Xerox 10-Q 2 Aug 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Jul. 31, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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		157,120,028
Entity Central Index Key	0001770450
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
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

Xerox Holdings Corporation Cond

Xerox Holdings Corporation Condensed Consolidated Statements of (Loss) Income (Unaudited) - USD ($) $ in Millions	3 Months Ended						6 Months Ended		12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Revenues
Total Revenues	$ 1,754	$ 1,715	$ 1,941	$ 1,751	$ 1,747	$ 1,668	$ 3,469	$ 3,415	$ 7,107
Costs and Expenses
Cost of financing	34				26		70	50
Research, development and engineering expenses	57				84		121	162
Selling, administrative and general expenses	433				459		840	914
Restructuring and related costs	23				1		25	19
Amortization of intangible assets	10				10		21	21
PARC donation	132				0		132	0
Other expenses, net	31				8		51	65
Total Costs and Expenses	1,843				1,752		3,473	3,509
Loss before Income Taxes and Equity Income	(89)				(5)		(4)	(94)
Income tax (benefit) expense	(28)				1		(14)	(30)
Equity in net income of unconsolidated affiliates	1				1		1	2
Net (Loss) Income	(60)				(5)		11	(62)
Less: Net income (loss) attributable to noncontrolling interests	1				(1)		1	(2)
Net (Loss) Income Attributable to Xerox Holdings	$ (61)				$ (4)		$ 10	$ (60)
Basic (Loss) Earnings per Share (in dollars per share)	$ (0.41)				$ (0.05)		$ 0.02	$ (0.43)
Diluted (Loss) Earnings per Share (in dollars per share)	$ (0.41)				$ (0.05)		$ 0.02	$ (0.43)
Sales
Revenues
Total Revenues	$ 696				$ 667		$ 1,355	$ 1,259
Costs and Expenses
Cost of sales/services, maintenance and rentals	452				487		877	922
Services, maintenance and rentals
Revenues
Total Revenues	1,009				1,028		2,013	2,051
Costs and Expenses
Cost of sales/services, maintenance and rentals	671				677		1,336	1,356
Financing
Revenues
Total Revenues	$ 49				$ 52		$ 101	$ 105

Xerox Holdings Corporation Co_2

Xerox Holdings Corporation Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net (Loss) Income		$ (60)	$ (5)	$ 11	$ (62)
Less: Net income (loss) attributable to noncontrolling interests		1	(1)	1	(2)
Net (Loss) Income Attributable to Xerox Holdings		(61)	(4)	10	(60)
Other Comprehensive Income (Loss), Net
Translation adjustments, net	[1]	49	(287)	141	(359)
Unrealized losses, net	[1]	(5)	(14)	(1)	(25)
Changes in defined benefit plans, net	[1]	(27)	3	(41)	42
Other Comprehensive Income (Loss), Net	[1]	17	(298)	99	(342)
Less: Other comprehensive loss, net attributable to noncontrolling interests	[1]	0	0	(1)	0
Other Comprehensive Income (Loss), Net Attributable to Xerox Holdings/Xerox	[1]	17	(298)	100	(342)
Comprehensive (Loss) Income, Net
Comprehensive (Loss) Income, Net		(43)	(303)	110	(404)
Less: Comprehensive income (loss), net attributable to noncontrolling interests		1	(1)	0	(2)
Comprehensive (Loss) Income, Net Attributable to Xerox Holdings		$ (44)	$ (302)	$ 110	$ (402)
[1]Refer to Note 19 - Other Comprehensive Income (Loss) for gross components of Other comprehensive income (loss), net, reclassification adjustments out of Accumulated other comprehensive loss and related tax effects.

Xerox Holdings Corporation Co_3

Xerox Holdings Corporation Condensed Consolidated Balance Sheets (Unaudited) - USD ($) shares in Thousands, $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 477	$ 1,045
Accounts receivable (net of allowance)	903	857
Billed portion of finance receivables (net of allowance)	70	93
Finance receivables, net	940	1,061
Inventories	782	797
Other current assets	218	254
Total current assets	3,390	4,107
Finance receivables due after one year (net of allowance)	1,697	1,948
Equipment on Operating Leases, Net	259	235
Land, buildings and equipment, net	281	320
Intangible assets, net	194	208
Goodwill, net	2,751	2,820
Deferred tax assets	620	582
Other long-term assets	1,377	1,323
Total Assets	10,569	11,543
Liabilities and Equity
Short-term debt and current portion of long-term debt	891	860
Accounts payable	1,041	1,331
Accrued compensation and benefits costs	251	258
Accrued expenses and other current liabilities	766	881
Total current liabilities	2,949	3,330
Long-term debt	2,225	2,866
Pension and other benefit liabilities	1,206	1,175
Post-retirement medical benefits	179	184
Other long-term liabilities	394	411
Total Liabilities	6,953	7,966
Commitments and Contingencies (See Note 21)
Noncontrolling Interests	10	10
Convertible Preferred Stock	214	214
Common stock	157	156
Additional paid-in capital	1,607	1,588
Retained earnings	5,057	5,136
Accumulated other comprehensive loss	(3,437)	(3,537)
Xerox Holdings shareholders’ equity	3,384	3,343
Noncontrolling interests	8	10
Total Equity	3,392	3,353
Total Liabilities and Equity	$ 10,569	$ 11,543
Shares of common stock issued (in shares)	157,105	155,781
Shares of common stock outstanding (in shares)	157,105	155,781

Xerox Holdings Corporation Co_4

Xerox Holdings Corporation Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit loss, current	$ 58	$ 52
Billed portion of finance receivables, allowance	4	4
Finance receivables due after one year, allowance	$ 99	$ 113

Xerox Holdings Corporation Co_5

Xerox Holdings Corporation Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash Flows from Operating Activities
Net Income (Loss)	$ 11	$ (62)
Adjustments required to reconcile Net income (loss) to Cash flows provided by (used in) operating activities
Depreciation and amortization	126	140
Provisions	21	35
Net gain on sales of businesses and assets	(2)	(1)
PARC donation	132	0
Stock-based compensation	28	50
Restructuring and asset impairment charges	14	22
Payments for restructurings	(14)	(21)
Non-service retirement-related costs	10	(11)
Contributions to retirement plans	(32)	(72)
Increase in accounts receivable and billed portion of finance receivables	(36)	(49)
Decrease (increase) in inventories	12	(95)
Increase in equipment on operating leases	(77)	(47)
Decrease in finance receivables	407	17
Decrease in other current and long-term assets	15	35
(Decrease) increase in accounts payable	(290)	172
(Decrease) increase in accrued compensation	(7)	7
Decrease in other current and long-term liabilities	(139)	(48)
Net change in income tax assets and liabilities	(17)	(76)
Net change in derivative assets and liabilities	22	(6)
Other operating, net	(11)	(9)
Net cash provided by (used in) operating activities	173	(19)
Cash Flows from Investing Activities
Cost of additions to land, buildings, equipment and software	(15)	(29)
Proceeds from sales of businesses and assets	3	26
Acquisitions, net of cash acquired	(7)	(52)
Other investing, net	(3)	(7)
Net cash used in investing activities	(22)	(62)
Cash Flows from Financing Activities
Net proceeds from short-term debt	200	0
Proceeds from issuance of long-term debt	0	754
Payments on long-term debt	(826)	(1,133)
Dividends	(88)	(88)
Payments to acquire treasury stock, including fees	0	(113)
Other financing, net	(11)	(7)
Net cash used in financing activities	(725)	(587)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	4	(14)
Decrease in cash, cash equivalents and restricted cash	(570)	(682)
Cash, cash equivalents and restricted cash at beginning of period	1,139	1,909
Cash, Cash Equivalents and Restricted Cash at End of Period	$ 569	$ 1,227

Xerox Corporation Condensed Con

Xerox Corporation Condensed Consolidated Statements of (Loss) Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues
Total Revenues	$ 1,754	$ 1,747	$ 3,469	$ 3,415
Costs and Expenses
Cost of financing	34	26	70	50
Research, development and engineering expenses	57	84	121	162
Selling, administrative and general expenses	433	459	840	914
Restructuring and related costs	23	1	25	19
Amortization of intangible assets	10	10	21	21
PARC donation	132	0	132	0
Other expenses, net	31	8	51	65
Total Costs and Expenses	1,843	1,752	3,473	3,509
Loss before Income Taxes and Equity Income	(89)	(5)	(4)	(94)
Income tax (benefit) expense	(28)	1	(14)	(30)
Equity in net income of unconsolidated affiliates	1	1	1	2
Net (Loss) Income	(60)	(5)	11	(62)
Less: Net income (loss) attributable to noncontrolling interests	1	(1)	1	(2)
Net (Loss) Income Attributable to Xerox Holdings	(61)	(4)	10	(60)
XEROX CORPORATION
Revenues
Total Revenues	1,754	1,747	3,469	3,415
Costs and Expenses
Cost of financing	34	26	70	50
Research, development and engineering expenses	57	84	121	162
Selling, administrative and general expenses	433	459	840	914
Restructuring and related costs	23	1	25	19
Amortization of intangible assets	10	10	21	21
PARC donation	132	0	132	0
Other expenses, net	31	8	51	65
Total Costs and Expenses	1,843	1,752	3,473	3,509
Loss before Income Taxes and Equity Income	(89)	(5)	(4)	(94)
Income tax (benefit) expense	(28)	1	(14)	(30)
Equity in net income of unconsolidated affiliates	1	1	1	2
Net (Loss) Income	(60)	(5)	11	(62)
Less: Net income (loss) attributable to noncontrolling interests	1	(1)	1	(2)
Net (Loss) Income Attributable to Xerox Holdings	(61)	(4)	10	(60)
Sales
Revenues
Total Revenues	696	667	1,355	1,259
Costs and Expenses
Cost of sales/services, maintenance and rentals	452	487	877	922
Sales | XEROX CORPORATION
Revenues
Total Revenues	696	667	1,355	1,259
Costs and Expenses
Cost of sales/services, maintenance and rentals	452	487	877	922
Services, maintenance and rentals
Revenues
Total Revenues	1,009	1,028	2,013	2,051
Costs and Expenses
Cost of sales/services, maintenance and rentals	671	677	1,336	1,356
Services, maintenance and rentals | XEROX CORPORATION
Revenues
Total Revenues	1,009	1,028	2,013	2,051
Costs and Expenses
Cost of sales/services, maintenance and rentals	671	677	1,336	1,356
Financing
Revenues
Total Revenues	49	52	101	105
Financing | XEROX CORPORATION
Revenues
Total Revenues	$ 49	$ 52	$ 101	$ 105

Xerox Corporation Condensed C_2

Xerox Corporation Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Millions		3 Months Ended				6 Months Ended
		Jun. 30, 2023		Jun. 30, 2022		Jun. 30, 2023		Jun. 30, 2022
Net (Loss) Income		$ (60)		$ (5)		$ 11		$ (62)
Less: Net income (loss) attributable to noncontrolling interests		1		(1)		1		(2)
Net (Loss) Income Attributable to Xerox Holdings		(61)		(4)		10		(60)
Other Comprehensive Income (Loss), Net
Translation adjustments, net	[1]	49		(287)		141		(359)
Unrealized losses, net	[1]	(5)		(14)		(1)		(25)
Changes in defined benefit plans, net	[1]	(27)		3		(41)		42
Other Comprehensive Income (Loss), Net	[1]	17		(298)		99		(342)
Less: Other comprehensive loss, net attributable to noncontrolling interests	[1]	0		0		(1)		0
Other Comprehensive Income (Loss), Net Attributable to Xerox Holdings/Xerox	[1]	17		(298)		100		(342)
Comprehensive (Loss) Income, Net
Comprehensive (Loss) Income, Net		(43)		(303)		110		(404)
Less: Comprehensive income (loss), net attributable to noncontrolling interests		1		(1)		0		(2)
Comprehensive (Loss) Income, Net Attributable to Xerox Holdings		(44)		(302)		110		(402)
XEROX CORPORATION
Net (Loss) Income		(60)		(5)		11		(62)
Less: Net income (loss) attributable to noncontrolling interests		1		(1)		1		(2)
Net (Loss) Income Attributable to Xerox Holdings		(61)		(4)		10		(60)
Other Comprehensive Income (Loss), Net
Translation adjustments, net	[2]	49		(287)		141		(359)
Unrealized losses, net	[2]	(5)		(14)		(1)		(25)
Changes in defined benefit plans, net	[2]	(27)		3		(41)		42
Other Comprehensive Income (Loss), Net		17	[1]	(298)	[1]	99	[2]	(342)	[2]
Less: Other comprehensive loss, net attributable to noncontrolling interests		0	[1]	0	[1]	(1)	[2]	0	[2]
Other Comprehensive Income (Loss), Net Attributable to Xerox Holdings/Xerox	[2]	17		(298)		100		(342)
Comprehensive (Loss) Income, Net
Comprehensive (Loss) Income, Net		(43)		(303)		110		(404)
Less: Comprehensive income (loss), net attributable to noncontrolling interests		1		(1)		0		(2)
Comprehensive (Loss) Income, Net Attributable to Xerox Holdings		$ (44)		$ (302)		$ 110		$ (402)
[1]Refer to Note 19 - Other Comprehensive Income (Loss) for gross components of Other comprehensive income (loss), net, reclassification adjustments out of Accumulated other comprehensive loss and related tax effects.[2]Refer to Note 19 - Other Comprehensive Income (Loss) for gross components of Other comprehensive income (loss), net, reclassification adjustments out of Accumulated other comprehensive loss and related tax effects.

Xerox Corporation Condensed C_3

Xerox Corporation Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Cash and cash equivalents	$ 477	$ 1,045
Accounts receivable (net of allowance)	903	857
Billed portion of finance receivables (net of allowance)	70	93
Finance receivables, net	940	1,061
Inventories	782	797
Other current assets	218	254
Total current assets	3,390	4,107
Finance receivables due after one year, net	1,697	1,948
Equipment on Operating Leases, Net	259	235
Land, buildings and equipment, net	281	320
Intangible assets, net	194	208
Goodwill, net	2,751	2,820
Deferred tax assets	620	582
Other long-term assets	1,377	1,323
Total Assets	10,569	11,543
Short-term debt and current portion of long-term debt	891	860
Accounts payable	1,041	1,331
Accrued compensation and benefits costs	251	258
Accrued expenses and other current liabilities	766	881
Total current liabilities	2,949	3,330
Long-term debt	2,225	2,866
Pension and other benefit liabilities	1,206	1,175
Post-retirement medical benefits	179	184
Other long-term liabilities	394	411
Total Liabilities	6,953	7,966
Commitments and Contingencies (See Note 21)
Noncontrolling Interests	10	10
Additional paid-in capital	1,607	1,588
Retained earnings	5,057	5,136
Accumulated other comprehensive loss	(3,437)	(3,537)
Xerox Holdings shareholders’ equity	3,384	3,343
Noncontrolling interests	8	10
Total Equity	3,392	3,353
Total Liabilities and Equity	10,569	11,543
XEROX CORPORATION
Cash and cash equivalents	477	1,045
Accounts receivable (net of allowance)	903	857
Billed portion of finance receivables (net of allowance)	70	93
Finance receivables, net	940	1,061
Inventories	782	797
Other current assets	218	254
Total current assets	3,390	4,107
Finance receivables due after one year, net	1,697	1,948
Equipment on Operating Leases, Net	259	235
Land, buildings and equipment, net	281	320
Intangible assets, net	194	208
Goodwill, net	2,751	2,820
Deferred tax assets	620	582
Other long-term assets	1,353	1,302
Total Assets	10,545	11,522
Short-term debt and current portion of long-term debt	891	860
Accounts payable	1,041	1,331
Accrued compensation and benefits costs	251	258
Accrued expenses and other current liabilities	718	834
Total current liabilities	2,901	3,283
Pension and other benefit liabilities	1,206	1,175
Post-retirement medical benefits	179	184
Other long-term liabilities	394	411
Total Liabilities	6,905	7,919
Commitments and Contingencies (See Note 21)
Noncontrolling Interests	10	10
Additional paid-in capital	3,708	3,693
Retained earnings	3,351	3,427
Accumulated other comprehensive loss	(3,437)	(3,537)
Xerox Holdings shareholders’ equity	3,622	3,583
Noncontrolling interests	8	10
Total Equity	3,630	3,593
Total Liabilities and Equity	10,545	11,522
XEROX CORPORATION | Nonrelated Party
Long-term debt	728	1,370
XEROX CORPORATION | Related Party
Long-term debt	$ 1,497	$ 1,496

Xerox Corporation Condensed C_4

Xerox Corporation Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Accounts receivable, allowance for credit loss, current	$ 58	$ 52
Billed portion of finance receivables, allowance	4	4
Finance receivables due after one year, allowance	99	113
XEROX CORPORATION
Accounts receivable, allowance for credit loss, current	58	52
Billed portion of finance receivables, allowance	4	4
Finance receivables due after one year, allowance	$ 99	$ 113

Xerox Corporation Condensed C_5

Xerox Corporation Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash Flows from Operating Activities
Net (Loss) Income	$ 11	$ (62)
Adjustments required to reconcile Net income (loss) to Cash flows provided by (used in) operating activities
Depreciation and amortization	126	140
Provisions	21	35
Net gain on sales of businesses and assets	(2)	(1)
PARC donation	132	0
Stock-based compensation	28	50
Restructuring and asset impairment charges	14	22
Payments for restructurings	(14)	(21)
Non-service retirement-related costs	10	(11)
Contributions to retirement plans	(32)	(72)
Increase in accounts receivable and billed portion of finance receivables	(36)	(49)
Decrease (increase) in inventories	12	(95)
Increase in equipment on operating leases	(77)	(47)
Decrease in finance receivables	407	17
Decrease in other current and long-term assets	15	35
(Decrease) increase in accounts payable	(290)	172
(Decrease) increase in accrued compensation	(7)	7
Decrease in other current and long-term liabilities	(139)	(48)
Net change in income tax assets and liabilities	(17)	(76)
Net change in derivative assets and liabilities	22	(6)
Other operating, net	(11)	(9)
Net cash provided by (used in) operating activities	173	(19)
Cash Flows from Investing Activities
Cost of additions to land, buildings, equipment and software	(15)	(29)
Proceeds from sales of businesses and assets	3	26
Acquisitions, net of cash acquired	(7)	(52)
Net cash used in investing activities	(22)	(62)
Cash Flows from Financing Activities
Net proceeds from short-term debt	200	0
Proceeds from issuance of long-term debt	0	754
Payments on long-term debt	(826)	(1,133)
Other financing, net	(11)	(7)
Net cash used in financing activities	(725)	(587)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	4	(14)
Decrease in cash, cash equivalents and restricted cash	(570)	(682)
Cash, cash equivalents and restricted cash at beginning of period	1,139	1,909
Cash, Cash Equivalents and Restricted Cash at End of Period	569	1,227
XEROX CORPORATION
Cash Flows from Operating Activities
Net (Loss) Income	11	(62)
Adjustments required to reconcile Net income (loss) to Cash flows provided by (used in) operating activities
Depreciation and amortization	126	140
Provisions	21	35
Net gain on sales of businesses and assets	(2)	(1)
PARC donation	132	0
Stock-based compensation	28	50
Restructuring and asset impairment charges	14	22
Payments for restructurings	(14)	(21)
Non-service retirement-related costs	10	(11)
Contributions to retirement plans	(32)	(72)
Increase in accounts receivable and billed portion of finance receivables	(36)	(49)
Decrease (increase) in inventories	12	(95)
Increase in equipment on operating leases	(77)	(47)
Decrease in finance receivables	407	17
Decrease in other current and long-term assets	15	35
(Decrease) increase in accounts payable	(290)	172
(Decrease) increase in accrued compensation	(7)	7
Decrease in other current and long-term liabilities	(139)	(48)
Net change in income tax assets and liabilities	(17)	(76)
Net change in derivative assets and liabilities	22	(6)
Other operating, net	(11)	(9)
Net cash provided by (used in) operating activities	173	(19)
Cash Flows from Investing Activities
Cost of additions to land, buildings, equipment and software	(15)	(29)
Proceeds from sales of businesses and assets	3	26
Acquisitions, net of cash acquired	(7)	(52)
Net cash used in investing activities	(19)	(55)
Cash Flows from Financing Activities
Net proceeds from short-term debt	200	0
Proceeds from issuance of long-term debt	0	754
Payments on long-term debt	(826)	(1,133)
Distributions to parent	(98)	(218)
Other financing, net	(4)	3
Net cash used in financing activities	(728)	(594)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	4	(14)
Decrease in cash, cash equivalents and restricted cash	(570)	(682)
Cash, cash equivalents and restricted cash at beginning of period	1,139	1,909
Cash, Cash Equivalents and Restricted Cash at End of Period	$ 569	$ 1,227

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2023
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,” and 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 2022 Annual Report on Form 10-K (2022 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 2022 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 before Income Taxes and Equity Income” as “pre-tax loss”. Notes to the Condensed Consolidated Financial Statements reflect the activity for both Xerox Holdings and Xerox for all periods presented, unless otherwise noted. Goodwill Our Goodwill, net balance was $2,751 and $2,820 at June 30, 2023 and December 31, 2022, respectively. 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. The balance as of June 30, 2023 reflects the pre-tax write-off of $115 ($110 after-tax) of allocated Goodwill related to our donation of the Palo Alto Research Center (PARC) business during the quarter. Refer to Note 6 - Divestiture for additional information regarding the PARC donation. The Company's actual results for the six months ended June 30, 2023 as well as its latest projections for the full year 2023 were in line with expectations reviewed as part of our fourth quarter 2022 Goodwill qualitative assessment. In addition, discount rates and the Company’s market capitalization in the second quarter 2023 remained steady with the first quarter 2023 and year-end 2022. Accordingly, based on our interim assessment as of June 30, 2023, we determined that we did not have a “triggering event” requiring a quantitative assessment of Goodwill. If the Company's future performance varies from current expectations, assumptions, or estimates, including assumptions related to current macro-economic uncertainties, 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 throughout the remainder of 2023 including updates to our forecasts as well as discount rates and 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, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Xerox Holdings and Xerox consider the applicability and impact of all Accounting Standards Updates (ASUs) issued by the Financial Accounting Standards Board (FASB). The ASUs listed below apply to both registrants. ASUs not listed below were assessed and determined to be not applicable to the Condensed Consolidated Financial Statements of either registrant. Accounting Standard Updates to be Adopted: Reference Rate Reform In March 2020, the FASB issued ASU 2020-04 , Reference Rate Reform (Topic 848), 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. In December 2022, the FASB issued ASU 2022-06 , Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 , which defers the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. There has been no material impact to date as a result of adopting these ASUs on reference rate reform. However, we continue to evaluate potential future impacts that may result from the discontinuation of LIBOR or other reference rates as well as the accounting provided in this update on our financial condition, results of operations, and cash flows. Accounting Standard Updates Adopted in 2023: Liabilities In September 2022, the FASB issued ASU 2022-04 , Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations that requires entities that use supplier finance programs in connection with the purchase of goods and services to disclose the key terms of the programs and information about obligations outstanding at the end of the reporting period, including a rollforward of those obligations. The guidance does not affect the recognition, measurement or financial statement presentation of supplier finance program obligations. The new standard’s requirements to disclose the key terms of the programs and information about obligations outstanding were effective for our fiscal year beginning on January 1, 2023. The new standard’s requirement to disclose a rollforward of obligations outstanding will be effective for our fiscal year beginning on January 1, 2024. Refer to Note 7 - Supplementary Financial Information for the required disclosures effective January 1, 2023. Financial Instruments In March 2022, the FASB issued ASU 2022-02 , Financial Instruments - Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures - Gross Write-offs. The amendments in this update eliminate the accounting guidance for Troubled Debt Restructurings (TDRs) by creditors while enhancing disclosure requirements for certain loan refinancing and restructurings by creditors made to borrowers experiencing financial difficulty. The amendments also require disclosure of current-period gross write-offs by year of origination for financing receivables. The disclosure of current-period gross write-offs by year of origination is applicable for financing receivables and net investments in leases that are within the scope of ASC 326-20 , Financial Instruments - Credit Losses - Measured at Amortized Cost . This update was effective for our fiscal year beginning on January 1, 2023. The provisions of this amendment are to be applied on a prospective basis. Refer to Note 9 - Finance Receivables, Net for required disclosures regarding gross write-offs by vintage year. Other Updates In 2023 and 2022, the FASB also issued the following ASUs, which impact the Company but did not have, or are not expected to have, a material impact on our financial condition, results of operations or cash flows upon adoption. Those updates are as follows: • Investments: ASU 2023-02 , Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a consensus of the Emerging Issues Task Force). This update is effective for our fiscal year beginning January 1, 2024. • Leases: ASU 2023-01 , Leases (Topic 842): Common Control Arrangements. This update is effective for our fiscal year beginning January 1, 2024. • 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 was effective for our fiscal year beginning January 1, 2023.

Revenue

Revenue	6 Months Ended
	Jun. 30, 2023
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 2023 2022 2023 2022 Primary geographical markets (1) : United States $ 982 $ 992 $ 1,929 $ 1,932 Europe 497 467 971 933 Canada 136 135 280 250 Other 139 153 289 300 Total Revenues $ 1,754 $ 1,747 $ 3,469 $ 3,415 Major product and services lines: Equipment $ 420 $ 366 $ 811 $ 680 Supplies, paper and other sales (2) 276 301 544 579 Maintenance agreements (3) 419 446 828 875 Service arrangements (4) 499 478 994 964 Rental and other 91 104 191 212 Financing 49 52 101 105 Total Revenues $ 1,754 $ 1,747 $ 3,469 $ 3,415 Sales channels: Direct equipment lease (5) $ 245 $ 144 $ 475 $ 279 Distributors & resellers (6) 261 298 521 559 Customer direct 190 225 359 421 Total Sales $ 696 $ 667 $ 1,355 $ 1,259 _____________ (1) Geographic area data is based upon the location of the subsidiary reporting the revenue. (2) Other sales include revenues associated with IT hardware. (3) Includes revenues from maintenance agreements on sold equipment as well as IT services and revenues associated with service agreements sold through our channel partners. (4) Primarily includes revenues from our Print and digital services outsourcing arrangements, including revenues from embedded operating leases in those arrangements, which were not significant. (5) Primarily reflects sales through bundled lease arrangements. (6) 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 $137 and $131 at June 30, 2023 and December 31, 2022, respectively. The majority of the balance at June 30, 2023 will be amortized to revenue over approximately the next 30 months. Contract Costs: Incremental direct costs of obtaining a contract primarily include sales commissions paid to salespeople and agents in connection with the placement of equipment with associated post sale services arrangements. These costs are deferred and amortized on the straight-line basis over the estimated contract term, which is currently estimated to be approximately four years. We pay commensurate sales commissions upon customer renewals, therefore our amortization period is aligned to our initial contract term. Incremental direct costs are as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 Incremental direct costs of obtaining a contract $ 18 $ 15 $ 34 $ 28 Amortization of incremental direct costs 16 16 32 34 The balance of deferred incremental direct costs net of accumulated amortization at June 30, 2023 and December 31, 2022 was $127 and $125, 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. The balance of contract fulfillment costs and inducements net of accumulated amortization at June 30, 2023 and December 31, 2022 was $7 and $10, respectively. The related amortization was $2 and $2 for the three months ended June 30, 2023 and 2022, respectively, and $2 and $3 for the six months ended June 30, 2023 and 2022, 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, 2023
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting Our reportable segments are aligned with how we manage the business and view the markets we serve. We have two reportable segments - Print and Other , and Financing (FITTLE) . Our two reportable segments are determined based on the information reviewed by the Chief Operating Decision Maker (CODM), our Chief Executive Officer (CEO), together with the Company’s management to evaluate performance of the business and allocate resources. 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 team environments as well as products in the Light Production product groups serving centralized print centers, print for pay and low 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 our FITTLE segment for the exclusive right to provide lease financing for Xerox products. These revenues are reported as part of Intersegment Revenues, which are eliminated in consolidated revenues. The FITTLE segment provides global leasing solutions and currently offers lease financing for direct channel customer purchases of Xerox equipment through bundled lease agreements, lease financing to end-user customers who purchase Xerox and non-Xerox equipment through our indirect channels and leasing solutions for OEMs of print and non-print related office equipment and IT services equipment. Segment revenues primarily include financing income on sales-type leases (including month-to-month extensions) and leasing fees. Segment revenues also include gains/losses from the sale of finance receivables including commissions, fees on the sales of underlying equipment residuals and servicing 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 as well as the allocation of expenses for shared selling and administrative services. Accordingly, the financial results for the segments may not be indicative of the results the businesses would have as on a standalone basis or what might be presented for the businesses in stand-alone financial statements. The CODM measures the performance of each segment based on several metrics, including segment revenues and profit. The CODM uses these results, in part, to evaluate the performance of, and to allocate resources to each segment. The FITTLE segment also includes interest expense associated with allocated debt of the Company in support of its Finance Receivables, 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, 2023 2022 (1) Print and Other FITTLE Total Print and Other FITTLE Total External revenue $ 1,653 $ 101 $ 1,754 $ 1,651 $ 96 $ 1,747 Intersegment revenue (2) 21 — 21 22 — 22 Total Segment revenue $ 1,674 $ 101 $ 1,775 $ 1,673 $ 96 $ 1,769 Segment profit $ 107 $ — $ 107 $ 29 $ 6 $ 35 Segment margin (3) 6.5 % — % 6.1 % 1.8 % 6.3 % 2.0 % Depreciation and amortization $ 52 $ — $ 52 $ 58 $ — $ 58 Interest income — 49 49 — 52 52 Interest expense — 34 34 — 26 26 Six Months Ended June 30, 2023 2022 (1) Print and Other FITTLE Total Print and Other FITTLE Total External revenue $ 3,266 $ 203 $ 3,469 $ 3,221 $ 194 $ 3,415 Intersegment revenue (2) 44 — 44 45 — 45 Total Segment revenue $ 3,310 $ 203 $ 3,513 $ 3,266 $ 194 $ 3,460 Segment profit $ 207 $ 18 $ 225 $ 18 $ 14 $ 32 Segment margin (3) 6.3 % 8.9 % 6.5 % 0.6 % 7.2 % 0.9 % Depreciation and amortization $ 105 $ — $ 105 $ 119 $ — $ 119 Interest income — 101 101 — 105 105 Interest expense — 70 70 — 50 50 _____________ (1) Amounts for 2022 have been recasted to conform to the current year's reporting presentation. See the Segment Reporting Change section below. (2) Intersegment revenue is primarily commissions and other payments made by the FITTLE Segment to the Print and Other Segment for the lease of Xerox equipment placements. (3) Segment margin based on External revenue only. Selected financial information for our reportable segments was as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 Revenue: Total reported segments $ 1,775 $ 1,769 $ 3,513 $ 3,460 Elimination of intersegment revenue (21) (22) (44) (45) Total Revenue $ 1,754 $ 1,747 $ 3,469 $ 3,415 Pre-tax Income (Loss) Total reported segments $ 107 $ 35 $ 225 $ 32 Restructuring and related costs, net (23) (1) (25) (19) Amortization of intangible assets (10) (10) (21) (21) PARC donation (132) — (132) — Accelerated share vesting — (21) — (21) Other expenses, net (31) (8) (51) (65) Total Pre-tax loss $ (89) $ (5) $ (4) $ (94) Depreciation and Amortization Total reported segments $ 52 $ 58 $ 105 $ 119 Amortization of intangible assets 10 10 21 21 Total Depreciation and amortization $ 62 $ 68 $ 126 $ 140 Interest Expense (1) Total reported segments $ 34 $ 26 $ 70 $ 50 Corporate 12 23 26 52 Total Interest expense $ 46 $ 49 $ 96 $ 102 Interest Income Total reported segments $ 49 $ 52 $ 101 $ 105 Corporate 4 3 9 4 Total Interest income $ 53 $ 55 $ 110 $ 109 _____________ (1) Amounts for 2022 have been recasted to conform to the current year's reporting presentation. See the Segment Reporting Change section below. Segment Reporting Change During the second quarter 2023, as a result of the recent strategic shift in the Company’s approach to funding FITTLE’s growth through finance receivables funding agreements that involve the sale of lease receivables, the measures for FITTLE’s segment revenues and profits used by our CODM were recasted as follows to correspond with this change in strategy: • The management and oversight of the equipment on operating leases portion of our financing business was transferred from the FITTLE segment to the marketing and sales groups in the Print and Other segment since the finance receivable funding agreement currently exclude the sale of operating lease arrangements. • The allocation of shared expenses as well as commissions and other payments made by the FITTLE segment to the Print and Other segment were recasted to better reflect the operations of FITTLE in line with the change in strategic direction. The recasting of our segment measures align with the financial information used by our CODM in evaluating our reportable segments’ performance and allocating resources. The prior period amounts have been recasted to reflect the change in segment measures of revenue and profits. The following provides the segment revenues and profits for each of the quarters of 2022 and the full-year 2022, and the first quarter 2023 periods, recasted to conform to our new segment measurements: 2022 2023 Q1 Q2 Q3 Q4 Full Year Q1 Segment Revenues: As Reported: Print and Other $ 1,550 $ 1,633 $ 1,641 $ 1,843 $ 6,667 $ 1,613 FITTLE 158 151 150 151 610 154 Intersegment revenue (1) (40) (37) (40) (53) (170) (52) Total External Revenue $ 1,668 $ 1,747 $ 1,751 $ 1,941 $ 7,107 $ 1,715 Change: Print and Other $ 43 $ 40 $ 35 $ 19 $ 137 $ 23 FITTLE (60) (55) (52) (50) (217) (52) Intersegment revenue (1) 17 15 17 31 80 29 Total External Revenue $ — $ — $ — $ — $ — $ — As Recasted: Print and Other $ 1,593 $ 1,673 $ 1,676 $ 1,862 $ 6,804 $ 1,636 FITTLE 98 96 98 101 393 102 Intersegment revenue (1) (23) (22) (23) (22) (90) (23) Total External Revenue $ 1,668 $ 1,747 $ 1,751 $ 1,941 $ 7,107 $ 1,715 _____________ (1) Intersegment revenue is primarily commissions and other payments made by the FITTLE Segment to the Print and Other Segment for the lease of Xerox equipment placements. 2022 2023 Q1 Q2 Q3 Q4 Full Year Q1 Segment Profit/(Loss): As Reported: Print and Other $ (20) $ 18 $ 57 $ 183 $ 238 $ 106 FITTLE 17 17 8 (5) 37 12 Total $ (3) $ 35 $ 65 $ 178 $ 275 $ 118 Change: Print and Other $ 9 $ 11 $ 6 $ (6) $ 20 $ (6) FITTLE (9) (11) (6) 6 (20) 6 Total $ — $ — $ — $ — $ — $ — As Recasted: Print and Other $ (11) $ 29 $ 63 $ 177 $ 258 $ 100 FITTLE 8 6 2 1 17 18 Total $ (3) $ 35 $ 65 $ 178 $ 275 $ 118

Lessor

Lessor	6 Months Ended
	Jun. 30, 2023
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 2023 2022 2023 2022 Revenue from sales type leases Sales $ 245 $ 144 $ 475 $ 279 Interest income on lease receivables Financing 49 52 101 105 Lease income - operating leases Services, maintenance and rentals 40 44 80 92 Variable lease income Services, maintenance and rentals 16 16 33 31 Total Lease income $ 350 $ 256 $ 689 $ 507 Profit at lease commencement on sales-type leases was estimated to be $88 and $44 for the three months ended June 30, 2023 and 2022, respectively, and $168 and $88 for the six months ended June 30, 2023 and 2022, 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 2023 2022 2023 2022 Revenue from sales type leases Sales $ 245 $ 144 $ 475 $ 279 Interest income on lease receivables Financing 49 52 101 105 Lease income - operating leases Services, maintenance and rentals 40 44 80 92 Variable lease income Services, maintenance and rentals 16 16 33 31 Total Lease income $ 350 $ 256 $ 689 $ 507 Profit at lease commencement on sales-type leases was estimated to be $88 and $44 for the three months ended June 30, 2023 and 2022, respectively, and $168 and $88 for the six months ended June 30, 2023 and 2022, respectively.

Divestiture

Divestiture	6 Months Ended
	Jun. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
Divestiture	Divestiture Donation of Palo Alto Research Center (PARC) On April 29, 2023, Xerox completed the donation of its Palo Alto Research Center (PARC) subsidiary to Stanford Research Institute International (SRI), a nonprofit research institute. The donation enables Xerox to focus on its core businesses and prioritize growth through its business technology solutions for customers in Print, as well as Digital Services and IT Services. The donation also allows PARC to reach its full potential through SRI’s resources and deep-tech expertise that will enable PARC to focus exclusively on the development of pioneering innovative technologies. The majority of patents held by PARC will be retained by Xerox with a perpetual license to use those patents being provided to SRI. Xerox, at its option, will also continue to receive certain research services from SRI. The donation resulted in a net charge of $132 in the second quarter 2023, which includes allocated Goodwill of $115, the carrying value of the net assets associated with PARC being donated of $13, and approximately $4 of other costs and expenses related to the donation. The allocation of Goodwill was based on the relative fair value of the PARC business to the total fair value for the Print and Other Segment/Reporting Unit, which it was part of prior to the donation. The estimated fair values of the PARC business as well as the Print and Other reporting unit are based on estimates and assumptions that are considered Level 3 inputs under the fair value hierarchy. Xerox also recorded a net income tax benefit of $40 related to the donation for a net after-tax loss on the donation of $92. The donation is not expected to materially impact current estimates of future projections with respect to results of operations or cash flows of the Company.

Supplementary Financial Informa

Supplementary Financial Information	6 Months Ended
	Jun. 30, 2023
Supplemental Financial Information [Abstract]
Supplementary Financial Information	Supplementary Financial Information 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 21 - Contingencies and Litigation, various litigation matters in Brazil require us to make cash deposits to escrow as a condition of continuing the litigation. Restricted cash amounts are classified in our Condensed Consolidated Balance Sheets based on when the cash will be contractually or judicially released. Cash, cash equivalents and restricted cash amounts are as follows: June 30, December 31, Cash and cash equivalents $ 477 $ 1,045 Restricted cash Litigation deposits in Brazil 43 39 Escrow and cash collections related to secured borrowing arrangements (1) 39 54 Other restricted cash 10 1 Total Restricted cash 92 94 Cash, cash equivalents and restricted cash $ 569 $ 1,139 _____________ (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 $ 49 $ 55 Other long-term assets 43 39 Total Restricted cash $ 92 $ 94 Supplemental Cash Flow Information Summarized cash flow information is as follows: Location in Statement of Cash Flows Six Months Ended Source/(Use) 2023 2022 Provision for receivables Operating $ 12 $ 21 Provision for inventory Operating 9 14 Depreciation of buildings and equipment Operating 31 34 Depreciation and obsolescence of equipment on operating leases Operating 55 62 Amortization of internal use software Operating 19 23 Amortization of acquired intangible assets Operating 21 21 Amortization of patents (1) Operating 4 5 Amortization of customer contract costs (2) Operating 34 37 Cost of additions to land, buildings and equipment Investing (11) (19) Cost of additions to internal use software Investing (4) (10) Payments to acquire noncontrolling interests - Xerox Holdings Investing (3) (7) Common stock dividends - Xerox Holdings Financing (81) (81) Preferred stock dividends - Xerox Holdings Financing (7) (7) Payments to noncontrolling interests Financing (2) (1) Investment from noncontrolling interests Financing — 5 Repurchases related to stock-based compensation - Xerox Holdings Financing (7) (10) _____________ (1) Amortization of patents is reported in Decrease in other current and long-term assets in the Condensed Consolidated Statements of Cash Flows. (2) 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. Supplier Finance Programs The Company has a program through a financial institution that enables vendors and suppliers, at their option, to receive early payment for their invoices. The program operates in a similar manner to a purchasing card program, however with this program the Company receives invoices associated with those vendors and suppliers participating in the program and confirms and validates those invoices and amounts due before passing the invoices on to the financial institution for early payment at a discounted amount. The financial institution subsequently invoices the Company for the stated or full amount of the invoices paid early and we are required to make payment within 45 days of the statement date. The overall impact of the program generally results in the Company paying its supplier and vendor invoices consistent with their original terms. This program is generally available to all non-inventory vendors and suppliers. Spending associated with this program during the three and six months ended June 30, 2023 was approximately $30 and $60, respectively. All outstanding amounts related to the program are recorded within Accounts payable in our Condensed Consolidated Balance Sheets, and the associated payments are included in operating activities within our Condensed Consolidated Statements of Cash Flows. The amount due to vendors and suppliers participating in this program and included in Accounts payable

Accounts Receivable, Net

Accounts Receivable, Net	6 Months Ended
	Jun. 30, 2023
Receivables [Abstract]
Accounts Receivable, Net	Accounts Receivable, Net Accounts receivable, net were as follows: June 30, December 31, Invoiced $ 741 $ 698 Accrued (1) 220 211 Allowance for doubtful accounts (58) (52) Accounts receivable, net $ 903 $ 857 _____________ (1) Accrued receivables include amounts to be invoiced in the subsequent quarter for current services provided. The allowance for doubtful accounts was as follows: 2023 2022 Balance at January 1 st $ 52 $ 58 Provision 3 9 Charge-offs (5) (3) Recoveries and other (1) 3 (1) Balance at March 31 st 53 63 Provision 6 3 Charge-offs (3) (2) Recoveries and other (1) 2 (1) Balance at June 30 th $ 58 $ 63 _____________ (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 6.0% at June 30, 2023 and 5.7% at December 31, 2022. 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, $76 and $159 remained uncollected as of June 30, 2023 and December 31, 2022, respectively. Accounts receivable sales activity was as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 Accounts receivable sales (1) $ 88 $ 120 $ 174 $ 236 ____________ (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 $ 3,133 $ 3,593 Unearned income (323) (374) Subtotal 2,810 3,219 Residual values — — Allowance for doubtful accounts (103) (117) Finance receivables, net 2,707 3,102 Less: Billed portion of finance receivables, net 70 93 Less: Current portion of finance receivables not billed, net 940 1,061 Finance receivables due after one year, net $ 1,697 $ 1,948 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 3.7% at June 30, 2023 and 3.6% at December 31, 2022. Our finance receivable bad debt provision in the first quarter 2023 was a credit of $12 primarily related to a reserve release in the U.S. of approximately $12 due to the favorable reassessment of the credit exposure on a large customer receivable balance after a contract amendment which improved our credit position as well as a reserve release of approximately $5 related to the sale of finance receivables. The bad debt provision returned to normal trends in the second quarter 2023 and was slightly higher than the prior year primarily due to increased finance lease originations. 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. 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. We believe our current reserve position remains sufficient to cover expected future losses that may result from current and future macro-economic conditions including higher inflation, interest rates, and the potential for recessions in the geographic areas of our customers. 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, 2022 $ 83 $ 7 $ 27 $ 117 Provision (15) — 3 (12) Charge-offs (5) — (2) (7) Recoveries and other (2) 2 — 1 3 Balance at March 31, 2023 $ 65 $ 7 $ 29 $ 101 Provision 5 1 3 9 Charge-offs (4) (1) (4) (9) Recoveries and other (2) — 1 1 2 Balance at June 30, 2023 $ 66 $ 8 $ 29 $ 103 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 collectively evaluated for impairment (3) June 30, 2023 (3) $ 1,444 $ 244 $ 1,122 $ 2,810 June 30, 2022 (3) $ 1,861 $ 230 $ 972 $ 3,063 _____________ (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 $103 and $116 at June 30, 2023 and 2022, respectively. In the U.S., customers are further evaluated by class based on the type of lease origination. The primary categories are direct, which primarily includes leases originated directly with end-user customers through bundled lease arrangements, and indirect, which primarily includes leases originated through our XBS sales channel and lease financing to end-user customers who purchased equipment we sold to distributors or resellers. We evaluate our customers based on the following credit quality indicators: • Low Credit Risk: This rating includes accounts with excellent to good business credit, asset quality and capacity to meet financial obligations. These customers are less susceptible to adverse effects due to shifts in economic conditions or changes in circumstance. The rating generally equates to a Standard & Poor's (S&P) rating of BBB- or better. Loss rates in this category in the normal course are generally less than 1%. • Average Credit Risk: This rating includes accounts with average credit risk that are more susceptible to loss in the event of adverse business or economic conditions. This rating generally equates to a BB S&P rating. Although we experience higher loss rates associated with this customer class, we believe the risk is somewhat mitigated by the fact that our leases are fairly well dispersed across a large and diverse customer base. In addition, the higher loss rates are largely offset by the higher rates of return we obtain with such leases. Loss rates in this category in the normal course are generally in the range of 2% to 5%. • High Credit Risk: This rating includes accounts that have marginal credit risk such that the customer’s ability to make repayment is impaired or may likely become impaired. We use numerous strategies to mitigate risk including higher rates of interest, prepayments, personal guarantees, etc. Accounts in this category include customers who were downgraded during the term of the lease from low and average credit risk evaluation when the lease was originated. Accordingly, there is a distinct possibility for a loss of principal and interest or customer default. The loss rates in this category in the normal course are generally in the range of 7% to 10%. Credit quality indicators are updated at least annually, or more frequently to the extent required by economic conditions, and the credit quality of any given customer can change during the life of the portfolio. Details about our finance receivables portfolio based on geography, origination year and credit quality indicators are as follows: June 30, 2023 2023 2022 2021 2020 2019 Prior Total United States (Direct) Low Credit Risk $ 76 $ 64 $ 76 $ 58 $ 32 $ 9 $ 315 Average Credit Risk 43 44 63 31 21 4 206 High Credit Risk 19 39 28 29 10 4 129 Total $ 138 $ 147 $ 167 $ 118 $ 63 $ 17 $ 650 Charge-offs $ — $ — $ 1 $ — $ 1 $ 1 $ 3 United States (Indirect) Low Credit Risk $ 119 $ 129 $ 87 $ 43 $ 20 $ 2 $ 400 Average Credit Risk 97 124 79 34 15 2 351 High Credit Risk 11 14 10 5 2 1 43 Total $ 227 $ 267 $ 176 $ 82 $ 37 $ 5 $ 794 Charge-offs $ — $ 2 $ 2 $ 2 $ 1 $ — $ 7 Canada Low Credit Risk $ 23 $ 27 $ 19 $ 14 $ 8 $ 1 $ 92 Average Credit Risk 34 42 22 17 10 2 127 High Credit Risk 4 6 5 6 3 1 25 Total $ 61 $ 75 $ 46 $ 37 $ 21 $ 4 $ 244 Charge-offs $ — $ — $ — $ — $ — $ — $ — EMEA (1) Low Credit Risk $ 158 $ 240 $ 139 $ 69 $ 36 $ 12 $ 654 Average Credit Risk 98 142 89 50 30 7 416 High Credit Risk 11 17 11 7 5 1 52 Total $ 267 $ 399 $ 239 $ 126 $ 71 $ 20 $ 1,122 Charge-offs $ — $ 3 $ — $ 1 $ 1 $ — $ 5 Total Finance Receivables Low Credit Risk $ 376 $ 460 $ 321 $ 184 $ 96 $ 24 $ 1,461 Average Credit Risk 272 352 253 132 76 15 1,100 High Credit Risk 45 76 54 47 20 7 249 Total $ 693 $ 888 $ 628 $ 363 $ 192 $ 46 $ 2,810 Total Charge-offs $ — $ 5 $ 3 $ 3 $ 3 $ 1 $ 15 December 31, 2022 2022 2021 2020 2019 2018 Prior Total United States (Direct) Low Credit Risk $ 173 $ 104 $ 80 $ 53 $ 23 $ 2 $ 435 Average Credit Risk 83 36 26 28 7 2 182 High Credit Risk 71 70 49 18 6 2 216 Total $ 327 $ 210 $ 155 $ 99 $ 36 $ 6 $ 833 United States (Indirect) Low Credit Risk $ 249 $ 165 $ 91 $ 49 $ 12 $ 1 $ 567 Average Credit Risk 210 156 73 40 11 — 490 High Credit Risk 22 20 9 5 2 — 58 Total $ 481 $ 341 $ 173 $ 94 $ 25 $ 1 $ 1,115 Canada Low Credit Risk $ 31 $ 22 $ 17 $ 12 $ 5 $ — $ 87 Average Credit Risk 46 25 22 16 5 — 114 High Credit Risk 6 6 8 4 2 1 27 Total $ 83 $ 53 $ 47 $ 32 $ 12 $ 1 $ 228 EMEA (1) Low Credit Risk $ 269 $ 167 $ 90 $ 59 $ 24 $ 5 $ 614 Average Credit Risk 152 105 63 43 15 3 381 High Credit Risk 17 13 9 7 2 — 48 Total $ 438 $ 285 $ 162 $ 109 $ 41 $ 8 $ 1,043 Total Finance Receivables Low Credit Risk $ 722 $ 458 $ 278 $ 173 $ 64 $ 8 $ 1,703 Average Credit Risk 491 322 184 127 38 5 1,167 High Credit Risk 116 109 75 34 12 3 349 Total $ 1,329 $ 889 $ 537 $ 334 $ 114 $ 16 $ 3,219 _____________ (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 probable. The aging of our billed finance receivables is as follows: June 30, 2023 Current 31-90 Days Past Due >90 Days Past Due Total Billed Unbilled Total Finance Receivables >90 Days and Accruing Direct $ 24 $ 5 $ 4 $ 33 $ 617 $ 650 $ 37 Indirect 16 4 3 23 771 794 — Total United States 40 9 7 56 1,388 1,444 37 Canada 5 1 1 7 237 244 10 EMEA (1) 8 2 1 11 1,111 1,122 12 Total $ 53 $ 12 $ 9 $ 74 $ 2,736 $ 2,810 $ 59 December 31, 2022 Current 31-90 Days Past Due >90 Days Past Due Total Billed Unbilled Total Finance Receivables >90 Days and Accruing Direct $ 30 $ 6 $ 6 $ 42 $ 791 $ 833 $ 47 Indirect 27 6 4 37 1,078 1,115 — Total United States 57 12 10 79 1,869 1,948 47 Canada 5 1 — 6 222 228 6 EMEA (1) 9 2 1 12 1,031 1,043 12 Total $ 71 $ 15 $ 11 $ 97 $ 3,122 $ 3,219 $ 65 _____________ (1) Includes developing market countries Sales of Receivables In December 2022, the Company entered into a finance receivables funding agreement with an affiliate of HPS Investment Partners (HPS) pursuant to which the Company agreed to offer for sale, and HPS agreed to purchase, certain eligible pools of finance receivables on a monthly basis in transactions structured as "true sales at law" and bankruptcy remote transfers and we have received an opinion to that effect from outside legal counsel. Accordingly, the receivables sold were derecognized from our financial statements and HPS does not have recourse back to the Company for uncollectible receivables. The finance receivables funding agreement has an initial term through January 31, 2024, with automatic one-year extensions thereafter, unless terminated by either the Company or HPS. Additionally, the Company will continue to service the lease receivables for a specified fee and will also be paid a commission on lease receivables sold under the finance receivables funding agreement. During the second quarter 2023, the finance receivables funding agreement with HPS was amended to expand the pools of finance receivables eligible for sale and to include the sale of the underlying leased equipment to HPS. The commission paid by HPS was also accordingly amended to cover the value associated with the underlying equipment being sold to HPS. The company will retain a first right of refusal to repurchase the underlying equipment at the end of the lease term, to the extent offered for sale by HPS at its then fair value. The amendments were retroactive to prior sales but the adjusted impact on net proceeds and the gain/loss on prior sales was immaterial. Of the finance receivables sold and derecognized from our balance sheet, $653 and $60 remained uncollected as of June 30, 2023, and December 31, 2022, respectively. Finance receivable sales activity was as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 Finance receivable sales - net proceeds (1) $ 381 $ — $ 642 $ — Gain on sale/Commissions (2)(3) 9 — 11 — Servicing revenue (2) $ 2 $ — $ 3 $ — _____________ (1) Cash proceeds were reported in Net cash provided by operating activities. (2) Recorded in Services, maintenance and rentals as Other Revenue. Amounts include revenues associated with the sale of the underlying leased equipment. (3) The three and six months ended June 30, 2023, includes $2, respectively, of revenues associated with the sale of the underlying leased equipment and which are expected to be paid over the term of the agreements. 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, 2023
Receivables [Abstract]
Finance Receivables, Net	Accounts Receivable, Net Accounts receivable, net were as follows: June 30, December 31, Invoiced $ 741 $ 698 Accrued (1) 220 211 Allowance for doubtful accounts (58) (52) Accounts receivable, net $ 903 $ 857 _____________ (1) Accrued receivables include amounts to be invoiced in the subsequent quarter for current services provided. The allowance for doubtful accounts was as follows: 2023 2022 Balance at January 1 st $ 52 $ 58 Provision 3 9 Charge-offs (5) (3) Recoveries and other (1) 3 (1) Balance at March 31 st 53 63 Provision 6 3 Charge-offs (3) (2) Recoveries and other (1) 2 (1) Balance at June 30 th $ 58 $ 63 _____________ (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 6.0% at June 30, 2023 and 5.7% at December 31, 2022. 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, $76 and $159 remained uncollected as of June 30, 2023 and December 31, 2022, respectively. Accounts receivable sales activity was as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 Accounts receivable sales (1) $ 88 $ 120 $ 174 $ 236 ____________ (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 $ 3,133 $ 3,593 Unearned income (323) (374) Subtotal 2,810 3,219 Residual values — — Allowance for doubtful accounts (103) (117) Finance receivables, net 2,707 3,102 Less: Billed portion of finance receivables, net 70 93 Less: Current portion of finance receivables not billed, net 940 1,061 Finance receivables due after one year, net $ 1,697 $ 1,948 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 3.7% at June 30, 2023 and 3.6% at December 31, 2022. Our finance receivable bad debt provision in the first quarter 2023 was a credit of $12 primarily related to a reserve release in the U.S. of approximately $12 due to the favorable reassessment of the credit exposure on a large customer receivable balance after a contract amendment which improved our credit position as well as a reserve release of approximately $5 related to the sale of finance receivables. The bad debt provision returned to normal trends in the second quarter 2023 and was slightly higher than the prior year primarily due to increased finance lease originations. 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. 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. We believe our current reserve position remains sufficient to cover expected future losses that may result from current and future macro-economic conditions including higher inflation, interest rates, and the potential for recessions in the geographic areas of our customers. 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, 2022 $ 83 $ 7 $ 27 $ 117 Provision (15) — 3 (12) Charge-offs (5) — (2) (7) Recoveries and other (2) 2 — 1 3 Balance at March 31, 2023 $ 65 $ 7 $ 29 $ 101 Provision 5 1 3 9 Charge-offs (4) (1) (4) (9) Recoveries and other (2) — 1 1 2 Balance at June 30, 2023 $ 66 $ 8 $ 29 $ 103 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 collectively evaluated for impairment (3) June 30, 2023 (3) $ 1,444 $ 244 $ 1,122 $ 2,810 June 30, 2022 (3) $ 1,861 $ 230 $ 972 $ 3,063 _____________ (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 $103 and $116 at June 30, 2023 and 2022, respectively. In the U.S., customers are further evaluated by class based on the type of lease origination. The primary categories are direct, which primarily includes leases originated directly with end-user customers through bundled lease arrangements, and indirect, which primarily includes leases originated through our XBS sales channel and lease financing to end-user customers who purchased equipment we sold to distributors or resellers. We evaluate our customers based on the following credit quality indicators: • Low Credit Risk: This rating includes accounts with excellent to good business credit, asset quality and capacity to meet financial obligations. These customers are less susceptible to adverse effects due to shifts in economic conditions or changes in circumstance. The rating generally equates to a Standard & Poor's (S&P) rating of BBB- or better. Loss rates in this category in the normal course are generally less than 1%. • Average Credit Risk: This rating includes accounts with average credit risk that are more susceptible to loss in the event of adverse business or economic conditions. This rating generally equates to a BB S&P rating. Although we experience higher loss rates associated with this customer class, we believe the risk is somewhat mitigated by the fact that our leases are fairly well dispersed across a large and diverse customer base. In addition, the higher loss rates are largely offset by the higher rates of return we obtain with such leases. Loss rates in this category in the normal course are generally in the range of 2% to 5%. • High Credit Risk: This rating includes accounts that have marginal credit risk such that the customer’s ability to make repayment is impaired or may likely become impaired. We use numerous strategies to mitigate risk including higher rates of interest, prepayments, personal guarantees, etc. Accounts in this category include customers who were downgraded during the term of the lease from low and average credit risk evaluation when the lease was originated. Accordingly, there is a distinct possibility for a loss of principal and interest or customer default. The loss rates in this category in the normal course are generally in the range of 7% to 10%. Credit quality indicators are updated at least annually, or more frequently to the extent required by economic conditions, and the credit quality of any given customer can change during the life of the portfolio. Details about our finance receivables portfolio based on geography, origination year and credit quality indicators are as follows: June 30, 2023 2023 2022 2021 2020 2019 Prior Total United States (Direct) Low Credit Risk $ 76 $ 64 $ 76 $ 58 $ 32 $ 9 $ 315 Average Credit Risk 43 44 63 31 21 4 206 High Credit Risk 19 39 28 29 10 4 129 Total $ 138 $ 147 $ 167 $ 118 $ 63 $ 17 $ 650 Charge-offs $ — $ — $ 1 $ — $ 1 $ 1 $ 3 United States (Indirect) Low Credit Risk $ 119 $ 129 $ 87 $ 43 $ 20 $ 2 $ 400 Average Credit Risk 97 124 79 34 15 2 351 High Credit Risk 11 14 10 5 2 1 43 Total $ 227 $ 267 $ 176 $ 82 $ 37 $ 5 $ 794 Charge-offs $ — $ 2 $ 2 $ 2 $ 1 $ — $ 7 Canada Low Credit Risk $ 23 $ 27 $ 19 $ 14 $ 8 $ 1 $ 92 Average Credit Risk 34 42 22 17 10 2 127 High Credit Risk 4 6 5 6 3 1 25 Total $ 61 $ 75 $ 46 $ 37 $ 21 $ 4 $ 244 Charge-offs $ — $ — $ — $ — $ — $ — $ — EMEA (1) Low Credit Risk $ 158 $ 240 $ 139 $ 69 $ 36 $ 12 $ 654 Average Credit Risk 98 142 89 50 30 7 416 High Credit Risk 11 17 11 7 5 1 52 Total $ 267 $ 399 $ 239 $ 126 $ 71 $ 20 $ 1,122 Charge-offs $ — $ 3 $ — $ 1 $ 1 $ — $ 5 Total Finance Receivables Low Credit Risk $ 376 $ 460 $ 321 $ 184 $ 96 $ 24 $ 1,461 Average Credit Risk 272 352 253 132 76 15 1,100 High Credit Risk 45 76 54 47 20 7 249 Total $ 693 $ 888 $ 628 $ 363 $ 192 $ 46 $ 2,810 Total Charge-offs $ — $ 5 $ 3 $ 3 $ 3 $ 1 $ 15 December 31, 2022 2022 2021 2020 2019 2018 Prior Total United States (Direct) Low Credit Risk $ 173 $ 104 $ 80 $ 53 $ 23 $ 2 $ 435 Average Credit Risk 83 36 26 28 7 2 182 High Credit Risk 71 70 49 18 6 2 216 Total $ 327 $ 210 $ 155 $ 99 $ 36 $ 6 $ 833 United States (Indirect) Low Credit Risk $ 249 $ 165 $ 91 $ 49 $ 12 $ 1 $ 567 Average Credit Risk 210 156 73 40 11 — 490 High Credit Risk 22 20 9 5 2 — 58 Total $ 481 $ 341 $ 173 $ 94 $ 25 $ 1 $ 1,115 Canada Low Credit Risk $ 31 $ 22 $ 17 $ 12 $ 5 $ — $ 87 Average Credit Risk 46 25 22 16 5 — 114 High Credit Risk 6 6 8 4 2 1 27 Total $ 83 $ 53 $ 47 $ 32 $ 12 $ 1 $ 228 EMEA (1) Low Credit Risk $ 269 $ 167 $ 90 $ 59 $ 24 $ 5 $ 614 Average Credit Risk 152 105 63 43 15 3 381 High Credit Risk 17 13 9 7 2 — 48 Total $ 438 $ 285 $ 162 $ 109 $ 41 $ 8 $ 1,043 Total Finance Receivables Low Credit Risk $ 722 $ 458 $ 278 $ 173 $ 64 $ 8 $ 1,703 Average Credit Risk 491 322 184 127 38 5 1,167 High Credit Risk 116 109 75 34 12 3 349 Total $ 1,329 $ 889 $ 537 $ 334 $ 114 $ 16 $ 3,219 _____________ (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 probable. The aging of our billed finance receivables is as follows: June 30, 2023 Current 31-90 Days Past Due >90 Days Past Due Total Billed Unbilled Total Finance Receivables >90 Days and Accruing Direct $ 24 $ 5 $ 4 $ 33 $ 617 $ 650 $ 37 Indirect 16 4 3 23 771 794 — Total United States 40 9 7 56 1,388 1,444 37 Canada 5 1 1 7 237 244 10 EMEA (1) 8 2 1 11 1,111 1,122 12 Total $ 53 $ 12 $ 9 $ 74 $ 2,736 $ 2,810 $ 59 December 31, 2022 Current 31-90 Days Past Due >90 Days Past Due Total Billed Unbilled Total Finance Receivables >90 Days and Accruing Direct $ 30 $ 6 $ 6 $ 42 $ 791 $ 833 $ 47 Indirect 27 6 4 37 1,078 1,115 — Total United States 57 12 10 79 1,869 1,948 47 Canada 5 1 — 6 222 228 6 EMEA (1) 9 2 1 12 1,031 1,043 12 Total $ 71 $ 15 $ 11 $ 97 $ 3,122 $ 3,219 $ 65 _____________ (1) Includes developing market countries Sales of Receivables In December 2022, the Company entered into a finance receivables funding agreement with an affiliate of HPS Investment Partners (HPS) pursuant to which the Company agreed to offer for sale, and HPS agreed to purchase, certain eligible pools of finance receivables on a monthly basis in transactions structured as "true sales at law" and bankruptcy remote transfers and we have received an opinion to that effect from outside legal counsel. Accordingly, the receivables sold were derecognized from our financial statements and HPS does not have recourse back to the Company for uncollectible receivables. The finance receivables funding agreement has an initial term through January 31, 2024, with automatic one-year extensions thereafter, unless terminated by either the Company or HPS. Additionally, the Company will continue to service the lease receivables for a specified fee and will also be paid a commission on lease receivables sold under the finance receivables funding agreement. During the second quarter 2023, the finance receivables funding agreement with HPS was amended to expand the pools of finance receivables eligible for sale and to include the sale of the underlying leased equipment to HPS. The commission paid by HPS was also accordingly amended to cover the value associated with the underlying equipment being sold to HPS. The company will retain a first right of refusal to repurchase the underlying equipment at the end of the lease term, to the extent offered for sale by HPS at its then fair value. The amendments were retroactive to prior sales but the adjusted impact on net proceeds and the gain/loss on prior sales was immaterial. Of the finance receivables sold and derecognized from our balance sheet, $653 and $60 remained uncollected as of June 30, 2023, and December 31, 2022, respectively. Finance receivable sales activity was as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 Finance receivable sales - net proceeds (1) $ 381 $ — $ 642 $ — Gain on sale/Commissions (2)(3) 9 — 11 — Servicing revenue (2) $ 2 $ — $ 3 $ — _____________ (1) Cash proceeds were reported in Net cash provided by operating activities. (2) Recorded in Services, maintenance and rentals as Other Revenue. Amounts include revenues associated with the sale of the underlying leased equipment. (3) The three and six months ended June 30, 2023, includes $2, respectively, of revenues associated with the sale of the underlying leased equipment and which are expected to be paid over the term of the agreements. 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, 2023
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 $ 633 $ 640 Work-in-process 46 45 Raw materials 103 112 Total Inventories $ 782 $ 797 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 consist 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 are as follows: June 30, December 31, Equipment on operating leases $ 1,128 $ 1,163 Accumulated depreciation (869) (928) Equipment on operating leases, net $ 259 $ 235 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, 2023 and 2022, respectively, and $33 and $31 for the six months ended June 30, 2023 and 2022, 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, 2023
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 twelve years and a variety of renewal and/or termination options. The components of lease expense are as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 Operating lease expense $ 22 $ 24 $ 45 $ 49 Short-term lease expense 4 4 8 8 Variable lease expense (1) 13 13 26 25 Sublease income — (2) (1) (4) Total Lease expense $ 39 $ 39 $ 78 $ 78 _____________ (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, 2023, we had no operating leases that were material that had not yet commenced. 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 $ 188 $ 215 Accrued expenses and other current liabilities $ 55 $ 68 Other long-term liabilities 148 161 Total Operating lease liabilities $ 203 $ 229 The assets and the liabilities related to our finance leases were immaterial for all periods presented.

Restructuring Programs

Restructuring Programs	6 Months Ended
	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
Restructuring Programs	Restructuring Programs We engage in restructuring actions and 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, 2023, we recorded Restructuring and related costs, net of $25, which includes $2 of restructuring charges, $12 of asset impairment charges and $11 of related costs. Restructuring Charges During the six months ended June 30, 2023, we recorded net restructuring charges of $2, which included $8 of severance costs related to headcount reductions of approximately 150 employees worldwide. These costs were partially offset by $6 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 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, 2022 $ 39 $ 4 $ 43 Provision 5 — 5 Reversals (4) — (4) Net current period charges (1) 1 — 1 Charges against reserve and currency (6) — (6) Balance at March 31, 2023 34 4 38 Provision 3 — 3 Reversals (2) — (2) Net current period charges (1) 1 — 1 Charges against reserve and currency (7) (1) (8) Balance at June 30, 2023 $ 28 $ 3 $ 31 _____________ _ (1) Represents net amount recognized within the Condensed Consolidated Statements of (Loss) Income for the period shown for restructuring charges. Reversals of prior charges primarily include net changes in estimated reserves from prior period initiatives. (2) Primarily includes additional costs incurred upon the exit from our facilities including decommissioning costs and associated contractual termination costs. The following table summarizes the reconciliation to the Condensed Consolidated Statements of Cash Flows: Six Months Ended 2023 2022 Charges against reserve and currency $ (14) $ (21) Effects of foreign currency and other non-cash items — — Restructuring cash payments $ (14) $ (21) Asset Impairment Charges Charges associated with asset impairments represent the write-down of the related assets to their new cost basis and are recorded concurrently with the recognition of the provision. Second quarter 2023 activity includes the impairment associated with the Company's sale of its Xerox Research Center of Canada (XRCC), the Canadian research division of Xerox, to Myant Capital Partners, which was completed in July 2023. The impairment reflects the held-for-sale write down of XRCC's net long-lived assets to their fair value. A summary of our restructuring-related asset impairment activity is as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 Lease right of use assets (1) $ — $ — $ — $ 1 Owned assets (1) 12 1 12 1 Asset impairments 12 1 12 2 Gain on sales of owned assets (2) — (20) — (20) Adjustments/Reversals — — — — Net asset impairment charge $ 12 $ (19) $ 12 $ (18) ____________ _ (1) Primarily related to the exit and abandonment of leased and owned facilities, net of any potential sublease income and recoveries. (2) Reflect gain on the sales of exited surplus facilities and land. Related Costs In connection with our restructuring programs, we also incurred certain related costs as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 Retention related severance/bonuses (1) $ — $ — $ 1 $ (2) Contractual severance costs — (1) — (1) Consulting and other costs (2) 10 — 10 — Total $ 10 $ (1) $ 11 $ (3) ____________ _ (1) Includes retention related severance and bonuses for employees expected to continue working beyond their minimum retention period before termination. The credit for the six months ended June 30, 2022 reflects a change in estimate. (2) Represents professional support services associated with our business transformation initiatives. Cash paid for restructuring related costs were $11 and $2 for the six months ended June 30, 2023 and 2022, respectively. The restructuring related costs reserve was $11 and $12 at June 30, 2023 and December 31, 2022, respectively. The balance at June 30, 2023 is expected to be paid over the next twelve months.

Debt

Debt	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt Credit Facility In May 2023, Xerox Corporation, as borrower, and its parent company, Xerox Holdings Corporation, entered into a five-year asset-based revolving credit agreement (the ABL Facility) with Citibank, N.A., as administrative and collateral agent and several participating lending banks including Citibank N.A. The ABL Facility has an initial maturity date of May 22, 2028. Principal is payable in full at maturity on May 22, 2028, and there are no scheduled principal payments prior to maturity. We deferred approximately $7 of debt issuance costs in connection with the ABL Facility, which will be amortized over the five-year term. Our previous $250 Credit Facility due July 2024 was terminated prior to entering into the ABL Facility and resulted in a debt extinguishment loss of approximately $1 related to the write-off of deferred debt issuance costs. Under the ABL Facility, Xerox Corporation may borrow up to the lesser of (x) $300 and (y) a borrowing base calculated based on working capital amounts (Accounts receivable and Inventories) as set forth in the ABL Facility Agreement. The ABL Facility includes an uncommitted accordion feature that allows Xerox Corporation to increase the facility by a total of up to $250, subject to obtaining additional commitments from existing lenders or new lending institutions. The ABL Facility also includes a $100 letter of credit subfacility. Xerox Corporation's borrowings under the ABL Facility are supported by guarantees from Xerox Holdings Corporation and certain of Xerox Corporation's Canadian and UK subsidiaries, and by security interests in substantially all of the working capital assets of Xerox Corporation, Xerox Holdings Corporation, and such Canadian and UK subsidiaries. At Xerox Corporations’s election, the loans under the ABL Facility will bear interest at either: (1) a fluctuating rate per annum equal to the highest of (A) Citibank’s base rate, (B) a rate of 0.5% in excess of the “NYFRB” rate, and (C) a rate of 1.0% in excess of one-month Term SOFR, provided that such fluctuating rate shall not be less than 0.0%, in each case plus an applicable margin (the loans bearing interest at such fluctuating rate, “ABR Loans”); or (2) the one-, three-, or six-month period or (as agreed to by the Agent and the Lenders) such other period, as selected by the Xerox Corporation, per annum Term SOFR (plus a 0.10% credit spread adjustment), provided that such rate shall not be less than 0.0%, plus an applicable margin (the loans bearing interest at such rate “Term SOFR Loans”). The applicable margin for ABR Loans ranges from 0.5% to 1.0% depending on the Company’s average excess availability. The applicable margin for Term SOFR Loans from 1.5% to 2.0% depending on the Company’s average excess availability. At June 30, 2023, borrowings under the ABL Facility were $200 and no letters of credits were issued under the facility. The $200 borrowing at June 30, 2023 currently bears interest at an average of 7.19% through July 31, 2023. If the balance remains outstanding after that date, the rate will be reset through a new borrowing under the ABL Facility. Based on management's intent to repay the amount borrowed over the next six months and not refinance it past one year, the $200 is included in short-term debt in the Balance Sheet at June 30, 2023. The ABL Facility requires the Company to comply with a fixed charge coverage ratio of 1X, as defined in the ABL Facility Agreement, measured as of the end of each fiscal quarter during which excess availability is less than an amount equal to the greater of (A) $22.5 and (B) 10% of the Line Cap (the lesser of the aggregate amount of Revolving Commitments and the then-applicable Borrowing Base). Based on the excess availability at June 30, 2023, the fixed charge coverage ratio measurement was not applicable. The ABL Facility also contains negative covenants governing dividends, investments, indebtedness, and other matters customary for similar facilities. As of June 30, 2023, we were in full compliance with all covenants under the ABL Facility and no Event of Default (as such term is defined in the ABL Facility) had occurred. If an event of default occurs under the ABL Facility, the entire principal amount outstanding, together with all accrued unpaid interest and other amounts owed in respect thereof, may be declared immediately due and payable, subject, in certain instances, to the expiration of applicable cure periods. Xerox Holdings Corporation/Xerox Corporation Intercompany Loan At June 30, 2023 and December 31, 2022, the balance of the Xerox Holdings Corporation Intercompany Loan reported in Xerox Corporation’s Condensed Consolidated Balance Sheet was $1,497 and $1,496, 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, 2023 and 2022, respectively, and $39 and $39 for the six months ended June 30, 2023 and 2022, respectively. 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. In certain transactions, the sales were made to special purpose entities (SPEs), owned and controlled by Xerox where the SPEs funded the purchase through amortizing secured loans from the financial institutions. The loans have variable interest rates and expected lives of approximately 2.5 years, with half projected to be repaid within the first year based on collections of the underlying portfolio of receivables. For certain loans, we entered into interest rate hedge agreements to either fix or cap the interest rate over the life of the loan. The sales of the receivables to the SPEs were structured as "true sales at law," and we have received opinions to that effect from outside legal counsel. However, the transactions were accounted for as secured borrowings as we fully consolidate the SPEs in our financial statements. As a result, the assets of the SPEs are not available to satisfy any of our other obligations. Conversely, the credit holders of these SPEs do not have legal recourse to the Company’s general credit. During the second quarter 2023, we repaid the remaining balance from the December 2022 U.S. Secured Borrowing of $185 early with the proceeds from the sale of the underlying secured finance receivables of approximately $205. The sale was part of the sales completed in the second quarter 2023 under finance receivables funding agreement as disclosed in Note 9 - Finance Receivables, Net - Sales of Receivables . As a result of the early extinguishment of this debt, we incurred a loss of approximately $3 related to the write-off of the deferred debt issuance costs partially offset by a gain on a dedesignated swap associated with this borrowing. Below are the secured assets and obligations held by subsidiaries of Xerox, which are included in our Condensed Consolidated Balance Sheets. June 30, 2023 Finance Receivables, Net (1) Equipment on Operating Leases, Net Secured Debt (2) Interest Rate (3) Expected Maturity U.S. (4) January 2022 $ 401 $ — $ 277 6.52 % 2024 September 2021 131 3 75 6.49 % 2024 Total 532 3 352 Canada (4) April 2022 50 0 42 5.86 % 2025 France December 2022 181 0 132 4.69 % 2025 Total $ 763 $ 3 $ 526 December 31, 2022 Finance Receivables, Net (1) Equipment on Operating Leases, Net Secured Debt (2) Interest Rate (3) Expected Maturity U.S. (4) December 2022 $ 370 $ — $ 247 7.43 % 2025 January 2022 528 — 407 5.83 % 2024 September 2021 180 5 136 5.65 % 2024 Total 1,078 5 790 Canada (4) April 2022 63 — 57 5.45 % 2025 France December 2022 235 — 195 3.03 % 2025 Total $ 1,376 $ 5 $ 1,042 ____________ _ (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, 2023 and December 31, 2022. (2) Represents the principal debt balance and excludes debt issuance costs of $1 and $5 as of June 30, 2023 and December 31, 2022, respectively. (3) Represents the pre-hedged rate. Refer to Note 14 - Financial Instruments for additional information regarding hedging of these borrowings. (4) Secured assets and obligations held by SPEs. Interest Expense and Income Interest expense and income were as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 Interest expense (1)(2) $ 46 $ 49 $ 96 $ 102 Interest income (3) 53 55 110 109 ____________ (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, 2023 and 2022, respectively, and $39 and $39 for the six months ended June 30, 2023 and 2022, 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, 2023
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. Cash Flow Hedges We use interest rate swaps and caps to manage the exposure to variability in the interest rate payments on our secured loan agreements entered into over the last two years. The interest rate swaps convert the interest paid on certain loans to a fixed amount while the caps limit the maximum amount of interest paid. At June 30, 2023 there were three interest rate derivatives outstanding as follows: Secured Borrowing Derivative Type Principal Debt (1) Notional Amount Expected Maturity Pre-Hedged Rate Hedged Rate Net Fair Value United States N/A $ 277 $ — 2024 6.52 % — % $ — United States Cap 75 75 2024 6.49 % 0.50 % 2 Canada Swap 42 36 2025 5.86 % 2.57 % 1 France Cap 132 158 2025 4.69 % 3.00 % 1 Total $ 526 $ 269 $ 4 _____________ (1) Excludes debt issuance costs of $1 at June 30, 2023. 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. A cash flow hedge of an interest rate cap with an asset value of $2 associated with the December 2022 U.S. Secured Borrowing was dedesignated during second quarter 2023 as a result of the early repayment of that debt in the second quarter 2023. The dedesignation resulted in the release of the deferred gain in Accumulated Other Comprehensive Loss and was recorded as part of the Early Extinguishment of Debt. See Secured Borrowings and Collateral in Note 13 – Debt for additional information. 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, 2023 and December 31, 2022, we had outstanding forward exchange and purchased option contracts with gross notional values of $1,285 and $1,541 respectively, with terms of less than 12 months. At June 30, 2023, approximately 90% of the contracts mature within three months, 6% mature in three to six months and 4% in six to twelve months. Foreign Currency Cash Flow Hedges We designate a portion of our foreign currency derivative contracts as cash flow hedges of our foreign currency-denominated inventory purchases, sales and expenses. No amount of ineffectiveness was recorded in the Condensed Consolidated Statements of (Loss) Income for these designated cash flow hedges for all periods presented, and all components of each derivative's gain or loss were included in the assessment of hedge effectiveness. The net liability fair value of these contracts was $9 and $4 as of June 30, 2023 and December 31, 2022, respectively. During second quarter 2023, as a result of a change in the currency terms included in a supplier inventory contract, forecasted purchases of inventory in YEN were no longer expected. This change resulted in several YEN/USD designated cash flow hedges, with a liability value of approximately $2, being dedesignated since the underlying forecasted purchases were no longer probable. Accordingly, the $2 deferred loss in Accumulated Other Comprehensive Loss was reclassified to earnings and recorded in Currency losses, net in the second quarter 2023. 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 $ — $ 5 Accrued expenses and other current liabilities (9) (9) Interest rate cap Other long-term assets 3 6 Interest rate swap Other long-term assets 1 1 Net designated derivative (liabilities) assets $ (5) $ 3 Derivatives NOT Designated as Hedging Instruments Foreign exchange contracts – forwards Other current assets $ 6 $ 14 Accrued expenses and other current liabilities (14) (2) Interest rate cap Other long-term assets 3 — Net undesignated derivative assets $ (5) $ 12 Summary of Derivatives Total Derivative assets $ 13 $ 26 Total Derivative liabilities (23) (11) Net Derivative (liabilities) assets $ (10) $ 15 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 in cash flow hedging relationships: Three Months Ended Six Months Ended 2023 2022 2023 2022 Derivative Loss Recognized in OCI (Effective Portion) Foreign exchange contracts - forwards and options $ (13) $ (23) $ (15) $ (38) Interest rate contracts — — — — Total $ (13) $ (23) $ (15) $ (38) Location of Derivative Losses Reclassified from AOCL to Income (Effective Portion) Cost of sales $ (8) $ (4) $ (14) $ (6) Interest expense 1 — 2 — Total $ (7) $ (4) $ (12) $ (6) As of June 30, 2023, a net after-tax loss of $5 was recorded in Accumulated other comprehensive loss associated with our cash flow hedging activity. 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 2023 2022 2023 2022 Foreign exchange contracts – forwards Other expenses, net – Currency losses, net $ (28) $ (14) $ (33) $ (23) Currency losses, net were $5 and $1 for the three months ended June 30, 2023 and 2022, respectively, and were $16 and $1 for six months ended June 30, 2023 and 2022, 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, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Assets and Liabilities	Fair Value of Financial Assets and Liabilities The following table represents assets and liabilities measured at fair value on a recurring basis. The basis for the measurement at fair value in all cases is Level 2 – Significant Other Observable Inputs. June 30, December 31, Assets Foreign exchange contracts - forwards $ 6 $ 19 Interest rate cap 6 6 Interest rate swap 1 1 Deferred compensation plan investments in mutual funds 14 15 Total $ 27 $ 41 Liabilities Foreign exchange contracts - forwards $ 23 $ 11 Deferred compensation plan liabilities 14 14 Total $ 37 $ 25 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, 2023 December 31, 2022 Carrying Amount Fair Value Carrying Amount Fair Value Cash and cash equivalents $ 477 $ 477 $ 1,045 $ 1,045 Accounts receivable, net 903 903 857 857 Short-term debt and current portion of long-term debt 891 881 860 861 Long-term Debt Xerox Holdings Corporation 1,496 1,352 1,496 1,294 Xerox Corporation 595 419 894 726 Xerox - Other Subsidiaries (1) 134 134 476 478 Long-term debt $ 2,225 $ 1,905 $ 2,866 $ 2,498 ____________ (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, 2023
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: 2023 2022 2023 2022 2023 2022 Service cost $ — $ 1 $ 1 $ 4 $ — $ 1 Interest cost 27 24 47 33 2 2 Expected return on plan assets (24) (24) (51) (59) — — Recognized net actuarial loss (gain) 4 3 4 6 (4) (1) Amortization of prior service cost (credit) — — 2 — (3) (3) Recognized settlement loss 7 15 — — — — Defined benefit plans 14 19 3 (16) (5) (1) Defined contribution plans 5 5 4 4 n/a n/a Net Periodic Benefit Cost (Credit) 19 24 7 (12) (5) (1) Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss): Net actuarial loss (gain) (1) 44 (7) (48) 31 (5) — Prior service cost — — 36 48 — — Amortization of net actuarial (loss) gain (11) (18) (4) (6) 4 1 Amortization of net prior service (cost) credit — — (2) — 3 3 Total Recognized in Other Comprehensive Income (Loss) (2) 33 (25) (18) 73 2 4 Total Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive Income (Loss) $ 52 $ (1) $ (11) $ 61 $ (3) $ 3 Six Months Ended June 30, Pension Benefits U.S. Plans Non-U.S. Plans Retiree Health Components of Net Periodic Benefit Costs: 2023 2022 2023 2022 2023 2022 Service cost $ — $ 1 $ 2 $ 8 $ — $ 1 Interest cost 54 44 93 62 5 4 Expected return on plan assets (49) (51) (107) (114) — — Recognized net actuarial loss (gain) 7 7 5 12 (6) (1) Amortization of prior service cost (credit) — — 3 — (7) (7) Recognized settlement loss 12 33 — — — — Defined benefit plans 24 34 (4) (32) (8) (3) Defined contribution plans 9 10 10 8 n/a n/a Net Periodic Benefit Cost (Credit) 33 44 6 (24) (8) (3) Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss): Net actuarial loss (gain) (1) 37 7 (48) 31 (5) (7) Prior service cost (credit) — — 36 48 — (23) Amortization of net actuarial (loss) gain (19) (40) (5) (12) 6 1 Amortization of prior service (cost) credit — — (3) — 7 7 Total Recognized in Other Comprehensive Income (Loss) (2) 18 (33) (20) 67 8 (22) Total Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive Income (Loss) $ 51 $ 11 $ (14) $ 43 $ — $ (25) _____________ (1) The net actuarial loss (gain) for U.S. Pension 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 (gain) loss reflects remeasurements related to the Pension Plan amendments in the U.K. in second quarter 2023 and 2022, respectively. The Retiree Health plan's net actuarial gain reflects adjustments for the actuarial valuation results based on the January 1st plan census data in 2023, and remeasurements related to a Plan Amendment for our U.S. Plan in 2022. (2) Amounts represent the pre-tax effect included within Other Comprehensive Income (Loss). Refer to Note 19 - Other Comprehensive Income (Loss) for related tax effects and the after-tax amounts. Pension Plan Amendment In April 2023, our U.K. defined benefit pension plan was amended, at the sole discretion of the Plan Trustees as legally allowed, to increase the capped inflation indexation for the April 2023 pension increase award to 6.5%. This plan amendment resulted in an increase of approximately $36 (GBP 28 million) in the projected benefit obligation (PBO) for this plan (approximately 1.5% of the plan PBO as of December 31, 2022). The associated impacts from the required remeasurement of the plan assets and obligations for updates to discount rates, actual returns and actuarial experience as of the effective date of the amendment resulted in an actuarial gain of $48 (GBP 38 million). Refer to Note 18 - Employee Benefit Plans in the Consolidated Financial Statements included in the 2022 Annual Report for additional information regarding our U.K. defined benefit pension plan including its funding status as of December 31, 2022. Contributions The following table summarizes cash contributions to our defined benefit pension plans and retiree health benefit plans: Six Months Ended Year Ended 2023 2022 Estimated 2023 2022 U.S. plans $ 12 $ 12 $ 55 $ 24 Non-U.S. plans 13 51 25 81 Total Pension plans 25 63 80 105 Retiree Health 7 9 25 19 Total Retirement plans $ 32 $ 72 $ 105 $ 124

Shareholders' Equity of Xerox H

Shareholders' Equity of Xerox Holdings	6 Months Ended
	Jun. 30, 2023
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, 2023 $ 157 $ 1,594 $ — $ 5,162 $ (3,454) $ 3,459 $ 8 $ 3,467 Comprehensive (loss) income, net — — — (61) 17 (44) 1 (43) Cash dividends declared - common (3) — — — (41) — (41) — (41) Cash dividends declared - preferred (4) — — — (3) — (3) — (3) Stock option and incentive plans, net — 13 — — — 13 — 13 Distributions to noncontrolling interests — — — — — — (1) (1) Balance at June 30, 2023 $ 157 $ 1,607 $ — $ 5,057 $ (3,437) $ 3,384 $ 8 $ 3,392 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 December 31, 2022 $ 156 $ 1,588 $ — $ 5,136 $ (3,537) $ 3,343 $ 10 $ 3,353 Comprehensive income, net — — — 10 100 110 — 110 Cash dividends declared - common (3) — — — (82) — (82) — (82) Cash dividends declared - preferred (4) — — — (7) — (7) — (7) Stock option and incentive plans, net 1 19 — — — 20 — 20 Distributions to noncontrolling interests — — — — — — (2) (2) Balance at June 30, 2023 $ 157 $ 1,607 $ — $ 5,057 $ (3,437) $ 3,384 $ 8 $ 3,392 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 _____________ (1) Common Stock has a par value of $1 per share. (2) Refer to Note 19 - Other Comprehensive Income (Loss) for the components of AOCL. (3) Cash dividends declared on common stock for the three and six months ended June 30, 2023 and 2022 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, 2023 and 2022 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, 2022 155,781 — Stock based compensation plans, net 1,177 — Balance at March 31, 2023 156,958 — Stock based compensation plans, net 147 — Balance at June 30, 2023 157,105 — 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, 2023 $ 3,695 $ 3,455 $ (3,454) $ 3,696 $ 8 $ 3,704 Comprehensive (loss) income, net — (61) 17 (44) 1 (43) Dividends declared to parent — (43) — (43) — (43) Transfers from parent 13 — — 13 — 13 Investment from noncontrolling interests — — — — (1) (1) Balance at June 30, 2023 $ 3,708 $ 3,351 $ (3,437) $ 3,622 $ 8 $ 3,630 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 December 31, 2022 $ 3,693 $ 3,427 $ (3,537) $ 3,583 $ 10 $ 3,593 Comprehensive income, net — 10 100 110 — 110 Dividends declared to parent — (86) — (86) — (86) Transfers from parent 15 — — 15 — 15 Distributions to noncontrolling interests — — — — (2) (2) Balance at June 30, 2023 $ 3,708 $ 3,351 $ (3,437) $ 3,622 $ 8 $ 3,630 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 _____________ (1) Refer to Note 19 - Other Comprehensive Income (Loss) for the components of AOCL.

Shareholder's Equity of Xerox

Shareholder's Equity of Xerox	6 Months Ended
	Jun. 30, 2023
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, 2023 $ 157 $ 1,594 $ — $ 5,162 $ (3,454) $ 3,459 $ 8 $ 3,467 Comprehensive (loss) income, net — — — (61) 17 (44) 1 (43) Cash dividends declared - common (3) — — — (41) — (41) — (41) Cash dividends declared - preferred (4) — — — (3) — (3) — (3) Stock option and incentive plans, net — 13 — — — 13 — 13 Distributions to noncontrolling interests — — — — — — (1) (1) Balance at June 30, 2023 $ 157 $ 1,607 $ — $ 5,057 $ (3,437) $ 3,384 $ 8 $ 3,392 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 December 31, 2022 $ 156 $ 1,588 $ — $ 5,136 $ (3,537) $ 3,343 $ 10 $ 3,353 Comprehensive income, net — — — 10 100 110 — 110 Cash dividends declared - common (3) — — — (82) — (82) — (82) Cash dividends declared - preferred (4) — — — (7) — (7) — (7) Stock option and incentive plans, net 1 19 — — — 20 — 20 Distributions to noncontrolling interests — — — — — — (2) (2) Balance at June 30, 2023 $ 157 $ 1,607 $ — $ 5,057 $ (3,437) $ 3,384 $ 8 $ 3,392 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 _____________ (1) Common Stock has a par value of $1 per share. (2) Refer to Note 19 - Other Comprehensive Income (Loss) for the components of AOCL. (3) Cash dividends declared on common stock for the three and six months ended June 30, 2023 and 2022 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, 2023 and 2022 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, 2022 155,781 — Stock based compensation plans, net 1,177 — Balance at March 31, 2023 156,958 — Stock based compensation plans, net 147 — Balance at June 30, 2023 157,105 — 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, 2023 $ 3,695 $ 3,455 $ (3,454) $ 3,696 $ 8 $ 3,704 Comprehensive (loss) income, net — (61) 17 (44) 1 (43) Dividends declared to parent — (43) — (43) — (43) Transfers from parent 13 — — 13 — 13 Investment from noncontrolling interests — — — — (1) (1) Balance at June 30, 2023 $ 3,708 $ 3,351 $ (3,437) $ 3,622 $ 8 $ 3,630 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 December 31, 2022 $ 3,693 $ 3,427 $ (3,537) $ 3,583 $ 10 $ 3,593 Comprehensive income, net — 10 100 110 — 110 Dividends declared to parent — (86) — (86) — (86) Transfers from parent 15 — — 15 — 15 Distributions to noncontrolling interests — — — — (2) (2) Balance at June 30, 2023 $ 3,708 $ 3,351 $ (3,437) $ 3,622 $ 8 $ 3,630 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 _____________ (1) Refer to Note 19 - Other Comprehensive Income (Loss) for the components of AOCL.

Other Comprehensive Income (Los

Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Other Comprehensive Income (Loss)	Other Comprehensive Income (Loss) Other Comprehensive Income (Loss) is comprised of the following: Three Months Ended Six Months Ended 2023 2022 2023 2022 Pre-tax Net of Tax Pre-tax Net of Tax Pre-tax Net of Tax Pre-tax Net of Tax Translation Adjustments Gains (Losses) $ 49 $ 49 $ (295) $ (287) $ 141 $ 141 $ (366) $ (359) Unrealized (Losses) Gains Changes in fair value of cash flow hedges losses (13) (11) (23) (16) (15) (13) (38) (29) Changes in cash flow hedges reclassed to earnings (1) 7 6 4 2 12 12 6 4 Net Unrealized Losses (6) (5) (19) (14) (3) (1) (32) (25) Defined Benefit Plans (Losses) Gains Net actuarial/prior service losses (27) (20) (72) (55) (20) (15) (56) (43) Prior service amortization (2) (1) — (3) (2) (4) (2) (7) (5) Actuarial loss amortization/settlement (2) 11 8 23 17 18 13 51 38 Other (losses) gains (3) (15) (15) 43 43 (37) (37) 52 52 Changes in Defined Benefit Plans (Losses) Gains (32) (27) (9) 3 (43) (41) 40 42 Other Comprehensive Income (Loss) 11 17 (323) (298) 95 99 (358) (342) Less: Other comprehensive loss attributable to noncontrolling interests — — — — (1) (1) — — Other Comprehensive Income (Loss) Attributable to Xerox Holdings/Xerox $ 11 $ 17 $ (323) $ (298) $ 96 $ 100 $ (358) $ (342) ____________ (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 $ (2,095) $ (2,237) Other unrealized losses, net (5) (4) Benefit plans net actuarial losses and prior service credits (1,337) (1,296) Total Accumulated Other Comprehensive Loss Attributable to Xerox Holdings/Xerox $ (3,437) $ (3,537)

(Loss)_Earnings per Share

(Loss) Earnings per Share	6 Months Ended
	Jun. 30, 2023
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 (loss) earnings per share of Xerox Holdings Corporation's common stock: Three Months Ended Six Months Ended 2023 2022 2023 2022 Basic (Loss) Earnings per Share Net (Loss) Income Attributable to Xerox Holdings $ (61) $ (4) $ 10 $ (60) Accrued dividends on preferred stock (3) (3) (7) (7) Adjusted Net (loss) income available to common shareholders $ (64) $ (7) $ 3 $ (67) Weighted average common shares outstanding 157,009 155,170 156,817 155,897 Basic (Loss) Earnings per Share $ (0.41) $ (0.05) $ 0.02 $ (0.43) Diluted (Loss) Earnings per Share Net (Loss) Income Attributable to Xerox Holdings $ (61) $ (4) $ 10 $ (60) Accrued dividends on preferred stock (3) (3) (7) (7) Adjusted Net (loss) income available to common shareholders $ (64) $ (7) $ 3 $ (67) Weighted average common shares outstanding 157,009 155,170 156,817 155,897 Common shares issuable with respect to: Stock options — — — — Restricted stock and performance shares — — 1,078 — Convertible preferred stock — — — — Adjusted weighted average common shares outstanding 157,009 155,170 157,895 155,897 Diluted (Loss) Earnings per Share $ (0.41) $ (0.05) $ 0.02 $ (0.43) 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 287 693 287 693 Restricted stock and performance shares 7,174 6,178 6,096 6,178 Convertible preferred stock 6,742 6,742 6,742 6,742 Total Anti-Dilutive Securities 14,203 13,613 13,125 13,613 Dividends per Common Share $ 0.25 $ 0.25 $ 0.50 $ 0.50

Contingencies and Litigation

Contingencies and Litigation	6 Months Ended
	Jun. 30, 2023
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 $ 379 $ 340 Escrow cash deposits 40 36 Surety bonds 86 80 Letters of credit 33 63 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 for the periods presented. 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 Miami Firefighters’ Relief & Pension Fund v. Icahn, et al.: On December 13, 2019, alleged shareholder Miami Firefighters’ Relief & Pension Fund (Miami Firefighters) filed a derivative complaint in New York State Supreme Court, New York County on behalf of Xerox Holdings Corporation (Xerox Holdings) against Carl Icahn and his affiliated entities High River Limited Partnership and Icahn Capital LP (the Icahn defendants), Xerox Holdings, and all then-current Xerox Holdings directors (the Directors). Xerox Holdings was named as a nominal defendant in the case but no monetary damages are sought against it. Miami Firefighters alleges: 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). Miami Firefighters seeks a judgment of breach of fiduciary duties against the Icahn defendants and the Directors, and disgorgement to Xerox Holdings of profits Icahn Capital and High River earned from trading in HP stock. This action was consolidated with a similar action brought by Steven J. Reynolds against the same parties in the same court. Miami Firefighters’ counsel has been designated as lead counsel in the consolidated action. Claims asserted against the Directors were later dismissed. In December 2021, the Xerox Holdings Board approved the formation of a Special Litigation Committee (SLC) to investigate and evaluate Miami Firefighters' claims and determine the course of action that would be in the best interests of the Company and its shareholders. The SLC concluded that the claims were without merit and pursuing them would not be in the best interest of Xerox or its shareholders. The SLC's request that those claims be dismissed is pending before a New York state appellate court. 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 (FM) in Rhode Island Superior Court, Providence County seeking insurance coverage for business interruption losses resulting from the coronavirus/COVID-19 pandemic. Xerox Holdings alleges that FM agreed to provide Xerox Holdings with up to $1 billion in per-occurrence coverage for losses resulting from pandemic-related loss or damage to certain real and other property, including business interruption loss resulting from insured property damage; that Xerox Holdings’ worldwide actual and projected losses through the end of 2020 totaled in excess of $300; and that FM incorrectly denied coverage for those losses. Xerox Holdings seeks full coverage of costs and losses under FM’s policy. Subsidiaries of Xerox Holdings filed similar complaints and related requests for arbitration in Toronto, London, and Amsterdam for Canadian, UK and European losses. The parties have agreed to stay all non-U.S. proceedings pending the outcome of the U.S. litigation. The U.S. litigation is in abeyance as the Rhode Island Supreme Court prepares to hear another COVID-19 insurance coverage case against a FM affiliate with overlapping legal issues. Guarantees We have issued or provided approximately $236 of guarantees as of June 30, 2023 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; iii) support our obligations related to our U.K. pension plans; and iv) support certain contracts, primarily with public sector customers, which require us to provide a surety bond as a guarantee of our performance of contractual obligations. In general, we would only be liable for the amount of these guarantees in the event we, or one of our direct or indirect subsidiaries whose obligations we have guaranteed, defaulted in performing our obligations under each contract; the probability of which we believe is remote. We believe that our capacity in the surety markets as well as under various credit arrangements (including our Credit Facility) is sufficient to allow us to respond to future requests for proposals that require such credit support.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (61)	$ (4)	$ 10	$ (60)

Insider Trading Arrangements

Insider Trading Arrangements shares in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023 shares	Jun. 30, 2023 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Steven Bandrowczak [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		The following table shows the Rule 10b5-1 trading plans intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) adopted or terminated by our directors and executive officers during the three months ended June 30, 2023: Name and Position Plan Adoption/Termination Plan Adoption Date Duration of Plan (Expiration Date) Number of Shares to be Purchased (Sold) under Plan Steven Bandrowczak, Chief Executive Officer Adoption May 30, 2023 May 10, 2024 (135,000)
Name	Steven Bandrowczak
Title	Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 30, 2023
Arrangement Duration	346 days
Aggregate Available	135	135

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]
Accounting Standard Updates to be Adopted	Accounting Standard Updates to be Adopted: 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. In December 2022, the FASB issued ASU 2022-06 , Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 , which defers the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. There has been no material impact to date as a result of adopting these ASUs on reference rate reform. However, we continue to evaluate potential future impacts that may result from the discontinuation of LIBOR or other reference rates as well as the accounting provided in this update on our financial condition, results of operations, and cash flows. Accounting Standard Updates Adopted in 2023: Liabilities In September 2022, the FASB issued ASU 2022-04 , Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations that requires entities that use supplier finance programs in connection with the purchase of goods and services to disclose the key terms of the programs and information about obligations outstanding at the end of the reporting period, including a rollforward of those obligations. The guidance does not affect the recognition, measurement or financial statement presentation of supplier finance program obligations. The new standard’s requirements to disclose the key terms of the programs and information about obligations outstanding were effective for our fiscal year beginning on January 1, 2023. The new standard’s requirement to disclose a rollforward of obligations outstanding will be effective for our fiscal year beginning on January 1, 2024. Refer to Note 7 - Supplementary Financial Information for the required disclosures effective January 1, 2023. Financial Instruments In March 2022, the FASB issued ASU 2022-02 , Financial Instruments - Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures - Gross Write-offs. The amendments in this update eliminate the accounting guidance for Troubled Debt Restructurings (TDRs) by creditors while enhancing disclosure requirements for certain loan refinancing and restructurings by creditors made to borrowers experiencing financial difficulty. The amendments also require disclosure of current-period gross write-offs by year of origination for financing receivables. The disclosure of current-period gross write-offs by year of origination is applicable for financing receivables and net investments in leases that are within the scope of ASC 326-20 , Financial Instruments - Credit Losses - Measured at Amortized Cost . This update was effective for our fiscal year beginning on January 1, 2023. The provisions of this amendment are to be applied on a prospective basis. Refer to Note 9 - Finance Receivables, Net for required disclosures regarding gross write-offs by vintage year. Other Updates In 2023 and 2022, the FASB also issued the following ASUs, which impact the Company but did not have, or are not expected to have, a material impact on our financial condition, results of operations or cash flows upon adoption. Those updates are as follows: • Investments: ASU 2023-02 , Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a consensus of the Emerging Issues Task Force). This update is effective for our fiscal year beginning January 1, 2024. • Leases: ASU 2023-01 , Leases (Topic 842): Common Control Arrangements. This update is effective for our fiscal year beginning January 1, 2024. • 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 was effective for our fiscal year beginning January 1, 2023.
Segment Policy	Segment PolicyWe derive the results of our business segments directly from our internal management reporting system. The accounting policies that the Company uses to derive its segment results are substantially the same as those used by the Company in preparing its consolidated financial statements. The segment results include a significant level of management estimates regarding the allocation of revenues such as finance income in bundled lease arrangements and other leasing revenues as well as the allocation of expenses for shared selling and administrative services. Accordingly, the financial results for the segments may not be indicative of the results the businesses would have as on a standalone basis or what might be presented for the businesses in stand-alone financial statements. The CODM measures the performance of each segment based on several metrics, including segment revenues and profit. The CODM uses these results, in part, to evaluate the performance of, and to allocate resources to each segment. The FITTLE segment also includes interest expense associated with allocated debt of the Company in support of its Finance Receivables, while no interest expense is allocated to the Print and Other segment.
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 twelve years and a variety of renewal and/or termination options.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2023
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 2023 2022 2023 2022 Primary geographical markets (1) : United States $ 982 $ 992 $ 1,929 $ 1,932 Europe 497 467 971 933 Canada 136 135 280 250 Other 139 153 289 300 Total Revenues $ 1,754 $ 1,747 $ 3,469 $ 3,415 Major product and services lines: Equipment $ 420 $ 366 $ 811 $ 680 Supplies, paper and other sales (2) 276 301 544 579 Maintenance agreements (3) 419 446 828 875 Service arrangements (4) 499 478 994 964 Rental and other 91 104 191 212 Financing 49 52 101 105 Total Revenues $ 1,754 $ 1,747 $ 3,469 $ 3,415 Sales channels: Direct equipment lease (5) $ 245 $ 144 $ 475 $ 279 Distributors & resellers (6) 261 298 521 559 Customer direct 190 225 359 421 Total Sales $ 696 $ 667 $ 1,355 $ 1,259 _____________ (1) Geographic area data is based upon the location of the subsidiary reporting the revenue. (2) Other sales include revenues associated with IT hardware. (3) Includes revenues from maintenance agreements on sold equipment as well as IT services and revenues associated with service agreements sold through our channel partners. (4) Primarily includes revenues from our Print and digital services outsourcing arrangements, including revenues from embedded operating leases in those arrangements, which were not significant. (5) Primarily reflects sales through bundled lease arrangements. (6) 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 2023 2022 2023 2022 Incremental direct costs of obtaining a contract $ 18 $ 15 $ 34 $ 28 Amortization of incremental direct costs 16 16 32 34

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	Selected financial information for our reportable segments was as follows: Three Months Ended June 30, 2023 2022 (1) Print and Other FITTLE Total Print and Other FITTLE Total External revenue $ 1,653 $ 101 $ 1,754 $ 1,651 $ 96 $ 1,747 Intersegment revenue (2) 21 — 21 22 — 22 Total Segment revenue $ 1,674 $ 101 $ 1,775 $ 1,673 $ 96 $ 1,769 Segment profit $ 107 $ — $ 107 $ 29 $ 6 $ 35 Segment margin (3) 6.5 % — % 6.1 % 1.8 % 6.3 % 2.0 % Depreciation and amortization $ 52 $ — $ 52 $ 58 $ — $ 58 Interest income — 49 49 — 52 52 Interest expense — 34 34 — 26 26 Six Months Ended June 30, 2023 2022 (1) Print and Other FITTLE Total Print and Other FITTLE Total External revenue $ 3,266 $ 203 $ 3,469 $ 3,221 $ 194 $ 3,415 Intersegment revenue (2) 44 — 44 45 — 45 Total Segment revenue $ 3,310 $ 203 $ 3,513 $ 3,266 $ 194 $ 3,460 Segment profit $ 207 $ 18 $ 225 $ 18 $ 14 $ 32 Segment margin (3) 6.3 % 8.9 % 6.5 % 0.6 % 7.2 % 0.9 % Depreciation and amortization $ 105 $ — $ 105 $ 119 $ — $ 119 Interest income — 101 101 — 105 105 Interest expense — 70 70 — 50 50 _____________ (1) Amounts for 2022 have been recasted to conform to the current year's reporting presentation. See the Segment Reporting Change section below. (2) Intersegment revenue is primarily commissions and other payments made by the FITTLE Segment to the Print and Other Segment for the lease of Xerox equipment placements. (3) Segment margin based on External revenue only. Selected financial information for our reportable segments was as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 Revenue: Total reported segments $ 1,775 $ 1,769 $ 3,513 $ 3,460 Elimination of intersegment revenue (21) (22) (44) (45) Total Revenue $ 1,754 $ 1,747 $ 3,469 $ 3,415 Pre-tax Income (Loss) Total reported segments $ 107 $ 35 $ 225 $ 32 Restructuring and related costs, net (23) (1) (25) (19) Amortization of intangible assets (10) (10) (21) (21) PARC donation (132) — (132) — Accelerated share vesting — (21) — (21) Other expenses, net (31) (8) (51) (65) Total Pre-tax loss $ (89) $ (5) $ (4) $ (94) Depreciation and Amortization Total reported segments $ 52 $ 58 $ 105 $ 119 Amortization of intangible assets 10 10 21 21 Total Depreciation and amortization $ 62 $ 68 $ 126 $ 140 Interest Expense (1) Total reported segments $ 34 $ 26 $ 70 $ 50 Corporate 12 23 26 52 Total Interest expense $ 46 $ 49 $ 96 $ 102 Interest Income Total reported segments $ 49 $ 52 $ 101 $ 105 Corporate 4 3 9 4 Total Interest income $ 53 $ 55 $ 110 $ 109 _____________ (1) Amounts for 2022 have been recasted to conform to the current year's reporting presentation. See the Segment Reporting Change section below. The following provides the segment revenues and profits for each of the quarters of 2022 and the full-year 2022, and the first quarter 2023 periods, recasted to conform to our new segment measurements: 2022 2023 Q1 Q2 Q3 Q4 Full Year Q1 Segment Revenues: As Reported: Print and Other $ 1,550 $ 1,633 $ 1,641 $ 1,843 $ 6,667 $ 1,613 FITTLE 158 151 150 151 610 154 Intersegment revenue (1) (40) (37) (40) (53) (170) (52) Total External Revenue $ 1,668 $ 1,747 $ 1,751 $ 1,941 $ 7,107 $ 1,715 Change: Print and Other $ 43 $ 40 $ 35 $ 19 $ 137 $ 23 FITTLE (60) (55) (52) (50) (217) (52) Intersegment revenue (1) 17 15 17 31 80 29 Total External Revenue $ — $ — $ — $ — $ — $ — As Recasted: Print and Other $ 1,593 $ 1,673 $ 1,676 $ 1,862 $ 6,804 $ 1,636 FITTLE 98 96 98 101 393 102 Intersegment revenue (1) (23) (22) (23) (22) (90) (23) Total External Revenue $ 1,668 $ 1,747 $ 1,751 $ 1,941 $ 7,107 $ 1,715 _____________ (1) Intersegment revenue is primarily commissions and other payments made by the FITTLE Segment to the Print and Other Segment for the lease of Xerox equipment placements. 2022 2023 Q1 Q2 Q3 Q4 Full Year Q1 Segment Profit/(Loss): As Reported: Print and Other $ (20) $ 18 $ 57 $ 183 $ 238 $ 106 FITTLE 17 17 8 (5) 37 12 Total $ (3) $ 35 $ 65 $ 178 $ 275 $ 118 Change: Print and Other $ 9 $ 11 $ 6 $ (6) $ 20 $ (6) FITTLE (9) (11) (6) 6 (20) 6 Total $ — $ — $ — $ — $ — $ — As Recasted: Print and Other $ (11) $ 29 $ 63 $ 177 $ 258 $ 100 FITTLE 8 6 2 1 17 18 Total $ (3) $ 35 $ 65 $ 178 $ 275 $ 118

Lessor (Tables)

Lessor (Tables)	6 Months Ended
	Jun. 30, 2023
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 2023 2022 2023 2022 Revenue from sales type leases Sales $ 245 $ 144 $ 475 $ 279 Interest income on lease receivables Financing 49 52 101 105 Lease income - operating leases Services, maintenance and rentals 40 44 80 92 Variable lease income Services, maintenance and rentals 16 16 33 31 Total Lease income $ 350 $ 256 $ 689 $ 507
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 2023 2022 2023 2022 Revenue from sales type leases Sales $ 245 $ 144 $ 475 $ 279 Interest income on lease receivables Financing 49 52 101 105 Lease income - operating leases Services, maintenance and rentals 40 44 80 92 Variable lease income Services, maintenance and rentals 16 16 33 31 Total Lease income $ 350 $ 256 $ 689 $ 507
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 2023 2022 2023 2022 Revenue from sales type leases Sales $ 245 $ 144 $ 475 $ 279 Interest income on lease receivables Financing 49 52 101 105 Lease income - operating leases Services, maintenance and rentals 40 44 80 92 Variable lease income Services, maintenance and rentals 16 16 33 31 Total Lease income $ 350 $ 256 $ 689 $ 507

Supplementary Financial Infor_2

Supplementary Financial Information (Tables)	6 Months Ended
	Jun. 30, 2023
Supplemental Financial Information [Abstract]
Schedule of Restricted Cash	Cash, cash equivalents and restricted cash amounts are as follows: June 30, December 31, Cash and cash equivalents $ 477 $ 1,045 Restricted cash Litigation deposits in Brazil 43 39 Escrow and cash collections related to secured borrowing arrangements (1) 39 54 Other restricted cash 10 1 Total Restricted cash 92 94 Cash, cash equivalents and restricted cash $ 569 $ 1,139 _____________ (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 $ 49 $ 55 Other long-term assets 43 39 Total Restricted cash $ 92 $ 94
Schedule Cash Flow Information	Summarized cash flow information is as follows: Location in Statement of Cash Flows Six Months Ended Source/(Use) 2023 2022 Provision for receivables Operating $ 12 $ 21 Provision for inventory Operating 9 14 Depreciation of buildings and equipment Operating 31 34 Depreciation and obsolescence of equipment on operating leases Operating 55 62 Amortization of internal use software Operating 19 23 Amortization of acquired intangible assets Operating 21 21 Amortization of patents (1) Operating 4 5 Amortization of customer contract costs (2) Operating 34 37 Cost of additions to land, buildings and equipment Investing (11) (19) Cost of additions to internal use software Investing (4) (10) Payments to acquire noncontrolling interests - Xerox Holdings Investing (3) (7) Common stock dividends - Xerox Holdings Financing (81) (81) Preferred stock dividends - Xerox Holdings Financing (7) (7) Payments to noncontrolling interests Financing (2) (1) Investment from noncontrolling interests Financing — 5 Repurchases related to stock-based compensation - Xerox Holdings Financing (7) (10) _____________ (1) Amortization of patents is reported in Decrease in other current and long-term assets in the Condensed Consolidated Statements of Cash Flows. (2) 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, 2023
Receivables [Abstract]
Schedule of Accounts Receivable, Net	Accounts receivable, net were as follows: June 30, December 31, Invoiced $ 741 $ 698 Accrued (1) 220 211 Allowance for doubtful accounts (58) (52) Accounts receivable, net $ 903 $ 857 _____________ (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: 2023 2022 Balance at January 1 st $ 52 $ 58 Provision 3 9 Charge-offs (5) (3) Recoveries and other (1) 3 (1) Balance at March 31 st 53 63 Provision 6 3 Charge-offs (3) (2) Recoveries and other (1) 2 (1) Balance at June 30 th $ 58 $ 63 _____________ (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 2023 2022 2023 2022 Accounts receivable sales (1) $ 88 $ 120 $ 174 $ 236 ____________ (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, 2023
Receivables [Abstract]
Schedule of Finance Receivables	Finance receivables, net were as follows: June 30, December 31, Gross receivables $ 3,133 $ 3,593 Unearned income (323) (374) Subtotal 2,810 3,219 Residual values — — Allowance for doubtful accounts (103) (117) Finance receivables, net 2,707 3,102 Less: Billed portion of finance receivables, net 70 93 Less: Current portion of finance receivables not billed, net 940 1,061 Finance receivables due after one year, net $ 1,697 $ 1,948
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, 2022 $ 83 $ 7 $ 27 $ 117 Provision (15) — 3 (12) Charge-offs (5) — (2) (7) Recoveries and other (2) 2 — 1 3 Balance at March 31, 2023 $ 65 $ 7 $ 29 $ 101 Provision 5 1 3 9 Charge-offs (4) (1) (4) (9) Recoveries and other (2) — 1 1 2 Balance at June 30, 2023 $ 66 $ 8 $ 29 $ 103 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 collectively evaluated for impairment (3) June 30, 2023 (3) $ 1,444 $ 244 $ 1,122 $ 2,810 June 30, 2022 (3) $ 1,861 $ 230 $ 972 $ 3,063 _____________ (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, 2023 2023 2022 2021 2020 2019 Prior Total United States (Direct) Low Credit Risk $ 76 $ 64 $ 76 $ 58 $ 32 $ 9 $ 315 Average Credit Risk 43 44 63 31 21 4 206 High Credit Risk 19 39 28 29 10 4 129 Total $ 138 $ 147 $ 167 $ 118 $ 63 $ 17 $ 650 Charge-offs $ — $ — $ 1 $ — $ 1 $ 1 $ 3 United States (Indirect) Low Credit Risk $ 119 $ 129 $ 87 $ 43 $ 20 $ 2 $ 400 Average Credit Risk 97 124 79 34 15 2 351 High Credit Risk 11 14 10 5 2 1 43 Total $ 227 $ 267 $ 176 $ 82 $ 37 $ 5 $ 794 Charge-offs $ — $ 2 $ 2 $ 2 $ 1 $ — $ 7 Canada Low Credit Risk $ 23 $ 27 $ 19 $ 14 $ 8 $ 1 $ 92 Average Credit Risk 34 42 22 17 10 2 127 High Credit Risk 4 6 5 6 3 1 25 Total $ 61 $ 75 $ 46 $ 37 $ 21 $ 4 $ 244 Charge-offs $ — $ — $ — $ — $ — $ — $ — EMEA (1) Low Credit Risk $ 158 $ 240 $ 139 $ 69 $ 36 $ 12 $ 654 Average Credit Risk 98 142 89 50 30 7 416 High Credit Risk 11 17 11 7 5 1 52 Total $ 267 $ 399 $ 239 $ 126 $ 71 $ 20 $ 1,122 Charge-offs $ — $ 3 $ — $ 1 $ 1 $ — $ 5 Total Finance Receivables Low Credit Risk $ 376 $ 460 $ 321 $ 184 $ 96 $ 24 $ 1,461 Average Credit Risk 272 352 253 132 76 15 1,100 High Credit Risk 45 76 54 47 20 7 249 Total $ 693 $ 888 $ 628 $ 363 $ 192 $ 46 $ 2,810 Total Charge-offs $ — $ 5 $ 3 $ 3 $ 3 $ 1 $ 15 December 31, 2022 2022 2021 2020 2019 2018 Prior Total United States (Direct) Low Credit Risk $ 173 $ 104 $ 80 $ 53 $ 23 $ 2 $ 435 Average Credit Risk 83 36 26 28 7 2 182 High Credit Risk 71 70 49 18 6 2 216 Total $ 327 $ 210 $ 155 $ 99 $ 36 $ 6 $ 833 United States (Indirect) Low Credit Risk $ 249 $ 165 $ 91 $ 49 $ 12 $ 1 $ 567 Average Credit Risk 210 156 73 40 11 — 490 High Credit Risk 22 20 9 5 2 — 58 Total $ 481 $ 341 $ 173 $ 94 $ 25 $ 1 $ 1,115 Canada Low Credit Risk $ 31 $ 22 $ 17 $ 12 $ 5 $ — $ 87 Average Credit Risk 46 25 22 16 5 — 114 High Credit Risk 6 6 8 4 2 1 27 Total $ 83 $ 53 $ 47 $ 32 $ 12 $ 1 $ 228 EMEA (1) Low Credit Risk $ 269 $ 167 $ 90 $ 59 $ 24 $ 5 $ 614 Average Credit Risk 152 105 63 43 15 3 381 High Credit Risk 17 13 9 7 2 — 48 Total $ 438 $ 285 $ 162 $ 109 $ 41 $ 8 $ 1,043 Total Finance Receivables Low Credit Risk $ 722 $ 458 $ 278 $ 173 $ 64 $ 8 $ 1,703 Average Credit Risk 491 322 184 127 38 5 1,167 High Credit Risk 116 109 75 34 12 3 349 Total $ 1,329 $ 889 $ 537 $ 334 $ 114 $ 16 $ 3,219 _____________ (1) Includes developing market countries.
Schedule of Aging of Billed Finance Receivables	The aging of our billed finance receivables is as follows: June 30, 2023 Current 31-90 Days Past Due >90 Days Past Due Total Billed Unbilled Total Finance Receivables >90 Days and Accruing Direct $ 24 $ 5 $ 4 $ 33 $ 617 $ 650 $ 37 Indirect 16 4 3 23 771 794 — Total United States 40 9 7 56 1,388 1,444 37 Canada 5 1 1 7 237 244 10 EMEA (1) 8 2 1 11 1,111 1,122 12 Total $ 53 $ 12 $ 9 $ 74 $ 2,736 $ 2,810 $ 59 December 31, 2022 Current 31-90 Days Past Due >90 Days Past Due Total Billed Unbilled Total Finance Receivables >90 Days and Accruing Direct $ 30 $ 6 $ 6 $ 42 $ 791 $ 833 $ 47 Indirect 27 6 4 37 1,078 1,115 — Total United States 57 12 10 79 1,869 1,948 47 Canada 5 1 — 6 222 228 6 EMEA (1) 9 2 1 12 1,031 1,043 12 Total $ 71 $ 15 $ 11 $ 97 $ 3,122 $ 3,219 $ 65 _____________ (1) Includes developing market countries
Schedule Of Financing Receivable Sale Activity	Finance receivable sales activity was as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 Finance receivable sales - net proceeds (1) $ 381 $ — $ 642 $ — Gain on sale/Commissions (2)(3) 9 — 11 — Servicing revenue (2) $ 2 $ — $ 3 $ — _____________ (1) Cash proceeds were reported in Net cash provided by operating activities. (2) Recorded in Services, maintenance and rentals as Other Revenue. Amounts include revenues associated with the sale of the underlying leased equipment. (3) The three and six months ended June 30, 2023, includes $2, respectively, of revenues associated with the sale of the underlying leased equipment and which are expected to be paid over the term of the agreements.

Inventories and Equipment on _2

Inventories and Equipment on Operating Leases, Net (Tables)	6 Months Ended
	Jun. 30, 2023
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 $ 633 $ 640 Work-in-process 46 45 Raw materials 103 112 Total Inventories $ 782 $ 797
Schedule of Equipment on Operating Leases and Related Accumulated Depreciation	Equipment on operating leases and the related accumulated depreciation are as follows: June 30, December 31, Equipment on operating leases $ 1,128 $ 1,163 Accumulated depreciation (869) (928) Equipment on operating leases, net $ 259 $ 235

Lessee (Tables)

Lessee (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Schedule of Components of Lease Expense	The components of lease expense are as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 Operating lease expense $ 22 $ 24 $ 45 $ 49 Short-term lease expense 4 4 8 8 Variable lease expense (1) 13 13 26 25 Sublease income — (2) (1) (4) Total Lease expense $ 39 $ 39 $ 78 $ 78 _____________
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 $ 188 $ 215 Accrued expenses and other current liabilities $ 55 $ 68 Other long-term liabilities 148 161 Total Operating lease liabilities $ 203 $ 229

Restructuring Programs (Tables)

Restructuring Programs (Tables)	6 Months Ended
	Jun. 30, 2023
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, 2022 $ 39 $ 4 $ 43 Provision 5 — 5 Reversals (4) — (4) Net current period charges (1) 1 — 1 Charges against reserve and currency (6) — (6) Balance at March 31, 2023 34 4 38 Provision 3 — 3 Reversals (2) — (2) Net current period charges (1) 1 — 1 Charges against reserve and currency (7) (1) (8) Balance at June 30, 2023 $ 28 $ 3 $ 31 _____________ _ (1) Represents net amount recognized within the Condensed Consolidated Statements of (Loss) Income for the period shown for restructuring charges. Reversals of prior charges primarily include net changes in estimated reserves from prior period initiatives. (2) Primarily includes additional costs incurred upon the exit from our facilities including decommissioning costs and associated contractual termination costs.
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 2023 2022 Charges against reserve and currency $ (14) $ (21) Effects of foreign currency and other non-cash items — — Restructuring cash payments $ (14) $ (21)
Schedule of Restructuring Related Asset Impairment Activity	A summary of our restructuring-related asset impairment activity is as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 Lease right of use assets (1) $ — $ — $ — $ 1 Owned assets (1) 12 1 12 1 Asset impairments 12 1 12 2 Gain on sales of owned assets (2) — (20) — (20) Adjustments/Reversals — — — — Net asset impairment charge $ 12 $ (19) $ 12 $ (18) ____________ _ (1) Primarily related to the exit and abandonment of leased and owned facilities, net of any potential sublease income and recoveries. (2) Reflect gain on the sales of exited surplus facilities and land. In connection with our restructuring programs, we also incurred certain related costs as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 Retention related severance/bonuses (1) $ — $ — $ 1 $ (2) Contractual severance costs — (1) — (1) Consulting and other costs (2) 10 — 10 — Total $ 10 $ (1) $ 11 $ (3) ____________ _ (1) Includes retention related severance and bonuses for employees expected to continue working beyond their minimum retention period before termination. The credit for the six months ended June 30, 2022 reflects a change in estimate.

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-Term Debt Instruments	Below are the secured assets and obligations held by subsidiaries of Xerox, which are included in our Condensed Consolidated Balance Sheets. June 30, 2023 Finance Receivables, Net (1) Equipment on Operating Leases, Net Secured Debt (2) Interest Rate (3) Expected Maturity U.S. (4) January 2022 $ 401 $ — $ 277 6.52 % 2024 September 2021 131 3 75 6.49 % 2024 Total 532 3 352 Canada (4) April 2022 50 0 42 5.86 % 2025 France December 2022 181 0 132 4.69 % 2025 Total $ 763 $ 3 $ 526 December 31, 2022 Finance Receivables, Net (1) Equipment on Operating Leases, Net Secured Debt (2) Interest Rate (3) Expected Maturity U.S. (4) December 2022 $ 370 $ — $ 247 7.43 % 2025 January 2022 528 — 407 5.83 % 2024 September 2021 180 5 136 5.65 % 2024 Total 1,078 5 790 Canada (4) April 2022 63 — 57 5.45 % 2025 France December 2022 235 — 195 3.03 % 2025 Total $ 1,376 $ 5 $ 1,042 ____________ _ (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, 2023 and December 31, 2022. (2) Represents the principal debt balance and excludes debt issuance costs of $1 and $5 as of June 30, 2023 and December 31, 2022, respectively. (3) Represents the pre-hedged rate. Refer to Note 14 - Financial Instruments for additional information regarding hedging of these borrowings. (4) Secured assets and obligations held by SPEs.
Schedule of Interest Income and Interest Expense Disclosure	Interest expense and income were as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 Interest expense (1)(2) $ 46 $ 49 $ 96 $ 102 Interest income (3) 53 55 110 109 ____________ (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, 2023 and 2022, respectively, and $39 and $39 for the six months ended June 30, 2023 and 2022, 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, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Derivatives Outstanding	At June 30, 2023 there were three interest rate derivatives outstanding as follows: Secured Borrowing Derivative Type Principal Debt (1) Notional Amount Expected Maturity Pre-Hedged Rate Hedged Rate Net Fair Value United States N/A $ 277 $ — 2024 6.52 % — % $ — United States Cap 75 75 2024 6.49 % 0.50 % 2 Canada Swap 42 36 2025 5.86 % 2.57 % 1 France Cap 132 158 2025 4.69 % 3.00 % 1 Total $ 526 $ 269 $ 4 _____________
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 $ — $ 5 Accrued expenses and other current liabilities (9) (9) Interest rate cap Other long-term assets 3 6 Interest rate swap Other long-term assets 1 1 Net designated derivative (liabilities) assets $ (5) $ 3 Derivatives NOT Designated as Hedging Instruments Foreign exchange contracts – forwards Other current assets $ 6 $ 14 Accrued expenses and other current liabilities (14) (2) Interest rate cap Other long-term assets 3 — Net undesignated derivative assets $ (5) $ 12 Summary of Derivatives Total Derivative assets $ 13 $ 26 Total Derivative liabilities (23) (11) Net Derivative (liabilities) assets $ (10) $ 15
Schedule of Gains (losses) on Derivative Instruments	The following table provides a summary of gains (losses) on derivative instruments in cash flow hedging relationships: Three Months Ended Six Months Ended 2023 2022 2023 2022 Derivative Loss Recognized in OCI (Effective Portion) Foreign exchange contracts - forwards and options $ (13) $ (23) $ (15) $ (38) Interest rate contracts — — — — Total $ (13) $ (23) $ (15) $ (38) Location of Derivative Losses Reclassified from AOCL to Income (Effective Portion) Cost of sales $ (8) $ (4) $ (14) $ (6) Interest expense 1 — 2 — Total $ (7) $ (4) $ (12) $ (6)
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 2023 2022 2023 2022 Foreign exchange contracts – forwards Other expenses, net – Currency losses, net $ (28) $ (14) $ (33) $ (23)

Fair Value of Financial Asset_2

Fair Value of Financial Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2023
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 $ 6 $ 19 Interest rate cap 6 6 Interest rate swap 1 1 Deferred compensation plan investments in mutual funds 14 15 Total $ 27 $ 41 Liabilities Foreign exchange contracts - forwards $ 23 $ 11 Deferred compensation plan liabilities 14 14 Total $ 37 $ 25
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, 2023 December 31, 2022 Carrying Amount Fair Value Carrying Amount Fair Value Cash and cash equivalents $ 477 $ 477 $ 1,045 $ 1,045 Accounts receivable, net 903 903 857 857 Short-term debt and current portion of long-term debt 891 881 860 861 Long-term Debt Xerox Holdings Corporation 1,496 1,352 1,496 1,294 Xerox Corporation 595 419 894 726 Xerox - Other Subsidiaries (1) 134 134 476 478 Long-term debt $ 2,225 $ 1,905 $ 2,866 $ 2,498 ____________ (1) Represents subsidiaries of Xerox Corporation

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2023
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: 2023 2022 2023 2022 2023 2022 Service cost $ — $ 1 $ 1 $ 4 $ — $ 1 Interest cost 27 24 47 33 2 2 Expected return on plan assets (24) (24) (51) (59) — — Recognized net actuarial loss (gain) 4 3 4 6 (4) (1) Amortization of prior service cost (credit) — — 2 — (3) (3) Recognized settlement loss 7 15 — — — — Defined benefit plans 14 19 3 (16) (5) (1) Defined contribution plans 5 5 4 4 n/a n/a Net Periodic Benefit Cost (Credit) 19 24 7 (12) (5) (1) Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss): Net actuarial loss (gain) (1) 44 (7) (48) 31 (5) — Prior service cost — — 36 48 — — Amortization of net actuarial (loss) gain (11) (18) (4) (6) 4 1 Amortization of net prior service (cost) credit — — (2) — 3 3 Total Recognized in Other Comprehensive Income (Loss) (2) 33 (25) (18) 73 2 4 Total Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive Income (Loss) $ 52 $ (1) $ (11) $ 61 $ (3) $ 3 Six Months Ended June 30, Pension Benefits U.S. Plans Non-U.S. Plans Retiree Health Components of Net Periodic Benefit Costs: 2023 2022 2023 2022 2023 2022 Service cost $ — $ 1 $ 2 $ 8 $ — $ 1 Interest cost 54 44 93 62 5 4 Expected return on plan assets (49) (51) (107) (114) — — Recognized net actuarial loss (gain) 7 7 5 12 (6) (1) Amortization of prior service cost (credit) — — 3 — (7) (7) Recognized settlement loss 12 33 — — — — Defined benefit plans 24 34 (4) (32) (8) (3) Defined contribution plans 9 10 10 8 n/a n/a Net Periodic Benefit Cost (Credit) 33 44 6 (24) (8) (3) Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss): Net actuarial loss (gain) (1) 37 7 (48) 31 (5) (7) Prior service cost (credit) — — 36 48 — (23) Amortization of net actuarial (loss) gain (19) (40) (5) (12) 6 1 Amortization of prior service (cost) credit — — (3) — 7 7 Total Recognized in Other Comprehensive Income (Loss) (2) 18 (33) (20) 67 8 (22) Total Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive Income (Loss) $ 51 $ 11 $ (14) $ 43 $ — $ (25) _____________ (1) The net actuarial loss (gain) for U.S. Pension 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 (gain) loss reflects remeasurements related to the Pension Plan amendments in the U.K. in second quarter 2023 and 2022, respectively. The Retiree Health plan's net actuarial gain reflects adjustments for the actuarial valuation results based on the January 1st plan census data in 2023, and remeasurements related to a Plan Amendment for our U.S. Plan in 2022. (2) Amounts represent the pre-tax effect included within Other Comprehensive Income (Loss). Refer to Note 19 - Other Comprehensive Income (Loss) for related tax effects and the after-tax amounts.
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 2023 2022 Estimated 2023 2022 U.S. plans $ 12 $ 12 $ 55 $ 24 Non-U.S. plans 13 51 25 81 Total Pension plans 25 63 80 105 Retiree Health 7 9 25 19 Total Retirement plans $ 32 $ 72 $ 105 $ 124

Shareholders' Equity of Xerox_2

Shareholders' Equity of Xerox Holdings (Tables)	6 Months Ended
	Jun. 30, 2023
Stockholders' Equity Note [Abstract]
Schedule of 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, 2023 $ 157 $ 1,594 $ — $ 5,162 $ (3,454) $ 3,459 $ 8 $ 3,467 Comprehensive (loss) income, net — — — (61) 17 (44) 1 (43) Cash dividends declared - common (3) — — — (41) — (41) — (41) Cash dividends declared - preferred (4) — — — (3) — (3) — (3) Stock option and incentive plans, net — 13 — — — 13 — 13 Distributions to noncontrolling interests — — — — — — (1) (1) Balance at June 30, 2023 $ 157 $ 1,607 $ — $ 5,057 $ (3,437) $ 3,384 $ 8 $ 3,392 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 December 31, 2022 $ 156 $ 1,588 $ — $ 5,136 $ (3,537) $ 3,343 $ 10 $ 3,353 Comprehensive income, net — — — 10 100 110 — 110 Cash dividends declared - common (3) — — — (82) — (82) — (82) Cash dividends declared - preferred (4) — — — (7) — (7) — (7) Stock option and incentive plans, net 1 19 — — — 20 — 20 Distributions to noncontrolling interests — — — — — — (2) (2) Balance at June 30, 2023 $ 157 $ 1,607 $ — $ 5,057 $ (3,437) $ 3,384 $ 8 $ 3,392 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 _____________ (1) Common Stock has a par value of $1 per share. (2) Refer to Note 19 - Other Comprehensive Income (Loss) for the components of AOCL. (3) Cash dividends declared on common stock for the three and six months ended June 30, 2023 and 2022 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, 2023 and 2022 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, 2023 $ 3,695 $ 3,455 $ (3,454) $ 3,696 $ 8 $ 3,704 Comprehensive (loss) income, net — (61) 17 (44) 1 (43) Dividends declared to parent — (43) — (43) — (43) Transfers from parent 13 — — 13 — 13 Investment from noncontrolling interests — — — — (1) (1) Balance at June 30, 2023 $ 3,708 $ 3,351 $ (3,437) $ 3,622 $ 8 $ 3,630 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 December 31, 2022 $ 3,693 $ 3,427 $ (3,537) $ 3,583 $ 10 $ 3,593 Comprehensive income, net — 10 100 110 — 110 Dividends declared to parent — (86) — (86) — (86) Transfers from parent 15 — — 15 — 15 Distributions to noncontrolling interests — — — — (2) (2) Balance at June 30, 2023 $ 3,708 $ 3,351 $ (3,437) $ 3,622 $ 8 $ 3,630 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 _____________ (1) Refer to Note 19 - Other Comprehensive Income (Loss) for the components of AOCL.
Schedule 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, 2022 155,781 — Stock based compensation plans, net 1,177 — Balance at March 31, 2023 156,958 — Stock based compensation plans, net 147 — Balance at June 30, 2023 157,105 —

Shareholder's Equity of Xerox (

Shareholder's Equity of Xerox (Tables)	6 Months Ended
	Jun. 30, 2023
Stockholders' Equity Note [Abstract]
Schedule of 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, 2023 $ 157 $ 1,594 $ — $ 5,162 $ (3,454) $ 3,459 $ 8 $ 3,467 Comprehensive (loss) income, net — — — (61) 17 (44) 1 (43) Cash dividends declared - common (3) — — — (41) — (41) — (41) Cash dividends declared - preferred (4) — — — (3) — (3) — (3) Stock option and incentive plans, net — 13 — — — 13 — 13 Distributions to noncontrolling interests — — — — — — (1) (1) Balance at June 30, 2023 $ 157 $ 1,607 $ — $ 5,057 $ (3,437) $ 3,384 $ 8 $ 3,392 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 December 31, 2022 $ 156 $ 1,588 $ — $ 5,136 $ (3,537) $ 3,343 $ 10 $ 3,353 Comprehensive income, net — — — 10 100 110 — 110 Cash dividends declared - common (3) — — — (82) — (82) — (82) Cash dividends declared - preferred (4) — — — (7) — (7) — (7) Stock option and incentive plans, net 1 19 — — — 20 — 20 Distributions to noncontrolling interests — — — — — — (2) (2) Balance at June 30, 2023 $ 157 $ 1,607 $ — $ 5,057 $ (3,437) $ 3,384 $ 8 $ 3,392 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 _____________ (1) Common Stock has a par value of $1 per share. (2) Refer to Note 19 - Other Comprehensive Income (Loss) for the components of AOCL. (3) Cash dividends declared on common stock for the three and six months ended June 30, 2023 and 2022 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, 2023 and 2022 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, 2023 $ 3,695 $ 3,455 $ (3,454) $ 3,696 $ 8 $ 3,704 Comprehensive (loss) income, net — (61) 17 (44) 1 (43) Dividends declared to parent — (43) — (43) — (43) Transfers from parent 13 — — 13 — 13 Investment from noncontrolling interests — — — — (1) (1) Balance at June 30, 2023 $ 3,708 $ 3,351 $ (3,437) $ 3,622 $ 8 $ 3,630 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 December 31, 2022 $ 3,693 $ 3,427 $ (3,537) $ 3,583 $ 10 $ 3,593 Comprehensive income, net — 10 100 110 — 110 Dividends declared to parent — (86) — (86) — (86) Transfers from parent 15 — — 15 — 15 Distributions to noncontrolling interests — — — — (2) (2) Balance at June 30, 2023 $ 3,708 $ 3,351 $ (3,437) $ 3,622 $ 8 $ 3,630 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 _____________ (1) Refer to Note 19 - Other Comprehensive Income (Loss) for the components of AOCL.

Other Comprehensive Income (L_2

Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Schedule of Other Comprehensive Income (Loss)	Other Comprehensive Income (Loss) is comprised of the following: Three Months Ended Six Months Ended 2023 2022 2023 2022 Pre-tax Net of Tax Pre-tax Net of Tax Pre-tax Net of Tax Pre-tax Net of Tax Translation Adjustments Gains (Losses) $ 49 $ 49 $ (295) $ (287) $ 141 $ 141 $ (366) $ (359) Unrealized (Losses) Gains Changes in fair value of cash flow hedges losses (13) (11) (23) (16) (15) (13) (38) (29) Changes in cash flow hedges reclassed to earnings (1) 7 6 4 2 12 12 6 4 Net Unrealized Losses (6) (5) (19) (14) (3) (1) (32) (25) Defined Benefit Plans (Losses) Gains Net actuarial/prior service losses (27) (20) (72) (55) (20) (15) (56) (43) Prior service amortization (2) (1) — (3) (2) (4) (2) (7) (5) Actuarial loss amortization/settlement (2) 11 8 23 17 18 13 51 38 Other (losses) gains (3) (15) (15) 43 43 (37) (37) 52 52 Changes in Defined Benefit Plans (Losses) Gains (32) (27) (9) 3 (43) (41) 40 42 Other Comprehensive Income (Loss) 11 17 (323) (298) 95 99 (358) (342) Less: Other comprehensive loss attributable to noncontrolling interests — — — — (1) (1) — — Other Comprehensive Income (Loss) Attributable to Xerox Holdings/Xerox $ 11 $ 17 $ (323) $ (298) $ 96 $ 100 $ (358) $ (342) ____________ (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 $ (2,095) $ (2,237) Other unrealized losses, net (5) (4) Benefit plans net actuarial losses and prior service credits (1,337) (1,296) Total Accumulated Other Comprehensive Loss Attributable to Xerox Holdings/Xerox $ (3,437) $ (3,537)

(Loss)_Earnings per Share (Tabl

(Loss) Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Share	The following table sets forth the computation of basic and diluted (loss) earnings per share of Xerox Holdings Corporation's common stock: Three Months Ended Six Months Ended 2023 2022 2023 2022 Basic (Loss) Earnings per Share Net (Loss) Income Attributable to Xerox Holdings $ (61) $ (4) $ 10 $ (60) Accrued dividends on preferred stock (3) (3) (7) (7) Adjusted Net (loss) income available to common shareholders $ (64) $ (7) $ 3 $ (67) Weighted average common shares outstanding 157,009 155,170 156,817 155,897 Basic (Loss) Earnings per Share $ (0.41) $ (0.05) $ 0.02 $ (0.43) Diluted (Loss) Earnings per Share Net (Loss) Income Attributable to Xerox Holdings $ (61) $ (4) $ 10 $ (60) Accrued dividends on preferred stock (3) (3) (7) (7) Adjusted Net (loss) income available to common shareholders $ (64) $ (7) $ 3 $ (67) Weighted average common shares outstanding 157,009 155,170 156,817 155,897 Common shares issuable with respect to: Stock options — — — — Restricted stock and performance shares — — 1,078 — Convertible preferred stock — — — — Adjusted weighted average common shares outstanding 157,009 155,170 157,895 155,897 Diluted (Loss) Earnings per Share $ (0.41) $ (0.05) $ 0.02 $ (0.43) 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 287 693 287 693 Restricted stock and performance shares 7,174 6,178 6,096 6,178 Convertible preferred stock 6,742 6,742 6,742 6,742 Total Anti-Dilutive Securities 14,203 13,613 13,125 13,613 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, 2023
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 $ 379 $ 340 Escrow cash deposits 40 36 Surety bonds 86 80 Letters of credit 33 63 Liens on Brazilian assets — —

Basis of Presentation (Details)

Basis of Presentation (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Goodwill, net	$ 2,751	$ 2,820
Discontinued Operations, Disposed of by Means Other than Sale, Donation | PARC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Goodwill written off, before-tax	115
Goodwill written off, after-tax	$ 110

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended						6 Months Ended		12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Total Revenues	$ 1,754	$ 1,715	$ 1,941	$ 1,751	$ 1,747	$ 1,668	$ 3,469	$ 3,415	$ 7,107
Equipment
Disaggregation of Revenue [Line Items]
Total Revenues	420				366		811	680
Supplies, paper and other sales
Disaggregation of Revenue [Line Items]
Total Revenues	276				301		544	579
Maintenance agreements
Disaggregation of Revenue [Line Items]
Total Revenues	419				446		828	875
Service arrangements
Disaggregation of Revenue [Line Items]
Total Revenues	499				478		994	964
Rental and other
Disaggregation of Revenue [Line Items]
Total Revenues	91				104		191	212
Financing
Disaggregation of Revenue [Line Items]
Total Revenues	49				52		101	105
Sales
Disaggregation of Revenue [Line Items]
Total Revenues	696				667		1,355	1,259
Sales | Direct equipment lease
Disaggregation of Revenue [Line Items]
Total Revenues	245				144		475	279
Sales | Distributors & resellers
Disaggregation of Revenue [Line Items]
Total Revenues	261				298		521	559
Sales | Customer direct
Disaggregation of Revenue [Line Items]
Total Revenues	190				225		359	421
United States
Disaggregation of Revenue [Line Items]
Total Revenues	982				992		1,929	1,932
Europe
Disaggregation of Revenue [Line Items]
Total Revenues	497				467		971	933
Canada
Disaggregation of Revenue [Line Items]
Total Revenues	136				135		280	250
Other
Disaggregation of Revenue [Line Items]
Total Revenues	$ 139				$ 153		$ 289	$ 300

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Capitalized Contract Cost [Line Items]
Contract liabilities	$ 137		$ 137		$ 131
Contract liability amortization period (in months)			30 months
Deferred incremental direct costs, amortization period (in years)	4 years		4 years
Deferred incremental direct costs net of accumulated amortization	$ 127		$ 127		125
Contract Fulfillment Costs and Inducements
Capitalized Contract Cost [Line Items]
Deferred incremental direct costs net of accumulated amortization	7		7		$ 10
Capitalized contract costs, amortization	$ 2	$ 2	$ 2	$ 3

Revenue - Capitalized Contract

Revenue - Capitalized Contract Cost (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Incremental direct costs of obtaining a contract	$ 18	$ 15	$ 34	$ 28
Amortization of incremental direct costs	$ 16	$ 16	$ 32	$ 34

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	6 Months Ended
	Jun. 30, 2023 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segment Reporting - Selected Fi

Segment Reporting - Selected Financial Information For Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended						6 Months Ended		12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	$ 1,754	$ 1,715	$ 1,941	$ 1,751	$ 1,747	$ 1,668	$ 3,469	$ 3,415	$ 7,107
Depreciation and amortization	62				68		126	140
Interest income	53				55		110	109
Total Interest expense	46				49		96	102
Intersegment Revenue
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	(21)	(23)	(22)	(23)	(22)	(23)	(44)	(45)	(90)
Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	1,775				1,769		3,513	3,460
Segment profit	$ 107	118	178	65	$ 35	(3)	$ 225	$ 32	275
Segment margin	6.10%				2%		6.50%	0.90%
Depreciation and amortization	$ 52				$ 58		$ 105	$ 119
Interest income	49				52		101	105
Total Interest expense	34				26		70	50
Print and Other
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	1,653				1,651		3,266	3,221
Print and Other | Intersegment Revenue
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	(21)				(22)		(44)	(45)
Print and Other | Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	1,674	1,636	1,862	1,676	1,673	1,593	3,310	3,266	6,804
Segment profit	$ 107	100	177	63	$ 29	(11)	$ 207	$ 18	258
Segment margin	6.50%				1.80%		6.30%	0.60%
Depreciation and amortization	$ 52				$ 58		$ 105	$ 119
Interest income	0				0		0	0
Total Interest expense	0				0		0	0
FITTLE
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	101				96		203	194
FITTLE | Intersegment Revenue
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	0				0		0	0
FITTLE | Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	101	102	101	98	96	98	203	194	393
Segment profit	$ 0	$ 18	$ 1	$ 2	$ 6	$ 8	$ 18	$ 14	$ 17
Segment margin	0%				6.30%		8.90%	7.20%
Depreciation and amortization	$ 0				$ 0		$ 0	$ 0
Interest income	49				52		101	105
Total Interest expense	$ 34				$ 26		$ 70	$ 50

Segment Reporting - Reportable

Segment Reporting - Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended						6 Months Ended		12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	$ 1,754	$ 1,715	$ 1,941	$ 1,751	$ 1,747	$ 1,668	$ 3,469	$ 3,415	$ 7,107
Total Pre-tax loss	(89)				(5)		(4)	(94)
Restructuring and related costs, net	(23)				(1)		(25)	(19)
Amortization of intangible assets	(10)				(10)		(21)	(21)
Other expenses, net	(31)				(8)		(51)	(65)
Depreciation and amortization	62				68		126	140
Amortization of intangible assets	10				10		21	21
PARC donation	(132)				0		(132)	0
Accelerated share vesting	0				(21)		0	(21)
Total Interest expense	46				49		96	102
Interest income	53				55		110	109
Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	1,775				1,769		3,513	3,460
Total Pre-tax loss	107				35		225	32
Depreciation and amortization	52				58		105	119
Total Interest expense	34				26		70	50
Interest income	49				52		101	105
Corporate
Segment Reporting, Asset Reconciling Item [Line Items]
Total Interest expense	12				23		26	52
Interest income	4				3		9	4
Intersegment Revenue
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	$ (21)	$ (23)	$ (22)	$ (23)	$ (22)	$ (23)	$ (44)	$ (45)	$ (90)

Segment Reporting - Revised Fin

Segment Reporting - Revised Financial Information For Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended						6 Months Ended		12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	$ 1,754	$ 1,715	$ 1,941	$ 1,751	$ 1,747	$ 1,668	$ 3,469	$ 3,415	$ 7,107
Print and Other
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	1,653				1,651		3,266	3,221
FITTLE
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	101				96		203	194
As Reported:
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues		1,715	1,941	1,751	1,747	1,668			7,107
Change:
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues		0	0	0	0	0			0
Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	1,775				1,769		3,513	3,460
Segment Profit/(Loss):	107	118	178	65	35	(3)	225	32	275
Operating Segments | Print and Other
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	1,674	1,636	1,862	1,676	1,673	1,593	3,310	3,266	6,804
Segment Profit/(Loss):	107	100	177	63	29	(11)	207	18	258
Operating Segments | FITTLE
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	101	102	101	98	96	98	203	194	393
Segment Profit/(Loss):	0	18	1	2	6	8	18	14	17
Operating Segments | As Reported:
Segment Reporting, Asset Reconciling Item [Line Items]
Segment Profit/(Loss):		118	178	65	35	(3)			275
Operating Segments | As Reported: | Print and Other
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues		1,613	1,843	1,641	1,633	1,550			6,667
Segment Profit/(Loss):		106	183	57	18	(20)			238
Operating Segments | As Reported: | FITTLE
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues		154	151	150	151	158			610
Segment Profit/(Loss):		12	(5)	8	17	17			37
Operating Segments | Change:
Segment Reporting, Asset Reconciling Item [Line Items]
Segment Profit/(Loss):		0	0	0	0	0			0
Operating Segments | Change: | Print and Other
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues		23	19	35	40	43			137
Segment Profit/(Loss):		(6)	(6)	6	11	9			20
Operating Segments | Change: | FITTLE
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues		(52)	(50)	(52)	(55)	(60)			(217)
Segment Profit/(Loss):		6	6	(6)	(11)	(9)			(20)
Intersegment Revenue
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	(21)	(23)	(22)	(23)	(22)	(23)	(44)	(45)	(90)
Intersegment Revenue | Print and Other
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	(21)				(22)		(44)	(45)
Intersegment Revenue | FITTLE
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	$ 0				0		$ 0	$ 0
Intersegment Revenue | As Reported:
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues		(52)	(53)	(40)	(37)	(40)			(170)
Intersegment Revenue | Change:
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues		$ 29	$ 31	$ 17	$ 15	$ 17			$ 80

Lessor (Details)

Lessor (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Revenue from sales type leases	$ 245	$ 144	$ 475	$ 279
Interest income on lease receivables	49	52	101	105
Lease income - operating leases	40	44	80	92
Variable lease income	16	16	33	31
Total Lease income	350	256	689	507
Profit at lease commencement, sales type leases	$ 88	$ 44	$ 168	$ 88
Sales-Type Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]			Total Revenues
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]			Total Revenues

Divestiture (Details)

Divestiture (Details) - Discontinued Operations, Disposed of by Means Other than Sale, Donation - PARC $ in Millions	3 Months Ended
	Jun. 30, 2023 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net charge	$ 132
Goodwill	115
Net assets	13
Other charges and expenses	4
Income tax benefit	40
After-tax loss from discontinued operations	$ 92

Supplementary Financial Infor_3

Supplementary Financial Information - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Supplemental Financial Information [Abstract]
Cash and cash equivalents	$ 477	$ 1,045
Restricted cash
Litigation deposits in Brazil	43	39
Escrow and cash collections related to secured borrowing arrangements	39	54
Other restricted cash	10	1
Total Restricted cash	92	94
Cash, cash equivalents and restricted cash	$ 569	$ 1,139

Supplementary Financial Infor_4

Supplementary Financial Information - Restricted Cash Balance Sheet Location (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Restricted Cash and Cash Equivalents Items [Line Items]
Total Restricted cash	$ 92	$ 94
Other current assets
Restricted Cash and Cash Equivalents Items [Line Items]
Total Restricted cash	49	55
Other long-term assets
Restricted Cash and Cash Equivalents Items [Line Items]
Total Restricted cash	$ 43	$ 39

Supplementary Financial Infor_5

Supplementary Financial Information - Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Supplemental Financial Information [Abstract]
Provision for receivables			$ 12	$ 21
Provision for inventory			9	14
Depreciation of buildings and equipment			31	34
Depreciation and obsolescence of equipment on operating leases			55	62
Amortization of internal use software			19	23
Amortization of acquired intangible assets	$ 10	$ 10	21	21
Amortization of patents			4	5
Amortization of customer contract costs			34	37
Cost of additions to land, buildings and equipment			(11)	(19)
Cost of additions to internal use software			(4)	(10)
Payments to acquire noncontrolling interests - Xerox Holdings			(3)	(7)
Common stock dividends - Xerox Holdings			(81)	(81)
Preferred stock dividends - Xerox Holdings			(7)	(7)
Payments to noncontrolling interests			(2)	(1)
Investment from noncontrolling interests			0	5
Repurchases related to stock-based compensation - Xerox Holdings			$ (7)	$ (10)

Supplementary Financial Infor_6

Supplementary Financial Information - Supplier Finance Programs (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Supplier Finance Program [Line Items]
Supplier Finance Program, Obligation, Current, Statement of Financial Position [Extensible Enumeration]	Accounts payable	Accounts payable	Accounts payable
E-Payable Program
Supplier Finance Program [Line Items]
Credit period (in days)	45 days	45 days
Spending under e-payable program	$ 30	$ 60
Amount due to vendors	$ 35	$ 35	$ 40

Accounts Receivable, Net - Acco

Accounts Receivable, Net - Accounts Receivables and Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended	12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for doubtful accounts	$ (58)				$ (58)	$ (52)
Accounts receivable, net	903				903	857
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance		$ 52			52
Ending balance	58				$ 58	$ 52
Credit Concentration Risk | Accounts Receivable | Customers
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Concentration risk (percentage)					6%	5.70%
Accounts Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Invoiced	741				$ 741	$ 698
Accrued	220				220	211
Allowance for doubtful accounts	(58)	(53)	$ (63)	$ (63)	(58)	(52)
Accounts receivable, net	903				903	857
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	53	52	63	58	52	58
Provision	6	3	3	9
Charge-offs	(3)	(5)	(2)	(3)
Recoveries and other	2	3	(1)	(1)
Ending balance	$ 58	$ 53	$ 63	$ 63	$ 58	$ 52

Accounts Receivable, Net - Ac_2

Accounts Receivable, Net - Accounts Receivable Sales Arrangements (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) facility	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) facility	Jun. 30, 2022 USD ($)	Dec. 31, 2022 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	$ 76		$ 76		$ 159
Accounts Receivable
Accounts Receivable Sales Arrangements [Abstract]
Accounts receivable sales	$ 88	$ 120	$ 174	$ 236

Finance Receivables, Net - Fina

Finance Receivables, Net - Finance Receivables (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended	12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Allowance for Credit Loss [Line Items]
Gross receivables	$ 3,133				$ 3,133	$ 3,593
Unearned income	(323)				(323)	(374)
Total	2,810				2,810	3,219
Residual values	0				0	0
Allowance for doubtful accounts	(103)	$ (101)	$ (116)	$ (120)	(103)	(117)	$ (118)
Finance receivables, net	2,707				2,707	3,102
Less: Billed portion of finance receivables, net	70				70	93
Less: Current portion of finance receivables not billed, net	940				940	1,061
Finance receivables due after one year, net	1,697				$ 1,697	$ 1,948
Provision	$ 9	(12)	$ 4	$ 6
Receivable Funding Agreement
Financing Receivable, Allowance for Credit Loss [Line Items]
Reserve release		5
Large Customer
Financing Receivable, Allowance for Credit Loss [Line Items]
Provision		12
Reserve release		$ 12
Credit Concentration Risk | Financing Receivable | U.S., Canada and EMEA
Financing Receivable, Allowance for Credit Loss [Line Items]
Concentration risk (percentage)					3.70%	3.60%

Finance Receivables, Net - Allo

Finance Receivables, Net - Allowance for Credit Losses (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 101	$ 117	$ 120	$ 118	$ 117
Provision	9	(12)	4	6
Charge-offs	(9)	(7)	(6)	(4)	(15)
Recoveries and other	2	3	(2)	0
Ending balance	103	101	116	120	103
Finance receivables collectively evaluated for impairment	2,810		3,063		$ 2,810
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	65	83	78	77	$ 83
Provision	5	(15)	0	3
Charge-offs	(4)	(5)	(3)	(2)
Recoveries and other	0	2	0	0
Ending balance	66	65	75	78	66
Finance receivables collectively evaluated for impairment	1,444		1,861		1,444
Canada
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	7	7	11	11	7
Provision	1	0	1	0
Charge-offs	(1)	0	(1)	(1)	0
Recoveries and other	1	0	0	1
Ending balance	8	7	11	11	8
Finance receivables collectively evaluated for impairment	244		230		244
EMEA
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	29	27	31	30	27
Provision	3	3	3	3
Charge-offs	(4)	(2)	(2)	(1)	(5)
Recoveries and other	1	1	(2)	(1)
Ending balance	29	$ 29	30	$ 31	29
Finance receivables collectively evaluated for impairment	$ 1,122		$ 972		$ 1,122

Finance Receivables, Net - Cred

Finance Receivables, Net - Credit Quality Indicators (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	$ 693				$ 693	$ 1,329
CY-1	888				888	889
CY-2	628				628	537
CY-3	363				363	334
CY-4	192				192	114
Prior	46				46	16
Total	2,810				2,810	3,219
Charge-offs, Current year					0
Charge-offs, CY-1					5
Charge-offs, CY-2					3
Charge-offs, CY-3					3
Charge-offs, CY-4					3
Charge-offs, Prior					1
Charge-offs, Total	9	$ 7	$ 6	$ 4	15
United States (Direct)
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	138				138	327
CY-1	147				147	210
CY-2	167				167	155
CY-3	118				118	99
CY-4	63				63	36
Prior	17				17	6
Total	650				650	833
Charge-offs, Current year					0
Charge-offs, CY-1					0
Charge-offs, CY-2					1
Charge-offs, CY-3					0
Charge-offs, CY-4					1
Charge-offs, Prior					1
Charge-offs, Total					3
United States (Indirect)
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	227				227	481
CY-1	267				267	341
CY-2	176				176	173
CY-3	82				82	94
CY-4	37				37	25
Prior	5				5	1
Total	794				794	1,115
Charge-offs, Current year					0
Charge-offs, CY-1					2
Charge-offs, CY-2					2
Charge-offs, CY-3					2
Charge-offs, CY-4					1
Charge-offs, Prior					0
Charge-offs, Total					7
Canada
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	61				61	83
CY-1	75				75	53
CY-2	46				46	47
CY-3	37				37	32
CY-4	21				21	12
Prior	4				4	1
Total	244				244	228
Charge-offs, Current year					0
Charge-offs, CY-1					0
Charge-offs, CY-2					0
Charge-offs, CY-3					0
Charge-offs, CY-4					0
Charge-offs, Prior					0
Charge-offs, Total	1	0	1	1	0
EMEA
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	267				267	438
CY-1	399				399	285
CY-2	239				239	162
CY-3	126				126	109
CY-4	71				71	41
Prior	20				20	8
Total	1,122				1,122	1,043
Charge-offs, Current year					0
Charge-offs, CY-1					3
Charge-offs, CY-2					0
Charge-offs, CY-3					1
Charge-offs, CY-4					1
Charge-offs, Prior					0
Charge-offs, Total	4	$ 2	$ 2	$ 1	5
Low Credit Risk
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	376				376	722
CY-1	460				460	458
CY-2	321				321	278
CY-3	184				184	173
CY-4	96				96	64
Prior	24				24	8
Total	1,461				1,461	1,703
Low Credit Risk | United States (Direct)
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	76				76	173
CY-1	64				64	104
CY-2	76				76	80
CY-3	58				58	53
CY-4	32				32	23
Prior	9				9	2
Total	315				315	435
Low Credit Risk | United States (Indirect)
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	119				119	249
CY-1	129				129	165
CY-2	87				87	91
CY-3	43				43	49
CY-4	20				20	12
Prior	2				2	1
Total	400				400	567
Low Credit Risk | Canada
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	23				23	31
CY-1	27				27	22
CY-2	19				19	17
CY-3	14				14	12
CY-4	8				8	5
Prior	1				1	0
Total	92				92	87
Low Credit Risk | EMEA
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	158				158	269
CY-1	240				240	167
CY-2	139				139	90
CY-3	69				69	59
CY-4	36				36	24
Prior	12				12	5
Total	654				654	614
Average Credit Risk
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	272				272	491
CY-1	352				352	322
CY-2	253				253	184
CY-3	132				132	127
CY-4	76				76	38
Prior	15				15	5
Total	1,100				1,100	1,167
Average Credit Risk | United States (Direct)
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	43				43	83
CY-1	44				44	36
CY-2	63				63	26
CY-3	31				31	28
CY-4	21				21	7
Prior	4				4	2
Total	206				206	182
Average Credit Risk | United States (Indirect)
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	97				97	210
CY-1	124				124	156
CY-2	79				79	73
CY-3	34				34	40
CY-4	15				15	11
Prior	2				2	0
Total	351				351	490
Average Credit Risk | Canada
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	34				34	46
CY-1	42				42	25
CY-2	22				22	22
CY-3	17				17	16
CY-4	10				10	5
Prior	2				2	0
Total	127				127	114
Average Credit Risk | EMEA
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	98				98	152
CY-1	142				142	105
CY-2	89				89	63
CY-3	50				50	43
CY-4	30				30	15
Prior	7				7	3
Total	416				416	381
High Credit Risk
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	45				45	116
CY-1	76				76	109
CY-2	54				54	75
CY-3	47				47	34
CY-4	20				20	12
Prior	7				7	3
Total	249				249	349
High Credit Risk | United States (Direct)
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	19				19	71
CY-1	39				39	70
CY-2	28				28	49
CY-3	29				29	18
CY-4	10				10	6
Prior	4				4	2
Total	129				129	216
High Credit Risk | United States (Indirect)
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	11				11	22
CY-1	14				14	20
CY-2	10				10	9
CY-3	5				5	5
CY-4	2				2	2
Prior	1				1	0
Total	43				43	58
High Credit Risk | Canada
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	4				4	6
CY-1	6				6	6
CY-2	5				5	8
CY-3	6				6	4
CY-4	3				3	2
Prior	1				1	1
Total	25				25	27
High Credit Risk | EMEA
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	11				11	17
CY-1	17				17	13
CY-2	11				11	9
CY-3	7				7	7
CY-4	5				5	2
Prior	1				1	0
Total	$ 52				$ 52	$ 48

Finance Receivables, Net - Agin

Finance Receivables, Net - Aging of Billed Finance Receivables (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
Total	$ 2,810	$ 3,219
Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	74	97
Unbilled Revenues
Financing Receivable, Past Due [Line Items]
Total	2,736	3,122
United States
Financing Receivable, Past Due [Line Items]
Total	1,444	1,948
United States | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	56	79
United States | Unbilled Revenues
Financing Receivable, Past Due [Line Items]
Total	1,388	1,869
Canada
Financing Receivable, Past Due [Line Items]
Total	244	228
Canada | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	7	6
Canada | Unbilled Revenues
Financing Receivable, Past Due [Line Items]
Total	237	222
EMEA
Financing Receivable, Past Due [Line Items]
Total	1,122	1,043
EMEA | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	11	12
EMEA | Unbilled Revenues
Financing Receivable, Past Due [Line Items]
Total	1,111	1,031
Current | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	53	71
Current | United States | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	40	57
Current | Canada | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	5	5
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	12	15
31-90 Days Past Due | United States | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	9	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	9	11
>90 Days Past Due | United States | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	7	10
>90 Days Past Due | Canada | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	1	0
>90 Days Past Due | EMEA | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	1	1
>90 Days and Accruing
Financing Receivable, Past Due [Line Items]
Financing receivable, 90 days or more past due, still accruing	59	65
>90 Days and Accruing | United States
Financing Receivable, Past Due [Line Items]
Financing receivable, 90 days or more past due, still accruing	37	47
>90 Days and Accruing | Canada
Financing Receivable, Past Due [Line Items]
Financing receivable, 90 days or more past due, still accruing	10	6
>90 Days and Accruing | EMEA
Financing Receivable, Past Due [Line Items]
Financing receivable, 90 days or more past due, still accruing	12	12
Direct | United States
Financing Receivable, Past Due [Line Items]
Total	650	833
Direct | United States | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	33	42
Direct | United States | Unbilled Revenues
Financing Receivable, Past Due [Line Items]
Total	617	791
Direct | Current | United States | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	24	30
Direct | 31-90 Days Past Due | United States | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	5	6
Direct | >90 Days Past Due | United States | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	4	6
Direct | >90 Days and Accruing | United States
Financing Receivable, Past Due [Line Items]
Financing receivable, 90 days or more past due, still accruing	37	47
Indirect | United States
Financing Receivable, Past Due [Line Items]
Total	794	1,115
Indirect | United States | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	23	37
Indirect | United States | Unbilled Revenues
Financing Receivable, Past Due [Line Items]
Total	771	1,078
Indirect | Current | United States | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	16	27
Indirect | 31-90 Days Past Due | United States | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	4	6
Indirect | >90 Days Past Due | United States | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	3	4
Indirect | >90 Days and Accruing | United States
Financing Receivable, Past Due [Line Items]
Financing receivable, 90 days or more past due, still accruing	$ 0	$ 0

Finance Receivables, net - Sale

Finance Receivables, net - Sales of Receivables (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Receivables [Abstract]
Financing receivable, automatic extension, period (in years)	1 year
Finance receivables sold and derecognized, remaining uncollectable	$ 653	$ 60

Finance Receivables, net - Fi_2

Finance Receivables, net - Finance Receivable Sale Activity (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Receivables [Abstract]
Finance receivable sales - net proceeds	$ 381	$ 0	$ 642	$ 0
Gain on sale/Commissions	9	0	11	0
Servicing revenue	2	$ 0	3	$ 0
Revenue associated with sale of underlying leased equipment	$ 2		$ 2

Inventories and Equipment on _3

Inventories and Equipment on Operating Leases, Net - Inventories by Major Category (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Inventories and Equipment on Operating Leases, Net [Abstract]
Finished goods	$ 633	$ 640
Work-in-process	46	45
Raw materials	103	112
Total Inventories	$ 782	$ 797

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, 2023	Dec. 31, 2022
Inventories and Equipment on Operating Leases, Net [Abstract]
Equipment on operating leases	$ 1,128	$ 1,163
Accumulated depreciation	(869)	(928)
Equipment on operating leases, net	$ 259	$ 235

Inventories and Equipment on _5

Inventories and Equipment on Operating Leases, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Inventories and Equipment on Operating Leases, Net [Abstract]
Usage charges in excess of minimum contracted amounts	$ 16	$ 16	$ 33	$ 31

Lessee - Narrative (Details)

Lessee - Narrative (Details)	Jun. 30, 2023
Leases [Abstract]
Remaining terms of leases (years)	12 years

Lessee - Components of Lease Ex

Lessee - Components of Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Operating lease expense	$ 22	$ 24	$ 45	$ 49
Short-term lease expense	4	4	8	8
Variable lease expense	13	13	26	25
Sublease income	0	(2)	(1)	(4)
Total Lease expense	$ 39	$ 39	$ 78	$ 78

Lessee - Operating Lease ROU As

Lessee - Operating Lease ROU Asset- Operating Leases Assets and Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease, right-of-use asset, statement of financial position [extensible list]	Other long-term assets	Other long-term assets
Other long-term assets	$ 188	$ 215
Operating lease, liability, current, statement of financial position [extensible list]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Accrued expenses and other current liabilities	$ 55	$ 68
Operating lease, liability, noncurrent, statement of financial position [extensible list]	Other long-term liabilities	Other long-term liabilities
Other long-term liabilities	$ 148	$ 161
Total Operating lease liabilities	$ 203	$ 229

Restructuring Programs - Narrat

Restructuring Programs - Narrative (Details) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) employee	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring and related costs	$ 23		$ 1	$ 25	$ 19
Net current period charges	1	$ 1		2
Asset impairment charges	12		1	12	2
Related restructuring costs	10		$ (1)	$ 11	(3)
Restructuring charges	3	5
Headcount reductions, number of employees | employee				150
Reversals	2	4		$ 6
Payments for restructuring				14	21
Restructuring related reserve	11			11		$ 12
Restructuring Program
Restructuring Cost and Reserve [Line Items]
Restructuring and related costs				25
Net current period charges				2
Asset impairment charges				12
Related restructuring costs				11
HCL/TCS
Restructuring Cost and Reserve [Line Items]
Payments for restructuring				11	$ 2
Severance and Related Costs
Restructuring Cost and Reserve [Line Items]
Net current period charges	1	1
Restructuring charges	3	5		$ 8
Reversals	2	4
Other Contractual Termination Costs
Restructuring Cost and Reserve [Line Items]
Net current period charges	0	0
Restructuring charges	0	0
Reversals	$ 0	$ 0

Restructuring Programs - Restru

Restructuring Programs - Restructuring Program Activity (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2023	Jun. 30, 2022
Restructuring Reserve [Roll Forward]
Balance at beginning of period	$ 38	$ 43	$ 43
Provision	3	5
Reversals	(2)	(4)	(6)
Net current period charges	1	1	2
Charges against reserve and currency	(8)	(6)	(14)	$ (21)
Balance at end of period	31	38	31
Severance and Related Costs
Restructuring Reserve [Roll Forward]
Balance at beginning of period	34	39	39
Provision	3	5	8
Reversals	(2)	(4)
Net current period charges	1	1
Charges against reserve and currency	(7)	(6)
Balance at end of period	28	34	28
Other Contractual Termination Costs
Restructuring Reserve [Roll Forward]
Balance at beginning of period	4	4	4
Provision	0	0
Reversals	0	0
Net current period charges	0	0
Charges against reserve and currency	(1)	0
Balance at end of period	$ 3	$ 4	$ 3

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, 2023	Mar. 31, 2023	Jun. 30, 2023	Jun. 30, 2022
Restructuring and Related Activities [Abstract]
Charges against reserve and currency	$ (8)	$ (6)	$ (14)	$ (21)
Effects of foreign currency and other non-cash items			0	0
Restructuring cash payments			$ (14)	$ (21)

Restructuring Programs - Rest_2

Restructuring Programs - Restructuring Related Asset Impairment Activity (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Restructuring and Related Activities [Abstract]
Lease right of use assets	$ 0	$ 0	$ 0	$ 1
Owned asset	12	1	12	1
Asset impairments	12	1	12	2
Gain on sales of owned assets	0	(20)	0	(20)
Adjustments/Reversals	0	0	0	0
Net asset impairment charge	$ 12	$ (19)	$ 12	$ (18)

Restructuring Programs - Rest_3

Restructuring Programs - Restructuring and Related Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Restructuring Cost and Reserve [Line Items]
Related restructuring costs	$ 10	$ (1)	$ 11	$ (3)
Retention related severance/bonuses
Restructuring Cost and Reserve [Line Items]
Related restructuring costs	0	0	1	(2)
Contractual severance costs
Restructuring Cost and Reserve [Line Items]
Related restructuring costs	0	(1)	0	(1)
Consulting and other costs
Restructuring Cost and Reserve [Line Items]
Related restructuring costs	$ 10	$ 0	$ 10	$ 0

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)			1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2023	May 22, 2023	May 31, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Jul. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Debt issuance costs	$ 1,000,000			$ 1,000,000		$ 1,000,000
Debt extinguishment loss				3,000,000
Long-term debt	2,225,000,000			2,225,000,000		2,225,000,000			$ 2,866,000,000
Interest expense				46,000,000	$ 49,000,000	$ 96,000,000	$ 102,000,000
Secured debt				185,000,000
Financing receivable, sale				205,000,000
Special Purpose Entity (SPE)
Debt Instrument [Line Items]
Term of debt (in years)						2 years 6 months
Related Party | XEROX CORPORATION
Debt Instrument [Line Items]
Long-term debt	1,497,000,000			1,497,000,000		$ 1,497,000,000			1,496,000,000
2025 And 2028 Senior Notes | Senior Notes | XEROX CORPORATION
Debt Instrument [Line Items]
Interest payable	30,000,000			30,000,000		30,000,000			30,000,000
Interest expense				19,000,000	$ 19,000,000	39,000,000	$ 39,000,000
2025 And 2028 Senior Notes | Senior Notes | Related Party | XEROX CORPORATION
Debt Instrument [Line Items]
Long-term debt	1,497,000,000			1,497,000,000		1,497,000,000			1,496,000,000
Revolving Credit Facility | ABL Facility
Debt Instrument [Line Items]
Term of debt (in years)			5 years
Debt issuance costs			$ 7,000,000
Maximum borrowing capacity			300,000,000
Debt extinguishment loss			1,000,000
Letter of credit, credit facility sub-facility, maximum borrowing amount	0		$ 100,000,000
Variable rate (as percent)			0.10%
Debt amount	$ 200,000,000			$ 200,000,000		$ 200,000,000
Remaining minimum borrowing capacity base		$ 22,500,000
Remaining minimum borrowing capacity base percentage		10%
Revolving Credit Facility | ABL Facility | Minimum
Debt Instrument [Line Items]
Variable rate (as percent)			0.50%
Revolving Credit Facility | ABL Facility | Maximum
Debt Instrument [Line Items]
Variable rate (as percent)			1%
Revolving Credit Facility | ABL Facility | Federal Funds Rate
Debt Instrument [Line Items]
Variable rate (as percent)			0.50%
Revolving Credit Facility | ABL Facility | Federal Funds Rate | Subsequent Event
Debt Instrument [Line Items]
Average interest rate								7.19%
Revolving Credit Facility | ABL Facility | SOFR
Debt Instrument [Line Items]
Variable rate (as percent)			1%
Base rate (as percent)			0%
Revolving Credit Facility | ABL Facility | SOFR | Minimum
Debt Instrument [Line Items]
Variable rate (as percent)			1.50%
Base rate (as percent)			0%
Revolving Credit Facility | ABL Facility | SOFR | Maximum
Debt Instrument [Line Items]
Variable rate (as percent)			2%
Revolving Credit Facility | Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity									$ 250,000,000
Credit facility, increase limit			$ 250,000,000

Debt - Secured Assets and Oblig

Debt - Secured Assets and Obligations held by SPE (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Finance Receivables, Net	$ 763	$ 1,376
Equipment on Operating Leases, Net	3	5
Secured Debt	526	1,042
Debt issuance costs	1
France | December 2022
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Finance Receivables, Net	181	235
Equipment on Operating Leases, Net	0	0
Secured Debt	$ 132	$ 195
Pre-Hedged Rate	4.69%	3.03%
Special Purpose Entity (SPE)
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Debt issuance costs	$ 1	$ 5
Special Purpose Entity (SPE) | United States
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Finance Receivables, Net	532	1,078
Equipment on Operating Leases, Net	3	5
Secured Debt	352	790
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	401	528
Equipment on Operating Leases, Net	0	0
Secured Debt	$ 277	$ 407
Pre-Hedged Rate	6.52%	5.83%
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	$ 131	$ 180
Equipment on Operating Leases, Net	3	5
Secured Debt	$ 75	$ 136
Pre-Hedged Rate	6.49%	5.65%
Special Purpose Entity (SPE) | United States | December 2022
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Finance Receivables, Net		$ 370
Equipment on Operating Leases, Net		0
Secured Debt		$ 247
Pre-Hedged Rate		7.43%
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	$ 50	$ 63
Equipment on Operating Leases, Net	0	0
Secured Debt	$ 42	$ 57
Pre-Hedged Rate	5.86%	5.45%

Debt - Interest Income and Inte

Debt - Interest Income and Interest Expense Disclosure (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Debt Instrument [Line Items]
Interest expense	$ 46	$ 49	$ 96	$ 102
Interest income	53	55	110	109
2025 And 2028 Senior Notes | Senior Notes | XEROX CORPORATION
Debt Instrument [Line Items]
Interest expense	$ 19	$ 19	$ 39	$ 39

Financial Instruments - Narrati

Financial Instruments - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) derivative	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) derivative	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Derivative [Line Items]
Number of interest rate derivatives outstanding | derivative	3		3
Notional Amount	$ 1,285		$ 1,285		$ 1,541
Average maturity of foreign exchange hedging contract - within three months (as a percent of total contracts)	90%		90%
Average maturity of foreign exchange hedging contract - within three and six months (as a percent of total contracts)	6%		6%
Average maturity of foreign exchange hedging contract - within six and twelve months (as a percent of total contracts)	4%		4%
Derivative liabilities, at fair value	$ 10		$ 10		(15)
After-tax loss, net			5
Foreign currency transaction losses, before tax	5	$ 1	16	$ 1
Interest rate cap
Derivative [Line Items]
Asset value					2
Derivatives Designated as Hedging Instruments
Derivative [Line Items]
Derivative liabilities, at fair value	5		5		(3)
Cash Flow Hedging | Derivatives Designated as Hedging Instruments
Derivative [Line Items]
Derivative liabilities, at fair value	9		9		$ 4
Derivatives used in net investment hedge	2		2
Cumulative translation adjustments	$ 2		$ 2

Financial Instruments - Interes

Financial Instruments - Interest Rate Derivatives Outstanding (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Derivative [Line Items]
Principal Debt	$ 526
Notional Amount	1,285	$ 1,541
Net Fair Value	4
Debt issuance costs	1
Special Purpose Entity (SPE)
Derivative [Line Items]
Debt issuance costs	1	$ 5
Secured Borrowing
Derivative [Line Items]
Notional Amount	269
United States | Expected Maturity In 2024
Derivative [Line Items]
Principal Debt	277
Notional Amount	$ 0
Hedged Rate	0%
Net Fair Value	$ 0
United States | Expected Maturity In 2024 | Special Purpose Entity (SPE)
Derivative [Line Items]
Pre-Hedged Rate	6.52%
United States | Expected Maturity In 2024 | Interest rate cap
Derivative [Line Items]
Principal Debt	$ 75
Notional Amount	$ 75
Pre-Hedged Rate	6.49%
Hedged Rate	0.50%
Net Fair Value	$ 2
United States | September 2021 | Special Purpose Entity (SPE)
Derivative [Line Items]
Pre-Hedged Rate	6.49%	5.65%
Canada | Expected Maturity In 2025 | Interest rate swap
Derivative [Line Items]
Principal Debt	$ 42
Notional Amount	$ 36
Pre-Hedged Rate	5.86%
Hedged Rate	2.57%
Net Fair Value	$ 1
France | Expected Maturity In 2025 | Interest rate cap
Derivative [Line Items]
Principal Debt	132
Notional Amount	$ 158
Pre-Hedged Rate	4.69%
Hedged Rate	3%
Net Fair Value	$ 1

Financial Instruments - Derivat

Financial Instruments - Derivative Instruments Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Summary Of Derivative Instruments By Hedge Designation [Abstract]
Derivative assets	$ 13	$ 26
Derivative liabilities	(23)	(11)
Net derivative asset (liability)	(10)	15
Derivatives Designated as Hedging Instruments
Summary Of Derivative Instruments By Hedge Designation [Abstract]
Net derivative asset (liability)	(5)	3
Derivatives Designated as Hedging Instruments | Other current assets | Foreign exchange contracts - forwards
Summary Of Derivative Instruments By Hedge Designation [Abstract]
Derivative assets	0	5
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	(9)	(9)
Derivatives Designated as Hedging Instruments | Other long-term assets | Interest rate cap
Summary Of Derivative Instruments By Hedge Designation [Abstract]
Derivative assets	3	6
Derivatives Designated as Hedging Instruments | Other long-term assets | Interest rate swap
Summary Of Derivative Instruments By Hedge Designation [Abstract]
Derivative assets	1	1
Derivatives NOT Designated as Hedging Instruments
Summary Of Derivative Instruments By Hedge Designation [Abstract]
Net derivative asset (liability)	(5)	12
Derivatives NOT Designated as Hedging Instruments | Other current assets | Foreign exchange contracts - forwards
Summary Of Derivative Instruments By Hedge Designation [Abstract]
Derivative assets	6	14
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	(14)	(2)
Derivatives NOT Designated as Hedging Instruments | Other long-term assets | Interest rate cap
Summary Of Derivative Instruments By Hedge Designation [Abstract]
Derivative assets	$ 3	$ 0

Financial Instruments - Gains (

Financial Instruments - Gains (Losses) on Derivative Instruments (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Summary of Derivative Instruments Gains (Losses) [Abstract]
Derivative Loss Recognized in OCI (Effective Portion)	[1]	$ (5)	$ (14)	$ (1)	$ (25)
Cash Flow Hedges | Cost of sales
Summary of Derivative Instruments Gains (Losses) [Abstract]
Location of Derivative Losses Reclassified from AOCL to Income (Effective Portion)		(8)	(4)	(14)	(6)
Cash Flow Hedges | Interest expense
Summary of Derivative Instruments Gains (Losses) [Abstract]
Location of Derivative Losses Reclassified from AOCL to Income (Effective Portion)		1	0	2	0
Foreign exchange contracts - forwards | Cash Flow Hedges
Summary of Derivative Instruments Gains (Losses) [Abstract]
Derivative Loss Recognized in OCI (Effective Portion)		(13)	(23)	(15)	(38)
Interest rate contracts | Cash Flow Hedges
Summary of Derivative Instruments Gains (Losses) [Abstract]
Derivative Loss Recognized in OCI (Effective Portion)		0	0	0	0
Derivative Instrument Effective Portion
Summary of Derivative Instruments Gains (Losses) [Abstract]
Derivative Loss Recognized in OCI (Effective Portion)		(13)	(23)	(15)	(38)
Location of Derivative Losses Reclassified from AOCL to Income (Effective Portion)		$ (7)	$ (4)	$ (12)	$ (6)
[1]Refer to Note 19 - Other Comprehensive Income (Loss) for gross components of Other comprehensive income (loss), net, reclassification adjustments out of Accumulated other comprehensive loss and related tax effects.

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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]			Other expenses, net
Foreign exchange contracts - forwards | Derivatives NOT Designated as Hedging Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on non-designated derivative instruments	$ (28)	$ (14)	$ (33)	$ (23)

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, 2023	Dec. 31, 2022
Assets
Total	$ 27	$ 41
Liabilities
Total	37	25
Foreign exchange contracts - forwards
Assets
Total	6	19
Liabilities
Total	23	11
Interest rate cap
Assets
Total	6	6
Interest rate swap
Assets
Total	1	1
Deferred compensation plan investments in mutual funds
Assets
Total	14	15
Liabilities
Total	$ 14	$ 14

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, 2023	Dec. 31, 2022
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	$ 477	$ 1,045
Accounts receivable, net	903	857
Short-term debt and current portion of long-term debt	891	860
Long-term debt	2,225	2,866
Carrying Amount | Xerox Holdings Corporation
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	1,496	1,496
Carrying Amount | Xerox Corporation
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	595	894
Carrying Amount | Xerox - Other Subsidiaries
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	134	476
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	477	1,045
Accounts receivable, net	903	857
Short-term debt and current portion of long-term debt	881	861
Long-term debt	1,905	2,498
Fair Value | Xerox Holdings Corporation
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	1,352	1,294
Fair Value | Xerox Corporation
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	419	726
Fair Value | Xerox - Other Subsidiaries
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 134	$ 478

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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Components of Net Periodic Benefit Costs:
Defined benefit plans			$ 10	$ (11)
Pension Benefits | U.S. Plans
Components of Net Periodic Benefit Costs:
Service cost	$ 0	$ 1	0	1
Interest cost	27	24	54	44
Expected return on plan assets	(24)	(24)	(49)	(51)
Recognized net actuarial loss (gain)	4	3	7	7
Amortization of prior service cost (credit)	0	0	0	0
Recognized settlement loss	7	15	12	33
Defined benefit plans	14	19	24	34
Defined contribution plans	5	5	9	10
Net Periodic Benefit Cost (Credit)	19	24	33	44
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss):
Net actuarial (gain) loss	44	(7)	37	7
Prior service cost (credit)	0	0	0	0
Amortization of net actuarial (loss) gain	(11)	(18)	(19)	(40)
Amortization of net prior service (cost) credit	0	0	0	0
Total Recognized in Other Comprehensive Income (Loss)	33	(25)	18	(33)
Total Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive Income (Loss)	52	(1)	51	11
Pension Benefits | Non-U.S. Plans
Components of Net Periodic Benefit Costs:
Service cost	1	4	2	8
Interest cost	47	33	93	62
Expected return on plan assets	(51)	(59)	(107)	(114)
Recognized net actuarial loss (gain)	4	6	5	12
Amortization of prior service cost (credit)	2	0	3	0
Recognized settlement loss	0	0	0	0
Defined benefit plans	3	(16)	(4)	(32)
Defined contribution plans	4	4	10	8
Net Periodic Benefit Cost (Credit)	7	(12)	6	(24)
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss):
Net actuarial (gain) loss	(48)	31	(48)	31
Prior service cost (credit)	36	48	36	48
Amortization of net actuarial (loss) gain	(4)	(6)	(5)	(12)
Amortization of net prior service (cost) credit	(2)	0	(3)	0
Total Recognized in Other Comprehensive Income (Loss)	(18)	73	(20)	67
Total Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive Income (Loss)	(11)	61	(14)	43
Retiree Health
Components of Net Periodic Benefit Costs:
Service cost	0	1	0	1
Interest cost	2	2	5	4
Expected return on plan assets	0	0	0	0
Recognized net actuarial loss (gain)	(4)	(1)	(6)	(1)
Amortization of prior service cost (credit)	(3)	(3)	(7)	(7)
Recognized settlement loss	0	0	0	0
Defined benefit plans	(5)	(1)	(8)	(3)
Net Periodic Benefit Cost (Credit)	(5)	(1)	(8)	(3)
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss):
Net actuarial (gain) loss	(5)	0	(5)	(7)
Prior service cost (credit)	0	0	0	(23)
Amortization of net actuarial (loss) gain	4	1	6	1
Amortization of net prior service (cost) credit	3	3	7	7
Total Recognized in Other Comprehensive Income (Loss)	2	4	8	(22)
Total Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive Income (Loss)	$ (3)	$ 3	$ 0	$ (25)

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, 2023	Jun. 30, 2022	Dec. 31, 2022
Schedule of Defined Benefit Plans Disclosures [Line Items]
Defined benefit plan, contributions by employer	$ 32	$ 72	$ 124
Defined benefit plan, expected future employer contributions			105
Pension Benefits
Schedule of Defined Benefit Plans Disclosures [Line Items]
Defined benefit plan, contributions by employer	25	63	105
Defined benefit plan, expected future employer contributions			80
Retiree Health
Schedule of Defined Benefit Plans Disclosures [Line Items]
Defined benefit plan, contributions by employer	7	9	19
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			55
Non-U.S. Plans | Pension Benefits
Schedule of Defined Benefit Plans Disclosures [Line Items]
Defined benefit plan, contributions by employer	$ 13	$ 51	81
Defined benefit plan, expected future employer contributions			$ 25

Employee Benefit Plans - Contri

Employee Benefit Plans - Contributions and Narrative (Details) £ in Millions	1 Months Ended
	Apr. 30, 2023 USD ($)	Apr. 30, 2023 GBP (£)	Jun. 30, 2023 USD ($)	Dec. 31, 2022
U.S. Plans | Qualified Plan | Pension Benefits
Schedule of Defined Benefit Plans Disclosures [Line Items]
Mandatory future contributions			$ 30,000,000
U. K
Schedule of Defined Benefit Plans Disclosures [Line Items]
Pension award payment percentage	6.50%	6.50%
Increase to PBO	$ 36,000,000	£ 28
PBO (as percent)				1.50%
Actuarial gain (loss)	$ 48,000,000	£ 38

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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	$ 3,467	$ 4,189	$ 3,353	$ 4,443
Comprehensive (loss) income, net	(43)	(303)	110	(404)
Cash dividends declared - common	(41)	(41)	(82)	(80)
Cash dividends declared - preferred	(3)	(3)	(7)	(7)
Stock option and incentive plans, net	13	35	20	39
Payments to acquire treasury stock, including fees				(113)
Cancellation of treasury stock		0		0
Investment from noncontrolling interests		5		5
Distributions to noncontrolling interests	(1)		(2)	(1)
Balance at end of period	$ 3,392	$ 3,882	$ 3,392	$ 3,882
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	$ 3,459	$ 4,184	$ 3,343	$ 4,436
Comprehensive (loss) income, net	(44)	(302)	110	(402)
Cash dividends declared - common	(41)	(41)	(82)	(80)
Cash dividends declared - preferred	(3)	(3)	(7)	(7)
Stock option and incentive plans, net	13	35	20	39
Payments to acquire treasury stock, including fees				(113)
Balance at end of period	3,384	3,873	3,384	3,873
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	157	156	156	168
Stock option and incentive plans, net		1	1	1
Cancellation of treasury stock		(2)		(14)
Balance at end of period	$ 157	155	$ 157	155
Par value (in dollars per share)	$ 1		$ 1
Additional Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	$ 1,594	1,560	$ 1,588	1,802
Stock option and incentive plans, net	13	34	19	38
Cancellation of treasury stock		(30)		(276)
Balance at end of period	1,607	1,564	1,607	1,564
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	0	(32)	0	(177)
Payments to acquire treasury stock, including fees				(113)
Cancellation of treasury stock		32		290
Balance at end of period	0	0	0	0
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	5,162	5,532	5,136	5,631
Comprehensive (loss) income, net	(61)	(4)	10	(60)
Cash dividends declared - common	(41)	(41)	(82)	(80)
Cash dividends declared - preferred	(3)	(3)	(7)	(7)
Balance at end of period	5,057	5,484	5,057	5,484
AOCL
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	(3,454)	(3,032)	(3,537)	(2,988)
Comprehensive (loss) income, net	17	(298)	100	(342)
Balance at end of period	(3,437)	(3,330)	(3,437)	(3,330)
Non-controlling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	8	5	10	7
Comprehensive (loss) income, net	1	(1)	0	(2)
Investment from noncontrolling interests		5		5
Distributions to noncontrolling interests	(1)		(2)	(1)
Balance at end of period	$ 8	$ 9	$ 8	$ 9

Shareholders' Equity of Xerox_4

Shareholders' Equity of Xerox Holdings - Treasury Stock (Details) - shares shares in Thousands	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023
Common Stock Shares
Increase (Decrease) In Treasury Stock [Roll Forward]
Beginning balance (in shares)	156,958	155,781
Stock based compensation plans, net (in shares)	147	1,177
Ending balance (in shares)	157,105	156,958
Treasury Stock Shares
Increase (Decrease) In Treasury Stock [Roll Forward]
Beginning balance (in shares)	0	0
Stock based compensation plans, net (in shares)	0	0
Ending balance (in shares)	0	0

Shareholder's Equity of Xerox_2

Shareholder's Equity of Xerox (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	$ 3,467	$ 4,189	$ 3,353	$ 4,443
Comprehensive (loss) income, net	(43)	(303)	110	(404)
Investment from noncontrolling interests		5		5
Distributions to noncontrolling interests	(1)		(2)	(1)
Balance at end of period	3,392	3,882	3,392	3,882
XEROX CORPORATION
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	3,704	4,436	3,593	4,697
Comprehensive (loss) income, net	(43)	(303)	110	(404)
Dividends declared to parent	(43)	(47)	(86)	(596)
Transfers from parent	13	38	15	428
Investment from noncontrolling interests	(1)	5		5
Distributions to noncontrolling interests			(2)	(1)
Balance at end of period	3,630	4,129	3,630	4,129
Xerox Holdings Shareholders’ Equity
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	3,459	4,184	3,343	4,436
Comprehensive (loss) income, net	(44)	(302)	110	(402)
Balance at end of period	3,384	3,873	3,384	3,873
Xerox Holdings Shareholders’ Equity | XEROX CORPORATION
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	3,696	4,431	3,583	4,690
Comprehensive (loss) income, net	(44)	(302)	110	(402)
Dividends declared to parent	(43)	(47)	(86)	(596)
Transfers from parent	13	38	15	428
Balance at end of period	3,622	4,120	3,622	4,120
Additional Paid-in Capital
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	1,594	1,560	1,588	1,802
Balance at end of period	1,607	1,564	1,607	1,564
Additional Paid-in Capital | XEROX CORPORATION
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	3,695	3,592	3,693	3,202
Transfers from parent	13	38	15	428
Balance at end of period	3,708	3,630	3,708	3,630
Retained Earnings
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	5,162	5,532	5,136	5,631
Comprehensive (loss) income, net	(61)	(4)	10	(60)
Balance at end of period	5,057	5,484	5,057	5,484
Retained Earnings | XEROX CORPORATION
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	3,455	3,871	3,427	4,476
Comprehensive (loss) income, net	(61)	(4)	10	(60)
Dividends declared to parent	(43)	(47)	(86)	(596)
Balance at end of period	3,351	3,820	3,351	3,820
AOCL
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	(3,454)	(3,032)	(3,537)	(2,988)
Comprehensive (loss) income, net	17	(298)	100	(342)
Balance at end of period	(3,437)	(3,330)	(3,437)	(3,330)
AOCL | XEROX CORPORATION
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	(3,454)	(3,032)	(3,537)	(2,988)
Comprehensive (loss) income, net	17	(298)	100	(342)
Balance at end of period	(3,437)	(3,330)	(3,437)	(3,330)
Non-controlling Interests
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	8	5	10	7
Comprehensive (loss) income, net	1	(1)	0	(2)
Investment from noncontrolling interests		5		5
Distributions to noncontrolling interests	(1)		(2)	(1)
Balance at end of period	8	9	8	9
Non-controlling Interests | XEROX CORPORATION
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	8	5	10	7
Comprehensive (loss) income, net	1	(1)	0	(2)
Investment from noncontrolling interests	(1)	5		5
Distributions to noncontrolling interests			(2)	(1)
Balance at end of period	$ 8	$ 9	$ 8	$ 9

Other Comprehensive Income (L_3

Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss), pre-tax		$ 11	$ (323)	$ 95	$ (358)
Other Comprehensive Income (Loss), Net	[1]	17	(298)	99	(342)
Less: Other comprehensive loss attributable to noncontrolling interest, pre-tax		0	0	(1)	0
Less: Other comprehensive loss, net attributable to noncontrolling interests	[1]	0	0	(1)	0
Other Comprehensive Income (Loss), Net Attributable to Xerox Holdings/Xerox	[1]	17	(298)	100	(342)
Translation Adjustments Gains (Losses)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss), pre-tax		49	(295)	141	(366)
Other Comprehensive Income (Loss), Net		49	(287)	141	(359)
Unrealized (Losses) Gains
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss), pre-tax		(6)	(19)	(3)	(32)
Other Comprehensive Income (Loss), Net		(5)	(14)	(1)	(25)
Changes in fair value of cash flow hedges losses, pre-tax		(13)	(23)	(15)	(38)
Changes in fair value of cash flow hedges losses, net of tax		(11)	(16)	(13)	(29)
Changes in cash flow hedges reclassed to earnings, pre-tax		7	4	12	6
Changes in cash flow hedges reclassed to earnings, net of tax		6	2	12	4
Net actuarial/prior service losses
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss), pre-tax		(27)	(72)	(20)	(56)
Other Comprehensive Income (Loss), Net		(20)	(55)	(15)	(43)
Prior service amortization
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss), pre-tax		(1)	(3)	(4)	(7)
Other Comprehensive Income (Loss), Net		0	(2)	(2)	(5)
Actuarial loss amortization / settlement
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss), pre-tax		11	23	18	51
Other Comprehensive Income (Loss), Net		8	17	13	38
Other (losses) gains
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss), pre-tax		(15)	43	(37)	52
Other Comprehensive Income (Loss), Net		(15)	43	(37)	52
Changes in Defined Benefit Plans (Losses) Gains
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss), pre-tax		(32)	(9)	(43)	40
Other Comprehensive Income (Loss), Net		(27)	3	(41)	42
Other Comprehensive Income (Loss) Attributable to Xerox Holdings/Xerox
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive Income (Loss), attributable to Xerox Holdings/Xerox, pre-tax		11	(323)	96	(358)
Other Comprehensive Income (Loss), Net Attributable to Xerox Holdings/Xerox		$ 17	$ (298)	$ 100	$ (342)
[1]Refer to Note 19 - Other Comprehensive Income (Loss) for gross components of Other comprehensive income (loss), net, reclassification adjustments out of Accumulated other comprehensive loss and related tax effects.

Other Comprehensive Income (L_4

Other Comprehensive Income (Loss) - Accumulated Other Comprehensive Loss (AOCL) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	$ 3,392	$ 3,467	$ 3,353	$ 3,882	$ 4,189	$ 4,443
Cumulative translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	(2,095)		(2,237)
Other unrealized losses, net
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	(5)		(4)
Benefit plans net actuarial losses and prior service credits
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	(1,337)		(1,296)
Total Accumulated Other Comprehensive Loss Attributable to Xerox Holdings/Xerox
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	$ (3,437)	$ (3,454)	$ (3,537)	$ (3,330)	$ (3,032)	$ (2,988)

(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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Basic (Loss) Earnings per Share
Net (Loss) Income Attributable to Xerox Holdings	$ (61)	$ (4)	$ 10	$ (60)
Accrued dividends on preferred stock	(3)	(3)	(7)	(7)
Adjusted Net (loss) income available to common shareholders	$ (64)	$ (7)	$ 3	$ (67)
Weighted average common shares outstanding (in shares)	157,009	155,170	156,817	155,897
Basic (Loss) Earnings per Share (in dollars per share)	$ (0.41)	$ (0.05)	$ 0.02	$ (0.43)
Diluted (Loss) Earnings per Share
Net (Loss) Income Attributable to Xerox Holdings	$ (61)	$ (4)	$ 10	$ (60)
Accrued dividends on preferred stock	(3)	(3)	(7)	(7)
Adjusted Net (loss) income available to common shareholders	$ (64)	$ (7)	$ 3	$ (67)
Weighted average common shares outstanding (in shares)	157,009	155,170	156,817	155,897
Common shares issuable with respect to:
Adjusted weighted average common shares outstanding (in shares)	157,009	155,170	157,895	155,897
Diluted (Loss) Earnings per Share (in dollars per share)	$ (0.41)	$ (0.05)	$ 0.02	$ (0.43)
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	0	1,078	0
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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	14,203	13,613	13,125	13,613
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)	287	693	287	693
Restricted stock and performance shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	7,174	6,178	6,096	6,178
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, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Tax contingency - unreserved	$ 379	$ 340
Escrow cash deposits	40	36
Surety bonds	86	80
Letters of credit	33	63
Liens on Brazilian assets	$ 0	$ 0

Contingencies and Litigation _2

Contingencies and Litigation - Other Pending Litigation - Narrative (Details) - USD ($) $ in Millions	Mar. 10, 2021	Jun. 30, 2023
Performance Guarantee
Guarantor Obligations [Line Items]
Maximum exposure, undiscounted		$ 236
Xerox Holdings Corporation
Guarantor Obligations [Line Items]
Per-occurrence coverage	$ 1,000
Projected pandemic related losses	$ 300