Xerox 10-K 24 Feb 25 2024 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2024	Jan. 31, 2025	Jun. 30, 2024
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
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, 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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 1,444,585,792
Entity Common Stock, Shares Outstanding		125,281,396
Documents Incorporated by Reference	Document Part of Form 10-K in Which Incorporated Xerox Holdings Corporation Notice of 2025 Annual Meeting of Shareholders and Proxy Statement (to be filed no later than 120 days after the close of the fiscal year covered by this report on Form 10-K) III
Entity Central Index Key	0001770450
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Central Index Key	0000108772

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Auditor [Line Items]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Stamford, Connecticut
Auditor Firm ID	238
Xerox Corporation
Auditor [Line Items]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Stamford, Connecticut
Auditor Firm ID	238

Xerox Holdings Corporation Cons

Xerox Holdings Corporation Consolidated Statements of (Loss) Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues
Total Revenues	$ 6,221	$ 6,886	$ 7,107
Costs and Expenses
Cost of financing	106	130	108
Research, development and engineering expenses	191	229	304
Selling, General and Administrative Expense	1,537	1,696	1,760
Goodwill impairment	1,058	0	412
Restructuring and related costs, net	112	167	65
Amortization of intangible assets	73	43	42
Divestitures	47	0	0
PARC donation	0	132	0
Other expenses, net	158	75	60
Total Costs and Expenses	7,437	6,914	7,432
Loss before Income Taxes	(1,216)	(28)	(325)
Income tax expense (benefit)	105	(29)	(3)
Net (Loss) Income	(1,321)	1	(322)
Less: Preferred stock dividends, net	(14)	(14)	(14)
Net Loss Attributable to Common Shareholders	$ (1,335)	$ (13)	$ (336)
Basic Loss per Share (in dollars per share)	$ (10.75)	$ (0.09)	$ (2.15)
Diluted Loss per Share (in dollars per share)	$ (10.75)	$ (0.09)	$ (2.15)
Sales
Revenues
Total Revenues	$ 2,378	$ 2,720	$ 2,800
Costs and Expenses
Cost of goods and services sold	1,562	1,778	2,002
Services, maintenance and rentals
Revenues
Total Revenues	3,692	3,975	4,100
Costs and Expenses
Cost of goods and services sold	2,593	2,664	2,679
Financing
Revenues
Total Revenues	$ 151	$ 191	$ 207

Xerox Holdings Corporation Co_2

Xerox Holdings Corporation Consolidated Statements of Comprehensive Loss - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net (Loss) Income		$ (1,321)	$ 1	$ (322)
Other Comprehensive (Loss) Income, Net
Translation adjustments, net	[1]	(120)	191	(376)
Unrealized gains (losses), net	[1]	9	1	(2)
Changes in defined benefit plans, net	[1]	88	(331)	(171)
Other Comprehensive Loss, Net	[1]	(23)	(139)	(549)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Comprehensive Loss, Net		$ (1,344)	$ (138)	$ (871)
[1] Refer to Note 24 - Other Comprehensive Loss for gross components of Other Comprehensive Loss, reclassification adjustments out of Accumulated Other Comprehensive Loss and related tax effects.

Xerox Holdings Corporation Co_3

Xerox Holdings Corporation Consolidated Balance Sheets - USD ($) shares in Thousands, $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 576	$ 519
Accounts receivable (net of allowance of $69 and $64, respectively)	796	850
Billed portion of finance receivables (net of allowance of $2 and $4, respectively)	48	71
Finance receivables, net	608	842
Inventories	695	661
Other current assets	212	234
Total current assets	2,935	3,177
Finance receivables due after one year (net of allowance of $55 and $88, respectively)	1,089	1,597
Equipment on operating leases, net	245	265
Land, buildings and equipment, net	251	266
Intangible assets, net	236	177
Goodwill, net	1,937	2,747
Deferred tax assets	615	745
Other long-term assets	1,057	1,034
Total Assets	8,365	10,008
Liabilities and Equity
Short-term debt and current portion of long-term debt	585	567
Accounts payable	1,023	1,044
Accrued compensation and benefits costs	227	306
Accrued expenses and other current liabilities	784	862
Total current liabilities	2,619	2,779
Long-term debt	2,814	2,710
Pension and other benefit liabilities	1,088	1,216
Post-retirement medical benefits	154	171
Other long-term liabilities	386	360
Total Liabilities	7,061	7,236
Commitments and Contingencies (See Note 20)
Noncontrolling Interests (See Note 6)	10	10
Convertible Preferred Stock	214	214
Common stock	124	123
Additional paid-in capital	1,137	1,114
Retained earnings	3,514	4,977
Accumulated other comprehensive loss	(3,699)	(3,676)
Xerox Holdings shareholders’ equity	1,076	2,538
Noncontrolling interests	4	10
Total Equity	1,080	2,548
Total Liabilities and Equity	$ 8,365	$ 10,008
Shares of Common Stock Issued (in shares)	124,435	123,144
Shares of Common Stock Outstanding (in shares)	124,435	123,144

Xerox Holdings Corporation Co_4

Xerox Holdings Corporation Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit loss, current	$ 69	$ 64
Billed portion of finance receivables, allowance	2	4
Finance receivables due after one year, allowance	$ 55	$ 88

Xerox Holdings Corporation Co_5

Xerox Holdings Corporation Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash Flows from Operating Activities
Net (Loss) Income	$ (1,321)	$ 1	$ (322)
Adjustments required to reconcile Net (loss) income to Cash flows provided by operating activities
Depreciation and amortization	274	251	270
Provisions	110	54	65
Deferred tax benefit	90	(68)	(27)
Net gain on sales of businesses and assets	(8)	(39)	(56)
Divestitures	47	0	0
PARC donation	0	132	0
Stock-based compensation	52	54	75
Goodwill impairment	1,058	0	412
Restructuring and asset impairment charges	87	146	62
Payments for restructurings	(78)	(27)	(52)
Non-service retirement-related costs	80	19	(12)
Contributions to retirement plans	(145)	(102)	(124)
Decrease (increase) in accounts receivable and billed portion of finance receivables	71	(5)	(48)
(Increase) decrease in inventories	(122)	123	(143)
Increase in equipment on operating leases	(107)	(141)	(112)
Decrease (increase) in finance receivables	663	614	(141)
(Increase) decrease in other current and long-term assets	(14)	16	27
(Decrease) increase in accounts payable	(48)	(290)	278
(Decrease) increase in accrued compensation	(78)	48	34
(Decrease) increase in other current and long-term liabilities	(47)	(114)	9
Net change in income tax assets and liabilities	(50)	(12)	(27)
Net change in derivative assets and liabilities	10	13	(22)
Other operating, net	(13)	13	13
Net cash provided by operating activities	511	686	159
Cash Flows from Investing Activities
Cost of additions to land, buildings, equipment and software	(44)	(37)	(57)
Proceeds from sales of businesses and assets	35	43	87
Acquisitions, net of cash acquired	(161)	(7)	(93)
Other investing, net	(28)	(4)	(15)
Net cash used in investing activities	(198)	(5)	(78)
Cash Flows from Financing Activities
Proceeds from issuance of long-term debt	907	1,396	1,194
Payments on long-term debt	(992)	(1,874)	(1,723)
Purchases of capped calls	(23)	0	0
Dividends	(141)	(165)	(174)
Payments to acquire treasury stock, including fees	(8)	(544)	(113)
Other financing, net	(14)	(15)	(6)
Net cash used in financing activities	(271)	(1,202)	(822)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(28)	(1)	(29)
Increase (decrease) in cash, cash equivalents and restricted cash	14	(522)	(770)
Cash, cash equivalents and restricted cash at beginning of year	617	1,139	1,909
Cash, Cash Equivalents and Restricted Cash at End of Year	$ 631	$ 617	$ 1,139

Xerox Holdings Corporation Co_6

Xerox Holdings Corporation Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions		Total	Xerox Holdings Shareholders' Equity	Common Stock	[1]	Additional Paid-in Capital	Treasury Stock	Retained Earnings	AOCL	[2]	Non- controlling Interests
Beginning balance at Dec. 31, 2021		$ 4,443	$ 4,436	$ 168		$ 1,802	$ (177)	$ 5,631	$ (2,988)		$ 7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income (loss), net		(871)	(871)					(322)	(549)
Cash dividends declared-common	[3]	(159)	(159)					(159)
Cash dividends declared-preferred	[4]	(14)	(14)					(14)
Stock option and incentive plans, net		64	64	2		62
Common stock repurchased		(113)	(113)				(113)
Cancellation of treasury stock		0		(14)		(276)	290
Transactions with noncontrolling interests		4									4
Distributions to noncontrolling interests		(1)									(1)
Ending balance at Dec. 31, 2022		3,353	3,343	156		1,588	0	5,136	(3,537)		10
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income (loss), net		(138)	(138)					1	(139)
Cash dividends declared-common	[3]	(146)	(146)					(146)
Cash dividends declared-preferred	[4]	(14)	(14)					(14)
Stock option and incentive plans, net		46	46	1		45
Common stock repurchased		(553)	(553)				(553)
Cancellation of treasury stock		0		(34)		(519)	553
Transactions with noncontrolling interests		2									2
Distributions to noncontrolling interests		(2)									(2)
Ending balance at Dec. 31, 2023		2,548	2,538	123		1,114	0	4,977	(3,676)		10
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income (loss), net		(1,344)	(1,344)					(1,321)	(23)
Cash dividends declared-common	[3]	(128)	(128)					(128)
Cash dividends declared-preferred	[4]	(14)	(14)					(14)
Purchases of capped calls	[5]	(17)	(17)			(17)
Stock option and incentive plans, net		41	41	1		40
Transactions with noncontrolling interests		(4)									(4)
Distributions to noncontrolling interests		(2)									(2)
Ending balance at Dec. 31, 2024		$ 1,080	$ 1,076	$ 124		$ 1,137	$ 0	$ 3,514	$ (3,699)		$ 4
[1] Common Stock has a par value of $1 per share. AOCL - Accumulated other comprehensive loss. Cash dividends declared on common stock for 2024, 2023 and 2022 were $0.25 per share on a quarterly basis and $1.00 per share on an annual basis, respectively. Cash dividends declared on preferred stock for 2024, 2023 and 2022 were $20 per share on a quarterly basis and $80 per share on an annual basis, respectively.

Xerox Holdings Corporation Co_7

Xerox Holdings Corporation Consolidated Statements of Shareholders' Equity (Parenthetical) - USD ($)	3 Months Ended												12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Par value of common stock (in dollars per share)	$ 1				$ 1				$ 1				$ 1	$ 1	$ 1
Dividends per common share (in dollars per share)	0.25	$ 0.25	$ 0.25	$ 0.25	0.25	$ 0.25	$ 0.25	$ 0.25	0.25	$ 0.25	$ 0.25	$ 0.25	1	1	1
Dividends per preferred share (in dollars per share)	$ 20	$ 20	$ 20	$ 20	$ 20	$ 20	$ 20	$ 20	$ 20	$ 20	$ 20	$ 20	$ 80	$ 80	$ 80
Capped calls tax benefit													$ 6,000,000
Convertible Senior Notes Due 2030 | Convertible Debt
Principal debt				$ 400,000,000
Debt interest rate (as percent)				3.75%

Xerox Corporation Consolidated

Xerox Corporation Consolidated Statements of (Loss) Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues
Total Revenues	$ 6,221	$ 6,886	$ 7,107
Costs and Expenses
Cost of financing	106	130	108
Research, development and engineering expenses	191	229	304
Selling, General and Administrative Expense	1,537	1,696	1,760
Goodwill impairment	1,058	0	412
Restructuring and related costs, net	112	167	65
Amortization of intangible assets	73	43	42
Divestitures	47	0	0
PARC donation	0	132	0
Other expenses, net	158	75	60
Total Costs and Expenses	7,437	6,914	7,432
Loss before Income Taxes	(1,216)	(28)	(325)
Income tax expense (benefit)	105	(29)	(3)
Net (Loss) Income	(1,321)	1	(322)
Sales
Revenues
Total Revenues	2,378	2,720	2,800
Costs and Expenses
Cost of goods and services sold	1,562	1,778	2,002
Services, maintenance and rentals
Revenues
Total Revenues	3,692	3,975	4,100
Costs and Expenses
Cost of goods and services sold	2,593	2,664	2,679
Financing
Revenues
Total Revenues	151	191	207
Xerox Corporation
Revenues
Total Revenues	6,221	6,886	7,107
Costs and Expenses
Cost of financing	106	130	108
Research, development and engineering expenses	191	229	304
Selling, General and Administrative Expense	1,535	1,696	1,760
Goodwill impairment	1,058	0	412
Restructuring and related costs, net	112	167	65
Amortization of intangible assets	73	43	42
Divestitures	47	0	0
PARC donation	0	132	0
Other expenses, net	155	75	60
Total Costs and Expenses	7,432	6,914	7,432
Loss before Income Taxes	(1,211)	(28)	(325)
Income tax expense (benefit)	105	(29)	(3)
Net (Loss) Income	(1,316)	1	(322)
Xerox Corporation | Sales
Revenues
Total Revenues	2,378	2,720	2,800
Costs and Expenses
Cost of goods and services sold	1,562	1,778	2,002
Xerox Corporation | Services, maintenance and rentals
Revenues
Total Revenues	3,692	3,975	4,100
Costs and Expenses
Cost of goods and services sold	2,593	2,664	2,679
Xerox Corporation | Financing
Revenues
Total Revenues	$ 151	$ 191	$ 207

Xerox Corporation Consolidate_2

Xerox Corporation Consolidated Statements of Comprehensive Loss - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net (Loss) Income		$ (1,321)	$ 1	$ (322)
Other Comprehensive (Loss) Income , Net
Translation adjustments, net	[1]	(120)	191	(376)
Unrealized gains (losses), net	[1]	9	1	(2)
Changes in defined benefit plans, net	[1]	88	(331)	(171)
Other Comprehensive Loss, Net	[1]	(23)	(139)	(549)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Comprehensive Loss, Net		(1,344)	(138)	(871)
Xerox Corporation
Net (Loss) Income		(1,316)	1	(322)
Other Comprehensive (Loss) Income , Net
Translation adjustments, net	[2]	(120)	191	(376)
Unrealized gains (losses), net	[2]	9	1	(2)
Changes in defined benefit plans, net	[2]	88	(331)	(171)
Other Comprehensive Loss, Net	[2]	(23)	(139)	(549)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Comprehensive Loss, Net		$ (1,339)	$ (138)	$ (871)
[1] Refer to Note 24 - Other Comprehensive Loss for gross components of Other Comprehensive Loss, reclassification adjustments out of Accumulated Other Comprehensive Loss and related tax effects.

Xerox Corporation Consolidate_3

Xerox Corporation Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 576	$ 519
Accounts receivable (net of allowance of $69 and $64, respectively)	796	850
Billed portion of finance receivables (net of allowance of $2 and $4, respectively)	48	71
Finance receivables, net	608	842
Inventories	695	661
Other current assets	212	234
Total current assets	2,935	3,177
Finance receivables due after one year (net of allowance of $55 and $88, respectively)	1,089	1,597
Equipment on operating leases, net	245	265
Land, buildings and equipment, net	251	266
Intangible assets, net	236	177
Goodwill, net	1,937	2,747
Deferred tax assets	615	745
Other long-term assets	1,057	1,034
Total Assets	8,365	10,008
Liabilities and Equity
Short-term debt and current portion of long-term debt	585	567
Accounts payable	1,023	1,044
Accrued compensation and benefits costs	227	306
Accrued expenses and other current liabilities	784	862
Total current liabilities	2,619	2,779
Long-term debt	2,814	2,710
Pension and other benefit liabilities	1,088	1,216
Post-retirement medical benefits	154	171
Other long-term liabilities	386	360
Total Liabilities	7,061	7,236
Commitments and Contingencies (See Note 20)
Noncontrolling Interests (See Note 6)	10	10
Additional paid-in capital	1,137	1,114
Retained earnings	3,514	4,977
Accumulated other comprehensive loss	(3,699)	(3,676)
Xerox Holdings shareholders’ equity	1,076	2,538
Noncontrolling interests	4	10
Total Equity	1,080	2,548
Total Liabilities and Equity	8,365	10,008
Xerox Corporation
Assets
Cash and cash equivalents	575	519
Accounts receivable (net of allowance of $69 and $64, respectively)	796	850
Billed portion of finance receivables (net of allowance of $2 and $4, respectively)	48	71
Finance receivables, net	608	842
Inventories	695	661
Other current assets	212	234
Total current assets	2,934	3,177
Finance receivables due after one year (net of allowance of $55 and $88, respectively)	1,089	1,597
Equipment on operating leases, net	245	265
Land, buildings and equipment, net	251	266
Intangible assets, net	236	177
Goodwill, net	1,937	2,747
Deferred tax assets	615	745
Other long-term assets	1,017	1,008
Total Assets	8,324	9,982
Liabilities and Equity
Short-term debt and current portion of long-term debt	197	567
Accounts payable	1,023	1,044
Accrued compensation and benefits costs	227	306
Accrued expenses and other current liabilities	741	820
Total current liabilities	2,576	2,737
Pension and other benefit liabilities	1,088	1,216
Post-retirement medical benefits	154	171
Other long-term liabilities	386	360
Total Liabilities	7,018	7,194
Commitments and Contingencies (See Note 20)
Noncontrolling Interests (See Note 6)	10	10
Additional paid-in capital	3,487	3,485
Retained earnings	1,504	2,959
Accumulated other comprehensive loss	(3,699)	(3,676)
Xerox Holdings shareholders’ equity	1,292	2,768
Noncontrolling interests	4	10
Total Equity	1,296	2,778
Total Liabilities and Equity	8,324	9,982
Xerox Corporation | Related Party
Liabilities and Equity
Short-term related party debt	388	0
Long-term debt	1,634	1,497
Xerox Corporation | Nonrelated Party
Liabilities and Equity
Long-term debt	$ 1,180	$ 1,213

Xerox Corporation Consolidate_4

Xerox Corporation Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Accounts receivable, allowance for credit loss, current	$ 69	$ 64
Billed portion of finance receivables, allowance	2	4
Finance receivables due after one year, allowance	55	88
Xerox Corporation
Accounts receivable, allowance for credit loss, current	69	64
Billed portion of finance receivables, allowance	2	4
Finance receivables due after one year, allowance	$ 55	$ 88

Xerox Corporation Consolidate_5

Xerox Corporation Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash Flows from Operating Activities
Net (Loss) Income	$ (1,321)	$ 1	$ (322)
Adjustments required to reconcile Net (loss) income to Cash flows provided by operating activities
Depreciation and amortization	274	251	270
Provisions	110	54	65
Deferred tax benefit	90	(68)	(27)
Net gain on sales of businesses and assets	(8)	(39)	(56)
Divestitures	47	0	0
PARC donation	0	132	0
Stock-based compensation	52	54	75
Goodwill impairment	1,058	0	412
Restructuring and asset impairment charges	87	146	62
Payments for restructurings	(78)	(27)	(52)
Non-service retirement-related costs	80	19	(12)
Contributions to retirement plans	(145)	(102)	(124)
Decrease (increase) in accounts receivable and billed portion of finance receivables	71	(5)	(48)
(Increase) decrease in inventories	(122)	123	(143)
Increase in equipment on operating leases	(107)	(141)	(112)
Decrease (increase) in finance receivables	663	614	(141)
(Increase) decrease in other current and long-term assets	(14)	16	27
(Decrease) increase in accounts payable	(48)	(290)	278
(Decrease) increase in accrued compensation	(78)	48	34
(Decrease) increase in other current and long-term liabilities	(47)	(114)	9
Net change in income tax assets and liabilities	(50)	(12)	(27)
Net change in derivative assets and liabilities	10	13	(22)
Other operating, net	(13)	13	13
Net cash provided by operating activities	511	686	159
Cash Flows from Investing Activities
Cost of additions to land, buildings, equipment and software	(44)	(37)	(57)
Proceeds from sales of businesses and assets	35	43	87
Acquisitions, net of cash acquired	(161)	(7)	(93)
Other investing, net	(28)	(4)	(15)
Net cash used in investing activities	(198)	(5)	(78)
Cash Flows from Financing Activities
Proceeds from issuance of long-term debt	907	1,396	1,194
Payments on long-term debt	(992)	(1,874)	(1,723)
Other financing, net	(14)	(15)	(6)
Net cash used in financing activities	(271)	(1,202)	(822)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(28)	(1)	(29)
Increase (decrease) in cash, cash equivalents and restricted cash	14	(522)	(770)
Cash, cash equivalents and restricted cash at beginning of year	617	1,139	1,909
Cash, Cash Equivalents and Restricted Cash at End of Year	631	617	1,139
Xerox Corporation
Cash Flows from Operating Activities
Net (Loss) Income	(1,316)	1	(322)
Adjustments required to reconcile Net (loss) income to Cash flows provided by operating activities
Depreciation and amortization	274	251	270
Provisions	110	54	65
Deferred tax benefit	90	(68)	(27)
Net gain on sales of businesses and assets	(8)	(39)	(56)
Divestitures	47	0	0
PARC donation	0	132	0
Stock-based compensation	52	54	75
Goodwill impairment	1,058	0	412
Restructuring and asset impairment charges	87	146	62
Payments for restructurings	(78)	(27)	(52)
Non-service retirement-related costs	80	19	(12)
Contributions to retirement plans	(145)	(102)	(124)
Decrease (increase) in accounts receivable and billed portion of finance receivables	71	(5)	(48)
(Increase) decrease in inventories	(122)	123	(143)
Increase in equipment on operating leases	(107)	(141)	(112)
Decrease (increase) in finance receivables	663	614	(141)
(Increase) decrease in other current and long-term assets	(19)	16	27
(Decrease) increase in accounts payable	(48)	(290)	278
(Decrease) increase in accrued compensation	(78)	48	34
(Decrease) increase in other current and long-term liabilities	(47)	(114)	9
Net change in income tax assets and liabilities	(50)	(12)	(27)
Net change in derivative assets and liabilities	10	13	(22)
Other operating, net	(13)	13	13
Net cash provided by operating activities	511	686	159
Cash Flows from Investing Activities
Cost of additions to land, buildings, equipment and software	(44)	(37)	(57)
Proceeds from sales of businesses and assets	35	43	87
Acquisitions, net of cash acquired	(161)	(7)	(93)
Other investing, net	(9)	1	(2)
Net cash used in investing activities	(179)	0	(65)
Cash Flows from Financing Activities
Proceeds from issuance of long-term debt	907	1,396	1,194
Payments on long-term debt	(992)	(1,874)	(1,723)
Distributions to parent	(202)	(722)	(312)
Other financing, net	(4)	(7)	6
Net cash used in financing activities	(291)	(1,207)	(835)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(28)	(1)	(29)
Increase (decrease) in cash, cash equivalents and restricted cash	13	(522)	(770)
Cash, cash equivalents and restricted cash at beginning of year	617	1,139	1,909
Cash, Cash Equivalents and Restricted Cash at End of Year	$ 630	$ 617	$ 1,139

Xerox Corporation Consolidate_6

Xerox Corporation Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions	Total	Xerox Holdings Shareholders' Equity	Additional Paid-in Capital	Retained Earnings	AOCL	[1]	Non- controlling Interests	Xerox Corporation	Xerox Corporation Xerox Holdings Shareholders' Equity	Xerox Corporation Additional Paid-in Capital	Xerox Corporation Retained Earnings	Xerox Corporation AOCL	[2]	Xerox Corporation Non- controlling Interests
Beginning balance at Dec. 31, 2021	$ 4,443	$ 4,436	$ 1,802	$ 5,631	$ (2,988)		$ 7	$ 4,697	$ 4,690	$ 3,202	$ 4,476	$ (2,988)		$ 7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income (loss), net	(871)	(871)		(322)	(549)			(871)	(871)		(322)	(549)
Dividends declared to parent								(727)	(727)		(727)
Transfers from parent								491	491	491
Transactions with noncontrolling interests	4						4	4						4
Distributions to noncontrolling interests	(1)						(1)	(1)						(1)
Ending balance at Dec. 31, 2022	3,353	3,343	1,588	5,136	(3,537)		10	3,593	3,583	3,693	3,427	(3,537)		10
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income (loss), net	(138)	(138)		1	(139)			(138)	(138)		1	(139)
Dividends declared to parent								(469)	(469)		(469)
Transfers to parent								(208)	(208)	(208)
Transactions with noncontrolling interests	2						2	2						2
Distributions to noncontrolling interests	(2)						(2)	(2)						(2)
Ending balance at Dec. 31, 2023	2,548	2,538	1,114	4,977	(3,676)		10	2,778	2,768	3,485	2,959	(3,676)		10
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income (loss), net	(1,344)	(1,344)		(1,321)	(23)			(1,339)	(1,339)		(1,316)	(23)
Dividends declared to parent								(139)	(139)		(139)
Transfers from parent								2	2	2
Transactions with noncontrolling interests	(4)						(4)	(4)						(4)
Distributions to noncontrolling interests	(2)						(2)	(2)						(2)
Ending balance at Dec. 31, 2024	$ 1,080	$ 1,076	$ 1,137	$ 3,514	$ (3,699)		$ 4	$ 1,296	$ 1,292	$ 3,487	$ 1,504	$ (3,699)		$ 4
[1] AOCL - Accumulated other comprehensive loss. AOCL - Accumulated other comprehensive loss.

Basis of Presentation

Basis of Presentation	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation References to “Xerox Holdings” refer to Xerox Holdings Corporation and its consolidated subsidiaries while references to “Xerox” refer to Xerox Corporation and its consolidated subsidiaries or Xerox Holdings Corporation and its consolidated subsidiaries, as determined by the context. 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 Consolidated Financial Statements and footnotes represent the respective consolidated results and financial results of Xerox Holdings and Xerox and all respective companies that each registrant directly or indirectly controls, either through majority ownership or otherwise. This is a combined report of Xerox Holdings and Xerox, which includes separate Consolidated Financial Statements for each registrant. The accompanying Consolidated Financial Statements of both Xerox Holdings and Xerox have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). For convenience and ease of reference, we refer to the financial statement caption “Loss before Income Taxes” as “pre-tax loss”. Notes to the Consolidated Financial Statements reflect the activity for both Xerox Holdings and Xerox for all periods presented, unless otherwise noted. Description of Business Currently, Xerox Holdings' primary direct operating subsidiary is Xerox and therefore Xerox represents nearly all of Xerox Holdings' operations. Xerox is a global enterprise for workplace technology that integrates hardware, services and software for large to small enterprises. As customers seek to manage information and document workflows across digital and physical platforms, we deliver secure and sustainable document management solutions. We provide advanced document technology, services, software for a range of customers including small and mid-sized businesses, large enterprises, governments and graphic communications providers, and for our partners who serve them. Xerox serves customers globally in North America, Latin America, Brazil, Europe, Eurasia, the Middle East, Africa and India. Xerox Holdings' other direct subsidiary, Xerox Ventures LLC, which was established solely to invest in startups and early/mid-stage growth companies aligned with the Company’s innovation focus areas and targeted adjacencies. At December 31, 2023 Xerox Ventures, LLC held investments of $26. In January 2024, Myriad Ventures Fund I LP (Myriad) was established, and the investments held by Xerox Ventures LLC were transferred to Myriad, which will continue to be fully consolidated by Xerox Holdings. The investments are normally equity or equity-linked and for less than 20% ownership. Since the investments normally do not have readily determinable fair values, they are accounted for under the measurement alternative per ASC Topic 321-10-35-2. At December 31, 2024, Myriad had investments of $40. Basis of Consolidation All significant intercompany accounts and transactions have been eliminated. Investments in business entities in which we do not have control, but we have the ability to exercise significant influence over operating and financial policies (generally 20% to 50% ownership) are accounted for using the equity method of accounting. Operating results of acquired businesses are included in the Consolidated Statements of (Loss) Income from the date of acquisition. We consolidate variable interest entities if we are deemed to be the primary beneficiary of the entity. Operating results for variable interest entities in which we are determined to be the primary beneficiary are included in the Consolidated Statements of (Loss) Income from the date such determination is made. Use of Estimates The preparation of our Consolidated Financial Statements requires that we make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Future events and their effects cannot be predicted with certainty; accordingly, our accounting estimates require the exercise of judgment. The accounting estimates used in the preparation of our Consolidated Financial Statements will change as new events occur, as more experience is acquired, as additional information is obtained and as our operating environment changes. Our estimates are based on management's best available information including current events, historical experience, actions that the company may undertake in the future and on various other assumptions that are believed to be reasonable under the circumstances. As a result, actual results may be different from these estimates.

Recent Accounting Pronouncement

Recent Accounting Pronouncements and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements and Summary of Significant Accounting Policies	Recent Accounting Pronouncements and Summary of Significant Accounting Policies New Accounting Standards and Accounting Changes Xerox Holdings and Xerox consider the applicability and impact of all Accounting Standards Updates (ASUs) issued by the Financial Accounting Standards Board (FASB). The ASUs listed below apply to both registrants. Except for the Accounting Standard Updates (ASUs) discussed below, the new ASUs issued by the FASB during the last two years did not have any significant impact on the Company. Accounting Standard Updates to be Adopted: Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09 , Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for the Company’s annual periods beginning January 1, 2025, with early adoption permitted, and should be applied either prospectively or retrospectively. We are currently evaluating the impact of the adoption of this standard to determine its impact on the Company's disclosures. Income Statement In November 2024, the FASB issued ASU 2024-03 , Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses , which is intended to improve disclosures related to certain income statement expenses of the Company. This ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact of the adoption of this standard to determine its impact on the Company's disclosures. Debt In November 2024, the FASB issued ASU 2024-04 , Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments, which is intended to clarify requirements for determining whether certain settlements of convertible debt instruments, including convertible debt instruments with cash conversion features or convertible debt instruments that are not currently convertible, should be accounted for as an induced conversion. This ASU is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted. We are currently evaluating the impact of the adoption of this standard to determine its impact on the Company's disclosures. Accounting Standard Updates Recently 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 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 deferred 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. This ASU did not have an impact on our financial condition, results of operations, and cash flows. Segment Disclosures In November 2023, the FASB issued ASU 2023-07 , Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The update requires public entities to disclose significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within segment profit and loss. The amendment was effective for the Company's annual periods beginning January 1, 2024, and interim periods beginning January 1, 2025, with early adoption permitted, and are applied retrospectively to all prior periods presented in the financial statements. This ASU only requires additional disclosures, and did not have an impact on the company’s financial condition, results of operations or cash flows. Refer to Note 4 - Segment and Geographic Area Reporting for the required disclosures effective January 1, 2024. 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 was effective for our fiscal year beginning on January 1, 2023. The new standard’s requirement to disclose a rollforward of obligations outstanding was effective for our fiscal year beginning on January 1, 2024. Refer to Note 14 - Supplementary Financial Information for the required disclosures. 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 8 - Finance Receivables, Net for required disclosures regarding gross write-offs by vintage year. Government Assistance In November 2021, the FASB issued ASU 2021-10 , Government Assistance (Topic 832), Disclosures by Business Entities about Government Assistance. The update increases the transparency surrounding government assistance by requiring disclosure of 1) the types of assistance received, 2) an entity’s accounting for the assistance, and 3) the effect of the assistance on the entity’s financial statements. We adopted this update effective for our fiscal year beginning January 1, 2022. The impact of adoption was not material to our Consolidated Financial Statements. Impacts on future periods will depend on the amounts of government assistance received. Prior to the COVID-19 pandemic, the amounts of government assistance the Company received were not material and since the update is limited to increased disclosures, the adoption did not have a material impact on our financial condition, results of operations, and cash flows. Business Combinations In October 2021, the FASB issued ASU 2021-08 , Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers . The new guidance requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC Topic 606, Revenue from Contracts with Customers, as if the acquirer had originated the contracts. This approach differs from the current requirement to measure contract assets and contract liabilities acquired in a business combination at fair value. We early adopted this update effective for our fiscal year beginning January 1, 2022. The adoption of this update did not have a material impact on the Company’s consolidated financial statements and related disclosures. The standard did not impact contract assets or liabilities acquired in business combinations that occurred prior to the adoption date. Debt In August 2020, the FASB issued ASU 2020-06 , Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40). This update simplified the accounting for convertible instruments by reducing the number of accounting models available for convertible debt instruments and convertible preferred stock. This update also amended the guidance for the derivatives scope exception for contracts in an entity's own equity to reduce form-over-substance-based accounting conclusions and required the application of the if-converted method for calculating diluted earnings per share. We adopted this update effective for our fiscal year beginning January 1, 2022. The adoption of this update did not have a material impact on the Company’s consolidated financial statements and related disclosures. Other Updates In 2024 , 2023 and 2022 the FASB also issued the following ASUs, which could impact the Company in the future but currently did not have, nor are expected to have, a material impact on our financial condition, results of operations, cash flows or related disclosures upon adoption. Those updates are as follows: • Codification Improvements: ASU 2024-02 , Codification Improvements - Amendments to Remove References to the Concepts Statements. This update is effective for our fiscal year beginning after December 15, 2024. • Compensation - Stock Compensation: ASU 2024-01 , Compensation - Stock Compensation (Topic 718) - Scope Applications of Profits Interest and Similar Awards. This update is effective for the annual period beginning after December 15, 2024, as well as interim periods within that period, with early adoption permitted. • Disclosure Improvements: ASU 2023-06 , Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. Since the Company is already subject to SEC disclosure requirements, this update was effective upon issuance. • Business Combinations: ASU 2023-05 , Business Combinations - Joint Venture Formation (Topic 805-60): Recognition and Initial Measurement. This update is effective for our fiscal year beginning January 1, 2025. • Liabilities: ASU 2023-04 , Liabilities (Topic 405): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 121. The Company adopted this conforming guidance upon issuance in August 2023. • 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. Summary of Accounting Policies Revenue Recognition We generate revenue through the sale of Print and IT hardware equipment and supplies and by providing maintenance, managed Print, Digital and IT services. Revenue is measured based on the consideration specified in a contract with a customer and is recognized when we satisfy a performance obligation by transferring control of a product to a customer or in the period the customer benefits from the service. With the exception of our sales-type lease arrangements, our invoices to the customer, which normally have short-term payment terms, are typically aligned to the transfer of goods or as services are rendered to our customers and therefore in most cases, we recognize revenue based on our right to invoice customers. As a result of the application of this practical expedient for the substantial portion of our revenue, the disclosure of the value of unsatisfied performance obligations for our services is not required. Significant judgments primarily include the identification of performance obligations in our Document management services arrangements as well as the pattern of delivery for those services. More specifically, revenue related to our products and services is generally recognized as follows: Equipment: Revenues from the sale of equipment directly to end-user customers, including those from sales-type leases (see below), are recognized when obligations under the terms of a contract with our customer are satisfied and control has been transferred to the customer. For equipment placements that require us to install the product at the customer location, revenue is normally recognized when the equipment has been delivered and installed at the customer location. Sales of customer installable products are recognized upon shipment or receipt by the customer according to the customer's shipping terms. Revenue from the equipment performance obligation also includes certain analyst training services performed in connection with the installation or delivery of the equipment. When training is essential to the functionality of the related equipment the equipment revenue is recorded when the obligation is satisfied. Maintenance services: We provide maintenance agreements on our equipment that include service and supplies for which the customer may pay a base minimum plus a price-per-page charge for usage. In arrangements that include minimums, those minimums are normally set below the customer’s estimated page volumes and are not considered substantive. These agreements are normally sold as part of a bundled lease arrangement or through distributors and resellers. We account for these maintenance agreements as a single performance obligation for maintenance services being delivered in a series with delivery being measured by usage as billed to the customer. Accordingly, revenue on these types of agreements is normally recognized as billed to the customer over the term of the agreements based on page volumes. Maintenance and support associated with our IT Solutions are recorded as our performance obligations are satisfied. A substantial portion of our products are sold with full-service maintenance agreements. Accordingly, other than the product warranty obligations associated with certain of our entry level products, we do not have any significant warranty obligations, including any obligations under customer satisfaction programs. Service offerings: The Company’s primary service offerings include Managed Print Services, Digital Services and IT Solutions. In our services arrangements, the Company typically satisfies the performance obligations and recognizes revenue over time as the services are rendered. We generally account for these service arrangements as single performance obligations since they primarily involve the delivery of an integrated service to the customer with services being delivered in a series. Delivery is typically measured on an output basis such as usage and is normally consistent with the billing or invoicing to the customer. Revenues on unit-price or time-based contracts are recognized as work is completed to the customer. Sales to distributors and resellers: We utilize distributors and resellers to sell our equipment, supplies, parts, and maintenance services to end-user customers. We refer to our distributor and reseller network as our two-tier distribution model. Revenues on sales to distributors and resellers are generally recognized when products are shipped to such distributors and resellers. However, revenue is only recognized when the distributor or reseller has economic substance apart from the Company such that collectability is probable and we have no further obligations related to bringing about the resale, delivery or installation of the product that would impact transfer of control. Revenues associated with maintenance agreements sold through distributors and resellers to end-user customers are recognized in a consistent manner for maintenance services. Revenue that may be subject to a reversal of revenue due to contractual terms or uncertainties is not recorded as revenue until the contractual provisions lapse or the uncertainties are resolved. Distributors and resellers participate in various rebate, price-protection, cooperative marketing and other programs. We estimate the variable consideration associated with these programs and record those amounts as a reduction to revenue when sales occur. Similarly, we account for our estimates of sales returns and other allowances when sales occur based on our historical experience. In certain instances, we may provide lease financing to end-user customers who purchased equipment we sold to distributors or resellers. We are not obligated to provide financing and we compete with other third-party leasing companies with respect to the lease financing provided to these end-user customers. Software: Most of our equipment has both software and non-software components that function together to deliver the equipment's essential functionality and therefore they are accounted for together as part of Equipment sales revenues. Software accessories sold in connection with our Equipment sales, as well as free-standing software sales, are accounted for as separate performance obligations if determined to be material in relation to the overall arrangement, which is recognized as our obligations are fulfilled. Supplies: Supplies revenue is recognized upon transfer of control to the customer, generally upon utilization or shipment to the customer in accordance with the sales contract terms. Financing: Finance income attributable to sales-type leases, direct financing leases and installment loans is recognized on the accrual basis using the effective interest method. Bundled Lease Arrangements: A portion of our direct sales of equipment to end-user customers are made through bundled lease arrangements which typically include equipment, services (maintenance and managed services) and financing components, where the customer pays a single negotiated fixed minimum monthly payment for all elements over the contractual lease term. These arrangements also typically include an incremental, variable component for page volumes in excess of the contractual page volume minimums, which are often expressed in terms of price-per-image or page. Consistent with the guidance in ASC 842 and ASC 606, the transaction price is allocated between the lease and non-lease deliverables based on standalone selling price (SSP). Lease deliverables include the equipment and financing, while the non-lease deliverables generally consist of the services, which normally include supplies. With respect to the allocation of fixed and variable consideration, we only consider the fixed payments for purposes of allocation to the lease elements of the contract. The revenue associated with the lease element is typically recognized at a point-in-time upon transfer of control as a sales-type lease, unless the lease is accounted for as an operating lease, which will normally result in recognition over the term of the lease. The revenue associated with the non-lease elements are normally accounted for as a single performance obligation being delivered in a series, with delivery being measured as the usage is billed to the customer. Accordingly, revenue from these agreements is recognized in a manner consistent with the guidance for Maintenance or Managed Print services agreements. We establish SSP using observable inputs from standalone sales of products, as well as the prices established by management in similar transactions. Based on historical sales practices and policies together with a periodic analysis, we have determined that there is not a material difference between standalone selling price and recorded sales price. Leases: The two primary accounting provisions we use to classify transactions as sales-type or operating leases are: (i) a review of the lease term to determine if it is for the major part of the economic life of the underlying equipment (defined as greater than 75%); and (ii) a review of the present value of the lease payments to determine if they are equal to or greater than substantially all of the fair market value of the equipment at the inception of the lease (defined as greater than 90%). Equipment placements included in arrangements meeting these conditions are accounted for as sales-type leases and revenue is recognized in a manner consistent with Equipment sales. Equipment placements included in arrangements that do not meet these conditions are accounted for as operating leases and revenue is recognized over the term of the lease. We consider the economic life of most of our products to be five years, since this represents the most frequent contractual lease term for our principal products and only a small percentage of our leases are for original terms longer than five years. There is no significant after-market for our used equipment. We believe five years is representative of the period during which the equipment is expected to be economically usable, with normal service, for the purpose for which it is intended. Our lease pricing interest rates, which are used in determining customer payments in a bundled lease arrangement, are developed based upon a variety of factors including local prevailing rates in the marketplace, cost of funds and the customer’s credit history, industry and credit class. We reassess our pricing interest rates quarterly based on changes in the local prevailing rates in the marketplace. The pricing interest rates generally equal the implicit rates within the leases, as corroborated by our comparisons of cash to lease selling prices and other analyses as noted above. Additional Lease Payments: Certain leases may require the customer to pay property taxes and insurance on the equipment. In these instances, the amounts for property taxes and insurance that we invoice to customers and pay to third parties are considered variable payments and are recorded as other revenues and other cost of revenues, respectively. Amounts related to property taxes and insurance are not material. We exclude from variable payments all lessor costs that are explicitly required to be paid directly by a lessee on behalf of the lessor to a third party. Other Revenue Recognition Policies Revenue-based Taxes: Revenue-based taxes assessed by governmental authorities that are both imposed on and concurrent with specific revenue-producing transactions, and that are collected by the Company from a customer, are excluded from revenue. The primary revenue-based taxes are sales tax and value-added tax (VAT). Shipping and Handling: Shipping and handling costs are accounted for as a fulfillment cost and are included in Cost of sales in the Consolidated Statements of (Loss) Income . Refer to Note 3 - Revenue for additional information regarding revenue recognition policies with respect to contract assets and liabilities as well as contract costs. Other Significant Accounting Policies Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, including money market funds, and investments with original maturities of three months or less. Allowance for Doubtful Accounts and Credit Losses The allowance for doubtful accounts and provision for credit losses represents an estimate of the losses expected to be incurred from the Company's trade and finance receivable portfolio. The measurement and recognition of expected credit losses is based on an expected loss model and incorporates an assessment of past collection experience as well as consideration of current and future economic conditions and changes in our customer collection trends. The allowance of finance receivables is determined on a collective basis by year of origination through the application of projected loss rates to our different portfolios by country, which represent our portfolio segments. This is the level at which we develop and document our methodology to determine the allowance for credit losses. These projected loss rates are primarily based upon historical experience adjusted for judgments about the probable effects of relevant observable data including current and future economic conditions as well as delinquency trends, resolution rates, the aging of receivables, credit quality indicators and the financial health of specific customer classes or groups. The allowance for finance receivables is inherently more difficult to estimate than the allowance for trade accounts receivable because the underlying lease portfolio has an average maturity, at any time, of approximately two Receivable Sales and Securitization The Company securitizes certain finance lease receivables by transferring them to Special Purpose Entities (SPEs) that meet the definition of a Variable Interest Entity (VIE) and are consolidated into our financial statements. These SPEs are bankruptcy-remote legal entities with separate assets and liabilities. The purpose of the SPEs is to facilitate the funding of customer loan and lease payments and associated equipment in the capital markets. These securitizations qualify as collateral for secured borrowings and no gains or losses are recognized at the time of securitization. The receivables remain on the balance sheet and are classified as Finance receivables, net. The Company continues to recognize finance income over the lives of these receivables. We also transfer certain portions of our finance receivable portfolios to third parties and account for those transfers of financial assets as sales when we have surrendered control over the related assets. Whether control has been relinquished requires, among other things, an evaluation of relevant legal considerations and an assessment of the nature and extent of the Company’s continuing involvement with the assets transferred. Gains and losses stemming from transfers reported as sales are normally included in revenue in the accompanying Statements of (Loss) Income. Gains or losses on the sale of finance receivables depend, in part, on both (a) the cash proceeds and (b) the net non-cash proceeds received or paid. Assets obtained and liabilities incurred in connection with transfers reported as sales are initially recognized in the balance sheet at fair value. Refer to Note 8 – Finance Receivables, Net for additional information on our finance receivable sales. Inventories Inventories are carried at the lower of average cost or net realizable value. Inventories also include equipment that is returned at the end of the lease term. Returned equipment is recorded at the lower of remaining net book value or salvage value, which is normally not significant. We regularly review inventory quantities and record a provision for excess and/or obsolete inventory based primarily on our estimated forecast of product demand, production requirements and servicing commitments. Several factors may influence the realizability of our inventories, including our decision to exit a product line, technological changes and new product development. The provision for excess and/or obsolete raw materials and equipment inventories is based primarily on near-term forecasts of product demand and include consideration of new product introductions, as well as changes in remanufacturing strategies. The provision for excess and/or obsolete service parts inventory is based primarily on projected servicing requirements over the life of the related equipment populations. Refer to Note 9 - Inventories and Equipment on Operating Leases, Net for further discussion. Land, Buildings and Equipment on Operating Leases Land, buildings and equipment are recorded at cost. Buildings and equipment are depreciated over their estimated useful lives. Leasehold improvements are depreciated over the shorter of the lease term or the estimated useful life. Equipment on operating leases is depreciated to estimated salvage value over the lease term. Depreciation is computed using the straight-line method. Significant leasehold improvements are capitalized, and maintenance and repairs are expensed. Refer to Note 9 - Inventories and Equipment on Operating Leases, Net and Note 10 - Land, Buildings, Equipment and Software, Net for further discussion. Leased Assets We determine at inception whether an arrangement is a lease. Our leases do not include assets of a specialized nature, or the transfer of ownership at the end of the lease, and the exercise of end-of-lease purchase options, which are primarily in our equipment leases, is not reasonably assured at lease inception. Accordingly, the two primary criteria we use to classify transactions as operating leases or finance leases are: (i) a review of the lease term to determine if it is equal to or greater than 75% of the economic life of the asset, and (ii) a review of the present value of the minimum lease payments to determine if they are equal to or greater than 90% of the fair market value of the asset at the inception of the lease. Right-of-use (ROU) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. We also assess arrangements for goods or services to determine if the arrangement contains a lease at its inception. This assessment first considers whether there is an implicitly or explicitly identified asset in the arrangement and then whether there is a right to control the use of the asset. If there is an embedded lease within a contract, the Company determines the classification of the lease at the lease inception date consistent with standalone leases of assets. Operating leases are included in Other long-term assets, Accrued expenses and other current liabilities, and Other long-term liabilities in our Consolidated Balance Sheets. Finance leases are included in Land, buildings and equipment, net, Accrued expenses and other current liabilities, and Other long-term liabilities in our Consolidated Balance Sheets. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Since the implicit rate for almost all of our leases is not readily determinable, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate is the rate of interest that we would have to pay to borrow, on a collateralized basis, an amount equal to the lease payments, in a similar economic environment and over a similar term. The rate is dependent on several factors, including the lease term and currency of the lease payments. Lease terms used to calculate the present value of lease payments generally do not include any options to extend, renew, or terminate the lease, as we do not have reasonable certainty at lease inception that these options will be exercised. We generally consider the economic life of our operating lease ROU assets to be comparable to the useful life of similar owned assets. We have elected the short-term lease exception, therefore operating lease ROU assets and liabilities do not include leases with a lease term of twelve months or less. Our leases generally do not provide a residual guarantee. The operating lease ROU asset also excludes lease incentives. Lease expense is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components. These components are accounted for separately for vehicle and equipment leases. We account for the lea

Revenue

Revenue	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Revenues disaggregated by primary geographic markets, major product lines, and sales channels are as follows: Year Ended December 31, 2024 2023 2022 Primary geographical markets (1) United States $ 3,437 $ 3,826 $ 4,014 Europe 1,843 1,951 1,935 Canada 487 554 545 Other 454 555 613 Total Revenues $ 6,221 $ 6,886 $ 7,107 Major product and services lines Equipment $ 1,378 $ 1,655 $ 1,624 Supplies, paper and other sales (2) 1,000 1,065 1,176 Maintenance agreements (3) 1,516 1,631 1,730 Service arrangements (4) 1,853 1,984 1,953 Rental and other 323 360 417 Financing 151 191 207 Total Revenues $ 6,221 $ 6,886 $ 7,107 Sales channels: Direct equipment lease (5) $ 706 $ 920 $ 708 Distributors & resellers (6) 973 1,044 1,222 Customer direct 699 756 870 Total Sales $ 2,378 $ 2,720 $ 2,800 _____________ (1) Geographic area data is based upon the location of the subsidiary reporting the revenue. (2) Other sales include revenues associated with hardware and software from our IT Solutions. (3) Includes revenues from maintenance agreements on sold equipment as well as revenues associated with service agreements sold through our channel partners, as well as services revenues related to our IT Solutions. (4) Primarily includes revenues from our Print outsourcing arrangements including revenues from embedded operating leases in those arrangements. (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 advanced billings for maintenance and other services to be performed and were approximately $130 and $132 at December 31, 2024 and 2023, respectively. The majority of the balance at December 31, 2024 will be amortized to revenue over approximately the next 30 months. Contract Costs: We incur the following contract costs as part of our revenue arrangements: • Incremental direct costs of obtaining a contract are primarily sales commissions paid to salespeople and agents in connection with the placement of equipment with post sale services arrangements. These costs are deferred and amortized to Selling Expenses on a straight-line basis over the estimated contract term, which is currently estimated to be approximately four years. • Contract fulfillment costs are costs incurred for resources and assets that will be used to satisfy our future performance obligations included in our service arrangements. These costs are amortized over the contractual service period of the arrangement to cost of services. • Contract inducements are capitalized and amortized as a reduction of revenue over the term of the contract. Changes in contract costs, net are as follows: 2024 2023 2022 Balance at January 1st, $ 136 $ 135 $ 147 Customer contract costs deferred 69 70 65 Amortization of customer contract costs (64) (69) (73) Other (1) (3) — (4) Balance at December 31st, $ 138 $ 136 $ 135 _____________ (1) Includes currency. 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 and Geographic Area Rep

Segment and Geographic Area Reporting	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Segment and Geographic Area Reporting	Segment and Geographic Area Reporting Our reportable segments – Print and Other , and XFS – are aligned to how the Chief Operating Decision Maker (CODM), allocates resources and assesses performance against the Company’s key growth strategies and are consistent with how we manage the business and view the markets we serve. Our CODM is our Chief Executive Officer (CEO). 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 Digital and IT services and software. Our product groupings range from: • “Entry” , which include A4 devices and desktop printers and multifunction devices that primarily serve small and medium workgroups/work teams. • “Mid-Range” , which include A3 devices that generally serve large workgroup/work teams environments as well as products in the Light Production product groups serving centralized print centers, print for pay and lower volume production print establishments. • “High-End” , which include production printing and publishing systems that generally serve the graphic communications marketplace and print centers in large enterprises. Customers range from small and mid-sized businesses to large enterprises. Customers also include graphic communication enterprises as well as channel partners including distributors and resellers. Segment revenues also include commissions and other payments from the XFS 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 XFS segment provides global leasing solutions and currently offers leasing for direct channel customer purchases of Xerox solutions through bundled lease agreements and lease financing to end-user customers who purchase Xerox solutions through our indirect channels. 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. We have entered into finance receivables funding agreements with HPS Investment Partners (HPS) in the U.S., and with De Lage Landen Financial Services Canada Inc. (DLL) in Canada. Refer to Note 8 - Finance Receivables, Net for additional information regarding our finance receivables funding agreements. In the third quarter 2023, the Company entered into an agreement with PEAC Solutions (a subsidiary of HPS) that named PEAC as the provider of certain leasing and financial services programs for Xerox and non-Xerox equipment sold through our U.S. network of independent dealers and resellers. In the fourth quarter 2023, our partnership with PEAC Solutions was further expanded to include the transition of some XFS U.S. employees in risk, IT, and operations to PEAC Solutions. Upon completion of this transition, PEAC Solutions became the preferred financing partner, primary funder, and service provider for XBS leases in the U.S. Segment Policy We derive the results of our business segments directly from our internal management reporting system. The accounting policies that the Company uses to derive its segment results are substantially the same as those used by the Company in preparing its consolidated financial statements. The segment results include a significant level of management estimates regarding the allocation of revenues such as finance income in bundled lease arrangements and other leasing revenues and operating lease revenues embedded in our managed services contracts as well as the allocation of expenses for shared selling and administrative services. Accordingly, the financial results for the segments may not be indicative of the results the businesses would have 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, significant segment expenses, and segment profit. A segment expense is considered significant when it is material to the segment, is included in the measure of segment profit, and is included in information that is regularly provided to the CODM. The CODM uses segment revenues, significant segment expenses, and segment profit, in part, to evaluate the performance of, and to allocate resources to each segment. Segment profit is the only measure of profitability that is used by the CODM to evaluate the performance of, and to allocate resources to each segment. The analysis of segment expenses has been applied retrospectively to all periods presented in the financial statements. Segment revenue, significant segment expenses, segment profit, and other selected financial information for our reportable segments was as follows: Year Ended December 31, 2024 2023 2022 Print and Other XFS Total Print and Other XFS Total Print and Other XFS Total External revenue $ 5,864 $ 357 $ 6,221 $ 6,485 $ 401 $ 6,886 $ 6,714 $ 393 $ 7,107 Intersegment revenue (1) 71 — 71 86 — 86 90 — 90 Total Segment net revenue $ 5,935 $ 357 $ 6,292 $ 6,571 $ 401 $ 6,972 $ 6,804 $ 393 $ 7,197 Reconciliation to Segment Profit Cost of sales (2) $ 1,477 $ 77 $ 1,554 $ 1,686 $ 92 $ 1,778 $ 1,906 $ 96 $ 2,002 Cost of services, maintenance and rentals 2,536 14 2,550 2,647 17 2,664 2,662 17 2,679 Cost of financing (3) — 106 106 — 130 130 — 108 108 Research, development and engineering expenses 191 — 191 229 — 229 304 — 304 Selling, administrative and general expenses (4)(5) 1,392 126 1,518 1,563 133 1,696 1,584 155 1,739 Intersegment expense (6) 71 — 71 86 — 86 90 — 90 Segment profit $ 268 $ 34 $ 302 $ 360 $ 29 $ 389 $ 258 $ 17 $ 275 Interest income $ — $ 151 $ 151 $ — $ 191 $ 191 $ — $ 207 $ 207 Depreciation and amortization 201 — 201 208 — 208 228 — 228 Capital expenditures (7) 44 — 44 37 — 37 57 — 57 Total Assets 6,598 1,767 8,365 7,301 2,707 10,008 8,230 3,313 11,543 _____________ (1) Intersegment revenue is primarily commissions and other payments made by the XFS Segment to the Print and Other Segment for the lease of Xerox equipment placements. (2) Cost of sales and Cost of services, maintenance and rentals for the Print and Other Segment excludes $8 and $43 from the reduction of inventory and the cancellation of related purchase contracts as a result of the exit of certain production print manufacturing operations during the year ended December 31, 2024. (3) Cost of financing is Interest expense associated with allocated debt of the Company, and is fully allocated to the XFS segment in support of its Finance assets, while no interest expense is allocated to the Print and Other segment. (4) Includes bad debt expense for the XFS segment of $17, $6 and $26, and bad debt expense for the Print and Other segment of $25, $22, $17 for the three years ended December 31, 2024, 2023 and 2022, respectively. (5) The Print and Other segment excludes $12 of Reinvention costs and $7 of Transaction and related costs, net for the year ended December 31, 2024, respectively, and $21 related to accelerated share vesting for the year ended December 31, 2022. (6) Intersegment expense is primarily origination fees and commissions made by the Print and Other Segment to the XFS Segment which leases Xerox equipment to third parties. (7) Capital expenditures are allocated fully to the Print and Other segment since they are primarily managed and controlled through that segment, together, with related long-lived assets. Selected financial information for our reportable segments was as follows: Year Ended December 31, 2024 2023 2022 Pre-tax (Loss) Total Segment profit $ 302 $ 389 $ 275 Goodwill impairment (1,058) — (412) Restructuring and related costs, net (112) (167) (65) Amortization of intangible assets (73) (43) (42) PARC Donation — (132) — Accelerated share vesting — — (21) Inventory-related impact - exit of certain production print manufacturing operations (51) — — Divestitures (47) — — Reinvention costs (12) — — Transaction and related costs, net (7) — — Other expenses, net (158) (75) (60) Total Pre-tax (loss) $ (1,216) $ (28) $ (325) Depreciation and Amortization Total reported segments $ 201 $ 208 $ 228 Amortization of intangible assets 73 43 42 Total Depreciation and amortization $ 274 $ 251 $ 270 Interest Expense Total reported segments $ 106 $ 130 $ 108 Corporate 119 68 91 Total Interest expense $ 225 $ 198 $ 199 Interest Income Total reported segments $ 151 $ 191 $ 207 Corporate 14 16 11 Total Interest income $ 165 $ 207 $ 218 Geographic Area Data Geographic area data is based upon the location of the subsidiary reporting the revenue or long-lived assets and is as follows: Revenues Long-Lived Assets (1) Year Ended December 31, As of December 31, 2024 2023 2022 2024 2023 United States $ 3,437 $ 3,826 $ 4,014 $ 488 $ 467 Europe 1,843 1,951 1,935 194 241 Canada 487 554 545 39 42 Other areas 454 555 613 14 21 Total $ 6,221 $ 6,886 $ 7,107 $ 735 $ 771 _____________ (1)

Lessor

Lessor	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Lessor	Lessor Revenue from sales-type leases is presented on a gross basis when the Company enters into a lease to realize value from a product that it would otherwise sell in its ordinary course of business, whereas in transactions where the Company enters into a lease for the purpose of generating revenue by providing financing, the profit or loss, if any, is presented on a net basis. In addition, we have elected to account for sales tax and other similar taxes collected from a lessee as lessee costs and therefore we exclude these costs from contract consideration and variable consideration and present revenue net of these costs. The components of lease income are as follows: Location in Statements of (Loss) Income Year Ended December 31, 2024 2023 2022 Revenue from sales type leases Sales $ 706 $ 920 $ 708 Interest income on lease receivables Financing 151 191 207 Lease income - operating leases Services, maintenance and rentals 168 161 170 Variable lease income Services, maintenance and rentals 46 62 63 Total Lease income $ 1,071 $ 1,334 $ 1,148 Profit at lease commencement on sales type leases was estimated to be approximately $213, $332 and $229 for the three years ended December 31, 2024, 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: Location in Statements of (Loss) Income Year Ended December 31, 2024 2023 2022 Revenue from sales type leases Sales $ 706 $ 920 $ 708 Interest income on lease receivables Financing 151 191 207 Lease income - operating leases Services, maintenance and rentals 168 161 170 Variable lease income Services, maintenance and rentals 46 62 63 Total Lease income $ 1,071 $ 1,334 $ 1,148 Profit at lease commencement on sales type leases was estimated to be approximately $213, $332 and $229 for the three years ended December 31, 2024, 2023 and 2022, respectively.

Acquisitions and Divestitures

Acquisitions and Divestitures	12 Months Ended
	Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures Acquisitions The following table summarizes the purchase price allocations for our acquisitions as of the acquisition dates: Year Ended December 31, 2024 Year Ended December 31, 2023 Year Ended December 31, 2022 Weighted-Average Life Acquisitions (1) Weighted-Average Life Acquisitions Weighted-Average Life Acquisitions Accounts/finance receivables $ 58 $ — $ 29 Intangible assets: Customer relationships 10 years 134 — 10 years 41 Trademarks 1 year 2 — 5 years 7 Goodwill (2) 286 — 62 Other assets 15 — 30 Total Assets acquired 495 — 169 Liabilities assumed (3) (124) — (76) Acquisition-related debt (4) (210) — — Total (5) $ 161 $ — $ 93 _____________ (1) For details related to our 2024 acquisition activity, refer to the "2024 Acquisition" section below. (2) Goodwill from 2024 and 2022 acquisitions included approximately $42 and $20 of goodwill that is expected to be deductible for tax purposes. Goodwill is allocated to the Print and Other Segment, the only reporting segment with Goodwill. (3) Liabilities assumed in 2022 acquisitions included estimated contingent consideration liabilities of approximately $11 . (4) Reflects the secured promissory notes, net of unamortized discounts, issued in connection with the acquisition of ITsavvy Acquisition Company, Inc. (5) Total is net of cash acquired . 2024 Acquisition ITsavvy On November 20, 2024, we completed the acquisition of ITsavvy Acquisition Company, Inc. (ITsavvy), a technology infrastructure solutions provider for total consideration of $405, which resulted in 100% ownership of ITsavvy. The total consideration paid was $405, which consisted of (i) cash payments of $195, (ii) a $110 secured promissory note issued by Xerox to the Seller at closing (the 2025 Note), and (iii) another $110 secured promissory note issued by Xerox to the Seller at closing (the 2026 Note and, together with the 2025 Note, the Notes), net of unamortized debt discount of $10 on the Notes. For additional information related to the secured promissory notes issued in connection with the acquisition of ITsavvy, refer to Note 15 - Debt. Total Purchase Consideration The table below details the total fair value of consideration for the ITsavvy acquisition: November 20, 2024 Cash $ 195 Secured promissory notes due in 2025, net of $3 discount 107 Secured promissory notes due in 2026, net of $7 discount 103 Total Fair value of consideration transferred $ 405 Assets Acquired and Liabilities Assumed The transaction has been accounted for using the acquisition method of accounting in accordance with Accounting Standards Codification (ASC) 805 — Business Combinations (ASC 805), which requires among other things, that most assets acquired and liabilities assumed to be recognized at their fair values as of the acquisition date. No change-in-control or contingent consideration liabilities were recorded by Xerox. The following table summarizes the preliminary allocation of total purchase consideration to the assets acquired and the liabilities assumed as of the date of the acquisition: November 20, 2024 Assets acquired Cash and cash equivalents $ 34 Accounts receivable, net 58 Inventories 4 Other current assets 3 Land, buildings and equipment, net 5 Intangible assets, net 136 Goodwill 286 Other long-term assets 3 Total Assets acquired $ 529 Liabilities assumed Accounts payable $ 57 Accrued compensation and benefits costs 7 Accrued expenses and other liabilities (1) 16 Deferred tax liability 18 Other long-term liabilities (1) 26 Total Liabilities acquired $ 124 Net Assets acquired $ 405 _____________ (1) Includes Deferred revenue accounted for in accordance with ASC 606 Revenue . The purchase price allocation for ITsavvy is preliminary and subject to revision as additional information about fair value of assets and liabilities becomes available. Xerox has one year from the acquisition date to finalize the purchase price allocation which may result in measurement period adjustments. Our Consolidated Statement of (Loss) Income for fiscal 2024 includes revenue of $48 and net income of $2 attributable to the ITsavvy acquisition since the date of acquisition. Intangible Assets The following table is a summary of the fair value estimates of the identifiable intangible assets and their estimated average useful lives: November 20, 2024 Estimated Useful Life Customer relationships $ 134 10 years Trademarks 2 1 year Total consideration transferred $ 136 The majority of customer-related intangible assets relates to customer contracts and related relationships. The customer contracts and related relationships intangible asset represents the fair value of future projected revenue that will be derived from sales of products to existing customers of ITsavvy. The asset was valued using a multi- period excess earnings method which calculates the present value of the estimated revenues and net cash flows derived from it. The present value of projected future cash flows included judgment and assumptions regarding projected future revenues, projected expenses, attrition rates, and the discount rate. Trademark represents the preliminary estimated fair value of the ITsavvy trade name. The fair value was determined by applying the relief-from-royalty method under the income approach. This method is based on the application of a royalty rate to forecasted revenue under the trade name. Intangible assets of approximately $59 is deductible for tax purposes as a result of previous taxable acquisitions made by ITsavvy. Goodwill Goodwill in the amount of $286 was recognized for this acquisition and is calculated as the excess of the consideration transferred over the net assets recognized and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized, primarily expected synergies. Goodwill of approximately $42 is deductible for tax purposes as a result of previous taxable acquisitions made by ITsavvy. All of the goodwill associated with the ITsavvy acquisition is related to our Print and Other Segment. Deferred Taxes We provided deferred taxes and recorded other tax adjustments as part of the accounting for the acquisition primarily related to the estimated fair value adjustments for acquired intangible assets, as well as the elimination of a previously recorded deferred tax liability associated with ITsavvy’s historical tax deductible goodwill. Pro Forma Information (Unaudited) The unaudited pro-forma results presented below include the effects of the ITsavvy acquisition as if it had been consummated as of January 1, 2023. The pro forma financial information for the twelve months ended December 31, 2024 combines our results for this period with the results of ITsavvy for the period beginning January 1, 2024 to November 19, 2024. The pro forma financial information for the twelve months ended December 31, 2023 combines our historical results for that period with the historical results of ITsavvy for that period. The following table summarizes the pro forma financial information: Year Ended December 31, 2024 2023 Total revenue $ 6,630 $ 7,296 Net loss (1,332) (8) The pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition and the cost of financing the acquisition had taken place on January 1, 2023. In addition to the results of ITsavvy for the periods prior to acquisition, the pro-forma results include primarily the amortization associated with the acquired intangible assets, interest expense associated with the Notes, and expense related to certain share-based payment awards. 2023 Acquisitions There were no material business acquisitions during 2023. 2022 Acquisitions During 2022, Xerox acquired two businesses that totaled $93, net of cash acquired. In February 2022, Xerox acquired Powerland, a leading IT services provider in Canada, for approximately $52 (CAD 66 million), net of cash. The acquisition also included contingent consideration up to approximately $22 (CAD 28 million) based on future performance of the acquisition over the two-year period following the date of acquisition. Approximately $11 was accrued as part of the purchase price reflecting the estimated fair value payout for this element. During 2023 $6 of contingent consideration was paid, and the remaining accrual was released during 2024, as performance obligations were not met. The acquisition strengthened Xerox’s IT services offerings in North America, which include cloud, cybersecurity, end user computing and managed services. In July 2022, Xerox acquired Go Inspire, a U.K.-based print and digital marketing and communication services provider, for approximately $41 (GBP 34 million), net of cash. The acquisition strengthened Xerox’s strategy to grow its global Digital Services presence in EMEA. The Goodwill associated with both acquisitions is included in our Print and Other segment. Our acquisitions in 2022 resulted in 100% ownership of the acquired companies. The operating results of these acquisitions were not material to our financial statements and were included within our results from the respective acquisition dates. The purchase prices were all cash, with the exception of the Powerland acquisition in 2022, which included a contingent consideration element. Revenue Impact Our acquisitions contributed aggregate revenues from their respective acquisition dates as follows: Year Ended December 31, Acquisition Year 2024 2023 2022 2024 $ 48 $ — $ — 2023 — — — 2022 196 215 163 Total Contributed Aggregate Revenue $ 244 $ 215 $ 163 Pending Acquisition of Lexmark International II, LLC Equity Purchase Agreement On December 22, 2024, Xerox Corporation (Xerox Corporation) entered into an Equity Purchase Agreement (the Purchase Agreement) with Ninestar Group Company Limited (the Seller) and Lexmark International II, LLC (Lexmark). The Purchase Agreement provides, among other things, that, subject to the terms and conditions set forth therein, Xerox Corporation will purchase from the Seller all of the issued and outstanding equity securities of Lexmark. The Purchase Agreement provides that Xerox Corporation will acquire Lexmark for $1.5 billion, inclusive of net debt and other assumed liabilities, subject to certain other customary pre- and post-closing adjustments and escrow arrangements. The Purchase Agreement contains certain representations, warranties, and covenants of each of the parties, including covenants by Lexmark relating to the operation of Lexmark’s business prior to the closing. Xerox Corporation has obtained representation and warranty insurance, which provides coverage for certain breaches of representations and warranties, subject to certain terms and conditions. The consummation of the transaction is subject to the satisfaction or waiver of certain closing conditions, including (i) the termination or expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and certain foreign regulatory approvals, as well as receipt of confirmation from the CFIUS Monitoring Agencies, as defined in the Purchase Agreement, that the National Security Agreement related to Lexmark will be terminated following the closing, (ii) the absence of any law or judgment preventing the closing and (iii) approval of the shareholders of Ninestar Corporation (Ninestar), a shareholder of the Seller (the Ninestar Shareholder Approval). The obligation to consummate the transaction by Xerox Corporation, on the one hand, and by the Seller and Lexmark, on the other hand, is also subject to the accuracy of the other’s representations and warranties contained in the Purchase Agreement (subject, with specified exceptions, to customary materiality standards) and the performance of the other’s covenants and agreements in all material respects. Xerox Corporation’s obligation to consummate the transaction is further subject to the condition that, since the date of the Purchase Agreement, there has not been a “Material Adverse Effect,” as defined in the Purchase Agreement, that is continuing as the date of closing. The parties have agreed to use certain efforts to satisfy the closing conditions and consummate the transaction as soon as practicable, including specified efforts to obtain certain regulatory approvals and confirmation from the CFIUS Monitoring Agencies required for the transaction. Xerox Corporation expects to close the transaction in the second half of 2025. The Purchase Agreement contains certain termination rights, including that either party may terminate the Purchase Agreement if (i) the transaction has not closed prior to December 22, 2025 (subject to up to three, three-month extensions at the election of either party, in each case if on such date all of the closing conditions except those relating to regulatory approvals have been satisfied or waived), (ii) a governmental entity permanently enjoins the transaction or (iii) the Ninestar Shareholder Approval is not obtained at the applicable meeting of Ninestar shareholders (the Ninestar Meeting). Additionally, Xerox Corporation may terminate if the Ninestar Meeting is not held within 180 days following the date of the Purchase Agreement (subject to a 90-day extension under certain conditions). The Purchase Agreement provides that, if the Purchase Agreement is terminated for failure to hold the Ninestar Meeting by the applicable deadline or for failure to obtain the Ninestar Shareholder Approval at the Ninestar Meeting, and subject to certain other conditions, Lexmark will reimburse Xerox Corporation for up to $30 of its documented out-of-pocket expenses. If the Purchase Agreement is terminated by either Xerox Corporation or the Seller under certain circumstances at a time when the requisite antitrust approvals have not been received or if the transaction is permanently enjoined pursuant to an antitrust law, subject to certain conditions, Xerox Corporation will reimburse Seller for up to $30 its documented out-of-pocket expenses. In addition, the Purchase Agreement provides that if (x) Xerox Corporation or the Seller terminates the Purchase Agreement for failure to hold the Ninestar Meeting by the applicable deadline or the Ninestar Shareholder Approval is not obtained at the Ninestar Meeting, (y) at the time of termination an alternative proposal for the acquisition of Lexmark has been made and (iii) within 18 months of termination the Seller enters into a definitive agreement with respect to such alternative acquisition proposal, Lexmark will pay Xerox Corporation $50, less any expenses previously reimbursed to Xerox Corporation. Voting Agreement On December 22, 2024, in connection with the execution and delivery of the Purchase Agreement, certain Ninestar shareholders and their affiliates, solely in their respective capacities as shareholders of Ninestar, entered into that certain Irrevocable Undertaking (the Voting Agreement) with Xerox Corporation, pursuant to which each stockholder agreed, among other things, (i) to vote or cause to be vote all of the Ninestar shares they beneficially own, subject to certain exceptions (including the valid termination of the Purchase Agreement), (ii) to vote against other proposals to acquire Lexmark and (iii) to certain other restrictions on its ability to take actions with respect to Lexmark and its shares. The shareholders party to the Voting Agreement collectively beneficially own approximately 32.12% of the outstanding Ninestar shares. Committed Debt Financing On December 22, 2024, Xerox Corporation and Xerox Holdings Corporation (Xerox Holdings Corporation) obtained commitments for new debt financing pursuant to (i) a commitment letter with Morgan Stanley Senior Funding, Inc., MUFG Bank, LTD., Regions Bank, Truist Bank and Citigroup Global Markets Inc. (together, the Incremental Commitment Parties) pursuant to which the Incremental Commitment Parties agreed to provide an approximately $357 senior secured incremental term loan facility (the Incremental Facility) in the form of incremental loans under Xerox Corporation’s first lien term loan agreement entered into in November 2023, among Xerox Corporation, as borrower, Xerox Holdings Corporation and certain subsidiaries of Xerox Corporation as guarantors, Jefferies Finance LLC, as administrative agent and collateral agent and the lenders party thereto (the TLB Facility), (ii) a commitment letter with DCS Finance, LLC and Christy 2017, LP (collectively, the Senior Unsecured Commitment Parties), pursuant to which the Senior Unsecured Commitment Parties agreed to provide debt financing in the form of $250 principal amount of senior unsecured notes to be issued by Xerox Holdings Corporation (the Senior Unsecured Notes) and (iii) a debt commitment letter with Jefferies Finance LLC and Jefferies LLC (collectively, Jefferies), pursuant to which Jefferies agreed to provide debt financing in the form of $250 senior unsecured notes (the SUNs) and a committed $550 senior secured term loan facility, in the form of an incremental facility to the TLB Facility (the Senior Secured Facility and together with the Incremental Facility, the Senior Unsecured Notes and the SUNs, the Transaction Facilities) (the Commitment Letters). Xerox Corporation and Xerox Holdings Corporation intend to use the proceeds of the Incremental Facility, the Senior Unsecured Notes, the Senior Secured Facility (or an equivalent amount of debt securities issued in lieu thereof) and the SUNs, together with cash on hand and drawings under Xerox Corporation’s asset-backed revolving credit facility to, among other things, fund the purchase price of all of the issued and outstanding equity securities of Lexmark pursuant to the Purchase Agreement and other amounts required to be paid by Xerox Corporation pursuant to Purchase Agreement, and to refinance $388 of Xerox Holdings Corporation’s 5.00% Senior Notes due 2025. The funding of the Transaction Facilities, other than the Senior Secured Facility, under the Commitment Letters is contingent on the satisfaction of customary conditions, including, among others (i) execution and delivery of definitive documentation in respect of such financings in accordance with the commitment letters, and (ii) consummation of the transactions contemplated by the Purchase Agreement. As of December 31, 2024, Xerox accrued in Other current liabilities approximately $22 in commitment fees, for the commitments discussed above. The fees will become payable upon the closing of the financing transaction. Divestitures Sales of Argentina and Chile In March 2024, Xerox completed the sales of its direct business operations in Argentina and Chile to Grupo Datco, a technologies and fiber optic network service provider in Latin America for a total consideration of $19. Following the transfer of ownership, the new companies will operate as independent entities and Grupo Datco will continue to service Xerox devices previously sold in Argentina and Chile and will become the exclusive partner for Xerox in these markets. This transaction aligns with the Company's ongoing Reinvention. The sales resulted in a net disposal loss of $51, which includes, a net currency translation loss of $40, allocated Goodwill of $10, the carrying value of the net assets of $18, and related fees of $2. During the second quarter of 2024 we recorded a purchase price adjustment credit of $3. The allocation of Goodwill was based on the relative fair value of the operations in Argentina and Chile to the total fair value for the Print and Other Segment Reporting Unit, which it was part of prior to the sales. The estimated fair values of the operations in Argentina and Chile 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 $19 related to the sales, for a net after-tax loss on the sales of $32. Other Divestitures During the fourth quarter 2024 we sold the rights to sell paper in certain European countries. The sale resulted in a net disposal gain of $4. This sale is not expected to materially impact current estimates of future projections with respect to results of operations or cash flows of the Company. Donation of Palo Alto Research Center (PARC)

Accounts Receivable, Net

Accounts Receivable, Net	12 Months Ended
	Dec. 31, 2024
Receivables [Abstract]
Accounts Receivable, Net	Accounts Receivable, Net Accounts receivable, net were as follows: December 31, 2024 2023 Invoiced $ 692 $ 710 Accrued (1) 173 204 Allowance for doubtful accounts (69) (64) Accounts receivable, net $ 796 $ 850 ____________ (1) Accrued receivables includes amounts to be invoiced in the subsequent quarter for current services provided. The allowance for doubtful accounts was as follows: Balance at December 31, 2022 $ 52 Provision 22 Charge-offs, net (17) Other (1) 7 Balance at December 31, 2023 $ 64 Provision 25 Charge-offs, net (20) Other (1) — Balance at December 31, 2024 $ 69 _____________ (1) Includes the impacts of foreign currency translation and adjustments to reserves necessary to reflect events of non-payment such as customer accommodations and contract terminations. We perform ongoing credit evaluations of our customers and adjust credit limits based upon customer payment history and current creditworthiness. The allowance for uncollectible accounts receivable is determined based on an assessment of past collection experience as well as consideration of current and future economic conditions and changes in our customer collection trends. Based on that assessment the allowance for doubtful accounts as a percentage of gross receivables was 8.0% at December 31, 2024 and 7.0% at December 31, 2023. The increase in the allowance is primarily due to an increase in aged receivables in the U.S. Accounts Receivable Sale Arrangements 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. Accounts receivable sales activity was as follows: Year Ended December 31, 2024 2023 2022 Accounts receivable sales (1) $ 450 $ 399 $ 593 _____________ (1) Losses on sales were not material. Finance receivables include sales-type leases and installment loans arising from the sales of our equipment. These receivables are typically collateralized by a security interest in the underlying equipment. Finance receivables, net were as follows: December 31, 2024 2023 Gross receivables $ 2,032 $ 2,899 Unearned income (230) (297) Subtotal 1,802 2,602 Residual values — — Allowance for doubtful accounts (57) (92) Finance Receivables, Net 1,745 2,510 Less: Billed portion of finance receivables, net 48 71 Less: Current portion of finance receivables not billed, net 608 842 Finance Receivables Due After One Year, Net $ 1,089 $ 1,597 A summary of our gross finance receivables' future contractual maturities, including those previously billed, is as follows: December 31, 2024 2023 12 months $ 842 $ 1,075 24 months 530 758 36 months 368 547 48 months 205 343 60 months 77 143 Thereafter 10 33 Total $ 2,032 $ 2,899 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 doubtful credit losses on a country or geographic basis. Customer credit limits are based upon an initial evaluation of the customer's credit quality, and are adjusted through ongoing credit assessments of the customer, which includes the past collections experience and changes in credit quality. The allowance for doubtful credit losses is 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. Our allowance for doubtful credit losses is effectively determined by geography. The risk characteristics in our finance receivable portfolio segments are generally consistent with the risk factors associated with the economies of the countries/regions included in those geographies. Since EMEA is comprised of various countries and regional economies, the risk profile within that portfolio segment is somewhat more diversified due to the varying economic conditions among and within the countries. The net bad debt provision was $17 for the year ended December 31, 2024. This compares to the net bad debt provision of $6 for the year ended December 31, 2023. The allowance for credit losses as a percentage of net finance receivables before allowance was 3.2% at December 31, 2024 and 3.5% at December 31, 2023. 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 macroeconomic 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 credit losses as well as the related investment in finance receivables were as follows: Allowance for Credit Losses: United States Canada EMEA Total Balance at December 31, 2022 $ 83 $ 7 $ 27 $ 117 Provision (8) 1 13 6 Charge-offs, net (17) (3) (14) (34) Other (1) — 2 1 3 Balance at December 31, 2023 $ 58 $ 7 $ 27 $ 92 Provision (7) 10 14 17 Charge-offs, net (23) (11) (17) (51) Other (1) 1 (1) (1) (1) Balance at December 31, 2024 $ 29 $ 5 $ 23 $ 57 Finance Receivables Collectively Evaluated for Impairment: December 31, 2023 (2) $ 1,205 $ 255 $ 1,142 $ 2,602 December 31, 2024 (2) $ 749 $ 144 $ 909 $ 1,802 _____________ (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. (2) Total Finance receivables exclude the allowance for credit losses of $57 and $92 at December 31, 2024 and 2023, respectively. 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. 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. Although we experience higher loss rates associated with this customer class, we believe the risk is somewhat mitigated by the fact that our leases are fairly well dispersed across a large and diverse customer base. In addition, the higher loss rates are largely offset by the higher rates of return we obtain with such leases. Loss rates in this category in the normal course are generally in the range of 2% to 5%. • High Credit Risk: This rating includes accounts that have marginal credit risk such that the customer’s ability to make repayment is impaired or may likely become impaired. We use numerous strategies to mitigate risk including higher rates of interest, prepayments, personal guarantees, etc. Accounts in this category include customers who were downgraded during the term of the lease from low and average credit risk evaluation when the lease was originated. Accordingly, there is a distinct possibility for a loss of principal and interest or customer default. The loss rates in this category in the normal course are generally in the range of 7% to 10%. Credit quality indicators are updated at least annually, or more frequently to the extent required by economic conditions, and the credit quality of any given customer can change during the life of the portfolio. Details about our finance receivables portfolio based on geography, origination year and credit quality indicators are as follows: December 31, 2024 2024 2023 2022 2021 2020 Prior Total United States (Direct): Low Credit Risk $ 93 $ 69 $ 34 $ 23 $ 10 $ 1 $ 230 Average Credit Risk 51 61 23 27 9 2 173 High Credit Risk 28 24 23 14 7 3 99 Total $ 172 $ 154 $ 80 $ 64 $ 26 $ 6 $ 502 Charge-offs $ 1 $ — $ 1 $ 1 $ 2 $ 2 $ 7 United States (Indirect): Low Credit Risk $ 40 $ 48 $ 25 $ 13 $ 3 $ — $ 129 Average Credit Risk 29 42 22 11 3 — 107 High Credit Risk 3 5 2 1 — — 11 Total $ 72 $ 95 $ 49 $ 25 $ 6 $ — $ 247 Charge-offs $ 1 $ 7 $ 3 $ 4 $ 2 $ 4 $ 21 Canada Low Credit Risk $ 33 $ 18 $ 7 $ 5 $ 1 $ — $ 64 Average Credit Risk 32 17 11 5 2 1 68 High Credit Risk 5 2 2 2 1 — 12 Total $ 70 $ 37 $ 20 $ 12 $ 4 $ 1 $ 144 Charge-offs $ — $ 9 $ 1 $ — $ — $ 1 $ 11 EMEA Low Credit Risk $ 131 $ 175 $ 116 $ 55 $ 20 $ 3 $ 500 Average Credit Risk 75 130 92 45 19 5 366 High Credit Risk 8 14 11 6 3 1 43 Total $ 214 $ 319 $ 219 $ 106 $ 42 $ 9 $ 909 Charge-offs $ — $ 7 $ 6 $ 3 $ 1 $ — $ 17 Total Finance Receivables Low Credit Risk $ 297 $ 310 $ 182 $ 96 $ 34 $ 4 $ 923 Average Credit Risk 187 250 148 88 33 8 714 High Credit Risk 44 45 38 23 11 4 165 Total $ 528 $ 605 $ 368 $ 207 $ 78 $ 16 $ 1,802 Total Charge-offs $ 2 $ 23 $ 11 $ 8 $ 5 $ 7 $ 56 December 31, 2023 2023 2022 2021 2020 2019 Prior Total United States (Direct): Low Credit Risk $ 122 $ 51 $ 61 $ 43 $ 17 $ 3 $ 297 Average Credit Risk 104 35 49 23 9 2 222 High Credit Risk 34 36 25 22 6 3 126 Total $ 260 $ 122 $ 135 $ 88 $ 32 $ 8 $ 645 Charge-offs $ 1 $ 1 $ 1 $ 1 $ 1 $ 2 $ 7 United States (Indirect): Low Credit Risk $ 136 $ 77 $ 48 $ 22 $ 6 $ — $ 289 Average Credit Risk 111 69 41 15 6 — 242 High Credit Risk 12 8 6 2 1 — 29 Total $ 259 $ 154 $ 95 $ 39 $ 13 $ — $ 560 Charge-offs $ 4 $ 3 $ 3 $ 2 $ 2 $ 3 $ 17 Canada Low Credit Risk $ 45 $ 24 $ 16 $ 9 $ 4 $ — $ 98 Average Credit Risk 63 36 18 12 6 — 135 High Credit Risk 6 5 4 5 1 1 22 Total $ 114 $ 65 $ 38 $ 26 $ 11 $ 1 $ 255 Charge-offs $ — $ — $ — $ 2 $ — $ 1 $ 3 EMEA Low Credit Risk $ 251 $ 182 $ 110 $ 48 $ 19 $ 6 $ 616 Average Credit Risk 192 148 73 36 17 3 469 High Credit Risk 19 16 11 7 4 — 57 Total $ 462 $ 346 $ 194 $ 91 $ 40 $ 9 $ 1,142 Charge-offs $ 3 $ 8 $ 4 $ 2 $ — $ — $ 17 Total Finance Receivables Low Credit Risk $ 554 $ 334 $ 235 $ 122 $ 46 $ 9 $ 1,300 Average Credit Risk 470 288 181 86 38 5 1,068 High Credit Risk 71 65 46 36 12 4 234 Total $ 1,095 $ 687 $ 462 $ 244 $ 96 $ 18 $ 2,602 Total Charge-offs $ 8 $ 12 $ 8 $ 7 $ 3 $ 6 $ 44 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: December 31, 2024 Current 31-90 >90 Days Total Billed Unbilled Total >90 Days Direct $ 19 $ 5 $ 4 $ 28 $ 474 $ 502 $ 35 Indirect 6 1 1 8 239 247 — Total United States 25 6 5 36 713 749 35 Canada 5 1 1 7 137 144 5 EMEA 5 1 1 7 902 909 15 Total $ 35 $ 8 $ 7 $ 50 $ 1,752 $ 1,802 $ 55 December 31, 2023 Current 31-90 >90 Days Total Billed Unbilled Total >90 Days Direct $ 24 $ 6 $ 5 $ 35 $ 610 $ 645 $ 41 Indirect 16 3 3 22 538 560 — Total United States 40 9 8 57 1,148 1,205 41 Canada 6 1 1 8 247 255 10 EMEA (1) 7 2 1 10 1,132 1,142 10 Total $ 53 $ 12 $ 10 $ 75 $ 2,527 $ 2,602 $ 61 Sales of Receivables The Company has expanded the 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. We have received an opinion to that effect from outside legal counsel. Accordingly, the receivables sold are derecognized from our financial statements and HPS does not have recourse back to the Company for uncollectible receivables. In addition, the agreement provides for the sale of the underlying leased equipment to HPS, with the commission paid by HPS covering the value associated with the underlying equipment being sold to HPS. The Company retains 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. In January 2024, we entered into a new agreement with HPS to transfer the servicing of the majority of funding activity to HPS as well as extend the existing term for five years. This agreement automatically renews for a one-year period unless terminated by either the Company or HPS. Xerox will be required to pay a specified fee to service the Company’s retained receivables. Xerox will continue to service the lease receivables from prior service arrangements with HPS for a specified fee. In October 2024, the Company entered into a finance receivables funding agreement with De Lage Landen Financial Services Canada Inc. (DLL), pursuant to which the Company can offer for sale, and DLL may purchase, certain eligible pools of finance receivables structured as “true sales at law” and bankruptcy remote transfers and we have received an opinion to that effect from outside counsel. This finance receivables funding agreement has an initial term of five years, with automatic one-year extensions thereafter, unless terminated by either the Company or DLL. The Company will be paid a commission on lease receivables sold and will continue to service the lease receivables under the finance receivables funding agreement. If the portfolio performs above a certain level of incremental service, a fee can be earned annually. During 2024, the Company received proceeds of approximately $100 (CAD 139 million) related to the sales of lease receivables under this finance receivables funding agreement with DLL. Finance receivable sales activity was as follows: Year Ended December 31, 2024 2023 2022 Finance receivable sales - net proceeds (1) $ 752 $ 1,102 $ 60 Gain on sale/Commissions (2)(3) 30 25 2 Servicing revenue (2) $ 17 $ 9 $ — _____________ (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 years ended December 31, 2024 and 2023 includes $4 and $4 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 We sold certain finance receivables to consolidated special purpose entities included in our Consolidated Balance Sheet as collateral for secured loans. Refer to Note 15 - Debt, for additional information related to these arrangements.

Finance Receivables, Net

Finance Receivables, Net	12 Months Ended
	Dec. 31, 2024
Financing Receivable, after Allowance for Credit Loss [Abstract]
Finance Receivables, Net	Accounts Receivable, Net Accounts receivable, net were as follows: December 31, 2024 2023 Invoiced $ 692 $ 710 Accrued (1) 173 204 Allowance for doubtful accounts (69) (64) Accounts receivable, net $ 796 $ 850 ____________ (1) Accrued receivables includes amounts to be invoiced in the subsequent quarter for current services provided. The allowance for doubtful accounts was as follows: Balance at December 31, 2022 $ 52 Provision 22 Charge-offs, net (17) Other (1) 7 Balance at December 31, 2023 $ 64 Provision 25 Charge-offs, net (20) Other (1) — Balance at December 31, 2024 $ 69 _____________ (1) Includes the impacts of foreign currency translation and adjustments to reserves necessary to reflect events of non-payment such as customer accommodations and contract terminations. We perform ongoing credit evaluations of our customers and adjust credit limits based upon customer payment history and current creditworthiness. The allowance for uncollectible accounts receivable is determined based on an assessment of past collection experience as well as consideration of current and future economic conditions and changes in our customer collection trends. Based on that assessment the allowance for doubtful accounts as a percentage of gross receivables was 8.0% at December 31, 2024 and 7.0% at December 31, 2023. The increase in the allowance is primarily due to an increase in aged receivables in the U.S. Accounts Receivable Sale Arrangements 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. Accounts receivable sales activity was as follows: Year Ended December 31, 2024 2023 2022 Accounts receivable sales (1) $ 450 $ 399 $ 593 _____________ (1) Losses on sales were not material. Finance receivables include sales-type leases and installment loans arising from the sales of our equipment. These receivables are typically collateralized by a security interest in the underlying equipment. Finance receivables, net were as follows: December 31, 2024 2023 Gross receivables $ 2,032 $ 2,899 Unearned income (230) (297) Subtotal 1,802 2,602 Residual values — — Allowance for doubtful accounts (57) (92) Finance Receivables, Net 1,745 2,510 Less: Billed portion of finance receivables, net 48 71 Less: Current portion of finance receivables not billed, net 608 842 Finance Receivables Due After One Year, Net $ 1,089 $ 1,597 A summary of our gross finance receivables' future contractual maturities, including those previously billed, is as follows: December 31, 2024 2023 12 months $ 842 $ 1,075 24 months 530 758 36 months 368 547 48 months 205 343 60 months 77 143 Thereafter 10 33 Total $ 2,032 $ 2,899 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 doubtful credit losses on a country or geographic basis. Customer credit limits are based upon an initial evaluation of the customer's credit quality, and are adjusted through ongoing credit assessments of the customer, which includes the past collections experience and changes in credit quality. The allowance for doubtful credit losses is 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. Our allowance for doubtful credit losses is effectively determined by geography. The risk characteristics in our finance receivable portfolio segments are generally consistent with the risk factors associated with the economies of the countries/regions included in those geographies. Since EMEA is comprised of various countries and regional economies, the risk profile within that portfolio segment is somewhat more diversified due to the varying economic conditions among and within the countries. The net bad debt provision was $17 for the year ended December 31, 2024. This compares to the net bad debt provision of $6 for the year ended December 31, 2023. The allowance for credit losses as a percentage of net finance receivables before allowance was 3.2% at December 31, 2024 and 3.5% at December 31, 2023. 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 macroeconomic 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 credit losses as well as the related investment in finance receivables were as follows: Allowance for Credit Losses: United States Canada EMEA Total Balance at December 31, 2022 $ 83 $ 7 $ 27 $ 117 Provision (8) 1 13 6 Charge-offs, net (17) (3) (14) (34) Other (1) — 2 1 3 Balance at December 31, 2023 $ 58 $ 7 $ 27 $ 92 Provision (7) 10 14 17 Charge-offs, net (23) (11) (17) (51) Other (1) 1 (1) (1) (1) Balance at December 31, 2024 $ 29 $ 5 $ 23 $ 57 Finance Receivables Collectively Evaluated for Impairment: December 31, 2023 (2) $ 1,205 $ 255 $ 1,142 $ 2,602 December 31, 2024 (2) $ 749 $ 144 $ 909 $ 1,802 _____________ (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. (2) Total Finance receivables exclude the allowance for credit losses of $57 and $92 at December 31, 2024 and 2023, respectively. 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. 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. Although we experience higher loss rates associated with this customer class, we believe the risk is somewhat mitigated by the fact that our leases are fairly well dispersed across a large and diverse customer base. In addition, the higher loss rates are largely offset by the higher rates of return we obtain with such leases. Loss rates in this category in the normal course are generally in the range of 2% to 5%. • High Credit Risk: This rating includes accounts that have marginal credit risk such that the customer’s ability to make repayment is impaired or may likely become impaired. We use numerous strategies to mitigate risk including higher rates of interest, prepayments, personal guarantees, etc. Accounts in this category include customers who were downgraded during the term of the lease from low and average credit risk evaluation when the lease was originated. Accordingly, there is a distinct possibility for a loss of principal and interest or customer default. The loss rates in this category in the normal course are generally in the range of 7% to 10%. Credit quality indicators are updated at least annually, or more frequently to the extent required by economic conditions, and the credit quality of any given customer can change during the life of the portfolio. Details about our finance receivables portfolio based on geography, origination year and credit quality indicators are as follows: December 31, 2024 2024 2023 2022 2021 2020 Prior Total United States (Direct): Low Credit Risk $ 93 $ 69 $ 34 $ 23 $ 10 $ 1 $ 230 Average Credit Risk 51 61 23 27 9 2 173 High Credit Risk 28 24 23 14 7 3 99 Total $ 172 $ 154 $ 80 $ 64 $ 26 $ 6 $ 502 Charge-offs $ 1 $ — $ 1 $ 1 $ 2 $ 2 $ 7 United States (Indirect): Low Credit Risk $ 40 $ 48 $ 25 $ 13 $ 3 $ — $ 129 Average Credit Risk 29 42 22 11 3 — 107 High Credit Risk 3 5 2 1 — — 11 Total $ 72 $ 95 $ 49 $ 25 $ 6 $ — $ 247 Charge-offs $ 1 $ 7 $ 3 $ 4 $ 2 $ 4 $ 21 Canada Low Credit Risk $ 33 $ 18 $ 7 $ 5 $ 1 $ — $ 64 Average Credit Risk 32 17 11 5 2 1 68 High Credit Risk 5 2 2 2 1 — 12 Total $ 70 $ 37 $ 20 $ 12 $ 4 $ 1 $ 144 Charge-offs $ — $ 9 $ 1 $ — $ — $ 1 $ 11 EMEA Low Credit Risk $ 131 $ 175 $ 116 $ 55 $ 20 $ 3 $ 500 Average Credit Risk 75 130 92 45 19 5 366 High Credit Risk 8 14 11 6 3 1 43 Total $ 214 $ 319 $ 219 $ 106 $ 42 $ 9 $ 909 Charge-offs $ — $ 7 $ 6 $ 3 $ 1 $ — $ 17 Total Finance Receivables Low Credit Risk $ 297 $ 310 $ 182 $ 96 $ 34 $ 4 $ 923 Average Credit Risk 187 250 148 88 33 8 714 High Credit Risk 44 45 38 23 11 4 165 Total $ 528 $ 605 $ 368 $ 207 $ 78 $ 16 $ 1,802 Total Charge-offs $ 2 $ 23 $ 11 $ 8 $ 5 $ 7 $ 56 December 31, 2023 2023 2022 2021 2020 2019 Prior Total United States (Direct): Low Credit Risk $ 122 $ 51 $ 61 $ 43 $ 17 $ 3 $ 297 Average Credit Risk 104 35 49 23 9 2 222 High Credit Risk 34 36 25 22 6 3 126 Total $ 260 $ 122 $ 135 $ 88 $ 32 $ 8 $ 645 Charge-offs $ 1 $ 1 $ 1 $ 1 $ 1 $ 2 $ 7 United States (Indirect): Low Credit Risk $ 136 $ 77 $ 48 $ 22 $ 6 $ — $ 289 Average Credit Risk 111 69 41 15 6 — 242 High Credit Risk 12 8 6 2 1 — 29 Total $ 259 $ 154 $ 95 $ 39 $ 13 $ — $ 560 Charge-offs $ 4 $ 3 $ 3 $ 2 $ 2 $ 3 $ 17 Canada Low Credit Risk $ 45 $ 24 $ 16 $ 9 $ 4 $ — $ 98 Average Credit Risk 63 36 18 12 6 — 135 High Credit Risk 6 5 4 5 1 1 22 Total $ 114 $ 65 $ 38 $ 26 $ 11 $ 1 $ 255 Charge-offs $ — $ — $ — $ 2 $ — $ 1 $ 3 EMEA Low Credit Risk $ 251 $ 182 $ 110 $ 48 $ 19 $ 6 $ 616 Average Credit Risk 192 148 73 36 17 3 469 High Credit Risk 19 16 11 7 4 — 57 Total $ 462 $ 346 $ 194 $ 91 $ 40 $ 9 $ 1,142 Charge-offs $ 3 $ 8 $ 4 $ 2 $ — $ — $ 17 Total Finance Receivables Low Credit Risk $ 554 $ 334 $ 235 $ 122 $ 46 $ 9 $ 1,300 Average Credit Risk 470 288 181 86 38 5 1,068 High Credit Risk 71 65 46 36 12 4 234 Total $ 1,095 $ 687 $ 462 $ 244 $ 96 $ 18 $ 2,602 Total Charge-offs $ 8 $ 12 $ 8 $ 7 $ 3 $ 6 $ 44 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: December 31, 2024 Current 31-90 >90 Days Total Billed Unbilled Total >90 Days Direct $ 19 $ 5 $ 4 $ 28 $ 474 $ 502 $ 35 Indirect 6 1 1 8 239 247 — Total United States 25 6 5 36 713 749 35 Canada 5 1 1 7 137 144 5 EMEA 5 1 1 7 902 909 15 Total $ 35 $ 8 $ 7 $ 50 $ 1,752 $ 1,802 $ 55 December 31, 2023 Current 31-90 >90 Days Total Billed Unbilled Total >90 Days Direct $ 24 $ 6 $ 5 $ 35 $ 610 $ 645 $ 41 Indirect 16 3 3 22 538 560 — Total United States 40 9 8 57 1,148 1,205 41 Canada 6 1 1 8 247 255 10 EMEA (1) 7 2 1 10 1,132 1,142 10 Total $ 53 $ 12 $ 10 $ 75 $ 2,527 $ 2,602 $ 61 Sales of Receivables The Company has expanded the 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. We have received an opinion to that effect from outside legal counsel. Accordingly, the receivables sold are derecognized from our financial statements and HPS does not have recourse back to the Company for uncollectible receivables. In addition, the agreement provides for the sale of the underlying leased equipment to HPS, with the commission paid by HPS covering the value associated with the underlying equipment being sold to HPS. The Company retains 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. In January 2024, we entered into a new agreement with HPS to transfer the servicing of the majority of funding activity to HPS as well as extend the existing term for five years. This agreement automatically renews for a one-year period unless terminated by either the Company or HPS. Xerox will be required to pay a specified fee to service the Company’s retained receivables. Xerox will continue to service the lease receivables from prior service arrangements with HPS for a specified fee. In October 2024, the Company entered into a finance receivables funding agreement with De Lage Landen Financial Services Canada Inc. (DLL), pursuant to which the Company can offer for sale, and DLL may purchase, certain eligible pools of finance receivables structured as “true sales at law” and bankruptcy remote transfers and we have received an opinion to that effect from outside counsel. This finance receivables funding agreement has an initial term of five years, with automatic one-year extensions thereafter, unless terminated by either the Company or DLL. The Company will be paid a commission on lease receivables sold and will continue to service the lease receivables under the finance receivables funding agreement. If the portfolio performs above a certain level of incremental service, a fee can be earned annually. During 2024, the Company received proceeds of approximately $100 (CAD 139 million) related to the sales of lease receivables under this finance receivables funding agreement with DLL. Finance receivable sales activity was as follows: Year Ended December 31, 2024 2023 2022 Finance receivable sales - net proceeds (1) $ 752 $ 1,102 $ 60 Gain on sale/Commissions (2)(3) 30 25 2 Servicing revenue (2) $ 17 $ 9 $ — _____________ (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 years ended December 31, 2024 and 2023 includes $4 and $4 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 We sold certain finance receivables to consolidated special purpose entities included in our Consolidated Balance Sheet as collateral for secured loans. Refer to Note 15 - Debt, for additional information related to these arrangements.

Inventories and Equipment on Op

Inventories and Equipment on Operating Leases, Net	12 Months Ended
	Dec. 31, 2024
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: December 31, 2024 2023 Finished goods (1) $ 609 $ 528 Work-in-process 36 47 Raw materials (2) 50 86 Total Inventories $ 695 $ 661 _____________ (1) Finished goods at December 31, 2024 includes a reduction of approximately $7, related to the exit of certain production print manufacturing operations. (2) Raw materials at December 31, 2024 includes a reduction of approximately $38, related to the exit of certain production print manufacturing operations. The transfer of equipment from our inventories to equipment subject to an operating lease is presented in our Consolidated Statements of Cash Flows in the operating activities section. Equipment on operating lease and similar arrangements consists of our equipment rented to customers and is depreciated to estimated salvage value at the end of the lease term. Equipment on operating leases and the related accumulated depreciation were as follows: December 31, 2024 2023 Equipment on operating leases $ 931 $ 1,074 Accumulated depreciation (686) (809) Equipment on operating leases, net $ 245 $ 265 Depreciable lives generally vary from four December 31, 2024 2023 12 months $ 131 $ 165 24 months 70 89 36 months 45 52 48 months 25 30 60 months 9 13 Thereafter — 2 Total $ 280 $ 351 Total contingent rentals on operating leases, consisting principally of usage charges in excess of minimum contracted amounts, for the years ended December 31, 2024, 2023 and 2022 amounted to $46, $62 and $63, respectively. Secured Borrowings and Collateral We sold the rights to payments under operating leases to a consolidated special purpose entity included in our Consolidated Balance Sheet as collateral for a secured loan. Refer to Note 15 - Debt, for additional information related to this arrangement.

Land, Buildings, Equipment and

Land, Buildings, Equipment and Software, Net	12 Months Ended
	Dec. 31, 2024
Land, Buildings, Equipment and Software, Net [Abstract]
Land, Buildings, Equipment and Software, Net	Land, Buildings, Equipment and Software, Net Land, buildings and equipment, net were as follows: December 31, Estimated Useful Lives (Years) 2024 2023 Land $ 8 $ 8 Building and building equipment 25 to 50 669 678 Leasehold improvements 1 to 12 72 78 Plant machinery 5 to 12 771 855 Office furniture and equipment 3 to 15 411 436 Finance leased assets 1 to 12 79 33 Other 4 to 20 35 37 Construction in progress 11 11 Subtotal 2,056 2,136 Accumulated depreciation (1) (1,805) (1,870) Land, buildings and equipment, net $ 251 $ 266 _____________ (1) Depreciation expense was $57, $60 and $68 for the three years ended December 31, 2024, 2023 and 2022, respectively. We lease buildings, vehicles, and equipment, substantially all of which are accounted for as operating leases. Refer to Note 11 - Lessee for additional information regarding leased assets. Internal Use Software three

Lessee

Lessee	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Lessee	Lessee Operating Leases We have operating leases for real estate and vehicles in our domestic and international operations, and for certain equipment in our domestic operations. Additionally, we have identified embedded operating leases within certain supply chain contracts for warehouses, primarily within our domestic operations. Our leases have remaining terms of up to ten years and a variety of renewal and/or termination options. The components of lease expense are as follows: Year Ended December 31, 2024 2023 2022 Operating lease expense $ 70 $ 83 $ 97 Short-term lease expense 14 16 17 Variable lease expense (1) 57 53 49 Sublease income (1) (1) (5) Total Lease expense $ 140 $ 151 $ 158 _____________ (1) Variable lease expense is related to our leased real estate for offices and warehouses and primarily includes labor and operational costs, as well as taxes and insurance. As of December 31, 2024, we had no material operating leases that had not yet commenced. Operating lease ROU assets, net and operating lease liabilities were reported in the Consolidated Balance Sheets as follows: December 31, 2024 2023 Other long-term assets $ 179 $ 172 Accrued expenses and other current liabilities $ 45 $ 41 Other long-term liabilities 143 141 Total Operating lease liabilities $ 188 $ 182 Supplemental information related to operating leases is as follows: Year Ended December 31, 2024 2023 2022 Cash paid for amounts included in the measurement of lease liabilities - Operating cash flows $ 72 $ 91 $ 101 Right-of-use assets obtained in exchange for new lease liabilities (1) $ 65 $ 23 $ 45 Weighted-average remaining lease term 4 years 4 years 4 years Weighted-average discount rate 7.70 % 6.07 % 5.19 % _____________ (1) Includes the impact of new leases as well as remeasurements and modifications to existing leases. Maturities and additional information related to operating lease liabilities are as follows: December 31, 2024 12 months $ 69 24 months 58 36 months 37 48 months 27 60 months 17 Thereafter 9 Total Lease payments 217 Less: Imputed interest 29 Total Operating lease liabilities $ 188 Finance Leases Xerox has finance leases for equipment in the U.S. and Europe, as well as for vehicles and related infrastructure, within outsourced warehouse supply arrangements, in the U.S. These leases have remaining maturities up to five years. The lease expense associated with our finance leases was $13, $8, and $4 for the three years ended December 31, 2024, 2023 or 2022, respectively. As of December 31, 2024, we had no additional financing leases that had not yet commenced. Finance lease ROU assets, net and operating lease liabilities were reported in the Consolidated Balance Sheets as follows: December 31, 2024 2023 Land, buildings and equipment, net $ 55 $ 19 Accrued expenses and other current liabilities $ 15 $ 8 Other long-term liabilities 38 9 Total Finance lease liabilities $ 53 $ 17 Supplemental information related to finance leases is as follows: Year Ended December 31, 2024 2023 2022 Cash paid for amounts included in the measurement of lease liabilities $ 12 $ 8 $ 4 Right-of-use assets obtained in exchange for new lease liabilities (1) $ 42 $ 7 $ 12 Weighted-average remaining lease term 4 Years 2 Years 3 years Weighted-average discount rate 10.53 % 7.28 % 6.40 % _____________ (1) Includes the impact of new leases as well as remeasurements and modifications to existing leases. Maturities and additional information related to finance lease liabilities are as follows: December 31, 2024 2023 12 months $ 19 $ 9 24 months 15 6 36 months 12 3 48 months 11 1 60 months 8 — Thereafter — — Total Lease payments 65 19 Less: Imputed interest 12 2 Total Finance Lease Liabilities $ 53 $ 17
Lessee	Lessee Operating Leases We have operating leases for real estate and vehicles in our domestic and international operations, and for certain equipment in our domestic operations. Additionally, we have identified embedded operating leases within certain supply chain contracts for warehouses, primarily within our domestic operations. Our leases have remaining terms of up to ten years and a variety of renewal and/or termination options. The components of lease expense are as follows: Year Ended December 31, 2024 2023 2022 Operating lease expense $ 70 $ 83 $ 97 Short-term lease expense 14 16 17 Variable lease expense (1) 57 53 49 Sublease income (1) (1) (5) Total Lease expense $ 140 $ 151 $ 158 _____________ (1) Variable lease expense is related to our leased real estate for offices and warehouses and primarily includes labor and operational costs, as well as taxes and insurance. As of December 31, 2024, we had no material operating leases that had not yet commenced. Operating lease ROU assets, net and operating lease liabilities were reported in the Consolidated Balance Sheets as follows: December 31, 2024 2023 Other long-term assets $ 179 $ 172 Accrued expenses and other current liabilities $ 45 $ 41 Other long-term liabilities 143 141 Total Operating lease liabilities $ 188 $ 182 Supplemental information related to operating leases is as follows: Year Ended December 31, 2024 2023 2022 Cash paid for amounts included in the measurement of lease liabilities - Operating cash flows $ 72 $ 91 $ 101 Right-of-use assets obtained in exchange for new lease liabilities (1) $ 65 $ 23 $ 45 Weighted-average remaining lease term 4 years 4 years 4 years Weighted-average discount rate 7.70 % 6.07 % 5.19 % _____________ (1) Includes the impact of new leases as well as remeasurements and modifications to existing leases. Maturities and additional information related to operating lease liabilities are as follows: December 31, 2024 12 months $ 69 24 months 58 36 months 37 48 months 27 60 months 17 Thereafter 9 Total Lease payments 217 Less: Imputed interest 29 Total Operating lease liabilities $ 188 Finance Leases Xerox has finance leases for equipment in the U.S. and Europe, as well as for vehicles and related infrastructure, within outsourced warehouse supply arrangements, in the U.S. These leases have remaining maturities up to five years. The lease expense associated with our finance leases was $13, $8, and $4 for the three years ended December 31, 2024, 2023 or 2022, respectively. As of December 31, 2024, we had no additional financing leases that had not yet commenced. Finance lease ROU assets, net and operating lease liabilities were reported in the Consolidated Balance Sheets as follows: December 31, 2024 2023 Land, buildings and equipment, net $ 55 $ 19 Accrued expenses and other current liabilities $ 15 $ 8 Other long-term liabilities 38 9 Total Finance lease liabilities $ 53 $ 17 Supplemental information related to finance leases is as follows: Year Ended December 31, 2024 2023 2022 Cash paid for amounts included in the measurement of lease liabilities $ 12 $ 8 $ 4 Right-of-use assets obtained in exchange for new lease liabilities (1) $ 42 $ 7 $ 12 Weighted-average remaining lease term 4 Years 2 Years 3 years Weighted-average discount rate 10.53 % 7.28 % 6.40 % _____________ (1) Includes the impact of new leases as well as remeasurements and modifications to existing leases. Maturities and additional information related to finance lease liabilities are as follows: December 31, 2024 2023 12 months $ 19 $ 9 24 months 15 6 36 months 12 3 48 months 11 1 60 months 8 — Thereafter — — Total Lease payments 65 19 Less: Imputed interest 12 2 Total Finance Lease Liabilities $ 53 $ 17

Goodwill, Net and Intangible As

Goodwill, Net and Intangible Assets, Net	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, Net and Intangible Assets, Net	Goodwill, Net and Intangible Assets, Net Goodwill, Net The following table presents the changes in the carrying amount of Goodwill, net: 2024 2023 2022 Goodwill $ 3,940 $ 4,013 $ 4,068 Accumulated impairment losses (1,193) (1,193) (781) Goodwill, net at January 1 $ 2,747 $ 2,820 $ 3,287 Goodwill Activity: Foreign currency translation - Gross (29) 47 (120) Acquisitions (1) : U.S. Acquisition 286 — — U.K. Acquisitions — 5 28 Canada Acquisition — — 34 Other 1 — 3 Dispositions (2) (16) (125) — Goodwill impairment (1,058) — (412) Foreign currency translation - Impairment 6 — — Goodwill $ 4,182 $ 3,940 $ 4,013 Accumulated impairment losses (2,245) (1,193) (1,193) Goodwill, net at December 31 $ 1,937 $ 2,747 $ 2,820 _____________ (1) 2024 primarily relates to our acquisition of ITsavvy. Refer to Note 6 - Acquisitions and Divestitures for additional information related to acquisitions. (2) 2024 primarily includes the write off of $10 of Goodwill associated with the sales of our business operations in Argentina and Chile, as well as other immaterial dispositions. 2023 primarily includes the write-off of $115 of Goodwill associated with the donation of our Palo Alto Research Center (PARC). Refer to Note 6 - Acquisitions and Divestitures for additional information related to the sales of our operations in Argentina and Chile and the PARC donation. Total Goodwill is fully allocated to the Print and Other segment and no Goodwill has been allocated to the XFS segment for the three years ended December 31, 2024, 2023 or 2022, respectively. In the third quarter of 2024, we concluded that a quantitative test of Goodwill was required. Based on that test, we determined that the estimated fair value of the Print and Other reporting unit (the only reporting unit with Goodwill) had declined below its carrying value and, as a result, we recognized an after-tax non-cash impairment charge of $1,015 ($1,058 pre-tax) related to our Goodwill for the year ended December 31, 2024. In the third quarter of 2022, we concluded that an interim impairment test of Goodwill was required. Based on that test, we determined that the estimated fair value of the Print and Other reporting unit (the only reporting unit with Goodwill) had declined below its carrying value and, as a result, we recognized an after-tax non-cash impairment charge of $395 ($412 pre-tax) related to our Goodwill for the year ended December 31, 2022. The estimated fair value of the Print and Other reporting unit, for all periods discussed above, is based on estimates and assumptions that are considered Level 3 inputs under the fair value hierarchy. Intangible Assets, Net Intangible assets, net were $236 at December 31, 2024, all of which relate to our Print and Other segment. Intangible assets were comprised of the following: December 31, 2024 December 31, 2023 Weighted Average Gross Accumulated Net Gross Accumulated Net Customer relationships 10 years $ 324 $ 106 $ 218 $ 200 $ 92 $ 108 Distribution network 25 years 123 123 — 123 118 5 Trademarks 11 years 38 20 18 209 147 62 Technology and non-compete 3 years 12 12 — 13 11 2 Total Intangible Assets $ 497 $ 261 $ 236 $ 545 $ 368 $ 177 Excluding the impact of future acquisitions, amortization expense is expected to approximate $36 in 2025, 2026, 2027, and 2028, respectively, and $33 in 2029. Trademark assets are expected to be fully amortized by 2029.

Restructuring Programs

Restructuring Programs	12 Months Ended
	Dec. 31, 2024
Restructuring and Related Activities [Abstract]
Restructuring Programs	Restructuring Programs In connection with our Reinvention and other transformative programs, we engage in restructuring actions 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, the exit from certain product lines and geographies, as well as reducing our real estate footprint. Restructuring and related costs, net reflect the following components for the three years ended December 31, 2024, 2023 and 2022: Year Ended December 31, 2024 2023 2022 Restructuring charges, net $ 62 $ 114 $ 68 Asset impairment charges, net 25 32 (6) Related costs, net 25 21 3 Total Restructuring and related costs, net $ 112 $ 167 $ 65 Restructuring charges, net primarily includes employee severance costs and other contractual termination costs that may result from restructuring actions and initiatives. In those geographies where we have either a formal severance plan or a history of consistently providing severance benefits representing a substantive plan (on-going benefit arrangements), we recognize employee severance and associated costs when they are both probable and reasonably estimable and is the primary accounting treatment applied for most of our Restructuring actions. Severance payments made under a one-time benefit arrangement are recorded upon communication to the affected employees. In the event employees are required to perform future service beyond their minimum retention period in a one-time benefit arrangement, we record severance charges ratably over the remaining service period of those employees as restructuring related costs. Contractual termination costs, including facility exit costs, are generally recognized when it has been determined that a liability has been incurred. Asset impairment charges, net primarily include impairments that may result from employee reductions, migration of facilities from higher-cost to lower-cost countries, and the consolidation of facilities and is net of any gains we may realize on the disposal of those assets. Restructuring activities may also include the disposal or abandonment of assets, including leased right-of-use assets, that require an acceleration of depreciation or an impairment charge reflecting the excess of an asset's book value over fair value or other recoveries. Restructuring related costs also include severance costs paid in connection with contractual outsourcing arrangements as well as professional support services associated with our business transformation initiatives. The recognition of restructuring and related costs requires that we make certain judgments and estimates regarding the nature, timing and amount of costs associated with planned initiatives. To the extent our actual results differ from our estimates and assumptions, we may be required to revise the estimated liabilities, requiring the recognition of additional restructuring costs or the reduction of liabilities already recognized. At the end of each reporting period, we evaluate the remaining accrued balances to ensure they are properly stated, and the utilization of the reserves are for their intended purpose in accordance with developed exit plans. Restructuring Charges, Net Restructuring charges, net primarily relate to the Print and Other segment as amounts related to the XFS segment were immaterial for all periods presented. A summary of our restructuring program activity for the three years ended December 31, 2024, 2023 and 2022 is as follows: Severance Other Contractual Termination Costs (2) Total Balance at December 31, 2021 $ 25 $ 2 $ 27 Restructuring provision 74 3 77 Reversals of prior charges (8) (1) (9) Net Current Period Charges (1) 66 2 68 Charges against reserve and currency (52) — (52) Balance at December 31, 2022 $ 39 $ 4 $ 43 Restructuring provision 125 — 125 Reversals of prior charges (11) — (11) Net Current Period Charges (1) 114 — 114 Charges against reserve and currency (24) (4) (28) Balance at December 31, 2023 $ 129 $ — $ 129 Restructuring provision 68 4 72 Reversals of prior charges (9) (1) (10) Net Current Period Charges (1) 59 3 62 Charges against reserve and currency (79) (3) (82) Balance at December 31, 2024 $ 109 $ — $ 109 _____________ (1) Represents net amount recognized within the Consolidated Statements of (Loss) Income for the years shown for restructuring. Reversals of prior charges primarily include net changes in estimated reserves from prior period initiatives. (2) Primarily includes additional costs incurred upon the exit from our facilities including decommissioning costs and associated contractual termination costs. The following table summarizes the reconciliation to the Consolidated Statements of Cash Flows: Year Ended December 31, 2024 2023 2022 Restructuring cash payments $ (78) $ (27) $ (52) Effects of foreign currency and other non-cash items (4) (1) — Charges against reserve and currency $ (82) $ (28) $ (52) Asset Impairment Charges, Net Charges associated with asset impairments represent the write-down of the related assets to their new cost basis. Impairments are net of any potential sublease income or other recovery amounts. Charges incurred during 2024 includes impairments associated with strategic actions taken as a result of the Company's Reinvention, including geographic simplification. 2023 activity includes the impairment associated with the Company's sale of its Russian Subsidiary, which was completed in October 2023 and 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. 2023 also includes impairments associated with strategic actions taken as a result of the Company's Reinvention, including the outsourcing of certain back-office functions and geographic simplification. Year Ended December 31, 2024 2023 2022 Lease right of use assets (1) $ — $ — $ 2 Owned assets (1) 27 36 15 Asset impairments 27 36 17 Gain on sales of owned assets (2) — — (22) Adjustments/Reversals (2) (4) (1) Net asset impairment charge (credit) $ 25 $ 32 $ (6) _____________ _ (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 Cost, Net In connection with our restructuring programs, we also incurred certain related costs as follows: Year Ended December 31, 2024 2023 2022 Retention-related severance/bonuses (1) $ (2) $ (2) $ — Contractual severance costs (1) — 3 Consulting and other costs (2) 28 23 — Total $ 25 $ 21 $ 3 _____________ (1) Includes retention related severance and bonuses for employees expected to continue working beyond their minimum retention period before termination. (2) Represents professional support services associated with our business transformation initiatives.

Supplementary Financial Informa

Supplementary Financial Information	12 Months Ended
	Dec. 31, 2024
Supplemental Financial Information [Abstract]
Supplementary Financial Information	Supplementary Financial Information The components of Other assets and liabilities are as follows: December 31, 2024 2023 Other Current Assets Income taxes receivable $ 22 $ 13 Royalties, license fees and software maintenance 19 19 Restricted cash 33 70 Prepaid expenses 39 29 Advances and deposits 17 33 Other 82 70 Total Other Current Assets $ 212 $ 234 Other Long-term Assets Income taxes receivable $ 45 $ 22 Prepaid pension costs 421 423 Internal use software, net 60 68 Restricted cash 22 28 Customer contract costs, net 139 136 Operating lease right-of-use assets 179 172 Deferred compensation plan investments 13 14 Investments in affiliates, at equity (1) 49 40 Investments at cost - Xerox Holdings 40 26 Other 89 105 Total Other Long-term Assets (2) $ 1,057 $ 1,034 Accrued Expenses and Other Current Liabilities Income taxes payable $ 33 $ 39 Other taxes payable 46 60 Operating lease obligations 45 41 Interest payable 37 37 Restructuring reserves 86 119 Dividends payable - Xerox Holdings (3) 43 42 Distributor and reseller rebates/commissions 118 120 Unearned income and other revenue deferrals 133 147 Administration and overhead 44 61 Other 199 196 Total Accrued Expenses and Other Current Liabilities (4) $ 784 $ 862 Other Long-term Liabilities Deferred taxes $ 85 $ 95 Income taxes payable 4 14 Operating lease obligations 143 141 Environmental reserves 12 11 Restructuring reserves 23 10 Other 119 89 Total Other Long-term Liabilities $ 386 $ 360 _____________ (1) Investments in affiliates, at equity largely consists of several minor investments in entities in the Middle East region. Xerox's ownership interest in investments in corporate joint ventures and other companies is generally between 20% and 50%. (2) Xerox's balances of $1,017 and $1,008 at December 31, 2024 and 2023, respectively, excludes Investments at cost. (3) Represents dividends payable by Xerox Holdings Corporation on Common and Preferred Stock. (4) Xerox's balances of $741 and $820 at December 31, 2024 and 2023, respectively, excludes dividends payable of $43 and $42, respectively. Cash, Cash Equivalents and Restricted Cash Restricted cash primarily relates to escrow cash deposits made in Brazil associated with ongoing litigation as well as cash collections on finance receivables that were pledged for secured borrowings. As more fully discussed in Note 20 - Contingencies and Litigation, various litigation matters in Brazil require us to make cash deposits to escrow as a condition of the continuing litigation. Restricted cash amounts are classified in our Consolidated Balance Sheets based on when the cash will be contractually or judicially released. Cash, cash equivalents and restricted cash amounts are as follows: December 31, 2024 2023 Cash and cash equivalents $ 576 $ 519 Restricted cash Litigation deposits in Brazil 20 27 Escrow and cash collections related to secured borrowings and receivable sales (1) 13 49 Other restricted cash 22 22 Total Restricted cash 55 98 Cash, cash equivalents and restricted cash $ 631 $ 617 __________________________ (1) Includes collections on finance receivables pledged for secured borrowings or receivables sold that will be remitted in the following month. Restricted cash is reported in the Consolidated Balance Sheets as follows: December 31, 2024 2023 Other current assets $ 33 $ 70 Other long-term assets 22 28 Total Restricted cash $ 55 $ 98 Summarized Cash Flow Information Summarized cash flow information is as follows: Source/(Use) Location in Statement of Cash Flows Year Ended December 31, 2024 2023 2022 Provision for receivables (1) Operating $ 44 $ 36 $ 36 Provision for inventory Operating 66 18 29 Depreciation of buildings and equipment Operating 57 60 68 Depreciation and obsolescence of equipment on operating leases Operating 117 111 115 Amortization of internal use software Operating 27 37 45 Amortization of acquired intangible assets Operating 73 43 42 Amortization of patents (2) Operating 9 9 10 Amortization of customer contract costs (3) Operating 64 69 73 Cost of additions to land, buildings and equipment Investing (27) (29) (36) Cost of additions to internal use software Investing (17) (8) (21) Payments to acquire noncontrolling interests - Xerox Holdings Investing (30) (5) (13) Common stock dividends - Xerox Holdings Financing (127) (151) (160) Preferred stock dividends - Xerox Holdings Financing (14) (14) (14) Payments to noncontrolling interests Financing (2) (2) (1) Investment from noncontrolling interests Financing — — 6 Repurchases related to stock-based compensation - Xerox Holdings Financing (10) (8) (12) __________________________ (1) Provision for receivables includes adjustments for customer accommodations and contract terminations of $2, $8, and $(7) for the three years ended December 31, 2024, 2023 and 2022, respectively. (2) Amortization of patents is reported in (Increase) decrease in other current and long-term assets on the Consolidated Statements of Cash Flows. (3) Amortization of customer contract costs is reported in (Increase) decrease in other current and long-term assets on the Consolidated Statements of Cash Flows. Refer to Note 3 - Revenue - Contract Costs for additional information. Supplier Finance Programs We have a program through a financial institution that enables vendors and suppliers, at their option, to receive early payment for their invoices. All outstanding amounts related to the program are recorded within Accounts payable Activity related to the Company's supplier finance program is as follows: 2024 2023 Balance at January 1st, 40 40 Amounts invoiced 110 125 Invoices paid (120) (125) Balance at December 31st, $ 30 $ 40

Debt

Debt	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Debt	Debt Short-term borrowings were as follows: December 31, 2024 2023 Short-term debt and current portion of long-term debt Xerox Holdings Corporation $ 388 $ — Xerox Corporation 130 323 Xerox - Other Subsidiaries (1) 67 244 Total $ 585 $ 567 _____________ (1) Represents subsidiaries of Xerox Corporation. We classify our debt based on the contractual maturity dates of the underlying debt instruments or as of the earliest put date available to the debt holders. We defer costs associated with debt issuance over the applicable term, or to the first put date in the case of convertible debt or debt with a put feature. These costs are amortized as interest expense in our Consolidated Statements of (Loss) Income. Long-term debt was as follows: December 31, Stated Rate Weighted Average Interest Rates at December 31, 2024 (1) 2024 2023 Xerox Holdings Corporation Senior Notes due 2025 5.00 % 4.92 % $ 388 $ 750 Senior Notes due 2028 5.50 % 5.40 % 750 750 Senior Notes due 2029 8.88 % 8.88 % 500 — Convertible Senior Notes due 2030 3.75 % 3.75 % 400 — Subtotal - Xerox Holdings Corporation $ 2,038 $ 1,500 Xerox Corporation Senior Notes due 2024 3.80 % 3.84 % $ — $ 300 Term Loan B due 2029 (2) 9.34 % 8.34 % 523 550 Secured Promissory Note due 2025 (2) — % 5.53 % 110 — Secured Promissory Note due 2026 (2) — % 5.53 % 110 — Senior Notes due 2035 4.80 % 4.84 % 250 250 Senior Notes due 2039 6.75 % 6.78 % 350 350 Subtotal - Xerox Corporation $ 1,343 $ 1,450 Xerox - Other Subsidiaries (2) United States $ — $ 102 Canada — 77 France 70 182 Subtotal Xerox - Other Subsidiaries $ 70 $ 361 Principal debt balance $ 3,451 $ 3,311 Xerox Holdings Corporation - Debt issuance costs (19) (6) Xerox Corporation - Debt issuance costs (11) (12) Xerox - Other subsidiaries - Debt issuance costs — (1) Subtotal - Debt issuance costs $ (30) $ (19) Unamortized (discount) premium (22) (15) Less: current maturities (585) (567) Total Long-term Debt $ 2,814 $ 2,710 _____________ (1) Represents the weighted average effective interest rate, which includes the effect of discounts and imputed interest on issued debt. (2) Represent secured borrowings of Xerox Corporation and its Other subsidiaries. Refer to the Secured Borrowings and Collateral section below for additional information regarding the secured borrowings of Other subsidiaries, which are secured by finance receivables. Scheduled principal payments due on our long-term debt for the next five years and thereafter are as follows: 2025 (1) 2026 2027 2028 2029 Thereafter Total Xerox Holdings Corporation $ 388 $ — $ — $ 750 $ 500 $ 400 $ 2,038 Xerox Corporation 138 151 55 55 344 600 1,343 Xerox - Other Subsidiaries (2) 67 3 — — — — 70 Total $ 593 $ 154 $ 55 $ 805 $ 844 $ 1,000 $ 3,451 _____________ (1) Current portion of long-term debt maturities for 2025 are $52, $52, $439 and $50 for the first, second, third and fourth quarters, respectively. (2) Represents subsidiaries of Xerox Corporation. Secured Promissory Notes In connection with Xerox's acquisition of ITsavvy Acquisition Company, Inc. (ITsavvy), Xerox issued two, non-interest bearing, secured promissory notes (the 2025 Note and the 2026 Note, or the Notes). Each of the Notes has a principal amount of $110. The 2025 Note has a maturity date of October 8, 2025, and the 2026 Note has a maturity date of January 30, 2026. Pursuant to the 2025 Note, Xerox must pay the seller $27.50 within five business days of each of January 1, 2025, April 1, 2025, July 1, 2025, and October 1, 2025. To the extent not previously paid, each of the Notes shall be paid in full in cash on their respective maturity date. We recorded the non-interest-bearing promissory notes at their present value in our Consolidated Financial Statements. The total amount recorded was $210, and was net of unamortized debt discount of $10. At December 31, 2024, the 2025 Note was recorded in Short-term debt and the current portion of long-term debt, while the 2026 Note was recorded in Long-term debt in our Consolidated Balance Sheet. Notwithstanding the foregoing, the Notes will be subject to prepayment in the event of a “Disposition Event,” as defined in each of the Notes, and customary events of default. Each of the Notes are subordinated in lien priority to certain outstanding indebtedness of Xerox. Each of the Notes are secured by a security interest in substantially all of the assets of Xerox Holdings Corporation (Holdings), Xerox and certain U.S. and Canadian subsidiaries of Xerox. Holdings and certain U.S. and Canadian subsidiaries of Xerox are guarantors under each of the Notes. For additional information related to our acquisition of ITsavvy , refer to Note 6 - Acquisitions and Divestitures. Senior Notes In March 2024, Xerox Holdings Corporation issued $500 of 8.875% Senior Notes due in 2029 (the 2029 Notes) at par, resulting in net proceeds (after fees and expenses) of approximately $495. The 2029 Notes are senior unsecured obligations of Xerox Holdings Corporation and are fully and unconditionally guaranteed on a senior unsecured basis by Xerox Corporation and certain other wholly owned domestic restricted subsidiaries of the Company. The 2029 Notes and the related guarantees were issued in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act. Interest is payable semi-annually in arrears on May 30th and November 30th of each year, beginning on November 30, 2024. Xerox Holdings Corporation may, at its option, redeem some or all of the 2029 Notes at varying prices based on the timing of the redemption. The indenture governing the 2029 Notes contains covenants that, among other things, limit the ability of Xerox Holdings Corporation and the ability of its restricted subsidiaries to incur or guarantee additional indebtedness, pay dividends or make other restricted payments, prepay, redeem or repurchase certain subordinated debt, issue certain preferred stock or similar equity securities, make loans and investments, sell or otherwise dispose of assets, incur liens, enter into transactions with affiliates, enter into agreements restricting its subsidiaries’ ability to pay dividends, and consolidate, merge or sell all or substantially all assets. Additionally, if Xerox Holdings Corporation experiences a Change of Control Triggering Event (as defined in the indenture governing the 2029 Notes), Xerox Holdings Corporation is required to offer to repurchase the 2029 Notes at 101% of the principal amount of such notes, plus accrued and unpaid interest, if any, to, but excluding, the date of repurchase. Debt issuance costs of approximately $5 were paid and deferred in connection with the issuance of the 2029 Notes, and will be amortized over the term of the 2029 Notes. Refer to the Use of Aggregate Proceeds from Senior Notes section below for additional information regarding the use of net proceeds. Convertible Senior Notes and Capped Call Convertible Senior Notes In March 2024, Xerox Holdings Corporation issued an aggregate $400 of 3.75% Convertible Senior Notes due in 2030 (the 2030 Notes). The 2030 Notes are senior unsecured obligations of Xerox Holdings Corporation and are fully and unconditionally guaranteed by Xerox Corporation and Xerox Business Solutions, LLC. The 2030 Notes were issued in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act. Interest is payable semi-annually in arrears on March 15 and September 15 of each year, beginning on September 15, 2024, and the 2030 Notes will mature on March 15, 2030, unless earlier converted, redeemed or repurchased. The net proceeds from this offering were approximately $390, after deducting the debt issuance costs. Debt issuance costs of approximately $10 were paid and deferred in connection with the issuance of the 2030 Notes, and will be amortized over the term of the 2030 Notes. Refer to the Use of Aggregate Proceeds from Senior Notes section below for additional information regarding the use of net proceeds. Holders of the 2030 Notes may convert their notes at their option at any time prior to the close of business on the business day immediately preceding December 15, 2029 only under the following circumstances: (i) during any fiscal quarter commencing after the fiscal quarter ending on March 31, 2024 (and only during such calendar quarter), if the last reported sale price of the Company's common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the applicable conversion price on each applicable trading day; (ii) during the five consecutive trading day period after any ten consecutive trading day period (the measurement period) in which the trading price (as determined in accordance with the indenture governing the 2030 Notes) per $1,000 principal amount of 2030 Notes, as determined following a request by a holder or holders of the 2030 Notes, for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company's common stock and the applicable conversion rate on each such trading day; (iii) if the Company calls any, or all of the 2030 Notes for redemption, but only with respect to the Notes called (or deemed called) for redemption; (iv) if the Company elects to distribute to all or substantially all holders of common stock any rights, options or warrants (other than in connection with a stockholder rights plan) entitling them, for a period of not more than 45 calendar days from the declaration date for such distribution, to subscribe for or purchase shares of Company's common stock at a price per share that is less than the average of the last reported sale price of common stock for the ten consecutive trading date period ending on, and including, the trading day immediately preceding the declaration date for such distribution or distribute to all, or substantially all holders of common stock, our assets, debt securities or rights to purchase our securities, which distribution has a per share value, as reasonably determined by our Board of Directors or a committee thereof, exceeding 10% of the last reported sale price of the Company's common stock on the trading day immediately preceding the declaration date for such distribution; or (v) upon the occurrence of specified corporate events (as determined in accordance with the indenture governing the 2030 Notes). On or after December 15, 2029, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their 2030 Notes, in multiples of $1,000 principal amount, at the option of the holder regardless of the foregoing circumstances. As of December 31, 2024, none of the conditions permitting the holders of the 2030 Notes to convert their notes early had been met. Therefore, the 2030 Notes are classified as long-term debt. The initial conversion rate is 47.99 shares of the common stock per $1,000 principal amount of notes, which is equivalent to an initial conversion price of approximately $20.84 per share of the common stock. The conversion rate will be subject to adjustment under certain circumstances. In connection with certain corporate events or if the Company issues a notice of redemption, it will, under certain circumstances, increase the conversion rate for holders who elect to convert their notes in connection with such corporate event or during the relevant redemption period. Upon conversion of the 2030 Notes, the Company must pay cash up to the aggregate principal amount of the notes to be converted and pay or deliver, as the case may be, cash, shares of the Company's common stock, or a combination of cash and shares of the Company's common stock, at the Company's election in respect of the remainder, if any, of the Company's conversion obligation in excess of the aggregate principal amount of the notes being converted. We may not redeem the 2030 Notes prior to September 20, 2027. The Company may redeem for cash all or any portion of the notes, at our option, on or after September 20, 2027, if the last reported sale price of the Company's common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. No sinking fund for the notes has been provided. If the Company undergoes a fundamental change (as defined in the indenture governing the 2030 Notes), holders may require the Company to repurchase for cash all or any portion of their 2030 Notes at a fundamental change repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. The indenture governing the 2030 Notes includes customary covenants, sets forth certain events of default after which the notes may be declared immediately due and payable and sets forth certain types of bankruptcy or insolvency events of default involving the Company after which the notes become automatically due and payable. The indenture governing the 2030 Notes does not contain any financial or operating covenants or restrictions on the payments of dividends, the incurrence of indebtedness or the issuance or repurchase of securities by us or any of our subsidiaries. Capped Calls In connection with the issuance of the 2030 Notes (see Convertible Senior Notes above), the Company entered into privately negotiated capped call transactions (the Capped Calls) with certain of the initial purchasers of the 2030 Notes or their respective affiliates (the option counterparties) at a cost of approximately $23. The Capped Calls cover, subject to anti-dilution adjustments, the number of shares of the Company's common stock initially underlying the 2030 Notes. By entering into the Capped Calls, we expect to reduce the potential dilution to the Company's common stock (or, in the event a conversion of the 2030 Notes is settled in cash, to reduce our cash payment obligation) in the event that at the time of conversion of the 2030 Notes the trading price of our common stock price exceeds the conversion price of the 2030 Notes. The initial cap sale price of the Capped Calls was approximately $28.34 per share, which represents a premium of 70% over the last reported sale price of our common stock of $16.67 on the NASDAQ Stock Exchange on March 6, 2024, and is subject to certain adjustments under the terms of the Capped Calls. The Capped Calls were recorded in Additional paid-in capital in the Consolidated Balance Sheet as of December 31, 2024, with no remeasurement in subsequent periods as it meets the conditions for equity classification. The purchases of the Capped Calls resulted in a tax benefit of approximately $6, the impact of which was included in Additional paid-in capital. Refer to Note 17 - Shareholders' Equity of Xerox Holdings for additional information regarding the Capped Calls. Use of Aggregate Proceeds from Senior Notes A portion of the aggregate net proceeds from the Senior Note offerings was used to fund the cost of entering into the Capped Call transactions (see Convertible Senior Notes above). Additionally, a portion of the aggregate net proceeds were used to repay, through a tender offer for Senior Notes, approximately $84 of the 3.80% Xerox Corporation Senior Notes due in 2024 and approximately $362 of the 5.00% Xerox Holdings Corporation Senior Notes due in 2025. The remaining outstanding 3.80% Senior Notes of $216, that were not redeemed as part of the Senior Notes tender offer, were repaid in May 2024. In connection with the repayment of the 2024 and 2025 Senior Notes, we recorded a gain on the extinguishment of the debt of approximately $4, which was partially offset by a loss of approximately $1 on the write-off of deferred debt issuance costs. The net gain on the extinguishment of $3 was recorded in Other expenses, net. Xerox Holdings Corporation/Xerox Corporation Intercompany Loan In March 2024, Xerox Holdings Corporation and Xerox Corporation entered into two intercompany loan agreements which mirror the terms of Xerox Holdings Corporation's 2029 and 2030 Senior Notes, including principal, interest rates, payment dates and debt issuance costs of approximately $15 (see the Senior Notes and the Convertible Senior Notes sections above). As a result, Xerox Corporation recorded approximately $900 of related party debt. The proceeds of this new intercompany loan were used to partially pay down approximately $362 on the existing 2020 intercompany loan made by Xerox Holdings Corporation to Xerox Corporation. At December 31, 2024 and 2023, the balance of the Intercompany Loan reported in Xerox Corporation’s Consolidated Balance Sheet was $2,022 and $1,497, respectively, which is net of related debt issuance costs, and the intercompany interest payable was $31 and $30, respectively. Revolving Credit Facility In May 2023, Xerox Corporation, as borrower, and certain of its subsidiaries, as guarantors, entered into a five-year asset-based revolving credit agreement (the ABL Facility) with Citibank, N.A., as administrative agent and collateral agent (the ABL Agent) and several lenders including Citibank N.A. The aggregate outstanding principal amount of the ABL Facility 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 are being amortized over the five-year term. In February 2024, the Company, Xerox Holdings Corporation and the Administrative Agent entered into an amendment in connection with the delivery of additional guarantees and collateral under the ABL Facility as a result of the Company’s execution of the TLB, which constituted Material Springer Debt (as defined in the ABL Facility), and the execution of certain guarantees by subsidiaries of the Company in connection with the TLB. In June 2024, Xerox Corporation and Xerox Holdings Corporation, entered into Amendment No. 2 to Credit Agreement (the Amendment) with the ABL agent, and the lenders party thereto. The Amendment amended the ABL Facility, to (i) increase the commitments of the lenders under the ABL Credit Agreement from $300 to $425 and (ii) amend the excess availability used to trigger the fixed charge coverage ratio springing covenant from 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), to an amount equal to the greater of (A) $31.875 and (B) 10% of the Line Cap. Under the amended ABL Facility, Xerox Corporation may borrow up to the lesser of (x) $425 and (y) a borrowing base calculated based on accounts receivable and inventories of the loan parties thereunder as set forth in the ABL Facility. 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 U.S., Canadian, German, Belgian and English subsidiaries, and by security interests in substantially all of the assets of Xerox Corporation, Xerox Holdings Corporation, and such U.S., Canadian and English subsidiaries (subject to certain exceptions and limitations set forth in the TLB), and all finance lease receivables of such German and Belgian subsidiaries. At Xerox Corporation’s election, the loans under the amended 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 daily excess availability. The applicable margin for Term SOFR loans from 1.5% to 2.0% depending on the Company’s average daily excess availability. At December 31, 2024, there were no borrowings under the ABL Facility, and approximately $2 of letters of credits were issued under the facility. During 2024, maximum borrowings under the ABL Facility were $130. The amended ABL Facility requires the Company to comply with a fixed charge coverage ratio of 1X, as defined in the ABL Facility, measured as of the last day of each fiscal quarter during which excess availability is less than an amount equal to the greater of (A) $31.875 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 December 31, 2024, the fixed charge coverage ratio measurement was not applicable. The amended ABL Facility also contains negative covenants governing dividends, investments, indebtedness, liens, and other matters customary for similar facilities. If an event of default occurs under the amended 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. Term Loan B Credit Facility In November 2023, Xerox Corporation, as borrower, Xerox Holdings Corporation, and certain of Xerox’s subsidiaries, as guarantors, entered into a first lien term loan credit agreement with Jefferies Finance LLC, as administrative agent and collateral agent (the TLB Agent), and a syndicate of lenders providing for a first lien senior secured term loan credit facility (the TLB) to Xerox Corporation of $550, which was fully extended as term loans to Xerox Corporation at closing. The term loans under this facility included an aggregate original issue discount (OID) of $17 and debt issuance costs of $9 resulting in net proceeds of approximately $524. The OID and debt issuance costs were accordingly deferred and will be amortized over the term of the Loans. Xerox’s obligations under the TLB are supported by, guarantees from the Company and certain of Xerox’s U.S., Canadian, German, Belgium, and English subsidiaries, and security interests in substantially all of the assets of Xerox, the Company, and such U.S., Canadian and English subsidiaries (subject to certain exceptions and limitations set forth in the TLB), and security interests in the finance lease receivables of such German and Belgium subsidiaries. Liens in favor of the lenders under the TLB are subject to an intercreditor agreement with the ABL Agent. At Xerox’s election, the term loans will bear interest at a per annum rate of either: (1) a fluctuating rate equal to the highest of (A) a rate of 0.5% in excess of the “NYFRB” rate, (B) the “prime rate” and (C) a rate of 1.0% in excess of one-month Term SOFR, plus an applicable margin of 3.00%, or (2) Term SOFR for a one-, three- or six-month interest period or (as agreed to by the Agent and the Lenders) such other period, as selected by the company (provided that such rate shall not be less than 0.50%), plus an applicable margin of 4.00%, for Term SOFR term loans, or 3.00% for ABR term loans. There are $523 of term loans outstanding at December 31, 2024. Currently, $300 of the term loans bears interest at an average rate of 8.33% through March 31, 2025, and the remaining $223 of the term loans bears interest at an average rate of 8.36% through January 31, 2025, at which time the interest rate will reset based on Xerox’s elections. The term loans are repayable in full at maturity in November 2029 and amortize at a rate of 5% per annum in 2024 and 2025, 7.5% per annum in 2026 and 10% per annum thereafter. If the term loans are voluntarily prepaid in connection with a Repricing Event (as defined in the TLB) within six months of the closing date, a prepayment premium of 1% will apply. If an event of default occurs under the TLB, the entire principal amount outstanding thereunder, together with all accrued unpaid interest and other amounts owing in respect thereof, may be declared immediately due and payable, subject, in certain instances, to the expiration of applicable cure periods. The TLB also contains customary excess cash flow and asset sale mandatory prepayments, reporting covenants and negative covenants governing dividends, investments, indebtedness, liens, and other matters that are customary for similar term loan B facilities. Secured Borrowings and Collateral We have entered into secured loan agreements with various financial institutions where we sold finance receivables and rights to payments under our equipment on operating leases. In certain transactions, the sales were made to special purpose entities (SPEs), owned and controlled by Xerox, where the SPEs funded the purchase through amortizing secured loans from the financial institutions. The loans have variable interest rates and expected lives of approximately 2.5 years, with half projected to be repaid within the first year based on collections of the underlying portfolio of receivables. For certain loans, we entered into interest rate hedge agreements to either fix or cap the interest rate over the life of the loan. The sales of the receivables to the SPEs were structured as "true sales at law," and we received opinions to that effect from outside legal counsel. However, the transactions were accounted for as secured borrowings as we fully consolidated the SPEs in our financial statements. As a result, the assets of the SPEs were not available to satisfy any of our other obligations. Conversely, the credit holders of these SPEs did not have legal recourse to the Company’s general credit. Below are the secured assets and obligations held by subsidiaries of Xerox, which are included in our Consolidated Balance Sheets. Balance at December 31, 2024 Finance Receivables, Net (1) Equipment on Operating Leases, Net Secured Debt (2) Interest Rate (3) Expected Maturity France November 2023 $ 58 $ — $ 70 4.62 % 2026 Total $ 58 $ — $ 70 Balance at December 31, 2023 Finance Receivables, Net (1) Equipment on Operating Leases, Net Secured Debt (2) Interest Rate (3) Expected Maturity United States (4)(5) January 2022 $ 209 $ — $ 77 6.82 % 2024 September 2021 89 2 25 6.76 % 2024 Total U.S. $ 298 $ 2 $ 102 Canada (4)(6) July 2023 $ 86 $ — $ 77 6.74 % 2026 France November 2023 $ 235 $ — $ 182 5.42 % 2026 Total $ 619 $ 2 $ 361 ____________ _ (1) Includes (i) Billed portion of finance receivables, net (ii) Finance receivables, net and (iii) Finance receivables due after one year, net as included in the Consolidated Balance Sheets as of December 31, 2024 and 2023 . (2) Represents principal debt balance and excludes debt issuance costs of $0 and $1 as of December 31, 2024 and 2023 , respectively. (3) Represents the pre-hedged rate - refer to Note 16 - Financial Instruments for additional information regarding hedging of these borrowings. (4) Secured assets and obligations held by SPEs. (5) In the second quarter of 2024, we repaid the remaining balance on these secured borrowings. (6) Prior to entering the new finance receivable sales agreement with De Lage Landen Financial Services Canada Inc. (DLL), in October 2024, the remaining balance of this secured debt was repaid. Refer to Note 8 - Finance Receivables, Net for additional information related to our arrangement with DLL. Interest Interest paid on our short-term and long-term debt amounted to $214, $201 and $201 for the years ended December 31, 2024, 2023 and 2022, respectively. Interest expense and interest income was as follows: Year Ended December 31, 2024 2023 2022 Interest expense (1) (2) $ 225 $ 198 $ 199 Interest income (3) 165 207 218 _____________ (1) Includes Equipment financing (Cost of financing) interest as well as non-financing interest expense included in Other expenses, net in the Consolidated Statements of (Loss) Income. (2) Interest expense of Xerox Corporation included intercompany expense associated with the Xerox Holdings Corporation/Xerox Corporation Intercompany Loan of $111, $80 and $80 for the three years ended December 31, 2024, 2023 and 2022, respectively. (3) Includes Financing income, as well as other interest income that is included in Other expenses, net in the Consolidated Statements of (Loss) Income.

Financial Instruments

Financial Instruments	12 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Instruments	Financial Instruments We are exposed to market risk from changes in foreign currency exchange rates and interest rates, which could affect operating results, financial position and cash flows. We manage our exposure to these market risks through our regular operating and financing activities and, when appropriate, through the use of derivative financial instruments. These derivative financial instruments are utilized to hedge economic exposures, as well as to reduce earnings and cash flow volatility resulting from shifts in market rates. We enter into limited types of derivative contracts, including interest rate swap agreements, interest rate caps, foreign currency spot, forward and swap contracts and net purchased foreign currency options to manage interest rate and foreign currency exposures. Our primary foreign currency market exposures include the Euro, U.K. Pound Sterling, and the Japanese Yen. The fair market values of all our derivative contracts change with fluctuations in interest rates and/or currency exchange rates and are designed so that any changes in their values are offset by changes in the values of the underlying exposures. Derivative financial instruments are held solely as risk management tools and not for trading or speculative purposes. The related cash flow impacts of all of our derivative activities are reflected as cash flows from operating activities. We do not believe there is significant risk of loss in the event of non-performance by the counterparties associated with our derivative instruments because these transactions are executed with a diversified group of major financial institutions. Further, our policy is to deal only with counterparties having a minimum investment grade or better credit rating. Credit risk is managed through the continuous monitoring of exposures to such counterparties. Interest Rate Risk Management We use interest rate swap and interest rate cap agreements to manage our interest rate exposure and to achieve a desired proportion of variable and fixed rate debt. These derivatives may be designated as fair value hedges or cash flow hedges depending on the nature of the risk being hedged. We had no fair value hedges for the three-year period ended December 31, 2024, 2023, and 2022, respectively. Cash Flow Hedges We use interest rate swaps and caps to manage the exposure to variability in the interest rate payments on our finance receivable secured loan borrowings. 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. During first quarter 2024, the following derivatives were dedesignated as cash flow hedges. The net fair value of these cash flow hedges, which was not material, was recorded in Accumulated Other Comprehensive Loss and then reclassified to earnings. Secured Borrowing Derivative Type Notional Amount France Cap 43 France Cap 34 Total $ 77 In September 2024, we entered into two floating-to-fixed interest rate swaps to hedge against interest rate volatility associated with any of our floating rate debt which was primarily under our Term Loan B Credit Agreement (TLB). The TLB had an outstanding principal balance of $523 as of December 31, 2024. The following is a summary of our swaps at December 31, 2024: Counterparty Derivative Type Principal Debt Notional Amount Expected Maturity Fixed Rate Paid Floating Rate Received Net Fair Value Mizuho Swap 175 175 2027 3.271 % 4.604 % $ 3 Credit Agricole Swap 125 125 2027 3.276 % 4.604 % 2 Total $ 300 $ 300 $ 5 The remaining portion of the TLB of $223 is not hedged, and is subject to interest rate fluctuations. The impact of these interest rate swaps on interest expense was a net reduction of $1 for the year ended December 31, 2024. 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, and • Forecasted purchases, and sales in foreign currency. At December 31, 2024, we had outstanding forward exchange and purchased option contracts with terms of less than 12 months. At December 31, 2024, approximately 95% of these contracts mature within three months, 3% in three to six months and 2% in six to twelve months. There have not been any other material changes in our hedging strategy during 2024. The following is a summary of the primary hedging positions and corresponding fair values as of December 31, 2024: Year Ended December 31, 2024 2023 Currencies Hedged (Buy/Sell) Gross Notional Fair Value Asset (Liability) (1) Gross Notional Fair Value Asset (Liability) (1) Euro/U.K. Pound Sterling $ 337 $ 1 $ 385 $ 3 U.S. Dollar/Euro 342 3 359 (3) Euro/Canadian Dollar — — 169 — Euro/U.S. Dollar 212 (1) 150 1 Japanese Yen/U.S. Dollar 104 (5) 113 1 Japanese Yen/Euro 52 (1) 60 — U.S. Dollar/Canadian Dollar 194 — — — Swiss Franc/Euro 19 — — — Euro/Swedish Krona — — — — U.K. Pound Sterling/Euro 67 — 36 — Euro/Danish Krone — — 25 — Canadian Dollar/Euro 19 — 24 — All Other 64 — 75 — Total Foreign exchange hedging $ 1,410 $ (3) $ 1,396 $ 2 _____________ (1) Represents the net receivable (payable) amount included in the Consolidated Balance Sheet at December 31, 2024 and 2023. 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. All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness. The amount of ineffectiveness recorded in the Consolidated Statements of (Loss) Income for these designated cash flow hedges was not material for the three years ended December 31, 2023. The net liability fair value of these contracts was $1 and $2 as of December 31, 2024 and 2023, respectively. Summary of Derivative Instruments Gains (Losses) Derivative gains and (losses) affect the income statement based on whether such derivatives are designated as hedges of underlying exposures. The following is a summary of derivative gains and (losses). Designated Derivative Instruments Gains (Losses) The following table provide a summary of gains (losses) on derivative instruments: Derivative (Loss) Gain Recognized in OCI (Effective Portion) (Loss) Gain Reclassified from AOCI to Income (Effective Portion) Derivatives in Cash Flow Year Ended December 31, Location of Derivative Year Ended December 31, 2024 2023 2022 2024 2023 2022 Foreign exchange contracts – forwards/options $ (6) $ (17) $ (41) Cost of sales $ (9) $ (22) $ (36) Interest rate contracts 6 (1) 6 Interest expense (1) 4 1 Total $ — $ (18) $ (35) $ (10) $ (18) $ (35) For the three years ended December 31, 2024, 2023 and 2022 no amount of ineffectiveness was recorded in the Consolidated Statements of (Loss) Income for these designated cash flow hedges. All components of each derivative’s gain or (loss) were included in the assessment of hedge effectiveness. At December 31, 2024, a net after-tax income of $6 was recorded in Accumulated other comprehensive loss associated with our cash flow hedging activity. The entire balance is expected to be reclassified into Net income within the next 12 months, providing an offsetting economic impact against the underlying anticipated transactions. Non-Designated Derivative Instruments Gains (Losses) Non-designated derivative instruments are primarily instruments used to hedge foreign currency-denominated assets and liabilities. They are not designated as hedges since there is a natural offset for the remeasurement of the underlying foreign currency-denominated asset or liability. The net asset/liability fair value of these contracts was $(2) and $5 as of December 31, 2024 and 2023, respectively. The following table provides a summary of gains (losses) on non-designated derivative instruments: Year Ended December 31, Derivatives NOT Designated as Hedging Instruments Location of Derivative Gain 2024 2023 2022 Foreign exchange contracts – forwards Other expense – Currency gains, net $ 24 $ 26 $ 17 For the three years ended December 31, 2024, 2023 and 2022, we recorded net currency losses of $15, $28 and $13, 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	12 Months Ended
	Dec. 31, 2024
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' fair value measured on a recurring basis. The basis for the measurement at fair value in all cases is Level 2 – Significant Other Observable Inputs. As of December 31, 2024 2023 Assets Derivatives $ 11 $ 11 Deferred compensation investments in mutual funds 13 14 Total $ 24 $ 25 Liabilities Derivatives $ 8 $ 8 Deferred compensation plan liabilities 11 13 Total $ 19 $ 21 We utilize the income approach to measure the fair value for our derivative assets and liabilities. The income approach uses pricing models that rely on market observable inputs such as yield curves, currency exchange rates and forward prices, and therefore are classified as Level 2. Fair value for our deferred compensation plan investments in mutual funds is based on quoted market prices for those funds. Fair value for deferred compensation plan liabilities is based on the fair value of investments corresponding to employees’ investment selections. Summary of Other Financial Assets and Liabilities The estimated fair values of our other financial assets and liabilities were as follows: December 31, 2024 December 31, 2023 Carrying Fair Carrying Fair Cash and cash equivalents $ 576 $ 576 $ 519 $ 519 Accounts receivable, net 796 796 850 850 Short-term debt and current portion of long-term debt (1) 585 592 567 567 Long-term debt Xerox Holdings Corporation $ 1,634 $ 1,391 $ 1,497 $ 1,410 Xerox Corporation 1,177 989 1,096 1,023 Xerox - Other Subsidiaries (2) 3 3 117 117 Total Long-term debt $ 2,814 $ 2,383 $ 2,710 $ 2,550 _____________ (1) Includes $388 of Xerox Corporation related party debt. (2) Represents subsidiaries of Xerox Corporation.

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	Dec. 31, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Employee Benefit Plans	Employee Benefit Plans We sponsor numerous defined benefit and defined contribution pension and other post-retirement benefit plans, primarily retiree health care, in our domestic and international operations. December 31 is the measurement date for all of our post-retirement benefit plans. Where legally possible, we have amended our major defined benefit pension plans to freeze current benefits and eliminate benefit accruals for future service, including our U.S. defined benefit plans, the Canadian Salary Pension Plan and the U.K. pension plan. In certain non-U.S. plans, we are required to continue to consider salary increases and inflation in determining the benefit obligation related to prior service. In December 2023, the Trustees for the U.K. pension plan entered a second insurance buy-in contract, in accordance with U.K. pension regulations. Insurance buy-in contracts are group annuity contracts that are expected to provide an income stream to cover a significant majority of the cash flows arising for the plan population with future contracted payments. However, the benefit obligation remains with the plan and the Company. This contract is issued by a third-party insurance company with no affiliation to the Company or the plan. The contract was funded through existing plan assets, with a portion of the premium payments for the policy being deferred until full liquidation of certain illiquid assets of the plan. The insurance buy-in contract is valued on an insurer pricing basis, which reflects the purchase price adjusted for changes in discount rates and other actuarial assumptions, which approximates fair value. The insurance buy-in contract is classified as a Level 3 investment in the Plan Asset tables below. This buy-in contract was similar to a contract purchased in 2022 that covered a portion of member benefit payments. The buy-in arrangement also allows for the possible future conversion into a buy-out arrangement where the insurance company would assume full responsibility for the U.K. pension plan pension obligations, at which time the Company would derecognize the assets and liabilities of the pension plan and realize a settlement gain or loss as a component of the net periodic pension cost. Effective January 1, 2023, we implemented a new defined contribution plan in the Netherlands to provide future retirement benefits for eligible employees and ceased accruals in the existing pension plan in the Netherlands. We recorded this change as a curtailment effective December 31, 2022. The benefits accrued prior to 2023 under the pension plan in the Netherlands remain in a Collective Defined Contribution (CDC) plan. From a Company risk perspective, this plan operates just like a defined contribution plan as the Company is only responsible for a contribution for annual benefit accruals under 5-year agreements through 2022. Although the Company's risk has been mitigated, under U.S. GAAP this plan doesn’t meet the definition of a defined contribution plan and therefore it continues to be accounted for as a defined benefit plan. Pension Benefits U.S. Plans Non-U.S. Plans Retiree Health 2024 2023 2024 2023 2024 2023 Change in Benefit Obligation: Benefit obligation, January 1 $ 2,389 $ 2,345 $ 4,567 $ 4,240 $ 193 $ 209 Service cost — — 5 5 1 1 Interest cost 88 116 182 188 8 10 Plan participants' contributions — — 1 1 5 7 Actuarial (gain) loss (1) (136) 75 (281) 165 (3) (5) Currency exchange rate changes — — (157) 205 (8) 2 Plan amendment — — 54 36 — (3) Benefits paid/settlements (165) (147) (274) (273) (23) (28) Other — — — — — — Benefit Obligation, December 31 $ 2,176 $ 2,389 $ 4,097 $ 4,567 $ 173 $ 193 Change in Plan Assets: Fair value of plan assets, January 1 $ 1,528 $ 1,518 $ 4,662 $ 4,594 $ — $ — Actual return on plan assets (56) 104 (42) 89 — — Employer contributions 100 53 27 28 18 21 Plan participants' contributions — — 1 1 5 7 Currency exchange rate changes — — (154) 223 — — Benefits paid/settlements (165) (147) (274) (273) (23) (28) Fair Value of Plan Assets, December 31 $ 1,407 $ 1,528 $ 4,220 $ 4,662 $ — $ — Net Funded Status at December 31 (2) $ (769) $ (861) $ 123 $ 95 $ (173) $ (193) Amounts Recognized in the Consolidated Balance Sheets: Other long-term assets $ — $ — $ 421 $ 423 $ — $ — Accrued compensation and benefit costs (22) (24) (18) (20) (19) (22) Pension and other benefit liabilities (747) (837) (280) (308) — — Post-retirement medical benefits — — — — (154) (171) Net Amounts Recognized $ (769) $ (861) $ 123 $ 95 $ (173) $ (193) Accumulated Benefit Obligation $ 2,176 $ 2,389 $ 4,049 $ 4,526 _____________ (1) Changes in actuarial (gains) losses are primarily due to changes in discount rates. (2) Includes under-funded and unfunded plans. Pension and other benefit liabilities include the following additional accounts at December 31st: December 31, 2024 2023 Pension liabilities (1) $ 1,027 $ 1,145 Accrued compensation liabilities 48 56 Deferred compensation liabilities (2) 13 15 Pension and other benefit liabilities $ 1,088 $ 1,216 __________________________ (1) Reflects pension net funded status liability for both U.S. and non-U.S. plans. (2) Includes amounts measured at fair value on a recurring basis at December 31, 2024 and 2023 of $11 and $13, respectively. Refer to Note 17 - Fair Value of Financial Assets and Liabilities for additional information regarding deferred compensation liabilities. Benefit plans pre-tax amounts recognized in AOCL at December 31st: Pension Benefits U.S. Plans Non-U.S. Plans Retiree Health 2024 2023 2024 2023 2024 2023 Net actuarial loss (gain) $ 700 $ 731 $ 1,405 $ 1,551 $ (63) $ (73) Prior service cost (credit) — — 177 134 (66) (82) Total loss (gain) - Pre-tax $ 700 $ 731 $ 1,582 $ 1,685 $ (129) $ (155) Aggregate information for pension plans with an accumulated benefit obligation in excess of plan assets is presented below. Information for Retiree Health plans with an accumulated post-retirement benefit obligation in excess of plan assets has been disclosed in the preceding table on Benefit obligations and Net funded status as all Retiree Health plans are unfunded. December 31, 2024 December 31, 2023 Accumulated Benefit Obligation Fair Value of Plan Assets Accumulated Benefit Obligation Fair Value of Plan Assets Underfunded Plans: U.S. $ 1,956 $ 1,407 $ 2,146 $ 1,528 Non-U.S. 13 39 46 40 Unfunded Plans: U.S. $ 220 $ — $ 243 $ — Non-U.S. 286 — 317 — Total Underfunded and Unfunded Plans: U.S. $ 2,176 $ 1,407 $ 2,389 $ 1,528 Non-U.S. 299 39 363 40 Total $ 2,475 $ 1,446 $ 2,752 $ 1,568 Aggregate information for pension plans with a projected benefit obligation in excess of plan assets is presented below: December 31, 2024 December 31, 2023 Projected Benefit Obligation Fair Value of Plan Assets Projected Benefit Obligation Fair Value of Plan Assets Underfunded Plans: U.S. $ 1,956 $ 1,407 $ 2,146 $ 1,528 Non-U.S. 45 39 47 40 Unfunded Plans: U.S. $ 220 $ — $ 243 $ — Non-U.S. 292 — 322 — Total Underfunded and Unfunded Plans: U.S. $ 2,176 $ 1,407 $ 2,389 $ 1,528 Non-U.S. 337 39 369 40 Total $ 2,513 $ 1,446 $ 2,758 $ 1,568 Pension plan assets and benefit obligations by country were as follows: December 31, 2024 December 31, 2023 Fair Value of Pension Plan Assets Projected Benefit Obligation Net Funded Status Fair Value of Pension Plan Assets Projected Benefit Obligation Net Funded Status U.S. funded $ 1,407 $ 1,956 $ (549) $ 1,528 $ 2,146 $ (618) U.S. unfunded — 220 (220) — 243 (243) Total U.S. 1,407 2,176 (769) 1,528 2,389 (861) U.K. 2,528 2,310 218 2,892 2,655 237 Netherlands 808 732 76 839 769 70 Canada 535 503 32 586 562 24 Germany — 220 (220) — 248 (248) Other 349 332 17 345 333 12 Total $ 5,627 $ 6,273 $ (646) $ 6,190 $ 6,956 $ (766) The components of Net periodic benefit cost and other changes in plan assets and benefit obligations were as follows: Year Ended December 31, Pension Benefits U.S. Plans Non-U.S. Plans Retiree Health 2024 2023 2022 2024 2023 2022 2024 2023 2022 Components of Net Periodic Benefit Costs: Service cost $ — $ — $ 1 $ 5 $ 5 $ 16 $ 1 $ 1 $ 1 Interest cost (income) (1) 88 116 (65) 182 188 123 8 10 8 Expected return on plan assets (2) (71) (103) 71 (193) (217) (226) — — — Recognized net actuarial loss (gain) 18 16 13 62 11 23 (12) (12) (4) Amortization of prior service cost (credit) — — — 8 5 1 (15) (15) (8) Recognized settlement loss 5 19 56 — 1 — — — — Recognized curtailment gain — — — — — (4) — — — Defined Benefit Plans 40 48 76 64 (7) (67) (18) (16) (3) Defined contribution plans 17 19 20 23 21 17 n/a n/a n/a Net Periodic Benefit Cost (Credit) $ 57 $ 67 $ 96 $ 87 $ 14 $ (50) $ (18) $ (16) $ (3) Other changes in plan assets and benefit obligations recognized in Other Comprehensive Loss: Net actuarial (gain) loss $ (8) $ 74 $ 16 $ (44) $ 298 $ 368 $ (3) $ (5) $ (57) Prior service cost (credit) — — — 52 36 72 — (3) (26) Amortization of net actuarial (loss) gain (23) (35) (69) (62) (12) (23) 12 12 4 Amortization of net prior service (cost) credit — — (8) (5) (1) 15 15 15 Curtailment gain — — — — — 4 — — — Total Recognized in Other Comprehensive Loss (3) $ (31) $ 39 $ (53) $ (62) $ 317 $ 420 $ 24 $ 19 $ (64) Total Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive Loss $ 26 $ 106 $ 43 $ 25 $ 331 $ 370 $ 6 $ 3 $ (67) _____________ (1) Interest cost for Pension Benefits includes interest expense on non-TRA obligations of $279, $284 and $205 and interest (income)/expense directly allocated to TRA participant accounts of $(9), $20 and $(147) for the years ended December 31, 2024, 2023 and 2022, respectively. (2) Expected return on plan assets includes expected investment income on non-TRA assets of $273, $300 and $302 and actual investment (loss)/income on TRA assets of $(9), $20 and $(147) for the years ended December 31, 2024, 2023 and 2022, respectively. (3) Amounts represent the pre-tax effect included in Other comprehensive loss. Refer to Note 24 - Other Comprehensive Loss for the related tax effects and the net of tax amounts. Plan Amendments Pension: Netherlands In January 2024, the pension board of our Netherlands pension plan transferred the plan’s assets and projected benefit obligation (PBO) to a single client section in a general pension fund. In addition to this transfer, the indexation target was increased from 75% of price inflation to 100% of price inflation. This plan amendment increasing the indexation target resulted in an increase of approximately $48 (approximately EUR 44 million) in the PBO for this Collective Defined Contribution (CDC) plan, approximately 6% of the plan PBO as of December 31, 2023. From a Company risk perspective, this CDC plan operates just like a frozen defined contribution plan. Although the Company's risk has been mitigated, under U.S. GAAP this CDC plan does not meet the definition of a defined contribution plan and therefore continues to be accounted for as a defined benefit plan. United Kingdom In April 2024, 2023 and 2022, our U.K. defined benefit pension plan was amended, at the sole discretion of the Plan Trustees as legally allowed, to increase the capped inflation indexation for the April 2024, 2023 and 2022 pension increase award to 5%, 6.5% and 7.5%, respectively. The April 2024 plan amendment resulted in an increase of $6 in the projected benefit obligation (PBO) for this plan, the April 2023 plan amendment resulted in an increase of $36 in the projected benefit obligation (PBO) for this plan, and the April 2022 plan amendment resulted in an increase of approximately $72 in the PBO for this plan, with all amounts inclusive of other remeasurement adjustments for changes in actuarial assumptions. In October 2018, the High Court of Justice in the United Kingdom (the High Court) ruled that Lloyds Bank PLC was required to equalize benefits payable to men and women under its U.K. defined benefit pension plans by amending those plans to increase the pension benefits payable to participants that accrued such benefits during the period from 1990 to 1997. The inequalities arose from statutory differences in the retirement ages and rates of accrual of benefits for men and women related to Guaranteed Minimum Pension (GMP) benefits that are included in U.K. defined benefit pension plans. At December 31, 2024, the aggregate cost for this matter was estimated to be approximately GBP 15 million (approximately USD $19). This latest estimate is consistent with the prior year, adjusted for market conditions at December 31, 2024. The equalization method was agreed between the Company and Trustee and is in the process of being implemented. Retiree Health Plans: During 2022, we amended our U.S. Retiree Health Plan to reduce benefits and eliminate coverage for existing union retirees and for certain union employees as a result of contract negotiations. These negative plan amendments resulted in a reduction of approximately $30 in the Company's postretirement benefit obligation. Plan Assets Current Allocation As of the 2024 and 2023 measurement dates, the global pension plan assets were $5,627 and $6,190, respectively. These assets were invested among several asset classes. The following tables present the defined benefit plans assets measured at fair value and the basis for that measurement. December 31, 2024 U.S. Plans Non-U.S. Plans Asset Class Level 1 Level 2 Level 3 Assets measured at NAV (1) Total Level 1 Level 2 Level 3 Assets measured at NAV (1) Total Cash and cash equivalents $ 1 $ — $ — $ — $ 1 $ 246 $ — $ — $ — $ 246 Equity Securities: U.S. 72 — — — 72 15 19 — — 34 International 72 — — 125 197 314 — — 18 332 Fixed Income Securities: U.S. treasury securities — 67 — — 67 — 2 — — 2 Debt security issued by government agency — 139 — — 139 — 670 — — 670 Corporate bonds — 599 — — 599 — 236 — — 236 Derivatives — (30) — — (30) — 13 — — 13 Real estate — — 24 11 35 — — 87 31 118 Private equity/venture capital — — — 167 167 — — — 258 258 Guaranteed insurance contracts — — — — — — — 2,184 — 2,184 Other (2)(3)(4) (3) — — 163 160 51 12 — 64 127 Total Fair Value of Plan Assets $ 142 $ 775 $ 24 $ 466 $ 1,407 $ 626 $ 952 $ 2,271 $ 371 $ 4,220 _____________ (1) Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. (2) Other Level 1 includes net non-financial (liabilities)/assets, such as due to/from broker, interest receivables and accrued expenses. The U.S. Plans had net liabilities of $(3), while the non-U.S. plans had net assets of $51. (3) Other NAV for U.S. Plans (measured at NAV) includes mutual funds of $116, which are invested approximately 70% in fixed income securities and approximately 30% in equity securities. (4) Other NAV for the non-U.S. Plans (measured at NAV) includes mortgage funds of $64 in our Netherlands plans. December 31, 2023 U.S. Plans Non-U.S. Plans Asset Class Level 1 Level 2 Level 3 Assets measured at NAV (1) Total Level 1 Level 2 Level 3 Assets measured at NAV (1) Total Cash and cash equivalents $ 1 $ — $ — $ — $ 1 $ 452 $ — $ — $ — $ 452 Equity Securities: U.S. 48 — — — 48 13 20 — — 33 International 87 — — 127 214 315 — — 27 342 Fixed Income Securities: U.S. treasury securities — 74 — — 74 — 2 — — 2 Debt security issued by government agency — 134 — — 134 — 546 — — 546 Corporate bonds — 660 — — 660 — 197 — — 197 Derivatives — 57 — — 57 — 90 — — 90 Real estate — — 47 12 59 — — 106 70 176 Private equity/venture capital — — — 157 157 — — 4 311 315 Guaranteed insurance contracts — — — — — — — 2,481 — 2,481 Other (2)(3) (18) — — 142 124 24 4 — — 28 Total Fair Value of Plan Assets $ 118 $ 925 $ 47 $ 438 $ 1,528 $ 804 $ 859 $ 2,591 $ 408 $ 4,662 _____________ (1) Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. (2) Other Level 1 includes net non-financial (liabilities)/assets, such as due to/from broker, interest receivables and accrued expenses. The U.S. Plans had net liabilities of $(18) , while the non-U.S. plans had net assets of $24. (3) Other NAV includes mutual funds of $92 (measured at NAV) which are invested approximately 70% in fixed income securities and approximately 30% in equity securities. The following tables represents a rollforward of the defined benefit plans assets measured at fair value using significant unobservable inputs (Level 3 assets): U.S. Non-U.S. Real Estate Real Estate Private Equity/Venture Capital Guaranteed Insurance Contracts Total Balance at December 31, 2022 $ 57 $ 144 $ 4 $ 483 $ 631 Purchases — — — 1,951 1,951 Sales (13) (16) — (3) (19) Unrealized gains (losses) 3 (31) — (9) (40) Currency translation — 9 — 59 68 Balance at December 31, 2023 $ 47 $ 106 $ 4 $ 2,481 $ 2,591 Purchases — — — 1 1 Sales (22) — — (3) (3) Unrealized losses (1) (12) (4) (253) (269) Currency translation — (7) — (42) (49) Balance at December 31, 2024 $ 24 $ 87 $ — $ 2,184 $ 2,271 Level 3 Valuation Method Our primary Level 3 assets are Real Estate, Private Equity/Venture Capital investments, and Guaranteed Insurance Contracts. The fair value of our real estate investment funds is based on the Net Asset Value (NAV) of our ownership interest in the funds. NAV information is received from the investment advisers and is primarily derived from third-party real estate appraisals for the properties owned. The fair value for our private equity/venture capital partnership investments are based on our share of the estimated fair values of the underlying investments held by these partnerships as reported (or expected to be reported) in their audited financial statements. 2022 and 2023 purchases of Guaranteed Insurance Contracts (GICs) include the purchases of buy-in annuity contracts, which have been valued based on the member benefits covered by the contracts adjusted for current market factors. The valuation techniques and inputs for our Level 3 assets have been consistently applied for all periods presented. Investment Strategy The target asset allocations for our worldwide defined benefit pension plans were: 2024 2023 U.S. Non-U.S. (2) U.S. Non-U.S. Equity investments (1) 27% 9% 24% 8% Fixed income investments 60% 22% 60% 16% Real estate 4% 3% 6% 4% Private equity/venture capital 7% 7% 8% 8% Other (1) 2% 59% 2% 64% Total Investment Strategy 100% 100% 100% 100% _____________ (1) Target allows for an additional allocation to synthetic equity which is offset by cash, which resulted in a negative cash position in Other. (2) Significant changes in asset allocation in non-U.S. are due to the U.K. pension plan entering an insurance buy-in contract, which is included in Other. We employ a total return investment approach whereby a mix of equities and fixed income investments are used to maximize the long-term return of plan assets for a prudent level of risk. The intent of this strategy is to minimize plan expenses by exceeding the interest growth in long-term plan liabilities. Risk tolerance is established through careful consideration of plan liabilities, plan funded status and corporate financial condition. This consideration involves the use of long-term measures that address both return and risk. The investment portfolio contains a diversified blend of equity and fixed income investments. Furthermore, equity investments are diversified across U.S. and non-U.S. stocks, as well as growth, value and small and large capitalizations. Other assets such as real estate, private equity, and hedge funds are used to improve portfolio diversification. Derivatives may be used to hedge market exposure in an efficient, timely and cost-effective manner; however, derivatives may not be used to speculate or leverage the portfolio beyond the market value of the underlying investments. Investment risks and returns are measured and monitored on an ongoing basis through annual liability measurements and quarterly investment portfolio reviews. Expected Long-term Rate of Return We employ a “building block” approach in determining the long-term rate of return for plan assets. Historical markets are studied and long-term relationships between equities and fixed income are assessed. Current market factors such as inflation and interest rates are evaluated before long-term capital market assumptions are determined. The long-term portfolio return is established giving consideration to investment diversification and rebalancing. Peer data and historical returns are reviewed periodically to assess reasonableness and appropriateness. Contributions Disclosure The following table summarizes cash contributions to our defined benefit pension plans and retiree health benefit plans. Year Ended December 31, 2024 Estimated 2025 U.S. Plans $ 100 $ 110 Non-U.S. Plans 27 30 Total Pension Plans $ 127 $ 140 Retiree Health 18 20 Total Retirement Plans $ 145 $ 160 Approximately $77 of the 2024 contributions for our U.S. plans were for our tax-qualified defined benefit plans. Approximately $85 of estimated contributions for 2025 are for our U.S. tax-qualified defined benefit plans. However, once the next actuarial valuations and projected results are available, actual contributions required to meet minimum funding requirements will be determined and finalized and may change from the current estimate. Estimated Future Benefit Payments The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid during the following years: Pension Benefits U.S. Non-U.S. Total Retiree Health 2025 $ 204 $ 272 $ 476 $ 20 2026 181 278 459 18 2027 184 282 466 16 2028 181 290 471 15 2029 183 297 480 14 Years 2030-2034 949 1,562 2,511 56 Assumptions Weighted-average assumptions used to determine benefit obligations at the plan measurement dates: Pension Benefits 2024 2023 2022 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Discount rate 5.6 % 4.5 % 4.9 % 4.1 % 5.1 % 4.5 % Rate of compensation increase — % 2.3 % — % 2.7 % — % 2.9 % Interest crediting rate 4.6 % 2.5 % 4.5 % 2.5 % 4.5 % 1.5 % Retiree Health 2024 2023 2022 Discount rate 4.9 % 4.7 % 5.0 % Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31: Pension Benefits 2025 2024 2023 2022 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Discount rate 5.6 % 4.5 % 4.9 % 4.1 % 5.1 % 4.5 % 2.7 % 1.8 % Expected return on plan assets 7.8 % 4.8 % 8.1 % 4.3 % 8.1 % 4.3 % 5.9 % 3.2 % Rate of compensation increase — % 2.3 % — % 2.7 % — % 2.9 % 0.1 % 2.8 % Interest crediting rate 4.6 % 2.6 % 4.5 % 2.5 % 4.5 % 2.1 % 2.5 % 1.5 % Retiree Health 2025 2024 2023 2022 Discount rate 4.9 % 4.7 % 5.0 % 2.7 % _____________ Note: Expected return on plan assets is not applicable to retiree health benefits as these plans are not funded. Rate of compensation increase is not applicable to retiree health benefits as compensation levels do not impact earned benefits. Assumed health care cost trend rates were as follows: December 31, 2024 2023 Health care cost trend rate assumed for next year 6.0 % 6.3 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 4.2 % 4.2 % Year that the rate reaches the ultimate trend rate 2028 2028 Defined Contribution Plans We have post-retirement savings and investment plans in several countries, including the U.S., the U.K. and Canada. In many instances, employees who participated in the defined benefit pension plans that have been amended to freeze future service accruals were transitioned to an enhanced defined contribution plan. In these plans, employees are allowed to contribute a portion of their salaries and bonuses to the plans, and we match a portion of the employee contributions. We recorded charges related to our defined contribution plans of $40 in 2024, $40 in 2023 and $37 in 2022. During 2021, the Company suspended its full year employer matching contribution for its U.S. based 401(k) plan for salaried (non-union) employees. The employer matching contribution was reinstated for 2022 and was made in the first quarter of 2023.

Income and Other Taxes

Income and Other Taxes	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income and Other Taxes	Income and Other Taxes Loss before income taxes was as follows: Year Ended December 31, 2024 2023 2022 Domestic loss $ (877) $ (89) $ (319) Foreign (loss) income (339) 61 (6) Loss before Income taxes $ (1,216) $ (28) $ (325) The components of Income tax expense (benefit) were as follows: Year Ended December 31, 2024 2023 2022 Federal Income Taxes Current $ (15) $ 21 $ (5) Deferred (44) (65) (16) Foreign Income Taxes Current 34 18 23 Deferred 149 21 (2) State Income Taxes Current (4) — 6 Deferred (15) (24) (9) Income tax expense (benefit) $ 105 $ (29) $ (3) A reconciliation of the U.S. federal statutory income tax rate to the consolidated effective income tax rate was as follows: Year Ended December 31, 2024 2023 2022 U.S. federal statutory income tax rate 21.0 % 21.0 % 21.0 % Nondeductible expenses (0.8) % (32.2) % (3.6) % Effect of tax law changes — % — % 0.1 % Change in valuation allowance for deferred tax assets (16.0) % 15.6 % (2.2) % State taxes, net of federal benefit 1.0 % (21.9) % 0.3 % Audit and other tax return adjustments 0.6 % 83.0 % (1.6) % Tax-exempt income, credits and incentives 1.1 % 59.0 % 8.7 % Foreign rate differential adjusted for U.S. taxation of foreign profits (1) (0.5) % (32.3) % (0.1) % Stock-based compensation (0.2) % (13.0) % (0.6) % Goodwill impairment (15.3) % — % (22.0) % Divestitures 0.2 % 25.3 % — % Other 0.3 % (0.9) % 0.9 % Effective income tax rate (8.6) % 103.6 % 0.9 % _____________ (1) The “U.S. taxation of foreign profits” represents the U.S. tax, net of foreign tax credits, associated with actual and deemed repatriations of earnings from our non-U.S. subsidiaries. On a consolidated basis, we paid a total of $65, $51 and $50 in income taxes to federal, foreign and state jurisdictions during the three years ended December 31, 2024, 2023 and 2022, respectively. Income taxes were allocated to the following items: Year Ended December 31, 2024 2023 2022 Income tax expense (benefit) on Loss before income taxes $ 105 $ (29) $ (3) Income tax (expense) benefit Common shareholders' equity: Changes in defined benefit plans (10) 93 70 Cash flow hedges (1) 1 (1) Translation adjustments (8) — — Additional paid-in capital 6 — — Unrecognized Tax Benefits and Audit Resolutions We recognize tax liabilities when, despite our belief that our tax return positions are supportable, we believe that certain positions may not be fully sustained upon review by tax authorities. Each period, we assess uncertain tax positions for recognition, measurement and effective settlement. Benefits from uncertain tax positions are measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon settlement - the more-likely-than-not recognition threshold. Where we have determined that our tax return filing position does not satisfy the more likely than not recognition threshold, we have recorded no tax benefit. These assessments require the use of considerable estimates and judgments and can increase or decrease our effective tax rate, as well as impact our operating results. A difference in the ultimate resolution of uncertain tax positions from what is currently estimated could have a material impact on our results of operations and financial condition. The calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax laws and regulations in a variety of jurisdictions. We are also subject to ongoing tax examinations in numerous jurisdictions due to the extensive geographical scope of our operations. As a result, we have received, and may in the future receive, proposed tax adjustments and tax assessments in multiple jurisdictions. We regularly assess the likelihood of the outcomes resulting from these ongoing tax examinations as part of our continuing assessment of uncertain tax positions to determine our provision for income taxes. The specific timing of when the resolution of each tax position will be reached is uncertain. As of December 31, 2024, we do not believe that there are any positions for which it is reasonably possible that the total amount of unrecognized tax benefits will significantly increase or decrease within the next 12 months. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 2024 2023 2022 Balance at January 1 $ 140 $ 110 $ 107 Additions related to current year 1 1 3 Additions related to prior years positions — 57 4 Reductions related to prior years positions — (14) — Settlements with taxing authorities (1) (29) (13) — Reductions related to lapse of statute of limitations (18) (2) (3) Currency 1 1 (1) Balance at December 31 $ 95 $ 140 $ 110 _____________ (1) The majority of settlements did not result in the utilization of cash. Included in the balances at December 31, 2024, 2023 and 2022 are $(2), $(31) and $1, respectively, of tax positions that are highly certain of realizability but for which there is uncertainty about the timing or that they may be reduced through an indirect benefit from other taxing jurisdictions. Because of the impact of deferred tax accounting, other than for the possible incurrence of interest and penalties, the disallowance of these positions would not affect the annual effective tax rate. Within income tax expense, we recognize interest and penalties accrued on unrecognized tax benefits, as well as interest received from favorable settlements. We had $0, $(2) and $(1) accrued for the payment of interest and penalties associated with unrecognized tax benefits at December 31, 2024, 2023 and 2022, respectively. In the U.S., we are no longer subject to U.S. federal income tax examinations for years before 2017. With respect to our major foreign jurisdictions, we are no longer subject to tax examinations by tax authorities for years before 2017. Deferred Income Taxes At December 31, 2024 we have not provided deferred taxes on our undistributed pre-1987 E&P of approximately $292, as such undistributed earnings have been determined to be indefinitely reinvested and we currently do not plan to initiate any action that would precipitate a deferred tax impact. The net change from the amount at December 31, 2023 of $310 was predominately due to currency impacts as well as the disposition of certain foreign subsidiaries. Additionally, we have also not provided deferred taxes on the outside basis differences in our investments in foreign subsidiaries that are unrelated to undistributed earnings. These basis differences are also indefinitely reinvested. A determination of the unrecognized deferred taxes related to these components is not practicable. The tax effects of temporary differences that give rise to significant portions of the deferred taxes were as follows: December 31, 2024 2023 Deferred Tax Assets Research and development $ 227 $ 225 Post-retirement medical benefits 43 50 Net operating losses 322 384 Operating reserves, accruals and deferrals 232 215 Tax credit carryforwards 80 106 Deferred and share-based compensation 22 40 Pension 122 147 Finance lease and installment sales 64 — Operating lease liabilities 33 43 Other 68 57 Subtotal 1,213 1,267 Valuation allowance (511) (375) Total $ 702 $ 892 Deferred Tax Liabilities Finance lease and installment sales $ — $ 36 Intangibles and goodwill 84 116 Unremitted earnings of foreign subsidiaries 26 25 Operating lease ROU assets 41 41 Other 21 24 Total $ 172 $ 242 Total Deferred taxes, net $ 530 $ 650 Reconciliation to the Consolidated Balance Sheets Deferred tax assets $ 615 $ 745 Deferred tax liabilities (1) (85) (95) Total Deferred taxes, net $ 530 $ 650 _____________ (1) Represents the deferred tax liabilities recorded in Other long-term liabilities - refer to Note 14 - Supplementary Financial Information. We record the estimated future tax effects of temporary differences between the tax basis of assets and liabilities and the amounts reported, as well as net operating loss and tax credit carryforwards. Deferred tax assets are assessed for realizability and, where applicable, a valuation allowance is recorded to reduce the total deferred tax asset to an amount that will, more-likely-than-not, be realized in the future. We apply judgment in assessing the realizability of these deferred tax assets and the need for any valuation allowances. In determining the amount of deferred tax assets that are more-likely-than-not to be realized, we considered historical profitability, projected future taxable income, the expected timing of the reversals of existing temporary differences and tax planning strategies. The deferred tax assets requiring significant judgment are U.S. tax credit carryforwards with a limited life. The net change in the total valuation allowance for the three years ended December 31, 2024, 2023 and 2022 was an increase of $136, $9 and $9, respectively. The valuation allowance relates primarily to certain net operating loss carryforwards, tax credit carryforwards and deductible temporary differences for which we have concluded it is more-likely-than-not that these items will not be realized in the ordinary course of operations. Although realization is not assured, we have concluded that it is more-likely-than-not that the deferred tax assets, for which a valuation allowance was determined to be unnecessary, will be realized in the ordinary course of operations based on the available positive and negative evidence, including scheduling of deferred tax liabilities and projected income from operating activities. The amount of the net deferred tax assets considered realizable, however, could change in the near term if future income or income tax rates are higher or lower than currently estimated, or if there are differences in the timing or amount of future reversals of existing taxable or deductible temporary differences. At December 31, 2024, we had tax credit carryforwards of $80 available to offset future income taxes, of which $1 is available to carryforward indefinitely while the majority of the remaining $79 will begin to expire in 2025 and 2026, if not utilized. We also had net operating loss carryforwards for income tax purposes of $473 that will begin to expire in 2024 through 2043, if not utilized, and $1.4 billion available to offset future taxable income indefinitely.

Contingencies and Litigation

Contingencies and Litigation	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Litigation	Contingencies and Litigation We are involved in a variety of claims, lawsuits, investigations and proceedings concerning: securities law; governmental entity contracting, servicing and procurement law; intellectual property law; environmental law; employment law; the Employee Retirement Income Security Act (ERISA); and other laws and regulations. We determine whether an estimated loss from a contingency should be accrued by assessing whether a loss is deemed probable and can be reasonably estimated. We assess our potential liability by analyzing our litigation and regulatory matters using available information. We develop our views on estimated losses in consultation with outside counsel handling our defense in these matters, which involves an analysis of potential results, assuming a combination of litigation and settlement strategies. Should developments in any of these matters cause a change in our determination as to an unfavorable outcome and result in the need to recognize a material accrual, or should any of these matters result in a final adverse judgment or be settled for significant amounts, they could have a material adverse effect on our results of operations, cash flows and financial position in the period or periods in which such change in determination, judgment or settlement occurs. Additionally, guarantees, indemnifications and claims may arise during the ordinary course of business from relationships with suppliers, customers and nonconsolidated affiliates, as well as through divestitures and sales of businesses, when the Company undertakes an obligation to guarantee the performance of others if specified triggering events occur. Nonperformance under a contract could trigger an obligation of the Company. These potential claims include actions based upon alleged exposures to products, real estate, intellectual property such as patents, environmental matters, and other indemnifications. The ultimate effect on future financial results is not subject to reasonable estimation because considerable uncertainty exists as to the final outcome of these claims. However, while the ultimate liabilities resulting from such claims may be significant to results of operations in the period recognized, management does not anticipate they will have a material adverse effect on the Company's consolidated financial position or liquidity. As of December 31, 2024, we have accrued our estimate of liability incurred under our indemnification arrangements and guarantees. Brazil Contingencies Our Brazilian operations have received or been the subject of numerous governmental assessments related to indirect and other taxes. These tax matters principally relate to claims for taxes on the internal transfer of inventory, municipal service taxes on rentals and gross revenue taxes. We are disputing these tax matters and intend to vigorously defend our positions. Based on the opinion of legal counsel and current reserves for those matters deemed probable of loss, we do not believe that the ultimate resolution of these matters will materially impact our results of operations, financial position or cash flows. Below is a summary of our Brazilian tax contingencies: December 31, December 31, Tax contingency - unreserved $ 305 $ 375 Escrow cash deposits 18 24 Surety bonds 88 104 Letters of credit 10 22 Liens on Brazilian assets — — The decrease in the unreserved portion of the tax contingency, inclusive of any related interest, was primarily related to currency, partially offset by interest. With respect to the unreserved tax contingency, the majority has been assessed by management as being remote as to the likelihood of ultimately resulting in a loss to the Company. In connection with the above proceedings, customary local regulations may require us to make escrow cash deposits or post other security of up to half of the total amount in dispute, as well as additional surety bonds and letters of credit, which include associated indexation. Generally, any escrowed amounts would be refundable and any liens on assets would be removed to the extent the matters are resolved in our favor. We are also involved in certain disputes with contract and former employees. Exposures related to labor matters are not material to the financial statements as of December 31, 2024 and 2023. We routinely assess all these matters as to probability of ultimately incurring a liability against our Brazilian operations and record our best estimate of the ultimate loss in situations where we assess the likelihood of an ultimate loss as probable. Litigation Matters Miami Firefighters’ Relief & Pension Fund v. Icahn, et al.: On December 13, 2019, 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. The parties have reached a stipulation of settlement providing for certain governance changes and a payment by the Icahn defendants to Xerox. This stipulation has been submitted to the Supreme Court of the State of New York for approval, and Miami Firefighters has submitted a contested fee application seeking $5 that is under consideration by that court as well. Guarantees, Indemnifications and Warranty Liabilities Indemnifications Provided as Part of Contracts and Agreements Acquisitions/Divestitures: We have indemnified, subject to certain deductibles and limits, the purchasers of businesses or divested assets for the occurrence of specified events under certain of our divestiture agreements. In addition, we customarily agree to hold the other party harmless against losses arising from a breach of representations and covenants, including such matters as adequate title to assets sold, intellectual property rights, specified environmental matters and certain income taxes arising prior to the date of acquisition. Where appropriate, an obligation for such indemnifications is recorded as a liability at the time of the acquisition or divestiture. Since the obligated amounts of these types of indemnifications are often not explicitly stated and/or are contingent on the occurrence of future events, the overall maximum amount of the obligation under such indemnifications cannot be reasonably estimated. Other than obligations recorded as liabilities at the time of divestiture, we have not historically made significant payments for these indemnifications. Additionally, under certain of our acquisition agreements, we have provided for additional consideration to be paid to the sellers if established financial targets are achieved post-closing. We have recognized liabilities for these contingent obligations based on an estimate of the fair value of these contingencies at the time of acquisition. Contingent obligations related to indemnifications arising from our divestitures and contingent consideration provided for by our acquisitions are not expected to be material to our financial position, results of operations or cash flows. Other Agreements: We are also party to the following types of agreements pursuant to which we may be obligated to indemnify the other party with respect to certain matters: • Guarantees on behalf of our subsidiaries with respect to real estate leases. These lease guarantees may remain in effect subsequent to the sale of the subsidiary. • Agreements to indemnify various service providers, trustees and bank agents from any third-party claims related to their performance on our behalf, with the exception of claims that result from a third-party's own willful misconduct or gross negligence. • Guarantees of our performance in certain sales and services contracts to our customers and indirectly the performance of third parties with whom we have subcontracted for their services. This includes indemnifications to customers for losses that may be sustained as a result of the use of our equipment at a customer's location. In each of these circumstances, our payment is conditioned on the other party making a claim pursuant to the procedures specified in the particular contract and such procedures also typically allow us to challenge the other party's claims. In the case of lease guarantees, we may contest the liabilities asserted under the lease. Further, our obligations under these agreements and guarantees may be limited in terms of time and/or amount, and in some instances, we may have recourse against third parties for certain payments we made. Patent Indemnifications In most sales transactions to resellers of our products, we indemnify against possible claims of patent infringement caused by our products or solutions. In addition, we indemnify certain software providers against claims that may arise as a result of our use or our subsidiaries', customers' or resellers' use of their software in our products and solutions. These indemnities usually do not include limits on the claims, provided the claim is made pursuant to the procedures required in the sales contract. Indemnification of Officers and Directors The corporate by-laws of Xerox Holdings Corporation and Xerox Corporation require that, except to the extent expressly prohibited by law, we must indemnify Xerox Holdings Corporation's and Xerox Corporation's officers and directors, respectively, against judgments, fines, penalties and amounts paid in settlement, including legal fees and all appeals, incurred in connection with civil or criminal action or proceedings, as it relates to their services to Xerox Holdings Corporation and/or Xerox Corporation and their subsidiaries. Although the by-laws provide no limit on the amount of indemnification, Xerox Holdings Corporation or Xerox Corporation may have recourse against our insurance carriers for certain payments made by Xerox Holdings Corporation or Xerox Corporation. However, certain indemnification payments (such as those related to "clawback" provisions in certain compensation arrangements) may not be covered under Xerox Holdings Corporation's and Xerox Corporation's directors' and officers' insurance coverage. Xerox Holdings Corporation and Xerox Corporation also indemnify certain fiduciaries of our employee benefit plans for liabilities incurred in their service as fiduciary whether or not they are officers of Xerox Holdings Corporation or Xerox Corporation. Finally, in connection with Xerox Holdings Corporation's and/or Xerox Corporation's acquisition of businesses, we may become contractually obligated to indemnify certain former and current directors, officers and employees of those businesses in accordance with pre-acquisition by-laws and/or indemnification agreements and/or applicable state law. Guarantees We have issued or provided approximately $213 of guarantees as of December 31, 2024 in the form of letters of credit or surety bonds issued to i) support certain insurance programs; ii) support our obligations related to the Brazil tax and labor contingencies (see Brazil Contingencies ); iii) support our obligations related to our U.K. pension plans; and iv) support certain contracts, primarily with public sector customers, which require us to provide a surety bond as a guarantee of our performance of contractual obligations. In general, we would only be liable for the amount of these guarantees in the event we, or one of our direct or indirect subsidiaries whose obligations we have guaranteed, defaulted in performing our obligations under each contract; the probability of which we believe is remote. We believe that our capacity in the surety markets as well as under various credit arrangements (including our Credit Facility) is sufficient to allow us to respond to future requests for proposals that require such credit support.

Preferred Stock

Preferred Stock	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Preferred Stock	Preferred Stock Series A Convertible Perpetual Voting Preferred Stock As of December 31, 2024, Xerox Holdings Corporation had one class of preferred stock outstanding. Xerox Holdings Corporation has issued 180,000 shares of Series A Preferred Stock that have an aggregate liquidation value of $180 and a carrying value of $214. The Series A Preferred Stock pays quarterly cash dividends at a rate of 8% per year ($14 per year), on a cumulative basis. Each share of Series A Preferred Stock is convertible at any time, at the option of the holder, into 37.4532 shares of common stock of Xerox Holdings Corporation for a total of 6,742 thousand shares (reflecting an initial conversion price of approximately $26.70 per share of common stock), subject to customary anti-dilution adjustments. At December 31, 2024, 6,742 thousand shares of Common Stock were reserved for conversion of the Series A Preferred Stock. If the closing price of Xerox Holdings Corporation common stock exceeds $39.00 or 146.1% of the initial conversion price of $26.70 per share of common stock for 20 out of 30 consecutive trading days, Xerox Holdings Corporation will have the right to cause any or all of the Series A Preferred Stock to be converted into shares of common stock at the then applicable conversion rate. The Series A Preferred Stock is also convertible, at the option of the holder, upon a change in control, at the applicable conversion rate plus an additional number of shares determined by reference to the price paid for our common stock upon such change in control. In addition, upon the occurrence of certain fundamental change events, including a change in control or the delisting of Xerox Holdings Corporation's common stock, the holder of the Series A Preferred Stock has the right to require Xerox Holdings Corporation to redeem any or all of the preferred stock in cash at a redemption price per share equal to the liquidation preference and any accrued and unpaid dividends up to, but not including, the redemption date. The Series A Preferred Stock is classified as temporary equity (i.e., apart from permanent equity) as a result of the contingent redemption feature. Series A Preferred Stock Voting Rights The Xerox Holdings Corporation Series A Preferred Stock votes together with the Xerox Holdings Corporation common stock, as a single class, on all matters submitted to the shareholders of Xerox Holdings Corporation, but the Xerox Holdings Corporation Series A Voting Preferred Stock is only entitled to one vote for every ten shares of Xerox Holdings Corporation common stock into which the Xerox Holdings Corporation Series A Preferred Stock is convertible (674,157 votes at December 31, 2024).

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2024
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders’ Equity Xerox Holdings Preferred Stock Xerox Holdings Corporation is authorized to issue approximately 22 million shares of cumulative Preferred stock, $1.00 par value per share. Refer to Note 21 - Preferred Stock for additional information. Common Stock Xerox Holdings Corporation is authorized to issue 437.5 million shares of Common stock, $1.00 par value per share. At December 31, 2024, 18 million shares were reserved for issuance under our incentive compensation plans and 7 million shares were reserved for conversion of the Series A Convertible Perpetual Preferred Voting Stock. Treasury Stock Xerox Holdings Corporation accounts for the repurchased Common stock under the cost method and includes such Treasury stock as a component of our Common shareholders' equity. Retirement of Treasury stock is recorded as a reduction of Common stock and Additional paid-in capital at the time such retirement is approved by our Board of Directors. Icahn Share Repurchase On September 28, 2023, Xerox Holdings Corporation entered into a share purchase agreement (the Purchase Agreement) with Carl C. Icahn and certain of his affiliates (Icahn Parties) pursuant to which the Company agreed to purchase an aggregate of approximately 34 million shares of the Company’s Common Stock, at a price of $15.84 per share, the closing price on September 27, 2023, the last full trading day prior to the execution of the Purchase Agreement, for an aggregate purchase price of approximately $542. The purchase was completed and settled on September 28, 2023 and was funded by a $555 Credit Agreement with Jefferies Finance LLC (Jefferies Finance), as the Administrative Agent, Collateral Agent and Lender. This loan was subsequently repaid in November 2023 with the proceeds from a Term Loan B Credit Facility (Refer to Note 15 – Debt for additional information regarding the Term Loan B Credit Facility). Aggregate fees associated with the share repurchase were approximately $11 and include the 1% excise tax on net share repurchases as required by the Inflation Reduction Act of 2022. The costs incurred are included as part of the cost of Treasury Stock. The following table reflects the changes in Common and Treasury stock shares (shares in thousands). The Treasury stock repurchases in the table below include the repurchases under the current Xerox Holdings Corporation authorized share repurchase program. Common Stock Shares Treasury Stock Shares Balance at December 31, 2021 168,069 8,675 Stock based compensation plans, net 1,561 — Acquisition of Treasury stock — 5,174 Cancellation of Treasury stock (13,849) (13,849) Balance at December 31, 2022 155,781 — Stock based compensation plans, net 1,608 — Acquisition of Treasury stock — 34,245 Cancellation of Treasury stock (34,245) (34,245) Balance at December 31, 2023 123,144 — Stock based compensation plans, net 1,291 — Balance at December 31, 2024 124,435 — Xerox At December 31, 2024, Xerox Corporation has 1,000 authorized shares of Common stock, $1.00 par value per share, of which 100 shares are issued and outstanding and held by Xerox Holdings Corporation.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation (shares in thousands, unless otherwise noted) We have a long-term incentive plan whereby eligible employees may be granted restricted stock units (RSUs), performance share units (PSUs) and stock options (SOs). We grant stock-based compensation awards in order to continue to attract and retain qualified employees and to better align employees' interests with those of our shareholders. Each of these awards is subject to settlement with newly issued shares of Xerox Holdings Corporation's common stock. At December 31, 2024 and 2023, 5 million and 6 million shares, respectively, were available for grant of awards. Stock-based compensation expense was as follows: Year Ended December 31, 2024 2023 2022 Stock-based compensation expense, pre-tax (1) $ 52 $ 54 $ 75 Income tax benefit recognized in earnings 8 10 11 ____________ (1) 2022 includes $21 associated with the accelerated vesting of all outstanding equity awards, according to the terms of the award agreement, in connection with the passing of Xerox Holding's former CEO. Restricted Stock Units Compensation expense for RSUs is based upon the grant-date market price and is recognized on a straight-line basis over the vesting period, based on management's estimate of the number of shares expected to vest. RSUs granted in 2022 through 2024 vest on a graded schedule as follows: 33% after one year of service, 33% after two years of service, and 34% after three years of service from the date of grant. Performance Share Units PSU awards are comprised of performance-based components (Operating income improvement and Earnings per share) as well as market-based components (Relative Total Shareholder Return (RTSR) and Absolute Share Price). PSUs granted in 2024 are entirely performance-based with an RTSR modifier - see Market-Based Component below. PSUs granted in 2023 are entirely market-based, and PSUs granted in 2022 are one-half performance-based and one-half market-based. The metrics and weightings are as follows: Award Year (Metric Weighting) Performance Metric 2024 2023 2022 Operating income improvement (1) 100 % — % — % Earnings per share — % — % 50 % Relative total shareholder return — % 100 % — % Absolute share price — % — % 50 % 100 % 100 % 100 % ____________ (1) PSUs granted in 2024 are performance-based (Operating income improvement metric) with an RTSR modifier which can increase or decrease the number of shares that ultimately vest by 25%. The measures are independent of each other and depending on the achievement of these metrics, a recipient of a PSU award is entitled to receive a number of shares equal to a percentage, ranging from 0% to 200% of the PSU award granted. All PSUs granted have a three-year cliff vesting from the date of grant. Performance-Based Component: This PSU component vests contingent upon meeting predetermined annual and/or cumulative performance metrics. The 2024 PSU metric vests contingent upon meeting predetermined, annual as well as cumulative Operating income improvement goals established for four discrete performance periods (2024, 2025 and 2026) weighted 20%, respectively, and a three-year cumulative goal (2024-2026) weighted 40%. The 2022 PSU metric, Earnings per share, vests contingent upon meeting a three-year cumulative goal (2022-2024). The fair value of this PSU component is based upon the grant-date market price for the underlying stock. Compensation expense is recognized on a straight-line basis over a three-year vesting period, based on management's estimate of the number of shares expected to vest and based on meeting the performance metrics. If actual results exceed the stated targets, all plan participants have the potential to earn additional shares of common stock up to a maximum over-achievement of 100% of the original grant. If the stated targets are not met, any recognized compensation cost would be reversed. Market-Based Component: The RTSR metric, included as part of the 2024 PSU, is based on Xerox Holdings Corporation's stock price appreciation, inclusive of dividends paid, measured over three equally weighted performance periods (2024, 2024-2025, and 2024-2026). RTSR will be determined by ranking Xerox Holdings Corporation and the companies within the S&P 600 Information Technology Index, as approved by the Compensation and Human Capital Committee of the Board, from highest to lowest according to their respective TSRs, for each of the three performance periods. Payout for this portion of the 2024 PSU will be determined based on the average RTSR of the three measurement periods, and based on these results, the RTSR modifier can increase or decrease the number of shares that ultimately vest by 25%. Final payout will be determined based on the cumulative results of the four individually weighted measurement periods of Xerox’s Operating income improvement metric, and depending on the RTSR performance, a potential increase or decrease of 25%, with a maximum over-achievement of 100% of the original grant. The RTSR metric, included as part of the 2023 PSU, is based on Xerox Holdings Corporation's stock price appreciation, inclusive of dividends paid, measured over three equally weighted performance periods (2023, 2023-2024, and 2023-2025). RTSR will be determined by ranking Xerox Holdings Corporation and the companies within two distinct market indices, as approved by the Compensation and Human Capital Committee of the Board, from highest to lowest according to their respective TSRs, for each of the three performance periods. Payout for the 2023 PSU will be determined based on the weighted average of Xerox Holdings Corporation's payout for each of the three performance periods. The Absolute Share Price metric, included as the market-based component of the 2022 PSU grant, is based on Xerox Holdings Corporation's average closing price for the last 20 trading days of the three-year performance period, inclusive of dividends during that period. Payout for these portions of the PSU metrics will be determined based on total return targets. Since these metrics represent market conditions, Monte Carlo simulations were used to determine their respective grant-date fair values. A summary of Xerox Holding's key valuation input assumptions used in the Monte Carlo simulation relative to awards granted were as follows: 2024 Award 2023 Award 2022 Award Term 3 years 3 years 3 years Risk-free interest rate (1) 4.20 % 3.80 % 1.09 % Volatility (2) 42.88 % 52.21 % 42.07 % Weighted average fair value (3) $ 18.29 $ 23.00 $ 27.89 ____________ (1) The risk-free interest rate was based on the zero-coupon U.S. Treasury yield curve on the valuation date, with a maturity matched to the performance period. (2) Volatility is derived from historical stock prices as well as implied volatility when appropriate and available. (3) The weighted average of fair values used to record compensation expense as determined by the Monte Carlo simulation. Our RTSR and Absolute Share Price metrics are compared against total return targets to determine the payout as follows: 2024 2023 2022 Payout Percentage Percentile Ranking Return Targets (1) Percentile Ranking Return Targets (1) Total Return Targets (1) 200% n/a 75th and above $30.00 and above 100% n/a 50th $ 25.00 50% n/a 25th $ 20.00 25% 75th and above n/a n/a 0% 50th Below 25th Below $20.00 (25)% 25th and below n/a n/a ____________ (1) For performance between the levels described above, the degree of vesting is interpolated on a linear basis. Compensation expense for the market-based component of the PSU awards is recognized on a straight-line basis over the vesting period based on the fair value determined by the Monte Carlo simulation and, except in cases of employee forfeiture, cannot be reversed regardless of performance. Note: With respect to all stock-based compensation programs, Management’s estimate of the number of shares expected to vest at the time of grant reflects an estimate for forfeitures based on our historical forfeiture rate to date. Should actual forfeitures differ from management’s estimate, the activity will be reflected in a subsequent period. In addition, RSUs, PSUs and SOs awarded to employees who are retirement-eligible at the date of grant, become retirement-eligible during the vesting period, or are terminated not-for-cause (e.g., as part of a restructuring initiative), vest based on service provided from the date of grant to the date of separation. Summary of Stock-based Compensation Activity 2024 2023 2022 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Restricted Stock Units Outstanding at January 1 4,672 $ 18.46 3,221 $ 23.16 3,161 $ 25.26 Granted (1) 4,159 14.09 3,382 16.56 2,444 21.75 Vested (2) (2,030) 19.04 (1,593) 23.73 (1,975) 24.56 Forfeited (487) 17.27 (338) 19.27 (409) 24.20 Outstanding at December 31 6,314 15.48 4,672 18.46 3,221 23.16 Performance Shares Outstanding at January 1 2,039 $ 24.18 1,729 $ 28.38 2,818 $ 25.47 Granted 1,243 13.89 940 22.97 977 25.72 Vested (2) — — — — (644) 27.95 Forfeited/Expired (3) (1,216) 17.67 (630) 33.86 (1,422) 20.98 Outstanding at December 31 2,066 21.59 2,039 24.18 1,729 28.38 ____________ (1) 2023 includes approximately 445 RSUs associated with a special retention award. (2) 2022 includes approximately 469 RSUs and 644 PSUs associated with the accelerated vesting of all outstanding equity awards, according to the terms of the award agreement, in connection with the passing of Xerox Holding's former CEO. No other PSUs vested in 2022. (3) 2022 includes approximately 1,125 PSUs granted in 2019 that were adversely affected permanently by the impacts from the COVID-19 pandemic, and therefore no shares were earned. Unrecognized compensation cost related to non-vested stock-based awards at December 31, 2024 was as follows: Awards Unrecognized Compensation Remaining Weighted-Average Vesting Period (Years) Restricted Stock Units $ 52 1.9 Performance Shares 15 1.8 Stock Options (1) 3 2.0 Total $ 70 ____________ (1) Reflects CareAR SOs granted in May 2022. The aggregate intrinsic value of outstanding stock-based awards was as follows: Awards December 31, 2024 Restricted Stock Units $ 53 Performance Shares 17 The intrinsic value and actual tax benefit realized for all vested and exercised stock-based awards was as follows: December 31, 2024 December 31, 2023 December 31, 2022 Awards Total Intrinsic Value Tax Benefit Total Intrinsic Value Tax Benefit Total Intrinsic Value Tax Benefit Restricted Stock Units $ 31 $ 4 $ 25 $ 5 $ 39 $ 6 Performance Share Units — — — — 10 —

Other Comprehensive Loss

Other Comprehensive Loss	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Other Comprehensive Loss	Other Comprehensive Loss Other Comprehensive Loss is comprised of the following: Year Ended December 31, 2024 2023 2022 Pre-tax Net of Tax Pre-tax Net of Tax Pre-tax Net of Tax Net Translation Adjustments (Losses) Gains $ (112) $ (120) $ 191 $ 191 $ (376) $ (376) Unrealized (Losses) Gains Changes in fair value of cash flow hedges losses — — (18) (16) (35) (27) Changes in cash flow hedges reclassed to earnings (1) 10 9 18 17 35 26 Other losses — — — — (1) (1) Net Unrealized Gains (Losses) 10 9 — 1 (1) (2) Defined Benefit Plans Gains (Losses) Net actuarial/prior service gains (losses) 3 (3) (400) (300) (373) (284) Prior service amortization/curtailment (2) (7) (3) (10) (8) (18) (14) Actuarial loss amortization/settlement (2) 73 65 35 26 88 66 Other gains (losses) (3) 29 29 (49) (49) 62 61 Changes in Defined Benefit Plans Gains (Losses) 98 88 (424) (331) (241) (171) Other Comprehensive Loss $ (4) $ (23) $ (233) $ (139) $ (618) $ (549) _____________ (1) Reclassified to Cost of sales - refer to Note 16 - Financial Instruments for additional information regarding our cash flow hedges. (2) Reclassified to Total Net Periodic Benefit Cost - refer to Note 18 - Employee Benefit Plans for additional information. (3) Primarily represents currency impact on cumulative amount of benefit plan net actuarial losses and prior service credits in AOCL. Accumulated Other Comprehensive Loss (AOCL) AOCL is comprised of the following: December 31, 2024 2023 2022 Cumulative translation adjustments $ (2,166) $ (2,046) $ (2,237) Other unrealized gains (losses), net 6 (3) (4) Benefit plans net actuarial losses and prior service credits (1,539) (1,627) (1,296) Total Accumulated Other Comprehensive Loss $ (3,699) $ (3,676) $ (3,537) We utilize the aggregate portfolio approach for releasing disproportionate income tax effects from AOCL.

Loss per Share

Loss per Share	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Loss per Share	Loss per Share The following table sets forth the computation of basic and diluted loss per share of Xerox Holdings Corporation's Common stock (shares in thousands): Year Ended December 31, 2024 2023 2022 Basic Loss per Share: Net (Loss) Income $ (1,321) $ 1 $ (322) Accrued dividends on preferred stock (14) (14) (14) Adjusted Net Loss attributable to common shareholders $ (1,335) $ (13) $ (336) Weighted average common shares outstanding 124,210 149,116 156,006 Basic Loss per Share $ (10.75) $ (0.09) $ (2.15) Diluted Loss per Share: Net (Loss) Income $ (1,321) $ 1 $ (322) Accrued dividends on preferred stock (14) (14) (14) Adjusted Net Loss attributable to common shareholders $ (1,335) $ (13) $ (336) Weighted average common shares outstanding 124,210 149,116 156,006 Common shares issuable with respect to: Stock options — — — Restricted stock and performance shares — — — Convertible preferred stock — — — Adjusted Weighted average common shares outstanding 124,210 149,116 156,006 Diluted Loss per Share $ (10.75) $ (0.09) $ (2.15) The following securities were not included in the computation of diluted earnings per share as they were either contingently issuable shares or shares that if included would have been anti-dilutive (shares in thousands): Stock options 147 231 586 Restricted stock and performance shares 8,623 6,711 4,950 Convertible preferred stock 6,742 6,742 6,742 Convertible notes (1) 19,196 — — Total Anti-Dilutive Securities 34,708 13,684 12,278 Dividends per Common Share $ 1.00 $ 1.00 $ 1.00 _____________ (1) Refer to Note 15 - Debt for additional information related to the issuance of Xerox Holdings Corporation's $400 of 3.75% Convertible Senior Notes due 2030

Schedule II Valuation and Quali

Schedule II Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2024
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Schedule II Valuation and Qualifying Accounts	Xerox Holdings Corporation Schedule II Valuation and Qualifying Accounts Receivables - Allowance for Doubtful Accounts: (in millions) Balance Additions charged to bad debt provision (1) Amounts charged to other income statement accounts (1) Deductions and other, net of recoveries (2) Balance Year Ended December 31, 2024 Accounts Receivable $ 64 $ 25 $ — $ (20) $ 69 Finance Receivables 92 17 2 (54) 57 $ 156 $ 42 $ 2 $ (74) $ 126 Year Ended December 31, 2023 Accounts Receivable $ 52 $ 22 $ 6 $ (16) $ 64 Finance Receivables 117 6 2 (33) 92 $ 169 $ 28 $ 8 $ (49) $ 156 Year Ended December 31, 2022 Accounts Receivable $ 58 $ 17 $ (9) $ (14) $ 52 Finance Receivables 118 26 2 (29) 117 $ 176 $ 43 $ (7) $ (43) $ 169 _____________ (1) Bad debt provisions relate to estimated losses due to credit and similar collectibility issues. Other charges (credits) relate to adjustments to reserves necessary to reflect events of non-payment such as customer accommodations and contract terminations. (2) Deductions and other, net of recoveries primarily relates to receivable write-offs, but also includes the impact of foreign currency translation adjustments and recoveries of previously written off receivables. Deferred Tax Asset Valuation Allowances: (in millions) Balance at beginning of period Additions charged to income tax expense (benefit) Amounts credited to other accounts (1) Balance Year Ended December 31, 2024 $ 375 195 (59) $ 511 Year Ended December 31, 2023 $ 366 (4) 13 $ 375 Year Ended December 31, 2022 $ 357 7 2 $ 366 _____________ (1) Reflects other increases (decreases) to our valuation allowance, including the effects of currency. These did not affect Income tax benefit in total as there was a corresponding adjustment to Deferred tax assets or Other comprehensive loss. Xerox Corporation Schedule II Valuation and Qualifying Accounts Receivables - Allowance for Doubtful Accounts: (in millions) Balance Additions charged to bad debt provision (1) Amounts charged to other income statement accounts (1) Deductions and other, net of recoveries (2) Balance Year Ended December 31, 2024 Accounts Receivable $ 64 $ 25 $ — $ (20) $ 69 Finance Receivables 92 17 2 (54) 57 $ 156 $ 42 $ 2 $ (74) $ 126 Year Ended December 31, 2023 Accounts Receivable $ 52 $ 22 $ 6 $ (16) $ 64 Finance Receivables 117 6 2 (33) 92 $ 169 $ 28 $ 8 $ (49) $ 156 Year Ended December 31, 2022 Accounts Receivable $ 58 $ 17 $ (9) $ (14) $ 52 Finance Receivables 118 26 2 (29) 117 $ 176 $ 43 $ (7) $ (43) $ 169 _____________ (1) Bad debt provisions relate to estimated losses due to credit and similar collectibility issues. Other charges (credits) relate to adjustments to reserves necessary to reflect events of non-payment such as customer accommodations and contract terminations. (2) Deductions and other, net of recoveries primarily relates to receivable write-offs, but also includes the impact of foreign currency translation adjustments and recoveries of previously written off receivables. Deferred Tax Asset Valuation Allowances: (in millions) Balance at beginning of period Additions charged to income tax expense (benefit) Amounts credited to other accounts (1) Balance Year Ended December 31, 2024 $ 375 195 (59) $ 511 Year Ended December 31, 2023 $ 366 (4) 13 $ 375 Year Ended December 31, 2022 $ 357 7 2 $ 366 _____________ (1) Reflects other increases (decreases) to our valuation allowance, including the effects of currency. These did not affect Income tax benefit in total as there was a corresponding adjustment to Deferred tax assets or Other comprehensive loss.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (1,321)	$ 1	$ (322)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management Strategy Xerox Holdings maintains a cyber risk management program designed to identify, assess, manage, mitigate, and respond to cybersecurity threats. This program is integrated within the Company’s enterprise risk management system and addresses both the corporate information technology environment and customer-facing products and services. The underlying controls of the cyber risk management program are based on recognized leading practices and standards for cybersecurity and information technology, including the National Institute of Standards and Technology (NIST) Cybersecurity Framework (CSF) and the International Organization for Standardization (ISO) 27001 Information Security Management System Requirements. The risk management program is primarily focused on safeguarding the organization's digital assets, ensuring continuous business operations, and minimizing the potential impact of cyber threats. The structured risk management process is designed to comprehensively identify and assess risks, implement effective mitigation and remediation strategies, enhance overall cybersecurity resilience, and provide transparent reporting. Continuous risk assessments are conducted through internal evaluations and routine engagements with independent third-party security services organizations to systematically identify, prioritize and manage information security risks. Subsequently, risk mitigation strategies are developed and executed to address and remediate identified risks effectively through new cybersecurity initiatives and ongoing enhancements to the cybersecurity program. Regular audits and assessments, including penetration tests and attack simulations, are performed both internally and through independent third-party consultants, and internal auditors evaluate the operational effectiveness of cybersecurity controls and risk management measures. These inputs form the basis of a risk register that is integrated into the overall enterprise risk management program to further inform the Company's strategy assessing the likelihood, impact, and velocity of these risks on a forward-looking, multi-year mitigated basis. A formal process exists grounded in the enterprise risk management program where material risks, interdependencies, and the associated remediation plans that are tracked to completion at a minimum on a monthly basis are presented and discussed cross-functionally. In addition to the normal discourse on emerging risks, a focused drill down into cybersecurity risk is presented annually at the enterprise risk steering committee meeting. All employees and contractors play an important role in protecting the organization from cyber threats. We have implemented a formal cybersecurity training and awareness program that includes mandatory annual information security training and continuous education through various enterprise collaboration platforms. Our Cyber Defense team plays an important role in implementing our protection, detection, and response capabilities. Security incidents are evaluated, ranked by severity and prioritized for response and remediation. Our incident response process outlines actions required to triage, analyze, contain, remediate, and safely recover from cybersecurity incidents. Our incident response program ensures management is informed and involved in monitoring and addressing security and privacy incidents. The program uses a coordinated escalation model to engage relevant management and Board members as needed. It includes regular training and simulations for preparedness, with periodic updates to the Board on the program’s status and significant incidents, ensuring robust oversight and governance. Security incidents are evaluated to determine materiality as well as operational and business impacts and are reviewed for privacy impacts. Xerox Holdings has established a structured third-party risk management program, with a primary focus on assessing and mitigating potential cyber risks linked to external vendors and partners who have access to the organization's digital assets or play a role in storing and processing data. This also extends to the software supply chain supporting our products and services. A thorough due diligence process is conducted on all prospective third parties to evaluate their overall security posture and alignment with Xerox Holdings' organizational standards. Additionally, ongoing assessments are regularly conducted on selected existing vendors and partners to confirm their continuous compliance with Xerox Holdings' cybersecurity standards and policies. Where applicable, we also include security and data privacy addendums in our third-party contracts. Xerox Holdings also engages with external managed security service providers to support certain day-to-day operational activities in addition to in-house cybersecurity staff as part of the cybersecurity program. To date, no cybersecurity incident has resulted in any material impact on our business, operations or financial results or our ability to service our customers or run our business. We maintain insurance coverage designed to mitigate our exposure to network security and privacy matters. Refer to Item 1A Risk Factors for additional discussion of risks associated with cybersecurity threats to the Company.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	The risk management program is primarily focused on safeguarding the organization's digital assets, ensuring continuous business operations, and minimizing the potential impact of cyber threats. The structured risk management process is designed to comprehensively identify and assess risks, implement effective mitigation and remediation strategies, enhance overall cybersecurity resilience, and provide transparent reporting. Continuous risk assessments are conducted through internal evaluations and routine engagements with independent third-party security services organizations to systematically identify, prioritize and manage information security risks. Subsequently, risk mitigation strategies are developed and executed to address and remediate identified risks effectively through new cybersecurity initiatives and ongoing enhancements to the cybersecurity program. Regular audits and assessments, including penetration tests and attack simulations, are performed both internally and through independent third-party consultants, and internal auditors evaluate the operational effectiveness of cybersecurity controls and risk management measures. These inputs form the basis of a risk register that is integrated into the overall enterprise risk management program to further inform the Company's strategy assessing the likelihood, impact, and velocity of these risks on a forward-looking, multi-year mitigated basis. A formal process exists grounded in the enterprise risk management program where material risks, interdependencies, and the associated remediation plans that are tracked to completion at a minimum on a monthly basis are presented and discussed cross-functionally. In addition to the normal discourse on emerging risks, a focused drill down into cybersecurity risk is presented annually at the enterprise risk steering committee meeting.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	The Audit Committee of the Board of Directors provides governance and oversight of the cybersecurity program and approves the information security program annually. Regular updates are presented to the Audit Committee by the CISO on the current state of the cybersecurity program, providing transparency including progress on initiatives, operational and compliance metrics, risks, cybersecurity and data privacy incidents (if any), and appropriate remediation actions. The outcomes of these cross-functional risk discussions noted above, are submitted quarterly to the Audit Committee of the Board of Directors.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee of the Board of Directors provides governance and oversight of the cybersecurity program and approves the information security program annually.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Regular updates are presented to the Audit Committee by the CISO on the current state of the cybersecurity program, providing transparency including progress on initiatives, operational and compliance metrics, risks, cybersecurity and data privacy incidents (if any), and appropriate remediation actions. The outcomes of these cross-functional risk discussions noted above, are submitted quarterly to the Audit Committee of the Board of Directors.
Cybersecurity Risk Role of Management [Text Block]	The information security organization is led by the Chief Information Security Officer (CISO) who reports to the Chief Administrative Officer and Global Head of Operations. With more than twenty years of experience in security, the CISO began his security career serving in the United States Marine Corps (USMC), leading physical security and executive protection for Marine One. He subsequently led cybersecurity programs for U.S. Cyber Command and the Pentagon, advised Fortune 500 clients on cybersecurity and crisis response matters as an Advisory Director at PwC, and has held positions as CISO or Deputy CISO for public and private companies. The CISO is currently pursuing a Master of Business Administration (MBA), and is a Certified Information Systems Security Professional (CISSP) and Certified Information Security Manager (CISM). He has extensive experience in multiple security domains, including security operations, incident detection and response, security architecture, identity and access management, cloud security, vulnerability and threat management, application/product security, policy, and compliance. The Audit Committee of the Board of Directors provides governance and oversight of the cybersecurity program and approves the information security program annually. Regular updates are presented to the Audit Committee by the CISO on the current state of the cybersecurity program, providing transparency including progress on initiatives, operational and compliance metrics, risks, cybersecurity and data privacy incidents (if any), and appropriate remediation actions. The outcomes of these cross-functional risk discussions noted above, are submitted quarterly to the Audit Committee of the Board of Directors.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The information security organization is led by the Chief Information Security Officer (CISO) who reports to the
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The information security organization is led by the Chief Information Security Officer (CISO) who reports to the Chief Administrative Officer and Global Head of Operations. With more than twenty years of experience in security, the CISO began his security career serving in the United States Marine Corps (USMC), leading physical security and executive protection for Marine One. He subsequently led cybersecurity programs for U.S. Cyber Command and the Pentagon, advised Fortune 500 clients on cybersecurity and crisis response matters as an Advisory Director at PwC, and has held positions as CISO or Deputy CISO for public and private companies. The CISO is currently pursuing a Master of Business Administration (MBA), and is a Certified Information Systems Security Professional (CISSP) and Certified Information Security Manager (CISM). He has extensive experience in multiple security domains, including security operations, incident detection and response, security architecture, identity and access management, cloud security, vulnerability and threat management, application/product security, policy, and compliance.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Audit Committee of the Board of Directors provides governance and oversight of the cybersecurity program and approves the information security program annually. Regular updates are presented to the Audit Committee by the CISO on the current state of the cybersecurity program, providing transparency including progress on initiatives, operational and compliance metrics, risks, cybersecurity and data privacy incidents (if any), and appropriate remediation actions. The outcomes of these cross-functional risk discussions noted above, are submitted quarterly to the Audit Committee of the Board of Directors.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Basis of Presentation (Policies

Basis of Presentation (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Consolidation	Basis of Consolidation All significant intercompany accounts and transactions have been eliminated. Investments in business entities in which we do not have control, but we have the ability to exercise significant influence over operating and financial policies (generally 20% to 50% ownership) are accounted for using the equity method of accounting. Operating results of acquired businesses are included in the Consolidated Statements of (Loss) Income from the date of acquisition.
Use of Estimates	Use of Estimates The preparation of our Consolidated Financial Statements requires that we make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Future events and their effects cannot be predicted with certainty; accordingly, our accounting estimates
Changes in Estimates - Methodology	In the ordinary course of accounting for the items discussed above, we make changes in estimates as appropriate and as we become aware of new or revised circumstances surrounding those estimates. Such changes and refinements in estimation methodologies are reflected in reported results of operations in the period in which the changes are made and, if material, their effects are disclosed in the Notes to the Consolidated Financial Statements and in Management's Discussion and Analysis of Financial Condition and Results of Operations.
New Accounting Standards and Accounting Changes	New Accounting Standards and Accounting Changes Xerox Holdings and Xerox consider the applicability and impact of all Accounting Standards Updates (ASUs) issued by the Financial Accounting Standards Board (FASB). The ASUs listed below apply to both registrants. Except for the Accounting Standard Updates (ASUs) discussed below, the new ASUs issued by the FASB during the last two years did not have any significant impact on the Company. Accounting Standard Updates to be Adopted: Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09 , Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for the Company’s annual periods beginning January 1, 2025, with early adoption permitted, and should be applied either prospectively or retrospectively. We are currently evaluating the impact of the adoption of this standard to determine its impact on the Company's disclosures. Income Statement In November 2024, the FASB issued ASU 2024-03 , Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses , which is intended to improve disclosures related to certain income statement expenses of the Company. This ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact of the adoption of this standard to determine its impact on the Company's disclosures. Debt In November 2024, the FASB issued ASU 2024-04 , Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments, which is intended to clarify requirements for determining whether certain settlements of convertible debt instruments, including convertible debt instruments with cash conversion features or convertible debt instruments that are not currently convertible, should be accounted for as an induced conversion. This ASU is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted. We are currently evaluating the impact of the adoption of this standard to determine its impact on the Company's disclosures. Accounting Standard Updates Recently 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 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 deferred 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. This ASU did not have an impact on our financial condition, results of operations, and cash flows. Segment Disclosures In November 2023, the FASB issued ASU 2023-07 , Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The update requires public entities to disclose significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within segment profit and loss. The amendment was effective for the Company's annual periods beginning January 1, 2024, and interim periods beginning January 1, 2025, with early adoption permitted, and are applied retrospectively to all prior periods presented in the financial statements. This ASU only requires additional disclosures, and did not have an impact on the company’s financial condition, results of operations or cash flows. Refer to Note 4 - Segment and Geographic Area Reporting for the required disclosures effective January 1, 2024. 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 was effective for our fiscal year beginning on January 1, 2023. The new standard’s requirement to disclose a rollforward of obligations outstanding was effective for our fiscal year beginning on January 1, 2024. Refer to Note 14 - Supplementary Financial Information for the required disclosures. 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 8 - Finance Receivables, Net for required disclosures regarding gross write-offs by vintage year. Government Assistance In November 2021, the FASB issued ASU 2021-10 , Government Assistance (Topic 832), Disclosures by Business Entities about Government Assistance. The update increases the transparency surrounding government assistance by requiring disclosure of 1) the types of assistance received, 2) an entity’s accounting for the assistance, and 3) the effect of the assistance on the entity’s financial statements. We adopted this update effective for our fiscal year beginning January 1, 2022. The impact of adoption was not material to our Consolidated Financial Statements. Impacts on future periods will depend on the amounts of government assistance received. Prior to the COVID-19 pandemic, the amounts of government assistance the Company received were not material and since the update is limited to increased disclosures, the adoption did not have a material impact on our financial condition, results of operations, and cash flows. Business Combinations In October 2021, the FASB issued ASU 2021-08 , Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers . The new guidance requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC Topic 606, Revenue from Contracts with Customers, as if the acquirer had originated the contracts. This approach differs from the current requirement to measure contract assets and contract liabilities acquired in a business combination at fair value. We early adopted this update effective for our fiscal year beginning January 1, 2022. The adoption of this update did not have a material impact on the Company’s consolidated financial statements and related disclosures. The standard did not impact contract assets or liabilities acquired in business combinations that occurred prior to the adoption date. Debt In August 2020, the FASB issued ASU 2020-06 , Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40). This update simplified the accounting for convertible instruments by reducing the number of accounting models available for convertible debt instruments and convertible preferred stock. This update also amended the guidance for the derivatives scope exception for contracts in an entity's own equity to reduce form-over-substance-based accounting conclusions and required the application of the if-converted method for calculating diluted earnings per share. We adopted this update effective for our fiscal year beginning January 1, 2022. The adoption of this update did not have a material impact on the Company’s consolidated financial statements and related disclosures. Other Updates In 2024 , 2023 and 2022 the FASB also issued the following ASUs, which could impact the Company in the future but currently did not have, nor are expected to have, a material impact on our financial condition, results of operations, cash flows or related disclosures upon adoption. Those updates are as follows: • Codification Improvements: ASU 2024-02 , Codification Improvements - Amendments to Remove References to the Concepts Statements. This update is effective for our fiscal year beginning after December 15, 2024. • Compensation - Stock Compensation: ASU 2024-01 , Compensation - Stock Compensation (Topic 718) - Scope Applications of Profits Interest and Similar Awards. This update is effective for the annual period beginning after December 15, 2024, as well as interim periods within that period, with early adoption permitted. • Disclosure Improvements: ASU 2023-06 , Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. Since the Company is already subject to SEC disclosure requirements, this update was effective upon issuance. • Business Combinations: ASU 2023-05 , Business Combinations - Joint Venture Formation (Topic 805-60): Recognition and Initial Measurement. This update is effective for our fiscal year beginning January 1, 2025. • Liabilities: ASU 2023-04 , Liabilities (Topic 405): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 121. The Company adopted this conforming guidance upon issuance in August 2023. • 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 Recognition	Revenue Recognition We generate revenue through the sale of Print and IT hardware equipment and supplies and by providing maintenance, managed Print, Digital and IT services. Revenue is measured based on the consideration specified in a contract with a customer and is recognized when we satisfy a performance obligation by transferring control of a product to a customer or in the period the customer benefits from the service. With the exception of our sales-type lease arrangements, our invoices to the customer, which normally have short-term payment terms, are typically aligned to the transfer of goods or as services are rendered to our customers and therefore in most cases, we recognize revenue based on our right to invoice customers. As a result of the application of this practical expedient for the substantial portion of our revenue, the disclosure of the value of unsatisfied performance obligations for our services is not required. Significant judgments primarily include the identification of performance obligations in our Document management services arrangements as well as the pattern of delivery for those services. More specifically, revenue related to our products and services is generally recognized as follows: Equipment: Revenues from the sale of equipment directly to end-user customers, including those from sales-type leases (see below), are recognized when obligations under the terms of a contract with our customer are satisfied and control has been transferred to the customer. For equipment placements that require us to install the product at the customer location, revenue is normally recognized when the equipment has been delivered and installed at the customer location. Sales of customer installable products are recognized upon shipment or receipt by the customer according to the customer's shipping terms. Revenue from the equipment performance obligation also includes certain analyst training services performed in connection with the installation or delivery of the equipment. When training is essential to the functionality of the related equipment the equipment revenue is recorded when the obligation is satisfied. Maintenance services: We provide maintenance agreements on our equipment that include service and supplies for which the customer may pay a base minimum plus a price-per-page charge for usage. In arrangements that include minimums, those minimums are normally set below the customer’s estimated page volumes and are not considered substantive. These agreements are normally sold as part of a bundled lease arrangement or through distributors and resellers. We account for these maintenance agreements as a single performance obligation for maintenance services being delivered in a series with delivery being measured by usage as billed to the customer. Accordingly, revenue on these types of agreements is normally recognized as billed to the customer over the term of the agreements based on page volumes. Maintenance and support associated with our IT Solutions are recorded as our performance obligations are satisfied. A substantial portion of our products are sold with full-service maintenance agreements. Accordingly, other than the product warranty obligations associated with certain of our entry level products, we do not have any significant warranty obligations, including any obligations under customer satisfaction programs. Service offerings: The Company’s primary service offerings include Managed Print Services, Digital Services and IT Solutions. In our services arrangements, the Company typically satisfies the performance obligations and recognizes revenue over time as the services are rendered. We generally account for these service arrangements as single performance obligations since they primarily involve the delivery of an integrated service to the customer with services being delivered in a series. Delivery is typically measured on an output basis such as usage and is normally consistent with the billing or invoicing to the customer. Revenues on unit-price or time-based contracts are recognized as work is completed to the customer. Sales to distributors and resellers: We utilize distributors and resellers to sell our equipment, supplies, parts, and maintenance services to end-user customers. We refer to our distributor and reseller network as our two-tier distribution model. Revenues on sales to distributors and resellers are generally recognized when products are shipped to such distributors and resellers. However, revenue is only recognized when the distributor or reseller has economic substance apart from the Company such that collectability is probable and we have no further obligations related to bringing about the resale, delivery or installation of the product that would impact transfer of control. Revenues associated with maintenance agreements sold through distributors and resellers to end-user customers are recognized in a consistent manner for maintenance services. Revenue that may be subject to a reversal of revenue due to contractual terms or uncertainties is not recorded as revenue until the contractual provisions lapse or the uncertainties are resolved. Distributors and resellers participate in various rebate, price-protection, cooperative marketing and other programs. We estimate the variable consideration associated with these programs and record those amounts as a reduction to revenue when sales occur. Similarly, we account for our estimates of sales returns and other allowances when sales occur based on our historical experience. In certain instances, we may provide lease financing to end-user customers who purchased equipment we sold to distributors or resellers. We are not obligated to provide financing and we compete with other third-party leasing companies with respect to the lease financing provided to these end-user customers. Software: Most of our equipment has both software and non-software components that function together to deliver the equipment's essential functionality and therefore they are accounted for together as part of Equipment sales revenues. Software accessories sold in connection with our Equipment sales, as well as free-standing software sales, are accounted for as separate performance obligations if determined to be material in relation to the overall arrangement, which is recognized as our obligations are fulfilled. Supplies: Supplies revenue is recognized upon transfer of control to the customer, generally upon utilization or shipment to the customer in accordance with the sales contract terms. Bundled Lease Arrangements: A portion of our direct sales of equipment to end-user customers are made through bundled lease arrangements which typically include equipment, services (maintenance and managed services) and financing components, where the customer pays a single negotiated fixed minimum monthly payment for all elements over the contractual lease term. These arrangements also typically include an incremental, variable component for page volumes in excess of the contractual page volume minimums, which are often expressed in terms of price-per-image or page. Consistent with the guidance in ASC 842 and ASC 606, the transaction price is allocated between the lease and non-lease deliverables based on standalone selling price (SSP). Lease deliverables include the equipment and financing, while the non-lease deliverables generally consist of the services, which normally include supplies. With respect to the allocation of fixed and variable consideration, we only consider the fixed payments for purposes of allocation to the lease elements of the contract. The revenue associated with the lease element is typically recognized at a point-in-time upon transfer of control as a sales-type lease, unless the lease is accounted for as an operating lease, which will normally result in recognition over the term of the lease. The revenue associated with the non-lease elements are normally accounted for as a single performance obligation being delivered in a series, with delivery being measured as the usage is billed to the customer. Accordingly, revenue from these agreements is recognized in a manner consistent with the guidance for Maintenance or Managed Print services agreements. We establish SSP using observable inputs from standalone sales of products, as well as the prices established by management in similar transactions. Based on historical sales practices and policies together with a periodic analysis, we have determined that there is not a material difference between standalone selling price and recorded sales price. Other Revenue Recognition Policies Revenue-based Taxes: Revenue-based taxes assessed by governmental authorities that are both imposed on and concurrent with specific revenue-producing transactions, and that are collected by the Company from a customer, are excluded from revenue. The primary revenue-based taxes are sales tax and value-added tax (VAT). Shipping and Handling: Shipping and handling costs are accounted for as a fulfillment cost and are included in Cost of sales in the Consolidated Statements of (Loss) Income .
Financing	Financing: Finance income attributable to sales-type leases, direct financing leases and installment loans is recognized on the accrual basis using the effective interest method.
Leases and Additional Lease Payments	Leases: The two primary accounting provisions we use to classify transactions as sales-type or operating leases are: (i) a review of the lease term to determine if it is for the major part of the economic life of the underlying equipment (defined as greater than 75%); and (ii) a review of the present value of the lease payments to determine if they are equal to or greater than substantially all of the fair market value of the equipment at the inception of the lease (defined as greater than 90%). Equipment placements included in arrangements meeting these conditions are accounted for as sales-type leases and revenue is recognized in a manner consistent with Equipment sales. Equipment placements included in arrangements that do not meet these conditions are accounted for as operating leases and revenue is recognized over the term of the lease. We consider the economic life of most of our products to be five years, since this represents the most frequent contractual lease term for our principal products and only a small percentage of our leases are for original terms longer than five years. There is no significant after-market for our used equipment. We believe five years is representative of the period during which the equipment is expected to be economically usable, with normal service, for the purpose for which it is intended. Our lease pricing interest rates, which are used in determining customer payments in a bundled lease arrangement, are developed based upon a variety of factors including local prevailing rates in the marketplace, cost of funds and the customer’s credit history, industry and credit class. We reassess our pricing interest rates quarterly based on changes in the local prevailing rates in the marketplace. The pricing interest rates generally equal the implicit rates within the leases, as corroborated by our comparisons of cash to lease selling prices and other analyses as noted above. Additional Lease Payments: Certain leases may require the customer to pay property taxes and insurance on the equipment. In these instances, the amounts for property taxes and insurance that we invoice to customers and pay to third parties are considered variable payments and are recorded as other revenues and other cost of revenues, respectively. Amounts related to property taxes and insurance are not material. We exclude from variable payments all lessor costs that are explicitly required to be paid directly by a lessee on behalf of the lessor to a third party.
Cash and Cash Equivalents	Cash and Cash Equivalents
Allowance for Doubtful Accounts and Credit Losses	Allowance for Doubtful Accounts and Credit Losses The allowance for doubtful accounts and provision for credit losses represents an estimate of the losses expected to be incurred from the Company's trade and finance receivable portfolio. The measurement and recognition of expected credit losses is based on an expected loss model and incorporates an assessment of past collection experience as well as consideration of current and future economic conditions and changes in our customer collection trends. The allowance of finance receivables is determined on a collective basis by year of origination through the application of projected loss rates to our different portfolios by country, which represent our portfolio segments. This is the level at which we develop and document our methodology to determine the allowance for credit losses. These projected loss rates are primarily based upon historical experience adjusted for judgments about the probable effects of relevant observable data including current and future economic conditions as well as delinquency trends, resolution rates, the aging of receivables, credit quality indicators and the financial health of specific customer classes or groups. two
Receivable Sales and Securitization	Receivable Sales and Securitization The Company securitizes certain finance lease receivables by transferring them to Special Purpose Entities (SPEs) that meet the definition of a Variable Interest Entity (VIE) and are consolidated into our financial statements. These SPEs are bankruptcy-remote legal entities with separate assets and liabilities. The purpose of the SPEs is to facilitate the funding of customer loan and lease payments and associated equipment in the capital markets. These securitizations qualify as collateral for secured borrowings and no gains or losses are recognized at the time of securitization. The receivables remain on the balance sheet and are classified as Finance receivables, net. The Company continues to recognize finance income over the lives of these receivables. We also transfer certain portions of our finance receivable portfolios to third parties and account for those transfers of financial assets as sales when we have surrendered control over the related assets. Whether control has been relinquished requires, among other things, an evaluation of relevant legal considerations and an assessment of the nature and extent of the Company’s continuing involvement with the assets transferred. Gains and losses stemming from transfers reported as sales are normally included in revenue in the accompanying Statements of (Loss) Income. Gains or losses on the sale of finance receivables depend, in part, on both (a) the cash proceeds and (b) the net non-cash proceeds received or paid. Assets obtained and liabilities incurred in connection with transfers reported as sales are initially recognized in the balance sheet at fair value. Refer to Note 8 – Finance Receivables, Net for additional information on our finance receivable sales.
Inventories	Inventories Inventories are carried at the lower of average cost or net realizable value. Inventories also include equipment that is returned at the end of the lease term. Returned equipment is recorded at the lower of remaining net book value or salvage value, which is normally not significant. We regularly review inventory quantities and record a provision for excess and/or obsolete inventory based primarily on our estimated forecast of product demand, production requirements and servicing commitments. Several factors may influence the realizability of our inventories, including our decision to exit a product line, technological changes and new product development. The provision for excess and/or obsolete raw materials and equipment inventories is based primarily on near-term forecasts of product demand and include consideration of new product introductions, as well as changes in remanufacturing strategies. The provision for excess and/or obsolete service parts inventory is based primarily on projected servicing requirements over the life of the related equipment populations. Refer to Note 9 - Inventories and Equipment on Operating Leases, Net for further discussion.
Land, Buildings and Equipment on Operating Leases	Land, Buildings and Equipment on Operating Leases
Leased Assets	Leased Assets We determine at inception whether an arrangement is a lease. Our leases do not include assets of a specialized nature, or the transfer of ownership at the end of the lease, and the exercise of end-of-lease purchase options, which are primarily in our equipment leases, is not reasonably assured at lease inception. Accordingly, the two primary criteria we use to classify transactions as operating leases or finance leases are: (i) a review of the lease term to determine if it is equal to or greater than 75% of the economic life of the asset, and (ii) a review of the present value of the minimum lease payments to determine if they are equal to or greater than 90% of the fair market value of the asset at the inception of the lease. Right-of-use (ROU) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. We also assess arrangements for goods or services to determine if the arrangement contains a lease at its inception. This assessment first considers whether there is an implicitly or explicitly identified asset in the arrangement and then whether there is a right to control the use of the asset. If there is an embedded lease within a contract, the Company determines the classification of the lease at the lease inception date consistent with standalone leases of assets. Operating leases are included in Other long-term assets, Accrued expenses and other current liabilities, and Other long-term liabilities in our Consolidated Balance Sheets. Finance leases are included in Land, buildings and equipment, net, Accrued expenses and other current liabilities, and Other long-term liabilities in our Consolidated Balance Sheets. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Since the implicit rate for almost all of our leases is not readily determinable, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate is the rate of interest that we would have to pay to borrow, on a collateralized basis, an amount equal to the lease payments, in a similar economic environment and over a similar term. The rate is dependent on several factors, including the lease term and currency of the lease payments. Lease terms used to calculate the present value of lease payments generally do not include any options to extend, renew, or terminate the lease, as we do not have reasonable certainty at lease inception that these options will be exercised. We generally consider the economic life of our operating lease ROU assets to be comparable to the useful life of similar owned assets. We have elected the short-term lease exception, therefore operating lease ROU assets and liabilities do not include leases with a lease term of twelve months or less. Our leases generally do not provide a residual guarantee. The operating lease ROU asset also excludes lease incentives. Lease expense is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components. These components are accounted for separately for vehicle and equipment leases. We account for the lease and non-lease components as a single lease component for real estate leases of offices and warehouses. We review the potential impairment of our ROU assets consistent with the approach applied for our other long-lived assets. We review the recoverability of our long-lived assets when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on our ability to recover the carrying value of the asset from the expected undiscounted future pre-tax cash flows of the related operations. We have elected to include the carrying amount of operating lease liabilities in any tested asset group and include the associated operating lease payments in the undiscounted future pre-tax cash flows. Operating Leases
Software - Internal Use and Product	Software - Internal Use and Product We capitalize direct costs associated with developing, purchasing or otherwise acquiring software for internal use and amortize these costs on a straight-line basis over the expected useful life of the software, beginning when the software is implemented (Internal Use Software). Costs incurred for upgrades and enhancements that will not result in additional functionality are expensed as incurred. Amounts expended for Internal Use Software are included in Cash Flows from Investing activities. We also capitalize certain costs related to the development of software solutions to be sold to our customers upon reaching technological feasibility (Product Software). These costs are amortized on a straight-line basis over the estimated economic life of the software. Amounts expended for Product Software are included in Cash Flows from Operations. We perform periodic reviews to ensure that unamortized Product Software costs remain recoverable from estimated future operating profits (net realizable value or NRV). Costs to support or service licensed software are charged to Costs of services as incurred. Refer to Note 10 - Land, Buildings, Equipment and Software, Net for further information.
Software - Internal Use and Product	Software - Internal Use and Product We capitalize direct costs associated with developing, purchasing or otherwise acquiring software for internal use and amortize these costs on a straight-line basis over the expected useful life of the software, beginning when the software is implemented (Internal Use Software). Costs incurred for upgrades and enhancements that will not result in additional functionality are expensed as incurred. Amounts expended for Internal Use Software are included in Cash Flows from Investing activities. We also capitalize certain costs related to the development of software solutions to be sold to our customers upon reaching technological feasibility (Product Software). These costs are amortized on a straight-line basis over the estimated economic life of the software. Amounts expended for Product Software are included in Cash Flows from Operations. We perform periodic reviews to ensure that unamortized Product Software costs remain recoverable from estimated future operating profits (net realizable value or NRV). Costs to support or service licensed software are charged to Costs of services as incurred. Refer to Note 10 - Land, Buildings, Equipment and Software, Net for further information.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill represents the excess of the purchase price over the fair value of acquired net assets in a business combination, including the amount assigned to identifiable intangible assets. The primary drivers that generate Goodwill are the value of synergies between the acquired entities and the company and the acquired assembled workforce, neither of which qualifies as an identifiable intangible asset. Goodwill is not amortized, but rather is tested for impairment annually, or more frequently whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable and an impairment loss may have been incurred. We assess Goodwill for impairment at least annually, or more frequently if indicators of impairment exist or if a decision is made to sell or exit a business. Impairment testing for Goodwill is done at the reporting unit level. A reporting unit is an operating segment or one level below an operating segment (a component) if the component constitutes a business for which discrete financial information is available, and segment management regularly reviews the operating results of that component. Consistent with the determination that we had two operating/reportable segments we determined that we had two reporting units – Print and Other, and XFS. We perform an assessment of Goodwill, utilizing either a qualitative or quantitative impairment test. The qualitative impairment test assesses several factors to determine whether it is more-likely-than-not that the fair value of the reporting unit is less than its carrying amount. If we conclude it is more-likely-than-not that the fair value of the reporting unit is less than its carrying amount, a quantitative fair value test is performed. In certain circumstances, we may also bypass the qualitative test and proceed directly to a quantitative impairment test. In a quantitative impairment test, we assess Goodwill by comparing the carrying amount of the reporting unit to its fair value. Fair value of the reporting unit is determined by using a weighted combination of an income approach and a market approach. If the fair value exceeds the carrying value, Goodwill is not considered impaired. If the carrying value exceeds the fair value, Goodwill is considered impaired, and we would recognize an impairment loss for the excess. Other intangible assets primarily consist of assets obtained in connection with business acquisitions, including installed customer base and distribution network relationships, existing technology, trademarks and non-compete agreements. We apply an impairment evaluation whenever events or changes in business circumstances indicate that the carrying value of our intangible assets may not be recoverable. Other intangible assets are amortized on a straight-line basis over their estimated economic lives. We believe that the straight-line method of amortization reflects an appropriate allocation of the cost of the intangible assets to earnings in proportion to the amount of economic benefits obtained annually by the Company. Refer to Note 12 - Goodwill, Net and Intangible Assets, Net for further information.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets We review the recoverability of our long-lived assets, including buildings, equipment, right-of-use leased assets, internal use software and other intangible assets, when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on our ability to recover the carrying value of the asset group from the expected future pre-tax cash flows (undiscounted and without interest charges) of the related operations. If these cash flows are less than the carrying value of such asset group, an impairment loss is recognized for the difference between estimated fair value and carrying value. Our primary measure of fair value is based on discounted cash flows. Long-lived assets to be disposed of by sale are reported at the lower of carrying amount or fair value less costs to sell. Long-lived assets to be disposed of other than by sale (e.g., by abandonment, cease-use) would continue to be classified as held and used until the long-lived asset is disposed of (e.g., abandoned or when the asset ceases to be used). Refer to Note 13 - Restructuring Programs for additional information regarding the impairment of long-lived assets in connection with our restructuring programs and initiatives.
Pension and Post-Retirement Benefit Obligations	Pension and Post-Retirement Benefit Obligations We sponsor various forms of defined benefit pension plans in several countries covering employees who meet eligibility requirements. Retiree health benefit plans cover a portion of our U.S. and Canadian employees for retiree medical costs. We employ a delayed recognition feature in measuring the costs of pension and post-retirement benefit plans. This requires changes in the benefit obligations and changes in the value of assets set aside to meet those obligations to be recognized not as they occur, but systematically and gradually over subsequent periods. All changes are ultimately recognized as components of net periodic benefit cost, except to the extent they may be offset by subsequent changes. At any point, changes that have been identified and quantified but not recognized as components of net periodic benefit cost are recognized in Accumulated other comprehensive loss, net of tax. Several statistical and other factors that attempt to anticipate future events are used in calculating the expense, liability and asset values related to our pension and retiree health benefit plans. These factors include assumptions we make about the applicable discount rate, expected return on plan assets, cash balance interest-crediting rate, rate of increase in healthcare costs, the rate of future compensation increases and mortality. Actual returns on plan assets are not immediately recognized in our income statement due to the delayed recognition requirement. In calculating the expected return on the plan asset component of our net periodic pension cost, we apply our estimate of the long-term rate of return on the plan assets that support our pension obligations, after deducting assets that are specifically allocated to Transitional Retirement Accounts (which are accounted for based on specific plan terms). For purposes of determining the expected return on plan assets, we utilize a market-related value approach in determining the value of the pension plan assets, rather than a fair market value approach. The primary difference between the two methods relates to systematic recognition of changes in fair value over time (generally two years) versus immediate recognition of changes in fair value. Our expected rate of return on plan assets is applied to the market-related asset value to determine the amount of the expected return on plan assets to be used in the determination of the net periodic pension cost. The market-related value approach reduces the volatility in net periodic pension cost that would result from using the fair market value approach. The discount rate is used to determine the present value our future anticipated benefit obligations. The discount rate reflects the current rate at which benefit liabilities could be effectively settled considering the timing of expected payments for plan participants. In estimating our discount rate, we consider rates of return on high-quality fixed-income investments adjusted to eliminate the effects of call provisions, as well as the expected timing of pension and other benefit payments. Each year, the difference between the actual return on plan assets and the expected return on plan assets, as well as increases or decreases in the benefit obligation as a result of changes in the discount rate and other actuarial assumptions, are added to or subtracted from any cumulative actuarial gain or loss from prior years. This amount is the net actuarial gain or loss recognized in Accumulated other comprehensive loss. We amortize net actuarial gains and losses as a component of net pension cost for a year if, as of the beginning of the year, that net gain or loss (excluding asset gains or losses that have not been recognized in market-related value) exceeds 10% of the greater of the projected benefit obligation or the market-related value of plan assets (the corridor method). This determination is made on a plan-by-plan basis. If amortization is required for a particular plan, we amortize the applicable net gain or loss in excess of the 10% threshold on a straight-line basis in net periodic pension cost over the remaining service period of the employees participating in that pension plan. In plans where substantially all participants are inactive, the amortization period for the excess is the average remaining life expectancy of the plan participants. Our primary domestic plans allow participants the option of settling their vested benefits through the receipt of a lump-sum payment. The participant's vested benefit is considered fully settled upon payment of the lump sum. We have elected to apply settlement accounting and therefore we recognize the losses associated with settlements in this plan immediately upon the settlement of the vested benefits. Settlement accounting requires us to recognize a pro rata portion of the aggregate unamortized net actuarial losses upon settlement. The pro rata factor is computed as the percentage reduction in the projected benefit obligation due to the settlement of the participant's vested benefit. During 2024, the US pension plans became subject to restrictions on the portion of the benefit (50)% that can be paid as a lump sum. Since the portion of the benefit that cannot be paid as a lump sum is paid as an annuity, the payment of 50% of the lump sum does not relieve the pension plans of the full obligation for benefits for each respective participant electing a lump sum therefore, no settlement accounting was applied. These restrictions did not apply for all of 2024 and there is settlement accounting for full lump sums paid early in 2024. Settlement accounting will not apply in future years for which restrictions apply. Refer to Note 18 - Employee Benefit Plans for further information regarding our Pension and Post-Retirement Benefit Obligations.
Research, Development and Engineering (RD&E)	Research, Development and Engineering (RD&E)
Foreign Currency Translation and Remeasurement	Foreign Currency Translation and Remeasurement The functional currency for most of our foreign operations is the local currency. Net assets are translated at current rates of exchange and income, expense and cash flow items are translated at average exchange rates for the applicable period. The translation adjustments are recorded in Accumulated other comprehensive loss. The U.S. Dollar is used as the functional currency for certain foreign subsidiaries that conduct their business in U.S. Dollars as well as foreign subsidiaries operating in highly inflationary economies. For these subsidiaries, non-monetary foreign currency assets and liabilities are translated using historical rates, while monetary assets and liabilities are translated at current rates, with the U.S. dollar effects of rate changes recorded in Currency (gains) and losses within Other expenses, net together with other foreign currency remeasurements.
Contract assets and liabilities	Contract assets and liabilities:
Segment Policy	Segment Policy We derive the results of our business segments directly from our internal management reporting system. The accounting policies that the Company uses to derive its segment results are substantially the same as those used by the Company in preparing its consolidated financial statements. The segment results include a significant level of management estimates regarding the allocation of revenues such as finance income in bundled lease arrangements and other leasing revenues and operating lease revenues embedded in our managed services contracts as well as the allocation of expenses for shared selling and administrative services. Accordingly, the financial results for the segments may not be indicative of the results the businesses would have 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, significant segment expenses, and segment profit. A segment expense is considered significant when it is material to the segment, is included in the measure of segment profit, and is included in information that is regularly provided to the CODM. The CODM uses segment revenues, significant segment expenses, and segment profit, in part, to evaluate the performance of, and to allocate resources to each segment. Segment profit is the only measure of profitability that is used by the CODM to evaluate the performance of, and to allocate resources to each segment. The analysis of segment expenses has been applied retrospectively to all periods presented in the financial statements.
Lessor	Revenue from sales-type leases is presented on a gross basis when the Company enters into a lease to realize value from a product that it would otherwise sell in its ordinary course of business, whereas in transactions where the Company enters into a lease for the purpose of generating revenue by providing financing, the profit or loss, if any, is presented on a net basis. In addition, we have elected to account for sales tax and other similar taxes collected from a lessee as lessee costs and therefore we exclude these costs from contract consideration and variable consideration and present revenue net of these costs.
Interest	Equipment financing interest is determined based on an estimated cost of funds, applied against the estimated level of debt required to support our net finance receivables. The estimated cost of funds is based on the interest cost associated with actual borrowings determined to be in support of the leasing business. The estimated level of debt continues to be based on an assumed 7 to 1 leverage ratio of debt/equity as compared to our average finance receivable balance during the applicable period.
Fair Value of Financial Assets and Liabilities	We utilize the income approach to measure the fair value for our derivative assets and liabilities. The income approach uses pricing models that rely on market observable inputs such as yield curves, currency exchange rates and forward prices, and therefore are classified as Level 2. Fair value for our deferred compensation plan investments in mutual funds is based on quoted market prices for those funds. Fair value for deferred compensation plan liabilities is based on the fair value of investments corresponding to employees’ investment selections.

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	Revenues disaggregated by primary geographic markets, major product lines, and sales channels are as follows: Year Ended December 31, 2024 2023 2022 Primary geographical markets (1) United States $ 3,437 $ 3,826 $ 4,014 Europe 1,843 1,951 1,935 Canada 487 554 545 Other 454 555 613 Total Revenues $ 6,221 $ 6,886 $ 7,107 Major product and services lines Equipment $ 1,378 $ 1,655 $ 1,624 Supplies, paper and other sales (2) 1,000 1,065 1,176 Maintenance agreements (3) 1,516 1,631 1,730 Service arrangements (4) 1,853 1,984 1,953 Rental and other 323 360 417 Financing 151 191 207 Total Revenues $ 6,221 $ 6,886 $ 7,107 Sales channels: Direct equipment lease (5) $ 706 $ 920 $ 708 Distributors & resellers (6) 973 1,044 1,222 Customer direct 699 756 870 Total Sales $ 2,378 $ 2,720 $ 2,800 _____________ (1) Geographic area data is based upon the location of the subsidiary reporting the revenue. (2) Other sales include revenues associated with hardware and software from our IT Solutions. (3) Includes revenues from maintenance agreements on sold equipment as well as revenues associated with service agreements sold through our channel partners, as well as services revenues related to our IT Solutions. (4) Primarily includes revenues from our Print outsourcing arrangements including revenues from embedded operating leases in those arrangements. (5) Primarily reflects sales through bundled lease arrangements. (6)
Schedule of Capitalized Contract Cost	Changes in contract costs, net are as follows: 2024 2023 2022 Balance at January 1st, $ 136 $ 135 $ 147 Customer contract costs deferred 69 70 65 Amortization of customer contract costs (64) (69) (73) Other (1) (3) — (4) Balance at December 31st, $ 138 $ 136 $ 135 _____________ (1) Includes currency.

Segment and Geographic Area R_2

Segment and Geographic Area Reporting (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Segment revenue, significant segment expenses, segment profit, and other selected financial information for our reportable segments was as follows: Year Ended December 31, 2024 2023 2022 Print and Other XFS Total Print and Other XFS Total Print and Other XFS Total External revenue $ 5,864 $ 357 $ 6,221 $ 6,485 $ 401 $ 6,886 $ 6,714 $ 393 $ 7,107 Intersegment revenue (1) 71 — 71 86 — 86 90 — 90 Total Segment net revenue $ 5,935 $ 357 $ 6,292 $ 6,571 $ 401 $ 6,972 $ 6,804 $ 393 $ 7,197 Reconciliation to Segment Profit Cost of sales (2) $ 1,477 $ 77 $ 1,554 $ 1,686 $ 92 $ 1,778 $ 1,906 $ 96 $ 2,002 Cost of services, maintenance and rentals 2,536 14 2,550 2,647 17 2,664 2,662 17 2,679 Cost of financing (3) — 106 106 — 130 130 — 108 108 Research, development and engineering expenses 191 — 191 229 — 229 304 — 304 Selling, administrative and general expenses (4)(5) 1,392 126 1,518 1,563 133 1,696 1,584 155 1,739 Intersegment expense (6) 71 — 71 86 — 86 90 — 90 Segment profit $ 268 $ 34 $ 302 $ 360 $ 29 $ 389 $ 258 $ 17 $ 275 Interest income $ — $ 151 $ 151 $ — $ 191 $ 191 $ — $ 207 $ 207 Depreciation and amortization 201 — 201 208 — 208 228 — 228 Capital expenditures (7) 44 — 44 37 — 37 57 — 57 Total Assets 6,598 1,767 8,365 7,301 2,707 10,008 8,230 3,313 11,543 _____________ (1) Intersegment revenue is primarily commissions and other payments made by the XFS Segment to the Print and Other Segment for the lease of Xerox equipment placements. (2) Cost of sales and Cost of services, maintenance and rentals for the Print and Other Segment excludes $8 and $43 from the reduction of inventory and the cancellation of related purchase contracts as a result of the exit of certain production print manufacturing operations during the year ended December 31, 2024. (3) Cost of financing is Interest expense associated with allocated debt of the Company, and is fully allocated to the XFS segment in support of its Finance assets, while no interest expense is allocated to the Print and Other segment. (4) Includes bad debt expense for the XFS segment of $17, $6 and $26, and bad debt expense for the Print and Other segment of $25, $22, $17 for the three years ended December 31, 2024, 2023 and 2022, respectively. (5) The Print and Other segment excludes $12 of Reinvention costs and $7 of Transaction and related costs, net for the year ended December 31, 2024, respectively, and $21 related to accelerated share vesting for the year ended December 31, 2022. (6) Intersegment expense is primarily origination fees and commissions made by the Print and Other Segment to the XFS Segment which leases Xerox equipment to third parties. (7) Capital expenditures are allocated fully to the Print and Other segment since they are primarily managed and controlled through that segment, together, with related long-lived assets. Selected financial information for our reportable segments was as follows: Year Ended December 31, 2024 2023 2022 Pre-tax (Loss) Total Segment profit $ 302 $ 389 $ 275 Goodwill impairment (1,058) — (412) Restructuring and related costs, net (112) (167) (65) Amortization of intangible assets (73) (43) (42) PARC Donation — (132) — Accelerated share vesting — — (21) Inventory-related impact - exit of certain production print manufacturing operations (51) — — Divestitures (47) — — Reinvention costs (12) — — Transaction and related costs, net (7) — — Other expenses, net (158) (75) (60) Total Pre-tax (loss) $ (1,216) $ (28) $ (325) Depreciation and Amortization Total reported segments $ 201 $ 208 $ 228 Amortization of intangible assets 73 43 42 Total Depreciation and amortization $ 274 $ 251 $ 270 Interest Expense Total reported segments $ 106 $ 130 $ 108 Corporate 119 68 91 Total Interest expense $ 225 $ 198 $ 199 Interest Income Total reported segments $ 151 $ 191 $ 207 Corporate 14 16 11 Total Interest income $ 165 $ 207 $ 218
Schedule of Revenue and Long-lived Assets by Geography	Geographic Area Data Geographic area data is based upon the location of the subsidiary reporting the revenue or long-lived assets and is as follows: Revenues Long-Lived Assets (1) Year Ended December 31, As of December 31, 2024 2023 2022 2024 2023 United States $ 3,437 $ 3,826 $ 4,014 $ 488 $ 467 Europe 1,843 1,951 1,935 194 241 Canada 487 554 545 39 42 Other areas 454 555 613 14 21 Total $ 6,221 $ 6,886 $ 7,107 $ 735 $ 771 _____________ (1)

Lessor (Tables)

Lessor (Tables)	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Schedule of Components of Lease Income	The components of lease income are as follows: Location in Statements of (Loss) Income Year Ended December 31, 2024 2023 2022 Revenue from sales type leases Sales $ 706 $ 920 $ 708 Interest income on lease receivables Financing 151 191 207 Lease income - operating leases Services, maintenance and rentals 168 161 170 Variable lease income Services, maintenance and rentals 46 62 63 Total Lease income $ 1,071 $ 1,334 $ 1,148
Schedule of Components of Lease Income	The components of lease income are as follows: Location in Statements of (Loss) Income Year Ended December 31, 2024 2023 2022 Revenue from sales type leases Sales $ 706 $ 920 $ 708 Interest income on lease receivables Financing 151 191 207 Lease income - operating leases Services, maintenance and rentals 168 161 170 Variable lease income Services, maintenance and rentals 46 62 63 Total Lease income $ 1,071 $ 1,334 $ 1,148
Schedule of Components of Lease Income	The components of lease income are as follows: Location in Statements of (Loss) Income Year Ended December 31, 2024 2023 2022 Revenue from sales type leases Sales $ 706 $ 920 $ 708 Interest income on lease receivables Financing 151 191 207 Lease income - operating leases Services, maintenance and rentals 168 161 170 Variable lease income Services, maintenance and rentals 46 62 63 Total Lease income $ 1,071 $ 1,334 $ 1,148

Acquisitions and Divestitures (

Acquisitions and Divestitures (Tables)	12 Months Ended
	Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Business Acquisitions	The following table summarizes the purchase price allocations for our acquisitions as of the acquisition dates: Year Ended December 31, 2024 Year Ended December 31, 2023 Year Ended December 31, 2022 Weighted-Average Life Acquisitions (1) Weighted-Average Life Acquisitions Weighted-Average Life Acquisitions Accounts/finance receivables $ 58 $ — $ 29 Intangible assets: Customer relationships 10 years 134 — 10 years 41 Trademarks 1 year 2 — 5 years 7 Goodwill (2) 286 — 62 Other assets 15 — 30 Total Assets acquired 495 — 169 Liabilities assumed (3) (124) — (76) Acquisition-related debt (4) (210) — — Total (5) $ 161 $ — $ 93 _____________ (1) For details related to our 2024 acquisition activity, refer to the "2024 Acquisition" section below. (2) Goodwill from 2024 and 2022 acquisitions included approximately $42 and $20 of goodwill that is expected to be deductible for tax purposes. Goodwill is allocated to the Print and Other Segment, the only reporting segment with Goodwill. (3) Liabilities assumed in 2022 acquisitions included estimated contingent consideration liabilities of approximately $11 . (4) Reflects the secured promissory notes, net of unamortized discounts, issued in connection with the acquisition of ITsavvy Acquisition Company, Inc. (5) Total is net of cash acquired . The table below details the total fair value of consideration for the ITsavvy acquisition: November 20, 2024 Cash $ 195 Secured promissory notes due in 2025, net of $3 discount 107 Secured promissory notes due in 2026, net of $7 discount 103 Total Fair value of consideration transferred $ 405
Summary of Assets Acquired and Liabilities Assumed	The following table summarizes the preliminary allocation of total purchase consideration to the assets acquired and the liabilities assumed as of the date of the acquisition: November 20, 2024 Assets acquired Cash and cash equivalents $ 34 Accounts receivable, net 58 Inventories 4 Other current assets 3 Land, buildings and equipment, net 5 Intangible assets, net 136 Goodwill 286 Other long-term assets 3 Total Assets acquired $ 529 Liabilities assumed Accounts payable $ 57 Accrued compensation and benefits costs 7 Accrued expenses and other liabilities (1) 16 Deferred tax liability 18 Other long-term liabilities (1) 26 Total Liabilities acquired $ 124 Net Assets acquired $ 405 _____________ (1) Includes Deferred revenue accounted for in accordance with ASC 606 Revenue .
Summary of Fair Value Estimates of Identifiable Intangible Assets and Their Weighted-Average Useful Lives	Intangible Assets The following table is a summary of the fair value estimates of the identifiable intangible assets and their estimated average useful lives: November 20, 2024 Estimated Useful Life Customer relationships $ 134 10 years Trademarks 2 1 year Total consideration transferred $ 136
Schedule of Pro Forma Information and Contributed Aggregate Revenues from Respective Acquisitions	The following table summarizes the pro forma financial information: Year Ended December 31, 2024 2023 Total revenue $ 6,630 $ 7,296 Net loss (1,332) (8) Our acquisitions contributed aggregate revenues from their respective acquisition dates as follows: Year Ended December 31, Acquisition Year 2024 2023 2022 2024 $ 48 $ — $ — 2023 — — — 2022 196 215 163 Total Contributed Aggregate Revenue $ 244 $ 215 $ 163

Accounts Receivable, Net (Table

Accounts Receivable, Net (Tables)	12 Months Ended
	Dec. 31, 2024
Receivables [Abstract]
Schedule of Accounts Receivable, Net	Accounts receivable, net were as follows: December 31, 2024 2023 Invoiced $ 692 $ 710 Accrued (1) 173 204 Allowance for doubtful accounts (69) (64) Accounts receivable, net $ 796 $ 850 ____________ (1) Accrued receivables includes amounts to be invoiced in the subsequent quarter for current services provided.
Schedule of Allowance for Doubtful Accounts	The allowance for doubtful accounts was as follows: Balance at December 31, 2022 $ 52 Provision 22 Charge-offs, net (17) Other (1) 7 Balance at December 31, 2023 $ 64 Provision 25 Charge-offs, net (20) Other (1) — Balance at December 31, 2024 $ 69 _____________ (1) Includes the impacts of foreign currency translation and adjustments to reserves necessary to reflect events of non-payment such as customer accommodations and contract terminations.
Schedule of Accounts Receivables Sales	Accounts receivable sales activity was as follows: Year Ended December 31, 2024 2023 2022 Accounts receivable sales (1) $ 450 $ 399 $ 593 _____________ (1)

Finance Receivables, Net (Table

Finance Receivables, Net (Tables)	12 Months Ended
	Dec. 31, 2024
Financing Receivable, after Allowance for Credit Loss [Abstract]
Schedule of Finance Receivables	Finance receivables, net were as follows: December 31, 2024 2023 Gross receivables $ 2,032 $ 2,899 Unearned income (230) (297) Subtotal 1,802 2,602 Residual values — — Allowance for doubtful accounts (57) (92) Finance Receivables, Net 1,745 2,510 Less: Billed portion of finance receivables, net 48 71 Less: Current portion of finance receivables not billed, net 608 842 Finance Receivables Due After One Year, Net $ 1,089 $ 1,597
Schedule of Financing Receivables, Minimum Payments	A summary of our gross finance receivables' future contractual maturities, including those previously billed, is as follows: December 31, 2024 2023 12 months $ 842 $ 1,075 24 months 530 758 36 months 368 547 48 months 205 343 60 months 77 143 Thereafter 10 33 Total $ 2,032 $ 2,899
Schedule of Allowance for Credit Losses, Financing Receivables	The allowance for credit losses as well as the related investment in finance receivables were as follows: Allowance for Credit Losses: United States Canada EMEA Total Balance at December 31, 2022 $ 83 $ 7 $ 27 $ 117 Provision (8) 1 13 6 Charge-offs, net (17) (3) (14) (34) Other (1) — 2 1 3 Balance at December 31, 2023 $ 58 $ 7 $ 27 $ 92 Provision (7) 10 14 17 Charge-offs, net (23) (11) (17) (51) Other (1) 1 (1) (1) (1) Balance at December 31, 2024 $ 29 $ 5 $ 23 $ 57 Finance Receivables Collectively Evaluated for Impairment: December 31, 2023 (2) $ 1,205 $ 255 $ 1,142 $ 2,602 December 31, 2024 (2) $ 749 $ 144 $ 909 $ 1,802 _____________ (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. (2) Total Finance receivables exclude the allowance for credit losses of $57 and $92 at December 31, 2024 and 2023, respectively.
Schedule of Credit Quality Indicators for Financing Receivables	Details about our finance receivables portfolio based on geography, origination year and credit quality indicators are as follows: December 31, 2024 2024 2023 2022 2021 2020 Prior Total United States (Direct): Low Credit Risk $ 93 $ 69 $ 34 $ 23 $ 10 $ 1 $ 230 Average Credit Risk 51 61 23 27 9 2 173 High Credit Risk 28 24 23 14 7 3 99 Total $ 172 $ 154 $ 80 $ 64 $ 26 $ 6 $ 502 Charge-offs $ 1 $ — $ 1 $ 1 $ 2 $ 2 $ 7 United States (Indirect): Low Credit Risk $ 40 $ 48 $ 25 $ 13 $ 3 $ — $ 129 Average Credit Risk 29 42 22 11 3 — 107 High Credit Risk 3 5 2 1 — — 11 Total $ 72 $ 95 $ 49 $ 25 $ 6 $ — $ 247 Charge-offs $ 1 $ 7 $ 3 $ 4 $ 2 $ 4 $ 21 Canada Low Credit Risk $ 33 $ 18 $ 7 $ 5 $ 1 $ — $ 64 Average Credit Risk 32 17 11 5 2 1 68 High Credit Risk 5 2 2 2 1 — 12 Total $ 70 $ 37 $ 20 $ 12 $ 4 $ 1 $ 144 Charge-offs $ — $ 9 $ 1 $ — $ — $ 1 $ 11 EMEA Low Credit Risk $ 131 $ 175 $ 116 $ 55 $ 20 $ 3 $ 500 Average Credit Risk 75 130 92 45 19 5 366 High Credit Risk 8 14 11 6 3 1 43 Total $ 214 $ 319 $ 219 $ 106 $ 42 $ 9 $ 909 Charge-offs $ — $ 7 $ 6 $ 3 $ 1 $ — $ 17 Total Finance Receivables Low Credit Risk $ 297 $ 310 $ 182 $ 96 $ 34 $ 4 $ 923 Average Credit Risk 187 250 148 88 33 8 714 High Credit Risk 44 45 38 23 11 4 165 Total $ 528 $ 605 $ 368 $ 207 $ 78 $ 16 $ 1,802 Total Charge-offs $ 2 $ 23 $ 11 $ 8 $ 5 $ 7 $ 56 December 31, 2023 2023 2022 2021 2020 2019 Prior Total United States (Direct): Low Credit Risk $ 122 $ 51 $ 61 $ 43 $ 17 $ 3 $ 297 Average Credit Risk 104 35 49 23 9 2 222 High Credit Risk 34 36 25 22 6 3 126 Total $ 260 $ 122 $ 135 $ 88 $ 32 $ 8 $ 645 Charge-offs $ 1 $ 1 $ 1 $ 1 $ 1 $ 2 $ 7 United States (Indirect): Low Credit Risk $ 136 $ 77 $ 48 $ 22 $ 6 $ — $ 289 Average Credit Risk 111 69 41 15 6 — 242 High Credit Risk 12 8 6 2 1 — 29 Total $ 259 $ 154 $ 95 $ 39 $ 13 $ — $ 560 Charge-offs $ 4 $ 3 $ 3 $ 2 $ 2 $ 3 $ 17 Canada Low Credit Risk $ 45 $ 24 $ 16 $ 9 $ 4 $ — $ 98 Average Credit Risk 63 36 18 12 6 — 135 High Credit Risk 6 5 4 5 1 1 22 Total $ 114 $ 65 $ 38 $ 26 $ 11 $ 1 $ 255 Charge-offs $ — $ — $ — $ 2 $ — $ 1 $ 3 EMEA Low Credit Risk $ 251 $ 182 $ 110 $ 48 $ 19 $ 6 $ 616 Average Credit Risk 192 148 73 36 17 3 469 High Credit Risk 19 16 11 7 4 — 57 Total $ 462 $ 346 $ 194 $ 91 $ 40 $ 9 $ 1,142 Charge-offs $ 3 $ 8 $ 4 $ 2 $ — $ — $ 17 Total Finance Receivables Low Credit Risk $ 554 $ 334 $ 235 $ 122 $ 46 $ 9 $ 1,300 Average Credit Risk 470 288 181 86 38 5 1,068 High Credit Risk 71 65 46 36 12 4 234 Total $ 1,095 $ 687 $ 462 $ 244 $ 96 $ 18 $ 2,602 Total Charge-offs $ 8 $ 12 $ 8 $ 7 $ 3 $ 6 $ 44
Schedule of Aging of Billed Finance Receivables	The aging of our billed finance receivables is as follows: December 31, 2024 Current 31-90 >90 Days Total Billed Unbilled Total >90 Days Direct $ 19 $ 5 $ 4 $ 28 $ 474 $ 502 $ 35 Indirect 6 1 1 8 239 247 — Total United States 25 6 5 36 713 749 35 Canada 5 1 1 7 137 144 5 EMEA 5 1 1 7 902 909 15 Total $ 35 $ 8 $ 7 $ 50 $ 1,752 $ 1,802 $ 55 December 31, 2023 Current 31-90 >90 Days Total Billed Unbilled Total >90 Days Direct $ 24 $ 6 $ 5 $ 35 $ 610 $ 645 $ 41 Indirect 16 3 3 22 538 560 — Total United States 40 9 8 57 1,148 1,205 41 Canada 6 1 1 8 247 255 10 EMEA (1) 7 2 1 10 1,132 1,142 10 Total $ 53 $ 12 $ 10 $ 75 $ 2,527 $ 2,602 $ 61
Schedule Of Financing Receivable, Sale, Activity	Finance receivable sales activity was as follows: Year Ended December 31, 2024 2023 2022 Finance receivable sales - net proceeds (1) $ 752 $ 1,102 $ 60 Gain on sale/Commissions (2)(3) 30 25 2 Servicing revenue (2) $ 17 $ 9 $ — _____________ (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 years ended December 31, 2024 and 2023 includes $4 and $4 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)	12 Months Ended
	Dec. 31, 2024
Inventories and Equipment on Operating Leases, Net [Abstract]
Schedule of Inventories by Major Category	The following is a summary of Inventories by major category: December 31, 2024 2023 Finished goods (1) $ 609 $ 528 Work-in-process 36 47 Raw materials (2) 50 86 Total Inventories $ 695 $ 661 _____________ (1) Finished goods at December 31, 2024 includes a reduction of approximately $7, related to the exit of certain production print manufacturing operations. (2) Raw materials at December 31, 2024 includes a reduction of approximately $38, related to the exit of certain production print manufacturing operations.
Schedule of Equipment on Operating Leases and Related Accumulated Depreciation	Equipment on operating leases and the related accumulated depreciation were as follows: December 31, 2024 2023 Equipment on operating leases $ 931 $ 1,074 Accumulated depreciation (686) (809) Equipment on operating leases, net $ 245 $ 265
Schedule of Lessor, Operating Lease, Payment to be Received, Maturity	Estimated minimum future revenues associated with Equipment on operating leases are as follows: December 31, 2024 2023 12 months $ 131 $ 165 24 months 70 89 36 months 45 52 48 months 25 30 60 months 9 13 Thereafter — 2 Total $ 280 $ 351

Land, Buildings, Equipment an_2

Land, Buildings, Equipment and Software, Net (Tables)	12 Months Ended
	Dec. 31, 2024
Land, Buildings, Equipment and Software, Net [Abstract]
Land, Buildings and Equipment, Net	Land, buildings and equipment, net were as follows: December 31, Estimated Useful Lives (Years) 2024 2023 Land $ 8 $ 8 Building and building equipment 25 to 50 669 678 Leasehold improvements 1 to 12 72 78 Plant machinery 5 to 12 771 855 Office furniture and equipment 3 to 15 411 436 Finance leased assets 1 to 12 79 33 Other 4 to 20 35 37 Construction in progress 11 11 Subtotal 2,056 2,136 Accumulated depreciation (1) (1,805) (1,870) Land, buildings and equipment, net $ 251 $ 266 _____________ (1)

Lessee (Tables)

Lessee (Tables)	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Schedule of Components of Lease Expense	The components of lease expense are as follows: Year Ended December 31, 2024 2023 2022 Operating lease expense $ 70 $ 83 $ 97 Short-term lease expense 14 16 17 Variable lease expense (1) 57 53 49 Sublease income (1) (1) (5) Total Lease expense $ 140 $ 151 $ 158 _____________ (1)
Schedule of Operating Leases Assets and Liabilities	Operating lease ROU assets, net and operating lease liabilities were reported in the Consolidated Balance Sheets as follows: December 31, 2024 2023 Other long-term assets $ 179 $ 172 Accrued expenses and other current liabilities $ 45 $ 41 Other long-term liabilities 143 141 Total Operating lease liabilities $ 188 $ 182 Finance lease ROU assets, net and operating lease liabilities were reported in the Consolidated Balance Sheets as follows: December 31, 2024 2023 Land, buildings and equipment, net $ 55 $ 19 Accrued expenses and other current liabilities $ 15 $ 8 Other long-term liabilities 38 9 Total Finance lease liabilities $ 53 $ 17
Schedule of Supplemental Information Related to Operating Leases	Supplemental information related to operating leases is as follows: Year Ended December 31, 2024 2023 2022 Cash paid for amounts included in the measurement of lease liabilities - Operating cash flows $ 72 $ 91 $ 101 Right-of-use assets obtained in exchange for new lease liabilities (1) $ 65 $ 23 $ 45 Weighted-average remaining lease term 4 years 4 years 4 years Weighted-average discount rate 7.70 % 6.07 % 5.19 % _____________ (1) Includes the impact of new leases as well as remeasurements and modifications to existing leases. Supplemental information related to finance leases is as follows: Year Ended December 31, 2024 2023 2022 Cash paid for amounts included in the measurement of lease liabilities $ 12 $ 8 $ 4 Right-of-use assets obtained in exchange for new lease liabilities (1) $ 42 $ 7 $ 12 Weighted-average remaining lease term 4 Years 2 Years 3 years Weighted-average discount rate 10.53 % 7.28 % 6.40 % _____________ (1) Includes the impact of new leases as well as remeasurements and modifications to existing leases.
Schedule of Maturities and Additional Information Related to Operating Lease Liabilities	Maturities and additional information related to operating lease liabilities are as follows: December 31, 2024 12 months $ 69 24 months 58 36 months 37 48 months 27 60 months 17 Thereafter 9 Total Lease payments 217 Less: Imputed interest 29 Total Operating lease liabilities $ 188
Schedule of Maturities and Additional Information Related to Finance Lease Liabilities	Maturities and additional information related to finance lease liabilities are as follows: December 31, 2024 2023 12 months $ 19 $ 9 24 months 15 6 36 months 12 3 48 months 11 1 60 months 8 — Thereafter — — Total Lease payments 65 19 Less: Imputed interest 12 2 Total Finance Lease Liabilities $ 53 $ 17

Goodwill, Net and Intangible _2

Goodwill, Net and Intangible Assets, Net (Tables)	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following table presents the changes in the carrying amount of Goodwill, net: 2024 2023 2022 Goodwill $ 3,940 $ 4,013 $ 4,068 Accumulated impairment losses (1,193) (1,193) (781) Goodwill, net at January 1 $ 2,747 $ 2,820 $ 3,287 Goodwill Activity: Foreign currency translation - Gross (29) 47 (120) Acquisitions (1) : U.S. Acquisition 286 — — U.K. Acquisitions — 5 28 Canada Acquisition — — 34 Other 1 — 3 Dispositions (2) (16) (125) — Goodwill impairment (1,058) — (412) Foreign currency translation - Impairment 6 — — Goodwill $ 4,182 $ 3,940 $ 4,013 Accumulated impairment losses (2,245) (1,193) (1,193) Goodwill, net at December 31 $ 1,937 $ 2,747 $ 2,820 _____________ (1) 2024 primarily relates to our acquisition of ITsavvy. Refer to Note 6 - Acquisitions and Divestitures for additional information related to acquisitions. (2) 2024 primarily includes the write off of $10 of Goodwill associated with the sales of our business operations in Argentina and Chile, as well as other immaterial dispositions. 2023 primarily includes the write-off of $115 of Goodwill associated with the donation of our Palo Alto Research Center (PARC). Refer to Note 6 - Acquisitions and Divestitures for additional information related to the sales of our operations in Argentina and Chile and the PARC donation.
Schedule of Intangible Assets, Net	Intangible assets, net were $236 at December 31, 2024, all of which relate to our Print and Other segment. Intangible assets were comprised of the following: December 31, 2024 December 31, 2023 Weighted Average Gross Accumulated Net Gross Accumulated Net Customer relationships 10 years $ 324 $ 106 $ 218 $ 200 $ 92 $ 108 Distribution network 25 years 123 123 — 123 118 5 Trademarks 11 years 38 20 18 209 147 62 Technology and non-compete 3 years 12 12 — 13 11 2 Total Intangible Assets $ 497 $ 261 $ 236 $ 545 $ 368 $ 177

Restructuring Programs (Tables)

Restructuring Programs (Tables)	12 Months Ended
	Dec. 31, 2024
Restructuring and Related Activities [Abstract]
Schedule of Restructuring and Related Cost	Restructuring and related costs, net reflect the following components for the three years ended December 31, 2024, 2023 and 2022: Year Ended December 31, 2024 2023 2022 Restructuring charges, net $ 62 $ 114 $ 68 Asset impairment charges, net 25 32 (6) Related costs, net 25 21 3 Total Restructuring and related costs, net $ 112 $ 167 $ 65 Year Ended December 31, 2024 2023 2022 Lease right of use assets (1) $ — $ — $ 2 Owned assets (1) 27 36 15 Asset impairments 27 36 17 Gain on sales of owned assets (2) — — (22) Adjustments/Reversals (2) (4) (1) Net asset impairment charge (credit) $ 25 $ 32 $ (6) _____________ _ (1) Primarily related to the exit and abandonment of leased and owned facilities, net of any potential sublease income and recoveries. (2) Reflect gain on the sales of exited surplus facilities and land. In connection with our restructuring programs, we also incurred certain related costs as follows: Year Ended December 31, 2024 2023 2022 Retention-related severance/bonuses (1) $ (2) $ (2) $ — Contractual severance costs (1) — 3 Consulting and other costs (2) 28 23 — Total $ 25 $ 21 $ 3 _____________ (1) Includes retention related severance and bonuses for employees expected to continue working beyond their minimum retention period before termination. (2) Represents professional support services associated with our business transformation initiatives.
Schedule of Restructuring Program Activity	A summary of our restructuring program activity for the three years ended December 31, 2024, 2023 and 2022 is as follows: Severance Other Contractual Termination Costs (2) Total Balance at December 31, 2021 $ 25 $ 2 $ 27 Restructuring provision 74 3 77 Reversals of prior charges (8) (1) (9) Net Current Period Charges (1) 66 2 68 Charges against reserve and currency (52) — (52) Balance at December 31, 2022 $ 39 $ 4 $ 43 Restructuring provision 125 — 125 Reversals of prior charges (11) — (11) Net Current Period Charges (1) 114 — 114 Charges against reserve and currency (24) (4) (28) Balance at December 31, 2023 $ 129 $ — $ 129 Restructuring provision 68 4 72 Reversals of prior charges (9) (1) (10) Net Current Period Charges (1) 59 3 62 Charges against reserve and currency (79) (3) (82) Balance at December 31, 2024 $ 109 $ — $ 109 _____________ (1) Represents net amount recognized within the Consolidated Statements of (Loss) Income for the years shown for restructuring. Reversals of prior charges primarily include net changes in estimated reserves from prior period initiatives. (2) Primarily includes additional costs incurred upon the exit from our facilities including decommissioning costs and associated contractual termination costs.
Schedule of Reconciliation to the Consolidated Statements of Cash Flows	The following table summarizes the reconciliation to the Consolidated Statements of Cash Flows: Year Ended December 31, 2024 2023 2022 Restructuring cash payments $ (78) $ (27) $ (52) Effects of foreign currency and other non-cash items (4) (1) — Charges against reserve and currency $ (82) $ (28) $ (52)

Supplementary Financial Infor_2

Supplementary Financial Information (Tables)	12 Months Ended
	Dec. 31, 2024
Supplemental Financial Information [Abstract]
Schedule of Other Assets and Liabilities	The components of Other assets and liabilities are as follows: December 31, 2024 2023 Other Current Assets Income taxes receivable $ 22 $ 13 Royalties, license fees and software maintenance 19 19 Restricted cash 33 70 Prepaid expenses 39 29 Advances and deposits 17 33 Other 82 70 Total Other Current Assets $ 212 $ 234 Other Long-term Assets Income taxes receivable $ 45 $ 22 Prepaid pension costs 421 423 Internal use software, net 60 68 Restricted cash 22 28 Customer contract costs, net 139 136 Operating lease right-of-use assets 179 172 Deferred compensation plan investments 13 14 Investments in affiliates, at equity (1) 49 40 Investments at cost - Xerox Holdings 40 26 Other 89 105 Total Other Long-term Assets (2) $ 1,057 $ 1,034 Accrued Expenses and Other Current Liabilities Income taxes payable $ 33 $ 39 Other taxes payable 46 60 Operating lease obligations 45 41 Interest payable 37 37 Restructuring reserves 86 119 Dividends payable - Xerox Holdings (3) 43 42 Distributor and reseller rebates/commissions 118 120 Unearned income and other revenue deferrals 133 147 Administration and overhead 44 61 Other 199 196 Total Accrued Expenses and Other Current Liabilities (4) $ 784 $ 862 Other Long-term Liabilities Deferred taxes $ 85 $ 95 Income taxes payable 4 14 Operating lease obligations 143 141 Environmental reserves 12 11 Restructuring reserves 23 10 Other 119 89 Total Other Long-term Liabilities $ 386 $ 360 _____________ (1) Investments in affiliates, at equity largely consists of several minor investments in entities in the Middle East region. Xerox's ownership interest in investments in corporate joint ventures and other companies is generally between 20% and 50%. (2) Xerox's balances of $1,017 and $1,008 at December 31, 2024 and 2023, respectively, excludes Investments at cost. (3) Represents dividends payable by Xerox Holdings Corporation on Common and Preferred Stock. (4)
Schedule of Restricted Cash	Cash, cash equivalents and restricted cash amounts are as follows: December 31, 2024 2023 Cash and cash equivalents $ 576 $ 519 Restricted cash Litigation deposits in Brazil 20 27 Escrow and cash collections related to secured borrowings and receivable sales (1) 13 49 Other restricted cash 22 22 Total Restricted cash 55 98 Cash, cash equivalents and restricted cash $ 631 $ 617 __________________________ (1) Includes collections on finance receivables pledged for secured borrowings or receivables sold that will be remitted in the following month.
Schedule of Restricted Cash Balance Sheet Location	Restricted cash is reported in the Consolidated Balance Sheets as follows: December 31, 2024 2023 Other current assets $ 33 $ 70 Other long-term assets 22 28 Total Restricted cash $ 55 $ 98
Schedule of Cash Flow Information	Summarized cash flow information is as follows: Source/(Use) Location in Statement of Cash Flows Year Ended December 31, 2024 2023 2022 Provision for receivables (1) Operating $ 44 $ 36 $ 36 Provision for inventory Operating 66 18 29 Depreciation of buildings and equipment Operating 57 60 68 Depreciation and obsolescence of equipment on operating leases Operating 117 111 115 Amortization of internal use software Operating 27 37 45 Amortization of acquired intangible assets Operating 73 43 42 Amortization of patents (2) Operating 9 9 10 Amortization of customer contract costs (3) Operating 64 69 73 Cost of additions to land, buildings and equipment Investing (27) (29) (36) Cost of additions to internal use software Investing (17) (8) (21) Payments to acquire noncontrolling interests - Xerox Holdings Investing (30) (5) (13) Common stock dividends - Xerox Holdings Financing (127) (151) (160) Preferred stock dividends - Xerox Holdings Financing (14) (14) (14) Payments to noncontrolling interests Financing (2) (2) (1) Investment from noncontrolling interests Financing — — 6 Repurchases related to stock-based compensation - Xerox Holdings Financing (10) (8) (12) __________________________ (1) Provision for receivables includes adjustments for customer accommodations and contract terminations of $2, $8, and $(7) for the three years ended December 31, 2024, 2023 and 2022, respectively. (2) Amortization of patents is reported in (Increase) decrease in other current and long-term assets on the Consolidated Statements of Cash Flows. (3) Amortization of customer contract costs is reported in (Increase) decrease in other current and long-term assets on the Consolidated Statements of Cash Flows. Refer to Note 3 - Revenue - Contract Costs for additional information.
Supplier Finance Program	Activity related to the Company's supplier finance program is as follows: 2024 2023 Balance at January 1st, 40 40 Amounts invoiced 110 125 Invoices paid (120) (125) Balance at December 31st, $ 30 $ 40

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Short-term Borrowings	Short-term borrowings were as follows: December 31, 2024 2023 Short-term debt and current portion of long-term debt Xerox Holdings Corporation $ 388 $ — Xerox Corporation 130 323 Xerox - Other Subsidiaries (1) 67 244 Total $ 585 $ 567 _____________ (1) Represents subsidiaries of Xerox Corporation.
Schedule of Long-term Debt	Long-term debt was as follows: December 31, Stated Rate Weighted Average Interest Rates at December 31, 2024 (1) 2024 2023 Xerox Holdings Corporation Senior Notes due 2025 5.00 % 4.92 % $ 388 $ 750 Senior Notes due 2028 5.50 % 5.40 % 750 750 Senior Notes due 2029 8.88 % 8.88 % 500 — Convertible Senior Notes due 2030 3.75 % 3.75 % 400 — Subtotal - Xerox Holdings Corporation $ 2,038 $ 1,500 Xerox Corporation Senior Notes due 2024 3.80 % 3.84 % $ — $ 300 Term Loan B due 2029 (2) 9.34 % 8.34 % 523 550 Secured Promissory Note due 2025 (2) — % 5.53 % 110 — Secured Promissory Note due 2026 (2) — % 5.53 % 110 — Senior Notes due 2035 4.80 % 4.84 % 250 250 Senior Notes due 2039 6.75 % 6.78 % 350 350 Subtotal - Xerox Corporation $ 1,343 $ 1,450 Xerox - Other Subsidiaries (2) United States $ — $ 102 Canada — 77 France 70 182 Subtotal Xerox - Other Subsidiaries $ 70 $ 361 Principal debt balance $ 3,451 $ 3,311 Xerox Holdings Corporation - Debt issuance costs (19) (6) Xerox Corporation - Debt issuance costs (11) (12) Xerox - Other subsidiaries - Debt issuance costs — (1) Subtotal - Debt issuance costs $ (30) $ (19) Unamortized (discount) premium (22) (15) Less: current maturities (585) (567) Total Long-term Debt $ 2,814 $ 2,710 _____________ (1) Represents the weighted average effective interest rate, which includes the effect of discounts and imputed interest on issued debt. (2) Represent secured borrowings of Xerox Corporation and its Other subsidiaries. Refer to the Secured Borrowings and Collateral section below for additional information regarding the secured borrowings of Other subsidiaries, which are secured by finance receivables.
Schedule of Maturities of Long-term Debt	Scheduled principal payments due on our long-term debt for the next five years and thereafter are as follows: 2025 (1) 2026 2027 2028 2029 Thereafter Total Xerox Holdings Corporation $ 388 $ — $ — $ 750 $ 500 $ 400 $ 2,038 Xerox Corporation 138 151 55 55 344 600 1,343 Xerox - Other Subsidiaries (2) 67 3 — — — — 70 Total $ 593 $ 154 $ 55 $ 805 $ 844 $ 1,000 $ 3,451 _____________ (1) Current portion of long-term debt maturities for 2025 are $52, $52, $439 and $50 for the first, second, third and fourth quarters, respectively. (2) Represents subsidiaries of Xerox Corporation.
Schedule of Secured Assets and Obligations	Below are the secured assets and obligations held by subsidiaries of Xerox, which are included in our Consolidated Balance Sheets. Balance at December 31, 2024 Finance Receivables, Net (1) Equipment on Operating Leases, Net Secured Debt (2) Interest Rate (3) Expected Maturity France November 2023 $ 58 $ — $ 70 4.62 % 2026 Total $ 58 $ — $ 70 Balance at December 31, 2023 Finance Receivables, Net (1) Equipment on Operating Leases, Net Secured Debt (2) Interest Rate (3) Expected Maturity United States (4)(5) January 2022 $ 209 $ — $ 77 6.82 % 2024 September 2021 89 2 25 6.76 % 2024 Total U.S. $ 298 $ 2 $ 102 Canada (4)(6) July 2023 $ 86 $ — $ 77 6.74 % 2026 France November 2023 $ 235 $ — $ 182 5.42 % 2026 Total $ 619 $ 2 $ 361 ____________ _ (1) Includes (i) Billed portion of finance receivables, net (ii) Finance receivables, net and (iii) Finance receivables due after one year, net as included in the Consolidated Balance Sheets as of December 31, 2024 and 2023 . (2) Represents principal debt balance and excludes debt issuance costs of $0 and $1 as of December 31, 2024 and 2023 , respectively. (3) Represents the pre-hedged rate - refer to Note 16 - Financial Instruments for additional information regarding hedging of these borrowings. (4) Secured assets and obligations held by SPEs. (5) In the second quarter of 2024, we repaid the remaining balance on these secured borrowings. (6) Prior to entering the new finance receivable sales agreement with De Lage Landen Financial Services Canada Inc. (DLL), in October 2024, the remaining balance of this secured debt was repaid. Refer to Note 8 - Finance Receivables, Net for additional information related to our arrangement with DLL.
Schedule of Interest Income and Interest Expense Disclosure	Interest expense and interest income was as follows: Year Ended December 31, 2024 2023 2022 Interest expense (1) (2) $ 225 $ 198 $ 199 Interest income (3) 165 207 218 _____________ (1) Includes Equipment financing (Cost of financing) interest as well as non-financing interest expense included in Other expenses, net in the Consolidated Statements of (Loss) Income. (2) Interest expense of Xerox Corporation included intercompany expense associated with the Xerox Holdings Corporation/Xerox Corporation Intercompany Loan of $111, $80 and $80 for the three years ended December 31, 2024, 2023 and 2022, respectively. (3)

Financial Instruments (Tables)

Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Derivatives	During first quarter 2024, the following derivatives were dedesignated as cash flow hedges. The net fair value of these cash flow hedges, which was not material, was recorded in Accumulated Other Comprehensive Loss and then reclassified to earnings. Secured Borrowing Derivative Type Notional Amount France Cap 43 France Cap 34 Total $ 77 In September 2024, we entered into two floating-to-fixed interest rate swaps to hedge against interest rate volatility associated with any of our floating rate debt which was primarily under our Term Loan B Credit Agreement (TLB). The TLB had an outstanding principal balance of $523 as of December 31, 2024. The following is a summary of our swaps at December 31, 2024: Counterparty Derivative Type Principal Debt Notional Amount Expected Maturity Fixed Rate Paid Floating Rate Received Net Fair Value Mizuho Swap 175 175 2027 3.271 % 4.604 % $ 3 Credit Agricole Swap 125 125 2027 3.276 % 4.604 % 2 Total $ 300 $ 300 $ 5
Schedule of Foreign Exchange Contracts Gross Notional values	The following is a summary of the primary hedging positions and corresponding fair values as of December 31, 2024: Year Ended December 31, 2024 2023 Currencies Hedged (Buy/Sell) Gross Notional Fair Value Asset (Liability) (1) Gross Notional Fair Value Asset (Liability) (1) Euro/U.K. Pound Sterling $ 337 $ 1 $ 385 $ 3 U.S. Dollar/Euro 342 3 359 (3) Euro/Canadian Dollar — — 169 — Euro/U.S. Dollar 212 (1) 150 1 Japanese Yen/U.S. Dollar 104 (5) 113 1 Japanese Yen/Euro 52 (1) 60 — U.S. Dollar/Canadian Dollar 194 — — — Swiss Franc/Euro 19 — — — Euro/Swedish Krona — — — — U.K. Pound Sterling/Euro 67 — 36 — Euro/Danish Krone — — 25 — Canadian Dollar/Euro 19 — 24 — All Other 64 — 75 — Total Foreign exchange hedging $ 1,410 $ (3) $ 1,396 $ 2 _____________ (1)
Schedule of Cash Flow Hedges Gain (Loss)	The following table provide a summary of gains (losses) on derivative instruments: Derivative (Loss) Gain Recognized in OCI (Effective Portion) (Loss) Gain Reclassified from AOCI to Income (Effective Portion) Derivatives in Cash Flow Year Ended December 31, Location of Derivative Year Ended December 31, 2024 2023 2022 2024 2023 2022 Foreign exchange contracts – forwards/options $ (6) $ (17) $ (41) Cost of sales $ (9) $ (22) $ (36) Interest rate contracts 6 (1) 6 Interest expense (1) 4 1 Total $ — $ (18) $ (35) $ (10) $ (18) $ (35)
Schedule of Derivatives not Designated as Hedging Instruments Gains (Losses)	The following table provides a summary of gains (losses) on non-designated derivative instruments: Year Ended December 31, Derivatives NOT Designated as Hedging Instruments Location of Derivative Gain 2024 2023 2022 Foreign exchange contracts – forwards Other expense – Currency gains, net $ 24 $ 26 $ 17

Fair Value of Financial Asset_2

Fair Value of Financial Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Financial Assets and Liabilities	The following table represents assets and liabilities' fair value measured on a recurring basis. The basis for the measurement at fair value in all cases is Level 2 – Significant Other Observable Inputs. As of December 31, 2024 2023 Assets Derivatives $ 11 $ 11 Deferred compensation investments in mutual funds 13 14 Total $ 24 $ 25 Liabilities Derivatives $ 8 $ 8 Deferred compensation plan liabilities 11 13 Total $ 19 $ 21
Schedule of Estimated Fair Values of Financial Assets and Liabilities Not Measured at Fair Value on a Recurring Basis	The estimated fair values of our other financial assets and liabilities were as follows: December 31, 2024 December 31, 2023 Carrying Fair Carrying Fair Cash and cash equivalents $ 576 $ 576 $ 519 $ 519 Accounts receivable, net 796 796 850 850 Short-term debt and current portion of long-term debt (1) 585 592 567 567 Long-term debt Xerox Holdings Corporation $ 1,634 $ 1,391 $ 1,497 $ 1,410 Xerox Corporation 1,177 989 1,096 1,023 Xerox - Other Subsidiaries (2) 3 3 117 117 Total Long-term debt $ 2,814 $ 2,383 $ 2,710 $ 2,550 _____________ (1) Includes $388 of Xerox Corporation related party debt. (2) Represents subsidiaries of Xerox Corporation.

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	12 Months Ended
	Dec. 31, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Schedule of Net Funded Status	Pension Benefits U.S. Plans Non-U.S. Plans Retiree Health 2024 2023 2024 2023 2024 2023 Change in Benefit Obligation: Benefit obligation, January 1 $ 2,389 $ 2,345 $ 4,567 $ 4,240 $ 193 $ 209 Service cost — — 5 5 1 1 Interest cost 88 116 182 188 8 10 Plan participants' contributions — — 1 1 5 7 Actuarial (gain) loss (1) (136) 75 (281) 165 (3) (5) Currency exchange rate changes — — (157) 205 (8) 2 Plan amendment — — 54 36 — (3) Benefits paid/settlements (165) (147) (274) (273) (23) (28) Other — — — — — — Benefit Obligation, December 31 $ 2,176 $ 2,389 $ 4,097 $ 4,567 $ 173 $ 193 Change in Plan Assets: Fair value of plan assets, January 1 $ 1,528 $ 1,518 $ 4,662 $ 4,594 $ — $ — Actual return on plan assets (56) 104 (42) 89 — — Employer contributions 100 53 27 28 18 21 Plan participants' contributions — — 1 1 5 7 Currency exchange rate changes — — (154) 223 — — Benefits paid/settlements (165) (147) (274) (273) (23) (28) Fair Value of Plan Assets, December 31 $ 1,407 $ 1,528 $ 4,220 $ 4,662 $ — $ — Net Funded Status at December 31 (2) $ (769) $ (861) $ 123 $ 95 $ (173) $ (193) Amounts Recognized in the Consolidated Balance Sheets: Other long-term assets $ — $ — $ 421 $ 423 $ — $ — Accrued compensation and benefit costs (22) (24) (18) (20) (19) (22) Pension and other benefit liabilities (747) (837) (280) (308) — — Post-retirement medical benefits — — — — (154) (171) Net Amounts Recognized $ (769) $ (861) $ 123 $ 95 $ (173) $ (193) Accumulated Benefit Obligation $ 2,176 $ 2,389 $ 4,049 $ 4,526 _____________ (1) Changes in actuarial (gains) losses are primarily due to changes in discount rates. (2) Includes under-funded and unfunded plans.
Schedule of Pension and Other Benefit Liabilities	Pension and other benefit liabilities include the following additional accounts at December 31st: December 31, 2024 2023 Pension liabilities (1) $ 1,027 $ 1,145 Accrued compensation liabilities 48 56 Deferred compensation liabilities (2) 13 15 Pension and other benefit liabilities $ 1,088 $ 1,216 __________________________ (1) Reflects pension net funded status liability for both U.S. and non-U.S. plans. (2)
Schedule of Amounts in Accumulated Other Comprehensive Loss to be Recognized Over Next Fiscal Year	Benefit plans pre-tax amounts recognized in AOCL at December 31st: Pension Benefits U.S. Plans Non-U.S. Plans Retiree Health 2024 2023 2024 2023 2024 2023 Net actuarial loss (gain) $ 700 $ 731 $ 1,405 $ 1,551 $ (63) $ (73) Prior service cost (credit) — — 177 134 (66) (82) Total loss (gain) - Pre-tax $ 700 $ 731 $ 1,582 $ 1,685 $ (129) $ (155)
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets	Aggregate information for pension plans with an accumulated benefit obligation in excess of plan assets is presented below. Information for Retiree Health plans with an accumulated post-retirement benefit obligation in excess of plan assets has been disclosed in the preceding table on Benefit obligations and Net funded status as all Retiree Health plans are unfunded. December 31, 2024 December 31, 2023 Accumulated Benefit Obligation Fair Value of Plan Assets Accumulated Benefit Obligation Fair Value of Plan Assets Underfunded Plans: U.S. $ 1,956 $ 1,407 $ 2,146 $ 1,528 Non-U.S. 13 39 46 40 Unfunded Plans: U.S. $ 220 $ — $ 243 $ — Non-U.S. 286 — 317 — Total Underfunded and Unfunded Plans: U.S. $ 2,176 $ 1,407 $ 2,389 $ 1,528 Non-U.S. 299 39 363 40 Total $ 2,475 $ 1,446 $ 2,752 $ 1,568
Schedule of Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets	Aggregate information for pension plans with a projected benefit obligation in excess of plan assets is presented below: December 31, 2024 December 31, 2023 Projected Benefit Obligation Fair Value of Plan Assets Projected Benefit Obligation Fair Value of Plan Assets Underfunded Plans: U.S. $ 1,956 $ 1,407 $ 2,146 $ 1,528 Non-U.S. 45 39 47 40 Unfunded Plans: U.S. $ 220 $ — $ 243 $ — Non-U.S. 292 — 322 — Total Underfunded and Unfunded Plans: U.S. $ 2,176 $ 1,407 $ 2,389 $ 1,528 Non-U.S. 337 39 369 40 Total $ 2,513 $ 1,446 $ 2,758 $ 1,568
Schedule of Defined Benefit Pension Assets and Obligations by Geography	Pension plan assets and benefit obligations by country were as follows: December 31, 2024 December 31, 2023 Fair Value of Pension Plan Assets Projected Benefit Obligation Net Funded Status Fair Value of Pension Plan Assets Projected Benefit Obligation Net Funded Status U.S. funded $ 1,407 $ 1,956 $ (549) $ 1,528 $ 2,146 $ (618) U.S. unfunded — 220 (220) — 243 (243) Total U.S. 1,407 2,176 (769) 1,528 2,389 (861) U.K. 2,528 2,310 218 2,892 2,655 237 Netherlands 808 732 76 839 769 70 Canada 535 503 32 586 562 24 Germany — 220 (220) — 248 (248) Other 349 332 17 345 333 12 Total $ 5,627 $ 6,273 $ (646) $ 6,190 $ 6,956 $ (766)
Schedule of Components of Net Periodic Benefit Cost and Other Changes in Plan Assets and Benefit Obligations	The components of Net periodic benefit cost and other changes in plan assets and benefit obligations were as follows: Year Ended December 31, Pension Benefits U.S. Plans Non-U.S. Plans Retiree Health 2024 2023 2022 2024 2023 2022 2024 2023 2022 Components of Net Periodic Benefit Costs: Service cost $ — $ — $ 1 $ 5 $ 5 $ 16 $ 1 $ 1 $ 1 Interest cost (income) (1) 88 116 (65) 182 188 123 8 10 8 Expected return on plan assets (2) (71) (103) 71 (193) (217) (226) — — — Recognized net actuarial loss (gain) 18 16 13 62 11 23 (12) (12) (4) Amortization of prior service cost (credit) — — — 8 5 1 (15) (15) (8) Recognized settlement loss 5 19 56 — 1 — — — — Recognized curtailment gain — — — — — (4) — — — Defined Benefit Plans 40 48 76 64 (7) (67) (18) (16) (3) Defined contribution plans 17 19 20 23 21 17 n/a n/a n/a Net Periodic Benefit Cost (Credit) $ 57 $ 67 $ 96 $ 87 $ 14 $ (50) $ (18) $ (16) $ (3) Other changes in plan assets and benefit obligations recognized in Other Comprehensive Loss: Net actuarial (gain) loss $ (8) $ 74 $ 16 $ (44) $ 298 $ 368 $ (3) $ (5) $ (57) Prior service cost (credit) — — — 52 36 72 — (3) (26) Amortization of net actuarial (loss) gain (23) (35) (69) (62) (12) (23) 12 12 4 Amortization of net prior service (cost) credit — — (8) (5) (1) 15 15 15 Curtailment gain — — — — — 4 — — — Total Recognized in Other Comprehensive Loss (3) $ (31) $ 39 $ (53) $ (62) $ 317 $ 420 $ 24 $ 19 $ (64) Total Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive Loss $ 26 $ 106 $ 43 $ 25 $ 331 $ 370 $ 6 $ 3 $ (67) _____________ (1) Interest cost for Pension Benefits includes interest expense on non-TRA obligations of $279, $284 and $205 and interest (income)/expense directly allocated to TRA participant accounts of $(9), $20 and $(147) for the years ended December 31, 2024, 2023 and 2022, respectively. (2) Expected return on plan assets includes expected investment income on non-TRA assets of $273, $300 and $302 and actual investment (loss)/income on TRA assets of $(9), $20 and $(147) for the years ended December 31, 2024, 2023 and 2022, respectively. (3) Amounts represent the pre-tax effect included in Other comprehensive loss. Refer to Note 24 - Other Comprehensive Loss for the related tax effects and the net of tax amounts.
Schedule of Defined Benefit Plan Assets Measured at Fair Value, Observable and Unobservable Inputs	The following tables present the defined benefit plans assets measured at fair value and the basis for that measurement. December 31, 2024 U.S. Plans Non-U.S. Plans Asset Class Level 1 Level 2 Level 3 Assets measured at NAV (1) Total Level 1 Level 2 Level 3 Assets measured at NAV (1) Total Cash and cash equivalents $ 1 $ — $ — $ — $ 1 $ 246 $ — $ — $ — $ 246 Equity Securities: U.S. 72 — — — 72 15 19 — — 34 International 72 — — 125 197 314 — — 18 332 Fixed Income Securities: U.S. treasury securities — 67 — — 67 — 2 — — 2 Debt security issued by government agency — 139 — — 139 — 670 — — 670 Corporate bonds — 599 — — 599 — 236 — — 236 Derivatives — (30) — — (30) — 13 — — 13 Real estate — — 24 11 35 — — 87 31 118 Private equity/venture capital — — — 167 167 — — — 258 258 Guaranteed insurance contracts — — — — — — — 2,184 — 2,184 Other (2)(3)(4) (3) — — 163 160 51 12 — 64 127 Total Fair Value of Plan Assets $ 142 $ 775 $ 24 $ 466 $ 1,407 $ 626 $ 952 $ 2,271 $ 371 $ 4,220 _____________ (1) Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. (2) Other Level 1 includes net non-financial (liabilities)/assets, such as due to/from broker, interest receivables and accrued expenses. The U.S. Plans had net liabilities of $(3), while the non-U.S. plans had net assets of $51. (3) Other NAV for U.S. Plans (measured at NAV) includes mutual funds of $116, which are invested approximately 70% in fixed income securities and approximately 30% in equity securities. (4) Other NAV for the non-U.S. Plans (measured at NAV) includes mortgage funds of $64 in our Netherlands plans. December 31, 2023 U.S. Plans Non-U.S. Plans Asset Class Level 1 Level 2 Level 3 Assets measured at NAV (1) Total Level 1 Level 2 Level 3 Assets measured at NAV (1) Total Cash and cash equivalents $ 1 $ — $ — $ — $ 1 $ 452 $ — $ — $ — $ 452 Equity Securities: U.S. 48 — — — 48 13 20 — — 33 International 87 — — 127 214 315 — — 27 342 Fixed Income Securities: U.S. treasury securities — 74 — — 74 — 2 — — 2 Debt security issued by government agency — 134 — — 134 — 546 — — 546 Corporate bonds — 660 — — 660 — 197 — — 197 Derivatives — 57 — — 57 — 90 — — 90 Real estate — — 47 12 59 — — 106 70 176 Private equity/venture capital — — — 157 157 — — 4 311 315 Guaranteed insurance contracts — — — — — — — 2,481 — 2,481 Other (2)(3) (18) — — 142 124 24 4 — — 28 Total Fair Value of Plan Assets $ 118 $ 925 $ 47 $ 438 $ 1,528 $ 804 $ 859 $ 2,591 $ 408 $ 4,662 _____________ (1) Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. (2) Other Level 1 includes net non-financial (liabilities)/assets, such as due to/from broker, interest receivables and accrued expenses. The U.S. Plans had net liabilities of $(18) , while the non-U.S. plans had net assets of $24. (3) Other NAV includes mutual funds of $92 (measured at NAV) which are invested approximately 70% in fixed income securities and approximately 30% in equity securities.
Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	The following tables represents a rollforward of the defined benefit plans assets measured at fair value using significant unobservable inputs (Level 3 assets): U.S. Non-U.S. Real Estate Real Estate Private Equity/Venture Capital Guaranteed Insurance Contracts Total Balance at December 31, 2022 $ 57 $ 144 $ 4 $ 483 $ 631 Purchases — — — 1,951 1,951 Sales (13) (16) — (3) (19) Unrealized gains (losses) 3 (31) — (9) (40) Currency translation — 9 — 59 68 Balance at December 31, 2023 $ 47 $ 106 $ 4 $ 2,481 $ 2,591 Purchases — — — 1 1 Sales (22) — — (3) (3) Unrealized losses (1) (12) (4) (253) (269) Currency translation — (7) — (42) (49) Balance at December 31, 2024 $ 24 $ 87 $ — $ 2,184 $ 2,271
Schedule of Allocation of Plan Assets	The target asset allocations for our worldwide defined benefit pension plans were: 2024 2023 U.S. Non-U.S. (2) U.S. Non-U.S. Equity investments (1) 27% 9% 24% 8% Fixed income investments 60% 22% 60% 16% Real estate 4% 3% 6% 4% Private equity/venture capital 7% 7% 8% 8% Other (1) 2% 59% 2% 64% Total Investment Strategy 100% 100% 100% 100% _____________ (1) Target allows for an additional allocation to synthetic equity which is offset by cash, which resulted in a negative cash position in Other. (2) Significant changes in asset allocation in non-U.S. are due to the U.K. pension plan entering an insurance buy-in contract, which is included in Other.
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. Year Ended December 31, 2024 Estimated 2025 U.S. Plans $ 100 $ 110 Non-U.S. Plans 27 30 Total Pension Plans $ 127 $ 140 Retiree Health 18 20 Total Retirement Plans $ 145 $ 160
Schedule of Expected Benefit Payments	The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid during the following years: Pension Benefits U.S. Non-U.S. Total Retiree Health 2025 $ 204 $ 272 $ 476 $ 20 2026 181 278 459 18 2027 184 282 466 16 2028 181 290 471 15 2029 183 297 480 14 Years 2030-2034 949 1,562 2,511 56
Schedule of Assumptions Used	Weighted-average assumptions used to determine benefit obligations at the plan measurement dates: Pension Benefits 2024 2023 2022 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Discount rate 5.6 % 4.5 % 4.9 % 4.1 % 5.1 % 4.5 % Rate of compensation increase — % 2.3 % — % 2.7 % — % 2.9 % Interest crediting rate 4.6 % 2.5 % 4.5 % 2.5 % 4.5 % 1.5 % Retiree Health 2024 2023 2022 Discount rate 4.9 % 4.7 % 5.0 % Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31: Pension Benefits 2025 2024 2023 2022 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Discount rate 5.6 % 4.5 % 4.9 % 4.1 % 5.1 % 4.5 % 2.7 % 1.8 % Expected return on plan assets 7.8 % 4.8 % 8.1 % 4.3 % 8.1 % 4.3 % 5.9 % 3.2 % Rate of compensation increase — % 2.3 % — % 2.7 % — % 2.9 % 0.1 % 2.8 % Interest crediting rate 4.6 % 2.6 % 4.5 % 2.5 % 4.5 % 2.1 % 2.5 % 1.5 % Retiree Health 2025 2024 2023 2022 Discount rate 4.9 % 4.7 % 5.0 % 2.7 % _____________
Schedule of Health Care Cost Trend Rates	Assumed health care cost trend rates were as follows: December 31, 2024 2023 Health care cost trend rate assumed for next year 6.0 % 6.3 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 4.2 % 4.2 % Year that the rate reaches the ultimate trend rate 2028 2028

Income and Other Taxes (Tables)

Income and Other Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Income Before Income Tax, Domestic and Foreign	Loss before income taxes was as follows: Year Ended December 31, 2024 2023 2022 Domestic loss $ (877) $ (89) $ (319) Foreign (loss) income (339) 61 (6) Loss before Income taxes $ (1,216) $ (28) $ (325)
Schedule of Components of Income Tax Expense (Benefit)	The components of Income tax expense (benefit) were as follows: Year Ended December 31, 2024 2023 2022 Federal Income Taxes Current $ (15) $ 21 $ (5) Deferred (44) (65) (16) Foreign Income Taxes Current 34 18 23 Deferred 149 21 (2) State Income Taxes Current (4) — 6 Deferred (15) (24) (9) Income tax expense (benefit) $ 105 $ (29) $ (3)
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation of the U.S. federal statutory income tax rate to the consolidated effective income tax rate was as follows: Year Ended December 31, 2024 2023 2022 U.S. federal statutory income tax rate 21.0 % 21.0 % 21.0 % Nondeductible expenses (0.8) % (32.2) % (3.6) % Effect of tax law changes — % — % 0.1 % Change in valuation allowance for deferred tax assets (16.0) % 15.6 % (2.2) % State taxes, net of federal benefit 1.0 % (21.9) % 0.3 % Audit and other tax return adjustments 0.6 % 83.0 % (1.6) % Tax-exempt income, credits and incentives 1.1 % 59.0 % 8.7 % Foreign rate differential adjusted for U.S. taxation of foreign profits (1) (0.5) % (32.3) % (0.1) % Stock-based compensation (0.2) % (13.0) % (0.6) % Goodwill impairment (15.3) % — % (22.0) % Divestitures 0.2 % 25.3 % — % Other 0.3 % (0.9) % 0.9 % Effective income tax rate (8.6) % 103.6 % 0.9 % _____________ (1) The “U.S. taxation of foreign profits” represents the U.S. tax, net of foreign tax credits, associated with actual and deemed repatriations of earnings from our non-U.S. subsidiaries.
Schedule of Allocation of Income Tax Expense (Benefit)	Income taxes were allocated to the following items: Year Ended December 31, 2024 2023 2022 Income tax expense (benefit) on Loss before income taxes $ 105 $ (29) $ (3) Income tax (expense) benefit Common shareholders' equity: Changes in defined benefit plans (10) 93 70 Cash flow hedges (1) 1 (1) Translation adjustments (8) — — Additional paid-in capital 6 — —
Schedule of Unrecognized Tax Benefits Rollforward	A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 2024 2023 2022 Balance at January 1 $ 140 $ 110 $ 107 Additions related to current year 1 1 3 Additions related to prior years positions — 57 4 Reductions related to prior years positions — (14) — Settlements with taxing authorities (1) (29) (13) — Reductions related to lapse of statute of limitations (18) (2) (3) Currency 1 1 (1) Balance at December 31 $ 95 $ 140 $ 110 _____________ (1)
Schedule of Deferred Tax Assets and Liabilities	The tax effects of temporary differences that give rise to significant portions of the deferred taxes were as follows: December 31, 2024 2023 Deferred Tax Assets Research and development $ 227 $ 225 Post-retirement medical benefits 43 50 Net operating losses 322 384 Operating reserves, accruals and deferrals 232 215 Tax credit carryforwards 80 106 Deferred and share-based compensation 22 40 Pension 122 147 Finance lease and installment sales 64 — Operating lease liabilities 33 43 Other 68 57 Subtotal 1,213 1,267 Valuation allowance (511) (375) Total $ 702 $ 892 Deferred Tax Liabilities Finance lease and installment sales $ — $ 36 Intangibles and goodwill 84 116 Unremitted earnings of foreign subsidiaries 26 25 Operating lease ROU assets 41 41 Other 21 24 Total $ 172 $ 242 Total Deferred taxes, net $ 530 $ 650 Reconciliation to the Consolidated Balance Sheets Deferred tax assets $ 615 $ 745 Deferred tax liabilities (1) (85) (95) Total Deferred taxes, net $ 530 $ 650 _____________ (1) Represents the deferred tax liabilities recorded in Other long-term liabilities - refer to Note 14 - Supplementary Financial Information.

Contingencies and Litigation (T

Contingencies and Litigation (Tables)	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Loss Contingencies by Contingency	Below is a summary of our Brazilian tax contingencies: December 31, December 31, Tax contingency - unreserved $ 305 $ 375 Escrow cash deposits 18 24 Surety bonds 88 104 Letters of credit 10 22 Liens on Brazilian assets — —

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2024
Stockholders' Equity Note [Abstract]
Schedule of Changes in Common Stock And Treasury Stock	The following table reflects the changes in Common and Treasury stock shares (shares in thousands). The Treasury stock repurchases in the table below include the repurchases under the current Xerox Holdings Corporation authorized share repurchase program. Common Stock Shares Treasury Stock Shares Balance at December 31, 2021 168,069 8,675 Stock based compensation plans, net 1,561 — Acquisition of Treasury stock — 5,174 Cancellation of Treasury stock (13,849) (13,849) Balance at December 31, 2022 155,781 — Stock based compensation plans, net 1,608 — Acquisition of Treasury stock — 34,245 Cancellation of Treasury stock (34,245) (34,245) Balance at December 31, 2023 123,144 — Stock based compensation plans, net 1,291 — Balance at December 31, 2024 124,435 —

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-based Compensation Expense, Tax Effect	Stock-based compensation expense was as follows: Year Ended December 31, 2024 2023 2022 Stock-based compensation expense, pre-tax (1) $ 52 $ 54 $ 75 Income tax benefit recognized in earnings 8 10 11 ____________ (1) 2022 includes $21 associated with the accelerated vesting of all outstanding equity awards, according to the terms of the award agreement, in connection with the passing of Xerox Holding's former CEO.
Schedule of Share-Based Payment Arrangement, Performance Shares, Performance Metrics	PSU awards are comprised of performance-based components (Operating income improvement and Earnings per share) as well as market-based components (Relative Total Shareholder Return (RTSR) and Absolute Share Price). PSUs granted in 2024 are entirely performance-based with an RTSR modifier - see Market-Based Component below. PSUs granted in 2023 are entirely market-based, and PSUs granted in 2022 are one-half performance-based and one-half market-based. The metrics and weightings are as follows: Award Year (Metric Weighting) Performance Metric 2024 2023 2022 Operating income improvement (1) 100 % — % — % Earnings per share — % — % 50 % Relative total shareholder return — % 100 % — % Absolute share price — % — % 50 % 100 % 100 % 100 % ____________ (1)
Schedule of Stock-based Payment Award Valuation Assumptions, Performance Shares, Market-based Component Table	A summary of Xerox Holding's key valuation input assumptions used in the Monte Carlo simulation relative to awards granted were as follows: 2024 Award 2023 Award 2022 Award Term 3 years 3 years 3 years Risk-free interest rate (1) 4.20 % 3.80 % 1.09 % Volatility (2) 42.88 % 52.21 % 42.07 % Weighted average fair value (3) $ 18.29 $ 23.00 $ 27.89 ____________ (1) The risk-free interest rate was based on the zero-coupon U.S. Treasury yield curve on the valuation date, with a maturity matched to the performance period. (2) Volatility is derived from historical stock prices as well as implied volatility when appropriate and available. (3) The weighted average of fair values used to record compensation expense as determined by the Monte Carlo simulation.
Schedule of Absolute Share Price and TSR Payout, as a Percentage, Comparison to Targets	Our RTSR and Absolute Share Price metrics are compared against total return targets to determine the payout as follows: 2024 2023 2022 Payout Percentage Percentile Ranking Return Targets (1) Percentile Ranking Return Targets (1) Total Return Targets (1) 200% n/a 75th and above $30.00 and above 100% n/a 50th $ 25.00 50% n/a 25th $ 20.00 25% 75th and above n/a n/a 0% 50th Below 25th Below $20.00 (25)% 25th and below n/a n/a ____________ (1) For performance between the levels described above, the degree of vesting is interpolated on a linear basis.
Schedule of Share-based Compensation Arrangements by Share-based Payment Award	Summary of Stock-based Compensation Activity 2024 2023 2022 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Restricted Stock Units Outstanding at January 1 4,672 $ 18.46 3,221 $ 23.16 3,161 $ 25.26 Granted (1) 4,159 14.09 3,382 16.56 2,444 21.75 Vested (2) (2,030) 19.04 (1,593) 23.73 (1,975) 24.56 Forfeited (487) 17.27 (338) 19.27 (409) 24.20 Outstanding at December 31 6,314 15.48 4,672 18.46 3,221 23.16 Performance Shares Outstanding at January 1 2,039 $ 24.18 1,729 $ 28.38 2,818 $ 25.47 Granted 1,243 13.89 940 22.97 977 25.72 Vested (2) — — — — (644) 27.95 Forfeited/Expired (3) (1,216) 17.67 (630) 33.86 (1,422) 20.98 Outstanding at December 31 2,066 21.59 2,039 24.18 1,729 28.38 ____________ (1) 2023 includes approximately 445 RSUs associated with a special retention award. (2) 2022 includes approximately 469 RSUs and 644 PSUs associated with the accelerated vesting of all outstanding equity awards, according to the terms of the award agreement, in connection with the passing of Xerox Holding's former CEO. No other PSUs vested in 2022. (3)
Schedule of Unrecognized Compensation Cost, Nonvested Awards	Unrecognized compensation cost related to non-vested stock-based awards at December 31, 2024 was as follows: Awards Unrecognized Compensation Remaining Weighted-Average Vesting Period (Years) Restricted Stock Units $ 52 1.9 Performance Shares 15 1.8 Stock Options (1) 3 2.0 Total $ 70 ____________ (1) Reflects CareAR SOs granted in May 2022.
Schedule of Aggregate Intrinsic Value Restricted Stock and Performance Shares Compensation Awards	The aggregate intrinsic value of outstanding stock-based awards was as follows: Awards December 31, 2024 Restricted Stock Units $ 53 Performance Shares 17
Schedule of Vested and Exercised Stock Based Awards Total Intrinsic Value and Tax Benefit Realized	The intrinsic value and actual tax benefit realized for all vested and exercised stock-based awards was as follows: December 31, 2024 December 31, 2023 December 31, 2022 Awards Total Intrinsic Value Tax Benefit Total Intrinsic Value Tax Benefit Total Intrinsic Value Tax Benefit Restricted Stock Units $ 31 $ 4 $ 25 $ 5 $ 39 $ 6 Performance Share Units — — — — 10 —

Other Comprehensive Loss (Table

Other Comprehensive Loss (Tables)	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Schedule of Other Comprehensive Loss	Other Comprehensive Loss is comprised of the following: Year Ended December 31, 2024 2023 2022 Pre-tax Net of Tax Pre-tax Net of Tax Pre-tax Net of Tax Net Translation Adjustments (Losses) Gains $ (112) $ (120) $ 191 $ 191 $ (376) $ (376) Unrealized (Losses) Gains Changes in fair value of cash flow hedges losses — — (18) (16) (35) (27) Changes in cash flow hedges reclassed to earnings (1) 10 9 18 17 35 26 Other losses — — — — (1) (1) Net Unrealized Gains (Losses) 10 9 — 1 (1) (2) Defined Benefit Plans Gains (Losses) Net actuarial/prior service gains (losses) 3 (3) (400) (300) (373) (284) Prior service amortization/curtailment (2) (7) (3) (10) (8) (18) (14) Actuarial loss amortization/settlement (2) 73 65 35 26 88 66 Other gains (losses) (3) 29 29 (49) (49) 62 61 Changes in Defined Benefit Plans Gains (Losses) 98 88 (424) (331) (241) (171) Other Comprehensive Loss $ (4) $ (23) $ (233) $ (139) $ (618) $ (549) _____________ (1) Reclassified to Cost of sales - refer to Note 16 - Financial Instruments for additional information regarding our cash flow hedges. (2) Reclassified to Total Net Periodic Benefit Cost - refer to Note 18 - Employee Benefit Plans for additional information. (3) Primarily represents currency impact on cumulative amount of benefit plan net actuarial losses and prior service credits in AOCL.
Schedule of Accumulated Other Comprehensive Loss	AOCL is comprised of the following: December 31, 2024 2023 2022 Cumulative translation adjustments $ (2,166) $ (2,046) $ (2,237) Other unrealized gains (losses), net 6 (3) (4) Benefit plans net actuarial losses and prior service credits (1,539) (1,627) (1,296) Total Accumulated Other Comprehensive Loss $ (3,699) $ (3,676) $ (3,537)

Loss per Share (Tables)

Loss per Share (Tables)	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Loss Per Share	The following table sets forth the computation of basic and diluted loss per share of Xerox Holdings Corporation's Common stock (shares in thousands): Year Ended December 31, 2024 2023 2022 Basic Loss per Share: Net (Loss) Income $ (1,321) $ 1 $ (322) Accrued dividends on preferred stock (14) (14) (14) Adjusted Net Loss attributable to common shareholders $ (1,335) $ (13) $ (336) Weighted average common shares outstanding 124,210 149,116 156,006 Basic Loss per Share $ (10.75) $ (0.09) $ (2.15) Diluted Loss per Share: Net (Loss) Income $ (1,321) $ 1 $ (322) Accrued dividends on preferred stock (14) (14) (14) Adjusted Net Loss attributable to common shareholders $ (1,335) $ (13) $ (336) Weighted average common shares outstanding 124,210 149,116 156,006 Common shares issuable with respect to: Stock options — — — Restricted stock and performance shares — — — Convertible preferred stock — — — Adjusted Weighted average common shares outstanding 124,210 149,116 156,006 Diluted Loss per Share $ (10.75) $ (0.09) $ (2.15) The following securities were not included in the computation of diluted earnings per share as they were either contingently issuable shares or shares that if included would have been anti-dilutive (shares in thousands): Stock options 147 231 586 Restricted stock and performance shares 8,623 6,711 4,950 Convertible preferred stock 6,742 6,742 6,742 Convertible notes (1) 19,196 — — Total Anti-Dilutive Securities 34,708 13,684 12,278 Dividends per Common Share $ 1.00 $ 1.00 $ 1.00 _____________ (1) Refer to Note 15 - Debt for additional information related to the issuance of Xerox Holdings Corporation's $400 of 3.75% Convertible Senior Notes due 2030

Basis of Presentation (Details)

Basis of Presentation (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Minimum | Xerox Holdings Corporation
Product Information [Line Items]
Ownership percentage	20%
Maximum | Xerox Holdings Corporation
Product Information [Line Items]
Ownership percentage	50%
Xerox Ventures LLC
Product Information [Line Items]
Investments in and advance to affiliates, subsidiaries, associates, and joint ventures		$ 26
Myriad
Product Information [Line Items]
Investments in and advance to affiliates, subsidiaries, associates, and joint ventures	$ 40

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements and Summary of Significant Accounting Policies (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) segment unit	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Economic life of products	5 years
Number of reportable segments	2
Number of operating segments	2
Number of reporting units | unit	2
Expected return on plan assets period	2 years
Sustaining engineering costs | $	$ 49	$ 55	$ 58
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Average maturity of finance receivables	2 years
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Average maturity of finance receivables	3 years

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Total Revenues	$ 6,221	$ 6,886	$ 7,107
Equipment
Disaggregation of Revenue [Line Items]
Total Revenues	1,378	1,655	1,624
Supplies, paper and other sales
Disaggregation of Revenue [Line Items]
Total Revenues	1,000	1,065	1,176
Maintenance agreements
Disaggregation of Revenue [Line Items]
Total Revenues	1,516	1,631	1,730
Service arrangements
Disaggregation of Revenue [Line Items]
Total Revenues	1,853	1,984	1,953
Rental and other
Disaggregation of Revenue [Line Items]
Total Revenues	323	360	417
Financing
Disaggregation of Revenue [Line Items]
Total Revenues	151	191	207
Sales
Disaggregation of Revenue [Line Items]
Total Revenues	2,378	2,720	2,800
Sales | Direct equipment lease
Disaggregation of Revenue [Line Items]
Total Revenues	706	920	708
Sales | Distributors & resellers
Disaggregation of Revenue [Line Items]
Total Revenues	973	1,044	1,222
Sales | Customer direct
Disaggregation of Revenue [Line Items]
Total Revenues	699	756	870
United States
Disaggregation of Revenue [Line Items]
Total Revenues	3,437	3,826	4,014
Europe
Disaggregation of Revenue [Line Items]
Total Revenues	1,843	1,951	1,935
Canada
Disaggregation of Revenue [Line Items]
Total Revenues	487	554	545
Other
Disaggregation of Revenue [Line Items]
Total Revenues	$ 454	$ 555	$ 613

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract liabilities	$ 130	$ 132
Contract liability amortization period (months)	30 months
Deferred incremental direct costs, amortization period (years)	4 years

Revenue - Capitalized Contract

Revenue - Capitalized Contract Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Capitalized Contract Cost, Net [Roll Forward]
Beginning balance	$ 136	$ 135	$ 147
Customer contract costs deferred	69	70	65
Amortization of customer contract costs	(64)	(69)	(73)
Other	(3)	0	(4)
Ending balance	$ 138	$ 136	$ 135

Segment Reporting - Selected Fi

Segment Reporting - Selected Financial Information For Reportable Segments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total Revenues	$ 6,221	$ 6,886	$ 7,107
Reconciliation to Segment Profit
Cost of financing	106	130	108
Research, development and engineering expenses	191	229	304
Selling, administrative and general expenses	1,537	1,696	1,760
Interest income	165	207	218
Depreciation and amortization	274	251	270
Total Assets	8,365	10,008
Write-off inventory	51	0	0
Reinvention costs	12	0	0
Transaction and related costs	7	0	0
Accelerated vesting, cost	0	0	21
Cost of sales
Segment Reporting Information [Line Items]
Total Revenues	2,378	2,720	2,800
Reconciliation to Segment Profit
Cost of goods and services sold	1,562	1,778	2,002
Write-off inventory	8
Cost of services, maintenance and rentals
Segment Reporting Information [Line Items]
Total Revenues	3,692	3,975	4,100
Reconciliation to Segment Profit
Cost of goods and services sold	2,593	2,664	2,679
Write-off inventory	43
Intersegment revenue
Segment Reporting Information [Line Items]
Total Revenues	71	86	90
Operating Segments
Segment Reporting Information [Line Items]
Total Revenues	6,292	6,972	7,197
Reconciliation to Segment Profit
Cost of financing	106	130	108
Research, development and engineering expenses	191	229	304
Selling, administrative and general expenses	1,518	1,696	1,739
Intersegment expense	71	86	90
Segment profit	302	389	275
Interest income	151	191	207
Depreciation and amortization	201	208	228
Capital expenditures	44	37	57
Total Assets	8,365	10,008	11,543
Operating Segments | Cost of sales
Reconciliation to Segment Profit
Cost of goods and services sold	1,554	1,778	2,002
Operating Segments | Cost of services, maintenance and rentals
Reconciliation to Segment Profit
Cost of goods and services sold	2,550	2,664	2,679
Print and Other
Segment Reporting Information [Line Items]
Total Revenues	5,864	6,485	6,714
Reconciliation to Segment Profit
Bad debt expense	25	22	17
Accelerated vesting, cost			21
Print and Other | Intersegment revenue
Segment Reporting Information [Line Items]
Total Revenues	71	86	90
Print and Other | Operating Segments
Segment Reporting Information [Line Items]
Total Revenues	5,935	6,571	6,804
Reconciliation to Segment Profit
Cost of financing	0	0	0
Research, development and engineering expenses	191	229	304
Selling, administrative and general expenses	1,392	1,563	1,584
Intersegment expense	71	86	90
Segment profit	268	360	258
Interest income	0	0	0
Depreciation and amortization	201	208	228
Capital expenditures	44	37	57
Total Assets	6,598	7,301	8,230
Print and Other | Operating Segments | Cost of sales
Reconciliation to Segment Profit
Cost of goods and services sold	1,477	1,686	1,906
Print and Other | Operating Segments | Cost of services, maintenance and rentals
Reconciliation to Segment Profit
Cost of goods and services sold	2,536	2,647	2,662
XFS
Segment Reporting Information [Line Items]
Total Revenues	357	401	393
Reconciliation to Segment Profit
Bad debt expense	17	6	26
XFS | Intersegment revenue
Segment Reporting Information [Line Items]
Total Revenues	0	0	0
XFS | Operating Segments
Segment Reporting Information [Line Items]
Total Revenues	357	401	393
Reconciliation to Segment Profit
Cost of financing	106	130	108
Research, development and engineering expenses	0	0	0
Selling, administrative and general expenses	126	133	155
Intersegment expense	0	0	0
Segment profit	34	29	17
Interest income	151	191	207
Depreciation and amortization	0	0	0
Capital expenditures	0	0	0
Total Assets	1,767	2,707	3,313
XFS | Operating Segments | Cost of sales
Reconciliation to Segment Profit
Cost of goods and services sold	77	92	96
XFS | Operating Segments | Cost of services, maintenance and rentals
Reconciliation to Segment Profit
Cost of goods and services sold	$ 14	$ 17	$ 17

Segment Reporting - Reportable

Segment Reporting - Reportable Segments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Goodwill impairment	$ (1,058)	$ 0	$ (412)
Restructuring and related costs, net	(112)	(167)	(65)
Amortization of intangible assets	(73)	(43)	(42)
PARC Donation	0	(132)	0
Accelerated share vesting	0	0	(21)
Inventory-related impact - exit of certain production print manufacturing operations	(51)	0	0
Divestitures	(47)	0	0
Reinvention costs	(12)	0	0
Transaction and related costs, net	(7)	0	0
Other expenses, net	(158)	(75)	(60)
Total Pre-tax (loss)	(1,216)	(28)	(325)
Depreciation and amortization	274	251	270
Total Interest expense	225	198	199
Interest income	165	207	218
Operating Segments
Segment Reporting Information [Line Items]
Total Segment profit	302	389	275
Depreciation and amortization	201	208	228
Total Interest expense	106	130	108
Interest income	151	191	207
Corporate
Segment Reporting Information [Line Items]
Total Interest expense	119	68	91
Interest income	$ 14	$ 16	$ 11

Segment and Geographic Area R_3

Segment and Geographic Area Reporting - Revenue and Long-lived Assets by Geography (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Revenues	$ 6,221	$ 6,886	$ 7,107
Long-lived assets	735	771
United States
Segment Reporting Information [Line Items]
Revenues	3,437	3,826	4,014
Long-lived assets	488	467
Europe
Segment Reporting Information [Line Items]
Revenues	1,843	1,951	1,935
Long-lived assets	194	241
Canada
Segment Reporting Information [Line Items]
Revenues	487	554	545
Long-lived assets	39	42
Other areas
Segment Reporting Information [Line Items]
Revenues	454	555	$ 613
Long-lived assets	$ 14	$ 21

Lessor (Details)

Lessor (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Sales-Type Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Total Revenues
Revenue from sales type leases	$ 706	$ 920	$ 708
Interest income on lease receivables	$ 151	191	207
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Total Revenues
Lease income - operating leases	$ 168	161	170
Variable lease income	46	62	63
Total Lease income	1,071	1,334	1,148
Profit at lease commencement, sales type leases	$ 213	$ 332	$ 229

Acquisitions and Divestitures -

Acquisitions and Divestitures - Schedule of Acquisitions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill	$ 1,937	$ 2,747	$ 2,820	$ 3,287
2024 Acquisitions
Business Acquisition [Line Items]
Accounts/finance receivables	58
Goodwill	286
Other assets	15
Total Assets acquired	495
Liabilities assumed	(124)
Acquisition-related debt	(210)
Total	161
Amount expected to be deductible for tax purposes	$ 42
2023 Acquisitions
Business Acquisition [Line Items]
Accounts/finance receivables		0
Goodwill		0
Other assets		0
Total Assets acquired		0
Liabilities assumed		0
Acquisition-related debt		0
Total		$ 0
2022 Acquisitions
Business Acquisition [Line Items]
Accounts/finance receivables			29
Goodwill			62
Other assets			30
Total Assets acquired			169
Liabilities assumed			(76)
Acquisition-related debt			0
Total			93
Amount expected to be deductible for tax purposes			20
Contingent consideration			$ 11
Customer relationships | 2024 Acquisitions
Business Acquisition [Line Items]
Intangible assets, weighted average life (years)	10 years
Intangible assets, net	$ 134
Customer relationships | 2023 Acquisitions
Business Acquisition [Line Items]
Intangible assets, weighted average life (years)
Intangible assets, net		$ 0
Customer relationships | 2022 Acquisitions
Business Acquisition [Line Items]
Intangible assets, weighted average life (years)			10 years
Intangible assets, net			$ 41
Trademarks | 2024 Acquisitions
Business Acquisition [Line Items]
Intangible assets, weighted average life (years)	1 year
Intangible assets, net	$ 2
Trademarks | 2023 Acquisitions
Business Acquisition [Line Items]
Intangible assets, weighted average life (years)
Intangible assets, net		$ 0
Trademarks | 2022 Acquisitions
Business Acquisition [Line Items]
Intangible assets, weighted average life (years)			5 years
Intangible assets, net			$ 7

Acquisitions and Divestitures_2

Acquisitions and Divestitures - Narrative (Details) £ in Millions, $ in Millions

1 Months Ended

3 Months Ended

6 Months Ended

12 Months Ended

Dec. 22, 2024 USD ($) extension

Nov. 20, 2024 USD ($)

Dec. 31, 2024 USD ($)

Mar. 31, 2024 USD ($)

Jul. 31, 2022 USD ($)

Jul. 31, 2022 GBP (£)

Feb. 28, 2022 USD ($)

Feb. 28, 2022 CAD ($)

Dec. 31, 2024 USD ($)

Jun. 30, 2024 USD ($)

Jun. 30, 2023 USD ($)

Dec. 31, 2025 USD ($)

Dec. 31, 2024 USD ($)

Dec. 31, 2023 USD ($)

Dec. 31, 2022 USD ($) acquisition

Oct. 15, 2024 USD ($)

Feb. 28, 2022 CAD ($)

Dec. 31, 2021 USD ($)

Business Acquisition [Line Items]

Revenues of acquiree since acquisition date, actual

$ 244,000,000

$ 215,000,000

$ 163,000,000

Goodwill, net

$ 1,937,000,000

$ 1,937,000,000

1,937,000,000

2,747,000,000

2,820,000,000

$ 3,287,000,000

Disposal group, not discontinued Operation, gain (loss) on disposal

(47,000,000)

0

0

Secured Promissory Notes

Business Acquisition [Line Items]

Debt discount

$ 10,000,000

Principal debt

$ 110,000,000

Senior Notes Due 2025 5.00% | Senior Notes

Business Acquisition [Line Items]

Purchase agreement refinance amount

$ 388,000,000

Debt interest rate (as percent)

5%

5%

Disposal Group, Disposed of by Sale, Not Discontinued Operations | Argentina And Chile Operations

Business Acquisition [Line Items]

Total consideration

$ 19,000,000

Disposal group, not discontinued Operation, gain (loss) on disposal

(51,000,000)

Currency translation loss

40,000,000

Goodwill

10,000,000

Net assets

18,000,000

Related fees

2,000,000

Purchase price adjustment credit

$ 3,000,000

Income tax benefit

19,000,000

After-tax loss from divestitures

$ 32,000,000

Disposal Group, Disposed of by Sale, Not Discontinued Operations | Paper Business In Europe

Business Acquisition [Line Items]

Disposal group, not discontinued Operation, gain (loss) on disposal

4,000,000

Discontinued Operations, Disposed of by Means Other than Sale, Donation | PARC

Business Acquisition [Line Items]

Goodwill

$ 115,000,000

Net assets

13,000,000

Net charge

132,000,000

Other expenses

4,000,000

Income tax expense

40,000,000

After-tax loss from discontinued operations

$ 92,000,000

ITsavvy Acquisition Company, Inc.

Business Acquisition [Line Items]

Business acquisition, percentage of voting interests acquired

100%

Consideration transferred

$ 405,000,000

Payments to acquire business

195,000,000

Revenues of acquiree since acquisition date, actual

48,000,000

Net income of acquiree since acquisition date, actual

2,000,000

Intangibles, expected tax deductible amount

59,000,000

Goodwill, net

286,000,000

Amount expected to be deductible for tax purposes

42,000,000

ITsavvy Acquisition Company, Inc. | Secured Promissory Notes

Business Acquisition [Line Items]

Debt discount

10,000,000

ITsavvy Acquisition Company, Inc. | 2025 Secured Promissory Note

Business Acquisition [Line Items]

Business combination, consideration transferred, liabilities incurred

110,000,000

Debt discount

3,000,000

ITsavvy Acquisition Company, Inc. | 2026 Secured Promissory Note

Business Acquisition [Line Items]

Business combination, consideration transferred, liabilities incurred

110,000,000

Debt discount

$ 7,000,000

2023 Acquisitions

Business Acquisition [Line Items]

Revenues of acquiree since acquisition date, actual

0

0

0

Goodwill, net

0

Powerland

Business Acquisition [Line Items]

Consideration transferred

$ 52,000,000

$ 66

Maximum contingent consideration

$ 22,000,000

$ 28

Contingent consideration, term

2 years

2 years

Contingent consideration

$ 11,000,000

Payment for contingent consideration liability

6,000,000

Go Inspire

Business Acquisition [Line Items]

Consideration transferred

$ 41,000,000

£ 34

2022 Acquisitions

Business Acquisition [Line Items]

Consideration transferred

93,000,000

Revenues of acquiree since acquisition date, actual

196,000,000

$ 215,000,000

163,000,000

Goodwill, net

62,000,000

Amount expected to be deductible for tax purposes

$ 20,000,000

Number of acquisitions | acquisition

2

Contingent consideration

$ 11,000,000

Series of Individually Immaterial Business Acquisitions

Business Acquisition [Line Items]

Business acquisition, percentage of voting interests acquired

100%

Lexmark

Business Acquisition [Line Items]

Number of extensions for termination period | extension

3

Termination extension period

3 months

Business combination, option to terminate, period

180 days

Business combination, option to terminate, extension period

90 days

Business combination, amount reimbursable to buyer

$ 30,000,000

Business combination, amount reimbursable to seller

$ 30,000,000

Business combination, alternate acquisition proposal period

18 months

Business combination, amount reimbursable under alternate acquisition proposal

$ 50,000,000

Commitment fees payable

$ 22,000,000

$ 22,000,000

$ 22,000,000

Lexmark | Forecasted

Business Acquisition [Line Items]

Consideration transferred

$ 1,500,000,000

Lexmark | Ninestar Shares

Business Acquisition [Line Items]

Percentage of voting interests collectively owned by certain shareholders

32.12%

Lexmark | Term Loan Facility | Secured Debt

Business Acquisition [Line Items]

Principal debt

$ 357,000,000

Lexmark | Senior Unsecured Notes | Senior Notes

Business Acquisition [Line Items]

Principal debt

250,000,000

Lexmark | SUNs | Senior Notes

Business Acquisition [Line Items]

Principal debt

250,000,000

Lexmark | Incremental Term Loan B | Secured Debt

Business Acquisition [Line Items]

Principal debt

$ 550,000,000

Acquisitions and Divestitures_3

Acquisitions and Divestitures - Consideration Paid (Details) - ITsavvy Acquisition Company, Inc. $ in Millions	Nov. 20, 2024 USD ($)
Business Acquisition [Line Items]
Cash	$ 195
Total Fair value of consideration transferred	405
2025 Secured Promissory Note
Business Acquisition [Line Items]
Secured promissory notes due in 2025 and 2026	107
Debt discount	3
2026 Secured Promissory Note
Business Acquisition [Line Items]
Secured promissory notes due in 2025 and 2026	103
Debt discount	$ 7

Acquisitions and Divestitures_4

Acquisitions and Divestitures - Summary of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Dec. 31, 2024	Nov. 20, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets acquired
Goodwill	$ 1,937		$ 2,747	$ 2,820	$ 3,287
ITsavvy Acquisition Company, Inc.
Assets acquired
Cash and cash equivalents		$ 34
Accounts receivable, net		58
Inventories		4
Other current assets		3
Land, buildings and equipment, net		5
Intangible assets, net		136
Goodwill		286
Other long-term assets		3
Total Assets acquired		529
Liabilities assumed
Accounts payable		57
Accrued compensation and benefits costs		7
Accrued expenses and other liabilities		16
Deferred tax liability		18
Other long-term liabilities		26
Total Liabilities acquired		124
Total		$ 405

Acquisitions and Divestitures_5

Acquisitions and Divestitures - Summary of Fair Value Estimates of Identifiable Intangible Assets and Their Weighted-Average Useful Lives (Details) - USD ($) $ in Millions	Dec. 31, 2024	Nov. 20, 2024
Trademarks
Business Acquisition [Line Items]
Estimated Useful Life	11 years
ITsavvy Acquisition Company, Inc.
Business Acquisition [Line Items]
Intangible assets, net		$ 136
ITsavvy Acquisition Company, Inc. | Customer relationships
Business Acquisition [Line Items]
Intangible assets, net		$ 134
Estimated Useful Life		10 years
ITsavvy Acquisition Company, Inc. | Trademarks
Business Acquisition [Line Items]
Intangible assets, net		$ 2
Estimated Useful Life		1 year

Acquisitions and Divestitures_6

Acquisitions and Divestitures - Pro Forma Information (Details) - ITsavvy Acquisition Company, Inc. - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Total revenue	$ 6,630	$ 7,296
Net loss	$ (1,332)	$ (8)

Acquisitions and Divestitures_7

Acquisitions and Divestitures - Acquisitions Contributed Aggregate Revenues from Their Respective Acquisition Dates (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Asset Acquisition [Line Items]
Total Contributed Aggregate Revenue	$ 244	$ 215	$ 163
2024 Acquisitions
Asset Acquisition [Line Items]
Total Contributed Aggregate Revenue	48	0	0
2023 Acquisitions
Asset Acquisition [Line Items]
Total Contributed Aggregate Revenue	0	0	0
2022 Acquisitions
Asset Acquisition [Line Items]
Total Contributed Aggregate Revenue	$ 196	$ 215	$ 163

Accounts Receivable, Net - Acco

Accounts Receivable, Net - Accounts Receivables (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for doubtful accounts	$ (69)	$ (64)
Accounts receivable, net	796	850
Accounts Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Invoiced	692	710
Accrued	173	204
Allowance for doubtful accounts	(69)	(64)	$ (52)
Accounts receivable, net	$ 796	$ 850

Accounts Receivable, Net - Allo

Accounts Receivable, Net - Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 64
Ending balance	69	$ 64
Accounts Receivable
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	64	52
Provision	25	22
Charge-offs, net	(20)	(17)
Other	0	7
Ending balance	$ 69	$ 64

Accounts Receivable, Net - Narr

Accounts Receivable, Net - Narrative (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Customers | Accounts Receivable | Credit Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (percentage)	8%	7%

Accounts Receivable, Net - Ac_2

Accounts Receivable, Net - Accounts Receivable Sales Arrangements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounts Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable sales	$ 450	$ 399	$ 593

Finance Receivables, Net - Fina

Finance Receivables, Net - Finance Receivables and Maturities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, after Allowance for Credit Loss [Abstract]
Gross receivables	$ 2,032	$ 2,899
Unearned income	(230)	(297)
Total	1,802	2,602
Residual values	0	0
Allowance for doubtful accounts	(57)	(92)	$ (117)
Finance Receivables, Net	1,745	2,510
Less: Billed portion of finance receivables, net	48	71
Less: Current portion of finance receivables not billed, net	608	842
Finance Receivables Due After One Year, Net	1,089	1,597
12 months	842	1,075
24 months	530	758
36 months	368	547
48 months	205	343
60 months	77	143
Thereafter	10	33
Total	$ 2,032	$ 2,899

Finance Receivables, Net - Allo

Finance Receivables, Net - Allowance for Credit Losses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
Provision (reversal)	$ 17	$ 6
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	92	117
Provision	17	6
Charge-offs, net	(51)	(34)
Other	(1)	3
Ending balance	57	92
Finance receivables collectively evaluated for impairment	$ 1,802	$ 2,602
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, Canada and EMEA | Credit Concentration Risk | Finance Receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Concentration risk (percentage)	3.20%	3.50%
United States
Financing Receivable, Allowance for Credit Loss [Line Items]
Provision (reversal)	$ (7)	$ (8)
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	58	83
Provision	(7)	(8)
Charge-offs, net	(23)	(17)
Other	1	0
Ending balance	29	58
Finance receivables collectively evaluated for impairment	749	1,205
Canada
Financing Receivable, Allowance for Credit Loss [Line Items]
Provision (reversal)	10	1
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	7	7
Provision	10	1
Charge-offs, net	(11)	(3)
Other	(1)	2
Ending balance	5	7
Finance receivables collectively evaluated for impairment	144	255
EMEA
Financing Receivable, Allowance for Credit Loss [Line Items]
Provision (reversal)	14	13
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	27	27
Provision	14	13
Charge-offs, net	(17)	(14)
Other	(1)	1
Ending balance	23	27
Finance receivables collectively evaluated for impairment	$ 909	$ 1,142

Finance Receivables, Net - Fi_2

Finance Receivables, Net - Finance Receivables Credit Quality Indicators (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Total Finance Receivables
Current Year	$ 528	$ 1,095
CY-1	605	687
CY-2	368	462
CY-3	207	244
CY-4	78	96
Prior	16	18
Total	1,802	2,602
Charge-offs
Charge-offs, Current year	2	8
Charge-offs, CY-1	23	12
Charge-offs, CY-2	11	8
Charge-offs, CY-3	8	7
Charge-offs, CY-4	5	3
Charge-offs, prior	7	6
Total Charge-offs	56	44
United States - Direct
Total Finance Receivables
Current Year	172	260
CY-1	154	122
CY-2	80	135
CY-3	64	88
CY-4	26	32
Prior	6	8
Total	502	645
Charge-offs
Charge-offs, Current year	1	1
Charge-offs, CY-1	0	1
Charge-offs, CY-2	1	1
Charge-offs, CY-3	1	1
Charge-offs, CY-4	2	1
Charge-offs, prior	2	2
Total Charge-offs	7	7
United States - Indirect
Total Finance Receivables
Current Year	72	259
CY-1	95	154
CY-2	49	95
CY-3	25	39
CY-4	6	13
Prior	0	0
Total	247	560
Charge-offs
Charge-offs, Current year	1	4
Charge-offs, CY-1	7	3
Charge-offs, CY-2	3	3
Charge-offs, CY-3	4	2
Charge-offs, CY-4	2	2
Charge-offs, prior	4	3
Total Charge-offs	21	17
Canada
Total Finance Receivables
Current Year	70	114
CY-1	37	65
CY-2	20	38
CY-3	12	26
CY-4	4	11
Prior	1	1
Total	144	255
Charge-offs
Charge-offs, Current year	0	0
Charge-offs, CY-1	9	0
Charge-offs, CY-2	1	0
Charge-offs, CY-3	0	2
Charge-offs, CY-4	0	0
Charge-offs, prior	1	1
Total Charge-offs	11	3
EMEA
Total Finance Receivables
Current Year	214	462
CY-1	319	346
CY-2	219	194
CY-3	106	91
CY-4	42	40
Prior	9	9
Total	909	1,142
Charge-offs
Charge-offs, Current year	0	3
Charge-offs, CY-1	7	8
Charge-offs, CY-2	6	4
Charge-offs, CY-3	3	2
Charge-offs, CY-4	1	0
Charge-offs, prior	0	0
Total Charge-offs	17	17
Low Credit Risk
Total Finance Receivables
Current Year	297	554
CY-1	310	334
CY-2	182	235
CY-3	96	122
CY-4	34	46
Prior	4	9
Total	923	1,300
Low Credit Risk | United States - Direct
Total Finance Receivables
Current Year	93	122
CY-1	69	51
CY-2	34	61
CY-3	23	43
CY-4	10	17
Prior	1	3
Total	230	297
Low Credit Risk | United States - Indirect
Total Finance Receivables
Current Year	40	136
CY-1	48	77
CY-2	25	48
CY-3	13	22
CY-4	3	6
Prior	0	0
Total	129	289
Low Credit Risk | Canada
Total Finance Receivables
Current Year	33	45
CY-1	18	24
CY-2	7	16
CY-3	5	9
CY-4	1	4
Prior	0	0
Total	64	98
Low Credit Risk | EMEA
Total Finance Receivables
Current Year	131	251
CY-1	175	182
CY-2	116	110
CY-3	55	48
CY-4	20	19
Prior	3	6
Total	500	616
Average Credit Risk
Total Finance Receivables
Current Year	187	470
CY-1	250	288
CY-2	148	181
CY-3	88	86
CY-4	33	38
Prior	8	5
Total	714	1,068
Average Credit Risk | United States - Direct
Total Finance Receivables
Current Year	51	104
CY-1	61	35
CY-2	23	49
CY-3	27	23
CY-4	9	9
Prior	2	2
Total	173	222
Average Credit Risk | United States - Indirect
Total Finance Receivables
Current Year	29	111
CY-1	42	69
CY-2	22	41
CY-3	11	15
CY-4	3	6
Prior	0	0
Total	107	242
Average Credit Risk | Canada
Total Finance Receivables
Current Year	32	63
CY-1	17	36
CY-2	11	18
CY-3	5	12
CY-4	2	6
Prior	1	0
Total	68	135
Average Credit Risk | EMEA
Total Finance Receivables
Current Year	75	192
CY-1	130	148
CY-2	92	73
CY-3	45	36
CY-4	19	17
Prior	5	3
Total	366	469
High Credit Risk
Total Finance Receivables
Current Year	44	71
CY-1	45	65
CY-2	38	46
CY-3	23	36
CY-4	11	12
Prior	4	4
Total	165	234
High Credit Risk | United States - Direct
Total Finance Receivables
Current Year	28	34
CY-1	24	36
CY-2	23	25
CY-3	14	22
CY-4	7	6
Prior	3	3
Total	99	126
High Credit Risk | United States - Indirect
Total Finance Receivables
Current Year	3	12
CY-1	5	8
CY-2	2	6
CY-3	1	2
CY-4	0	1
Prior	0	0
Total	11	29
High Credit Risk | Canada
Total Finance Receivables
Current Year	5	6
CY-1	2	5
CY-2	2	4
CY-3	2	5
CY-4	1	1
Prior	0	1
Total	12	22
High Credit Risk | EMEA
Total Finance Receivables
Current Year	8	19
CY-1	14	16
CY-2	11	11
CY-3	6	7
CY-4	3	4
Prior	1	0
Total	$ 43	$ 57

Finance Receivables, Net - Fi_3

Finance Receivables, Net - Finance Receivables Aging Schedule (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Financing Receivable, Past Due [Line Items]
Total	$ 1,802	$ 2,602
Charge-offs, Current year	2	8
Charge-offs, CY-1	23	12
Charge-offs, CY-2	11	8
Charge-offs, CY-3	8	7
Charge-offs, CY-4	5	3
Charge-offs, prior	7	6
Charge-offs, Total	56	44
Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	50	75
Unbilled
Financing Receivable, Past Due [Line Items]
Total	1,752	2,527
United States
Financing Receivable, Past Due [Line Items]
Total	749	1,205
United States | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	36	57
United States | Unbilled
Financing Receivable, Past Due [Line Items]
Total	713	1,148
Canada
Financing Receivable, Past Due [Line Items]
Total	144	255
Charge-offs, Current year	0	0
Charge-offs, CY-1	9	0
Charge-offs, CY-2	1	0
Charge-offs, CY-3	0	2
Charge-offs, CY-4	0	0
Charge-offs, prior	1	1
Charge-offs, Total	11	3
Canada | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	7	8
Canada | Unbilled
Financing Receivable, Past Due [Line Items]
Total	137	247
EMEA
Financing Receivable, Past Due [Line Items]
Total	909	1,142
Charge-offs, Current year	0	3
Charge-offs, CY-1	7	8
Charge-offs, CY-2	6	4
Charge-offs, CY-3	3	2
Charge-offs, CY-4	1	0
Charge-offs, prior	0	0
Charge-offs, Total	17	17
EMEA | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	7	10
EMEA | Unbilled
Financing Receivable, Past Due [Line Items]
Total	902	1,132
Current | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	35	53
Current | United States | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	25	40
Current | Canada | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	5	6
Current | EMEA | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	5	7
31-90 Days Past Due | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	8	12
31-90 Days Past Due | United States | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	6	9
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	1	2
>90 Days Past Due | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	7	10
>90 Days Past Due | United States | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	5	8
>90 Days Past Due | Canada | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	1	1
>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	55	61
>90 Days and Accruing | United States
Financing Receivable, Past Due [Line Items]
Financing receivable, 90 days or more past due, still accruing	35	41
>90 Days and Accruing | Canada
Financing Receivable, Past Due [Line Items]
Financing receivable, 90 days or more past due, still accruing	5	10
>90 Days and Accruing | EMEA
Financing Receivable, Past Due [Line Items]
Financing receivable, 90 days or more past due, still accruing	15	10
Direct
Financing Receivable, Past Due [Line Items]
Total	502	645
Direct | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	28	35
Direct | Unbilled
Financing Receivable, Past Due [Line Items]
Total	474	610
Direct | Current | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	19	24
Direct | 31-90 Days Past Due | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	5	6
Direct | >90 Days Past Due | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	4	5
Direct | >90 Days and Accruing
Financing Receivable, Past Due [Line Items]
Financing receivable, 90 days or more past due, still accruing	35	41
Indirect
Financing Receivable, Past Due [Line Items]
Total	247	560
Indirect | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	8	22
Indirect | Unbilled
Financing Receivable, Past Due [Line Items]
Total	239	538
Indirect | Current | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	6	16
Indirect | 31-90 Days Past Due | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	1	3
Indirect | >90 Days Past Due | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	1	3
Indirect | >90 Days and Accruing
Financing Receivable, Past Due [Line Items]
Financing receivable, 90 days or more past due, still accruing	$ 0	$ 0

Finance Receivables, Net - Sale

Finance Receivables, Net - Sales of Receivables (Details) $ in Millions, $ in Millions	1 Months Ended		12 Months Ended
	Oct. 31, 2024	Jan. 31, 2024	Dec. 31, 2024 USD ($)	Dec. 31, 2024 CAD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, sale			$ 100	$ 139
HPS Investment Partners
Financing Receivable, Allowance for Credit Loss [Line Items]
Funding agreement term		5 years
Funding agreement renewal term		1 year
De Lage Landen Financial Services Canada Inc.
Financing Receivable, Allowance for Credit Loss [Line Items]
Funding agreement term	5 years
Funding agreement renewal term	1 year

Finance Receivables, net - Fi_4

Finance Receivables, net - Finance Receivable Sale Activity (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Receivables [Abstract]
Finance receivable sales - net proceeds	$ 752	$ 1,102	$ 60
Gain on sale/Commissions	30	25	2
Servicing revenue	17	9	$ 0
Revenue associated with sale of underlying leased equipment	$ 4	$ 4

Inventories and Equipment on _3

Inventories and Equipment on Operating Leases, Net - Inventories by Major Category (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Inventory [Line Items]
Finished goods	$ 609	$ 528
Work-in-process	36	47
Raw materials	50	86
Total Inventories	695	661
Write-off inventory	51	$ 0	$ 0
Reduction Of Inventory, Finished Goods
Inventory [Line Items]
Write-off inventory	7
Reduction Of Inventory, Raw Materials
Inventory [Line Items]
Write-off inventory	$ 38

Inventories and Equipment on _4

Inventories and Equipment on Operating Leases, Net - Equipment on Operating Leases and Related Accumulated Depreciation (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Inventories and Equipment on Operating Leases, Net [Abstract]
Equipment on operating leases	$ 931	$ 1,074
Accumulated depreciation	(686)	(809)
Equipment on operating leases, net	$ 245	$ 265

Inventories and Equipment on _5

Inventories and Equipment on Operating Leases, Net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Equipment on Operating Leases, Net [Line Items]
Contingent rental revenue on operating leases	$ 46	$ 62	$ 63
Minimum
Equipment on Operating Leases, Net [Line Items]
Equipment on operating lease depreciable lives	4 years
Maximum
Equipment on Operating Leases, Net [Line Items]
Equipment on operating lease depreciable lives	5 years

Inventories and Equipment on _6

Inventories and Equipment on Operating Leases, Net - Estimated Minimum Future Revenues Operating Leases (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Inventories and Equipment on Operating Leases, Net [Abstract]
12 months	$ 131	$ 165
24 months	70	89
36 months	45	52
48 months	25	30
60 months	9	13
Thereafter	0	2
Total	$ 280	$ 351

Land, Buildings, Equipment an_3

Land, Buildings, Equipment and Software, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Land, Building and Equipment, net [Line Items]
Subtotal	$ 2,056	$ 2,136
Accumulated depreciation	(1,805)	(1,870)
Land, buildings and equipment, net	251	266
Depreciation expense	57	60	$ 68
Land
Land, Building and Equipment, net [Line Items]
Subtotal	8	8
Building and building equipment
Land, Building and Equipment, net [Line Items]
Subtotal	669	678
Leasehold improvements
Land, Building and Equipment, net [Line Items]
Subtotal	72	78
Plant machinery
Land, Building and Equipment, net [Line Items]
Subtotal	771	855
Office furniture and equipment
Land, Building and Equipment, net [Line Items]
Subtotal	411	436
Finance leased assets
Land, Building and Equipment, net [Line Items]
Subtotal	79	33
Other
Land, Building and Equipment, net [Line Items]
Subtotal	35	37
Construction in progress
Land, Building and Equipment, net [Line Items]
Subtotal	$ 11	$ 11
Minimum
Land, Building and Equipment, net [Line Items]
Estimated Useful Lives (Years)	4 years
Minimum | Building and building equipment
Land, Building and Equipment, net [Line Items]
Estimated Useful Lives (Years)	25 years
Minimum | Leasehold improvements
Land, Building and Equipment, net [Line Items]
Estimated Useful Lives (Years)	1 year
Minimum | Plant machinery
Land, Building and Equipment, net [Line Items]
Estimated Useful Lives (Years)	5 years
Minimum | Office furniture and equipment
Land, Building and Equipment, net [Line Items]
Estimated Useful Lives (Years)	3 years
Minimum | Finance leased assets
Land, Building and Equipment, net [Line Items]
Estimated Useful Lives (Years)	1 year
Minimum | Other
Land, Building and Equipment, net [Line Items]
Estimated Useful Lives (Years)	4 years
Maximum
Land, Building and Equipment, net [Line Items]
Estimated Useful Lives (Years)	5 years
Maximum | Building and building equipment
Land, Building and Equipment, net [Line Items]
Estimated Useful Lives (Years)	50 years
Maximum | Leasehold improvements
Land, Building and Equipment, net [Line Items]
Estimated Useful Lives (Years)	12 years
Maximum | Plant machinery
Land, Building and Equipment, net [Line Items]
Estimated Useful Lives (Years)	12 years
Maximum | Office furniture and equipment
Land, Building and Equipment, net [Line Items]
Estimated Useful Lives (Years)	15 years
Maximum | Finance leased assets
Land, Building and Equipment, net [Line Items]
Estimated Useful Lives (Years)	12 years
Maximum | Other
Land, Building and Equipment, net [Line Items]
Estimated Useful Lives (Years)	20 years

Land, Buildings, Equipment an_4

Land, Buildings, Equipment and Software, Net - Internal Use Software (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Land, Buildings, Equipment and Software, Net [Abstract]
Internal use software, net	$ 60	$ 68
Internal use, useful lives, minimum, years	3 years
Internal use, useful lives, maximum, years	7 years

Lessee - Narrative (Details)

Lessee - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Remaining terms of leases (years)	10 years
Finance lease expense	$ 13	$ 8	$ 4
Maximum
Lessee, Lease, Description [Line Items]
Finance lease maturity	5 years

Lessee - Components of Lease Ex

Lessee - Components of Lease Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease expense	$ 70	$ 83	$ 97
Short-term lease expense	14	16	17
Variable lease expense	57	53	49
Sublease income	(1)	(1)	(5)
Total Lease expense	$ 140	$ 151	$ 158

Lessee - Operating Lease ROU As

Lessee - Operating Lease ROU Asset- Operating Leases Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
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	$ 179	$ 172
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	$ 45	$ 41
Operating lease, liability, noncurrent, statement of financial position [extensible list]	Other long-term liabilities	Other long-term liabilities
Other long-term liabilities	$ 143	$ 141
Total Operating lease liabilities	$ 188	$ 182

Lessee - Supplemental Informati

Lessee - Supplemental Information Related to Operating Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities - Operating cash flows	$ 72	$ 91	$ 101
Right-of-use assets obtained in exchange for new lease liabilities	$ 65	$ 23	$ 45
Weighted-average remaining lease term (years)	4 years	4 years	4 years
Weighted-average discount rate (percentage)	7.70%	6.07%	5.19%

Lessee - Maturities and Additio

Lessee - Maturities and Additional Information Related to Operating Lease Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
12 months	$ 69
24 months	58
36 months	37
48 months	27
60 months	17
Thereafter	9
Total Lease payments	217
Less: Imputed interest	29
Total Operating lease liabilities	$ 188	$ 182

Lessee - Operating Lease ROU _2

Lessee - Operating Lease ROU Asset- Financing Leases Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Land, buildings and equipment, net	$ 55	$ 19
Accrued expenses and other current liabilities	15	8
Other long-term liabilities	38	9
Total Finance lease liabilities	$ 53	$ 17

Lessee - Supplemental Informa_2

Lessee - Supplemental Information Related to Financing Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities	$ 12	$ 8	$ 4
Right-of-use assets obtained in exchange for new lease liabilities	$ 42	$ 7	$ 12
Weighted-average remaining lease term (years)	4 years	2 years	3 years
Weighted-average discount rate (percentage)	10.53%	7.28%	6.40%

Lessee - Maturities and Addit_2

Lessee - Maturities and Additional Information Related to Financing Lease Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
12 months	$ 19	$ 9
24 months	15	6
36 months	12	3
48 months	11	1
60 months	8	0
Thereafter	0	0
Total Lease payments	65	19
Less: Imputed interest	12	2
Total Finance Lease Liabilities	$ 53	$ 17

Goodwill, Net and Intangible _3

Goodwill, Net and Intangible Assets, Net - Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2024	Jun. 30, 2023	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 4,182	$ 3,940	$ 4,013			$ 4,068
Accumulated impairment losses	(2,245)	(1,193)	(1,193)			(781)
Goodwill, net	1,937	2,747	2,820			$ 3,287
Goodwill [Roll Forward]
Beginning balance, goodwill	2,747	2,820	3,287
Foreign currency translation	(29)	47	(120)
Other	1	0	3
Dispositions	(16)	(125)	0
Goodwill impairment	(1,058)	0	(412)
Foreign currency translation - Impairment	6	0	0
Ending balance, goodwill	1,937	2,747	2,820
Disposition	16	125	0
Goodwill, impairment loss, net of tax	1,015		395
Goodwill impairment	1,058	0	412
Discontinued Operations, Disposed of by Means Other than Sale, Donation | PARC
Goodwill [Roll Forward]
Dispositions		(115)
Disposition		115
Goodwill					$ 115
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Argentina And Chile Operations
Goodwill [Roll Forward]
Goodwill				$ 10
U.S. Acquisition
Goodwill [Roll Forward]
Acquisitions	286	0	0
U.K. Acquisitions
Goodwill [Roll Forward]
Acquisitions	0	5	28
Canada Acquisition
Goodwill [Roll Forward]
Acquisitions	$ 0	$ 0	$ 34

Goodwill, Net and Intangible _4

Goodwill, Net and Intangible Assets, Net - Intangible Assets Net (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 497	$ 545
Accumulated Amortization	261	368
Net Amount	236	177
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2025	36
2026	36
2027	36
2028	36
2029	$ 33
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization	10 years
Gross Carrying Amount	$ 324	200
Accumulated Amortization	106	92
Net Amount	$ 218	108
Distribution network
Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization	25 years
Gross Carrying Amount	$ 123	123
Accumulated Amortization	123	118
Net Amount	$ 0	5
Trademarks
Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization	11 years
Gross Carrying Amount	$ 38	209
Accumulated Amortization	20	147
Net Amount	$ 18	62
Technology and non-compete
Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization	3 years
Gross Carrying Amount	$ 12	13
Accumulated Amortization	12	11
Net Amount	$ 0	$ 2

Restructuring Programs - Restru

Restructuring Programs - Restructuring and Related Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restructuring and Related Activities [Abstract]
Restructuring charges, net	$ 62	$ 114	$ 68
Asset impairment charges, net	25	32	(6)
Related costs, net	25	21	3
Total Restructuring and related costs, net	$ 112	$ 167	$ 65

Restructuring Programs - Rest_2

Restructuring Programs - Restructuring Charges (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restructuring reserve [Roll Forward]
Balance at beginning of period	$ 129	$ 43	$ 27
Restructuring provision	72	125	77
Reversals of prior charges	(10)	(11)	(9)
Net current period charges	62	114	68
Charges against reserve and currency	(82)	(28)	(52)
Balance at end of period	109	129	43
Severance  Costs
Restructuring reserve [Roll Forward]
Balance at beginning of period	129	39	25
Restructuring provision	68	125	74
Reversals of prior charges	(9)	(11)	(8)
Net current period charges	59	114	66
Charges against reserve and currency	(79)	(24)	(52)
Balance at end of period	109	129	39
Other Contractual Termination Costs
Restructuring reserve [Roll Forward]
Balance at beginning of period	0	4	2
Restructuring provision	4	0	3
Reversals of prior charges	(1)	0	(1)
Net current period charges	3	0	2
Charges against reserve and currency	(3)	(4)	0
Balance at end of period	$ 0	$ 0	$ 4

Restructuring Programs -Reconci

Restructuring Programs -Reconciliation to the Consolidated Statements of Cash Flows (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restructuring and Related Activities [Abstract]
Restructuring charges, statement of income or comprehensive income [extensible enumeration]	Restructuring cash payments
Restructuring cash payments	$ (78)	$ (27)	$ (52)
Effects of foreign currency and other non-cash items	(4)	(1)	0
Charges against reserve and currency	$ (82)	$ (28)	$ (52)

Restructuring Programs - Rest_3

Restructuring Programs - Restructuring Related Asset Impairment Activity (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restructuring and Related Activities [Abstract]
Lease right of use assets	$ 0	$ 0	$ 2
Owned assets	27	36	15
Asset impairments	27	36	17
Gain on sales of owned assets	0	0	(22)
Adjustments/Reversals	(2)	(4)	(1)
Net asset impairment charge (credit)	$ 25	$ 32	$ (6)

Restructuring Programs - Relate

Restructuring Programs - Related Costs, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Related costs, net	$ 25	$ 21	$ 3
Retention-related severance/bonuses
Restructuring Cost and Reserve [Line Items]
Related costs, net	(2)	(2)	0
Contractual severance costs
Restructuring Cost and Reserve [Line Items]
Related costs, net	(1)	0	3
Consulting and other costs
Restructuring Cost and Reserve [Line Items]
Related costs, net	$ 28	$ 23	$ 0

Restructuring Programs - Narrat

Restructuring Programs - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restructuring and Related Activities [Abstract]
Cash payments for restructuring related costs	$ 28	$ 26	$ 9
Restructuring related reserve	$ 4	$ 8

Supplementary Financial Infor_3

Supplementary Financial Information - Components of Other Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Current Assets
Restricted Cash and Cash Equivalents, Current, Statement of Financial Position [Extensible Enumeration]	Total Other Current Assets	Total Other Current Assets
Restricted cash	$ 33	$ 70
Total Other Current Assets	$ 212	$ 234
Other Long-term Assets
Restricted Cash and Cash Equivalents, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Total other long-term assets	Total other long-term assets
Operating lease, right-of-use asset, statement of financial position [extensible list]	Total other long-term assets	Total other long-term assets
Internal use software, net	$ 60	$ 68
Restricted cash	22	28
Customer contract costs, net	138	136	$ 135	$ 147
Operating lease right-of-use assets	179	172
Total other long-term assets	$ 1,057	$ 1,034
Accrued Expenses and Other Current Liabilities
Operating lease, liability, current, statement of financial position [extensible list]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Operating lease obligations	$ 45	$ 41
Total accrued expenses and other current liabilities	$ 784	$ 862
Other Long-term Liabilities
Operating lease, liability, noncurrent, statement of financial position [extensible list]	Total Other Long-term Liabilities	Total Other Long-term Liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Total Other Long-term Liabilities	Total Other Long-term Liabilities
Environmental Loss Contingency, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Total Other Long-term Liabilities	Total Other Long-term Liabilities
Operating lease obligations	$ 143	$ 141
Environmental reserves	12	11
Total Other Long-term Liabilities	386	360
Accrued expenses and other current liabilities	784	862
Xerox Corporation
Other Current Assets
Total Other Current Assets	212	234
Other Long-term Assets
Total other long-term assets	1,017	1,008
Other Long-term Liabilities
Total Other Long-term Liabilities	386	360
Accrued expenses and other current liabilities	741	820
Other Current Assets
Other Current Assets
Income taxes receivable	22	13
Royalties, license fees and software maintenance	19	19
Prepaid expenses	39	29
Advances and deposits	17	33
Other	82	70
Other Long-term Assets
Other Long-term Assets
Income taxes receivable	45	22
Prepaid pension costs	421	423
Internal use software, net	60	68
Customer contract costs, net	139	136
Deferred compensation plan investments	13	14
Investments in affiliates, at equity	49	40
Investments at cost - Xerox Holdings	40	26
Other	89	105
Accrued Expenses and Other Current Liabilities
Accrued Expenses and Other Current Liabilities
Income taxes payable	33	39
Other taxes payable	46	60
Interest payable	37	37
Restructuring reserves	86	119
Dividends payable - Xerox Holdings	43	42
Distributor and reseller rebates/commissions	118	120
Unearned income and other revenue deferrals	133	147
Administration and overhead	44	61
Other	199	196
Other Long-term Liabilities
Other Long-term Liabilities
Deferred taxes	85	95
Income taxes payable	4	14
Restructuring reserves	23	10
Other	$ 119	$ 89

Supplementary Financial Infor_4

Supplementary Financial Information - Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Supplemental Financial Information [Abstract]
Cash and cash equivalents	$ 576	$ 519
Litigation deposits in Brazil	20	27
Escrow and cash collections related to secured borrowings and receivable sales	13	49
Other restricted cash	22	22
Total Restricted cash	55	98
Cash, cash equivalents and restricted cash	$ 631	$ 617

Supplementary Financial Infor_5

Supplementary Financial Information - Restricted Cash Balance Sheet Location (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Restricted Cash and Cash Equivalents Items [Line Items]
Total Restricted cash	$ 55	$ 98
Other current assets
Restricted Cash and Cash Equivalents Items [Line Items]
Total Restricted cash	33	70
Other long-term assets
Restricted Cash and Cash Equivalents Items [Line Items]
Total Restricted cash	$ 22	$ 28

Supplementary Financial Infor_6

Supplementary Financial Information - Summarized Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Supplemental Financial Information [Abstract]
Provision for receivables	$ 44	$ 36	$ 36
Provision for inventory	66	18	29
Depreciation of buildings and equipment	57	60	68
Depreciation and obsolescence of equipment on operating leases	117	111	115
Amortization of internal use software	27	37	45
Amortization of acquired intangible assets	73	43	42
Amortization of patents	9	9	10
Amortization of customer contract costs	64	69	73
Cost of additions to land, buildings and equipment	(27)	(29)	(36)
Cost of additions to internal use software	(17)	(8)	(21)
Payments to acquire noncontrolling interests - Xerox Holdings	(30)	(5)	(13)
Common stock dividends - Xerox Holdings	(127)	(151)	(160)
Preferred stock dividends - Xerox Holdings	(14)	(14)	(14)
Payments to noncontrolling interests	(2)	(2)	(1)
Investment from noncontrolling interests	0	0	6
Repurchases related to stock-based compensation - Xerox Holdings	(10)	(8)	(12)
Amounts (credited) charged to other income statement accounts	$ 2	$ 8	$ (7)

Supplementary Financial Infor_7

Supplementary Financial Information - Supplier Finance Programs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Supplemental Financial Information [Abstract]
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration]	Accounts payable	Accounts payable
Credit period (in days)	45 days
Supplier Finance Program, Obligation [Roll Forward]
Balance at January 1st,	$ 40	$ 40
Amounts invoiced	110	125
Invoices paid	(120)	(125)
Balance at December 31st,	$ 30	$ 40

Debt - Short-term Debt (Details

Debt - Short-term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total	$ 585	$ 567
Xerox Holdings Corporation
Debt Instrument [Line Items]
Total	388	0
Xerox Corporation
Debt Instrument [Line Items]
Total	130	323
Xerox - Other Subsidiaries
Debt Instrument [Line Items]
Total	$ 67	$ 244

Debt - Long-term Debt (Details)

Debt - Long-term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total	$ 3,451
Subtotal - Debt issuance costs	(30)	$ (19)
Unamortized (discount) premium	(22)	(15)
Less: current maturities	(585)	(567)
Total Long-term Debt	2,814	2,710
Xerox Holdings Corporation
Debt Instrument [Line Items]
Total	2,038
Subtotal - Debt issuance costs	(19)	(6)
Less: current maturities	(388)	0
Xerox Corporation
Debt Instrument [Line Items]
Total	1,343
Subtotal - Debt issuance costs	(11)	(12)
Less: current maturities	(130)	(323)
Xerox - Other Subsidiaries
Debt Instrument [Line Items]
Total	70
Subtotal - Debt issuance costs	0	(1)
Less: current maturities	(67)	(244)
Xerox - Other Subsidiaries | Secured Borrowing
Debt Instrument [Line Items]
Total	70	361
Xerox - Other Subsidiaries | Secured Borrowing | United States
Debt Instrument [Line Items]
Total	0	102
Xerox - Other Subsidiaries | Secured Borrowing | Canada
Debt Instrument [Line Items]
Total	0	77
Xerox - Other Subsidiaries | Secured Borrowing | France
Debt Instrument [Line Items]
Total	$ 70	182
Senior Notes Due 2025 5.00% | Xerox Holdings Corporation
Debt Instrument [Line Items]
Debt interest rate (as percent)	5%
Interest Rate	4.92%
Total	$ 388	750
Senior Notes Due 2028 5.50% | Xerox Holdings Corporation
Debt Instrument [Line Items]
Debt interest rate (as percent)	5.50%
Interest Rate	5.40%
Total	$ 750	750
Senior Notes due 2029 8.88% | Xerox Holdings Corporation
Debt Instrument [Line Items]
Debt interest rate (as percent)	8.88%
Interest Rate	8.88%
Total	$ 500	0
Convertible Senior Notes Due 2030 | Xerox Holdings Corporation
Debt Instrument [Line Items]
Debt interest rate (as percent)	3.75%
Interest Rate	3.75%
Total	$ 400	0
Senior Notes Due 2024 3.80% | Xerox Corporation
Debt Instrument [Line Items]
Debt interest rate (as percent)	3.80%
Interest Rate	3.84%
Total	$ 0	300
Term Loan B due 2029 | Xerox Corporation
Debt Instrument [Line Items]
Debt interest rate (as percent)	9.34%
Interest Rate	8.34%
Total	$ 523	550
Secured Promissory Note due 2025 | Xerox Corporation
Debt Instrument [Line Items]
Debt interest rate (as percent)	0%
Interest Rate	5.53%
Total	$ 110	0
Secured Promissory Note due 2026 | Xerox Corporation
Debt Instrument [Line Items]
Debt interest rate (as percent)	0%
Interest Rate	5.53%
Total	$ 110	0
Senior Notes Due 2035 4.80% | Xerox Corporation
Debt Instrument [Line Items]
Debt interest rate (as percent)	4.80%
Interest Rate	4.84%
Total	$ 250	250
Senior Notes Due 2039 6.75% | Xerox Corporation
Debt Instrument [Line Items]
Debt interest rate (as percent)	6.75%
Interest Rate	6.78%
Total	$ 350	350
Long-term Debt
Debt Instrument [Line Items]
Total	3,451	3,311
Long-term Debt | Xerox Holdings Corporation
Debt Instrument [Line Items]
Total	2,038	1,500
Long-term Debt | Xerox Corporation
Debt Instrument [Line Items]
Total	$ 1,343	$ 1,450

Debt - Principal Payments Due O

Debt - Principal Payments Due On Long-Term Debt (Details) $ in Millions	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
2025	$ 593
2026	154
2027	55
2028	805
2029	844
Thereafter	1,000
Total	3,451
Long-term debt maturities, subsequent year by quarter, first	52
Long-term debt maturities, subsequent year by quarter, second	52
Long-term debt maturities, subsequent year by quarter, third	439
Long-term debt maturities, subsequent year by quarter, fourth	50
Xerox Holdings Corporation
Debt Instrument [Line Items]
2025	388
2026	0
2027	0
2028	750
2029	500
Thereafter	400
Total	2,038
Xerox Corporation
Debt Instrument [Line Items]
2025	138
2026	151
2027	55
2028	55
2029	344
Thereafter	600
Total	1,343
Xerox - Other Subsidiaries
Debt Instrument [Line Items]
2025	67
2026	3
2027	0
2028	0
2029	0
Thereafter	0
Total	$ 70

Debt - Narrative (Details)

Debt - Narrative (Details)		1 Months Ended										3 Months Ended	12 Months Ended
	Oct. 15, 2024 USD ($) instrument	Jun. 30, 2024 USD ($)	May 31, 2024 USD ($)	Mar. 31, 2024 USD ($) $ / shares	Mar. 31, 2024 USD ($) $ / shares	Mar. 31, 2024 USD ($) $ / shares	Mar. 31, 2024 USD ($) day $ / shares	Mar. 31, 2024 USD ($) $ / shares	Mar. 31, 2024 USD ($) business $ / shares	Nov. 30, 2023 USD ($)	May 31, 2023 USD ($)	Mar. 31, 2024 USD ($) agreement $ / shares	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 22, 2024	Mar. 06, 2024 $ / shares	Sep. 27, 2023 $ / shares
Debt Instrument [Line Items]
Share price (in dollars per share) | $ / shares																		$ 15.84
Capped calls tax benefit													$ 6,000,000
Payments on long-term debt													992,000,000	$ 1,874,000,000	$ 1,723,000,000
Deferred debt issuance cost, write-off						$ 1,000,000
Net gain on debt extinguishment						3,000,000
Proceeds from issuance of long-term debt													907,000,000	1,396,000,000	1,194,000,000
Long-term debt													2,814,000,000	2,710,000,000
Total													$ 3,451,000,000
Assumed leverage ratio													7
Special Purpose Entity (SPE)
Debt Instrument [Line Items]
Debt issuance costs, net													$ 0	1,000,000
Expected life of loan													2 years 6 months
Xerox Corporation
Debt Instrument [Line Items]
Payments on long-term debt													$ 992,000,000	1,874,000,000	1,723,000,000
Proceeds from issuance of long-term debt													907,000,000	1,396,000,000	$ 1,194,000,000
Total													1,343,000,000
Xerox Corporation | Related Party
Debt Instrument [Line Items]
Long-term debt													$ 1,634,000,000	1,497,000,000
Senior Notes
Debt Instrument [Line Items]
Gain on extinguishment of debt, before debt issuance cost writeoff						4,000,000
Secured Promissory Notes
Debt Instrument [Line Items]
Debt instrument, number of instruments held | instrument	2
Principal debt	$ 110,000,000
Debt instrument, periodic payment	27,500,000
Debt, long-term and short-term, combined amount	210,000,000
Debt discount	$ 10,000,000
2029 Senior Notes | Senior Notes
Debt Instrument [Line Items]
Principal debt				$ 500,000,000	$ 500,000,000	$ 500,000,000	$ 500,000,000	$ 500,000,000	$ 500,000,000			$ 500,000,000
Debt interest rate (as percent)				8.875%	8.875%	8.875%	8.875%	8.875%	8.875%			8.875%
Proceeds, net of fees and expenses						$ 495,000,000
Debt redemption price, percent					101%
Debt issuance costs, net				$ 5,000,000	$ 5,000,000	5,000,000	$ 5,000,000	$ 5,000,000	$ 5,000,000			$ 5,000,000
Convertible Senior Notes Due 2030 | Convertible Debt
Debt Instrument [Line Items]
Principal debt				$ 400,000,000	$ 400,000,000	$ 400,000,000	$ 400,000,000	$ 400,000,000	$ 400,000,000			$ 400,000,000
Debt interest rate (as percent)				3.75%	3.75%	3.75%	3.75%	3.75%	3.75%			3.75%
Proceeds, net of fees and expenses						$ 390,000,000
Debt redemption price, percent					100%
Debt issuance costs, net				$ 10,000,000	$ 10,000,000	$ 10,000,000	$ 10,000,000	$ 10,000,000	$ 10,000,000			$ 10,000,000
Debt instrument, convertible, conversion ratio					0.0479904
Debt instrument, convertible, conversion price (in dollars per share) | $ / shares				$ 20.84	$ 20.84	$ 20.84	$ 20.84	$ 20.84	$ 20.84			$ 20.84
Debt fundamental change repurchase price, percent					100%
Convertible Senior Notes Due 2030 | Convertible Debt | Debt Conversion Circumstance 1
Debt Instrument [Line Items]
Debt instrument, convertible, threshold trading days							20		20
Debt instrument, convertible, threshold consecutive trading days							30		30
Debt instrument, convertible, threshold percentage of stock price trigger (as percent)					130%
Convertible Senior Notes Due 2030 | Convertible Debt | Debt Conversion Circumstance 2
Debt Instrument [Line Items]
Debt instrument, convertible, threshold trading days | day							5
Debt instrument, convertible, threshold consecutive trading days | day							10
Debt instrument, convertible, threshold percentage of stock price trigger (as percent)					98%
Convertible Senior Notes Due 2030 | Convertible Debt | Debt Conversion Circumstnace 3
Debt Instrument [Line Items]
Discounted subscription or purchase period				45 days
Discounted subscription or purchase period, threshold consecutive trading days | day							10
Distribution per share value in excess of share price, percent					10%
Convertible Senior Notes Due 2030 | Convertible Debt | Capped Calls
Debt Instrument [Line Items]
Capped call, cost						$ 23,000,000
Option indexed to issuer's equity, strike price (in dollars per share) | $ / shares								$ 28.34
Option indexed to issuers equity strike price, premium over share price, percentage					70%
Share price (in dollars per share) | $ / shares																	$ 16.67
Senior Notes Due 2024 | Senior Notes
Debt Instrument [Line Items]
Debt interest rate (as percent)				3.80%	3.80%	3.80%	3.80%	3.80%	3.80%			3.80%	3.80%
Payments on long-term debt			$ 216,000,000			$ 84,000,000
Senior Notes Due 2025 5.00% | Senior Notes
Debt Instrument [Line Items]
Debt interest rate (as percent)				5%	5%	5%	5%	5%	5%			5%				5%
Payments on long-term debt						$ 362,000,000
Intercompany Loan | Senior Notes | Xerox Corporation
Debt Instrument [Line Items]
Interest payable													$ 31,000,000	30,000,000
Intercompany Loan | Senior Notes | Xerox Corporation | Related Party
Debt Instrument [Line Items]
Debt issuance costs, net				$ 15,000,000	$ 15,000,000	$ 15,000,000	$ 15,000,000	$ 15,000,000	$ 15,000,000			$ 15,000,000
Payments on long-term debt												$ 362,000,000
Number of agreements entered into | agreement												2
Proceeds from issuance of long-term debt												$ 900,000,000
Long-term debt													2,022,000,000	$ 1,497,000,000
Revolving Credit Facility | ABL Facility
Debt Instrument [Line Items]
Debt issuance costs, net											$ 7,000,000
Expected life of loan											5 years
Line of credit facility, maximum borrowing capacity		$ 425,000,000									$ 300,000,000
Remaining minimum borrowing capacity base		$ 31,875,000									$ 22,500,000
Remaining minimum borrowing capacity base percentage		10%									10%
Line of credit facility, accordion feature, increase limit		$ 250,000,000
Letter of credit, credit facility sub-facility, maximum borrowing amount		$ 100,000,000
Initial rate spread		0.10%
Debt amount													0
Line of credit facility, current borrowing capacity													130,000,000
Revolving Credit Facility | ABL Facility | Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Initial rate spread		0.50%
Revolving Credit Facility | ABL Facility | SOFR
Debt Instrument [Line Items]
Initial rate spread		1%
Revolving Credit Facility | ABL Facility | SOFR | Minimum
Debt Instrument [Line Items]
Initial rate spread		1.50%
Base rate (as percent)		0%
Revolving Credit Facility | ABL Facility | SOFR | Maximum
Debt Instrument [Line Items]
Initial rate spread		2%
Revolving Credit Facility | ABL Facility | Alternate Base Rate (ABR) | Minimum
Debt Instrument [Line Items]
Initial rate spread		0.50%
Revolving Credit Facility | ABL Facility | Alternate Base Rate (ABR) | Maximum
Debt Instrument [Line Items]
Initial rate spread		1%
Letter of Credit | ABL Facility
Debt Instrument [Line Items]
Letters of credit outstanding, amount													2,000,000
Secured Debt | Term Loan B
Debt Instrument [Line Items]
Principal debt										$ 550,000,000
Debt discount										17,000,000
Debt issuance costs, net										9,000,000
Proceeds from issuance of debt										$ 524,000,000
Total													523,000,000
Prepayment premium period										6 months
Prepayment premium										1%
Secured Debt | Term Loan B | Fed Funds Effective Rate Overnight Index Swap Rate | Term One
Debt Instrument [Line Items]
Initial rate spread										0.50%
Secured Debt | Term Loan B | SOFR | Term One
Debt Instrument [Line Items]
Initial rate spread										1%
Secured Debt | Term Loan B | SOFR | Minimum | Term Two
Debt Instrument [Line Items]
Base rate (as percent)										0.50%
Secured Debt | Term Loan B | Alternate Base Rate (ABR) | Term Two
Debt Instrument [Line Items]
Initial rate spread										3%
Secured Debt | Term Loan B | SOFR, Applicable Margin | Term One
Debt Instrument [Line Items]
Initial rate spread										3%
Secured Debt | Term Loan B | SOFR, Applicable Margin | Term Two
Debt Instrument [Line Items]
Initial rate spread										4%
Secured Debt | Term Loan B, Tranche One
Debt Instrument [Line Items]
Total													$ 300,000,000
Average interest rate													8.33%
Secured Debt | Term Loan B, Tranche Two
Debt Instrument [Line Items]
Total													$ 223,000,000
Average interest rate													8.36%
Secured Debt | Term Loan B - Year 2024 and 2025
Debt Instrument [Line Items]
Debt interest rate (as percent)										5%
Secured Debt | Term Loan B - Year 2026
Debt Instrument [Line Items]
Debt interest rate (as percent)										7.50%
Secured Debt | Term Loan B - Thereafter
Debt Instrument [Line Items]
Debt interest rate (as percent)										10%

Debt - Secured Borrowings and C

Debt - Secured Borrowings and Collateral (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Finance receivables, net	$ 608	$ 842
Equipment on operating leases, net	245	265
France | Secured Borrowing November 2023
Debt Instrument [Line Items]
Finance receivables, net	58	235
Equipment on operating leases, net	0	0
Secured loan	$ 70	$ 182
Pre-Hedged Rate	4.62%	5.42%
Special Purpose Entity (SPE)
Debt Instrument [Line Items]
Finance receivables, net	$ 58	$ 619
Equipment on operating leases, net	0	2
Secured loan	70	361
Debt issuance costs, net	$ 0	1
Special Purpose Entity (SPE) | United States
Debt Instrument [Line Items]
Finance receivables, net		298
Equipment on operating leases, net		2
Secured loan		102
Special Purpose Entity (SPE) | United States | Secured Borrowing January 2022
Debt Instrument [Line Items]
Finance receivables, net		209
Equipment on operating leases, net		0
Secured loan		$ 77
Pre-Hedged Rate		6.82%
Special Purpose Entity (SPE) | United States | Secured Borrowing September 2021
Debt Instrument [Line Items]
Finance receivables, net		$ 89
Equipment on operating leases, net		2
Secured loan		$ 25
Pre-Hedged Rate		6.76%
Special Purpose Entity (SPE) | Canada | Secured Borrowing July 2023
Debt Instrument [Line Items]
Finance receivables, net		$ 86
Equipment on operating leases, net		0
Secured loan		$ 77
Pre-Hedged Rate		6.74%

Debt - Interest (Details)

Debt - Interest (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Interest paid	$ 214	$ 201	$ 201
Interest expense	225	198	199
Interest income	165	207	218
2025 And 2028 Senior Notes | Senior Notes | Xerox Corporation
Debt Instrument [Line Items]
Interest expense	$ 111	$ 80	$ 80

Financial Instruments - Interes

Financial Instruments - Interest Rate Derivatives Outstanding (Details)	12 Months Ended
	Dec. 31, 2024 USD ($)	Sep. 30, 2024 instrument	Dec. 31, 2023 USD ($)
Derivative [Line Items]
Notional Amount	$ 1,410,000,000		$ 1,396,000,000
Long-term debt, gross	3,451,000,000
Interest expense reduction	1,000,000
Xerox Corporation
Derivative [Line Items]
Long-term debt, gross	1,343,000,000
Interest Rate Swap | Designated as Hedging Instrument
Derivative [Line Items]
Derivative, number of instruments held | instrument		2
Secured Borrowing
Derivative [Line Items]
Notional Amount	77,000,000
Term Loan B Credit Agreement | Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	300,000,000
Principal debt	300,000,000
Net Fair Value	5,000,000
Term Loan B Credit Agreement | Not Designated as Hedging Instrument | Line of Credit
Derivative [Line Items]
Principal debt	223,000,000
Term Loan B Credit Agreement | Interest Rate Swap | Mizuho | Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	175,000,000
Principal debt	$ 175,000,000
Fixed Rate Paid	3.271%
Floating Rate Received	4.604%
Net Fair Value	$ 3,000,000
Term Loan B Credit Agreement | Interest Rate Swap | Credit Agricole | Designated as Hedging Instrument
Derivative [Line Items]
Notional Amount	125,000,000
Principal debt	$ 125,000,000
Fixed Rate Paid	3.276%
Floating Rate Received	4.604%
Net Fair Value	$ 2,000,000
Term Loan B due 2029 | Xerox Corporation
Derivative [Line Items]
Long-term debt, gross	523,000,000		$ 550,000,000
France | Expected Maturity In 2026, 3.00% Hedged Rate | Interest Rate Cap
Derivative [Line Items]
Notional Amount	43,000,000
France | Expected Maturity In 2026, 4.00% Hedged Rate | Interest Rate Cap
Derivative [Line Items]
Notional Amount	$ 34,000,000

Financial Instruments - Foreign

Financial Instruments - Foreign Exchange Risk Management (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Summary of Foreign Exchange Hedging Positions [Abstract]
Average maturity of foreign exchange hedging contracts - within three months (percentage)	95%
Average maturity of foreign exchange hedging contracts - within three months and six months (percentage)	3%
Average maturity of foreign exchange hedging contracts - within six and twelve months (percentage)	2%
Gross Notional Value	$ 1,410	$ 1,396
Euro/U.K. Pound Sterling
Summary of Foreign Exchange Hedging Positions [Abstract]
Gross Notional Value	337	385
U.S. Dollar/Euro
Summary of Foreign Exchange Hedging Positions [Abstract]
Gross Notional Value	342	359
Euro/Canadian Dollar
Summary of Foreign Exchange Hedging Positions [Abstract]
Gross Notional Value	0	169
Euro/U.S. Dollar
Summary of Foreign Exchange Hedging Positions [Abstract]
Gross Notional Value	212	150
Japanese Yen/U.S. Dollar
Summary of Foreign Exchange Hedging Positions [Abstract]
Gross Notional Value	104	113
Japanese Yen/Euro
Summary of Foreign Exchange Hedging Positions [Abstract]
Gross Notional Value	52	60
U.S. Dollar/Canadian Dollar
Summary of Foreign Exchange Hedging Positions [Abstract]
Gross Notional Value	194	0
Swiss Franc/Euro
Summary of Foreign Exchange Hedging Positions [Abstract]
Gross Notional Value	19	0
Euro/Swedish Krona
Summary of Foreign Exchange Hedging Positions [Abstract]
Gross Notional Value	0	0
U.K. Pound Sterling/Euro
Summary of Foreign Exchange Hedging Positions [Abstract]
Gross Notional Value	67	36
Euro/Danish Krone
Summary of Foreign Exchange Hedging Positions [Abstract]
Gross Notional Value	0	25
Canadian Dollar/Euro
Summary of Foreign Exchange Hedging Positions [Abstract]
Gross Notional Value	19	24
All Other
Summary of Foreign Exchange Hedging Positions [Abstract]
Gross Notional Value	64	75
Foreign Exchange Contract
Summary of Foreign Exchange Hedging Positions [Abstract]
Fair Value Asset	(3)	2
Foreign Exchange Contract | Euro/U.K. Pound Sterling
Summary of Foreign Exchange Hedging Positions [Abstract]
Fair Value Asset	1	3
Foreign Exchange Contract | U.S. Dollar/Euro
Summary of Foreign Exchange Hedging Positions [Abstract]
Fair Value Asset	3	(3)
Foreign Exchange Contract | Euro/Canadian Dollar
Summary of Foreign Exchange Hedging Positions [Abstract]
Fair Value Asset	0	0
Foreign Exchange Contract | Euro/U.S. Dollar
Summary of Foreign Exchange Hedging Positions [Abstract]
Fair Value Asset	(1)	1
Foreign Exchange Contract | Japanese Yen/U.S. Dollar
Summary of Foreign Exchange Hedging Positions [Abstract]
Fair Value Asset	(5)	1
Foreign Exchange Contract | Japanese Yen/Euro
Summary of Foreign Exchange Hedging Positions [Abstract]
Fair Value Asset	(1)	0
Foreign Exchange Contract | U.S. Dollar/Canadian Dollar
Summary of Foreign Exchange Hedging Positions [Abstract]
Fair Value Asset	0	0
Foreign Exchange Contract | Swiss Franc/Euro
Summary of Foreign Exchange Hedging Positions [Abstract]
Fair Value Asset	0	0
Foreign Exchange Contract | Euro/Swedish Krona
Summary of Foreign Exchange Hedging Positions [Abstract]
Fair Value Asset	0	0
Foreign Exchange Contract | U.K. Pound Sterling/Euro
Summary of Foreign Exchange Hedging Positions [Abstract]
Fair Value Asset	0	0
Foreign Exchange Contract | Euro/Danish Krone
Summary of Foreign Exchange Hedging Positions [Abstract]
Fair Value Asset	0	0
Foreign Exchange Contract | Canadian Dollar/Euro
Summary of Foreign Exchange Hedging Positions [Abstract]
Fair Value Asset	0	0
Foreign Exchange Contract | All Other
Summary of Foreign Exchange Hedging Positions [Abstract]
Fair Value Asset	0	0
Cash Flow Hedging | Designated as Hedging Instrument
Summary of Foreign Exchange Hedging Positions [Abstract]
Derivative assets (liabilities), at fair value, net	$ (1)	$ (2)

Financial Instruments - Summary

Financial Instruments - Summary of Derivative Instruments Gain (Losses) (Details) - USD ($)		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Derivative (Loss) Gain Recognized in OCI (Effective Portion)	[1]	$ 9,000,000	$ 1,000,000	$ (2,000,000)
Total Accumulated Other Comprehensive Loss		$ 1,080,000,000	2,548,000,000	3,353,000,000	$ 4,443,000,000
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]		Other expenses, net
Foreign currency transaction loss		$ 15,000,000	28,000,000	13,000,000
Other unrealized gains (losses), net
Derivative Instruments, Gain (Loss) [Line Items]
Total Accumulated Other Comprehensive Loss		6,000,000	(3,000,000)	(4,000,000)
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative assets (liabilities), at fair value, net		(2,000,000)	5,000,000
Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Ineffectiveness recorded in the Consolidated Statements of (Loss) Income		0	0	0
Foreign exchange contracts – forwards/options | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Ineffectiveness recorded in the Consolidated Statements of (Loss) Income		24,000,000	26,000,000	17,000,000
Foreign exchange contracts – forwards/options | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Derivative (Loss) Gain Recognized in OCI (Effective Portion)		(6,000,000)	(17,000,000)	(41,000,000)
Interest rate contracts | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Derivative (Loss) Gain Recognized in OCI (Effective Portion)		6,000,000	(1,000,000)	6,000,000
Effective Portion
Derivative Instruments, Gain (Loss) [Line Items]
Derivative (Loss) Gain Recognized in OCI (Effective Portion)		0	(18,000,000)	(35,000,000)
(Loss) Gain Reclassified from AOCI to Income (Effective Portion)		(10,000,000)	(18,000,000)	(35,000,000)
Cost of Sales | Foreign exchange contracts – forwards/options | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
(Loss) Gain Reclassified from AOCI to Income (Effective Portion)		(9,000,000)	(22,000,000)	(36,000,000)
Interest Expense | Interest rate contracts | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
(Loss) Gain Reclassified from AOCI to Income (Effective Portion)		$ (1,000,000)	$ 4,000,000	$ 1,000,000
[1] Refer to Note 24 - Other Comprehensive Loss for gross components of Other Comprehensive Loss, reclassification adjustments out of Accumulated Other Comprehensive Loss and related tax effects.

Fair Value of Financial Asset_3

Fair Value of Financial Assets and Liabilities - Recurring (Details) - Fair Value, Recurring - Level 2 - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Assets
Total	$ 24	$ 25
Liabilities
Total	19	21
Derivatives
Assets
Total	11	11
Liabilities
Total	8	8
Deferred compensation investments in mutual funds
Assets
Total	13	14
Liabilities
Total	$ 11	$ 13

Fair Value of Financial Asset_4

Fair Value of Financial Assets and Liabilities - Nonrecurring (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Xerox Corporation | Related Party
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term related party debt	$ 388	$ 0
Nonrecurring | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	576	519
Accounts receivable, net	796	850
Short-term debt and current portion of long-term debt	585	567
Total Long-term debt	2,814	2,710
Nonrecurring | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	576	519
Accounts receivable, net	796	850
Short-term debt and current portion of long-term debt	592	567
Total Long-term debt	2,383	2,550
Nonrecurring | Xerox Holdings Corporation | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Long-term debt	1,634	1,497
Nonrecurring | Xerox Holdings Corporation | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Long-term debt	1,391	1,410
Nonrecurring | Xerox Corporation | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Long-term debt	1,177	1,096
Nonrecurring | Xerox Corporation | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Long-term debt	989	1,023
Nonrecurring | Xerox - Other Subsidiaries | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Long-term debt	3	117
Nonrecurring | Xerox - Other Subsidiaries | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Long-term debt	$ 3	$ 117

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Apr. 30, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Change in Benefit Obligation:
Plan amendment	$ 72
Change in Plan Assets:
Employer contributions		$ 145
Amounts Recognized in the Consolidated Balance Sheets:
Pension and other benefit liabilities		(1,088)	$ (1,216)
Post-retirement medical benefits		(154)	(171)
Pension Plan
Change in Benefit Obligation:
Benefit obligation - beginning		6,956
Benefit obligation - ending		6,273	6,956
Change in Plan Assets:
Fair value of plan assets - beginning		6,190
Employer contributions		127
Fair value of plan assets - ending		5,627	6,190
Net funded status		(646)	(766)
Pension Plan | United States
Change in Benefit Obligation:
Benefit obligation - beginning		2,389	2,345
Service cost		0	0	$ 1
Interest cost (income)		88	116	(65)
Plan participants' contributions		0	0
Actuarial (gain) loss		(136)	75
Currency exchange rate changes		0	0
Plan amendment		0	0
Benefits paid/settlements		(165)	(147)
Other		0	0
Benefit obligation - ending		2,176	2,389	2,345
Change in Plan Assets:
Fair value of plan assets - beginning		1,528	1,518
Actual return on plan assets		(56)	104
Employer contributions		100	53
Plan participants' contributions		0	0
Currency exchange rate changes		0	0
Benefits paid/settlements		(165)	(147)
Fair value of plan assets - ending		1,407	1,528	1,518
Net funded status		(769)	(861)
Amounts Recognized in the Consolidated Balance Sheets:
Other long-term assets		0	0
Accrued compensation and benefit costs		(22)	(24)
Pension and other benefit liabilities		(747)	(837)
Post-retirement medical benefits		0	0
Net Amounts Recognized		(769)	(861)
Accumulated Benefit Obligation		2,176	2,389
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract]
Net actuarial loss (gain)		700	731
Prior service cost (credit)		0	0
Total loss (gain) - Pre-tax		700	731
Pension Plan | Non-U.S.
Change in Benefit Obligation:
Benefit obligation - beginning		4,567	4,240
Service cost		5	5	16
Interest cost (income)		182	188	123
Plan participants' contributions		1	1
Actuarial (gain) loss		(281)	165
Currency exchange rate changes		(157)	205
Plan amendment		54	36
Benefits paid/settlements		(274)	(273)
Other		0	0
Benefit obligation - ending		4,097	4,567	4,240
Change in Plan Assets:
Fair value of plan assets - beginning		4,662	4,594
Actual return on plan assets		(42)	89
Employer contributions		27	28
Plan participants' contributions		1	1
Currency exchange rate changes		(154)	223
Benefits paid/settlements		(274)	(273)
Fair value of plan assets - ending		4,220	4,662	4,594
Net funded status		123	95
Amounts Recognized in the Consolidated Balance Sheets:
Other long-term assets		421	423
Accrued compensation and benefit costs		(18)	(20)
Pension and other benefit liabilities		(280)	(308)
Post-retirement medical benefits		0	0
Net Amounts Recognized		123	95
Accumulated Benefit Obligation		4,049	4,526
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract]
Net actuarial loss (gain)		1,405	1,551
Prior service cost (credit)		177	134
Total loss (gain) - Pre-tax		1,582	1,685
Retiree Health
Change in Benefit Obligation:
Benefit obligation - beginning		193	209
Service cost		1	1	1
Interest cost (income)		8	10	8
Plan participants' contributions		5	7
Actuarial (gain) loss		(3)	(5)
Currency exchange rate changes		(8)	2
Plan amendment		0	(3)
Benefits paid/settlements		(23)	(28)
Other		0	0
Benefit obligation - ending		173	193	209
Change in Plan Assets:
Fair value of plan assets - beginning		0	0
Actual return on plan assets		0	0
Employer contributions		18	21
Plan participants' contributions		5	7
Currency exchange rate changes		0	0
Benefits paid/settlements		(23)	(28)
Fair value of plan assets - ending		0	0	$ 0
Net funded status		(173)	(193)
Amounts Recognized in the Consolidated Balance Sheets:
Other long-term assets		0	0
Accrued compensation and benefit costs		(19)	(22)
Pension and other benefit liabilities		0	0
Post-retirement medical benefits		(154)	(171)
Net Amounts Recognized		(173)	(193)
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract]
Net actuarial loss (gain)		(63)	(73)
Prior service cost (credit)		(66)	(82)
Total loss (gain) - Pre-tax		$ (129)	$ (155)

Employee Benefit Plans - Pensio

Employee Benefit Plans - Pension and Other Benefit Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Accrued compensation liabilities	$ 48	$ 56
Deferred compensation liabilities	13	15
Pension and other benefit liabilities	1,088	1,216
Significant Other Observable Inputs (Level 2) | Fair Value, Recurring
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Financial liabilities, fair value	19	21
Significant Other Observable Inputs (Level 2) | Fair Value, Recurring | Deferred compensation investments in mutual funds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Financial liabilities, fair value	11	13
Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Pension liabilities	$ 1,027	$ 1,145

Employee Benefit Plans - Accumu

Employee Benefit Plans - Accumulated Benefit Obligation in Excess of Plan Assets (Details) - Pension Plan - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Accumulated Benefit Obligation	$ 2,475	$ 2,752
Fair Value of Plan Assets	1,446	1,568
Projected Benefit Obligation	2,513	2,758
Fair Value of Plan Assets	1,446	1,568
United States
Defined Benefit Plan Disclosure [Line Items]
Accumulated Benefit Obligation	2,176	2,389
Fair Value of Plan Assets	1,407	1,528
Projected Benefit Obligation	2,176	2,389
Fair Value of Plan Assets	1,407	1,528
Non-U.S.
Defined Benefit Plan Disclosure [Line Items]
Accumulated Benefit Obligation	299	363
Fair Value of Plan Assets	39	40
Projected Benefit Obligation	337	369
Fair Value of Plan Assets	39	40
Underfunded Plan | United States
Defined Benefit Plan Disclosure [Line Items]
Accumulated Benefit Obligation	1,956	2,146
Fair Value of Plan Assets	1,407	1,528
Projected Benefit Obligation	1,956	2,146
Fair Value of Plan Assets	1,407	1,528
Underfunded Plan | Non-U.S.
Defined Benefit Plan Disclosure [Line Items]
Accumulated Benefit Obligation	13	46
Fair Value of Plan Assets	39	40
Projected Benefit Obligation	45	47
Fair Value of Plan Assets	39	40
Unfunded Plan | United States
Defined Benefit Plan Disclosure [Line Items]
Accumulated Benefit Obligation	220	243
Fair Value of Plan Assets	0	0
Projected Benefit Obligation	220	243
Fair Value of Plan Assets	0	0
Unfunded Plan | Non-U.S.
Defined Benefit Plan Disclosure [Line Items]
Accumulated Benefit Obligation	286	317
Fair Value of Plan Assets	0	0
Projected Benefit Obligation	292	322
Fair Value of Plan Assets	$ 0	$ 0

Employee Benefit Plans - Pens_2

Employee Benefit Plans - Pension Plan Assets and Benefit Obligations (Details) - Pension Plan - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets	$ 5,627	$ 6,190
Projected Benefit Obligation	6,273	6,956
Net Funded Status	(646)	(766)
United States
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets	1,407	1,528	$ 1,518
Projected Benefit Obligation	2,176	2,389	2,345
Net Funded Status	(769)	(861)
Non-U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets	4,220	4,662	4,594
Projected Benefit Obligation	4,097	4,567	$ 4,240
Net Funded Status	123	95
U.K.
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets	2,528	2,892
Projected Benefit Obligation	2,310	2,655
Net Funded Status	218	237
Netherlands
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets	808	839
Projected Benefit Obligation	732	769
Net Funded Status	76	70
Canada
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets	535	586
Projected Benefit Obligation	503	562
Net Funded Status	32	24
Germany
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets	0	0
Projected Benefit Obligation	220	248
Net Funded Status	(220)	(248)
Other
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets	349	345
Projected Benefit Obligation	332	333
Net Funded Status	17	12
Funded Plan | United States
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets	1,407	1,528
Projected Benefit Obligation	1,956	2,146
Net Funded Status	(549)	(618)
Unfunded Plan | United States
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets	0	0
Projected Benefit Obligation	220	243
Net Funded Status	$ (220)	$ (243)

Employee Benefit Plans - Total

Employee Benefit Plans - Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other changes in plan assets and benefit obligations recognized in Other Comprehensive Loss [Abstract]
Interest (income) expense on non-TRA obligations	$ 279	$ 284	$ 205
Interest (income) expense allocated to TRA participant accounts	(9)	20	(147)
Expected investment income on non-TRA assets	273	300	302
Actual investment income (loss) on TRA assets	(9)	20	(147)
Pension Plan | United States
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	0	0	1
Interest cost (income)	88	116	(65)
Expected return on plan assets	(71)	(103)	71
Recognized net actuarial loss (gain)	18	16	13
Amortization of prior service cost (credit)	0	0	0
Recognized settlement loss	5	19	56
Recognized curtailment gain	0	0	0
Defined Benefit Plans	40	48	76
Defined contribution plans	17	19	20
Net Periodic Benefit Cost (Credit)	57	67	96
Other changes in plan assets and benefit obligations recognized in Other Comprehensive Loss [Abstract]
Net actuarial (gain) loss	(8)	74	16
Prior service cost (credit)	0	0	0
Amortization of net actuarial (loss) gain	(23)	(35)	(69)
Amortization of net prior service (cost) credit	0	0
Curtailment gain	0	0	0
Total Recognized in Other Comprehensive (Loss) Income	(31)	39	(53)
Total Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive Loss	26	106	43
Pension Plan | Non-U.S.
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	5	5	16
Interest cost (income)	182	188	123
Expected return on plan assets	(193)	(217)	(226)
Recognized net actuarial loss (gain)	62	11	23
Amortization of prior service cost (credit)	8	5	1
Recognized settlement loss	0	1	0
Recognized curtailment gain	0	0	(4)
Defined Benefit Plans	64	(7)	(67)
Defined contribution plans	23	21	17
Net Periodic Benefit Cost (Credit)	87	14	(50)
Other changes in plan assets and benefit obligations recognized in Other Comprehensive Loss [Abstract]
Net actuarial (gain) loss	(44)	298	368
Prior service cost (credit)	52	36	72
Amortization of net actuarial (loss) gain	(62)	(12)	(23)
Amortization of net prior service (cost) credit	(8)	(5)	(1)
Curtailment gain	0	0	4
Total Recognized in Other Comprehensive (Loss) Income	(62)	317	420
Total Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive Loss	25	331	370
Retiree Health
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	1	1	1
Interest cost (income)	8	10	8
Expected return on plan assets	0	0	0
Recognized net actuarial loss (gain)	(12)	(12)	(4)
Amortization of prior service cost (credit)	(15)	(15)	(8)
Recognized settlement loss	0	0	0
Recognized curtailment gain	0	0	0
Defined Benefit Plans	(18)	(16)	(3)
Net Periodic Benefit Cost (Credit)	(18)	(16)	(3)
Other changes in plan assets and benefit obligations recognized in Other Comprehensive Loss [Abstract]
Net actuarial (gain) loss	(3)	(5)	(57)
Prior service cost (credit)	0	(3)	(26)
Amortization of net actuarial (loss) gain	12	12	4
Amortization of net prior service (cost) credit	15	15	15
Curtailment gain	0	0	0
Total Recognized in Other Comprehensive (Loss) Income	24	19	(64)
Total Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive Loss	$ 6	$ 3	$ (67)

Employee Benefit Plans - Plan A

Employee Benefit Plans - Plan Amendments (Details) € in Millions, £ in Millions, $ in Millions	1 Months Ended					12 Months Ended
	Apr. 30, 2024 USD ($)	Jan. 31, 2024 USD ($)	Jan. 31, 2024 EUR (€)	Apr. 30, 2023 USD ($)	Apr. 30, 2022 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2024 GBP (£)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Increase to PBO					$ 72
U.K.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Increase to PBO	$ 6			$ 36
Pension award payment percentage	5%			6.50%	7.50%
Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Cost before equalization						$ 19			£ 15
Pension Plan | United States
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Increase to PBO						0	$ 0
Pension Plan | Non-U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Increase to PBO						54	$ 36
Pension Plan | Netherlands
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Price inflation indexation		100%	100%				75%
Increase to PBO		$ 48	€ 44
Increase to PBO, percentage of PBO at prior fiscal year end		6%	6%
Retiree Health
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Increase to PBO						$ 0	$ (3)
Retiree Health | United States
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Accumulated benefit obligation, decrease for plan amendment								$ 30

Employee Benefit Plans - Define

Employee Benefit Plans - Defined Benefit Plans Assets Measured at Fair Value (Details) - Pension Plan - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	$ 5,627	$ 6,190
Assets Measured at NAV | Mutual Fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment within plan asset category, amount		$ 92
Fixed Income Securities | Assets Measured at NAV | Mutual Fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined benefit plan, plan assets, allocation (percentage)		70%
Equity Securities | Assets Measured at NAV | Mutual Fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined benefit plan, plan assets, allocation (percentage)		30%
U.S.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	$ 1,407	$ 1,528	$ 1,518
Defined benefit plan, plan assets, allocation (percentage)	100%	100%
U.S. | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	$ 1	$ 1
U.S. | U.S.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	72	48
U.S. | International
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	197	214
U.S. | U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	67	74
U.S. | Debt security issued by government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	139	134
U.S. | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	599	660
U.S. | Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	(30)	57
U.S. | Real estate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	$ 35	$ 59
Defined benefit plan, plan assets, allocation (percentage)	4%	6%
U.S. | Private equity/venture capital
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	$ 167	$ 157
Defined benefit plan, plan assets, allocation (percentage)	7%	8%
U.S. | Guaranteed insurance contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	$ 0	$ 0
U.S. | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	$ 160	$ 124
Defined benefit plan, plan assets, allocation (percentage)	2%	2%
U.S. | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	$ 142	$ 118
U.S. | Level 1 | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	1	1
U.S. | Level 1 | U.S.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	72	48
U.S. | Level 1 | International
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	72	87
U.S. | Level 1 | U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	0
U.S. | Level 1 | Debt security issued by government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	0
U.S. | Level 1 | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	0
U.S. | Level 1 | Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	0
U.S. | Level 1 | Real estate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	0
U.S. | Level 1 | Private equity/venture capital
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	0
U.S. | Level 1 | Guaranteed insurance contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	0
U.S. | Level 1 | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	(3)	(18)
U.S. | Level 1 | Other Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Plan liabilities , non-financial, amount	(3)	(18)
U.S. | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	775	925
U.S. | Level 2 | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	0
U.S. | Level 2 | U.S.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	0
U.S. | Level 2 | International
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	0
U.S. | Level 2 | U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	67	74
U.S. | Level 2 | Debt security issued by government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	139	134
U.S. | Level 2 | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	599	660
U.S. | Level 2 | Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	(30)	57
U.S. | Level 2 | Real estate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	0
U.S. | Level 2 | Private equity/venture capital
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	0
U.S. | Level 2 | Guaranteed insurance contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	0
U.S. | Level 2 | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	0
U.S. | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	24	47
U.S. | Level 3 | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	0
U.S. | Level 3 | U.S.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	0
U.S. | Level 3 | International
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	0
U.S. | Level 3 | U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	0
U.S. | Level 3 | Debt security issued by government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	0
U.S. | Level 3 | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	0
U.S. | Level 3 | Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	0
U.S. | Level 3 | Real estate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	24	47	57
U.S. | Level 3 | Private equity/venture capital
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	0
U.S. | Level 3 | Guaranteed insurance contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	0
U.S. | Level 3 | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	0
U.S. | Assets Measured at NAV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	466	438
U.S. | Assets Measured at NAV | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	0
U.S. | Assets Measured at NAV | U.S.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	0
U.S. | Assets Measured at NAV | International
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	125	127
U.S. | Assets Measured at NAV | U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	0
U.S. | Assets Measured at NAV | Debt security issued by government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	0
U.S. | Assets Measured at NAV | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	0
U.S. | Assets Measured at NAV | Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	0
U.S. | Assets Measured at NAV | Real estate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	11	12
U.S. | Assets Measured at NAV | Private equity/venture capital
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	167	157
U.S. | Assets Measured at NAV | Guaranteed insurance contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	0
U.S. | Assets Measured at NAV | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	163	142
U.S. | Assets Measured at NAV | Mutual Fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment within plan asset category, amount	$ 116
U.S. | Fixed Income Securities | Assets Measured at NAV | Mutual Fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined benefit plan, plan assets, allocation (percentage)	70%
U.S. | Equity Securities | Assets Measured at NAV | Mutual Fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined benefit plan, plan assets, allocation (percentage)	30%
Non-U.S.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	$ 4,220	$ 4,662	4,594
Defined benefit plan, plan assets, allocation (percentage)	100%	100%
Non-U.S. | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	$ 246	$ 452
Non-U.S. | U.S.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	34	33
Non-U.S. | International
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	332	342
Non-U.S. | U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	2	2
Non-U.S. | Debt security issued by government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	670	546
Non-U.S. | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	236	197
Non-U.S. | Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	13	90
Non-U.S. | Real estate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	$ 118	$ 176
Defined benefit plan, plan assets, allocation (percentage)	3%	4%
Non-U.S. | Private equity/venture capital
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	$ 258	$ 315
Defined benefit plan, plan assets, allocation (percentage)	7%	8%
Non-U.S. | Guaranteed insurance contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	$ 2,184	$ 2,481
Non-U.S. | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	$ 127	$ 28
Defined benefit plan, plan assets, allocation (percentage)	59%	64%
Non-U.S. | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	$ 626	$ 804
Non-U.S. | Level 1 | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	246	452
Non-U.S. | Level 1 | U.S.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	15	13
Non-U.S. | Level 1 | International
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	314	315
Non-U.S. | Level 1 | U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	0
Non-U.S. | Level 1 | Debt security issued by government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	0
Non-U.S. | Level 1 | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	0
Non-U.S. | Level 1 | Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	0
Non-U.S. | Level 1 | Real estate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	0
Non-U.S. | Level 1 | Private equity/venture capital
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	0
Non-U.S. | Level 1 | Guaranteed insurance contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	0
Non-U.S. | Level 1 | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	51	24
Plan assets, non-financial, amount	51	24
Non-U.S. | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	952	859
Non-U.S. | Level 2 | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	0
Non-U.S. | Level 2 | U.S.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	19	20
Non-U.S. | Level 2 | International
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	0
Non-U.S. | Level 2 | U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	2	2
Non-U.S. | Level 2 | Debt security issued by government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	670	546
Non-U.S. | Level 2 | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	236	197
Non-U.S. | Level 2 | Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	13	90
Non-U.S. | Level 2 | Real estate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	0
Non-U.S. | Level 2 | Private equity/venture capital
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	0
Non-U.S. | Level 2 | Guaranteed insurance contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	0
Non-U.S. | Level 2 | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	12	4
Non-U.S. | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	2,271	2,591	631
Non-U.S. | Level 3 | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	0
Non-U.S. | Level 3 | U.S.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	0
Non-U.S. | Level 3 | International
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	0
Non-U.S. | Level 3 | U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	0
Non-U.S. | Level 3 | Debt security issued by government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	0
Non-U.S. | Level 3 | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	0
Non-U.S. | Level 3 | Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	0
Non-U.S. | Level 3 | Real estate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	87	106	144
Non-U.S. | Level 3 | Private equity/venture capital
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	4	4
Non-U.S. | Level 3 | Guaranteed insurance contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	2,184	2,481	$ 483
Non-U.S. | Level 3 | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	0
Non-U.S. | Assets Measured at NAV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	371	408
Non-U.S. | Assets Measured at NAV | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	0
Non-U.S. | Assets Measured at NAV | U.S.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	0
Non-U.S. | Assets Measured at NAV | International
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	18	27
Non-U.S. | Assets Measured at NAV | U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	0
Non-U.S. | Assets Measured at NAV | Debt security issued by government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	0
Non-U.S. | Assets Measured at NAV | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	0
Non-U.S. | Assets Measured at NAV | Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	0
Non-U.S. | Assets Measured at NAV | Real estate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	31	70
Non-U.S. | Assets Measured at NAV | Private equity/venture capital
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	258	311
Non-U.S. | Assets Measured at NAV | Guaranteed insurance contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	0	0
Non-U.S. | Assets Measured at NAV | Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total plan assets, amount	64	$ 0
Non-U.S. | Assets Measured at NAV | Mortgage Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment within plan asset category, amount	$ 64

Employee Benefit Plans - Defi_2

Employee Benefit Plans - Defined Benefit Plans Measured Using Significant Unobservable Inputs Level 3 (Details) - Pension Plan - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	$ 6,190
Fair value of plan assets - ending	5,627	$ 6,190
U.S.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	1,528	1,518
Fair value of plan assets - ending	1,407	1,528
U.S. | Real estate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	59
Fair value of plan assets - ending	35	59
U.S. | Private equity/venture capital
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	157
Fair value of plan assets - ending	167	157
U.S. | Guaranteed Insurance Contracts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	0
Fair value of plan assets - ending	0	0
U.S. | Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	47
Fair value of plan assets - ending	24	47
U.S. | Level 3 | Real estate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	47	57
Purchases	0	0
Sales	(22)	(13)
Unrealized gains (losses)	(1)	3
Currency translation	0	0
Fair value of plan assets - ending	24	47
U.S. | Level 3 | Private equity/venture capital
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	0
Fair value of plan assets - ending	0	0
U.S. | Level 3 | Guaranteed Insurance Contracts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	0
Fair value of plan assets - ending	0	0
Non-U.S.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	4,662	4,594
Fair value of plan assets - ending	4,220	4,662
Non-U.S. | Real estate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	176
Fair value of plan assets - ending	118	176
Non-U.S. | Private equity/venture capital
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	315
Fair value of plan assets - ending	258	315
Non-U.S. | Guaranteed Insurance Contracts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	2,481
Fair value of plan assets - ending	2,184	2,481
Non-U.S. | Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	2,591	631
Purchases	1	1,951
Sales	(3)	(19)
Unrealized gains (losses)	(269)	(40)
Currency translation	(49)	68
Fair value of plan assets - ending	2,271	2,591
Non-U.S. | Level 3 | Real estate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	106	144
Purchases	0	0
Sales	0	(16)
Unrealized gains (losses)	(12)	(31)
Currency translation	(7)	9
Fair value of plan assets - ending	87	106
Non-U.S. | Level 3 | Private equity/venture capital
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	4	4
Purchases	0	0
Sales	0	0
Unrealized gains (losses)	(4)	0
Currency translation	0	0
Fair value of plan assets - ending	0	4
Non-U.S. | Level 3 | Guaranteed Insurance Contracts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	2,481	483
Purchases	1	1,951
Sales	(3)	(3)
Unrealized gains (losses)	(253)	(9)
Currency translation	(42)	59
Fair value of plan assets - ending	$ 2,184	$ 2,481

Employee Benefit Plans - Invest

Employee Benefit Plans - Investment Strategy (Details) - Pension Plan	Dec. 31, 2024	Dec. 31, 2023
U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, allocation (percentage)	100%	100%
Non-U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, allocation (percentage)	100%	100%
Equity Investments | U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, allocation (percentage)	27%	24%
Equity Investments | Non-U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, allocation (percentage)	9%	8%
Fixed income investments | U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, allocation (percentage)	60%	60%
Fixed income investments | Non-U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, allocation (percentage)	22%	16%
Real estate | U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, allocation (percentage)	4%	6%
Real estate | Non-U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, allocation (percentage)	3%	4%
Private equity/venture capital | U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, allocation (percentage)	7%	8%
Private equity/venture capital | Non-U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, allocation (percentage)	7%	8%
Other | U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, allocation (percentage)	2%	2%
Other | Non-U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, allocation (percentage)	59%	64%

Employee Benefit Plans - Contri

Employee Benefit Plans - Contributions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer contributions	$ 145
Expected future employer contribution, next fiscal year	160
Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer contributions	127
Expected future employer contribution, next fiscal year	140
Retiree Health
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer contributions	18	$ 21
Expected future employer contribution, next fiscal year	20
U.S. | Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer contributions	100	53
Expected future employer contribution, next fiscal year	110
U.S. | Pension Plan | Tax Qualified
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer contributions	77
Expected future employer contribution, next fiscal year	85
Non-U.S. | Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer contributions	27	$ 28
Expected future employer contribution, next fiscal year	$ 30

Employee Benefit Plans - Estima

Employee Benefit Plans - Estimated Future Benefit Payments (Details) $ in Millions	Dec. 31, 2024 USD ($)
Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
2025	$ 476
2026	459
2027	466
2028	471
2029	480
Years 2030-2034	2,511
Retiree Health
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
2025	20
2026	18
2027	16
2028	15
2029	14
Years 2030-2034	56
United States | Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
2025	204
2026	181
2027	184
2028	181
2029	183
Years 2030-2034	949
Non-U.S. | Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
2025	272
2026	278
2027	282
2028	290
2029	297
Years 2030-2034	$ 1,562

Employee Benefit Plans - Assump

Employee Benefit Plans - Assumptions (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Retiree Health
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate (percentage)		4.90%	4.70%	5%
Discount rate assumptions used to determine net periodic benefit costs (percentage)		4.70%	5%	2.70%
Retiree Health | Forecasted
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate assumptions used to determine net periodic benefit costs (percentage)	4.90%
United States | Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate (percentage)		5.60%	4.90%	5.10%
Rate of compensation increase (percentage)		0%	0%	0%
Interest crediting rate (percentage)		4.60%	4.50%	4.50%
Discount rate assumptions used to determine net periodic benefit costs (percentage)		4.90%	5.10%	2.70%
Expected return on plan assets assumptions used to determine net periodic benefit cost (percentage)		8.10%	8.10%	5.90%
Rate of compensation increase assumptions used to determine net periodic benefit cost (percentage)		0%	0%	0.10%
Interest crediting rate used to determine net periodic benefit cost (percentage)		4.50%	4.50%	2.50%
United States | Pension Plan | Forecasted
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate assumptions used to determine net periodic benefit costs (percentage)	5.60%
Expected return on plan assets assumptions used to determine net periodic benefit cost (percentage)	7.80%
Rate of compensation increase assumptions used to determine net periodic benefit cost (percentage)	0%
Interest crediting rate used to determine net periodic benefit cost (percentage)	4.60%
Non-U.S. | Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate (percentage)		4.50%	4.10%	4.50%
Rate of compensation increase (percentage)		2.30%	2.70%	2.90%
Interest crediting rate (percentage)		2.50%	2.50%	1.50%
Discount rate assumptions used to determine net periodic benefit costs (percentage)		4.10%	4.50%	1.80%
Expected return on plan assets assumptions used to determine net periodic benefit cost (percentage)		4.30%	4.30%	3.20%
Rate of compensation increase assumptions used to determine net periodic benefit cost (percentage)		2.70%	2.90%	2.80%
Interest crediting rate used to determine net periodic benefit cost (percentage)		2.50%	2.10%	1.50%
Non-U.S. | Pension Plan | Forecasted
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate assumptions used to determine net periodic benefit costs (percentage)	4.50%
Expected return on plan assets assumptions used to determine net periodic benefit cost (percentage)	4.80%
Rate of compensation increase assumptions used to determine net periodic benefit cost (percentage)	2.30%
Interest crediting rate used to determine net periodic benefit cost (percentage)	2.60%

Employee Benefit Plans - Assume

Employee Benefit Plans - Assumed Health Care Cost (Details) - Retiree Health	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Health care cost trend rate assumed for next year (percentage)	6%	6.30%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) (percentage)	4.20%	4.20%

Employee Benefit Plans - Defi_3

Employee Benefit Plans - Defined Contribution Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Employer discretionary contribution	$ 40	$ 40	$ 37

Income and Other Taxes (Details

Income and Other Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Domestic loss	$ (877)	$ (89)	$ (319)
Foreign (loss) income	(339)	61	(6)
Loss before Income Taxes	$ (1,216)	$ (28)	$ (325)

Income and Other Taxes - Income

Income and Other Taxes - Income Tax Expense (Benefit), Current Deferred, by Jurisdiction (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Current federal tax expense (benefit)	$ (15)	$ 21	$ (5)
Deferred federal income tax expense (benefit)	(44)	(65)	(16)
Current foreign tax expense	34	18	23
Deferred foreign income tax expense (benefit)	149	21	(2)
Current state tax expense	(4)	0	6
Deferred state income tax (benefit) expense	(15)	(24)	(9)
Income tax expense (benefit)	$ 105	$ (29)	$ (3)

Income and Other Taxes - Reconc

Income and Other Taxes - Reconciliation of Statutory Tax Rate to Effective Tax Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
U.S. federal statutory income tax rate	21%	21%	21%
Nondeductible expenses	(0.80%)	(32.20%)	(3.60%)
Effect of tax law changes	0%	0%	0.10%
Change in valuation allowance for deferred tax assets	(16.00%)	15.60%	(2.20%)
State taxes, net of federal benefit	1%	(21.90%)	0.30%
Audit and other tax return adjustments	0.60%	83%	(1.60%)
Tax-exempt income, credits and incentives	1.10%	59%	8.70%
Foreign rate differential adjusted for U.S. taxation of foreign profits	(0.50%)	(32.30%)	(0.10%)
Stock-based compensation	(0.20%)	(13.00%)	(0.60%)
Goodwill impairment	(15.30%)	0%	(22.00%)
Divestitures	0.20%	25.30%	0%
Other	0.30%	(0.90%)	0.90%
Effective income tax rate	(8.60%)	103.60%	0.90%
Income taxes to federal, foreign and state jurisdictions	$ 65	$ 51	$ 50

Income and Other Taxes - Alloca

Income and Other Taxes - Allocation of Income Tax Expense Benefit (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Interperiod Allocaion [Line Items]
Income tax expense (benefit) on Loss before income taxes	$ 105	$ (29)	$ (3)
Changes in defined benefit plans
Income Tax Interperiod Allocaion [Line Items]
Other comprehensive income (loss), tax	(10)	93	70
Cash flow hedges
Income Tax Interperiod Allocaion [Line Items]
Other comprehensive income (loss), tax	(1)	1	(1)
Translation adjustments
Income Tax Interperiod Allocaion [Line Items]
Other comprehensive income (loss), tax	(8)	0	0
Additional Paid-in Capital
Income Tax Interperiod Allocaion [Line Items]
Other comprehensive income (loss), tax	$ 6	$ 0	$ 0

Income and Other Taxes - Unreco

Income and Other Taxes - Unrecognized Tax Benefits Rollforward (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Unrecognized Tax Benefits [Roll Forward]
Beginning balance	$ 140	$ 110	$ 107
Additions related to current year	1	1	3
Additions related to prior years positions	0	57	4
Reductions related to prior years positions	0	(14)	0
Settlements with taxing authorities	(29)	(13)
Settlements with taxing authorities			0
Reductions related to lapse of statute of limitations	(18)	(2)	(3)
Currency	1	1
Currency			(1)
Ending balance	95	140	110
Tax positions, highly certain of realizability but with uncertainty of timing	(2)	(31)	1
Accruals for payment of interest and penalties	$ 0	$ (2)	$ (1)

Income and Other Taxes - Deferr

Income and Other Taxes - Deferred Tax Asset and Liability (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred Tax Assets And Liabilities [Line Items]
Undistributed earnings of foreign subsidiaries	$ 292	$ 310
Research and development	227	225
Post-retirement medical benefits	43	50
Net operating losses	322	384
Operating reserves, accruals and deferrals	232	215
Tax credit carryforwards	80	106
Deferred and share-based compensation	22	40
Pension	122	147
Finance lease and installment sales	64	0
Operating lease liabilities	33	43
Other	68	57
Subtotal	1,213	1,267
Valuation allowance	(511)	(375)
Total	702	892
Finance lease and installment sales	0	36
Intangibles and goodwill	84	116
Unremitted earnings of foreign subsidiaries	26	25
Operating lease ROU assets	41	41
Other	21	24
Total	172	242
Total Deferred taxes, net	530	650
Deferred tax assets	615	745
Valuation allowance, increase (decrease) in amount	136	9	$ 9
Tax credit carryforwards	80
Carryforwards with no expiration
Deferred Tax Assets And Liabilities [Line Items]
Tax credit carryforwards	1
Deferred tax assets, operating loss carryforwards, not subject to expiration	1,400
Carryforwards that expire
Deferred Tax Assets And Liabilities [Line Items]
Tax credit carryforwards	79
Operating loss carryforwards	473
Other Long-term Liabilities
Deferred Tax Assets And Liabilities [Line Items]
Deferred tax liabilities	$ (85)	$ (95)

Contingencies and Litigation -

Contingencies and Litigation - Brazil Contingencies (Details) - Brazil Contingencies - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Tax contingency - unreserved	$ 305	$ 375
Escrow cash deposits	18	24
Surety bonds	88	104
Letters of credit	10	22
Liens on Brazilian assets	$ 0	$ 0

Contingencies and Litigation _2

Contingencies and Litigation - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)
Miami Firefighters' Relief & Pension Fund v. Icahn, Et Al.
Loss Contingencies [Line Items]
Loss contingency, damages sought, value	$ 5
Performance Guarantee
Loss Contingencies [Line Items]
Maximum exposure, undiscounted	$ 213

Preferred Stock (Details)

Preferred Stock (Details) $ / shares in Units, $ in Millions		12 Months Ended
		Dec. 31, 2024 USD ($) vote class day $ / shares shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Class of Stock [Line Items]
Number of classes of stock outstanding | class		1
Preferred stock, carrying value		$ 214	$ 214
Preferred stock, annual dividend	[1]	$ 14	$ 14	$ 14
Initial conversion price per share of common stock (in dollars per share) | $ / shares		$ 26.70
Minimum number of trading days C/S close price must exceed conversion price to trigger Pfd Stock conversion | day		20
Number of trading days used for measurement | day		30
Common Stock
Class of Stock [Line Items]
Preferred stock converted into common shares (in shares) | shares		37.4532
Preferred stock conversion to common stock, shares (in shares) | shares		6,742,000
Maximum common stock closing price, triggering conversion (in dollars per share) | $ / shares		$ 39
Maximum common stock closing price, percent, triggering conversion		146.10%
Series A
Class of Stock [Line Items]
Preferred stock converted into common shares (in shares) | shares		180,000
Preferred stock, aggregate liquidation value		$ 180
Preferred stock, carrying value		$ 214
Preferred stock, dividend rate, percentage		8%
Preferred stock, annual dividend		$ 14
Common stock, capital shares reserved for future issuance (in shares) | shares		6,742,000
Number of votes per ten shares | vote		1
Preferred stock, number of votes if converted | vote		674,157
[1] Cash dividends declared on preferred stock for 2024, 2023 and 2022 were $20 per share on a quarterly basis and $80 per share on an annual basis, respectively.

Shareholders' Equity - Equity S

Shareholders' Equity - Equity Stocks Information (Details) - $ / shares	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Common Stock and Treasury Stock [Line Items]
Preferred stock, shares authorized (in shares)	22,000,000
Preferred stock, par value (in dollars per share)	$ 1
Common stock, authorized (in shares)	437,500,000
Par value of common stock (in dollars per share)	$ 1	$ 1	$ 1	$ 1
Incentive Compensation Plans
Schedule of Common Stock and Treasury Stock [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	18,000,000
Series A
Schedule of Common Stock and Treasury Stock [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	6,742,000

Shareholders' Equity - Icahn Sh

Shareholders' Equity - Icahn Share Repurchase (Details) - USD ($) $ / shares in Units, shares in Millions		12 Months Ended
	Sep. 28, 2023	Dec. 31, 2023	Dec. 31, 2022	Sep. 27, 2023
Schedule of Common Stock and Treasury Stock [Line Items]
Stock repurchase program, number of shares authorized to be repurchased (in shares)	34
Share price (in dollars per share)				$ 15.84
Treasury stock acquired	$ 542,000,000	$ 553,000,000	$ 113,000,000
Share repurchase cost	11,000,000
Jefferies Finance | Loan Facility
Schedule of Common Stock and Treasury Stock [Line Items]
Principal debt	$ 555,000,000

Shareholders' Equity - Common S

Shareholders' Equity - Common Stock and Treasury Stock Period Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, authorized (in shares)	437,500,000
Par value of common stock (in dollars per share)	$ 1	$ 1	$ 1	$ 1
Common stock issued (in shares)	124,435,000	123,144,000
Common stock outstanding (in shares)	124,435,000	123,144,000
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning	123,144,000	155,781,000	168,069,000
Stock based compensation plans, net	1,291,000	1,608,000	1,561,000
Acquisition of Treasury stock		0	0
Cancellation of Treasury stock		(34,245,000)	(13,849,000)
Balance, ending	124,435,000	123,144,000	155,781,000
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning	0	0	8,675,000
Stock based compensation plans, net	0	0	0
Acquisition of Treasury stock		34,245,000	5,174,000
Cancellation of Treasury stock		(34,245,000)	(13,849,000)
Balance, ending	0	0	0
Xerox Corporation
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, authorized (in shares)	1,000,000,000
Par value of common stock (in dollars per share)	$ 1
Common stock issued (in shares)	100,000,000
Common stock outstanding (in shares)	100,000,000

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) shares in Millions	12 Months Ended
	Dec. 31, 2024 period index shares	Dec. 31, 2023 shares	Dec. 31, 2022
Stock-Based Compensation Details [Line Items]
Number of shares available for grant (in shares) | shares	5	6
Restricted Stock Units | Graded vesting after year one of service period
Stock-Based Compensation Details [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting rights (percentage)	33%
Restricted Stock Units | Graded vesting after year two of service period
Stock-Based Compensation Details [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting rights (percentage)	33%
Restricted Stock Units | Graded vesting after year three of service period
Stock-Based Compensation Details [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting rights (percentage)	34%
Performance Shares
Stock-Based Compensation Details [Line Items]
Performance period	3 years
Vesting increase (decrease) percentage	25%
Performance Shares | Performance-Based
Stock-Based Compensation Details [Line Items]
Performance period	3 years
Number of performance periods	4
Performance periods, weighted percentage	20%
Cumulative goal, weighted percentage	40%
Award vesting period	3 years
Performance share maximum overachievement	100%
Performance Shares | TSR
Stock-Based Compensation Details [Line Items]
Performance period	3 years	3 years	3 years
Number of performance periods	3
Performance share maximum overachievement	100%
Vesting increase (decrease) percentage	25%
Number of market indices used | index	2
Total number of trading days of performance period	20 days
Minimum | Performance Shares
Stock-Based Compensation Details [Line Items]
Performance shares entitlement of original award grant (percentage)	0%
Maximum | Performance Shares
Stock-Based Compensation Details [Line Items]
Performance shares entitlement of original award grant (percentage)	200%

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-based compensation expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Stock-based compensation expense, pre-tax	$ 52	$ 54	$ 75
Income tax benefit recognized in earnings	8	10	11
Accelerated vesting, cost	$ 0	$ 0	$ 21

Stock-Based Compensation - Perf

Stock-Based Compensation - Performance Share Units (Details) - Performance Shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Stock-Based Compensation Details [Line Items]
Weighting of measurement components (percentage)	100%	100%	100%
Vesting increase (decrease) percentage	25%
Operating income improvement
Stock-Based Compensation Details [Line Items]
Weighting of measurement components (percentage)	100%	0%	0%
Earnings per share
Stock-Based Compensation Details [Line Items]
Weighting of measurement components (percentage)	0%	0%	50%
Relative total shareholder return
Stock-Based Compensation Details [Line Items]
Weighting of measurement components (percentage)	0%	100%	0%
Absolute share price
Stock-Based Compensation Details [Line Items]
Weighting of measurement components (percentage)	0%	0%	50%

Stock-Based Compensation - Meas

Stock-Based Compensation - Measurement Inputs (Details) - Performance Shares - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Stock-Based Compensation Details [Line Items]
Term (years)	3 years
Weighted average fair value (in dollars per share)	$ 13.89	$ 22.97	$ 25.72
TSR
Stock-Based Compensation Details [Line Items]
Term (years)	3 years	3 years	3 years
Risk-free interest rate (percentage)	4.20%	3.80%	1.09%
volatility (percentage)	42.88%	52.21%	42.07%
Weighted average fair value (in dollars per share)	$ 18.29	$ 23	$ 27.89

Stock-Based Compensation - Payo

Stock-Based Compensation - Payouts (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
75th and above
Stock-Based Compensation Details [Line Items]
Payout (percent of target)	25%	200%
$30.00 and above
Stock-Based Compensation Details [Line Items]
Payout (percent of target)			200%
Total Return Targets (in dollars per share)			$ 30
50th
Stock-Based Compensation Details [Line Items]
Payout (percent of target)	0%	100%
25
Stock-Based Compensation Details [Line Items]
Payout (percent of target)			100%
Total Return Targets (in dollars per share)			$ 25
25th
Stock-Based Compensation Details [Line Items]
Payout (percent of target)		50%
20
Stock-Based Compensation Details [Line Items]
Payout (percent of target)			50%
Total Return Targets (in dollars per share)			$ 20
Below 25th
Stock-Based Compensation Details [Line Items]
Payout (percent of target)		0%
Below $20.00
Stock-Based Compensation Details [Line Items]
Payout (percent of target)			0%
Total Return Targets (in dollars per share)			$ 20
25th and below
Stock-Based Compensation Details [Line Items]
Payout (percent of target)	(25.00%)

Stock-Based Compensation - St_2

Stock-Based Compensation - Stock-based Compensation Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Unrecognized Compensation	$ 70
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding at January 1 (in shares)	4,672	3,221	3,161
Outstanding at January 1 (in dollars per share)	$ 18.46	$ 23.16	$ 25.26
Granted (in shares)	4,159	3,382	2,444
Granted (in dollars per share)	$ 14.09	$ 16.56	$ 21.75
Vested (in shares)	(2,030)	(1,593)	(1,975)
Vested (in dollars per share)	$ 19.04	$ 23.73	$ 24.56
Forfeited/Expired (in shares)	(487)	(338)	(409)
Forfeited/Expired (in dollars per share)	$ 17.27	$ 19.27	$ 24.20
Outstanding at December 31 (in shares)	6,314	4,672	3,221
Outstanding at December 31 (in dollars per share)	$ 15.48	$ 18.46	$ 23.16
Unrecognized Compensation	$ 52
Remaining Weighted-Average Vesting Period (Years)	1 year 10 months 24 days
Restricted Stock Units | Former CEO
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Accelerated vesting (in shares)			469
Special Retention Award
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Granted (in shares)		445
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding at January 1 (in shares)	2,039	1,729	2,818
Outstanding at January 1 (in dollars per share)	$ 24.18	$ 28.38	$ 25.47
Granted (in shares)	1,243	940	977
Granted (in dollars per share)	$ 13.89	$ 22.97	$ 25.72
Vested (in shares)	0	0	(644)
Vested (in dollars per share)	$ 0	$ 0	$ 27.95
Forfeited/Expired (in shares)	(1,216)	(630)	(1,422)
Forfeited/Expired (in dollars per share)	$ 17.67	$ 33.86	$ 20.98
Outstanding at December 31 (in shares)	2,066	2,039	1,729
Outstanding at December 31 (in dollars per share)	$ 21.59	$ 24.18	$ 28.38
Permanently adversely affected (in shares)			1,125
Unrecognized Compensation	$ 15
Remaining Weighted-Average Vesting Period (Years)	1 year 9 months 18 days
Performance Shares | Former CEO
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Accelerated vesting (in shares)			644
Stock options
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Unrecognized Compensation	$ 3
Remaining Weighted-Average Vesting Period (Years)	2 years

Stock-Based Compensation - St_3

Stock-Based Compensation - Stock-Based Awards (Details) $ in Millions	Dec. 31, 2024 USD ($)
Restricted Stock Units
Stock-Based Compensation Details [Line Items]
Aggregate intrinsic value of award outstanding	$ 53
Performance Shares
Stock-Based Compensation Details [Line Items]
Aggregate intrinsic value of award outstanding	$ 17

Stock-Based Compensation - Exer

Stock-Based Compensation - Exercised Stock-Based Awards (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restricted Stock Units
Stock-Based Compensation Details [Line Items]
Total Intrinsic Value	$ 31	$ 25	$ 39
Tax Benefit	4	5	6
Performance Shares
Stock-Based Compensation Details [Line Items]
Total Intrinsic Value	0	0	10
Tax Benefit	$ 0	$ 0	$ 0

Other Comprehensive Loss (Detai

Other Comprehensive Loss (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net translation adjustments (losses) gains, net of tax	[1]	$ (120)	$ 191	$ (376)
Other comprehensive loss, pre-tax		(4)	(233)	(618)
Other Comprehensive Loss, Net	[1]	(23)	(139)	(549)
Cumulative translation adjustments
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net translation adjustments (losses) gains, pre-tax		(112)	191	(376)
Net translation adjustments (losses) gains, net of tax		(120)	191	(376)
Unrealized (Losses) Gains
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Changes in fair value of cash flow hedges losses, pre-tax		0	(18)	(35)
Changes in fair value of cash flow hedges losses, net of tax		0	(16)	(27)
Changes in cash flow hedges reclassed to earnings, pre-tax		10	18	35
Changes in cash flow hedges reclassed to earnings, net of tax		9	17	26
Other losses, pre-tax		0	0	(1)
Other losses, net of tax		0	0	(1)
Other comprehensive loss, pre-tax		10	0	(1)
Other Comprehensive Loss, Net		9	1	(2)
Net actuarial/prior service gains (losses)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other comprehensive loss, pre-tax		3	(400)	(373)
Other Comprehensive Loss, Net		(3)	(300)	(284)
Prior service amortization/curtailment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other comprehensive loss, pre-tax		(7)	(10)	(18)
Other Comprehensive Loss, Net		(3)	(8)	(14)
Actuarial loss amortization/settlement
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other comprehensive loss, pre-tax		73	35	88
Other Comprehensive Loss, Net		65	26	66
Other (losses) gains
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other comprehensive loss, pre-tax		29	(49)	62
Other Comprehensive Loss, Net		29	(49)	61
Changes in Defined Benefit Plans Gains (Losses)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other comprehensive loss, pre-tax		98	(424)	(241)
Other Comprehensive Loss, Net		$ 88	$ (331)	$ (171)
[1] Refer to Note 24 - Other Comprehensive Loss for gross components of Other Comprehensive Loss, reclassification adjustments out of Accumulated Other Comprehensive Loss and related tax effects.

Other Comprehensive Loss - AOCL

Other Comprehensive Loss - AOCL (Details) - USD ($) $ in Millions		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total Accumulated Other Comprehensive Loss		$ 1,080	$ 2,548	$ 3,353	$ 4,443
Total Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total Accumulated Other Comprehensive Loss	[1]	(3,699)	(3,676)	(3,537)	$ (2,988)
Cumulative translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total Accumulated Other Comprehensive Loss		(2,166)	(2,046)	(2,237)
Other unrealized gains (losses), net
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total Accumulated Other Comprehensive Loss		6	(3)	(4)
Benefit plans net actuarial losses and prior service credits
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total Accumulated Other Comprehensive Loss		$ (1,539)	$ (1,627)	$ (1,296)
[1] AOCL - Accumulated other comprehensive loss.

Loss per Share - Reconciliation

Loss per Share - Reconciliation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Basic Loss per Share:
Net (Loss) Income	$ (1,321)	$ 1	$ (322)
Accrued dividends on preferred stock	(14)	(14)	(14)
Adjusted Net Loss attributable to common shareholders	$ (1,335)	$ (13)	$ (336)
Weighted average common shares outstanding (in shares)	124,210	149,116	156,006
Basic Loss per Share (in dollars per share)	$ (10.75)	$ (0.09)	$ (2.15)
Diluted Loss per Share:
Net (Loss) Income	$ (1,321)	$ 1	$ (322)
Accrued dividends on preferred stock	(14)	(14)	(14)
Adjusted Net Loss attributable to common shareholders	$ (1,335)	$ (13)	$ (336)
Weighted average common shares outstanding (in shares)	124,210	149,116	156,006
Common shares issuable with respect to:
Adjusted Weighted average common shares outstanding (in shares)	124,210	149,116	156,006
Diluted Loss per Share (in dollars per share)	$ (10.75)	$ (0.09)	$ (2.15)
Stock options
Common shares issuable with respect to:
Stock options, restricted stock and performance shares (in shares)	0	0	0
Restricted stock and performance shares
Common shares issuable with respect to:
Stock options, restricted stock and performance shares (in shares)	0	0	0
Convertible preferred stock
Common shares issuable with respect to:
Stock options, restricted stock and performance shares (in shares)	0	0	0

Loss per Share - Anti-Dilutive

Loss per Share - Anti-Dilutive Securities (Details) - USD ($) $ / shares in Units, shares in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)													34,708	13,684	12,278
Dividends per common share (in dollars per share)	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 1	$ 1	$ 1
Convertible Senior Notes Due 2030 | Convertible Debt
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Principal debt				$ 400,000,000
Debt interest rate (as percent)				3.75%
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)													147	231	586
Restricted stock and performance shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)													8,623	6,711	4,950
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
Convertible notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)													19,196	0	0

Schedule II Valuation and Qua_2

Schedule II Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	$ 156	$ 169	$ 176
Additions charged to expense	42	28	43
Amounts (credited) charged to other income statement accounts	2	8	(7)
Deductions and other, net of recoveries	(74)	(49)	(43)
Balance at end of period	126	156	169
Accounts Receivable
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	64	52	58
Additions charged to expense	25	22	17
Amounts (credited) charged to other income statement accounts	0	6	(9)
Deductions and other, net of recoveries	(20)	(16)	(14)
Balance at end of period	69	64	52
Finance Receivables
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	92	117	118
Additions charged to expense	17	6	26
Amounts (credited) charged to other income statement accounts	2	2	2
Deductions and other, net of recoveries	(54)	(33)	(29)
Balance at end of period	57	92	117
Deferred Tax Assets
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	375	366	357
Additions charged to expense	195	(4)	7
Amounts (credited) charged to other income statement accounts	(59)	13	2
Balance at end of period	511	375	366
Xerox Corporation
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	156	169	176
Additions charged to expense	42	28	43
Amounts (credited) charged to other income statement accounts	2	8	(7)
Deductions and other, net of recoveries	(74)	(49)	(43)
Balance at end of period	126	156	169
Xerox Corporation | Accounts Receivable
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	64	52	58
Additions charged to expense	25	22	17
Amounts (credited) charged to other income statement accounts	0	6	(9)
Deductions and other, net of recoveries	(20)	(16)	(14)
Balance at end of period	69	64	52
Xerox Corporation | Finance Receivables
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	92	117	118
Additions charged to expense	17	6	26
Amounts (credited) charged to other income statement accounts	2	2	2
Deductions and other, net of recoveries	(54)	(33)	(29)
Balance at end of period	57	92	117
Xerox Corporation | Deferred Tax Assets
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	375	366	357
Additions charged to expense	195	(4)	7
Amounts (credited) charged to other income statement accounts	(59)	13	2
Balance at end of period	$ 511	$ 375	$ 366