EMEA | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	10	12
EMEA | Unbilled Revenues
Financing Receivable, Past Due [Line Items]
Total	962	1,049
Current | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	62	71
Current | United States | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	49	56
Current | Canada | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	5	6
Current | EMEA | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	8	9
31-90 Days Past Due | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	13	15
31-90 Days Past Due | United States | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	10	12
31-90 Days Past Due | Canada | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	1	1
31-90 Days Past Due | EMEA | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	2	2
>90 Days Past Due | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	11	12
>90 Days Past Due | United States | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	11	11
>90 Days Past Due | Canada | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	0	0
>90 Days Past Due | EMEA | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	0	1
>90 Days and Accruing
Financing Receivable, Past Due [Line Items]
Financing receivable, 90 days or more past due, still accruing	74	83
>90 Days and Accruing | United States
Financing Receivable, Past Due [Line Items]
Financing receivable, 90 days or more past due, still accruing	57	61
>90 Days and Accruing | Canada
Financing Receivable, Past Due [Line Items]
Financing receivable, 90 days or more past due, still accruing	9	9
>90 Days and Accruing | EMEA
Financing Receivable, Past Due [Line Items]
Financing receivable, 90 days or more past due, still accruing	8	13
Direct
Financing Receivable, Past Due [Line Items]
Total	817	867
Direct | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	37	42
Direct | Unbilled Revenues
Financing Receivable, Past Due [Line Items]
Total	780	825
Direct | Current | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	26	28
Direct | 31-90 Days Past Due | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	5	7
Direct | >90 Days Past Due | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	6	7
Direct | >90 Days and Accruing
Financing Receivable, Past Due [Line Items]
Financing receivable, 90 days or more past due, still accruing	57	61
Indirect
Financing Receivable, Past Due [Line Items]
Total	1,044	1,009
Indirect | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	33	37
Indirect | Unbilled Revenues
Financing Receivable, Past Due [Line Items]
Total	1,011	972
Indirect | Current | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	23	28
Indirect | 31-90 Days Past Due | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	5	5
Indirect | >90 Days Past Due | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	5	4
Indirect | >90 Days and Accruing
Financing Receivable, Past Due [Line Items]
Financing receivable, 90 days or more past due, still accruing	$ 0	$ 0

Inventories and Equipment on _3

Inventories and Equipment on Operating Leases, Net - Inventories by Major Category (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Inventories and Equipment on Operating Leases, Net [Abstract]
Finished goods	$ 607	$ 568
Work-in-process	46	43
Raw materials	112	85
Total Inventories	$ 765	$ 696

Inventories and Equipment on _4

Inventories and Equipment on Operating Leases, Net - Equipment on Operating Leases and Related Accumulated Depreciation (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Inventories and Equipment on Operating Leases, Net [Abstract]
Equipment on operating leases	$ 1,188	$ 1,266
Accumulated depreciation	(962)	(1,013)
Equipment on operating leases, net	$ 226	$ 253

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, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Inventories and Equipment on Operating Leases, Net [Abstract]
Usage charges in excess of minimum contracted amounts	$ 16	$ 16	$ 31	$ 31

Lessee - Additional Information

Lessee - Additional Information (Details)	Jun. 30, 2022
Leases [Abstract]
Remaining terms of leases (years)	10 years

Lessee - Components of Lease Ex

Lessee - Components of Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Operating lease expense	$ 24	$ 27	$ 49	$ 54
Short-term lease expense	4	6	8	11
Variable lease expense	13	11	25	23
Sublease income	(2)	(1)	(4)	(2)
Total Lease expense	$ 39	$ 43	$ 78	$ 86

Lessee - Operating Lease ROU As

Lessee - Operating Lease ROU Asset- Operating Leases Assets and Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease, right-of-use asset, statement of financial position [extensible list]	Other long-term assets	Other long-term assets
Operating lease, other long-term assets	$ 233	$ 264
Operating lease, liability, current, statement of financial position [extensible list]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Operating lease, accrued expenses and other current liabilities	$ 75	$ 79
Operating lease, liability, noncurrent, statement of financial position [extensible list]	Other long-term liabilities	Other long-term liabilities
Operating lease, other long-term liabilities	$ 175	$ 204
Total Operating lease liabilities	$ 250	$ 283

Restructuring Programs - Additi

Restructuring Programs - Additional Information (Details) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) employee	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Restructuring Cost and Reserve [Line Items]
Net current period charges	$ 21	$ 19		$ 40
Restructuring charges	23	22
Headcount reductions, number of employees | employee				1,050
Reversals	2	3		$ 5
Payments for restructuring				21	$ 49
Restructuring related reserve	13			13		$ 18
Net asset impairment charges	(19)		$ 1	(18)	11
Gain on sales of assets	(20)		$ 0	(20)	0
HCL/TCS
Restructuring Cost and Reserve [Line Items]
Payments for restructuring				2	$ 6
Severance and Related Costs
Restructuring Cost and Reserve [Line Items]
Net current period charges	21	19
Restructuring charges	22	22		44
Reversals	1	3
Other Contractual Termination Costs
Restructuring Cost and Reserve [Line Items]
Net current period charges	0	0
Restructuring charges	1	0		$ 1
Reversals	$ 1	$ 0

Restructuring Programs - Restru

Restructuring Programs - Restructuring Program Activity (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2022	Jun. 30, 2021
Restructuring Reserve [Roll Forward]
Balance at beginning of period	$ 39	$ 27	$ 27
Provision	23	22
Reversals	(2)	(3)	(5)
Net current period charges	21	19	40
Charges against reserve and currency	(14)	(7)	(21)	$ (62)
Balance at end of period	46	39	46
Severance and Related Costs
Restructuring Reserve [Roll Forward]
Balance at beginning of period	37	25	25
Provision	22	22	44
Reversals	(1)	(3)
Net current period charges	21	19
Charges against reserve and currency	(14)	(7)
Balance at end of period	44	37	44
Other Contractual Termination Costs
Restructuring Reserve [Roll Forward]
Balance at beginning of period	2	2	2
Provision	1	0	1
Reversals	(1)	0
Net current period charges	0	0
Charges against reserve and currency	0	0
Balance at end of period	$ 2	$ 2	$ 2

Restructuring Programs -Reconci

Restructuring Programs -Reconciliation to The Consolidated Statements of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2022	Jun. 30, 2021
Restructuring and Related Activities [Abstract]
Charges against reserve and currency	$ (14)	$ (7)	$ (21)	$ (62)
Effects of foreign currency and other non-cash items			0	13
Restructuring cash payments			$ (21)	$ (49)

Restructuring Programs - Rest_2

Restructuring Programs - Restructuring and Related Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Restructuring Cost and Reserve [Line Items]
Related restructuring costs	$ (1)	$ 8	$ (3)	$ 4
Retention related severance/bonuses
Restructuring Cost and Reserve [Line Items]
Related restructuring costs	0	3	(2)	(1)
Contractual severance costs
Restructuring Cost and Reserve [Line Items]
Related restructuring costs	(1)	3	(1)	3
Consulting and other costs
Restructuring Cost and Reserve [Line Items]
Related restructuring costs	$ 0	$ 2	$ 0	$ 2

Restructuring Programs - Rest_3

Restructuring Programs - Restructuring Related Asset Impairment Activity (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Restructuring and Related Activities [Abstract]
Lease right of use assets	$ 0	$ 2	$ 1	$ 2
Owned asset	1	0	1	10
Asset impairments	1	2	2	12
Gain on sales of assets	(20)	0	(20)	0
Adjustments/Reversals	0	(1)	0	(1)
Net asset impairment charges	$ (19)	$ 1	$ (18)	$ 11

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)		1 Months Ended	3 Months Ended		6 Months Ended
	Jul. 07, 2022	Feb. 28, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Jul. 31, 2022	Dec. 31, 2021
Secured Borrowings and Collateral [Abstract]
Interest expense			$ 49,000,000	$ 52,000,000	$ 102,000,000	$ 104,000,000
Special Purpose Entity (SPE)
Secured Borrowings and Collateral [Abstract]
Term of debt (years)					2 years 6 months
Credit Agreement | Revolving Credit Facility | Subsequent Event
Secured Borrowings and Collateral [Abstract]
Line of credit facility, current borrowing capacity	$ 500,000,000
Term of debt (years)	2 years
Credit Agreement | XEROX CORPORATION | Revolving Credit Facility
Secured Borrowings and Collateral [Abstract]
Line of credit facility, current borrowing capacity			1,500,000,000		$ 1,500,000,000
Credit Agreement | XEROX CORPORATION | Revolving Credit Facility | Subsequent Event
Secured Borrowings and Collateral [Abstract]
Line of credit facility, current borrowing capacity							$ 500,000,000
Senior Notes | 4.625% Senior Notes
Secured Borrowings and Collateral [Abstract]
Debt redeemed					350,000,000
Debt value			$ 1,000,000,000		$ 1,000,000,000
Debt redemption price, percent					4.625%
Cash consideration					$ 353,000,000
Redemption premium par value ((in dollars per share)			$ 3		$ 3
Net loss					$ 4,000,000
Senior Notes | 2025 And 2028 Senior Notes | Xerox Holdings Corporation
Secured Borrowings and Collateral [Abstract]
Proceeds, net of fees and expenses		$ 1,494,000,000
Senior Notes | 2025 And 2028 Senior Notes | XEROX CORPORATION
Secured Borrowings and Collateral [Abstract]
Related party debt			$ 1,495,000,000		1,495,000,000			$ 1,494,000,000
Interest payable			30,000,000		30,000,000			$ 30,000,000
Interest expense			$ 19,000,000	$ 19,000,000	$ 39,000,000	$ 39,000,000

Debt - Secured Assets and Oblig

Debt - Secured Assets and Obligations held by SPE (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Equipment on Operating Leases, Net	$ 226	$ 253
Special Purpose Entity (SPE)
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Finance receivables, net	964
Equipment on Operating Leases, Net	6
Secured Debt	833
Debt issuance costs	2	1
Special Purpose Entity (SPE) | United States
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Finance receivables, net	880	688
Equipment on Operating Leases, Net	6	8
Secured Debt	756	560
Special Purpose Entity (SPE) | United States | January 2022
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Finance receivables, net	642
Equipment on Operating Leases, Net	0
Secured Debt	$ 549
Interest Rate	3.02%
Special Purpose Entity (SPE) | United States | September 2021
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Finance receivables, net	$ 238	308
Equipment on Operating Leases, Net	6	8
Secured Debt	$ 207	$ 293
Interest Rate	1.78%	1.40%
Special Purpose Entity (SPE) | United States | December 2020
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Finance receivables, net		$ 380
Equipment on Operating Leases, Net		0
Secured Debt		$ 267
Interest Rate		1.74%
Special Purpose Entity (SPE) | Canada | April 2022
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Finance receivables, net	$ 84
Equipment on Operating Leases, Net	0
Secured Debt	$ 77
Interest Rate	3.32%

Debt - Interest Income and Inte

Debt - Interest Income and Interest Expense Disclosure (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Debt Instrument [Line Items]
Interest expense	$ 49	$ 52	$ 102	$ 104
Interest income	55	57	109	113
2025 And 2028 Senior Notes | Senior Notes | XEROX CORPORATION
Debt Instrument [Line Items]
Interest expense	$ 19	$ 19	$ 39	$ 39

Financial Instruments - Additio

Financial Instruments - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Derivative [Line Items]
Notional amount	$ 1,170,000,000		$ 1,170,000,000		$ 1,113,000,000
Average maturity of foreign exchange hedging contract - within three months (as a percent of total contracts)	81%		81%
Average maturity of foreign exchange hedging contract - within three and six months (as a percent of total contracts)	9%		9%
Average maturity of foreign exchange hedging contract - within six and twelve months (as a percent of total contracts)	10%		10%
Derivative liabilities, at fair value, net	$ 31,000,000		$ 31,000,000		6,000,000
After-tax loss, net			27,000,000
Foreign currency transaction losses, before tax	1,000,000	$ 1,000,000	1,000,000	$ 3,000,000
Derivatives Designated as Hedging Instruments
Derivative [Line Items]
Derivative liabilities, at fair value, net	24,000,000		24,000,000		2,000,000
Cash Flow Hedging | Foreign exchange contracts - forwards | Cost of Sales
Derivative [Line Items]
Hedge ineffectiveness			0	0
Derivative, underlying exposure			0	$ 0
Cash Flow Hedging | Derivatives Designated as Hedging Instruments
Derivative [Line Items]
Derivative liabilities, at fair value, net	$ 28,000,000		$ 28,000,000		$ 3,000,000

Financial Instruments - Derivat

Financial Instruments - Derivative Instruments Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Summary Of Derivative Instruments By Hedge Designation [Abstract]
Derivative assets	$ 8	$ 5
Derivative liabilities	(39)	(11)
Net derivative (liability) asset	(31)	(6)
Derivatives Designated as Hedging Instruments
Summary Of Derivative Instruments By Hedge Designation [Abstract]
Net derivative (liability) asset	(24)	(2)
Derivatives Designated as Hedging Instruments | Other current assets | Foreign exchange contracts - forwards
Summary Of Derivative Instruments By Hedge Designation [Abstract]
Derivative assets	2	3
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	(30)	(6)
Derivatives Designated as Hedging Instruments | Other long-term assets | Interest rate cap
Summary Of Derivative Instruments By Hedge Designation [Abstract]
Derivative assets	4	1
Derivatives NOT Designated as Hedging Instruments | Foreign exchange contracts - forwards
Summary Of Derivative Instruments By Hedge Designation [Abstract]
Net derivative (liability) asset	(7)	(4)
Derivatives NOT Designated as Hedging Instruments | Other current assets | Foreign exchange contracts - forwards
Summary Of Derivative Instruments By Hedge Designation [Abstract]
Derivative assets	2	1
Derivatives NOT Designated as Hedging Instruments | Accrued expenses and other current liabilities | Foreign exchange contracts - forwards
Summary Of Derivative Instruments By Hedge Designation [Abstract]
Derivative liabilities	$ (9)	$ (5)

Financial Instruments - Gains (

Financial Instruments - Gains (losses) on Derivative Instruments (Details) - Foreign exchange contracts - forwards - Cash Flow Hedges - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Summary of Derivative Instruments Gains (Losses) [Abstract]
Derivative loss recognized in OCI (effective portion)	$ (23)	$ (2)	$ (38)	$ (12)
Cost of Sales
Summary of Derivative Instruments Gains (Losses) [Abstract]
Derivative loss reclassified from AOCL to income - Cost of sales (effective portion)	$ (4)	$ (2)	$ (6)	$ (3)

Financial Instruments - Deriv_2

Financial Instruments - Derivatives Not Designated as Hedging Instruments Gains (Losses) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Foreign exchange contracts - forwards | Other expense – Currency losses, net | Derivatives NOT Designated as Hedging Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on non-designated derivative instruments	$ (14)	$ (4)	$ (23)	$ (22)

Fair Value of Financial Asset_3

Fair Value of Financial Assets and Liabilities -Fair Value of Financial Assets and Liabilities (Details) - Recurring - Level 2 - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Assets
Total	$ 22	$ 23
Liabilities
Total	53	29
Foreign exchange contracts - forwards
Assets
Total	4	4
Liabilities
Total	39	11
Interest rate cap
Assets
Total	4	1
Deferred compensation plan investments in mutual funds
Assets
Total	14	18
Liabilities
Total	$ 14	$ 18

Fair Value of Financial Asset_4

Fair Value of Financial Assets and Liabilities - Estimated Fair Values of Financial Assets and Liabilities Not Measured at Fair Value on a Recurring Basis (Details) - Nonrecurring - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	$ 1,151	$ 1,840
Accounts receivable, net	852	818
Short-term debt and current portion of long-term debt	1,108	650
Long-term debt	2,764	3,596
Carrying Amount | Xerox Holdings Corporation
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	1,495	1,494
Carrying Amount | XEROX CORPORATION
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	895	1,892
Carrying Amount | Xerox - Other Subsidiaries
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	374	210
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	1,151	1,840
Accounts receivable, net	852	818
Short-term debt and current portion of long-term debt	1,110	653
Long-term debt	2,499	3,776
Fair Value | Xerox Holdings Corporation
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	1,337	1,579
Fair Value | XEROX CORPORATION
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	786	1,987
Fair Value | Xerox - Other Subsidiaries
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 376	$ 210

Employee Benefit Plans - Net Pe

Employee Benefit Plans - Net Periodic Benefit Cost and Other Changes in Plan Assets and Benefit Obligations (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Components of Net Periodic Benefit Costs:
Defined benefit plans	[1]			$ (11)	$ (42)
Pension Benefits | U.S. Plans
Components of Net Periodic Benefit Costs:
Service cost		$ 1	$ 1	1	1
Interest cost		24	19	44	37
Expected return on plan assets		(24)	(27)	(51)	(55)
Recognized net actuarial loss (gain)		3	4	7	9
Amortization of prior service credit		0	(1)	0	(1)
Recognized settlement loss		15	13	33	28
Defined benefit plans		19	9	34	19
Defined contribution plans		5	0	10	0
Net Periodic Benefit Cost (Credit)		24	9	44	19
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Loss) Income:
Net actuarial (gain) loss		(7)	(25)	7	(69)
Prior service cost (credit)		0	0	0	0
Amortization of net actuarial (loss) gain		(18)	(17)	(40)	(37)
Amortization of net prior service credit		0	1	0	1
Total Recognized in Other Comprehensive (Loss) Income		(25)	(41)	(33)	(105)
Total Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Loss) Income		(1)	(32)	11	(86)
Pension Benefits | Non-U.S. Plans
Components of Net Periodic Benefit Costs:
Service cost		4	5	8	10
Interest cost		33	22	62	44
Expected return on plan assets		(59)	(52)	(114)	(104)
Recognized net actuarial loss (gain)		6	14	12	29
Amortization of prior service credit		0	0	0	0
Recognized settlement loss		0	0	0	0
Defined benefit plans		(16)	(11)	(32)	(21)
Defined contribution plans		4	5	8	10
Net Periodic Benefit Cost (Credit)		(12)	(6)	(24)	(11)
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Loss) Income:
Net actuarial (gain) loss		31	0	31	1
Prior service cost (credit)		48	0	48	0
Amortization of net actuarial (loss) gain		(6)	(14)	(12)	(29)
Amortization of net prior service credit		0	0	0	0
Total Recognized in Other Comprehensive (Loss) Income		73	(14)	67	(28)
Total Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Loss) Income		61	(20)	43	(39)
Retiree Health
Components of Net Periodic Benefit Costs:
Service cost		1	0	1	1
Interest cost		2	2	4	4
Expected return on plan assets		0	0	0	0
Recognized net actuarial loss (gain)		(1)	0	(1)	0
Amortization of prior service credit		(3)	(16)	(7)	(33)
Recognized settlement loss		0	0	0	0
Defined benefit plans		(1)	(14)	(3)	(28)
Net Periodic Benefit Cost (Credit)		(1)	(14)	(3)	(28)
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Loss) Income:
Net actuarial (gain) loss		0	2	(7)	2
Prior service cost (credit)		0	0	(23)	0
Amortization of net actuarial (loss) gain		1	0	1	0
Amortization of net prior service credit		3	16	7	33
Total Recognized in Other Comprehensive (Loss) Income		4	18	(22)	35
Total Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Loss) Income		$ 3	$ 4	$ (25)	$ 7
[1]Captions were changed in 2022 to reflect the inclusion of expense and contributions for our Retiree Health plans, which were previously reported as part of the Increase in accrued compensation. There was no change to Net cash (used in) provided by operating activities as a result of the reclassification. Prior year amounts have been revised to conform to this presentation. Refer to Note 16 - Employee Benefit Plans for additional information.

Employee Benefit Plans - Pensio

Employee Benefit Plans - Pension Plans and Retiree Health Benefit Plans (Details) - USD ($) $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Schedule of Defined Benefit Plans Disclosures [Line Items]
Defined benefit plan, contributions by employer	$ 72	$ 80	$ 160
Defined benefit plan, expected future employer contributions	155
Pension Benefits
Schedule of Defined Benefit Plans Disclosures [Line Items]
Defined benefit plan, contributions by employer	63	69	135
Defined benefit plan, expected future employer contributions	130
Retiree Health
Schedule of Defined Benefit Plans Disclosures [Line Items]
Defined benefit plan, contributions by employer	9	11	25
Defined benefit plan, expected future employer contributions	25
U.S. Plans | Pension Benefits
Schedule of Defined Benefit Plans Disclosures [Line Items]
Defined benefit plan, contributions by employer	12	12	24
Defined benefit plan, expected future employer contributions	25
Non-U.S. Plans | Pension Benefits
Schedule of Defined Benefit Plans Disclosures [Line Items]
Defined benefit plan, contributions by employer	51	$ 57	$ 111
Defined benefit plan, expected future employer contributions	$ 105

Employee Benefit Plans - Contri

Employee Benefit Plans - Contributions and Narrative (Details) £ in Millions	1 Months Ended		3 Months Ended		6 Months Ended
	Apr. 30, 2022 USD ($)	Apr. 30, 2022 GBP (£)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2021
Schedule of Defined Benefit Plans Disclosures [Line Items]
Pension award payment percentage	7.50%	7.50%
Increase to PBO	$ 48,000,000	£ 39
Percentage of total PBO							1.40%
Actual returns and actuarial experience, additional loss	$ 31,000,000
Retiree Health
Schedule of Defined Benefit Plans Disclosures [Line Items]
Reduction in the Company's postretirement benefit obligation			$ 0	$ 0	$ 23,000,000	$ 0
U.S. Plans | Pension Benefits
Schedule of Defined Benefit Plans Disclosures [Line Items]
Reduction in the Company's postretirement benefit obligation			0	$ 0	0	$ 0
U.S. Plans | Pension Benefits | Qualified Plan
Schedule of Defined Benefit Plans Disclosures [Line Items]
Mandatory future contributions			$ 0		$ 0

Shareholders' Equity of Xerox_3

Shareholders' Equity of Xerox Holdings - Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	$ 4,189	$ 5,429	$ 4,443	$ 5,596
Comprehensive (Loss) Income, Net	(303)	161	(404)	197
Cash dividends declared - common	(41)	(47)	(80)	(96)
Cash dividends declared - preferred	(3)	(3)	(7)	(7)
Stock option and incentive plans, net	35	5	39	17
Payments to acquire treasury stock, including fees		(251)	(113)	(413)
Cancellation of treasury stock	0	0	0	0
Investment from noncontrolling interests	5	5	5	5
Other		(4)		(4)
Distributions to noncontrolling interests			1
Balance at end of period	$ 3,882	$ 5,295	$ 3,882	$ 5,295
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
Xerox Holdings Shareholders’ Equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	$ 4,184	$ 5,425	$ 4,436	$ 5,592
Comprehensive (Loss) Income, Net	(302)	161	(402)	197
Cash dividends declared - common	(41)	(47)	(80)	(96)
Cash dividends declared - preferred	(3)	(3)	(7)	(7)
Stock option and incentive plans, net	35	5	39	17
Payments to acquire treasury stock, including fees		(251)	(113)	(413)
Investment from noncontrolling interests		1		1
Other		(4)		(4)
Balance at end of period	3,873	5,287	3,873	5,287
Common Stock Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	156	199	168	198
Stock option and incentive plans, net	1	0	1	1
Cancellation of treasury stock	(2)	(10)	(14)	(10)
Balance at end of period	$ 155	189	$ 155	189
Par value (in dollars per share)	$ 1		$ 1
Additional Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	$ 1,560	2,456	$ 1,802	2,445
Stock option and incentive plans, net	34	5	38	16
Cancellation of treasury stock	(30)	(244)	(276)	(244)
Investment from noncontrolling interests		1		1
Other		(4)		(4)
Balance at end of period	1,564	2,214	1,564	2,214
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	(32)	(162)	(177)	0
Payments to acquire treasury stock, including fees		(251)	(113)	(413)
Cancellation of treasury stock	32	254	290	254
Balance at end of period	0	(159)	0	(159)
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	5,532	6,267	5,631	6,281
Comprehensive (Loss) Income, Net	(4)	91	(60)	130
Cash dividends declared - common	(41)	(47)	(80)	(96)
Cash dividends declared - preferred	(3)	(3)	(7)	(7)
Balance at end of period	5,484	6,308	5,484	6,308
AOCL
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	(3,032)	(3,335)	(2,988)	(3,332)
Comprehensive (Loss) Income, Net	(298)	70	(342)	67
Balance at end of period	(3,330)	(3,265)	(3,330)	(3,265)
Non-controlling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	5	4	7	4
Comprehensive (Loss) Income, Net	(1)		(2)
Investment from noncontrolling interests	5	4	5	4
Distributions to noncontrolling interests			1
Balance at end of period	$ 9	$ 8	$ 9	$ 8

Shareholders' Equity of Xerox_4

Shareholders' Equity of Xerox Holdings - Treasury Stock (Details) - shares shares in Thousands	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022
Common Stock Shares
Increase (Decrease) In Treasury Stock [Roll Forward]
Beginning balance (in shares)	156,358	168,069
Stock based compensation plans, net (in shares)	116	630
Acquisition of treasury stock (in shares)		0
Cancellation of treasury stock (in shares)	(1,508)	(12,341)
Ending balance (in shares)	154,966	156,358
Treasury Stock Shares
Increase (Decrease) In Treasury Stock [Roll Forward]
Beginning balance (in shares)	1,508	8,675
Stock based compensation plans, net (in shares)	0	0
Acquisition of treasury stock (in shares)		5,174
Cancellation of treasury stock (in shares)	(1,508)	(12,341)
Ending balance (in shares)	0	1,508

Shareholder's Equity of Xerox_2

Shareholder's Equity of Xerox (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	$ 4,189	$ 5,429	$ 4,443	$ 5,596
Comprehensive (loss) income, net	(303)	161	(404)	197
Investment from noncontrolling interests	5	5	5	5
Distributions to noncontrolling interests			(1)
Balance at end of period	3,882	5,295	3,882	5,295
XEROX CORPORATION
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	4,436	5,701	4,697	7,394
Comprehensive (loss) income, net	(303)	161	(404)	197
Dividends declared to parent	(47)	(358)	(596)	(559)
Intercompany loan capitalization				(1,494)
Transfers from parent	38	52	428	18
Investment from noncontrolling interests	5	5	5	5
Distributions to noncontrolling interests			(1)
Balance at end of period	4,129	5,561	4,129	5,561
Xerox Holdings Shareholders’ Equity
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	4,184	5,425	4,436	5,592
Comprehensive (loss) income, net	(302)	161	(402)	197
Investment from noncontrolling interests		1		1
Balance at end of period	3,873	5,287	3,873	5,287
Xerox Holdings Shareholders’ Equity | XEROX CORPORATION
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	4,431	5,697	4,690	7,390
Comprehensive (loss) income, net	(302)	161	(402)	197
Dividends declared to parent	(47)	(358)	(596)	(559)
Intercompany loan capitalization				(1,494)
Transfers from parent	38	52	428	18
Investment from noncontrolling interests		1		1
Balance at end of period	4,120	5,553	4,120	5,553
Additional Paid-in Capital
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	1,560	2,456	1,802	2,445
Investment from noncontrolling interests		1		1
Balance at end of period	1,564	2,214	1,564	2,214
Additional Paid-in Capital | XEROX CORPORATION
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	3,592	3,360	3,202	4,888
Intercompany loan capitalization				(1,494)
Transfers from parent	38	52	428	18
Investment from noncontrolling interests		1		1
Balance at end of period	3,630	3,413	3,630	3,413
Retained Earnings
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	5,532	6,267	5,631	6,281
Comprehensive (loss) income, net	(4)	91	(60)	130
Balance at end of period	5,484	6,308	5,484	6,308
Retained Earnings | XEROX CORPORATION
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	3,871	5,672	4,476	5,834
Comprehensive (loss) income, net	(4)	91	(60)	130
Dividends declared to parent	(47)	(358)	(596)	(559)
Balance at end of period	3,820	5,405	3,820	5,405
AOCL
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	(3,032)	(3,335)	(2,988)	(3,332)
Comprehensive (loss) income, net	(298)	70	(342)	67
Balance at end of period	(3,330)	(3,265)	(3,330)	(3,265)
AOCL | XEROX CORPORATION
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	(3,032)	(3,335)	(2,988)	(3,332)
Comprehensive (loss) income, net	(298)	70	(342)	67
Balance at end of period	(3,330)	(3,265)	(3,330)	(3,265)
Non-controlling Interests
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	5	4	7	4
Comprehensive (loss) income, net	(1)		(2)
Investment from noncontrolling interests	5	4	5	4
Distributions to noncontrolling interests			(1)
Balance at end of period	9	8	9	8
Non-controlling Interests | XEROX CORPORATION
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	5	4	7	4
Comprehensive (loss) income, net	(1)	0	(2)	0
Investment from noncontrolling interests	5	4	5	4
Distributions to noncontrolling interests			(1)
Balance at end of period	$ 9	$ 8	$ 9	$ 8

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) shares in Thousands, $ in Millions	1 Months Ended	6 Months Ended
	Mar. 31, 2022	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation		$ 50	$ 30
Accelerated expense associated with vesting of outstanding equity awards		$ 21
CareAR Holdings, LLC | Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options (in shares)	105
Stock-based compensation expense, pre-tax	$ 30
Stock options grants (in shares)	90
Straight-line basis over period	4 years 8 months 12 days
Expiration period	10 years
CareAR Holdings, LLC | Graded vesting after years one and two of service period | Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options vest on a granted scheduled	10%
CareAR Holdings, LLC | Graded vesting after years three and four of service period | Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options vest on a granted scheduled	20%
CareAR Holdings, LLC | Graded vesting after year five of service period | Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options vest on a granted scheduled	40%
CareAR Holdings, LLC | Minimum | Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee termination period	90 days
CareAR Holdings, LLC | Maximum | Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee termination period	1 year

Other Comprehensive (Loss) In_3

Other Comprehensive (Loss) Income (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive (Loss) Income, Attributable to Xerox Holdings/Xerox	[1]	$ (298)	$ 70	$ (342)	$ 67
Translation Adjustments (Losses) Gains
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive (loss) income, pre-tax		(295)	55	(366)	3
Other Comprehensive (Loss) Income, Net of Tax		(287)	54	(359)	3
Unrealized (Losses) Gains
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive (loss) income, pre-tax		(19)	0	(32)	(9)
Other Comprehensive (Loss) Income, Net of Tax		(14)	0	(25)	(7)
Change in fair value of cash flow hedges losses, pre-tax		(23)	(2)	(38)	(12)
Change in fair value of cash flow hedges losses, net of tax		(16)	(1)	(29)	(9)
Changes in cash flow hedges reclassed to earnings, pre-tax		4	2	6	3
Changes in cash flow hedges reclassed to earnings, net of tax		2	1	4	2
Net actuarial/prior service (losses) gains
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive (loss) income, pre-tax		(72)	23	(56)	66
Other Comprehensive (Loss) Income, Net of Tax		(55)	17	(43)	49
Prior service amortization
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive (loss) income, pre-tax		(3)	(17)	(7)	(34)
Other Comprehensive (Loss) Income, Net of Tax		(2)	(13)	(5)	(25)
Actuarial loss amortization / settlement
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive (loss) income, pre-tax		23	31	51	66
Other Comprehensive (Loss) Income, Net of Tax		17	23	38	49
Other gains (losses)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive (loss) income, pre-tax		43	(11)	52	(2)
Other Comprehensive (Loss) Income, Net of Tax		43	(11)	52	(2)
Changes in Defined Benefit Plans (Losses) Gains
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive (loss) income, pre-tax		(9)	26	40	96
Other Comprehensive (Loss) Income, Net of Tax		3	16	42	71
Other Comprehensive (Loss) Income Attributable to Xerox Holdings/Xerox
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive (loss) income, attributable to Xerox Holdings/Xerox, pre-tax		(323)	81	(358)	90
Other Comprehensive (Loss) Income, Attributable to Xerox Holdings/Xerox		$ (298)	$ 70	$ (342)	$ 67
[1]Refer to Note 20 - Other Comprehensive (Loss) Income for gross components of Other comprehensive (loss) income, net, reclassification adjustments out of Accumulated other comprehensive loss and related tax effects.

Other Comprehensive (Loss) In_4

Other Comprehensive (Loss) Income - Accumulated Other Comprehensive Loss (AOCL) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	$ 3,882	$ 4,189	$ 4,443	$ 5,295	$ 5,429	$ 5,596
Cumulative translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	(2,220)		(1,861)
Other unrealized losses, net
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	(27)		(2)
Benefit plans net actuarial losses and prior service credits
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	(1,083)		(1,125)
Total Accumulated Other Comprehensive Loss Attributable to Xerox Holdings/Xerox
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	$ (3,330)	$ (3,032)	$ (2,988)	$ (3,265)	$ (3,335)	$ (3,332)

(Loss) Earnings_per Share - Bas

(Loss) Earnings per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Basic (Loss) Earnings per Share
Net (Loss) Income Attributable to Xerox Holdings	$ (4)	$ 91	$ (60)	$ 130
Accrued dividends on preferred stock	(3)	(3)	(7)	(7)
Adjusted Net (loss) income available to common shareholders	$ (7)	$ 88	$ (67)	$ 123
Weighted average common shares outstanding (in shares)	155,170	187,009	155,897	191,433
Basic (Loss) Earnings per Share (in dollars per share)	$ (0.05)	$ 0.47	$ (0.43)	$ 0.64
Diluted (Loss) Earnings per Share
Net (Loss) Income Attributable to Xerox Holdings	$ (4)	$ 91	$ (60)	$ 130
Accrued dividends on preferred stock	(3)	(3)	(7)	(7)
Adjusted Net (loss) income available to common shareholders	$ (7)	$ 88	$ (67)	$ 123
Weighted average common shares outstanding (in shares)	155,170	187,009	155,897	191,433
Common shares issuable with respect to:
Adjusted weighted average common shares outstanding (in shares)	155,170	189,021	155,897	193,529
Diluted (Loss) Earnings per Share (in dollars per share)	$ (0.05)	$ 0.46	$ (0.43)	$ 0.64
Stock options
Common shares issuable with respect to:
Common shares attributable to dilutive effect of share-based payments (in shares)	0	0	0	0
Restricted stock and performance shares
Common shares issuable with respect to:
Common shares attributable to dilutive effect of share-based payments (in shares)	0	2,012	0	2,096
Convertible preferred stock
Common shares issuable with respect to:
Common shares attributable to dilutive effect of share-based payments (in shares)	0	0	0	0

(Loss) Earnings_per Share - Ant

(Loss) Earnings per Share - Anti-Dilutive Securities (Details) - $ / shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	13,613	12,083	13,613	11,998
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)	693	694	693	694
Restricted stock and performance shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	6,178	4,647	6,178	4,562
Convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	6,742	6,742	6,742	6,742

Contingencies and Litigation -

Contingencies and Litigation - Loss Contingencies by Contingency (Details) - Brazil Contingencies - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Loss Contingencies [Line Items]
Tax contingency - unreserved	$ 343	$ 292
Escrow cash deposits	36	32
Surety bonds	62	96
Letters of credit	81	74
Liens on Brazilian assets	$ 0	$ 0

Contingencies and Litigation _2

Contingencies and Litigation - Other Pending Litigation - Narrative (Details) - USD ($) $ in Thousands	Apr. 04, 2022	Mar. 10, 2021	Dec. 13, 2019	Jun. 30, 2022
Performance Guarantee
Guarantor Obligations [Line Items]
Maximum exposure, undiscounted				$ 258,000
Xerox Holdings Corporation
Guarantor Obligations [Line Items]
Per-occurrence coverage		$ 1,000,000
Projected pandemic related losses		$ 300,000
Miami Firefighters Relief Pension Fund V. Icahn Et Al
Guarantor Obligations [Line Items]
Litigation settlement	$ 18,120
Miami Firefighters Relief Pension Fund V. Icahn Et Al | HP Inc.
Guarantor Obligations [Line Items]
Change in market value since disclosure of offer			$ 128,000

Subsequent Events (Details)

Subsequent Events (Details) £ in Millions		1 Months Ended		3 Months Ended
	Jul. 07, 2022 USD ($)	Jul. 31, 2022 USD ($)	Jul. 31, 2022 GBP (£)	Sep. 30, 2022
Series of Individually Immaterial Business Acquisitions
Subsequent Event [Line Items]
Percentage of ownership acquired		100%	100%
Subsequent Event | Go Inspire
Subsequent Event [Line Items]
Acquisition price		$ 48,000,000	£ 40
Credit Agreement | Revolving Credit Facility | Forecast
Subsequent Event [Line Items]
Base rate (percent)				1%
Credit Agreement | Revolving Credit Facility | Minimum | Forecast
Subsequent Event [Line Items]
Variable rate				0.50%
Credit Agreement | Revolving Credit Facility | Maximum | Forecast
Subsequent Event [Line Items]
Variable rate				1.25%
Credit Agreement | Revolving Credit Facility | SOFR | Forecast
Subsequent Event [Line Items]
Base rate (percent)				2%
Credit Agreement | Revolving Credit Facility | SOFR | Minimum | Forecast
Subsequent Event [Line Items]
Variable rate				1.50%
Credit Agreement | Revolving Credit Facility | SOFR | Maximum | Forecast
Subsequent Event [Line Items]
Variable rate				2.25%
Credit Agreement | Revolving Credit Facility | Subsequent Event
Subsequent Event [Line Items]
Line of credit facility, current borrowing capacity	$ 500,000,000
Debt issuance costs	$ 3,000,000
Term of debt (years)	2 years
Credit facility, increase limit	$ 150,000,000
Letter of credit, credit facility sub-facility, maximum borrowing amount	150,000,000
Line of credit facility covenant terms minimum unrestricted cash	500,000,000
Cap on cash netting	$ 1,000,000,000
Covenant, leverage ratio, maximum	3.5
Line of Credit Facility Aggregate Amount	$ 200,000,000
Weighting of measurement components (percent)	50%
Credit Agreement | Revolving Credit Facility | Subsequent Event | Federal Funds Rate
Subsequent Event [Line Items]
Variable rate	0.50%
Credit Agreement | Revolving Credit Facility | Subsequent Event | SOFR
Subsequent Event [Line Items]
Variable rate	1%
2023 Senior Notes | Revolving Credit Facility | Subsequent Event
Subsequent Event [Line Items]
Required maximum outstanding amount	$ 300,000,000
Debt value	$ 650,000,000