Xerox (XRX) 10-Q 1 May 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page	3 Months Ended
	Mar. 31, 2023 shares
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity Registrant Name	XEROX HOLDINGS CORPORATION
Entity Incorporation, State or Country Code	NY
Entity File Number	001-39013
Entity Tax Identification Number	83-3933743
Entity Address, Address Line One	P.O. Box 4505
Entity Address, Address Line Two	201 Merritt 7
Entity Address, City or Town	Norwalk
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06851-1056
City Area Code	(203)
Local Phone Number	849-5216
Title of 12(b) Security	Common Stock, $1 par value
Trading Symbol	XRX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	156,958,464
Entity Central Index Key	0001770450
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
XEROX CORPORATION
Entity Information [Line Items]
Entity Registrant Name	XEROX CORPORATION
Entity Incorporation, State or Country Code	NY
Entity File Number	001-04471
Entity Tax Identification Number	16-0468020
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000108772

Xerox Holdings Corporation Cond

Xerox Holdings Corporation Condensed Consolidated Statements of Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues
Total Revenues	$ 1,715	$ 1,668
Costs and Expenses
Cost of financing	36	24
Research, development and engineering expenses	64	78
Selling, administrative and general expenses	407	455
Restructuring and related costs, net	2	18
Amortization of intangible assets	11	11
Other expenses, net	20	57
Total Costs and Expenses	1,630	1,757
Income (Loss) before Income Taxes and Equity Income	85	(89)
Income tax expense (benefit)	14	(31)
Equity in net income of unconsolidated affiliates	0	1
Net Income (Loss)	71	(57)
Less: Net loss attributable to noncontrolling interests	0	(1)
Net Income (Loss) Attributable to Xerox Holdings	$ 71	$ (56)
Basic Earnings (Loss) per Share (in dollars per share)	$ 0.43	$ (0.38)
Diluted Earnings (Loss) per Share (in dollars per share)	$ 0.43	$ (0.38)
Sales
Revenues
Total Revenues	$ 659	$ 592
Costs and Expenses
Cost of sales/services, maintenance and rentals	425	435
Services, maintenance and rentals
Revenues
Total Revenues	1,004	1,023
Costs and Expenses
Cost of sales/services, maintenance and rentals	665	679
Financing
Revenues
Total Revenues	$ 52	$ 53

Xerox Holdings Corporation Co_2

Xerox Holdings Corporation Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net Income (Loss)		$ 71	$ (57)
Less: Net loss attributable to noncontrolling interests		0	(1)
Net Income (Loss) Attributable to Xerox Holdings		71	(56)
Other Comprehensive Income (Loss), Net
Translation adjustments, net	[1]	92	(72)
Unrealized gains (losses), net	[1]	4	(11)
Changes in defined benefit plans, net	[1]	(14)	39
Other Comprehensive Income (Loss), Net	[1]	82	(44)
Less: Other comprehensive loss, net attributable to noncontrolling interests	[1]	(1)	0
Other Comprehensive Income (Loss), Net Attributable to Xerox Holdings/Xerox	[1]	83	(44)
Comprehensive Income (Loss), Net
Comprehensive Income (Loss), Net		153	(101)
Less: Comprehensive loss, net attributable to noncontrolling interests		(1)	(1)
Comprehensive Income (Loss), Net Attributable to Xerox Holdings		$ 154	$ (100)
[1]Refer to Note 18 - Other Comprehensive Income (Loss) for gross components of Other comprehensive income (loss), net, reclassification adjustments out of Accumulated other comprehensive loss and related tax effects.

Xerox Holdings Corporation Co_3

Xerox Holdings Corporation Condensed Consolidated Balance Sheets (Unaudited) - USD ($) shares in Thousands, $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 591	$ 1,045
Accounts receivable (net of allowance)	818	857
Billed portion of finance receivables (net of allowance)	94	93
Finance receivables, net	1,022	1,061
Inventories	863	797
Other current assets	252	254
Total current assets	3,640	4,107
Finance receivables due after one year (net of allowance)	1,864	1,948
Equipment on Operating Leases, Net	250	235
Land, buildings and equipment, net	311	320
Intangible assets, net	202	208
Goodwill, net	2,850	2,820
Deferred tax assets	598	582
Other long-term assets	1,331	1,323
Total Assets	11,046	11,543
Liabilities and Equity
Short-term debt and current portion of long-term debt	553	860
Accounts payable	1,301	1,331
Accrued compensation and benefits costs	243	258
Accrued expenses and other current liabilities	782	881
Total current liabilities	2,879	3,330
Long-term debt	2,726	2,866
Pension and other benefit liabilities	1,168	1,175
Post-retirement medical benefits	182	184
Other long-term liabilities	400	411
Total Liabilities	7,355	7,966
Commitments and Contingencies (See Note 20)
Noncontrolling Interests	10	10
Convertible Preferred Stock	214	214
Common stock	157	156
Additional paid-in capital	1,594	1,588
Retained earnings	5,162	5,136
Accumulated other comprehensive loss	(3,454)	(3,537)
Xerox Holdings shareholders’ equity	3,459	3,343
Noncontrolling interests	8	10
Total Equity	3,467	3,353
Total Liabilities and Equity	$ 11,046	$ 11,543
Shares of common stock issued (in shares)	156,958	155,781
Shares of common stock outstanding (in shares)	156,958	155,781

Xerox Holdings Corporation Co_4

Xerox Holdings Corporation Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit loss, current	$ 53	$ 52
Billed portion of finance receivables, allowance	4	4
Finance receivables due after one year, allowance	$ 97	$ 113

Xerox Holdings Corporation Co_5

Xerox Holdings Corporation Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash Flows from Operating Activities
Net Income (Loss)	$ 71	$ (57)
Adjustments required to reconcile Net income (loss) to cash flows provided by operating activities
Depreciation and amortization	64	72
Provisions	0	19
Stock-based compensation	14	15
Restructuring and asset impairment charges	1	20
Payments for restructurings	(6)	(7)
Non-service retirement-related costs	(1)	(7)
Contributions to retirement plans	(17)	(38)
Decrease in accounts receivable and billed portion of finance receivables	39	13
Increase in inventories	(64)	(31)
Increase in equipment on operating leases	(40)	(36)
Decrease in finance receivables	160	41
Decrease (increase) in other current and long-term assets	3	(1)
(Decrease) increase in accounts payable	(41)	111
(Decrease) increase in accrued compensation	(16)	22
Decrease in other current and long-term liabilities	(128)	(43)
Net change in income tax assets and liabilities	18	(39)
Net change in derivative assets and liabilities	13	7
Other operating, net	8	5
Net cash provided by operating activities	78	66
Cash Flows from Investing Activities
Cost of additions to land, buildings, equipment and software	(8)	(16)
Proceeds from sales of businesses and assets	1	0
Acquisitions, net of cash acquired	(7)	(54)
Other investing, net	(3)	(5)
Net cash used in investing activities	(17)	(75)
Cash Flows from Financing Activities
Proceeds from issuance of long-term debt	0	668
Payments on long-term debt	(452)	(646)
Dividends	(45)	(46)
Payments to acquire treasury stock, including fees	0	(113)
Other financing, net	(8)	(12)
Net cash used in financing activities	(505)	(149)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	2	10
Decrease in cash, cash equivalents and restricted cash	(442)	(148)
Cash, cash equivalents and restricted cash at beginning of period	1,139	1,909
Cash, Cash Equivalents and Restricted Cash at End of Period	$ 697	$ 1,761

Xerox Corporation Condensed Con

Xerox Corporation Condensed Consolidated Statements of Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues
Total Revenues	$ 1,715	$ 1,668
Costs and Expenses
Cost of financing	36	24
Research, development and engineering expenses	64	78
Selling, administrative and general expenses	407	455
Restructuring and related costs, net	2	18
Amortization of intangible assets	11	11
Other expenses, net	20	57
Total Costs and Expenses	1,630	1,757
Income (Loss) before Income Taxes and Equity Income	85	(89)
Income tax expense (benefit)	14	(31)
Equity in net income of unconsolidated affiliates	0	1
Net Income (Loss)	71	(57)
Less: Net loss attributable to noncontrolling interests	0	(1)
Net Income (Loss) Attributable to Xerox Holdings	71	(56)
XEROX CORPORATION
Revenues
Total Revenues	1,715	1,668
Costs and Expenses
Cost of financing	36	24
Research, development and engineering expenses	64	78
Selling, administrative and general expenses	407	455
Restructuring and related costs, net	2	18
Amortization of intangible assets	11	11
Other expenses, net	20	57
Total Costs and Expenses	1,630	1,757
Income (Loss) before Income Taxes and Equity Income	85	(89)
Income tax expense (benefit)	14	(31)
Equity in net income of unconsolidated affiliates	0	1
Net Income (Loss)	71	(57)
Less: Net loss attributable to noncontrolling interests	0	(1)
Net Income (Loss) Attributable to Xerox Holdings	71	(56)
Sales
Revenues
Total Revenues	659	592
Costs and Expenses
Cost of sales/services, maintenance and rentals	425	435
Sales | XEROX CORPORATION
Revenues
Total Revenues	659	592
Costs and Expenses
Cost of sales/services, maintenance and rentals	425	435
Services, maintenance and rentals
Revenues
Total Revenues	1,004	1,023
Costs and Expenses
Cost of sales/services, maintenance and rentals	665	679
Services, maintenance and rentals | XEROX CORPORATION
Revenues
Total Revenues	1,004	1,023
Costs and Expenses
Cost of sales/services, maintenance and rentals	665	679
Financing
Revenues
Total Revenues	52	53
Financing | XEROX CORPORATION
Revenues
Total Revenues	$ 52	$ 53

Xerox Corporation Condensed C_2

Xerox Corporation Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Net Income (Loss)		$ 71	$ (57)
Less: Net loss attributable to noncontrolling interests		0	(1)
Net Income (Loss) Attributable to Xerox Holdings		71	(56)
Other Comprehensive Income (Loss), Net
Translation adjustments, net	[1]	92	(72)
Unrealized gains (losses), net	[1]	4	(11)
Changes in defined benefit plans, net	[1]	(14)	39
Other Comprehensive Income (Loss), Net	[1]	82	(44)
Less: Other comprehensive loss, net attributable to noncontrolling interests	[1]	(1)	0
Other Comprehensive Income (Loss), Net Attributable to Xerox Holdings/Xerox	[1]	83	(44)
Comprehensive Income (Loss), Net
Comprehensive Income (Loss), Net		153	(101)
Less: Comprehensive loss, net attributable to noncontrolling interests		(1)	(1)
Comprehensive Income (Loss), Net Attributable to Xerox Holdings		154	(100)
XEROX CORPORATION
Net Income (Loss)		71	(57)
Less: Net loss attributable to noncontrolling interests		0	(1)
Net Income (Loss) Attributable to Xerox Holdings		71	(56)
Other Comprehensive Income (Loss), Net
Translation adjustments, net	[2]	92	(72)
Unrealized gains (losses), net	[2]	4	(11)
Changes in defined benefit plans, net	[2]	(14)	39
Other Comprehensive Income (Loss), Net	[2]	82	(44)
Less: Other comprehensive loss, net attributable to noncontrolling interests	[2]	(1)	0
Other Comprehensive Income (Loss), Net Attributable to Xerox Holdings/Xerox	[2]	83	(44)
Comprehensive Income (Loss), Net
Comprehensive Income (Loss), Net		153	(101)
Less: Comprehensive loss, net attributable to noncontrolling interests		(1)	(1)
Comprehensive Income (Loss), Net Attributable to Xerox Holdings		$ 154	$ (100)
[1]Refer to Note 18 - Other Comprehensive Income (Loss) for gross components of Other comprehensive income (loss), net, reclassification adjustments out of Accumulated other comprehensive loss and related tax effects.[2]Refer to Note 18 - Other Comprehensive Income (Loss) for gross components of Other comprehensive income (loss), net, reclassification adjustments out of Accumulated other comprehensive loss and related tax effects.

Xerox Corporation Condensed C_3

Xerox Corporation Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Cash and cash equivalents	$ 591	$ 1,045
Accounts receivable (net of allowance)	818	857
Billed portion of finance receivables (net of allowance)	94	93
Finance receivables, net	1,022	1,061
Inventories	863	797
Other current assets	252	254
Total current assets	3,640	4,107
Finance receivables due after one year, net	1,864	1,948
Equipment on Operating Leases, Net	250	235
Land, buildings and equipment, net	311	320
Intangible assets, net	202	208
Goodwill, net	2,850	2,820
Deferred tax assets	598	582
Other long-term assets	1,331	1,323
Total Assets	11,046	11,543
Short-term debt and current portion of long-term debt	553	860
Accounts payable	1,301	1,331
Accrued compensation and benefits costs	243	258
Accrued expenses and other current liabilities	782	881
Total current liabilities	2,879	3,330
Long-term debt	2,726	2,866
Pension and other benefit liabilities	1,168	1,175
Post-retirement medical benefits	182	184
Other long-term liabilities	400	411
Total Liabilities	7,355	7,966
Commitments and Contingencies (See Note 20)
Noncontrolling Interests	10	10
Additional paid-in capital	1,594	1,588
Retained earnings	5,162	5,136
Accumulated other comprehensive loss	(3,454)	(3,537)
Xerox Holdings shareholders’ equity	3,459	3,343
Noncontrolling interests	8	10
Total Equity	3,467	3,353
Total Liabilities and Equity	11,046	11,543
XEROX CORPORATION
Cash and cash equivalents	591	1,045
Accounts receivable (net of allowance)	818	857
Billed portion of finance receivables (net of allowance)	94	93
Finance receivables, net	1,022	1,061
Inventories	863	797
Other current assets	252	254
Total current assets	3,640	4,107
Finance receivables due after one year, net	1,864	1,948
Equipment on Operating Leases, Net	250	235
Land, buildings and equipment, net	311	320
Intangible assets, net	202	208
Goodwill, net	2,850	2,820
Deferred tax assets	598	582
Other long-term assets	1,307	1,302
Total Assets	11,022	11,522
Short-term debt and current portion of long-term debt	553	860
Accounts payable	1,301	1,331
Accrued compensation and benefits costs	243	258
Accrued expenses and other current liabilities	735	834
Total current liabilities	2,832	3,283
Long-term debt	1,230	1,370
Related party debt	1,496	1,496
Pension and other benefit liabilities	1,168	1,175
Post-retirement medical benefits	182	184
Other long-term liabilities	400	411
Total Liabilities	7,308	7,919
Commitments and Contingencies (See Note 20)
Noncontrolling Interests	10	10
Additional paid-in capital	3,695	3,693
Retained earnings	3,455	3,427
Accumulated other comprehensive loss	(3,454)	(3,537)
Xerox Holdings shareholders’ equity	3,696	3,583
Noncontrolling interests	8	10
Total Equity	3,704	3,593
Total Liabilities and Equity	$ 11,022	$ 11,522

Xerox Corporation Condensed C_4

Xerox Corporation Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Accounts receivable, allowance for credit loss, current	$ 53	$ 52
Billed portion of finance receivables, allowance	4	4
Finance receivables due after one year, allowance	97	113
XEROX CORPORATION
Accounts receivable, allowance for credit loss, current	53	52
Billed portion of finance receivables, allowance	4	4
Finance receivables due after one year, allowance	$ 97	$ 113

Xerox Corporation Condensed C_5

Xerox Corporation Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash Flows from Operating Activities
Net Income (Loss)	$ 71	$ (57)
Adjustments required to reconcile Net income (loss) to cash flows provided by operating activities
Depreciation and amortization	64	72
Provisions	0	19
Stock-based compensation	14	15
Restructuring and asset impairment charges	1	20
Payments for restructurings	(6)	(7)
Non-service retirement-related costs	(1)	(7)
Contributions to retirement plans	(17)	(38)
Decrease in accounts receivable and billed portion of finance receivables	39	13
Increase in inventories	(64)	(31)
Increase in equipment on operating leases	(40)	(36)
Decrease in finance receivables	160	41
Decrease (increase) in other current and long-term assets	3	(1)
(Decrease) increase in accounts payable	(41)	111
(Decrease) increase in accrued compensation	(16)	22
Decrease in other current and long-term liabilities	(128)	(43)
Net change in income tax assets and liabilities	18	(39)
Net change in derivative assets and liabilities	13	7
Other operating, net	8	5
Net cash provided by operating activities	78	66
Cash Flows from Investing Activities
Cost of additions to land, buildings, equipment and software	(8)	(16)
Proceeds from sales of businesses and assets	1	0
Acquisitions, net of cash acquired	(7)	(54)
Net cash used in investing activities	(17)	(75)
Cash Flows from Financing Activities
Proceeds from issuance of long-term debt	0	668
Payments on long-term debt	(452)	(646)
Other financing, net	(8)	(12)
Net cash used in financing activities	(505)	(149)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	2	10
Decrease in cash, cash equivalents and restricted cash	(442)	(148)
Cash, cash equivalents and restricted cash at beginning of period	1,139	1,909
Cash, Cash Equivalents and Restricted Cash at End of Period	697	1,761
XEROX CORPORATION
Cash Flows from Operating Activities
Net Income (Loss)	71	(57)
Adjustments required to reconcile Net income (loss) to cash flows provided by operating activities
Depreciation and amortization	64	72
Provisions	0	19
Stock-based compensation	14	15
Restructuring and asset impairment charges	1	20
Payments for restructurings	(6)	(7)
Non-service retirement-related costs	(1)	(7)
Contributions to retirement plans	(17)	(38)
Decrease in accounts receivable and billed portion of finance receivables	39	13
Increase in inventories	(64)	(31)
Increase in equipment on operating leases	(40)	(36)
Decrease in finance receivables	160	41
Decrease (increase) in other current and long-term assets	3	(1)
(Decrease) increase in accounts payable	(41)	111
(Decrease) increase in accrued compensation	(16)	22
Decrease in other current and long-term liabilities	(128)	(43)
Net change in income tax assets and liabilities	18	(39)
Net change in derivative assets and liabilities	13	7
Other operating, net	8	5
Net cash provided by operating activities	78	66
Cash Flows from Investing Activities
Cost of additions to land, buildings, equipment and software	(8)	(16)
Proceeds from sales of businesses and assets	1	0
Acquisitions, net of cash acquired	(7)	(54)
Net cash used in investing activities	(14)	(70)
Cash Flows from Financing Activities
Proceeds from issuance of long-term debt	0	668
Payments on long-term debt	(452)	(646)
Distributions to parent	(54)	(174)
Other financing, net	(2)	(2)
Net cash used in financing activities	(508)	(154)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	2	10
Decrease in cash, cash equivalents and restricted cash	(442)	(148)
Cash, cash equivalents and restricted cash at beginning of period	1,139	1,909
Cash, Cash Equivalents and Restricted Cash at End of Period	$ 697	$ 1,761

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation References to “Xerox Holdings” refer to Xerox Holdings Corporation and its consolidated subsidiaries, while references to “Xerox” refer to Xerox Corporation and its consolidated subsidiaries. References herein to “we,” “us,” “our,” and the “Company” refer collectively to both Xerox Holdings and Xerox unless the context suggests otherwise. References to "Xerox Holdings Corporation" refer to the stand-alone parent company and do not include its subsidiaries. References to "Xerox Corporation" refer to the stand-alone company and do not include its subsidiaries. The accompanying unaudited Condensed Consolidated Financial Statements and footnotes represent the respective, consolidated results and financial results of Xerox Holdings and Xerox and all respective companies that each registrant directly or indirectly controls, either through majority ownership or otherwise. This is a combined report of Xerox Holdings and Xerox, which includes separate unaudited Condensed Consolidated Financial Statements for each registrant. The accompanying unaudited Condensed Consolidated Financial Statements of both Xerox Holdings and Xerox have been prepared in accordance with the accounting policies described in the Combined 2022 Annual Report on Form 10-K (2022 Annual Report), except as noted herein, and the interim reporting requirements of Form 10-Q. Accordingly, certain information and note disclosures normally included in our annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) have been condensed or omitted. You should read these Condensed Consolidated Financial Statements in conjunction with the Consolidated Financial Statements included in the 2022 Annual Report. In our opinion, all adjustments necessary for a fair statement of financial position, operating results and cash flows for the interim periods presented have been made. These adjustments consist of normal recurring items. Interim results of operations are not necessarily indicative of the results of the full year. For convenience and ease of reference, we refer to the financial statement caption “Income (Loss) before Income Taxes and Equity Income” as “pre-tax income (loss)”. Notes to the Condensed Consolidated Financial Statements reflect the activity for both Xerox Holdings and Xerox for all periods presented, unless otherwise noted. Goodwill Our Goodwill, net balance was $2,850 and $2,820 at March 31, 2023 and December 31, 2022, respectively. We assess Goodwill for impairment at least annually during the fourth quarter and whenever events or changes in circumstances indicate that the carrying value may not be recoverable. In the first quarter 2023 the Company's actual results as well as its latest projections for the full year 2023 were in line with expectations reviewed as part of our fourth quarter 2022 Goodwill qualitative assessment. In addition, discounts rates and the Company’s market capitalization in the first quarter 2023 remained steady with the fourth quarter 2022. Accordingly, based on our interim assessment as of March 31, 2023, we determined that we did not have a “triggering event” requiring a quantitative assessment of Goodwill. If the Company's future performance varies from current expectations, assumptions, or estimates, including assumptions related to the continued unfavorable macro-economic trends and uncertainties, this may impact the impairment analysis and could reduce the underlying cash flows used to estimate fair values and result in a decline in fair value that may trigger future impairment charges. We will continue to monitor developments throughout the remainder of 2023 including updates to our forecasts as well as discount rates and our market capitalization, and an update of our assessment and related estimates may be required in the future.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Xerox Holdings and Xerox consider the applicability and impact of all Accounting Standards Updates (ASUs) issued by the Financial Accounting Standards Board (FASB). The ASUs listed below apply to both registrants. ASUs not listed below were assessed and determined to be not applicable to the Condensed Consolidated Financial Statements of either registrant. Accounting Standard Updates to be Adopted: Reference Rate Reform In March 2020, the FASB issued ASU 2020-04 , Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (LIBOR) or by another reference rate expected to be discontinued. In January 2021, the FASB issued ASU 2021-01 , Reference Rate Reform (Topic 848): Scope , which provided clarification guidance to ASU 2020-04. These ASUs were effective commencing with our quarter ended March 31, 2020 through December 31, 2022. In December 2022, the FASB issued ASU 2022-06 , Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 , which defers the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. There has been no material impact to date as a result of adopting these ASUs on reference rate reform. However, we continue to evaluate potential future impacts that may result from the discontinuation of LIBOR or other reference rates as well as the accounting provided in this update on our financial condition, results of operations, and cash flows. Accounting Standard Updates Adopted in 2023: Liabilities In September 2022, the FASB issued ASU 2022-04 , Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations that requires entities that use supplier finance programs in connection with the purchase of goods and services to disclose the key terms of the programs and information about obligations outstanding at the end of the reporting period, including a rollforward of those obligations. The guidance does not affect the recognition, measurement or financial statement presentation of supplier finance program obligations. The new standard’s requirements to disclose the key terms of the programs and information about obligations outstanding were effective for our fiscal year beginning on January 1, 2023. The new standard’s requirement to disclose a rollforward of obligations outstanding will be effective for our fiscal year beginning on January 1, 2024. Refer to Note 6 - Supplementary Financial Information for the required disclosures effective January 1, 2023. Financial Instruments In March 2022, the FASB issued ASU 2022-02 , Financial Instruments - Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures - Gross Write-offs. The amendments in this update eliminate the accounting guidance for Troubled Debt Restructurings (TDRs) by creditors while enhancing disclosure requirements for certain loan refinancing and restructurings by creditors made to borrowers experiencing financial difficulty. The amendments also require disclosure of current-period gross write-offs by year of origination for financing receivables. The disclosure of current-period gross write-offs by year of origination is applicable for financing receivables and net investments in leases that are within the scope of ASC 326-20 , Financial Instruments - Credit Losses - Measured at Amortized Cost . This update was effective for our fiscal year beginning on January 1, 2023. The provisions of this amendment are to be applied on a prospective basis. Refer to Note 8 - Finance Receivables, Net for required disclosures regarding gross write-offs by vintage year. Other Updates In 2023 and 2022, the FASB also issued the following ASUs, which impact the Company but did not have, or are not expected to have, a material impact on our financial condition, results of operations or cash flows upon adoption. Those updates are as follows: • Investments: ASU 2023-02 , Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a consensus of the Emerging Issues Task Force). This update is effective for our fiscal year beginning January 1, 2024. • Leases: ASU 2023-01 , Leases (Topic 842): Common Control Arrangements. This update is effective for our fiscal year beginning January 1, 2024. • Fair Value Measurement: ASU 2022-03 , Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. This update is effective for our fiscal year beginning January 1, 2024. • Derivatives and Hedging: ASU 2022-01 , Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method. This update was effective for our fiscal year beginning January 1, 2023.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Revenues disaggregated by primary geographic markets, major product lines, and sales channels are as follows: Three Months Ended 2023 2022 Primary geographical markets (1) : United States $ 947 $ 940 Europe 474 466 Canada 144 115 Other 150 147 Total Revenues $ 1,715 $ 1,668 Major product and services lines: Equipment $ 391 $ 314 Supplies, paper and other sales (2) 268 278 Maintenance agreements (3) 409 429 Service arrangements (4) 495 486 Rental and other 100 108 Financing 52 53 Total Revenues $ 1,715 $ 1,668 Sales channels: Direct equipment lease (5) $ 230 $ 135 Distributors & resellers (6) 260 261 Customer direct 169 196 Total Sales $ 659 $ 592 _____________ (1) Geographic area data is based upon the location of the subsidiary reporting the revenue. (2) Other sales include revenues associated with IT hardware. (3) Includes revenues from maintenance agreements on sold equipment as well as IT services and revenues associated with service agreements sold through our channel partners. (4) Primarily includes revenues from our Print and digital services outsourcing arrangements, including revenues from embedded operating leases in those arrangements, which were not significant. (5) Primarily reflects sales through bundled lease arrangements. (6) Primarily reflects sales through our two-tier distribution channels. Contract Assets and Liabilities: We normally do not have contract assets, which are primarily unbilled accounts receivable that are conditional on something other than the passage of time. Our contract liabilities, which represent billings in excess of revenue recognized, are primarily related to advance billings for maintenance and other services to be performed and were approximately $132 and $131 at March 31, 2023 and December 31, 2022, respectively. The majority of the balance at March 31, 2023 will be amortized to revenue over approximately the next 30 months. Contract Costs: Incremental direct costs of obtaining a contract primarily include sales commissions paid to salespeople and agents in connection with the placement of equipment with associated post sale services arrangements. These costs are deferred and amortized on the straight-line basis over the estimated contract term, which is currently estimated to be approximately four years. We pay commensurate sales commissions upon customer renewals, therefore our amortization period is aligned to our initial contract term. Incremental direct costs are as follows: Three Months Ended 2023 2022 Incremental direct costs of obtaining a contract $ 16 $ 13 Amortization of incremental direct costs 16 18 The balance of deferred incremental direct costs net of accumulated amortization at March 31, 2023 and December 31, 2022 was $125 and $125, respectively. This amount is expected to be amortized over its estimated period of benefit, which we currently estimate to be approximately four years. We may also incur costs associated with our services arrangements to generate or enhance resources and assets that will be used to satisfy our future performance obligations included in these arrangements. These costs are considered contract fulfillment costs and are amortized over the contractual service period of the arrangement to cost of services. In addition, we provide inducements to certain customers in various forms, including contractual credits, which are capitalized and amortized as a reduction of revenue over the term of the contract. The balance of contract fulfillment costs and inducements net of accumulated amortization at March 31, 2023 and December 31, 2022 was $9 and $10, respectively. The related amortization was $0 and $1 for the three months ended March 31, 2023 and 2022, respectively. Equipment and software used in the fulfillment of service arrangements, and where the Company retains control, are capitalized and depreciated over the shorter of their useful life or the term of the contract if an asset is contract specific.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting Our reportable segments are aligned with how we manage the business and view the markets we serve. We have two reportable segments - Print and Other , and Financing (FITTLE) . Our two reportable segments are determined based on the information reviewed by the Chief Operating Decision Maker (CODM), our Chief Executive Officer (CEO), together with the Company’s management to evaluate performance of the business and allocate resources. Our Print and Other segment includes the sale of document systems, supplies and technical services and managed services. The segment also includes the delivery of managed services that involve a continuum of solutions and services that help our customers optimize their print and communications infrastructure, apply automation and simplification to maximize productivity, and ensure the highest levels of security. This segment also includes IT services and software. Our product groupings range from: • “Entry” , which include A4 devices and desktop printers and multifunction devices that primarily serve small and medium workgroups/work teams. • “Mid-Range” , which include A3 devices that generally serve large workgroup/work team environments as well as products in the Light Production product groups serving centralized print centers, print for pay and low volume production print establishments. • “High-End” , which include production printing and publishing systems that generally serve the graphic communications marketplace and print centers in large enterprises. Customers range from small and mid-sized businesses to large enterprises. Customers also include graphic communication enterprises as well as channel partners including distributors and resellers. Segment revenues also include commissions and other payments from our FITTLE segment for the exclusive right to provide lease financing for Xerox products. These revenues are reported as part of Intersegment Revenues, which are eliminated in consolidated revenues. The FITTLE segment provides global leasing solutions and currently offers financing for direct channel customer purchases of Xerox equipment through bundled lease agreements, lease financing to end-user customers who purchase Xerox and non-Xerox equipment through our indirect channels and leasing solutions for OEMs of print and non-print related office equipment and IT services equipment. Segment revenues primarily include financing income on sales-type leases, operating lease income (including month-to-month rentals and extensions) and leasing fees. Segment revenues also include gains/losses from the sale of finance receivables as well as related commission and servicing fees. Segment Policy We derive the results of our business segments directly from our internal management reporting system. The accounting policies that the Company uses to derive its segment results are substantially the same as those used by the Company in preparing its consolidated financial statements. The segment results include a significant level of management estimates regarding the allocation of revenues such as finance income in bundled lease arrangements and other leasing revenues and operating lease revenues embedded in our managed services contracts as well as the allocation of expenses for shared selling and administrative services. Accordingly, the financial results for the segments may not be indicative of the results the businesses would have as on a standalone basis or what might be presented for the businesses in stand-alone financial statements. The CODM measures the performance of each segment based on several metrics, including segment revenues and profit. The CODM uses these results, in part, to evaluate the performance of, and to allocate resources to each segment. The FITTLE segment also includes interest expense associated with allocated debt of the Company in support of its Finance assets, while no interest expense is allocated to the Print and Other segment. Selected financial information for our reportable segments was as follows: Three Months Ended March 31, 2023 2022 Print and Other FITTLE Total Print and Other FITTLE Total External revenue $ 1,564 $ 151 $ 1,715 $ 1,513 $ 155 $ 1,668 Intersegment revenue (1) 49 3 52 37 3 40 Total Segment revenue $ 1,613 $ 154 $ 1,767 $ 1,550 $ 158 $ 1,708 Segment profit $ 106 $ 12 $ 118 $ (20) $ 17 $ (3) Segment margin (2) 6.8 % 7.9 % 6.9 % (1.3) % 11.0 % (0.2) % Depreciation and amortization $ 25 $ 28 $ 53 $ 29 $ 32 $ 61 Interest income — 52 52 — 53 53 Interest expense (3) — 39 39 — 26 26 _____________ (1) Intersegment revenue is primarily commissions and other payments made by the FITTLE Segment to the Print and Other Segment for the lease of Xerox equipment placements. (2) Segment margin based on External revenue only. (3) Interest expense for the FITTLE Segment includes non-financing interest expense on allocated debt associated with Equipment on operating lease of $3 and $2 for the three months ended March 31, 2023 and 2022, respectively. Selected financial information for our reportable segments was as follows: Three Months Ended 2023 2022 Pre-tax Income (Loss) Total reported segments $ 118 $ (3) Restructuring and related costs, net (2) (18) Amortization of intangible assets (11) (11) Other expenses, net (20) (57) Total Pre-tax income (loss) $ 85 $ (89) Depreciation and Amortization Total reported segments $ 53 $ 61 Amortization of intangible assets 11 11 Total Depreciation and amortization $ 64 $ 72 Interest Expense Total reported segments $ 39 $ 26 Corporate 11 27 Total Interest expense $ 50 $ 53 Interest Income Total reported segments $ 52 $ 53 Corporate 5 1 Total Interest income $ 57 $ 54

Lessor

Lessor	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Lessor	Lessor Revenue from sales-type leases is presented on a gross basis when the Company enters into a lease to realize value from a product that it would otherwise sell in its ordinary course of business, whereas in transactions where the Company enters into a lease for the purpose of generating revenue by providing financing, the profit or loss, if any, is presented on a net basis. In addition, we have elected to account for sales tax and other similar taxes collected from a lessee as lessee costs and therefore we exclude these costs from contract consideration and variable consideration and present revenue net of these costs. The components of lease income are as follows: Three Months Ended Location in Statements of Income (Loss) 2023 2022 Revenue from sales type leases Sales $ 230 $ 135 Interest income on lease receivables Financing 52 53 Lease income - operating leases Services, maintenance and rentals 40 48 Variable lease income Services, maintenance and rentals 17 15 Total Lease income $ 339 $ 251 Profit at lease commencement on sales-type leases was estimated to be $80 and $44 for the three months ended March 31, 2023 and 2022, respectively.
Lessor	Lessor Revenue from sales-type leases is presented on a gross basis when the Company enters into a lease to realize value from a product that it would otherwise sell in its ordinary course of business, whereas in transactions where the Company enters into a lease for the purpose of generating revenue by providing financing, the profit or loss, if any, is presented on a net basis. In addition, we have elected to account for sales tax and other similar taxes collected from a lessee as lessee costs and therefore we exclude these costs from contract consideration and variable consideration and present revenue net of these costs. The components of lease income are as follows: Three Months Ended Location in Statements of Income (Loss) 2023 2022 Revenue from sales type leases Sales $ 230 $ 135 Interest income on lease receivables Financing 52 53 Lease income - operating leases Services, maintenance and rentals 40 48 Variable lease income Services, maintenance and rentals 17 15 Total Lease income $ 339 $ 251 Profit at lease commencement on sales-type leases was estimated to be $80 and $44 for the three months ended March 31, 2023 and 2022, respectively.

Supplementary Financial Informa

Supplementary Financial Information	3 Months Ended
	Mar. 31, 2023
Supplemental Financial Information [Abstract]
Supplementary Financial Information	Supplementary Financial Information Cash, Cash Equivalents and Restricted Cash Restricted cash primarily relates to escrow cash deposits made in Brazil associated with ongoing litigation as well as cash collections on finance receivables that were pledged for secured borrowings. As more fully discussed in Note 20 - Contingencies and Litigation, various litigation matters in Brazil require us to make cash deposits to escrow as a condition of continuing the litigation. Restricted cash amounts are classified in our Condensed Consolidated Balance Sheets based on when the cash will be contractually or judicially released. Cash, cash equivalents and restricted cash amounts are as follows: March 31, December 31, Cash and cash equivalents $ 591 $ 1,045 Restricted cash Litigation deposits in Brazil 40 39 Escrow and cash collections related to secured borrowing arrangements (1) 65 54 Other restricted cash 1 1 Total Restricted cash 106 94 Cash, cash equivalents and restricted cash $ 697 $ 1,139 _____________ (1) Represents collections on finance receivables pledged for secured borrowings that will be remitted to lenders in the following month. Restricted cash is reported in the Condensed Consolidated Balance Sheets as follows: March 31, December 31, Other current assets $ 65 $ 55 Other long-term assets 41 39 Total Restricted cash $ 106 $ 94 Supplemental Cash Flow Information Summarized cash flow information is as follows: Location in Statement of Cash Flows Three Months Ended Source/(Use) 2023 2022 Provision for receivables Operating $ (5) $ 14 Provision for inventory Operating 5 5 Depreciation of buildings and equipment Operating 16 18 Depreciation and obsolescence of equipment on operating leases Operating 27 32 Amortization of internal use software Operating 10 11 Amortization of acquired intangible assets Operating 11 11 Amortization of patents (1) Operating 2 3 Amortization of customer contract costs (2) Operating 16 19 Cost of additions to land, buildings and equipment Investing (6) (12) Cost of additions to internal use software Investing (2) (4) Payments to acquire noncontrolling interests - Xerox Holdings Investing (3) (5) Common stock dividends - Xerox Holdings Financing (41) (42) Preferred stock dividends - Xerox Holdings Financing (4) (4) Payments to noncontrolling interests Financing (1) (1) Repurchases related to stock-based compensation - Xerox Holdings Financing (6) (10) _____________ (1) Amortization of patents is reported in Decrease (increase) in other current and long-term assets in the Condensed Consolidated Statements of Cash Flows. (2) Amortization of customer contract costs is reported in Decrease (increase) in other current and long-term assets in the Condensed Consolidated Statements of Cash Flows. Refer to Note 3 - Revenue - Contract Costs for additional information. Supplier Finance Programs The Company has a program through a financial institution that enables vendors and suppliers, at their option, to receive early payment for their invoices. The program operates in a similar manner to a purchasing card program, however with this program the Company receives invoices associated with those vendors and suppliers participating in the program and confirms and validates those invoices and amounts due before passing the invoices on to the financial institution for early payment at a discounted amount. The financial institution subsequently invoices the Company for the stated or full amount of the invoices paid early and we are required to make payment within 45 days of the statement date. The overall impact of the program generally results in the Company paying its supplier and vendor invoices consistent with their original terms. This program is generally available to all non-inventory vendors and suppliers. Spending associated with this program during the three months ended March 31, 2023, totaled approximately $30. All outstanding amounts related to the program are recorded within Accounts payable in our Condensed Consolidated Balance Sheets, and the associated payments are included in operating activities within our Condensed Consolidated Statements of Cash Flows. The amount due to vendors and suppliers participating in this program and included in Accounts payable was approximately $40 as of March 31, 2023 and December 31, 2022, respectively.

Accounts Receivable, Net

Accounts Receivable, Net	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Accounts Receivable, Net	Accounts Receivable, Net Accounts receivable, net were as follows: March 31, December 31, Invoiced $ 660 $ 698 Accrued (1) 211 211 Allowance for doubtful accounts (53) (52) Accounts receivable, net $ 818 $ 857 _____________ (1) Accrued receivables include amounts to be invoiced in the subsequent quarter for current services provided. The allowance for doubtful accounts was as follows: 2023 2022 Balance at January 1 st $ 52 $ 58 Provision 3 9 Charge-offs (5) (3) Recoveries and other (1) 3 (1) Balance at March 31 st $ 53 $ 63 _____________ (1) Includes the impacts of foreign currency translation and adjustments to reserves necessary to reflect events of non-payment such as customer accommodations and contract terminations. We perform ongoing credit evaluations of our customers and adjust credit limits based upon customer payment history and current creditworthiness. The allowance for uncollectible accounts receivable is determined based on an assessment of past collection experience as well as consideration of current and future economic conditions and changes in our customer collection trends. Based on that assessment the allowance for doubtful accounts as a percent of gross accounts receivable was 6.1% at March 31, 2023 and 5.7% at December 31, 2022. Accounts Receivable Sales Arrangements Accounts receivable sales arrangements are utilized in the normal course of business as part of our cash and liquidity management. The accounts receivable sold are generally short-term trade receivables with payment due dates of less than 60 days. We have one facility in Europe that enables us to sell accounts receivable associated with our distributor network on an ongoing basis, without recourse. Under this arrangement, we sell our entire interest in the related accounts receivable for cash and no portion of the payment is held back or deferred by the purchaser. Of the accounts receivable sold and derecognized from our balance sheet, $73 and $159 remained uncollected as of March 31, 2023 and December 31, 2022, respectively. Accounts receivable sales activity was as follows: Three Months Ended 2023 2022 Accounts receivable sales (1) $ 86 $ 116 ____________ (1) Losses on sales were not material. Customers may also enter into structured-payable arrangements that require us to sell our receivables from that customer to a third-party financial institution, which then makes payments to us to settle the customer's receivable. In these instances, we ensure the sale of the receivables are bankruptcy-remote and the payment made to us is without recourse. The activity associated with these arrangements is not reflected in this disclosure, as payments under these arrangements have not been material and these are customer directed arrangements. Finance receivables include sales-type leases and installment loans arising from the marketing of our equipment. These receivables are typically collateralized by a security interest in the underlying assets. Finance receivables, net were as follows: March 31, December 31, Gross receivables $ 3,438 $ 3,593 Unearned income (357) (374) Subtotal 3,081 3,219 Residual values — — Allowance for doubtful accounts (101) (117) Finance receivables, net 2,980 3,102 Less: Billed portion of finance receivables, net 94 93 Less: Current portion of finance receivables not billed, net 1,022 1,061 Finance receivables due after one year, net $ 1,864 $ 1,948 Finance Receivables – Allowance for Credit Losses and Credit Quality Our finance receivable portfolios are primarily in the U.S., Canada and EMEA. We generally establish customer credit limits and estimate the allowance for credit losses on a country or geographic basis. Customer credit limits are based upon an initial evaluation of the customer's credit quality and we adjust that limit accordingly based upon ongoing credit assessments of the customer, including payment history and changes in credit quality. The allowance for doubtful credit losses is principally determined based on an assessment of origination year and past collection experience as well as consideration of current and future economic conditions and changes in our customer collection trends. Based on that assessment, the allowance for doubtful credit losses as a percentage of gross finance receivables (net of unearned income) was 3.3% at March 31, 2023 and 3.6% at December 31, 2022. Our finance receivable bad debt provision was a $12 credit in the first quarter 2023 primarily related to a reserve release in the U.S. of approximately $12 due to the favorable reassessment of the credit exposure on a large customer receivable balance after a contract amendment which improved our credit position as well as a reserve release of approximately $5 related to the sale of finance receivables on a non-recourse basis as part of the on-going sales under the Receivable Funding Agreement - see Sales of Receivables below. Our allowance for doubtful finance receivables is effectively determined by geography. The risk characteristics in our finance receivable portfolio segments are generally consistent with the risk factors associated with the economies of the countries/regions included in those geographies. Since EMEA is comprised of various countries and regional economies, the risk profile within that portfolio segment is somewhat more diversified due to the varying economic conditions among and within the countries. In determining the level of reserve required we critically assessed current and forecasted economic conditions and trends to ensure we objectively considered those expected impacts in the determination of our reserve. Our assessment also included a review of current portfolio credit metrics and the level of write-offs incurred over the past year. We believe our current reserve position remains sufficient to cover expected future losses that may result from current and future macro-economic conditions including higher inflation, interest rates, and the potential for recessions in the geographic areas of our customers. We continue to monitor developments in future economic conditions and trends, and as a result, our reserves may need to be updated in future periods. The allowance for doubtful accounts as well as the related investment in finance receivables were as follows: United States Canada EMEA (1) Total Balance at December 31, 2022 $ 83 $ 7 $ 27 $ 117 Provision (15) — 3 (12) Charge-offs (5) — (2) (7) Recoveries and other (2) 2 — 1 3 Balance at March 31, 2023 $ 65 $ 7 $ 29 $ 101 Balance at December 31, 2021 $ 77 $ 11 $ 30 $ 118 Provision 3 — 3 6 Charge-offs (2) (1) (1) (4) Recoveries and other (2) — 1 (1) — Balance at March 31, 2022 $ 78 $ 11 $ 31 $ 120 Finance receivables collectively evaluated for impairment (3) March 31, 2023 (3) $ 1,756 $ 233 $ 1,092 $ 3,081 March 31, 2022 (3) $ 1,863 $ 246 $ 1,016 $ 3,125 _____________ (1) Includes developing market countries. (2) Includes the impacts of foreign currency translation and adjustments to reserves necessary to reflect events of non-payment such as customer accommodations and contract terminations. (3) Total Finance receivables exclude the allowance for credit losses of $101 and $120 at March 31, 2023 and 2022, respectively. In the U.S., customers are further evaluated by class based on the type of lease origination. The primary categories are direct, which primarily includes leases originated directly with end-user customers through bundled lease arrangements, and indirect, which primarily includes leases originated through our XBS sales channel and lease financing to end-user customers who purchased equipment we sold to distributors or resellers. We evaluate our customers based on the following credit quality indicators: • Low Credit Risk: This rating includes accounts with excellent to good business credit, asset quality and capacity to meet financial obligations. These customers are less susceptible to adverse effects due to shifts in economic conditions or changes in circumstance. The rating generally equates to a Standard & Poor's (S&P) rating of BBB- or better. Loss rates in this category in the normal course are generally less than 1%. • Average Credit Risk: This rating includes accounts with average credit risk that are more susceptible to loss in the event of adverse business or economic conditions. This rating generally equates to a BB S&P rating. Although we experience higher loss rates associated with this customer class, we believe the risk is somewhat mitigated by the fact that our leases are fairly well dispersed across a large and diverse customer base. In addition, the higher loss rates are largely offset by the higher rates of return we obtain with such leases. Loss rates in this category in the normal course are generally in the range of 2% to 5%. • High Credit Risk: This rating includes accounts that have marginal credit risk such that the customer’s ability to make repayment is impaired or may likely become impaired. We use numerous strategies to mitigate risk including higher rates of interest, prepayments, personal guarantees, etc. Accounts in this category include customers who were downgraded during the term of the lease from low and average credit risk evaluation when the lease was originated. Accordingly, there is a distinct possibility for a loss of principal and interest or customer default. The loss rates in this category in the normal course are generally in the range of 7% to 10%. Credit quality indicators are updated at least annually, or more frequently to the extent required by economic conditions, and the credit quality of any given customer can change during the life of the portfolio. Details about our finance receivables portfolio based on geography, origination year and credit quality indicators are as follows: March 31, 2023 2023 2022 2021 2020 2019 Prior Total United States (Direct) Low Credit Risk $ 59 $ 69 $ 85 $ 69 $ 44 $ 16 $ 342 Average Credit Risk 32 50 70 36 26 7 221 High Credit Risk 12 41 30 32 12 6 133 Total $ 103 $ 160 $ 185 $ 137 $ 82 $ 29 $ 696 Charge-offs $ — $ — $ — $ — $ — $ 1 $ 1 United States (Indirect) Low Credit Risk $ 100 $ 211 $ 141 $ 73 $ 38 $ 8 $ 571 Average Credit Risk 61 170 119 52 27 5 434 High Credit Risk 8 20 16 7 3 1 55 Total $ 169 $ 401 $ 276 $ 132 $ 68 $ 14 $ 1,060 Charge-offs $ — $ — $ 1 $ — $ 1 $ 2 $ 4 Canada Low Credit Risk $ 13 $ 30 $ 20 $ 14 $ 9 $ 3 $ 89 Average Credit Risk 18 43 23 19 13 3 119 High Credit Risk 2 6 5 7 3 2 25 Total $ 33 $ 79 $ 48 $ 40 $ 25 $ 8 $ 233 Charge-offs $ — $ — $ — $ — $ — $ — $ — EMEA (1) Low Credit Risk $ 84 $ 258 $ 155 $ 80 $ 48 $ 18 $ 643 Average Credit Risk 47 148 98 58 37 12 400 High Credit Risk 5 17 12 8 6 1 49 Total $ 136 $ 423 $ 265 $ 146 $ 91 $ 31 $ 1,092 Charge-offs $ — $ 1 $ — $ — $ — $ 1 $ 2 Total Finance Receivables Low Credit Risk $ 256 $ 568 $ 401 $ 236 $ 139 $ 45 $ 1,645 Average Credit Risk 158 411 310 165 103 27 1,174 High Credit Risk 27 84 63 54 24 10 262 Total $ 441 $ 1,063 $ 774 $ 455 $ 266 $ 82 $ 3,081 Total Charge-offs $ — $ 1 $ 1 $ — $ 1 $ 4 $ 7 December 31, 2022 2022 2021 2020 2019 2018 Prior Total United States (Direct) Low Credit Risk $ 173 $ 104 $ 80 $ 53 $ 23 $ 2 $ 435 Average Credit Risk 83 36 26 28 7 2 182 High Credit Risk 71 70 49 18 6 2 216 Total $ 327 $ 210 $ 155 $ 99 $ 36 $ 6 $ 833 United States (Indirect) Low Credit Risk $ 249 $ 165 $ 91 $ 49 $ 12 $ 1 $ 567 Average Credit Risk 210 156 73 40 11 — 490 High Credit Risk 22 20 9 5 2 — 58 Total $ 481 $ 341 $ 173 $ 94 $ 25 $ 1 $ 1,115 Canada Low Credit Risk $ 31 $ 22 $ 17 $ 12 $ 5 $ — $ 87 Average Credit Risk 46 25 22 16 5 — 114 High Credit Risk 6 6 8 4 2 1 27 Total $ 83 $ 53 $ 47 $ 32 $ 12 $ 1 $ 228 EMEA (1) Low Credit Risk $ 269 $ 167 $ 90 $ 59 $ 24 $ 5 $ 614 Average Credit Risk 152 105 63 43 15 3 381 High Credit Risk 17 13 9 7 2 — 48 Total $ 438 $ 285 $ 162 $ 109 $ 41 $ 8 $ 1,043 Total Finance Receivables Low Credit Risk $ 722 $ 458 $ 278 $ 173 $ 64 $ 8 $ 1,703 Average Credit Risk 491 322 184 127 38 5 1,167 High Credit Risk 116 109 75 34 12 3 349 Total $ 1,329 $ 889 $ 537 $ 334 $ 114 $ 16 $ 3,219 _____________ (1) Includes developing market countries. The aging of our receivables portfolio is based upon the number of days an invoice is past due. Receivables that are more than 90 days past due are considered delinquent. Receivable losses are charged against the allowance when management believes the uncollectibility of the receivable is confirmed and is generally based on individual credit evaluations, results of collection efforts and specific circumstances of the customer. Subsequent recoveries, if any, are credited to the allowance. We generally continue to maintain equipment on lease and provide services to customers that have invoices for finance receivables that are 90 days or more past due and, as a result of the bundled nature of billings, we also continue to accrue interest on those receivables. However, interest revenue for such billings is only recognized if collectability is deemed probable. The aging of our billed finance receivables is as follows: March 31, 2023 Current 31-90 Days Past Due >90 Days Past Due Total Billed Unbilled Total Finance Receivables >90 Days and Accruing Direct $ 28 $ 6 $ 5 $ 39 $ 657 $ 696 $ 40 Indirect 31 7 4 42 1,018 1,060 — Total United States 59 13 9 81 1,675 1,756 40 Canada 5 1 — 6 227 233 8 EMEA (1) 8 2 1 11 1,081 1,092 11 Total $ 72 $ 16 $ 10 $ 98 $ 2,983 $ 3,081 $ 59 December 31, 2022 Current 31-90 Days Past Due >90 Days Past Due Total Billed Unbilled Total Finance Receivables >90 Days and Accruing Direct $ 30 $ 6 $ 6 $ 42 $ 791 $ 833 $ 47 Indirect 27 6 4 37 1,078 1,115 — Total United States 57 12 10 79 1,869 1,948 47 Canada 5 1 — 6 222 228 6 EMEA (1) 9 2 1 12 1,031 1,043 12 Total $ 71 $ 15 $ 11 $ 97 $ 3,122 $ 3,219 $ 65 _____________ (1) Includes developing market countries Sales of Receivables In December 2022, the Company entered into a Receivables Funding Agreement with an affiliate of HPS Investment Partners (the Purchaser) pursuant to which the Company agreed to offer for sale, and Purchaser agreed to purchase, certain eligible pools of finance receivables on a monthly basis in transactions structured as "true sales at law" and bankruptcy remote transfers and we have received an opinion to that effect from outside legal counsel. Accordingly, the receivables sold were derecognized from our financial statements and the Purchaser does not have recourse back to the Company for uncollectible receivables. The Receivables Funding Agreement has an initial term through January 31, 2024, with automatic one-year extensions thereafter, unless terminated by either the Company or the Purchaser. The Receivables Funding Agreement contemplates lease receivable sales totaling approximately $600 during the initial term. Additionally, the Company will continue to service the lease receivables for a specified fee and will also be paid a commission on lease receivables sold under the Receivables Funding Agreement. Of the finance receivables sold and derecognized from our balance sheet, $311 and $60 remained uncollected as of March 31, 2023, and December 31, 2022, respectively. Finance receivable sales activity was as follows: March 31, December 31, Finance receivable sales - net proceeds (1) $ 261 $ 61 Gain on sale/Commissions (2) 2 2 Servicing revenue (2) $ 1 $ — _____________ (1) Cash proceeds were reported in Net cash provided by operating activities. (2) Recorded in Services, maintenance and rentals as Other Revenue. Secured Borrowings and Collateral In 2022 and 2021, we sold certain finance receivables to consolidated special purpose entities included in our Condensed Consolidated Balance Sheet as collateral for secured loans. Refer to Note 12 - Debt for additional information related to these arrangements.

Finance Receivables, Net

Finance Receivables, Net	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Finance Receivables, Net	Accounts Receivable, Net Accounts receivable, net were as follows: March 31, December 31, Invoiced $ 660 $ 698 Accrued (1) 211 211 Allowance for doubtful accounts (53) (52) Accounts receivable, net $ 818 $ 857 _____________ (1) Accrued receivables include amounts to be invoiced in the subsequent quarter for current services provided. The allowance for doubtful accounts was as follows: 2023 2022 Balance at January 1 st $ 52 $ 58 Provision 3 9 Charge-offs (5) (3) Recoveries and other (1) 3 (1) Balance at March 31 st $ 53 $ 63 _____________ (1) Includes the impacts of foreign currency translation and adjustments to reserves necessary to reflect events of non-payment such as customer accommodations and contract terminations. We perform ongoing credit evaluations of our customers and adjust credit limits based upon customer payment history and current creditworthiness. The allowance for uncollectible accounts receivable is determined based on an assessment of past collection experience as well as consideration of current and future economic conditions and changes in our customer collection trends. Based on that assessment the allowance for doubtful accounts as a percent of gross accounts receivable was 6.1% at March 31, 2023 and 5.7% at December 31, 2022. Accounts Receivable Sales Arrangements Accounts receivable sales arrangements are utilized in the normal course of business as part of our cash and liquidity management. The accounts receivable sold are generally short-term trade receivables with payment due dates of less than 60 days. We have one facility in Europe that enables us to sell accounts receivable associated with our distributor network on an ongoing basis, without recourse. Under this arrangement, we sell our entire interest in the related accounts receivable for cash and no portion of the payment is held back or deferred by the purchaser. Of the accounts receivable sold and derecognized from our balance sheet, $73 and $159 remained uncollected as of March 31, 2023 and December 31, 2022, respectively. Accounts receivable sales activity was as follows: Three Months Ended 2023 2022 Accounts receivable sales (1) $ 86 $ 116 ____________ (1) Losses on sales were not material. Customers may also enter into structured-payable arrangements that require us to sell our receivables from that customer to a third-party financial institution, which then makes payments to us to settle the customer's receivable. In these instances, we ensure the sale of the receivables are bankruptcy-remote and the payment made to us is without recourse. The activity associated with these arrangements is not reflected in this disclosure, as payments under these arrangements have not been material and these are customer directed arrangements. Finance receivables include sales-type leases and installment loans arising from the marketing of our equipment. These receivables are typically collateralized by a security interest in the underlying assets. Finance receivables, net were as follows: March 31, December 31, Gross receivables $ 3,438 $ 3,593 Unearned income (357) (374) Subtotal 3,081 3,219 Residual values — — Allowance for doubtful accounts (101) (117) Finance receivables, net 2,980 3,102 Less: Billed portion of finance receivables, net 94 93 Less: Current portion of finance receivables not billed, net 1,022 1,061 Finance receivables due after one year, net $ 1,864 $ 1,948 Finance Receivables – Allowance for Credit Losses and Credit Quality Our finance receivable portfolios are primarily in the U.S., Canada and EMEA. We generally establish customer credit limits and estimate the allowance for credit losses on a country or geographic basis. Customer credit limits are based upon an initial evaluation of the customer's credit quality and we adjust that limit accordingly based upon ongoing credit assessments of the customer, including payment history and changes in credit quality. The allowance for doubtful credit losses is principally determined based on an assessment of origination year and past collection experience as well as consideration of current and future economic conditions and changes in our customer collection trends. Based on that assessment, the allowance for doubtful credit losses as a percentage of gross finance receivables (net of unearned income) was 3.3% at March 31, 2023 and 3.6% at December 31, 2022. Our finance receivable bad debt provision was a $12 credit in the first quarter 2023 primarily related to a reserve release in the U.S. of approximately $12 due to the favorable reassessment of the credit exposure on a large customer receivable balance after a contract amendment which improved our credit position as well as a reserve release of approximately $5 related to the sale of finance receivables on a non-recourse basis as part of the on-going sales under the Receivable Funding Agreement - see Sales of Receivables below. Our allowance for doubtful finance receivables is effectively determined by geography. The risk characteristics in our finance receivable portfolio segments are generally consistent with the risk factors associated with the economies of the countries/regions included in those geographies. Since EMEA is comprised of various countries and regional economies, the risk profile within that portfolio segment is somewhat more diversified due to the varying economic conditions among and within the countries. In determining the level of reserve required we critically assessed current and forecasted economic conditions and trends to ensure we objectively considered those expected impacts in the determination of our reserve. Our assessment also included a review of current portfolio credit metrics and the level of write-offs incurred over the past year. We believe our current reserve position remains sufficient to cover expected future losses that may result from current and future macro-economic conditions including higher inflation, interest rates, and the potential for recessions in the geographic areas of our customers. We continue to monitor developments in future economic conditions and trends, and as a result, our reserves may need to be updated in future periods. The allowance for doubtful accounts as well as the related investment in finance receivables were as follows: United States Canada EMEA (1) Total Balance at December 31, 2022 $ 83 $ 7 $ 27 $ 117 Provision (15) — 3 (12) Charge-offs (5) — (2) (7) Recoveries and other (2) 2 — 1 3 Balance at March 31, 2023 $ 65 $ 7 $ 29 $ 101 Balance at December 31, 2021 $ 77 $ 11 $ 30 $ 118 Provision 3 — 3 6 Charge-offs (2) (1) (1) (4) Recoveries and other (2) — 1 (1) — Balance at March 31, 2022 $ 78 $ 11 $ 31 $ 120 Finance receivables collectively evaluated for impairment (3) March 31, 2023 (3) $ 1,756 $ 233 $ 1,092 $ 3,081 March 31, 2022 (3) $ 1,863 $ 246 $ 1,016 $ 3,125 _____________ (1) Includes developing market countries. (2) Includes the impacts of foreign currency translation and adjustments to reserves necessary to reflect events of non-payment such as customer accommodations and contract terminations. (3) Total Finance receivables exclude the allowance for credit losses of $101 and $120 at March 31, 2023 and 2022, respectively. In the U.S., customers are further evaluated by class based on the type of lease origination. The primary categories are direct, which primarily includes leases originated directly with end-user customers through bundled lease arrangements, and indirect, which primarily includes leases originated through our XBS sales channel and lease financing to end-user customers who purchased equipment we sold to distributors or resellers. We evaluate our customers based on the following credit quality indicators: • Low Credit Risk: This rating includes accounts with excellent to good business credit, asset quality and capacity to meet financial obligations. These customers are less susceptible to adverse effects due to shifts in economic conditions or changes in circumstance. The rating generally equates to a Standard & Poor's (S&P) rating of BBB- or better. Loss rates in this category in the normal course are generally less than 1%. • Average Credit Risk: This rating includes accounts with average credit risk that are more susceptible to loss in the event of adverse business or economic conditions. This rating generally equates to a BB S&P rating. Although we experience higher loss rates associated with this customer class, we believe the risk is somewhat mitigated by the fact that our leases are fairly well dispersed across a large and diverse customer base. In addition, the higher loss rates are largely offset by the higher rates of return we obtain with such leases. Loss rates in this category in the normal course are generally in the range of 2% to 5%. • High Credit Risk: This rating includes accounts that have marginal credit risk such that the customer’s ability to make repayment is impaired or may likely become impaired. We use numerous strategies to mitigate risk including higher rates of interest, prepayments, personal guarantees, etc. Accounts in this category include customers who were downgraded during the term of the lease from low and average credit risk evaluation when the lease was originated. Accordingly, there is a distinct possibility for a loss of principal and interest or customer default. The loss rates in this category in the normal course are generally in the range of 7% to 10%. Credit quality indicators are updated at least annually, or more frequently to the extent required by economic conditions, and the credit quality of any given customer can change during the life of the portfolio. Details about our finance receivables portfolio based on geography, origination year and credit quality indicators are as follows: March 31, 2023 2023 2022 2021 2020 2019 Prior Total United States (Direct) Low Credit Risk $ 59 $ 69 $ 85 $ 69 $ 44 $ 16 $ 342 Average Credit Risk 32 50 70 36 26 7 221 High Credit Risk 12 41 30 32 12 6 133 Total $ 103 $ 160 $ 185 $ 137 $ 82 $ 29 $ 696 Charge-offs $ — $ — $ — $ — $ — $ 1 $ 1 United States (Indirect) Low Credit Risk $ 100 $ 211 $ 141 $ 73 $ 38 $ 8 $ 571 Average Credit Risk 61 170 119 52 27 5 434 High Credit Risk 8 20 16 7 3 1 55 Total $ 169 $ 401 $ 276 $ 132 $ 68 $ 14 $ 1,060 Charge-offs $ — $ — $ 1 $ — $ 1 $ 2 $ 4 Canada Low Credit Risk $ 13 $ 30 $ 20 $ 14 $ 9 $ 3 $ 89 Average Credit Risk 18 43 23 19 13 3 119 High Credit Risk 2 6 5 7 3 2 25 Total $ 33 $ 79 $ 48 $ 40 $ 25 $ 8 $ 233 Charge-offs $ — $ — $ — $ — $ — $ — $ — EMEA (1) Low Credit Risk $ 84 $ 258 $ 155 $ 80 $ 48 $ 18 $ 643 Average Credit Risk 47 148 98 58 37 12 400 High Credit Risk 5 17 12 8 6 1 49 Total $ 136 $ 423 $ 265 $ 146 $ 91 $ 31 $ 1,092 Charge-offs $ — $ 1 $ — $ — $ — $ 1 $ 2 Total Finance Receivables Low Credit Risk $ 256 $ 568 $ 401 $ 236 $ 139 $ 45 $ 1,645 Average Credit Risk 158 411 310 165 103 27 1,174 High Credit Risk 27 84 63 54 24 10 262 Total $ 441 $ 1,063 $ 774 $ 455 $ 266 $ 82 $ 3,081 Total Charge-offs $ — $ 1 $ 1 $ — $ 1 $ 4 $ 7 December 31, 2022 2022 2021 2020 2019 2018 Prior Total United States (Direct) Low Credit Risk $ 173 $ 104 $ 80 $ 53 $ 23 $ 2 $ 435 Average Credit Risk 83 36 26 28 7 2 182 High Credit Risk 71 70 49 18 6 2 216 Total $ 327 $ 210 $ 155 $ 99 $ 36 $ 6 $ 833 United States (Indirect) Low Credit Risk $ 249 $ 165 $ 91 $ 49 $ 12 $ 1 $ 567 Average Credit Risk 210 156 73 40 11 — 490 High Credit Risk 22 20 9 5 2 — 58 Total $ 481 $ 341 $ 173 $ 94 $ 25 $ 1 $ 1,115 Canada Low Credit Risk $ 31 $ 22 $ 17 $ 12 $ 5 $ — $ 87 Average Credit Risk 46 25 22 16 5 — 114 High Credit Risk 6 6 8 4 2 1 27 Total $ 83 $ 53 $ 47 $ 32 $ 12 $ 1 $ 228 EMEA (1) Low Credit Risk $ 269 $ 167 $ 90 $ 59 $ 24 $ 5 $ 614 Average Credit Risk 152 105 63 43 15 3 381 High Credit Risk 17 13 9 7 2 — 48 Total $ 438 $ 285 $ 162 $ 109 $ 41 $ 8 $ 1,043 Total Finance Receivables Low Credit Risk $ 722 $ 458 $ 278 $ 173 $ 64 $ 8 $ 1,703 Average Credit Risk 491 322 184 127 38 5 1,167 High Credit Risk 116 109 75 34 12 3 349 Total $ 1,329 $ 889 $ 537 $ 334 $ 114 $ 16 $ 3,219 _____________ (1) Includes developing market countries. The aging of our receivables portfolio is based upon the number of days an invoice is past due. Receivables that are more than 90 days past due are considered delinquent. Receivable losses are charged against the allowance when management believes the uncollectibility of the receivable is confirmed and is generally based on individual credit evaluations, results of collection efforts and specific circumstances of the customer. Subsequent recoveries, if any, are credited to the allowance. We generally continue to maintain equipment on lease and provide services to customers that have invoices for finance receivables that are 90 days or more past due and, as a result of the bundled nature of billings, we also continue to accrue interest on those receivables. However, interest revenue for such billings is only recognized if collectability is deemed probable. The aging of our billed finance receivables is as follows: March 31, 2023 Current 31-90 Days Past Due >90 Days Past Due Total Billed Unbilled Total Finance Receivables >90 Days and Accruing Direct $ 28 $ 6 $ 5 $ 39 $ 657 $ 696 $ 40 Indirect 31 7 4 42 1,018 1,060 — Total United States 59 13 9 81 1,675 1,756 40 Canada 5 1 — 6 227 233 8 EMEA (1) 8 2 1 11 1,081 1,092 11 Total $ 72 $ 16 $ 10 $ 98 $ 2,983 $ 3,081 $ 59 December 31, 2022 Current 31-90 Days Past Due >90 Days Past Due Total Billed Unbilled Total Finance Receivables >90 Days and Accruing Direct $ 30 $ 6 $ 6 $ 42 $ 791 $ 833 $ 47 Indirect 27 6 4 37 1,078 1,115 — Total United States 57 12 10 79 1,869 1,948 47 Canada 5 1 — 6 222 228 6 EMEA (1) 9 2 1 12 1,031 1,043 12 Total $ 71 $ 15 $ 11 $ 97 $ 3,122 $ 3,219 $ 65 _____________ (1) Includes developing market countries Sales of Receivables In December 2022, the Company entered into a Receivables Funding Agreement with an affiliate of HPS Investment Partners (the Purchaser) pursuant to which the Company agreed to offer for sale, and Purchaser agreed to purchase, certain eligible pools of finance receivables on a monthly basis in transactions structured as "true sales at law" and bankruptcy remote transfers and we have received an opinion to that effect from outside legal counsel. Accordingly, the receivables sold were derecognized from our financial statements and the Purchaser does not have recourse back to the Company for uncollectible receivables. The Receivables Funding Agreement has an initial term through January 31, 2024, with automatic one-year extensions thereafter, unless terminated by either the Company or the Purchaser. The Receivables Funding Agreement contemplates lease receivable sales totaling approximately $600 during the initial term. Additionally, the Company will continue to service the lease receivables for a specified fee and will also be paid a commission on lease receivables sold under the Receivables Funding Agreement. Of the finance receivables sold and derecognized from our balance sheet, $311 and $60 remained uncollected as of March 31, 2023, and December 31, 2022, respectively. Finance receivable sales activity was as follows: March 31, December 31, Finance receivable sales - net proceeds (1) $ 261 $ 61 Gain on sale/Commissions (2) 2 2 Servicing revenue (2) $ 1 $ — _____________ (1) Cash proceeds were reported in Net cash provided by operating activities. (2) Recorded in Services, maintenance and rentals as Other Revenue. Secured Borrowings and Collateral In 2022 and 2021, we sold certain finance receivables to consolidated special purpose entities included in our Condensed Consolidated Balance Sheet as collateral for secured loans. Refer to Note 12 - Debt for additional information related to these arrangements.

Inventories and Equipment on Op

Inventories and Equipment on Operating Leases, Net	3 Months Ended
	Mar. 31, 2023
Inventories and Equipment on Operating Leases, Net [Abstract]
Inventories and Equipment on Operating Leases, Net	Inventories and Equipment on Operating Leases, Net The following is a summary of Inventories by major category: March 31, December 31, Finished goods $ 699 $ 640 Work-in-process 49 45 Raw materials 115 112 Total Inventories $ 863 $ 797 The transfer of equipment from our inventories to equipment subject to an operating lease is presented in our Condensed Consolidated Statements of Cash Flows in the operating activities section. Equipment on operating leases and similar arrangements consist of our equipment rented to customers and depreciated to estimated salvage value at the end of the lease term. Equipment on operating leases and the related accumulated depreciation were as follows: March 31, December 31, Equipment on operating leases $ 1,161 $ 1,163 Accumulated depreciation (911) (928) Equipment on operating leases, net $ 250 $ 235 Total contingent rentals on operating leases, consisting principally of usage charges in excess of minimum contracted amounts, were $17 and $15 for the three months ended March 31, 2023 and 2022, respectively. Secured Borrowings and Collateral In 2021, we sold the rights to payments under operating leases to a consolidated special purpose entity included in our Condensed Consolidated Balance Sheet as collateral for a secured loan. Refer to Note 12 - Debt for additional information related to this arrangement.

Lessee

Lessee	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Lessee	Lessee Operating Leases We have operating leases for real estate and vehicles in our domestic and international operations and for certain equipment in our domestic operations. Additionally, we have identified embedded operating leases within certain supply chain contracts for warehouses, primarily within our domestic operations. Our leases have remaining terms of up to twelve years and a variety of renewal and/or termination options. The components of lease expense are as follows: Three Months Ended 2023 2022 Operating lease expense $ 23 $ 25 Short-term lease expense 4 4 Variable lease expense (1) 13 12 Sublease income (1) (2) Total Lease expense $ 39 $ 39 _____________ (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 March 31, 2023, we had no operating leases that had not yet commenced. Operating lease ROU assets, net and operating lease liabilities were reported in the Condensed Consolidated Balance Sheets as follows: March 31, December 31, Other long-term assets $ 201 $ 215 Accrued expenses and other current liabilities $ 61 $ 68 Other long-term liabilities 153 161 Total Operating lease liabilities $ 214 $ 229 The assets and the liabilities related to our finance leases were immaterial for all periods presented.

Restructuring Programs

Restructuring Programs	3 Months Ended
	Mar. 31, 2023
Restructuring and Related Activities [Abstract]
Restructuring Programs	Restructuring Programs We engage in restructuring actions, including Project Own It, as well as other transformation efforts in order to reduce our cost structure and realign it to the changing nature of our business. As part of our efforts to reduce costs, our restructuring actions may also include the off-shoring and/or outsourcing of certain operations, services and other functions, as well as reducing our real estate footprint. During the three months ended March 31, 2023, we recorded net restructuring charges of $1, which included $5 of severance costs related to headcount reductions of approximately 100 employees worldwide, and no other contractual termination costs. These costs were partially offset by $4 of net reversals, which primarily reflect changes in estimated reserves from prior period initiatives. Charges were primarily related to the Print and Other segment as amounts related to the FITTLE segment were immaterial for all periods presented. Information related to our restructuring programs is summarized below: Severance and Related Costs Other Contractual Termination Costs (2) Total Balance at December 31, 2022 $ 39 $ 4 $ 43 Provision 5 — 5 Reversals (4) — (4) Net current period charges (1) 1 — 1 Charges against reserve and currency (6) — (6) Balance at March 31, 2023 $ 34 $ 4 $ 38 _____________ _ (1) Represents net amount recognized within the Condensed Consolidated Statements of Income (Loss) for the period shown for restructuring charges. Reversals of prior charges primarily include net changes in estimated reserves from prior period initiatives. (2) Primarily includes additional costs incurred upon the exit from our facilities including decommissioning costs and associated contractual termination costs. The following table summarizes the reconciliation to the Condensed Consolidated Statements of Cash Flows: Three Months Ended 2023 2022 Charges against reserve and currency $ (6) $ (7) Effects of foreign currency and other non-cash items — — Restructuring cash payments $ (6) $ (7) Charges associated with asset impairments represent the write-down of the related assets to their new cost basis and are recorded concurrently with the recognition of the provision. Impairments are net of any potential sublease income or other recovery amounts. Net asset impairment charges were immaterial for both periods presented. In connection with our restructuring programs, we also incurred certain related costs as follows: Three Months Ended 2023 2022 Retention related severance/bonuses (1) $ 1 $ (2) Contractual severance costs — — Total $ 1 $ (2) ____________ _ (1) Includes retention related severance and bonuses for employees expected to continue working beyond their minimum retention period before termination. The credit for the three months ended March 31, 2022 reflects a change in estimate. Cash paid for restructuring related costs were $1 and $1 for the three months ended March 31, 2023 and 2022, respectively. The restructuring related costs reserve was $12 and $12 at March 31, 2023 and December 31, 2022, respectively. The balance at March 31, 2023 is expected to be paid over the next twelve months.

Debt

Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt Xerox Holdings Corporation/Xerox Corporation Intercompany Loan At March 31, 2023 and December 31, 2022, the balance of the Xerox Holdings Corporation Intercompany Loan reported in Xerox Corporation’s Condensed Consolidated Balance Sheet was $1,496 and $1,496, respectively, which is net of related debt issuance costs, and the intercompany interest payable was $10 and $30, respectively. Xerox Corporation’s interest expense included interest expense associated with this Intercompany Loan of $20 and $20 for the three months ended March 31, 2023 and 2022, respectively. Secured Borrowings and Collateral In 2022 and 2021, we entered into secured loan agreements with various financial institutions where we sold finance receivables and rights to payments under our equipment on operating leases. In certain transactions, the sales were made to special purpose entities (SPEs), owned and controlled by Xerox where the SPEs funded the purchase through amortizing secured loans from the financial institutions. The loans have variable interest rates and expected lives of approximately 2.5 years, with half projected to be repaid within the first year based on collections of the underlying portfolio of receivables. For certain loans, we entered into interest rate hedge agreements to either fix or cap the interest rate over the life of the loan. The sales of the receivables to the SPEs were structured as "true sales at law," and we have received opinions to that effect from outside legal counsel. However, the transactions were accounted for as secured borrowings as we fully consolidate the SPEs in our financial statements. As a result, the assets of the SPEs are not available to satisfy any of our other obligations. Conversely, the credit holders of these SPEs do not have legal recourse to the Company’s general credit. Below are the secured assets and obligations held by subsidiaries of Xerox, which are included in our Condensed Consolidated Balance Sheets. March 31, 2023 Finance Receivables, Net (1) Equipment on Operating Leases, Net Secured Debt (2) Interest Rate (3) Expected Maturity United States (4) December 2022 $ 324 $ — $ 232 7.79 % 2025 January 2022 467 — 345 6.33 % 2024 September 2021 155 4 105 6.06 % 2024 Total 946 4 682 Canada (4) April 2022 55 — 49 5.86 % 2025 France December 2022 201 — 162 4.14 % 2025 Total $ 1,202 $ 4 $ 893 December 31, 2022 Finance Receivables, Net (1) Equipment on Operating Leases, Net Secured Debt (2) Interest Rate (3) Expected Maturity United States (4) December 2022 $ 370 $ — $ 247 7.43 % 2025 January 2022 528 — 407 5.83 % 2024 September 2021 180 5 136 5.65 % 2024 Total 1078 5 790 Canada (4) Secured Borrowing - April 2022 63 — 57 5.45 % 2025 France December 2022 235 — 195 3.03 % 2025 Total $ 1,376 $ 5 $ 1,042 ____________ _ (1) Includes (i) Billed portion of finance receivables, net (ii) Finance receivables, net and (iii) Finance receivables due after one year, net as included in the condensed consolidated balance sheets as of March 31, 2023 and December 31, 2022. (2) Represents the principal debt balance and excludes debt issuance costs of $4 and $5 as of March 31, 2023 and December 31, 2022, respectively. (3) Represents the pre-hedged rate. Refer to Note 13 - Financial Instruments for additional information regarding hedging of these borrowings. (4) Secured assets and obligations held by SPEs. Interest Expense and Income Interest expense and income were as follows: Three Months Ended 2023 2022 Interest expense (1)(2) $ 50 $ 53 Interest income (3) 57 54 ____________ (1) Includes Cost of financing as well as non-financing interest expense that is included in Other expenses, net in the Condensed Consolidated Statements of Income (Loss). (2) Interest expense of Xerox Corporation included intercompany interest expense associated with the Xerox Holdings Corporation / Xerox Corporation Intercompany Loan of $20 and $20 for the three months ended March 31, 2023 and 2022, respectively. (3) Includes Financing revenue as well as other interest income that is included in Other expenses, net in the Condensed Consolidated Statements of Income (Loss).

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Instruments	Financial Instruments Interest Rate Risk Management We use interest rate swap and interest rate cap agreements to manage our interest rate exposure and to achieve a desired proportion of variable and fixed rate debt. These derivatives may be designated as fair value hedges or cash flow hedges depending on the nature of the risk being hedged. Cash Flow Hedges We use interest rate swaps and caps to manage the exposure to variability in the interest rate payments on our secured loan agreements entered into over the last two years. The interest rate swaps convert the interest paid on certain loans to a fixed amount while the caps limit the maximum amount of interest paid. At March 31, 2023 there were four interest rate derivatives outstanding as follows: Secured Borrowing Derivative Type Principal Debt (1) Notional Amount Expected Maturity Pre-Hedged Rate Hedged Rate Net Fair Value United States N/A $ 345 $ — 2024 6.33 % — % $ — United States Cap 105 101 2024 6.06 % 0.50 % 3 United States Cap 232 216 2025 7.79 % 4.50 % 1 Canada Swap 49 43 2025 5.86 % 2.57 % 1 France Cap 162 182 2025 4.14 % 3.00 % 1 Total $ 893 $ 542 $ 6 _____________ (1) Excludes debt issuance costs of $4 at March 31, 2023. No amount of ineffectiveness was recorded in the Condensed Consolidated Statements of Income (Loss) for these designated cash flow hedges and all components of each derivative's gain or loss were included in the assessment of hedge effectiveness. Foreign Exchange Risk Management We are a global company and we are exposed to foreign currency exchange rate fluctuations in the normal course of our business. As a part of our foreign exchange risk management strategy, we use derivative instruments, primarily forward contracts and purchased option contracts, to hedge the following foreign currency exposures, thereby reducing volatility of earnings or protecting fair values of assets and liabilities: • Foreign currency-denominated assets and liabilities • Forecasted purchases and sales in foreign currency At March 31, 2023 and December 31, 2022, we had outstanding forward exchange and purchased option contracts with gross notional values of $1,301 and $1,541 respectively, with terms of less than 12 months. At March 31, 2023, approximately 87% of the contracts mature within three months, 7% mature in three to six months and 6% in six to twelve months. Foreign Currency Cash Flow Hedges We designate a portion of our foreign currency derivative contracts as cash flow hedges of our foreign currency-denominated inventory purchases, sales and expenses. No amount of ineffectiveness was recorded in the Condensed Consolidated Statements of Income (Loss) for these designated cash flow hedges for all periods presented, and all components of each derivative's gain or loss were included in the assessment of hedge effectiveness. In addition, no amount was recorded for an underlying exposure that did not occur or was not expected to occur. The net liability fair value of these contracts was $2 and $4 as of March 31, 2023 and December 31, 2022, respectively. Summary of Derivative Instruments Fair Value The following table provides a summary of the fair value amounts of our derivative instruments: Designation of Derivatives Balance Sheet Location March 31, December 31, Derivatives Designated as Hedging Instruments Foreign exchange contracts - forwards Other current assets $ 3 $ 5 Accrued expenses and other current liabilities (5) (9) Interest rate cap Other long-term assets 5 6 Interest rate swap Other long-term assets 1 1 Net designated derivative assets $ 4 $ 3 Derivatives NOT Designated as Hedging Instruments Foreign exchange contracts – forwards Other current assets $ 4 $ 14 Accrued expenses and other current liabilities (3) (2) Interest rate cap Other long-term assets 1 — Net undesignated derivative assets $ 2 $ 12 Summary of Derivatives Total Derivative assets $ 14 $ 26 Total Derivative liabilities (8) (11) Net Derivative assets $ 6 $ 15 Summary of Derivative Instruments Gains (Losses) Derivative gains and (losses) affect the income statement based on whether such derivatives are designated as hedges of underlying exposures. The following is a summary of derivative gains (losses). Designated Derivative Instruments Gains (Losses) The following table provides a summary of gains (losses) on derivative instruments: Three Months Ended (Loss) Gain on Derivative Instruments 2023 2022 Cash Flow Hedges - Foreign Exchange Forward Contracts and Options Derivative loss recognized in OCI (effective portion) $ (2) $ (15) Derivative loss reclassified from AOCL to income - Cost of sales (effective portion) (6) (2) Derivative gain reclassified from AOCL to income - Interest (effective portion) 1 — As of March 31, 2023, no net after-tax gain or loss was recorded in Accumulated other comprehensive loss associated with our cash flow hedging activity. Non-Designated Derivative Instruments Gains (Losses) Non-designated derivative instruments are primarily instruments used to hedge foreign currency-denominated assets and liabilities. They are not designated as hedges since there is a natural offset for the remeasurement of the underlying foreign currency-denominated asset or liability. The following table provides a summary of gains and (losses) on non-designated derivative instruments: Derivatives NOT Designated as Hedging Instruments Location of Derivative Gain (Loss) Three Months Ended 2023 2022 Foreign exchange contracts – forwards Other expense – Currency gains (losses), net $ (5) $ (9) Currency losses, net were $11 and $0 for three months ended March 31, 2023 and 2022, respectively. Net currency gains and losses include the mark-to-market adjustments of the derivatives not designated as hedging instruments and the related cost of those derivatives as well as the remeasurement of foreign currency-denominated assets and liabilities and are included in Other expenses, net.

Fair Value of Financial Assets

Fair Value of Financial Assets and Liabilities	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Assets and Liabilities	Fair Value of Financial Assets and Liabilities The following table represents assets and liabilities measured at fair value on a recurring basis. The basis for the measurement at fair value in all cases is Level 2 – Significant Other Observable Inputs. March 31, December 31, Assets Foreign exchange contracts - forwards $ 7 $ 19 Interest rate cap 6 6 Interest rate swap 1 1 Deferred compensation plan investments in mutual funds 13 15 Total $ 27 $ 41 Liabilities Foreign exchange contracts - forwards $ 8 $ 11 Deferred compensation plan liabilities 15 14 Total $ 23 $ 25 We utilize the income approach to measure the fair value for our derivative assets and liabilities. The income approach uses pricing models that rely on market observable inputs such as yield curves, currency exchange rates and forward prices, and therefore are classified as Level 2. Fair value for our deferred compensation plan investments in mutual funds is based on quoted market prices for those funds. Fair value for deferred compensation plan liabilities is based on the fair value of investments corresponding to employees’ investment selections. Summary of Other Financial Assets and Liabilities The estimated fair values of our other financial assets and liabilities were as follows: March 31, 2023 December 31, 2022 Carrying Amount Fair Value Carrying Amount Fair Value Cash and cash equivalents $ 591 $ 591 $ 1,045 $ 1,045 Accounts receivable, net 818 818 857 857 Short-term debt and current portion of long-term debt 553 555 860 861 Long-term Debt Xerox Holdings Corporation 1,496 1,337 1,496 1,294 Xerox Corporation 894 704 894 726 Xerox - Other Subsidiaries (1) 336 338 476 478 Long-term debt $ 2,726 $ 2,379 $ 2,866 $ 2,498 ____________ (1) Represents subsidiaries of Xerox Corporation The fair value amounts for Cash and cash equivalents and Accounts receivable, net, approximate carrying amounts due to the short maturities of these instruments. The fair value of Short-term debt, including the current portion of long-term debt, and Long-term debt was estimated based on the current rates offered to us for debt of similar maturities (Level 2). The difference between the fair value and the carrying value represents the theoretical net premium or discount we would pay or receive to retire all debt at such date.

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Mar. 31, 2023
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans The components of Net periodic benefit cost and other changes in plan assets and benefit obligations were as follows: Three Months Ended March 31, Pension Benefits U.S. Plans Non-U.S. Plans Retiree Health Components of Net Periodic Benefit Costs: 2023 2022 2023 2022 2023 2022 Service cost $ — $ — $ 1 $ 4 $ — $ — Interest cost 27 20 46 29 3 2 Expected return on plan assets (25) (27) (56) (55) — — Recognized net actuarial loss (gain) 3 4 1 6 (2) — Amortization of prior service credit — — 1 — (4) (4) Recognized settlement loss 5 18 — — — — Defined benefit plans 10 15 (7) (16) (3) (2) Defined contribution plans 4 5 6 4 n/a n/a Net Periodic Benefit Cost (Credit) 14 20 (1) (12) (3) (2) Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss): Net actuarial (gain) loss (1) (7) 14 — — — (7) Prior service credit — — — — — (23) Amortization of net actuarial (loss) gain (8) (22) (1) (6) 2 — Amortization of prior service credit — — (1) — 4 4 Total Recognized in Other Comprehensive Income (Loss) (2) (15) (8) (2) (6) 6 (26) Total Recognized in Net Periodic Benefit (Credit) Cost and Other Comprehensive Income (Loss) $ (1) $ 12 $ (3) $ (18) $ 3 $ (28) _____________ (1) The net actuarial (gain) loss for U.S. Pension Plans primarily reflects the remeasurement of our primary U.S. pension plans as a result of the payment of periodic settlements. The 2022 net actuarial gain for Retiree Health plans reflects remeasurements related to the first quarter 2022 Plan Amendment for our U.S. Plan. (2) Amounts represent the pre-tax effect included within Other Comprehensive Income (Loss). Refer to Note 18 - Other Comprehensive Income (Loss) for related tax effects and the after-tax amounts. Contributions The following table summarizes cash contributions to our defined benefit pension plans and retiree health benefit plans: Three Months Ended Year Ended 2023 2022 Estimated 2023 2022 U.S. plans $ 6 $ 6 $ 55 $ 24 Non-U.S. plans 7 26 25 81 Total Pension plans 13 32 80 105 Retiree Health 4 6 25 19 Total Retirement plans $ 17 $ 38 $ 105 $ 124 Approximately $30 of the estimated 2023 contributions are for our U.S. tax-qualified defined benefit plans. However, once the current actuarial valuations and projected results as of the end of the 2022 measurement year are available, actual contributions required to meet the minimum funding requirements during 2023 may change from the current estimate.

Shareholders' Equity of Xerox H

Shareholders' Equity of Xerox Holdings	3 Months Ended
	Mar. 31, 2023
Stockholders' Equity Note [Abstract]
Shareholder's Equity of Xerox Holdings	Shareholders’ Equity of Xerox Holdings (shares in thousands) The shareholders' equity information presented below reflects the consolidated activity of Xerox Holdings. Common Stock (1) Additional Paid-in Capital Treasury Stock Retained Earnings AOCL (2) Xerox Holdings Shareholders’ Equity Non-controlling Interests Total Equity Balance at December 31, 2022 $ 156 $ 1,588 $ — $ 5,136 $ (3,537) $ 3,343 $ 10 $ 3,353 Comprehensive income (loss), net — — — 71 83 154 (1) 153 Cash dividends declared - common (3) — — — (41) — (41) — (41) Cash dividends declared - preferred (4) — — — (4) — (4) — (4) Stock option and incentive plans, net 1 6 — — — 7 — 7 Distributions to noncontrolling interests — — — — — — (1) (1) Balance at March 31, 2023 $ 157 $ 1,594 $ — $ 5,162 $ (3,454) $ 3,459 $ 8 $ 3,467 Common Stock (1) Additional Paid-in Capital Treasury Stock Retained Earnings AOCL (2) Xerox Holdings Shareholders’ Equity Non- controlling Interests Total Equity Balance at December 31, 2021 $ 168 $ 1,802 $ (177) $ 5,631 $ (2,988) $ 4,436 $ 7 $ 4,443 Comprehensive loss, net — — — (56) (44) (100) (1) (101) Cash dividends declared - common (3) — — — (39) — (39) — (39) Cash dividends declared - preferred (4) — — — (4) — (4) — (4) Stock option and incentive plans, net — 4 — — — 4 — 4 Payments to acquire treasury stock, including fees — — (113) — — (113) — (113) Cancellation of treasury stock (12) (246) 258 — — — — — Distributions to noncontrolling interests — — — — — — (1) (1) Balance at March 31, 2022 $ 156 $ 1,560 $ (32) $ 5,532 $ (3,032) $ 4,184 $ 5 $ 4,189 _____________ (1) Common Stock has a par value of $1 per share. (2) Refer to Note 18 - Other Comprehensive Income (Loss) for the components of AOCL. (3) Cash dividends declared on common stock for the three months ended March 31, 2023 and 2022 were $0.25 per share, respectively. (4) Cash dividends declared on preferred stock for the three months ended March 31, 2023 and 2022 were $20.00 per share, respectively. Common Stock and Treasury Stock The following is a summary of the changes in Common and Treasury stock shares: Common Stock Shares Treasury Stock Shares Balance at December 31, 2022 155,781 — Stock based compensation plans, net 1,177 — Balance at March 31, 2023 156,958 — The shareholder's equity information presented below reflects the consolidated activity of Xerox. Additional Paid-in Capital Retained Earnings AOCL (1) Xerox Shareholder's Equity Non- controlling Interests Total Equity Balance at December 31, 2022 $ 3,693 $ 3,427 $ (3,537) $ 3,583 $ 10 $ 3,593 Comprehensive income (loss), net — 71 83 154 (1) 153 Dividends declared to parent — (43) — (43) — (43) Transfers from parent 2 — — 2 — 2 Distributions to noncontrolling interests — — — — (1) (1) Balance at March 31, 2023 $ 3,695 $ 3,455 $ (3,454) $ 3,696 $ 8 $ 3,704 Additional Paid-in Capital Retained Earnings AOCL (1) Xerox Shareholder's Equity Non- controlling Interests Total Equity Balance at December 31, 2021 $ 3,202 $ 4,476 $ (2,988) $ 4,690 $ 7 $ 4,697 Comprehensive loss, net — (56) (44) (100) (1) (101) Dividends declared to parent — (549) — (549) — (549) Transfers from parent 390 — — 390 — 390 Distributions to noncontrolling interests — — — — (1) (1) Balance at March 31, 2022 $ 3,592 $ 3,871 $ (3,032) $ 4,431 $ 5 $ 4,436 _____________ (1) Refer to Note 18 - Other Comprehensive Income (Loss) for the components of AOCL.

Shareholder's Equity of Xerox

Shareholder's Equity of Xerox	3 Months Ended
	Mar. 31, 2023
Stockholders' Equity Note [Abstract]
Shareholder's Equity of Xerox	Shareholders’ Equity of Xerox Holdings (shares in thousands) The shareholders' equity information presented below reflects the consolidated activity of Xerox Holdings. Common Stock (1) Additional Paid-in Capital Treasury Stock Retained Earnings AOCL (2) Xerox Holdings Shareholders’ Equity Non-controlling Interests Total Equity Balance at December 31, 2022 $ 156 $ 1,588 $ — $ 5,136 $ (3,537) $ 3,343 $ 10 $ 3,353 Comprehensive income (loss), net — — — 71 83 154 (1) 153 Cash dividends declared - common (3) — — — (41) — (41) — (41) Cash dividends declared - preferred (4) — — — (4) — (4) — (4) Stock option and incentive plans, net 1 6 — — — 7 — 7 Distributions to noncontrolling interests — — — — — — (1) (1) Balance at March 31, 2023 $ 157 $ 1,594 $ — $ 5,162 $ (3,454) $ 3,459 $ 8 $ 3,467 Common Stock (1) Additional Paid-in Capital Treasury Stock Retained Earnings AOCL (2) Xerox Holdings Shareholders’ Equity Non- controlling Interests Total Equity Balance at December 31, 2021 $ 168 $ 1,802 $ (177) $ 5,631 $ (2,988) $ 4,436 $ 7 $ 4,443 Comprehensive loss, net — — — (56) (44) (100) (1) (101) Cash dividends declared - common (3) — — — (39) — (39) — (39) Cash dividends declared - preferred (4) — — — (4) — (4) — (4) Stock option and incentive plans, net — 4 — — — 4 — 4 Payments to acquire treasury stock, including fees — — (113) — — (113) — (113) Cancellation of treasury stock (12) (246) 258 — — — — — Distributions to noncontrolling interests — — — — — — (1) (1) Balance at March 31, 2022 $ 156 $ 1,560 $ (32) $ 5,532 $ (3,032) $ 4,184 $ 5 $ 4,189 _____________ (1) Common Stock has a par value of $1 per share. (2) Refer to Note 18 - Other Comprehensive Income (Loss) for the components of AOCL. (3) Cash dividends declared on common stock for the three months ended March 31, 2023 and 2022 were $0.25 per share, respectively. (4) Cash dividends declared on preferred stock for the three months ended March 31, 2023 and 2022 were $20.00 per share, respectively. Common Stock and Treasury Stock The following is a summary of the changes in Common and Treasury stock shares: Common Stock Shares Treasury Stock Shares Balance at December 31, 2022 155,781 — Stock based compensation plans, net 1,177 — Balance at March 31, 2023 156,958 — The shareholder's equity information presented below reflects the consolidated activity of Xerox. Additional Paid-in Capital Retained Earnings AOCL (1) Xerox Shareholder's Equity Non- controlling Interests Total Equity Balance at December 31, 2022 $ 3,693 $ 3,427 $ (3,537) $ 3,583 $ 10 $ 3,593 Comprehensive income (loss), net — 71 83 154 (1) 153 Dividends declared to parent — (43) — (43) — (43) Transfers from parent 2 — — 2 — 2 Distributions to noncontrolling interests — — — — (1) (1) Balance at March 31, 2023 $ 3,695 $ 3,455 $ (3,454) $ 3,696 $ 8 $ 3,704 Additional Paid-in Capital Retained Earnings AOCL (1) Xerox Shareholder's Equity Non- controlling Interests Total Equity Balance at December 31, 2021 $ 3,202 $ 4,476 $ (2,988) $ 4,690 $ 7 $ 4,697 Comprehensive loss, net — (56) (44) (100) (1) (101) Dividends declared to parent — (549) — (549) — (549) Transfers from parent 390 — — 390 — 390 Distributions to noncontrolling interests — — — — (1) (1) Balance at March 31, 2022 $ 3,592 $ 3,871 $ (3,032) $ 4,431 $ 5 $ 4,436 _____________ (1) Refer to Note 18 - Other Comprehensive Income (Loss) for the components of AOCL.

Other Comprehensive Income (Los

Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Other Comprehensive Income (Loss)	Other Comprehensive Income (Loss) Other Comprehensive Income (Loss) is comprised of the following: Three Months Ended 2023 2022 Pre-tax Net of Tax Pre-tax Net of Tax Translation Adjustments Gains (Losses) $ 92 $ 92 $ (71) $ (72) Unrealized (Losses) Gains Changes in fair value of cash flow hedges losses (2) (2) (15) (13) Changes in cash flow hedges reclassed to earnings (1) 5 6 2 2 Net Unrealized Gains (Losses) 3 4 (13) (11) Defined Benefit Plans Gains (Losses) Net actuarial/prior service gains 7 5 16 12 Prior service amortization (2) (3) (2) (4) (3) Actuarial loss amortization/settlement (2) 7 5 28 21 Other (losses) gains (3) (22) (22) 9 9 Changes in Defined Benefit Plans (Losses) Gains (11) (14) 49 39 Other Comprehensive Income (Loss) 84 82 (35) (44) Less: Other comprehensive loss attributable to noncontrolling interests (1) (1) — — Other Comprehensive Income (Loss) Attributable to Xerox Holdings/Xerox $ 85 $ 83 $ (35) $ (44) ____________ (1) Reclassified to Cost of sales - refer to Note 13 - Financial Instruments for additional information regarding our cash flow hedges. (2) Reclassified to Total Net Periodic Benefit Cost - refer to Note 15 - 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: March 31, December 31, Cumulative translation adjustments $ (2,144) $ (2,237) Other unrealized losses, net — (4) Benefit plans net actuarial losses and prior service credits (1,310) (1,296) Total Accumulated Other Comprehensive Loss Attributable to Xerox Holdings/Xerox $ (3,454) $ (3,537)

Earnings (Loss)_per Share

Earnings (Loss) per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings (Loss) per Share	Earnings (Loss) per Share (shares in thousands) The following table sets forth the computation of basic and diluted earnings (loss) per share of Xerox Holdings Corporation's common stock: Three Months Ended 2023 2022 Basic Earnings (Loss) per Share Net Income (Loss) Attributable to Xerox Holdings $ 71 $ (56) Accrued dividends on preferred stock (4) (4) Adjusted Net income (loss) available to common shareholders $ 67 $ (60) Weighted average common shares outstanding 156,661 156,362 Basic Earnings (Loss) per Share $ 0.43 $ (0.38) Diluted Earnings (Loss) per Share Net Income (Loss) Attributable to Xerox Holdings $ 71 $ (56) Accrued dividends on preferred stock (4) (4) Adjusted Net income (loss) available to common shareholders $ 67 $ (60) Weighted average common shares outstanding 156,661 156,362 Common shares issuable with respect to: Stock options — — Restricted stock and performance shares 1,085 — Convertible preferred stock — — Adjusted weighted average common shares outstanding 157,746 156,362 Diluted Earnings (Loss) per Share $ 0.43 $ (0.38) The following securities were not included in the computation of diluted earnings per share as they were either contingently issuable shares or shares that if included would have been anti-dilutive: Stock options 561 612 Restricted stock and performance shares 6,402 6,470 Convertible preferred stock 6,742 6,742 Total Anti-Dilutive Securities 13,705 13,824 Dividends per Common Share $ 0.25 $ 0.25

Contingencies and Litigation

Contingencies and Litigation	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Litigation	Contingencies and Litigation Legal Matters We are involved in a variety of claims, lawsuits, investigations and proceedings concerning: securities law; governmental entity contracting; servicing and procurement law; intellectual property law; environmental law; employment law; the Employee Retirement Income Security Act (ERISA); and other laws and regulations. We determine whether an estimated loss from a contingency should be accrued by assessing whether a loss is deemed probable and can be reasonably estimated. We assess our potential liability by analyzing our litigation and regulatory matters using available information. We develop our views on estimated losses in consultation with outside counsel handling our defense in these matters, which involves an analysis of potential results, assuming a combination of litigation and settlement strategies. Should developments in any of these matters cause a change in our determination as to an unfavorable outcome and result in the need to recognize a material accrual, or should any of these matters result in a final adverse judgment or be settled for significant amounts, they could have a material adverse effect on our results of operations, cash flows and financial position in the period or periods in which such change in determination, judgment or settlement occurs. Brazil Contingencies Our Brazilian operations have received or been the subject of numerous governmental assessments related to indirect and other taxes. The tax matters principally relate to claims for taxes on the internal transfer of inventory, municipal service taxes on rentals and gross revenue taxes. We are disputing these tax matters and intend to vigorously defend our positions. Based on the opinion of legal counsel and current reserves for those matters deemed probable of loss, we do not believe that the ultimate resolution of these matters will materially impact our results of operations, financial position or cash flows. Below is a summary of our Brazilian tax contingencies: March 31, December 31, Tax contingency - unreserved $ 361 $ 340 Escrow cash deposits 38 36 Surety bonds 82 80 Letters of credit 39 63 Liens on Brazilian assets — — The increase in the unreserved portion of the tax contingency, inclusive of any related interest, was primarily due to currency and interest. With respect to the unreserved tax contingency, the majority has been assessed by management as being remote as to the likelihood of ultimately resulting in a loss to the Company. In connection with the above proceedings, customary local regulations may require us to make escrow cash deposits or post other security of up to half of the total amount in dispute, as well as, additional surety bonds and letters of credit, which include associated indexation. Generally, any escrowed amounts would be refundable and any liens on assets would be removed to the extent the matters are resolved in our favor. We are also involved in certain disputes with contract and former employees. Exposures related to labor matters are not material for the periods presented. We routinely assess all these matters as to the probability of ultimately incurring a liability against our Brazilian operations and record our best estimate of the ultimate loss in situations where we assess the likelihood of an ultimate loss as probable. Litigation Miami Firefighters’ Relief & Pension Fund v. Icahn, et al.: On December 13, 2019, alleged shareholder Miami Firefighters’ Relief & Pension Fund (Miami Firefighters) filed a derivative complaint in New York State Supreme Court, New York County on behalf of Xerox Holdings Corporation (Xerox Holdings) against Carl Icahn and his affiliated entities High River Limited Partnership and Icahn Capital LP (the Icahn defendants), Xerox Holdings, and all then-current Xerox Holdings directors (the Directors). Xerox Holdings was named as a nominal defendant in the case but no monetary damages are sought against it. Miami Firefighters alleges: breach of fiduciary duty of loyalty against the Icahn defendants; breach of contract against the Icahn defendants (for purchasing HP stock in violation of Icahn’s confidentiality agreement with Xerox Holdings); unjust enrichment against the Icahn defendants; and breach of fiduciary duty of loyalty against the Directors (for any consent to the Icahn defendants’ purchases of HP common stock while Xerox Holdings was considering acquiring HP). Miami Firefighters seeks a judgment of breach of fiduciary duties against the Icahn defendants and the Directors, and disgorgement to Xerox Holdings of profits Icahn Capital and High River earned from trading in HP stock. This action was consolidated with a similar action brought by Steven J. Reynolds against the same parties in the same court. Miami Firefighters’ counsel has been designated as lead counsel in the consolidated action. Claims asserted against the Directors were later dismissed. In December 2021, the Xerox Holdings Board approved the formation of a Special Litigation Committee (SLC) to investigate and evaluate Miami Firefighters' claims and determine the course of action that would be in the best interests of the Company and its shareholders. The SLC concluded that the claims were without merit and pursuing them would not be in the best interest of Xerox or its shareholders. The SLC's request that those claims be dismissed is pending before a New York state appellate court. Xerox Holdings Corporation v. Factory Mutual Insurance Company and Related Actions: On March 10, 2021, Xerox Holdings Corporation (Xerox Holdings) filed a complaint for breach of contract and declaratory judgment against Factory Mutual Insurance Company (FM) in Rhode Island Superior Court, Providence County seeking insurance coverage for business interruption losses resulting from the coronavirus/COVID-19 pandemic. Xerox Holdings alleges that FM agreed to provide Xerox Holdings with up to $1 billion in per-occurrence coverage for losses resulting from pandemic-related loss or damage to certain real and other property, including business interruption loss resulting from insured property damage; that Xerox Holdings’ worldwide actual and projected losses through the end of 2020 totaled in excess of $300; and that FM incorrectly denied coverage for those losses. Xerox Holdings seeks full coverage of costs and losses under FM’s policy. Subsidiaries of Xerox Holdings filed similar complaints and related requests for arbitration in Toronto, London, and Amsterdam for Canadian, UK and European losses. The parties have agreed to stay all non-U.S. proceedings pending the outcome of the U.S. litigation. The U.S. litigation is in abeyance as the Rhode Island Supreme Court prepares to hear another COVID-19 insurance coverage case against a FM affiliate with overlapping legal issues. Guarantees We have issued or provided approximately $238 of guarantees as of March 31, 2023 in the form of letters of credit or surety bonds issued to i) support certain insurance programs; ii) support our obligations related to the Brazil contingencies; iii) support our obligations related to our U.K. pension plans; and iv) support certain contracts, primarily with public sector customers, which require us to provide a surety bond as a guarantee of our performance of contractual obligations. In general, we would only be liable for the amount of these guarantees in the event we, or one of our direct or indirect subsidiaries whose obligations we have guaranteed, defaulted in performing our obligations under each contract; the probability of which we believe is remote. We believe that our capacity in the surety markets as well as under various credit arrangements (including our Credit Facility) is sufficient to allow us to respond to future requests for proposals that require such credit support.

Subsequent Event

Subsequent Event	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event Donation of Palo Alto Research Center (PARC) On April 29, 2023, Xerox completed the donation of its Palo Alto Research Center (PARC) subsidiary to SRI International (SRI), a nonprofit research institute. The donation enables Xerox to focus on its core businesses and prioritize growth through its business technology solutions for customers in Print, as well as Digital Services and IT Services. The donation also allows PARC to reach its full potential through SRI’s resources and deep-tech expertise that will enable PARC to focus exclusively on the development of pioneering new technologies. The majority of patents held by PARC will be retained by Xerox with a perpetual license to use those patents being provided to SRI. Xerox, at its option, will also continue to receive certain research services from SRI. At this time, we are still evaluating the financial impact of the donation including the valuation of the business, the required allocation of goodwill and associated income tax benefit, which could result in a material non-cash loss on disposal, net of any related tax benefit. The donation is not expected to materially impact future results of operations or cash flows of the Company.

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]
Accounting Standard Updates to be Adopted	Accounting Standard Updates to be Adopted: Reference Rate Reform In March 2020, the FASB issued ASU 2020-04 , Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (LIBOR) or by another reference rate expected to be discontinued. In January 2021, the FASB issued ASU 2021-01 , Reference Rate Reform (Topic 848): Scope , which provided clarification guidance to ASU 2020-04. These ASUs were effective commencing with our quarter ended March 31, 2020 through December 31, 2022. In December 2022, the FASB issued ASU 2022-06 , Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 , which defers the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. There has been no material impact to date as a result of adopting these ASUs on reference rate reform. However, we continue to evaluate potential future impacts that may result from the discontinuation of LIBOR or other reference rates as well as the accounting provided in this update on our financial condition, results of operations, and cash flows. Accounting Standard Updates Adopted in 2023: Liabilities In September 2022, the FASB issued ASU 2022-04 , Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations that requires entities that use supplier finance programs in connection with the purchase of goods and services to disclose the key terms of the programs and information about obligations outstanding at the end of the reporting period, including a rollforward of those obligations. The guidance does not affect the recognition, measurement or financial statement presentation of supplier finance program obligations. The new standard’s requirements to disclose the key terms of the programs and information about obligations outstanding were effective for our fiscal year beginning on January 1, 2023. The new standard’s requirement to disclose a rollforward of obligations outstanding will be effective for our fiscal year beginning on January 1, 2024. Refer to Note 6 - Supplementary Financial Information for the required disclosures effective January 1, 2023. Financial Instruments In March 2022, the FASB issued ASU 2022-02 , Financial Instruments - Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures - Gross Write-offs. The amendments in this update eliminate the accounting guidance for Troubled Debt Restructurings (TDRs) by creditors while enhancing disclosure requirements for certain loan refinancing and restructurings by creditors made to borrowers experiencing financial difficulty. The amendments also require disclosure of current-period gross write-offs by year of origination for financing receivables. The disclosure of current-period gross write-offs by year of origination is applicable for financing receivables and net investments in leases that are within the scope of ASC 326-20 , Financial Instruments - Credit Losses - Measured at Amortized Cost . This update was effective for our fiscal year beginning on January 1, 2023. The provisions of this amendment are to be applied on a prospective basis. Refer to Note 8 - Finance Receivables, Net for required disclosures regarding gross write-offs by vintage year. Other Updates In 2023 and 2022, the FASB also issued the following ASUs, which impact the Company but did not have, or are not expected to have, a material impact on our financial condition, results of operations or cash flows upon adoption. Those updates are as follows: • Investments: ASU 2023-02 , Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a consensus of the Emerging Issues Task Force). This update is effective for our fiscal year beginning January 1, 2024. • Leases: ASU 2023-01 , Leases (Topic 842): Common Control Arrangements. This update is effective for our fiscal year beginning January 1, 2024. • Fair Value Measurement: ASU 2022-03 , Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. This update is effective for our fiscal year beginning January 1, 2024. • Derivatives and Hedging: ASU 2022-01 , Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method. This update was effective for our fiscal year beginning January 1, 2023.
Segment Policy	Segment PolicyWe derive the results of our business segments directly from our internal management reporting system. The accounting policies that the Company uses to derive its segment results are substantially the same as those used by the Company in preparing its consolidated financial statements. The segment results include a significant level of management estimates regarding the allocation of revenues such as finance income in bundled lease arrangements and other leasing revenues and operating lease revenues embedded in our managed services contracts as well as the allocation of expenses for shared selling and administrative services. Accordingly, the financial results for the segments may not be indicative of the results the businesses would have as on a standalone basis or what might be presented for the businesses in stand-alone financial statements. The CODM measures the performance of each segment based on several metrics, including segment revenues and profit. The CODM uses these results, in part, to evaluate the performance of, and to allocate resources to each segment. The FITTLE segment also includes interest expense associated with allocated debt of the Company in support of its Finance assets, while no interest expense is allocated to the Print and Other segment.
Operating Leases	Operating LeasesWe have operating leases for real estate and vehicles in our domestic and international operations and for certain equipment in our domestic operations. Additionally, we have identified embedded operating leases within certain supply chain contracts for warehouses, primarily within our domestic operations. Our leases have remaining terms of up to twelve years and a variety of renewal and/or termination options.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	Revenues disaggregated by primary geographic markets, major product lines, and sales channels are as follows: Three Months Ended 2023 2022 Primary geographical markets (1) : United States $ 947 $ 940 Europe 474 466 Canada 144 115 Other 150 147 Total Revenues $ 1,715 $ 1,668 Major product and services lines: Equipment $ 391 $ 314 Supplies, paper and other sales (2) 268 278 Maintenance agreements (3) 409 429 Service arrangements (4) 495 486 Rental and other 100 108 Financing 52 53 Total Revenues $ 1,715 $ 1,668 Sales channels: Direct equipment lease (5) $ 230 $ 135 Distributors & resellers (6) 260 261 Customer direct 169 196 Total Sales $ 659 $ 592 _____________ (1) Geographic area data is based upon the location of the subsidiary reporting the revenue. (2) Other sales include revenues associated with IT hardware. (3) Includes revenues from maintenance agreements on sold equipment as well as IT services and revenues associated with service agreements sold through our channel partners. (4) Primarily includes revenues from our Print and digital services outsourcing arrangements, including revenues from embedded operating leases in those arrangements, which were not significant. (5) Primarily reflects sales through bundled lease arrangements. (6) Primarily reflects sales through our two-tier distribution channels.
Schedule of Capitalized Contract Cost	Incremental direct costs are as follows: Three Months Ended 2023 2022 Incremental direct costs of obtaining a contract $ 16 $ 13 Amortization of incremental direct costs 16 18

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	Selected financial information for our reportable segments was as follows: Three Months Ended March 31, 2023 2022 Print and Other FITTLE Total Print and Other FITTLE Total External revenue $ 1,564 $ 151 $ 1,715 $ 1,513 $ 155 $ 1,668 Intersegment revenue (1) 49 3 52 37 3 40 Total Segment revenue $ 1,613 $ 154 $ 1,767 $ 1,550 $ 158 $ 1,708 Segment profit $ 106 $ 12 $ 118 $ (20) $ 17 $ (3) Segment margin (2) 6.8 % 7.9 % 6.9 % (1.3) % 11.0 % (0.2) % Depreciation and amortization $ 25 $ 28 $ 53 $ 29 $ 32 $ 61 Interest income — 52 52 — 53 53 Interest expense (3) — 39 39 — 26 26 _____________ (1) Intersegment revenue is primarily commissions and other payments made by the FITTLE Segment to the Print and Other Segment for the lease of Xerox equipment placements. (2) Segment margin based on External revenue only. (3) Interest expense for the FITTLE Segment includes non-financing interest expense on allocated debt associated with Equipment on operating lease of $3 and $2 for the three months ended March 31, 2023 and 2022, respectively. Selected financial information for our reportable segments was as follows: Three Months Ended 2023 2022 Pre-tax Income (Loss) Total reported segments $ 118 $ (3) Restructuring and related costs, net (2) (18) Amortization of intangible assets (11) (11) Other expenses, net (20) (57) Total Pre-tax income (loss) $ 85 $ (89) Depreciation and Amortization Total reported segments $ 53 $ 61 Amortization of intangible assets 11 11 Total Depreciation and amortization $ 64 $ 72 Interest Expense Total reported segments $ 39 $ 26 Corporate 11 27 Total Interest expense $ 50 $ 53 Interest Income Total reported segments $ 52 $ 53 Corporate 5 1 Total Interest income $ 57 $ 54

Lessor (Tables)

Lessor (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Schedule of Components of Lease Income	The components of lease income are as follows: Three Months Ended Location in Statements of Income (Loss) 2023 2022 Revenue from sales type leases Sales $ 230 $ 135 Interest income on lease receivables Financing 52 53 Lease income - operating leases Services, maintenance and rentals 40 48 Variable lease income Services, maintenance and rentals 17 15 Total Lease income $ 339 $ 251
Schedule of Components of Lease Income	The components of lease income are as follows: Three Months Ended Location in Statements of Income (Loss) 2023 2022 Revenue from sales type leases Sales $ 230 $ 135 Interest income on lease receivables Financing 52 53 Lease income - operating leases Services, maintenance and rentals 40 48 Variable lease income Services, maintenance and rentals 17 15 Total Lease income $ 339 $ 251
Schedule of Components of Lease Income	The components of lease income are as follows: Three Months Ended Location in Statements of Income (Loss) 2023 2022 Revenue from sales type leases Sales $ 230 $ 135 Interest income on lease receivables Financing 52 53 Lease income - operating leases Services, maintenance and rentals 40 48 Variable lease income Services, maintenance and rentals 17 15 Total Lease income $ 339 $ 251

Supplementary Financial Infor_2

Supplementary Financial Information (Tables)	3 Months Ended
	Mar. 31, 2023
Supplemental Financial Information [Abstract]
Schedule of Restricted Cash	Cash, cash equivalents and restricted cash amounts are as follows: March 31, December 31, Cash and cash equivalents $ 591 $ 1,045 Restricted cash Litigation deposits in Brazil 40 39 Escrow and cash collections related to secured borrowing arrangements (1) 65 54 Other restricted cash 1 1 Total Restricted cash 106 94 Cash, cash equivalents and restricted cash $ 697 $ 1,139 _____________ (1) Represents collections on finance receivables pledged for secured borrowings that will be remitted to lenders in the following month.
Schedule of Restricted Cash Balance Sheet Location	Restricted cash is reported in the Condensed Consolidated Balance Sheets as follows: March 31, December 31, Other current assets $ 65 $ 55 Other long-term assets 41 39 Total Restricted cash $ 106 $ 94
Schedule Cash Flow Information	Summarized cash flow information is as follows: Location in Statement of Cash Flows Three Months Ended Source/(Use) 2023 2022 Provision for receivables Operating $ (5) $ 14 Provision for inventory Operating 5 5 Depreciation of buildings and equipment Operating 16 18 Depreciation and obsolescence of equipment on operating leases Operating 27 32 Amortization of internal use software Operating 10 11 Amortization of acquired intangible assets Operating 11 11 Amortization of patents (1) Operating 2 3 Amortization of customer contract costs (2) Operating 16 19 Cost of additions to land, buildings and equipment Investing (6) (12) Cost of additions to internal use software Investing (2) (4) Payments to acquire noncontrolling interests - Xerox Holdings Investing (3) (5) Common stock dividends - Xerox Holdings Financing (41) (42) Preferred stock dividends - Xerox Holdings Financing (4) (4) Payments to noncontrolling interests Financing (1) (1) Repurchases related to stock-based compensation - Xerox Holdings Financing (6) (10) _____________ (1) Amortization of patents is reported in Decrease (increase) in other current and long-term assets in the Condensed Consolidated Statements of Cash Flows. (2) Amortization of customer contract costs is reported in Decrease (increase) in other current and long-term assets in the Condensed Consolidated Statements of Cash Flows. Refer to Note 3 - Revenue - Contract Costs for additional information.

Accounts Receivable, Net (Table

Accounts Receivable, Net (Tables)	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Schedule of Accounts Receivable, Net	Accounts receivable, net were as follows: March 31, December 31, Invoiced $ 660 $ 698 Accrued (1) 211 211 Allowance for doubtful accounts (53) (52) Accounts receivable, net $ 818 $ 857 _____________ (1) Accrued receivables include amounts to be invoiced in the subsequent quarter for current services provided.
Schedule of Allowance for Doubtful Accounts	The allowance for doubtful accounts was as follows: 2023 2022 Balance at January 1 st $ 52 $ 58 Provision 3 9 Charge-offs (5) (3) Recoveries and other (1) 3 (1) Balance at March 31 st $ 53 $ 63 _____________ (1) Includes the impacts of foreign currency translation and adjustments to reserves necessary to reflect events of non-payment such as customer accommodations and contract terminations.
Schedule of Accounts Receivables Sales	Accounts receivable sales activity was as follows: Three Months Ended 2023 2022 Accounts receivable sales (1) $ 86 $ 116 ____________ (1) Losses on sales were not material. Customers may also enter into structured-payable arrangements that require us to sell our receivables from that customer to a third-party financial institution, which then makes payments to us to settle the customer's receivable. In these instances, we ensure the sale of the receivables are bankruptcy-remote and the payment made to us is without recourse. The activity associated with these arrangements is not reflected in this disclosure, as payments under these arrangements have not been material and these are customer directed arrangements.

Finance Receivables, Net (Table

Finance Receivables, Net (Tables)	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Schedule of Finance Receivables	Finance receivables, net were as follows: March 31, December 31, Gross receivables $ 3,438 $ 3,593 Unearned income (357) (374) Subtotal 3,081 3,219 Residual values — — Allowance for doubtful accounts (101) (117) Finance receivables, net 2,980 3,102 Less: Billed portion of finance receivables, net 94 93 Less: Current portion of finance receivables not billed, net 1,022 1,061 Finance receivables due after one year, net $ 1,864 $ 1,948
Schedule of Allowance for Credit Losses, Financing Receivables	The allowance for doubtful accounts as well as the related investment in finance receivables were as follows: United States Canada EMEA (1) Total Balance at December 31, 2022 $ 83 $ 7 $ 27 $ 117 Provision (15) — 3 (12) Charge-offs (5) — (2) (7) Recoveries and other (2) 2 — 1 3 Balance at March 31, 2023 $ 65 $ 7 $ 29 $ 101 Balance at December 31, 2021 $ 77 $ 11 $ 30 $ 118 Provision 3 — 3 6 Charge-offs (2) (1) (1) (4) Recoveries and other (2) — 1 (1) — Balance at March 31, 2022 $ 78 $ 11 $ 31 $ 120 Finance receivables collectively evaluated for impairment (3) March 31, 2023 (3) $ 1,756 $ 233 $ 1,092 $ 3,081 March 31, 2022 (3) $ 1,863 $ 246 $ 1,016 $ 3,125 _____________ (1) Includes developing market countries. (2) Includes the impacts of foreign currency translation and adjustments to reserves necessary to reflect events of non-payment such as customer accommodations and contract terminations.
Schedule of Credit Quality Indicators for Financing Receivables	Details about our finance receivables portfolio based on geography, origination year and credit quality indicators are as follows: March 31, 2023 2023 2022 2021 2020 2019 Prior Total United States (Direct) Low Credit Risk $ 59 $ 69 $ 85 $ 69 $ 44 $ 16 $ 342 Average Credit Risk 32 50 70 36 26 7 221 High Credit Risk 12 41 30 32 12 6 133 Total $ 103 $ 160 $ 185 $ 137 $ 82 $ 29 $ 696 Charge-offs $ — $ — $ — $ — $ — $ 1 $ 1 United States (Indirect) Low Credit Risk $ 100 $ 211 $ 141 $ 73 $ 38 $ 8 $ 571 Average Credit Risk 61 170 119 52 27 5 434 High Credit Risk 8 20 16 7 3 1 55 Total $ 169 $ 401 $ 276 $ 132 $ 68 $ 14 $ 1,060 Charge-offs $ — $ — $ 1 $ — $ 1 $ 2 $ 4 Canada Low Credit Risk $ 13 $ 30 $ 20 $ 14 $ 9 $ 3 $ 89 Average Credit Risk 18 43 23 19 13 3 119 High Credit Risk 2 6 5 7 3 2 25 Total $ 33 $ 79 $ 48 $ 40 $ 25 $ 8 $ 233 Charge-offs $ — $ — $ — $ — $ — $ — $ — EMEA (1) Low Credit Risk $ 84 $ 258 $ 155 $ 80 $ 48 $ 18 $ 643 Average Credit Risk 47 148 98 58 37 12 400 High Credit Risk 5 17 12 8 6 1 49 Total $ 136 $ 423 $ 265 $ 146 $ 91 $ 31 $ 1,092 Charge-offs $ — $ 1 $ — $ — $ — $ 1 $ 2 Total Finance Receivables Low Credit Risk $ 256 $ 568 $ 401 $ 236 $ 139 $ 45 $ 1,645 Average Credit Risk 158 411 310 165 103 27 1,174 High Credit Risk 27 84 63 54 24 10 262 Total $ 441 $ 1,063 $ 774 $ 455 $ 266 $ 82 $ 3,081 Total Charge-offs $ — $ 1 $ 1 $ — $ 1 $ 4 $ 7 December 31, 2022 2022 2021 2020 2019 2018 Prior Total United States (Direct) Low Credit Risk $ 173 $ 104 $ 80 $ 53 $ 23 $ 2 $ 435 Average Credit Risk 83 36 26 28 7 2 182 High Credit Risk 71 70 49 18 6 2 216 Total $ 327 $ 210 $ 155 $ 99 $ 36 $ 6 $ 833 United States (Indirect) Low Credit Risk $ 249 $ 165 $ 91 $ 49 $ 12 $ 1 $ 567 Average Credit Risk 210 156 73 40 11 — 490 High Credit Risk 22 20 9 5 2 — 58 Total $ 481 $ 341 $ 173 $ 94 $ 25 $ 1 $ 1,115 Canada Low Credit Risk $ 31 $ 22 $ 17 $ 12 $ 5 $ — $ 87 Average Credit Risk 46 25 22 16 5 — 114 High Credit Risk 6 6 8 4 2 1 27 Total $ 83 $ 53 $ 47 $ 32 $ 12 $ 1 $ 228 EMEA (1) Low Credit Risk $ 269 $ 167 $ 90 $ 59 $ 24 $ 5 $ 614 Average Credit Risk 152 105 63 43 15 3 381 High Credit Risk 17 13 9 7 2 — 48 Total $ 438 $ 285 $ 162 $ 109 $ 41 $ 8 $ 1,043 Total Finance Receivables Low Credit Risk $ 722 $ 458 $ 278 $ 173 $ 64 $ 8 $ 1,703 Average Credit Risk 491 322 184 127 38 5 1,167 High Credit Risk 116 109 75 34 12 3 349 Total $ 1,329 $ 889 $ 537 $ 334 $ 114 $ 16 $ 3,219 _____________ (1) Includes developing market countries.
Schedule of Aging of Billed Finance Receivables	The aging of our billed finance receivables is as follows: March 31, 2023 Current 31-90 Days Past Due >90 Days Past Due Total Billed Unbilled Total Finance Receivables >90 Days and Accruing Direct $ 28 $ 6 $ 5 $ 39 $ 657 $ 696 $ 40 Indirect 31 7 4 42 1,018 1,060 — Total United States 59 13 9 81 1,675 1,756 40 Canada 5 1 — 6 227 233 8 EMEA (1) 8 2 1 11 1,081 1,092 11 Total $ 72 $ 16 $ 10 $ 98 $ 2,983 $ 3,081 $ 59 December 31, 2022 Current 31-90 Days Past Due >90 Days Past Due Total Billed Unbilled Total Finance Receivables >90 Days and Accruing Direct $ 30 $ 6 $ 6 $ 42 $ 791 $ 833 $ 47 Indirect 27 6 4 37 1,078 1,115 — Total United States 57 12 10 79 1,869 1,948 47 Canada 5 1 — 6 222 228 6 EMEA (1) 9 2 1 12 1,031 1,043 12 Total $ 71 $ 15 $ 11 $ 97 $ 3,122 $ 3,219 $ 65 _____________ (1) Includes developing market countries
Schedule Of Financing Receivable Sale Activity	Finance receivable sales activity was as follows: March 31, December 31, Finance receivable sales - net proceeds (1) $ 261 $ 61 Gain on sale/Commissions (2) 2 2 Servicing revenue (2) $ 1 $ — _____________ (1) Cash proceeds were reported in Net cash provided by operating activities. (2) Recorded in Services, maintenance and rentals as Other Revenue.

Inventories and Equipment on _2

Inventories and Equipment on Operating Leases, Net (Tables)	3 Months Ended
	Mar. 31, 2023
Inventories and Equipment on Operating Leases, Net [Abstract]
Schedule of Inventories by Major Category	The following is a summary of Inventories by major category: March 31, December 31, Finished goods $ 699 $ 640 Work-in-process 49 45 Raw materials 115 112 Total Inventories $ 863 $ 797
Schedule of Equipment on Operating Leases and Related Accumulated Depreciation	Equipment on operating leases and the related accumulated depreciation were as follows: March 31, December 31, Equipment on operating leases $ 1,161 $ 1,163 Accumulated depreciation (911) (928) Equipment on operating leases, net $ 250 $ 235

Lessee (Tables)

Lessee (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Schedule of Components of Lease Expense	The components of lease expense are as follows: Three Months Ended 2023 2022 Operating lease expense $ 23 $ 25 Short-term lease expense 4 4 Variable lease expense (1) 13 12 Sublease income (1) (2) Total Lease expense $ 39 $ 39 _____________
Schedule of Operating Leases Assets and Liabilities	Operating lease ROU assets, net and operating lease liabilities were reported in the Condensed Consolidated Balance Sheets as follows: March 31, December 31, Other long-term assets $ 201 $ 215 Accrued expenses and other current liabilities $ 61 $ 68 Other long-term liabilities 153 161 Total Operating lease liabilities $ 214 $ 229

Restructuring Programs (Tables)

Restructuring Programs (Tables)	3 Months Ended
	Mar. 31, 2023
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Program Activity	Information related to our restructuring programs is summarized below: Severance and Related Costs Other Contractual Termination Costs (2) Total Balance at December 31, 2022 $ 39 $ 4 $ 43 Provision 5 — 5 Reversals (4) — (4) Net current period charges (1) 1 — 1 Charges against reserve and currency (6) — (6) Balance at March 31, 2023 $ 34 $ 4 $ 38 _____________ _ (1) Represents net amount recognized within the Condensed Consolidated Statements of Income (Loss) for the period shown for restructuring charges. Reversals of prior charges primarily include net changes in estimated reserves from prior period initiatives. (2) Primarily includes additional costs incurred upon the exit from our facilities including decommissioning costs and associated contractual termination costs.
Schedule of Reconciliation to The Consolidated Statements of Cash Flows	The following table summarizes the reconciliation to the Condensed Consolidated Statements of Cash Flows: Three Months Ended 2023 2022 Charges against reserve and currency $ (6) $ (7) Effects of foreign currency and other non-cash items — — Restructuring cash payments $ (6) $ (7)
Schedule of Restructuring Related Asset Impairment Activity	In connection with our restructuring programs, we also incurred certain related costs as follows: Three Months Ended 2023 2022 Retention related severance/bonuses (1) $ 1 $ (2) Contractual severance costs — — Total $ 1 $ (2) ____________ _ (1) Includes retention related severance and bonuses for employees expected to continue working beyond their minimum retention period before termination. The credit for the three months ended March 31, 2022 reflects a change in estimate.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Long-Term Debt Instruments	Below are the secured assets and obligations held by subsidiaries of Xerox, which are included in our Condensed Consolidated Balance Sheets. March 31, 2023 Finance Receivables, Net (1) Equipment on Operating Leases, Net Secured Debt (2) Interest Rate (3) Expected Maturity United States (4) December 2022 $ 324 $ — $ 232 7.79 % 2025 January 2022 467 — 345 6.33 % 2024 September 2021 155 4 105 6.06 % 2024 Total 946 4 682 Canada (4) April 2022 55 — 49 5.86 % 2025 France December 2022 201 — 162 4.14 % 2025 Total $ 1,202 $ 4 $ 893 December 31, 2022 Finance Receivables, Net (1) Equipment on Operating Leases, Net Secured Debt (2) Interest Rate (3) Expected Maturity United States (4) December 2022 $ 370 $ — $ 247 7.43 % 2025 January 2022 528 — 407 5.83 % 2024 September 2021 180 5 136 5.65 % 2024 Total 1078 5 790 Canada (4) Secured Borrowing - April 2022 63 — 57 5.45 % 2025 France December 2022 235 — 195 3.03 % 2025 Total $ 1,376 $ 5 $ 1,042 ____________ _ (1) Includes (i) Billed portion of finance receivables, net (ii) Finance receivables, net and (iii) Finance receivables due after one year, net as included in the condensed consolidated balance sheets as of March 31, 2023 and December 31, 2022. (2) Represents the principal debt balance and excludes debt issuance costs of $4 and $5 as of March 31, 2023 and December 31, 2022, respectively. (3) Represents the pre-hedged rate. Refer to Note 13 - Financial Instruments for additional information regarding hedging of these borrowings. (4) Secured assets and obligations held by SPEs.
Schedule of Interest Income and Interest Expense Disclosure	Interest expense and income were as follows: Three Months Ended 2023 2022 Interest expense (1)(2) $ 50 $ 53 Interest income (3) 57 54 ____________ (1) Includes Cost of financing as well as non-financing interest expense that is included in Other expenses, net in the Condensed Consolidated Statements of Income (Loss). (2) Interest expense of Xerox Corporation included intercompany interest expense associated with the Xerox Holdings Corporation / Xerox Corporation Intercompany Loan of $20 and $20 for the three months ended March 31, 2023 and 2022, respectively. (3) Includes Financing revenue as well as other interest income that is included in Other expenses, net in the Condensed Consolidated Statements of Income (Loss).

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Derivatives Outstanding	At March 31, 2023 there were four interest rate derivatives outstanding as follows: Secured Borrowing Derivative Type Principal Debt (1) Notional Amount Expected Maturity Pre-Hedged Rate Hedged Rate Net Fair Value United States N/A $ 345 $ — 2024 6.33 % — % $ — United States Cap 105 101 2024 6.06 % 0.50 % 3 United States Cap 232 216 2025 7.79 % 4.50 % 1 Canada Swap 49 43 2025 5.86 % 2.57 % 1 France Cap 162 182 2025 4.14 % 3.00 % 1 Total $ 893 $ 542 $ 6 _____________
Schedule of Derivative Instruments Fair Value	The following table provides a summary of the fair value amounts of our derivative instruments: Designation of Derivatives Balance Sheet Location March 31, December 31, Derivatives Designated as Hedging Instruments Foreign exchange contracts - forwards Other current assets $ 3 $ 5 Accrued expenses and other current liabilities (5) (9) Interest rate cap Other long-term assets 5 6 Interest rate swap Other long-term assets 1 1 Net designated derivative assets $ 4 $ 3 Derivatives NOT Designated as Hedging Instruments Foreign exchange contracts – forwards Other current assets $ 4 $ 14 Accrued expenses and other current liabilities (3) (2) Interest rate cap Other long-term assets 1 — Net undesignated derivative assets $ 2 $ 12 Summary of Derivatives Total Derivative assets $ 14 $ 26 Total Derivative liabilities (8) (11) Net Derivative assets $ 6 $ 15
Schedule of Gains (losses) on Derivative Instruments	The following table provides a summary of gains (losses) on derivative instruments: Three Months Ended (Loss) Gain on Derivative Instruments 2023 2022 Cash Flow Hedges - Foreign Exchange Forward Contracts and Options Derivative loss recognized in OCI (effective portion) $ (2) $ (15) Derivative loss reclassified from AOCL to income - Cost of sales (effective portion) (6) (2) Derivative gain reclassified from AOCL to income - Interest (effective portion) 1 —
Schedule of Derivatives Not Designated as Hedging Instruments Gains (Losses)	The following table provides a summary of gains and (losses) on non-designated derivative instruments: Derivatives NOT Designated as Hedging Instruments Location of Derivative Gain (Loss) Three Months Ended 2023 2022 Foreign exchange contracts – forwards Other expense – Currency gains (losses), net $ (5) $ (9)

Fair Value of Financial Asset_2

Fair Value of Financial Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Financial Assets and Liabilities	The following table represents assets and liabilities measured at fair value on a recurring basis. The basis for the measurement at fair value in all cases is Level 2 – Significant Other Observable Inputs. March 31, December 31, Assets Foreign exchange contracts - forwards $ 7 $ 19 Interest rate cap 6 6 Interest rate swap 1 1 Deferred compensation plan investments in mutual funds 13 15 Total $ 27 $ 41 Liabilities Foreign exchange contracts - forwards $ 8 $ 11 Deferred compensation plan liabilities 15 14 Total $ 23 $ 25
Schedule of Estimated Fair Values of Financial Assets and Liabilities Not Measured at Fair Value on a Recurring Basis	The estimated fair values of our other financial assets and liabilities were as follows: March 31, 2023 December 31, 2022 Carrying Amount Fair Value Carrying Amount Fair Value Cash and cash equivalents $ 591 $ 591 $ 1,045 $ 1,045 Accounts receivable, net 818 818 857 857 Short-term debt and current portion of long-term debt 553 555 860 861 Long-term Debt Xerox Holdings Corporation 1,496 1,337 1,496 1,294 Xerox Corporation 894 704 894 726 Xerox - Other Subsidiaries (1) 336 338 476 478 Long-term debt $ 2,726 $ 2,379 $ 2,866 $ 2,498 ____________ (1) Represents subsidiaries of Xerox Corporation

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2023
Retirement Benefits [Abstract]
Schedule of Components of Net Periodic Benefit Cost and Other Changes in Plan Assets and Benefit Obligations	The components of Net periodic benefit cost and other changes in plan assets and benefit obligations were as follows: Three Months Ended March 31, Pension Benefits U.S. Plans Non-U.S. Plans Retiree Health Components of Net Periodic Benefit Costs: 2023 2022 2023 2022 2023 2022 Service cost $ — $ — $ 1 $ 4 $ — $ — Interest cost 27 20 46 29 3 2 Expected return on plan assets (25) (27) (56) (55) — — Recognized net actuarial loss (gain) 3 4 1 6 (2) — Amortization of prior service credit — — 1 — (4) (4) Recognized settlement loss 5 18 — — — — Defined benefit plans 10 15 (7) (16) (3) (2) Defined contribution plans 4 5 6 4 n/a n/a Net Periodic Benefit Cost (Credit) 14 20 (1) (12) (3) (2) Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss): Net actuarial (gain) loss (1) (7) 14 — — — (7) Prior service credit — — — — — (23) Amortization of net actuarial (loss) gain (8) (22) (1) (6) 2 — Amortization of prior service credit — — (1) — 4 4 Total Recognized in Other Comprehensive Income (Loss) (2) (15) (8) (2) (6) 6 (26) Total Recognized in Net Periodic Benefit (Credit) Cost and Other Comprehensive Income (Loss) $ (1) $ 12 $ (3) $ (18) $ 3 $ (28) _____________ (1) The net actuarial (gain) loss for U.S. Pension Plans primarily reflects the remeasurement of our primary U.S. pension plans as a result of the payment of periodic settlements. The 2022 net actuarial gain for Retiree Health plans reflects remeasurements related to the first quarter 2022 Plan Amendment for our U.S. Plan. (2) Amounts represent the pre-tax effect included within Other Comprehensive Income (Loss). Refer to Note 18 - Other Comprehensive Income (Loss) for related tax effects and the after-tax amounts.
Schedule of Defined Benefit and Retiree Health Pension Plans, Actual and Expected Cash Contributions	The following table summarizes cash contributions to our defined benefit pension plans and retiree health benefit plans: Three Months Ended Year Ended 2023 2022 Estimated 2023 2022 U.S. plans $ 6 $ 6 $ 55 $ 24 Non-U.S. plans 7 26 25 81 Total Pension plans 13 32 80 105 Retiree Health 4 6 25 19 Total Retirement plans $ 17 $ 38 $ 105 $ 124

Shareholders' Equity of Xerox_2

Shareholders' Equity of Xerox Holdings (Tables)	3 Months Ended
	Mar. 31, 2023
Stockholders' Equity Note [Abstract]
Schedule of Shareholder's Equity of Xerox	The shareholders' equity information presented below reflects the consolidated activity of Xerox Holdings. Common Stock (1) Additional Paid-in Capital Treasury Stock Retained Earnings AOCL (2) Xerox Holdings Shareholders’ Equity Non-controlling Interests Total Equity Balance at December 31, 2022 $ 156 $ 1,588 $ — $ 5,136 $ (3,537) $ 3,343 $ 10 $ 3,353 Comprehensive income (loss), net — — — 71 83 154 (1) 153 Cash dividends declared - common (3) — — — (41) — (41) — (41) Cash dividends declared - preferred (4) — — — (4) — (4) — (4) Stock option and incentive plans, net 1 6 — — — 7 — 7 Distributions to noncontrolling interests — — — — — — (1) (1) Balance at March 31, 2023 $ 157 $ 1,594 $ — $ 5,162 $ (3,454) $ 3,459 $ 8 $ 3,467 Common Stock (1) Additional Paid-in Capital Treasury Stock Retained Earnings AOCL (2) Xerox Holdings Shareholders’ Equity Non- controlling Interests Total Equity Balance at December 31, 2021 $ 168 $ 1,802 $ (177) $ 5,631 $ (2,988) $ 4,436 $ 7 $ 4,443 Comprehensive loss, net — — — (56) (44) (100) (1) (101) Cash dividends declared - common (3) — — — (39) — (39) — (39) Cash dividends declared - preferred (4) — — — (4) — (4) — (4) Stock option and incentive plans, net — 4 — — — 4 — 4 Payments to acquire treasury stock, including fees — — (113) — — (113) — (113) Cancellation of treasury stock (12) (246) 258 — — — — — Distributions to noncontrolling interests — — — — — — (1) (1) Balance at March 31, 2022 $ 156 $ 1,560 $ (32) $ 5,532 $ (3,032) $ 4,184 $ 5 $ 4,189 _____________ (1) Common Stock has a par value of $1 per share. (2) Refer to Note 18 - Other Comprehensive Income (Loss) for the components of AOCL. (3) Cash dividends declared on common stock for the three months ended March 31, 2023 and 2022 were $0.25 per share, respectively. (4) Cash dividends declared on preferred stock for the three months ended March 31, 2023 and 2022 were $20.00 per share, respectively. The shareholder's equity information presented below reflects the consolidated activity of Xerox. Additional Paid-in Capital Retained Earnings AOCL (1) Xerox Shareholder's Equity Non- controlling Interests Total Equity Balance at December 31, 2022 $ 3,693 $ 3,427 $ (3,537) $ 3,583 $ 10 $ 3,593 Comprehensive income (loss), net — 71 83 154 (1) 153 Dividends declared to parent — (43) — (43) — (43) Transfers from parent 2 — — 2 — 2 Distributions to noncontrolling interests — — — — (1) (1) Balance at March 31, 2023 $ 3,695 $ 3,455 $ (3,454) $ 3,696 $ 8 $ 3,704 Additional Paid-in Capital Retained Earnings AOCL (1) Xerox Shareholder's Equity Non- controlling Interests Total Equity Balance at December 31, 2021 $ 3,202 $ 4,476 $ (2,988) $ 4,690 $ 7 $ 4,697 Comprehensive loss, net — (56) (44) (100) (1) (101) Dividends declared to parent — (549) — (549) — (549) Transfers from parent 390 — — 390 — 390 Distributions to noncontrolling interests — — — — (1) (1) Balance at March 31, 2022 $ 3,592 $ 3,871 $ (3,032) $ 4,431 $ 5 $ 4,436 _____________ (1) Refer to Note 18 - Other Comprehensive Income (Loss) for the components of AOCL.
Schedule of Treasury Stock Purchases	The following is a summary of the changes in Common and Treasury stock shares: Common Stock Shares Treasury Stock Shares Balance at December 31, 2022 155,781 — Stock based compensation plans, net 1,177 — Balance at March 31, 2023 156,958 —

Shareholder's Equity of Xerox (

Shareholder's Equity of Xerox (Tables)	3 Months Ended
	Mar. 31, 2023
Stockholders' Equity Note [Abstract]
Schedule of Shareholder's Equity of Xerox	The shareholders' equity information presented below reflects the consolidated activity of Xerox Holdings. Common Stock (1) Additional Paid-in Capital Treasury Stock Retained Earnings AOCL (2) Xerox Holdings Shareholders’ Equity Non-controlling Interests Total Equity Balance at December 31, 2022 $ 156 $ 1,588 $ — $ 5,136 $ (3,537) $ 3,343 $ 10 $ 3,353 Comprehensive income (loss), net — — — 71 83 154 (1) 153 Cash dividends declared - common (3) — — — (41) — (41) — (41) Cash dividends declared - preferred (4) — — — (4) — (4) — (4) Stock option and incentive plans, net 1 6 — — — 7 — 7 Distributions to noncontrolling interests — — — — — — (1) (1) Balance at March 31, 2023 $ 157 $ 1,594 $ — $ 5,162 $ (3,454) $ 3,459 $ 8 $ 3,467 Common Stock (1) Additional Paid-in Capital Treasury Stock Retained Earnings AOCL (2) Xerox Holdings Shareholders’ Equity Non- controlling Interests Total Equity Balance at December 31, 2021 $ 168 $ 1,802 $ (177) $ 5,631 $ (2,988) $ 4,436 $ 7 $ 4,443 Comprehensive loss, net — — — (56) (44) (100) (1) (101) Cash dividends declared - common (3) — — — (39) — (39) — (39) Cash dividends declared - preferred (4) — — — (4) — (4) — (4) Stock option and incentive plans, net — 4 — — — 4 — 4 Payments to acquire treasury stock, including fees — — (113) — — (113) — (113) Cancellation of treasury stock (12) (246) 258 — — — — — Distributions to noncontrolling interests — — — — — — (1) (1) Balance at March 31, 2022 $ 156 $ 1,560 $ (32) $ 5,532 $ (3,032) $ 4,184 $ 5 $ 4,189 _____________ (1) Common Stock has a par value of $1 per share. (2) Refer to Note 18 - Other Comprehensive Income (Loss) for the components of AOCL. (3) Cash dividends declared on common stock for the three months ended March 31, 2023 and 2022 were $0.25 per share, respectively. (4) Cash dividends declared on preferred stock for the three months ended March 31, 2023 and 2022 were $20.00 per share, respectively. The shareholder's equity information presented below reflects the consolidated activity of Xerox. Additional Paid-in Capital Retained Earnings AOCL (1) Xerox Shareholder's Equity Non- controlling Interests Total Equity Balance at December 31, 2022 $ 3,693 $ 3,427 $ (3,537) $ 3,583 $ 10 $ 3,593 Comprehensive income (loss), net — 71 83 154 (1) 153 Dividends declared to parent — (43) — (43) — (43) Transfers from parent 2 — — 2 — 2 Distributions to noncontrolling interests — — — — (1) (1) Balance at March 31, 2023 $ 3,695 $ 3,455 $ (3,454) $ 3,696 $ 8 $ 3,704 Additional Paid-in Capital Retained Earnings AOCL (1) Xerox Shareholder's Equity Non- controlling Interests Total Equity Balance at December 31, 2021 $ 3,202 $ 4,476 $ (2,988) $ 4,690 $ 7 $ 4,697 Comprehensive loss, net — (56) (44) (100) (1) (101) Dividends declared to parent — (549) — (549) — (549) Transfers from parent 390 — — 390 — 390 Distributions to noncontrolling interests — — — — (1) (1) Balance at March 31, 2022 $ 3,592 $ 3,871 $ (3,032) $ 4,431 $ 5 $ 4,436 _____________ (1) Refer to Note 18 - Other Comprehensive Income (Loss) for the components of AOCL.

Other Comprehensive Income (L_2

Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Schedule of Other Comprehensive Income (Loss)	Other Comprehensive Income (Loss) is comprised of the following: Three Months Ended 2023 2022 Pre-tax Net of Tax Pre-tax Net of Tax Translation Adjustments Gains (Losses) $ 92 $ 92 $ (71) $ (72) Unrealized (Losses) Gains Changes in fair value of cash flow hedges losses (2) (2) (15) (13) Changes in cash flow hedges reclassed to earnings (1) 5 6 2 2 Net Unrealized Gains (Losses) 3 4 (13) (11) Defined Benefit Plans Gains (Losses) Net actuarial/prior service gains 7 5 16 12 Prior service amortization (2) (3) (2) (4) (3) Actuarial loss amortization/settlement (2) 7 5 28 21 Other (losses) gains (3) (22) (22) 9 9 Changes in Defined Benefit Plans (Losses) Gains (11) (14) 49 39 Other Comprehensive Income (Loss) 84 82 (35) (44) Less: Other comprehensive loss attributable to noncontrolling interests (1) (1) — — Other Comprehensive Income (Loss) Attributable to Xerox Holdings/Xerox $ 85 $ 83 $ (35) $ (44) ____________ (1) Reclassified to Cost of sales - refer to Note 13 - Financial Instruments for additional information regarding our cash flow hedges. (2) Reclassified to Total Net Periodic Benefit Cost - refer to Note 15 - Employee Benefit Plans for additional information.
Schedule of Accumulated Other Comprehensive Loss	AOCL is comprised of the following: March 31, December 31, Cumulative translation adjustments $ (2,144) $ (2,237) Other unrealized losses, net — (4) Benefit plans net actuarial losses and prior service credits (1,310) (1,296) Total Accumulated Other Comprehensive Loss Attributable to Xerox Holdings/Xerox $ (3,454) $ (3,537)

Earnings (Loss)_per Share (Tabl

Earnings (Loss) per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Share	The following table sets forth the computation of basic and diluted earnings (loss) per share of Xerox Holdings Corporation's common stock: Three Months Ended 2023 2022 Basic Earnings (Loss) per Share Net Income (Loss) Attributable to Xerox Holdings $ 71 $ (56) Accrued dividends on preferred stock (4) (4) Adjusted Net income (loss) available to common shareholders $ 67 $ (60) Weighted average common shares outstanding 156,661 156,362 Basic Earnings (Loss) per Share $ 0.43 $ (0.38) Diluted Earnings (Loss) per Share Net Income (Loss) Attributable to Xerox Holdings $ 71 $ (56) Accrued dividends on preferred stock (4) (4) Adjusted Net income (loss) available to common shareholders $ 67 $ (60) Weighted average common shares outstanding 156,661 156,362 Common shares issuable with respect to: Stock options — — Restricted stock and performance shares 1,085 — Convertible preferred stock — — Adjusted weighted average common shares outstanding 157,746 156,362 Diluted Earnings (Loss) per Share $ 0.43 $ (0.38) The following securities were not included in the computation of diluted earnings per share as they were either contingently issuable shares or shares that if included would have been anti-dilutive: Stock options 561 612 Restricted stock and performance shares 6,402 6,470 Convertible preferred stock 6,742 6,742 Total Anti-Dilutive Securities 13,705 13,824 Dividends per Common Share $ 0.25 $ 0.25

Contingencies and Litigation (T

Contingencies and Litigation (Tables)	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Loss Contingencies by Contingency	Below is a summary of our Brazilian tax contingencies: March 31, December 31, Tax contingency - unreserved $ 361 $ 340 Escrow cash deposits 38 36 Surety bonds 82 80 Letters of credit 39 63 Liens on Brazilian assets — —

Basis of Presentation (Details)

Basis of Presentation (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Goodwill, net	$ 2,850	$ 2,820

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Total Revenues	$ 1,715	$ 1,668
Equipment
Disaggregation of Revenue [Line Items]
Total Revenues	391	314
Supplies, paper and other sales
Disaggregation of Revenue [Line Items]
Total Revenues	268	278
Maintenance agreements
Disaggregation of Revenue [Line Items]
Total Revenues	409	429
Service arrangements
Disaggregation of Revenue [Line Items]
Total Revenues	495	486
Rental and other
Disaggregation of Revenue [Line Items]
Total Revenues	100	108
Financing
Disaggregation of Revenue [Line Items]
Total Revenues	52	53
Sales
Disaggregation of Revenue [Line Items]
Total Revenues	659	592
Sales | Direct equipment lease
Disaggregation of Revenue [Line Items]
Total Revenues	230	135
Sales | Distributors & resellers
Disaggregation of Revenue [Line Items]
Total Revenues	260	261
Sales | Customer direct
Disaggregation of Revenue [Line Items]
Total Revenues	169	196
United States
Disaggregation of Revenue [Line Items]
Total Revenues	947	940
Europe
Disaggregation of Revenue [Line Items]
Total Revenues	474	466
Canada
Disaggregation of Revenue [Line Items]
Total Revenues	144	115
Other
Disaggregation of Revenue [Line Items]
Total Revenues	$ 150	$ 147

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Capitalized Contract Cost [Line Items]
Contract liabilities	$ 132		$ 131
Contract liability amortization period (in months)	30 months
Deferred incremental direct costs, amortization period (in years)	4 years
Deferred incremental direct costs net of accumulated amortization	$ 125		125
Contract Fulfillment Costs and Inducements
Capitalized Contract Cost [Line Items]
Deferred incremental direct costs net of accumulated amortization	9		$ 10
Capitalized contract costs, amortization	$ 0	$ 1

Revenue - Capitalized Contract

Revenue - Capitalized Contract Cost (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Incremental direct costs of obtaining a contract	$ 16	$ 13
Amortization of incremental direct costs	$ 16	$ 18

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segment Reporting - Selected Fi

Segment Reporting - Selected Financial Information For Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	$ 1,715	$ 1,668
Depreciation and amortization	64	72
Interest income	57	54
Total Interest expense	50	53
Intersegment Revenue
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	52	40
Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	1,767	1,708
Segment profit	$ 118	$ (3)
Segment margin	6.90%	(0.20%)
Depreciation and amortization	$ 53	$ 61
Interest income	52	53
Total Interest expense	39	26
Print and Other
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	1,564	1,513
Print and Other | Intersegment Revenue
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	49	37
Print and Other | Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	1,613	1,550
Segment profit	$ 106	$ (20)
Segment margin	6.80%	(1.30%)
Depreciation and amortization	$ 25	$ 29
Interest income	0	0
Total Interest expense	0	0
FITTLE
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	151	155
FITTLE | Intersegment Revenue
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	3	3
FITTLE | Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	154	158
Segment profit	$ 12	$ 17
Segment margin	7.90%	11%
Depreciation and amortization	$ 28	$ 32
Interest income	52	53
Total Interest expense	39	26
Non financing interest expenses	$ 3	$ 2

Segment Reporting - Reportable

Segment Reporting - Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting, Asset Reconciling Item [Line Items]
Total Pre-tax income (loss)	$ 85	$ (89)
Restructuring and related costs, net	(2)	(18)
Amortization of intangible assets	(11)	(11)
Other expenses, net	(20)	(57)
Depreciation and amortization	64	72
Amortization of intangible assets	11	11
Total Interest expense	50	53
Interest income	57	54
Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total Pre-tax income (loss)	118	(3)
Depreciation and amortization	53	61
Total Interest expense	39	26
Interest income	52	53
Corporate
Segment Reporting, Asset Reconciling Item [Line Items]
Total Interest expense	11	27
Interest income	$ 5	$ 1

Lessor (Details)

Lessor (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Revenue from sales type leases	$ 230	$ 135
Interest income on lease receivables	52	53
Lease income - operating leases	40	48
Variable lease income	17	15
Total Lease income	339	251
Profit at lease commencement, sales type leases	$ 80	$ 44
Sales-Type Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Total Revenues
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Total Revenues

Supplementary Financial Infor_3

Supplementary Financial Information - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Supplemental Financial Information [Abstract]
Cash and cash equivalents	$ 591	$ 1,045
Restricted cash
Litigation deposits in Brazil	40	39
Escrow and cash collections related to secured borrowing arrangements	65	54
Other restricted cash	1	1
Total Restricted cash	106	94
Cash, cash equivalents and restricted cash	$ 697	$ 1,139

Supplementary Financial Infor_4

Supplementary Financial Information - Restricted Cash Balance Sheet Location (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Restricted Cash and Cash Equivalents Items [Line Items]
Total Restricted cash	$ 106	$ 94
Other current assets
Restricted Cash and Cash Equivalents Items [Line Items]
Total Restricted cash	65	55
Other long-term assets
Restricted Cash and Cash Equivalents Items [Line Items]
Total Restricted cash	$ 41	$ 39

Supplementary Financial Infor_5

Supplementary Financial Information - Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Supplemental Financial Information [Abstract]
Provision for receivables	$ (5)	$ 14
Provision for inventory	5	5
Depreciation of buildings and equipment	16	18
Depreciation and obsolescence of equipment on operating leases	27	32
Amortization of internal use software	10	11
Amortization of acquired intangible assets	11	11
Amortization of patents	2	3
Amortization of customer contract costs	16	19
Cost of additions to land, buildings and equipment	(6)	(12)
Cost of additions to internal use software	(2)	(4)
Payments to acquire noncontrolling interests - Xerox Holdings	(3)	(5)
Common stock dividends - Xerox Holdings	(41)	(42)
Preferred stock dividends - Xerox Holdings	(4)	(4)
Payments to noncontrolling interests	(1)	(1)
Repurchases related to stock-based compensation - Xerox Holdings	$ (6)	$ (10)

Supplementary Financial Infor_6

Supplementary Financial Information - Supplier Finance Programs (Details) - E-Payable Program $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) day	Dec. 31, 2022 USD ($)
Supplier Finance Program [Line Items]
Credit period (in days) | day	45
Spending under e-payable program	$ 30
Accounts Payable
Supplier Finance Program [Line Items]
Amount due to vendors	$ 40	$ 40

Accounts Receivable, Net - Acco

Accounts Receivable, Net - Accounts Receivables and Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for doubtful accounts	$ (53)		$ (52)
Accounts receivable, net	818		857
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	52
Ending balance	$ 53		$ 52
Credit Concentration Risk | Accounts Receivable | Customers
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Concentration risk (percentage)	6.10%		5.70%
Accounts Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Invoiced	$ 660		$ 698
Accrued	211		211
Allowance for doubtful accounts	(53)	$ (63)	(52)
Accounts receivable, net	818		857
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	52	58	58
Provision	3	9
Charge-offs	(5)	(3)
Recoveries and other	3	(1)
Ending balance	$ 53	$ 63	$ 52

Accounts Receivable, Net - Ac_2

Accounts Receivable, Net - Accounts Receivable Sales Arrangements (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) facility	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Receivables [Abstract]
Number of facilities enabling the sale of accounts receivable | facility	1
Accounts Receivable Sales Arrangements [Abstract]
Uncollected accounts receivable sold and derecognized	$ 73		$ 159
Accounts Receivable
Accounts Receivable Sales Arrangements [Abstract]
Accounts receivable sales	$ 86	$ 116

Finance Receivables, Net - Fina

Finance Receivables, Net - Finance Receivables (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Allowance for Credit Loss [Line Items]
Gross receivables	$ 3,438		$ 3,593
Unearned income	(357)		(374)
Total	3,081		3,219
Residual values	0		0
Allowance for doubtful accounts	(101)	$ (120)	(117)	$ (118)
Finance receivables, net	2,980		3,102
Less: Billed portion of finance receivables, net	94		93
Less: Current portion of finance receivables not billed, net	1,022		1,061
Finance receivables due after one year, net	1,864		$ 1,948
Provision	(12)	$ 6
Receivable Funding Agreement
Financing Receivable, Allowance for Credit Loss [Line Items]
Reserve release	5
Large Customer
Financing Receivable, Allowance for Credit Loss [Line Items]
Provision	12
Reserve release	$ 12
Credit Concentration Risk | Financing Receivable | U.S., Canada and EMEA
Financing Receivable, Allowance for Credit Loss [Line Items]
Concentration risk (percentage)	3.30%		3.60%

Finance Receivables, Net - Allo

Finance Receivables, Net - Allowance for Credit Losses (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 117	$ 118
Provision	(12)	6
Charge-offs	(7)	(4)
Recoveries and other	3	0
Ending balance	101	120
Finance receivables collectively evaluated for impairment	$ 3,081	3,125
Loss rates of customers with low credit risk	1%
Loss rates of customers with average credit risk, low range	2%
Loss rates of customers with average credit risk, high range	5%
Loss rates of customers with high credit risk, low range	7%
Loss rates of customers with high credit risk, high range	10%
United States
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 83	77
Provision	(15)	3
Charge-offs	(5)	(2)
Recoveries and other	2	0
Ending balance	65	78
Finance receivables collectively evaluated for impairment	1,756	1,863
Canada
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	7	11
Provision	0	0
Charge-offs	0	(1)
Recoveries and other	0	1
Ending balance	7	11
Finance receivables collectively evaluated for impairment	233	246
EMEA
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	27	30
Provision	3	3
Charge-offs	(2)	(1)
Recoveries and other	1	(1)
Ending balance	29	31
Finance receivables collectively evaluated for impairment	$ 1,092	$ 1,016

Finance Receivables, Net - Cred

Finance Receivables, Net - Credit Quality Indicators (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	$ 441		$ 1,329
CY-1	1,063		889
CY-2	774		537
CY-3	455		334
CY-4	266		114
Prior	82		16
Total	3,081		3,219
Charge-offs, Current year	0
Charge-offs, CY-1	1
Charge-offs, CY-2	1
Charge-offs, CY-3	0
Charge-offs, CY-4	1
Charge-offs, Prior	4
Charge-offs, Total	7	$ 4
United States (Direct)
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	103		327
CY-1	160		210
CY-2	185		155
CY-3	137		99
CY-4	82		36
Prior	29		6
Total	696		833
Charge-offs, Current year	0
Charge-offs, CY-1	0
Charge-offs, CY-2	0
Charge-offs, CY-3	0
Charge-offs, CY-4	0
Charge-offs, Prior	1
Charge-offs, Total	1
United States (Indirect)
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	169		481
CY-1	401		341
CY-2	276		173
CY-3	132		94
CY-4	68		25
Prior	14		1
Total	1,060		1,115
Charge-offs, Current year	0
Charge-offs, CY-1	0
Charge-offs, CY-2	1
Charge-offs, CY-3	0
Charge-offs, CY-4	1
Charge-offs, Prior	2
Charge-offs, Total	4
Canada
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	33		83
CY-1	79		53
CY-2	48		47
CY-3	40		32
CY-4	25		12
Prior	8		1
Total	233		228
Charge-offs, Current year	0
Charge-offs, CY-1	0
Charge-offs, CY-2	0
Charge-offs, CY-3	0
Charge-offs, CY-4	0
Charge-offs, Prior	0
Charge-offs, Total	0	1
EMEA
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	136		438
CY-1	423		285
CY-2	265		162
CY-3	146		109
CY-4	91		41
Prior	31		8
Total	1,092		1,043
Charge-offs, Current year	0
Charge-offs, CY-1	1
Charge-offs, CY-2	0
Charge-offs, CY-3	0
Charge-offs, CY-4	0
Charge-offs, Prior	1
Charge-offs, Total	2	$ 1
Low Credit Risk
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	256		722
CY-1	568		458
CY-2	401		278
CY-3	236		173
CY-4	139		64
Prior	45		8
Total	1,645		1,703
Low Credit Risk | United States (Direct)
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	59		173
CY-1	69		104
CY-2	85		80
CY-3	69		53
CY-4	44		23
Prior	16		2
Total	342		435
Low Credit Risk | United States (Indirect)
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	100		249
CY-1	211		165
CY-2	141		91
CY-3	73		49
CY-4	38		12
Prior	8		1
Total	571		567
Low Credit Risk | Canada
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	13		31
CY-1	30		22
CY-2	20		17
CY-3	14		12
CY-4	9		5
Prior	3		0
Total	89		87
Low Credit Risk | EMEA
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	84		269
CY-1	258		167
CY-2	155		90
CY-3	80		59
CY-4	48		24
Prior	18		5
Total	643		614
Average Credit Risk
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	158		491
CY-1	411		322
CY-2	310		184
CY-3	165		127
CY-4	103		38
Prior	27		5
Total	1,174		1,167
Average Credit Risk | United States (Direct)
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	32		83
CY-1	50		36
CY-2	70		26
CY-3	36		28
CY-4	26		7
Prior	7		2
Total	221		182
Average Credit Risk | United States (Indirect)
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	61		210
CY-1	170		156
CY-2	119		73
CY-3	52		40
CY-4	27		11
Prior	5		0
Total	434		490
Average Credit Risk | Canada
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	18		46
CY-1	43		25
CY-2	23		22
CY-3	19		16
CY-4	13		5
Prior	3		0
Total	119		114
Average Credit Risk | EMEA
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	47		152
CY-1	148		105
CY-2	98		63
CY-3	58		43
CY-4	37		15
Prior	12		3
Total	400		381
High Credit Risk
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	27		116
CY-1	84		109
CY-2	63		75
CY-3	54		34
CY-4	24		12
Prior	10		3
Total	262		349
High Credit Risk | United States (Direct)
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	12		71
CY-1	41		70
CY-2	30		49
CY-3	32		18
CY-4	12		6
Prior	6		2
Total	133		216
High Credit Risk | United States (Indirect)
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	8		22
CY-1	20		20
CY-2	16		9
CY-3	7		5
CY-4	3		2
Prior	1		0
Total	55		58
High Credit Risk | Canada
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	2		6
CY-1	6		6
CY-2	5		8
CY-3	7		4
CY-4	3		2
Prior	2		1
Total	25		27
High Credit Risk | EMEA
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	5		17
CY-1	17		13
CY-2	12		9
CY-3	8		7
CY-4	6		2
Prior	1		0
Total	$ 49		$ 48

Finance Receivables, Net - Agin

Finance Receivables, Net - Aging of Billed Finance Receivables (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
Total	$ 3,081	$ 3,219
Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	98	97
Unbilled Revenues
Financing Receivable, Past Due [Line Items]
Total	2,983	3,122
United States
Financing Receivable, Past Due [Line Items]
Total	1,756	1,948
United States | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	81	79
United States | Unbilled Revenues
Financing Receivable, Past Due [Line Items]
Total	1,675	1,869
Canada
Financing Receivable, Past Due [Line Items]
Total	233	228
Canada | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	6	6
Canada | Unbilled Revenues
Financing Receivable, Past Due [Line Items]
Total	227	222
EMEA
Financing Receivable, Past Due [Line Items]
Total	1,092	1,043
EMEA | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	11	12
EMEA | Unbilled Revenues
Financing Receivable, Past Due [Line Items]
Total	1,081	1,031
Current | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	72	71
Current | United States | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	59	57
Current | Canada | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	5	5
Current | EMEA | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	8	9
31-90 Days Past Due | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	16	15
31-90 Days Past Due | United States | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	13	12
31-90 Days Past Due | Canada | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	1	1
31-90 Days Past Due | EMEA | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	2	2
>90 Days Past Due | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	10	11
>90 Days Past Due | United States | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	9	10
>90 Days Past Due | Canada | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	0	0
>90 Days Past Due | EMEA | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	1	1
>90 Days and Accruing
Financing Receivable, Past Due [Line Items]
Financing receivable, 90 days or more past due, still accruing	59	65
>90 Days and Accruing | United States
Financing Receivable, Past Due [Line Items]
Financing receivable, 90 days or more past due, still accruing	40	47
>90 Days and Accruing | Canada
Financing Receivable, Past Due [Line Items]
Financing receivable, 90 days or more past due, still accruing	8	6
>90 Days and Accruing | EMEA
Financing Receivable, Past Due [Line Items]
Financing receivable, 90 days or more past due, still accruing	11	12
Direct
Financing Receivable, Past Due [Line Items]
Total	696	833
Direct | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	39	42
Direct | Unbilled Revenues
Financing Receivable, Past Due [Line Items]
Total	657	791
Direct | Current | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	28	30
Direct | 31-90 Days Past Due | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	6	6
Direct | >90 Days Past Due | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	5	6
Direct | >90 Days and Accruing
Financing Receivable, Past Due [Line Items]
Financing receivable, 90 days or more past due, still accruing	40	47
Indirect
Financing Receivable, Past Due [Line Items]
Total	1,060	1,115
Indirect | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	42	37
Indirect | Unbilled Revenues
Financing Receivable, Past Due [Line Items]
Total	1,018	1,078
Indirect | Current | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	31	27
Indirect | 31-90 Days Past Due | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	7	6
Indirect | >90 Days Past Due | Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	4	4
Indirect | >90 Days and Accruing
Financing Receivable, Past Due [Line Items]
Financing receivable, 90 days or more past due, still accruing	$ 0	$ 0

Finance Receivables, net - Sale

Finance Receivables, net - Sales of Receivables (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Receivables [Abstract]
Financing receivable, automatic extension, period (in years)	1 year
Financing receivable, sale	$ 600
Finance receivables sold and derecognized, remaining uncollectable	$ 311	$ 60

Finance Receivables, net - Fi_2

Finance Receivables, net - Finance Receivable Sale Activity (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Receivables [Abstract]
Finance receivable sales - net proceeds	$ 261	$ 61
Gain on sale/Commissions	2	2
Servicing revenue	$ 1	$ 0

Inventories and Equipment on _3

Inventories and Equipment on Operating Leases, Net - Inventories by Major Category (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Inventories and Equipment on Operating Leases, Net [Abstract]
Finished goods	$ 699	$ 640
Work-in-process	49	45
Raw materials	115	112
Total Inventories	$ 863	$ 797

Inventories and Equipment on _4

Inventories and Equipment on Operating Leases, Net - Equipment on Operating Leases and Related Accumulated Depreciation (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Inventories and Equipment on Operating Leases, Net [Abstract]
Equipment on operating leases	$ 1,161	$ 1,163
Accumulated depreciation	(911)	(928)
Equipment on operating leases, net	$ 250	$ 235

Inventories and Equipment on _5

Inventories and Equipment on Operating Leases, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Inventories and Equipment on Operating Leases, Net [Abstract]
Usage charges in excess of minimum contracted amounts	$ 17	$ 15

Lessee - Narrative (Details)

Lessee - Narrative (Details)	Mar. 31, 2023
Leases [Abstract]
Remaining terms of leases (years)	12 years

Lessee - Components of Lease Ex

Lessee - Components of Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Operating lease expense	$ 23	$ 25
Short-term lease expense	4	4
Variable lease expense	13	12
Sublease income	(1)	(2)
Total Lease expense	$ 39	$ 39

Lessee - Operating Lease ROU As

Lessee - Operating Lease ROU Asset- Operating Leases Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease, right-of-use asset, statement of financial position [extensible list]	Other long-term assets	Other long-term assets
Other long-term assets	$ 201	$ 215
Operating lease, liability, current, statement of financial position [extensible list]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Accrued expenses and other current liabilities	$ 61	$ 68
Operating lease, liability, noncurrent, statement of financial position [extensible list]	Other long-term liabilities	Other long-term liabilities
Other long-term liabilities	$ 153	$ 161
Total Operating lease liabilities	$ 214	$ 229

Restructuring Programs - Narrat

Restructuring Programs - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) employee	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Restructuring Cost and Reserve [Line Items]
Net current period charges	$ 1
Restructuring charges	$ 5
Headcount reductions, number of employees | employee	100
Reversals	$ 4
Payments for restructuring	6	$ 7
Restructuring related reserve	12		$ 12
HCL/TCS
Restructuring Cost and Reserve [Line Items]
Payments for restructuring	1	$ 1
Severance and Related Costs
Restructuring Cost and Reserve [Line Items]
Net current period charges	1
Restructuring charges	5
Reversals	4
Other Contractual Termination Costs
Restructuring Cost and Reserve [Line Items]
Net current period charges	0
Restructuring charges	0
Reversals	$ 0

Restructuring Programs - Restru

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

Restructuring Programs -Reconci

Restructuring Programs -Reconciliation to The Consolidated Statements of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Restructuring and Related Activities [Abstract]
Charges against reserve and currency	$ (6)	$ (7)
Effects of foreign currency and other non-cash items	0	0
Restructuring cash payments	$ (6)	$ (7)

Restructuring Programs - Rest_2

Restructuring Programs - Restructuring and Related Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Restructuring Cost and Reserve [Line Items]
Related restructuring costs	$ 1	$ (2)
Retention related severance/bonuses
Restructuring Cost and Reserve [Line Items]
Related restructuring costs	1	(2)
Contractual severance costs
Restructuring Cost and Reserve [Line Items]
Related restructuring costs	$ 0	$ 0

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Debt Instrument [Line Items]
Interest expense	$ 50	$ 53
Special Purpose Entity (SPE)
Debt Instrument [Line Items]
Term of debt (years)	2 years 6 months
2025 And 2028 Senior Notes | Senior Notes | XEROX CORPORATION
Debt Instrument [Line Items]
Related party debt	$ 1,496		$ 1,496
Interest payable	10		$ 30
Interest expense	$ 20	$ 20

Debt - Secured Assets and Oblig

Debt - Secured Assets and Obligations held by SPE (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Equipment on Operating Leases, Net	$ 250	$ 235
Debt issuance costs	$ 4
France
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Pre-Hedged Rate	4.14%
Special Purpose Entity (SPE)
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Finance Receivables, Net	$ 1,202	1,376
Equipment on Operating Leases, Net	4	5
Secured Debt	893	1,042
Debt issuance costs	4	5
Special Purpose Entity (SPE) | United States
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Finance Receivables, Net	946	1,078
Equipment on Operating Leases, Net	4	5
Secured Debt	682	790
Special Purpose Entity (SPE) | United States | December 2022
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Finance Receivables, Net	324	370
Equipment on Operating Leases, Net	0	0
Secured Debt	$ 232	$ 247
Pre-Hedged Rate	7.79%	7.43%
Special Purpose Entity (SPE) | United States | January 2022
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Finance Receivables, Net	$ 467	$ 528
Equipment on Operating Leases, Net	0	0
Secured Debt	$ 345	$ 407
Pre-Hedged Rate	6.33%	5.83%
Special Purpose Entity (SPE) | United States | September 2021
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Finance Receivables, Net	$ 155	$ 180
Equipment on Operating Leases, Net	4	5
Secured Debt	$ 105	$ 136
Pre-Hedged Rate	6.06%	5.65%
Special Purpose Entity (SPE) | Canada | April 2022
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Finance Receivables, Net	$ 55	$ 63
Equipment on Operating Leases, Net	0	0
Secured Debt	$ 49	$ 57
Pre-Hedged Rate	5.86%	5.45%
Special Purpose Entity (SPE) | France | December 2022
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Finance Receivables, Net	$ 201	$ 235
Equipment on Operating Leases, Net	0	0
Secured Debt	$ 162	$ 195
Pre-Hedged Rate	4.14%	3.03%

Debt - Interest Income and Inte

Debt - Interest Income and Interest Expense Disclosure (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt Instrument [Line Items]
Interest expense	$ 50	$ 53
Interest income	57	54
2025 And 2028 Senior Notes | Senior Notes | XEROX CORPORATION
Debt Instrument [Line Items]
Interest expense	$ 20	$ 20

Financial Instruments - Narrati

Financial Instruments - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) derivative	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Derivative [Line Items]
Number of interest rate derivatives outstanding | derivative	4
Notional Amount	$ 1,301		$ 1,541
Average maturity of foreign exchange hedging contract - within three months (as a percent of total contracts)	87%
Average maturity of foreign exchange hedging contract - within three and six months (as a percent of total contracts)	7%
Average maturity of foreign exchange hedging contract - within six and twelve months (as a percent of total contracts)	6%
Derivative assets (liabilities), at fair value, net	$ (6)		(15)
After-tax gain or loss	0
Foreign currency transaction losses, before tax	11	$ 0
Derivatives Designated as Hedging Instruments
Derivative [Line Items]
Derivative assets (liabilities), at fair value, net	(4)		(3)
Cash Flow Hedging | Derivatives Designated as Hedging Instruments
Derivative [Line Items]
Derivative assets (liabilities), at fair value, net	$ 2		$ 4

Financial Instruments - Interes

Financial Instruments - Interest Rate Derivatives Outstanding (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Principal Debt	$ 893
Notional Amount	1,301	$ 1,541
Net Fair Value	6
Debt issuance costs	4
Special Purpose Entity (SPE)
Derivative [Line Items]
Debt issuance costs	4	$ 5
Secured Borrowing
Derivative [Line Items]
Notional Amount	542
United States | Expected Maturity In 2024
Derivative [Line Items]
Principal Debt	345
Notional Amount	$ 0
Hedged Rate	0%
Net Fair Value	$ 0
United States | Expected Maturity In 2024 | Special Purpose Entity (SPE)
Derivative [Line Items]
Pre-Hedged Rate	6.33%
United States | Expected Maturity In 2024 | Interest rate cap
Derivative [Line Items]
Principal Debt	$ 105
Notional Amount	$ 101
Hedged Rate	0.50%
Net Fair Value	$ 3
United States | September 2021 | Special Purpose Entity (SPE)
Derivative [Line Items]
Pre-Hedged Rate	6.06%	5.65%
United States | Expected Maturity In 2025 | Interest rate cap
Derivative [Line Items]
Principal Debt	$ 232
Notional Amount	$ 216
Hedged Rate	4.50%
Net Fair Value	$ 1
United States | December 2022 | Special Purpose Entity (SPE)
Derivative [Line Items]
Pre-Hedged Rate	7.79%	7.43%
Canada | Expected Maturity In 2025 | Interest rate swap
Derivative [Line Items]
Principal Debt	$ 49
Notional Amount	$ 43
Hedged Rate	2.57%
Net Fair Value	$ 1
Canada | April 2022 | Special Purpose Entity (SPE)
Derivative [Line Items]
Pre-Hedged Rate	5.86%	5.45%
France
Derivative [Line Items]
Pre-Hedged Rate	4.14%
France | Expected Maturity In 2025 | Interest rate cap
Derivative [Line Items]
Principal Debt	$ 162
Notional Amount	$ 182
Hedged Rate	3%
Net Fair Value	$ 1
France | December 2022 | Special Purpose Entity (SPE)
Derivative [Line Items]
Pre-Hedged Rate	4.14%	3.03%

Financial Instruments - Derivat

Financial Instruments - Derivative Instruments Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Summary Of Derivative Instruments By Hedge Designation [Abstract]
Derivative assets	$ 14	$ 26
Derivative liabilities	(8)	(11)
Net derivative asset (liability)	6	15
Derivatives Designated as Hedging Instruments
Summary Of Derivative Instruments By Hedge Designation [Abstract]
Net derivative asset (liability)	4	3
Derivatives Designated as Hedging Instruments | Other current assets | Foreign exchange contracts - forwards
Summary Of Derivative Instruments By Hedge Designation [Abstract]
Derivative assets	3	5
Derivatives Designated as Hedging Instruments | Accrued expenses and other current liabilities | Foreign exchange contracts - forwards
Summary Of Derivative Instruments By Hedge Designation [Abstract]
Derivative liabilities	(5)	(9)
Derivatives Designated as Hedging Instruments | Other long-term assets | Interest rate cap
Summary Of Derivative Instruments By Hedge Designation [Abstract]
Derivative assets	5	6
Derivatives Designated as Hedging Instruments | Other long-term assets | Interest rate swap
Summary Of Derivative Instruments By Hedge Designation [Abstract]
Derivative assets	1	1
Derivatives NOT Designated as Hedging Instruments
Summary Of Derivative Instruments By Hedge Designation [Abstract]
Net derivative asset (liability)	2	12
Derivatives NOT Designated as Hedging Instruments | Other current assets | Foreign exchange contracts - forwards
Summary Of Derivative Instruments By Hedge Designation [Abstract]
Derivative assets	4	14
Derivatives NOT Designated as Hedging Instruments | Accrued expenses and other current liabilities | Foreign exchange contracts - forwards
Summary Of Derivative Instruments By Hedge Designation [Abstract]
Derivative liabilities	(3)	(2)
Derivatives NOT Designated as Hedging Instruments | Other long-term assets | Interest rate cap
Summary Of Derivative Instruments By Hedge Designation [Abstract]
Derivative assets	$ 1	$ 0

Financial Instruments - Gains (

Financial Instruments - Gains (losses) on Derivative Instruments (Details) - Foreign exchange contracts - forwards - Cash Flow Hedges - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Summary of Derivative Instruments Gains (Losses) [Abstract]
Derivative loss recognized in OCI (effective portion)	$ (2)	$ (15)
Cost of Sales
Summary of Derivative Instruments Gains (Losses) [Abstract]
Derivative loss reclassified from AOCL to income	(6)	(2)
Interest Income
Summary of Derivative Instruments Gains (Losses) [Abstract]
Derivative loss reclassified from AOCL to income	$ 1	$ 0

Financial Instruments - Deriv_2

Financial Instruments - Derivatives Not Designated as Hedging Instruments Gains (Losses) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other expenses, net
Foreign exchange contracts - forwards | Derivatives NOT Designated as Hedging Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on non-designated derivative instruments	$ (5)	$ (9)

Fair Value of Financial Asset_3

Fair Value of Financial Assets and Liabilities -Fair Value of Financial Assets and Liabilities (Details) - Recurring - Level 2 - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Assets
Total	$ 27	$ 41
Liabilities
Total	23	25
Foreign exchange contracts - forwards
Assets
Total	7	19
Liabilities
Total	8	11
Interest rate cap
Assets
Total	6	6
Interest rate swap
Assets
Total	1	1
Deferred compensation plan investments in mutual funds
Assets
Total	13	15
Liabilities
Total	$ 15	$ 14

Fair Value of Financial Asset_4

Fair Value of Financial Assets and Liabilities - Estimated Fair Values of Financial Assets and Liabilities Not Measured at Fair Value on a Recurring Basis (Details) - Nonrecurring - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	$ 591	$ 1,045
Accounts receivable, net	818	857
Short-term debt and current portion of long-term debt	553	860
Long-term debt	2,726	2,866
Carrying Amount | Xerox Holdings Corporation
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	1,496	1,496
Carrying Amount | XEROX CORPORATION
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	894	894
Carrying Amount | Xerox - Other Subsidiaries
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	336	476
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	591	1,045
Accounts receivable, net	818	857
Short-term debt and current portion of long-term debt	555	861
Long-term debt	2,379	2,498
Fair Value | Xerox Holdings Corporation
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	1,337	1,294
Fair Value | XEROX CORPORATION
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	704	726
Fair Value | Xerox - Other Subsidiaries
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 338	$ 478

Employee Benefit Plans - Net Pe

Employee Benefit Plans - Net Periodic Benefit Cost and Other Changes in Plan Assets and Benefit Obligations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Components of Net Periodic Benefit Costs:
Defined benefit plans	$ (1)	$ (7)
Pension Benefits | U.S. Plans
Components of Net Periodic Benefit Costs:
Service cost	0	0
Interest cost	27	20
Expected return on plan assets	(25)	(27)
Recognized net actuarial loss (gain)	3	4
Amortization of prior service credit	0	0
Recognized settlement loss	5	18
Defined benefit plans	10	15
Defined contribution plans	4	5
Net Periodic Benefit Cost (Credit)	14	20
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss):
Net actuarial (gain) loss	(7)	14
Prior service credit	0	0
Amortization of net actuarial (loss) gain	(8)	(22)
Amortization of net prior service credit	0	0
Total Recognized in Other Comprehensive Income (Loss)	(15)	(8)
Total Recognized in Net Periodic Benefit (Credit) Cost and Other Comprehensive Income (Loss)	(1)	12
Pension Benefits | Non-U.S. Plans
Components of Net Periodic Benefit Costs:
Service cost	1	4
Interest cost	46	29
Expected return on plan assets	(56)	(55)
Recognized net actuarial loss (gain)	1	6
Amortization of prior service credit	1	0
Recognized settlement loss	0	0
Defined benefit plans	(7)	(16)
Defined contribution plans	6	4
Net Periodic Benefit Cost (Credit)	(1)	(12)
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss):
Net actuarial (gain) loss	0	0
Prior service credit	0	0
Amortization of net actuarial (loss) gain	(1)	(6)
Amortization of net prior service credit	(1)	0
Total Recognized in Other Comprehensive Income (Loss)	(2)	(6)
Total Recognized in Net Periodic Benefit (Credit) Cost and Other Comprehensive Income (Loss)	(3)	(18)
Retiree Health
Components of Net Periodic Benefit Costs:
Service cost	0	0
Interest cost	3	2
Expected return on plan assets	0	0
Recognized net actuarial loss (gain)	(2)	0
Amortization of prior service credit	(4)	(4)
Recognized settlement loss	0	0
Defined benefit plans	(3)	(2)
Net Periodic Benefit Cost (Credit)	(3)	(2)
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss):
Net actuarial (gain) loss	0	(7)
Prior service credit	0	(23)
Amortization of net actuarial (loss) gain	2	0
Amortization of net prior service credit	4	4
Total Recognized in Other Comprehensive Income (Loss)	6	(26)
Total Recognized in Net Periodic Benefit (Credit) Cost and Other Comprehensive Income (Loss)	$ 3	$ (28)

Employee Benefit Plans - Pensio

Employee Benefit Plans - Pension Plans and Retiree Health Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Schedule of Defined Benefit Plans Disclosures [Line Items]
Defined benefit plan, contributions by employer	$ 17	$ 38	$ 124
Defined benefit plan, expected future employer contributions			105
Pension Benefits
Schedule of Defined Benefit Plans Disclosures [Line Items]
Defined benefit plan, contributions by employer	13	32	105
Defined benefit plan, expected future employer contributions			80
Retiree Health
Schedule of Defined Benefit Plans Disclosures [Line Items]
Defined benefit plan, contributions by employer	4	6	19
Defined benefit plan, expected future employer contributions			25
U.S. Plans | Pension Benefits
Schedule of Defined Benefit Plans Disclosures [Line Items]
Defined benefit plan, contributions by employer	6	6	24
Defined benefit plan, expected future employer contributions			55
Non-U.S. Plans | Pension Benefits
Schedule of Defined Benefit Plans Disclosures [Line Items]
Defined benefit plan, contributions by employer	$ 7	$ 26	81
Defined benefit plan, expected future employer contributions			$ 25

Employee Benefit Plans - Contri

Employee Benefit Plans - Contributions and Narrative (Details)	Mar. 31, 2023 USD ($)
U.S. Plans | Qualified Plan | Pension Benefits
Schedule of Defined Benefit Plans Disclosures [Line Items]
Mandatory future contributions	$ 30,000,000

Shareholders' Equity of Xerox_3

Shareholders' Equity of Xerox Holdings - Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	$ 3,353	$ 4,443
Comprehensive income (loss), net	153	(101)
Cash dividends declared - common	(41)	(39)
Cash dividends declared - preferred	(4)	(4)
Stock option and incentive plans, net	7	4
Payments to acquire treasury stock, including fees		(113)
Cancellation of treasury stock		0
Distributions to noncontrolling interests	(1)	(1)
Balance at end of period	$ 3,467	$ 4,189
Dividends per common share (in dollars per share)	$ 0.25	$ 0.25
Dividends per preferred share (in dollars per share)	$ 20	$ 20
Xerox Holdings Shareholders’ Equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	$ 3,343	$ 4,436
Comprehensive income (loss), net	154	(100)
Cash dividends declared - common	(41)	(39)
Cash dividends declared - preferred	(4)	(4)
Stock option and incentive plans, net	7	4
Payments to acquire treasury stock, including fees		(113)
Balance at end of period	3,459	4,184
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	156	168
Stock option and incentive plans, net	1
Cancellation of treasury stock		(12)
Balance at end of period	$ 157	156
Par value (in dollars per share)	$ 1
Additional Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	$ 1,588	1,802
Stock option and incentive plans, net	6	4
Cancellation of treasury stock		(246)
Balance at end of period	1,594	1,560
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	0	(177)
Payments to acquire treasury stock, including fees		(113)
Cancellation of treasury stock		258
Balance at end of period	0	(32)
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	5,136	5,631
Comprehensive income (loss), net	71	(56)
Cash dividends declared - common	(41)	(39)
Cash dividends declared - preferred	(4)	(4)
Balance at end of period	5,162	5,532
AOCL
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	(3,537)	(2,988)
Comprehensive income (loss), net	83	(44)
Balance at end of period	(3,454)	(3,032)
Non-controlling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	10	7
Comprehensive income (loss), net	(1)	(1)
Distributions to noncontrolling interests	(1)	(1)
Balance at end of period	$ 8	$ 5

Shareholders' Equity of Xerox_4

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

Shareholder's Equity of Xerox_2

Shareholder's Equity of Xerox (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	$ 3,353	$ 4,443
Comprehensive income (loss), net	153	(101)
Distributions to noncontrolling interests	(1)	(1)
Balance at end of period	3,467	4,189
XEROX CORPORATION
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	3,593	4,697
Comprehensive income (loss), net	153	(101)
Dividends declared to parent	(43)	(549)
Transfers from parent	2	390
Distributions to noncontrolling interests	(1)	(1)
Balance at end of period	3,704	4,436
Xerox Holdings Shareholders’ Equity
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	3,343	4,436
Comprehensive income (loss), net	154	(100)
Balance at end of period	3,459	4,184
Xerox Holdings Shareholders’ Equity | XEROX CORPORATION
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	3,583	4,690
Comprehensive income (loss), net	154	(100)
Dividends declared to parent	(43)	(549)
Transfers from parent	2	390
Balance at end of period	3,696	4,431
Additional Paid-in Capital
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	1,588	1,802
Balance at end of period	1,594	1,560
Additional Paid-in Capital | XEROX CORPORATION
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	3,693	3,202
Transfers from parent	2	390
Balance at end of period	3,695	3,592
Retained Earnings
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	5,136	5,631
Comprehensive income (loss), net	71	(56)
Balance at end of period	5,162	5,532
Retained Earnings | XEROX CORPORATION
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	3,427	4,476
Comprehensive income (loss), net	71	(56)
Dividends declared to parent	(43)	(549)
Balance at end of period	3,455	3,871
AOCL
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	(3,537)	(2,988)
Comprehensive income (loss), net	83	(44)
Balance at end of period	(3,454)	(3,032)
AOCL | XEROX CORPORATION
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	(3,537)	(2,988)
Comprehensive income (loss), net	83	(44)
Balance at end of period	(3,454)	(3,032)
Non-controlling Interests
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	10	7
Comprehensive income (loss), net	(1)	(1)
Distributions to noncontrolling interests	(1)	(1)
Balance at end of period	8	5
Non-controlling Interests | XEROX CORPORATION
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	10	7
Comprehensive income (loss), net	(1)	(1)
Distributions to noncontrolling interests	(1)	(1)
Balance at end of period	$ 8	$ 5

Other Comprehensive Income (L_3

Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive income (loss), pre-tax		$ 84	$ (35)
Other Comprehensive Income (Loss), Net	[1]	82	(44)
Less: Other comprehensive income attributable to noncontrolling interest, pre-tax		(1)	0
Less: Other comprehensive loss, net attributable to noncontrolling interests	[1]	(1)	0
Other Comprehensive Income (Loss), Net Attributable to Xerox Holdings/Xerox	[1]	83	(44)
Translation Adjustments Gains (Losses)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive income (loss), pre-tax		92	(71)
Other Comprehensive Income (Loss), Net		92	(72)
Unrealized (Losses) Gains
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive income (loss), pre-tax		3	(13)
Other Comprehensive Income (Loss), Net		4	(11)
Changes in fair value of cash flow hedges losses, pre-tax		(2)	(15)
Changes in fair value of cash flow hedges losses, net of tax		(2)	(13)
Changes in cash flow hedges reclassed to earnings, pre-tax		5	2
Changes in cash flow hedges reclassed to earnings, net of tax		6	2
Net actuarial/prior service gains
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive income (loss), pre-tax		7	16
Other Comprehensive Income (Loss), Net		5	12
Prior service amortization
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive income (loss), pre-tax		(3)	(4)
Other Comprehensive Income (Loss), Net		(2)	(3)
Actuarial loss amortization / settlement
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive income (loss), pre-tax		7	28
Other Comprehensive Income (Loss), Net		5	21
Other (losses) gains
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive income (loss), pre-tax		(22)	9
Other Comprehensive Income (Loss), Net		(22)	9
Changes in Defined Benefit Plans (Losses) Gains
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive income (loss), pre-tax		(11)	49
Other Comprehensive Income (Loss), Net		(14)	39
Other Comprehensive Income (Loss) Attributable to Xerox Holdings/Xerox
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), attributable to Xerox Holdings/Xerox, pre-tax		85	(35)
Other Comprehensive Income (Loss), Net Attributable to Xerox Holdings/Xerox		$ 83	$ (44)
[1]Refer to Note 18 - Other Comprehensive Income (Loss) for gross components of Other comprehensive income (loss), net, reclassification adjustments out of Accumulated other comprehensive loss and related tax effects.

Other Comprehensive Income (L_4

Other Comprehensive Income (Loss) - Accumulated Other Comprehensive Loss (AOCL) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	$ 3,467	$ 3,353	$ 4,189	$ 4,443
Cumulative translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	(2,144)	(2,237)
Other unrealized losses, net
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	0	(4)
Benefit plans net actuarial losses and prior service credits
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	(1,310)	(1,296)
Total Accumulated Other Comprehensive Loss Attributable to Xerox Holdings/Xerox
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	$ (3,454)	$ (3,537)	$ (3,032)	$ (2,988)

Earnings (Loss)_per Share - Bas

Earnings (Loss) per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Basic Earnings (Loss) per Share
Net Income (Loss) Attributable to Xerox Holdings	$ 71	$ (56)
Accrued dividends on preferred stock	(4)	(4)
Adjusted Net income (loss) available to common shareholders	$ 67	$ (60)
Weighted average common shares outstanding (in shares)	156,661	156,362
Basic Earnings (Loss) per Share (in dollars per share)	$ 0.43	$ (0.38)
Diluted Earnings (Loss) per Share
Net Income (Loss) Attributable to Xerox Holdings	$ 71	$ (56)
Accrued dividends on preferred stock	(4)	(4)
Adjusted Net income (loss) available to common shareholders	$ 67	$ (60)
Weighted average common shares outstanding (in shares)	156,661	156,362
Common shares issuable with respect to:
Adjusted weighted average common shares outstanding (in shares)	157,746	156,362
Diluted Earnings (Loss) per Share (in dollars per share)	$ 0.43	$ (0.38)
Stock options
Common shares issuable with respect to:
Common shares attributable to dilutive effect of share-based payments (in shares)	0	0
Restricted stock and performance shares
Common shares issuable with respect to:
Common shares attributable to dilutive effect of share-based payments (in shares)	1,085	0
Convertible preferred stock
Common shares issuable with respect to:
Common shares attributable to dilutive effect of share-based payments (in shares)	0	0

Earnings (Loss)_per Share - Ant

Earnings (Loss) per Share - Anti-Dilutive Securities (Details) - $ / shares shares in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	13,705	13,824
Dividends per Common Share (in dollars per share)	$ 0.25	$ 0.25
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	561	612
Restricted stock and performance shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	6,402	6,470
Convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	6,742	6,742

Contingencies and Litigation -

Contingencies and Litigation - Loss Contingencies by Contingency (Details) - Brazil Contingencies - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Tax contingency - unreserved	$ 361	$ 340
Escrow cash deposits	38	36
Surety bonds	82	80
Letters of credit	39	63
Liens on Brazilian assets	$ 0	$ 0

Contingencies and Litigation _2

Contingencies and Litigation - Other Pending Litigation - Narrative (Details) - USD ($) $ in Millions	Mar. 10, 2021	Mar. 31, 2023
Performance Guarantee
Guarantor Obligations [Line Items]
Maximum exposure, undiscounted		$ 238
Xerox Holdings Corporation
Guarantor Obligations [Line Items]
Per-occurrence coverage	$ 1,000
Projected pandemic related losses	$ 300