0001770450-24-000012 | 10-K | XBRL Viewer

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Segment Reporting - Schedule of Recast of Segment Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Segment Revenues	$ 6,886	$ 7,107	$ 7,038
Segment Profit		275	375
Operating Segments
Segment Reporting Information [Line Items]
Segment Revenues	6,972	7,197	7,130
Segment Profit	389	275	375
Intersegment Eliminations
Segment Reporting Information [Line Items]
Segment Revenues	86	90	92
Segment Profit		0	0
Print and Other
Segment Reporting Information [Line Items]
Segment Revenues	6,485	6,714	6,637
Print and Other \| Operating Segments
Segment Reporting Information [Line Items]
Segment Revenues	6,571	6,804	6,729
Segment Profit	360	258	311
Print and Other \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Segment Revenues	86	90	92
FITTLE
Segment Reporting Information [Line Items]
Segment Revenues	401	393	401
FITTLE \| Operating Segments
Segment Reporting Information [Line Items]
Segment Revenues	401	393	401
Segment Profit	29	17	64
FITTLE \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Segment Revenues	$ 0	0	0
As Reported
Segment Reporting Information [Line Items]
Segment Revenues		7,107	7,038
Segment Profit		275	375
As Reported \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Segment Revenues		170	205
Segment Profit		0	0
As Reported \| Print and Other \| Operating Segments
Segment Reporting Information [Line Items]
Segment Revenues		6,667	6,548
Segment Profit		238	293
As Reported \| FITTLE \| Operating Segments
Segment Reporting Information [Line Items]
Segment Revenues		610	695
Segment Profit		37	82
Change
Segment Reporting Information [Line Items]
Segment Revenues		0	0
Segment Profit		0	0
Change \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Segment Revenues		(80)	(113)
Segment Profit		0	0
Change \| Print and Other \| Operating Segments
Segment Reporting Information [Line Items]
Segment Revenues		137	181
Segment Profit		20	18
Change \| FITTLE \| Operating Segments
Segment Reporting Information [Line Items]
Segment Revenues		(217)	(294)
Segment Profit		$ (20)	$ (18)

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

+ References

+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

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+ Details

Lessee - Components of Lease Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease expense	$ 83	$ 97	$ 104
Short-term lease expense	16	17	20
Variable lease expense	53	49	48
Sublease income	(1)	(5)	(4)
Total Lease expense	$ 151	$ 158	$ 168

Other Comprehensive (Loss) Income - AOCL (Details) - USD ($)
$ in Millions

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Accumulated Other Comprehensive Income (Loss) [Line Items]

Total Accumulated Other Comprehensive Loss

$ 2,548

$ 3,353

$ 4,443

$ 5,596

Total Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Income (Loss) [Line Items]

Total Accumulated Other Comprehensive Loss

^[1]

(3,676)

(3,537)

(2,988)

$ (3,332)

Cumulative translation adjustments

Accumulated Other Comprehensive Income (Loss) [Line Items]

Total Accumulated Other Comprehensive Loss

(2,046)

(2,237)

(1,861)

Other unrealized losses, net

Accumulated Other Comprehensive Income (Loss) [Line Items]

Total Accumulated Other Comprehensive Loss

(3)

(4)

(2)

Benefit plans net actuarial losses and prior service credits

Accumulated Other Comprehensive Income (Loss) [Line Items]

Total Accumulated Other Comprehensive Loss

$ (1,627)

$ (1,296)

$ (1,125)

[1]	AOCL - Accumulated other comprehensive loss.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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+ Details

Land, Buildings, Equipment and Software, Net (Tables)

12 Months Ended

Dec. 31, 2023

Land, Buildings, Equipment and Software, Net [Abstract]

Land, Buildings and Equipment, Net

Land, buildings and equipment, net were as follows:


		December 31,
	Estimated Useful Lives (Years)	2023		2022
Land		$	8	$	8
Building and building equipment	25 to 50	678		708
Leasehold improvements	1 to 12	78		112
Plant machinery	5 to 12	855		1,000
Office furniture and equipment	3 to 15	436		460
Finance leased assets	1 to 12	33		26
Other	4 to 20	37		38
Construction in progress		11		15
Subtotal		2,136		2,367
Accumulated depreciation(1)		(1,870)		(2,047)
Land, buildings and equipment, net		$	266	$	320

_____________

(1)Depreciation expense was $60, $68 and $76 for the three years ended December 31, 2023, 2022 and 2021, respectively.

Xerox Corporation Consolidated Statements of Comprehensive Loss - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Net Income (Loss)

$ 1

$ (322)

$ (455)

Other Comprehensive Income (Loss), Net

Translation adjustments, net

^[1]

191

(376)

(141)

Unrealized gains (losses), net

^[1]

(2)

(4)

Changes in defined benefit plans, net

^[1]

(331)

(171)

489

Other Comprehensive (Loss) Income, Net

^[1]

(139)

(549)

344

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

Comprehensive (Loss) Income, Net

(138)

(871)

(111)

Xerox Corporation

Net Income (Loss)

(322)

(455)

Other Comprehensive Income (Loss), Net

Translation adjustments, net

^[2]

191

(376)

(141)

Unrealized gains (losses), net

^[2]

(2)

(4)

Changes in defined benefit plans, net

^[2]

(331)

(171)

489

Other Comprehensive (Loss) Income, Net

^[2]

(139)

(549)

344

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

Comprehensive (Loss) Income, Net

$ (138)

$ (871)

$ (111)

[1]	Refer to Note 24 - Other Comprehensive (Loss) Income for gross components of Other Comprehensive (Loss) Income, reclassification adjustments out of Accumulated Other Comprehensive Loss and related tax effects.
[2]	Refer to Note 24 - Other Comprehensive (Loss) Income for gross components of Other Comprehensive (Loss) Income, reclassification adjustments out of Accumulated Other Comprehensive Loss and related tax effects.

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

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+ Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

Acquisitions and Divestitures (Tables)

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions

The following table summarizes the purchase price allocations for our acquisitions as of the acquisition dates:


	Year Ended December 31, 2022		Year Ended December 31, 2021
		Weighted-Average Life	Acquisitions		Weighted-Average Life	Acquisitions
Accounts/finance receivables			$	29		$	5
Intangible assets:
Customer relationships		10 years	41		9 years	27
Trademarks		5 years	7		5 years	3
Technology			—		3 years	1

Goodwill(1)			62			25
Other assets			30			4
Total Assets acquired			169			65
Liabilities assumed(2)			(76)			(12)
Total Cash Purchase Price			$	93		$	53

_____________

(1)Goodwill from 2022 acquisitions included approximately $20 of goodwill that is expected to be deductible for tax purposes.

(2)Liabilities assumed in 2022 acquisitions included estimated contingent consideration liabilities of approximately $11.

Contributed Aggregate Revenues from Respective Acquisitions

Our acquisitions contributed aggregate revenues from their respective acquisition dates as follows:


	Year Ended December 31,
Acquisition Year	2023		2022		2021
2023	$	—	$	—	$	—
2022	215		163		—
2021	42		37		19
Total Contributed Aggregate Revenue	$	257	$	200	$	19

Lessee - Supplemental Information Related to Operating Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities - Operating cash flows	$ 91	$ 101	$ 109
Right-of-use assets obtained in exchange for new lease liabilities	$ 23	$ 45	$ 41
Weighted-average remaining lease term (years)	4 years	4 years	5 years
Weighted-average discount rate (percentage)	6.07%	5.19%	4.67%

Inventories and Equipment on Operating Leases, Net - Inventories by Major Category (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Inventories, net [Abstract]
Finished goods	$ 528	$ 640
Work-in-process	47	45
Raw materials	86	112
Total Inventories	$ 661	$ 797

Finance Receivables, Net (Tables)

12 Months Ended

Dec. 31, 2023

Financing Receivable, after Allowance for Credit Loss [Abstract]

Schedule of Finance Receivables

Finance receivables, net were as follows:


	December 31,
	2023		2022
Gross receivables	$	2,899	$	3,593
Unearned income	(297)		(374)
Subtotal	2,602		3,219
Residual values	—		—
Allowance for doubtful accounts	(92)		(117)
Finance Receivables, Net	2,510		3,102
Less: Billed portion of finance receivables, net	71		93
Less: Current portion of finance receivables not billed, net	842		1,061
Finance Receivables Due After One Year, Net	$	1,597	$	1,948

Schedule of Financing Receivables, Minimum Payments

A summary of our gross finance receivables' future contractual maturities, including those previously billed, is as follows:


	December 31,
	2023		2022
12 months	$	1,075	$	1,325
24 months	758		967
36 months	547		690
48 months	343		411
60 months	143		169
Thereafter	33		31
Total	$	2,899	$	3,593

Schedule of Allowance for Credit Losses, Financing Receivables

The allowance for credit losses as well as the related investment in finance receivables were as follows:


Allowance for Credit Losses:	United States		Canada		EMEA(1)		Total
Balance at December 31, 2021	$	77	$	11	$	30	$	118
Provision	20		(2)		8		26
Charge-offs, net	(15)		(3)		(8)		(26)
Other(2)	1		1		(3)		(1)

Balance at December 31, 2022	$	83	$	7	$	27	$	117
Provision	(8)		1		13		6
Charge-offs, net	(17)		(3)		(14)		(34)
Other(2)	—		2		1		3

Balance at December 31, 2023	$	58	$	7	$	27	$	92
Finance Receivables Collectively Evaluated for Impairment:
December 31, 2022(3)	$	1,948	$	228	$	1,043	$	3,219
December 31, 2023(3)	$	1,205	$	255	$	1,142	$	2,602

_____________

(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 $92 and $117 at December 31, 2023 and 2022, respectively.

Schedule of Credit Quality Indicators for Financing Receivables

Details about our finance receivables portfolio based on geography, origination year and credit quality indicators are as follows:


	December 31, 2023
	2023		2022		2021		2020		2019		Prior		Total Finance Receivables
United States (Direct):
Low Credit Risk	$	122	$	51	$	61	$	43	$	17	$	3	$	297
Average Credit Risk	104		35		49		23		9		2		222
High Credit Risk	34		36		25		22		6		3		126
Total	$	260	$	122	$	135	$	88	$	32	$	8	$	645
Charge-offs	$	1	$	1	$	1	$	1	$	1	$	2	$	7

United States (Indirect):
Low Credit Risk	$	136	$	77	$	48	$	22	$	6	$	—	$	289
Average Credit Risk	111		69		41		15		6		—		242
High Credit Risk	12		8		6		2		1		—		29
Total	$	259	$	154	$	95	$	39	$	13	$	—	$	560
Charge-offs	$	4	$	3	$	3	$	2	$	2	$	3	$	17

Canada
Low Credit Risk	$	45	$	24	$	16	$	9	$	4	$	—	$	98
Average Credit Risk	63		36		18		12		6		—		135
High Credit Risk	6		5		4		5		1		1		22
Total	$	114	$	65	$	38	$	26	$	11	$	1	$	255
Charge-offs	$	—	$	—	$	—	$	2	$	—	$	1	$	3

EMEA(1)
Low Credit Risk	$	251	$	182	$	110	$	48	$	19	$	6	$	616
Average Credit Risk	192		148		73		36		17		3		469
High Credit Risk	19		16		11		7		4		—		57
Total	$	462	$	346	$	194	$	91	$	40	$	9	$	1,142
Charge-offs	$	3	$	8	$	4	$	2	$	—	$	—	$	17

Total Finance Receivables
Low Credit Risk	$	554	$	334	$	235	$	122	$	46	$	9	$	1,300
Average Credit Risk	470		288		181		86		38		5		1,068
High Credit Risk	71		65		46		36		12		4		234
Total	$	1,095	$	687	$	462	$	244	$	96	$	18	$	2,602
Total Charge-offs	$	8	$	12	$	8	$	7	$	3	$	6	$	44


	December 31, 2022
	2022		2021		2020		2019		2018		Prior		Total Finance Receivables
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:


	December 31, 2023
	Current		31-90 Days Past Due		>90 Days Past Due		Total Billed		Unbilled		Total Finance Receivables		>90 Days and Accruing






Direct	$	24	$	6	$	5	$	35	$	610	$	645	$	41
Indirect	16		3		3		22		538		560		—
Total United States	40		9		8		57		1,148		1,205		41
Canada	6		1		1		8		247		255		10





EMEA (1)	7		2		1		10		1,132		1,142		10

Total	$	53	$	12	$	10	$	75	$	2,527	$	2,602	$	61


	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:


	Year Ended December 31,
	2023		2022
Finance receivable sales - net proceeds(1)	$	1,102	$	60
Gain on sale/Commissions(2)(3)	25		2

Servicing revenue(2)	$	9	$	—

_____________

(1)Cash proceeds were reported in Net cash provided by operating activities.

(2)Recorded in Services, maintenance and rentals as Other Revenue. Amounts include revenues associated with the sale of the underlying leased equipment.

(3)The year ended December 31, 2023 includes $4 of revenues associated with the sale of the underlying leased equipment and which are expected to be paid over the term of the agreements.

Fair Value of Financial Assets and Liabilities - Nonrecurring (Details) - Fair Value, Nonrecurring - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	$ 519	$ 1,045
Accounts receivable, net	850	857
Short-term debt and current portion of long-term debt	567	860
Total Long-term debt	2,710	2,866
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	519	1,045
Accounts receivable, net	850	857
Short-term debt and current portion of long-term debt	567	861
Total Long-term debt	2,550	2,498
Xerox Holdings Corporation \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Long-term debt	1,497	1,496
Xerox Holdings Corporation \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Long-term debt	1,410	1,294
Xerox Corporation \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Long-term debt	1,096	894
Xerox Corporation \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Long-term debt	1,023	726
Xerox - Other Subsidiaries \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Long-term debt	117	476
Xerox - Other Subsidiaries \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Long-term debt	$ 117	$ 478

Finance Receivables, Net - Allowance for Credit Losses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Allowance for Credit Loss [Line Items]
Provision (reversal)	$ 6	$ 26
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	117	118
Provision	6	26
Charge-offs, net	(34)	(26)
Other	3	(1)
Ending balance	92	117
Finance receivables collectively evaluated for impairment	$ 2,602	$ 3,219
United States, Canada and EMEA \| Credit Concentration Risk \| Finance Receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Concentration risk (percentage)	3.50%	3.60%
United States
Financing Receivable, Allowance for Credit Loss [Line Items]
Provision (reversal)	$ (8)	$ 20
Reserve release	(12)
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	83	77
Provision	(8)	20
Charge-offs, net	(17)	(15)
Other	0	1
Ending balance	58	83
Finance receivables collectively evaluated for impairment	1,205	1,948
Canada
Financing Receivable, Allowance for Credit Loss [Line Items]
Provision (reversal)	1	(2)
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	7	11
Provision	1	(2)
Charge-offs, net	(3)	(3)
Other	2	1
Ending balance	7	7
Finance receivables collectively evaluated for impairment	255	228
EMEA
Financing Receivable, Allowance for Credit Loss [Line Items]
Provision (reversal)	13	8
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	27	30
Provision	13	8
Charge-offs, net	(14)	(8)
Other	1	(3)
Ending balance	27	27
Finance receivables collectively evaluated for impairment	$ 1,142	$ 1,043

Employee Benefit Plans - Assumed Health Care Cost (Details) - Retiree Health	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Health care cost trend rate assumed for next year (percentage)	6.30%	5.10%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) (percentage)	4.20%	4.30%

Land, Buildings, Equipment and Software, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Land, Building and Equipment, net [Line Items]
Subtotal	$ 2,136	$ 2,367
Accumulated depreciation	(1,870)	(2,047)
Land, buildings and equipment, net	266	320
Depreciation expense	60	68	$ 76
Land
Land, Building and Equipment, net [Line Items]
Subtotal	8	8
Building and building equipment
Land, Building and Equipment, net [Line Items]
Subtotal	678	708
Leasehold improvements
Land, Building and Equipment, net [Line Items]
Subtotal	78	112
Plant machinery
Land, Building and Equipment, net [Line Items]
Subtotal	855	1,000
Office furniture and equipment
Land, Building and Equipment, net [Line Items]
Subtotal	436	460
Finance leased assets
Land, Building and Equipment, net [Line Items]
Subtotal	33	26
Other
Land, Building and Equipment, net [Line Items]
Subtotal	37	38
Construction in progress
Land, Building and Equipment, net [Line Items]
Subtotal	$ 11	$ 15
Minimum
Land, Building and Equipment, net [Line Items]
Estimated Useful Lives (Years)	4 years
Minimum \| Building and building equipment
Land, Building and Equipment, net [Line Items]
Estimated Useful Lives (Years)	25 years
Minimum \| Leasehold improvements
Land, Building and Equipment, net [Line Items]
Estimated Useful Lives (Years)	1 year
Minimum \| Plant machinery
Land, Building and Equipment, net [Line Items]
Estimated Useful Lives (Years)	5 years
Minimum \| Office furniture and equipment
Land, Building and Equipment, net [Line Items]
Estimated Useful Lives (Years)	3 years
Minimum \| Finance leased assets
Land, Building and Equipment, net [Line Items]
Estimated Useful Lives (Years)	1 year
Minimum \| Other
Land, Building and Equipment, net [Line Items]
Estimated Useful Lives (Years)	4 years
Maximum
Land, Building and Equipment, net [Line Items]
Estimated Useful Lives (Years)	5 years
Maximum \| Building and building equipment
Land, Building and Equipment, net [Line Items]
Estimated Useful Lives (Years)	50 years
Maximum \| Leasehold improvements
Land, Building and Equipment, net [Line Items]
Estimated Useful Lives (Years)	12 years
Maximum \| Plant machinery
Land, Building and Equipment, net [Line Items]
Estimated Useful Lives (Years)	12 years
Maximum \| Office furniture and equipment
Land, Building and Equipment, net [Line Items]
Estimated Useful Lives (Years)	15 years
Maximum \| Finance leased assets
Land, Building and Equipment, net [Line Items]
Estimated Useful Lives (Years)	12 years
Maximum \| Other
Land, Building and Equipment, net [Line Items]
Estimated Useful Lives (Years)	20 years

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total Revenues	$ 6,886	$ 7,107	$ 7,038
Equipment
Disaggregation of Revenue [Line Items]
Total Revenues	1,655	1,624	1,581
Supplies, paper and other sales
Disaggregation of Revenue [Line Items]
Total Revenues	1,065	1,176	1,001
Maintenance agreements
Disaggregation of Revenue [Line Items]
Total Revenues	1,631	1,730	1,787
Service arrangements
Disaggregation of Revenue [Line Items]
Total Revenues	1,984	1,953	1,991
Rental and other
Disaggregation of Revenue [Line Items]
Total Revenues	360	417	457
Financing
Disaggregation of Revenue [Line Items]
Total Revenues	191	207	221
Sales
Disaggregation of Revenue [Line Items]
Total Revenues	2,720	2,800	2,582
Sales \| Direct equipment lease
Disaggregation of Revenue [Line Items]
Total Revenues	920	708	664
Sales \| Distributors & resellers
Disaggregation of Revenue [Line Items]
Total Revenues	1,044	1,222	1,130
Sales \| Customer direct
Disaggregation of Revenue [Line Items]
Total Revenues	756	870	788
United States
Disaggregation of Revenue [Line Items]
Total Revenues	3,826	4,014	3,982
Europe
Disaggregation of Revenue [Line Items]
Total Revenues	1,951	1,935	2,023
Canada
Disaggregation of Revenue [Line Items]
Total Revenues	554	545	398
Other
Disaggregation of Revenue [Line Items]
Total Revenues	$ 555	$ 613	$ 635

Employee Benefit Plans - Contributions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer contributions	$ 102
Expected future employer contribution, next fiscal year	150
Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer contributions	81
Expected future employer contribution, next fiscal year	130
Retiree Health
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer contributions	21	$ 19
Expected future employer contribution, next fiscal year	20
U.S. \| Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer contributions	53	24
Expected future employer contribution, next fiscal year	100
U.S. \| Pension Plan \| Tax Qualified
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer contributions	30
Expected future employer contribution, next fiscal year	80
Non-U.S. \| Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Employer contributions	28	$ 81
Expected future employer contribution, next fiscal year	$ 30

Inventories and Equipment on Operating Leases, Net

12 Months Ended

Dec. 31, 2023

Inventories and Equipment on Operating Leases, Net [Abstract]

Inventories and Equipment on Operating Leases, Net

The following is a summary of Inventories by major category:


	December 31,
	2023		2022
Finished goods	$	528	$	640
Work-in-process	47		45
Raw materials	86		112
Total Inventories	$	661	$	797

The transfer of equipment from our inventories to equipment subject to an operating lease is presented in our Consolidated Statements of Cash Flows in the operating activities section. Equipment on operating lease and similar arrangements consists of our equipment rented to customers and depreciated to estimated salvage value at the end of the lease term.

Equipment on operating leases and the related accumulated depreciation were as follows:


	December 31,
	2023		2022
Equipment on operating leases	$	1,074	$	1,163
Accumulated depreciation	(809)		(928)
Equipment on operating leases, net	$	265	$	235

Depreciable lives generally vary from four to five years consistent with our planned and historical usage of the equipment subject to operating leases. Estimated minimum future revenues associated with Equipment on operating leases are as follows:


	December 31,
	2023		2022
12 months	$	165	$	185
24 months	89		95
36 months	52		59
48 months	30		30
60 months	13		13
Thereafter	2		4
Total	$	351	$	386

Total contingent rentals on operating leases, consisting principally of usage charges in excess of minimum contracted amounts, for the years ended December 31, 2023, 2022 and 2021 amounted to $62, $63 and $62, 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 Consolidated Balance Sheet as collateral for a secured loan.

Refer to Note 15 - Debt, for additional information related to this arrangement.

Employee Benefit Plans - Pension Plan Assets and Benefit Obligations (Details) - Pension Plan - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets	$ 6,190	$ 6,112
Projected Benefit Obligation	6,956	6,585
Net Funded Status	(766)	(473)
United States
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets	1,528	1,518	$ 2,544
Projected Benefit Obligation	2,389	2,345	3,372
Net Funded Status	(861)	(827)
Non-U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets	4,662	4,594	7,252
Projected Benefit Obligation	4,567	4,240	$ 6,543
Net Funded Status	95	354
U.K.
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets	2,892	2,903
Projected Benefit Obligation	2,655	2,439
Net Funded Status	237	464
Netherlands
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets	839	793
Projected Benefit Obligation	769	729
Net Funded Status	70	64
Canada
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets	586	553
Projected Benefit Obligation	562	532
Net Funded Status	24	21
Germany
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets	0	0
Projected Benefit Obligation	248	237
Net Funded Status	(248)	(237)
Other
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets	345	345
Projected Benefit Obligation	333	303
Net Funded Status	12	42
Funded Plan \| United States
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets	1,528	1,518
Projected Benefit Obligation	2,146	2,098
Net Funded Status	(618)	(580)
Unfunded Plan \| United States
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets	0	0
Projected Benefit Obligation	243	247
Net Funded Status	$ (243)	$ (247)

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Schedule of Net Funded Status


	Pension Benefits
	U.S. Plans				Non-U.S. Plans				Retiree Health
	2023		2022		2023		2022		2023		2022
Change in Benefit Obligation:
Benefit obligation, January 1	$	2,345	$	3,372	$	4,240	$	6,543	$	209	$	303
Service cost	—		1		5		16		1		1
Interest cost (income)	116		(65)		188		123		10		8
Plan participants' contributions	—		—		1		2		7		9
Actuarial loss (gain)	75		(643)		165		(1,697)		(5)		(59)
Currency exchange rate changes	—		—		205		(534)		2		(7)
Plan amendment	—		—		36		72		(3)		(26)
Plan curtailments	—		—		—		(20)		—		—
Benefits paid/settlements	(147)		(320)		(273)		(265)		(28)		(27)
Other	—		—		—		—		—		7
Benefit Obligation, December 31	$	2,389	$	2,345	$	4,567	$	4,240	$	193	$	209

Change in Plan Assets:
Fair value of plan assets, January 1	$	1,518	$	2,544	$	4,594	$	7,252	$	—	$	—
Actual return on plan assets	104		(730)		89		(1,865)		—		—
Employer contributions	53		24		28		81		21		19
Plan participants' contributions	—		—		1		2		7		8
Currency exchange rate changes	—		—		223		(609)		—		—
Benefits paid/settlements	(147)		(320)		(273)		(265)		(28)		(27)
Other	—		—		—		(2)		—		—
Fair Value of Plan Assets, December 31	$	1,528	$	1,518	$	4,662	$	4,594	$	—	$	—

Net Funded Status at December 31(1)	$	(861)	$	(827)	$	95	$	354	$	(193)	$	(209)

Amounts Recognized in the Consolidated Balance Sheets:
Other long-term assets	$	—	$	—	$	423	$	667	$	—	$	—
Accrued compensation and benefit costs	(24)		(24)		(20)		(19)		(22)		(25)
Pension and other benefit liabilities	(837)		(803)		(308)		(294)		—		—
Post-retirement medical benefits	—		—		—		—		(171)		(184)
Net Amounts Recognized	$	(861)	$	(827)	$	95	$	354	$	(193)	$	(209)

Accumulated Benefit Obligation	$	2,389	$	2,345	$	4,526	$	4,194

_____________

(1)Includes under-funded and unfunded plans.

Schedule of Pension and Other Benefit Liabilities

Pension and other benefit liabilities include the following additional accounts at December 31st:


	December 31,
	2023		2022
Pension liabilities(1)	$	1,145	$	1,097
Accrued compensation liabilities	56		61
Deferred compensation liabilities(2)	15		17
Pension and other benefit liabilities	$	1,216	$	1,175

__________________________

(1)Reflects pension net funded status liability.

(2)Includes amounts measured at fair value on a recurring basis at December 31, 2023 and 2022 of $13 and $14, respectively. Refer to Note 17 - Fair Value of Financial Assets and Liabilities for additional information regarding deferred compensation liabilities.

Schedule of Amounts in Accumulated Other Comprehensive Loss to be Recognized Over Next Fiscal Year

Benefit plans pre-tax amounts recognized in AOCL at December 31st:


	Pension Benefits
	U.S. Plans				Non-U.S. Plans				Retiree Health
	2023		2022		2023		2022		2023		2022
Net actuarial loss (gain)	$	731	$	692	$	1,551	$	1,202	$	(73)	$	(79)
Prior service cost (credit)	—		—		134		99		(82)		(94)
Total loss (gain) - Pre-tax	$	731	$	692	$	1,685	$	1,301	$	(155)	$	(173)

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets

Aggregate information for pension plans with an accumulated benefit obligation in excess of plan assets is presented below. Information for Retiree Health plans with an accumulated post-retirement benefit obligation in excess of plan assets has been disclosed in the preceding table on Benefit obligations and Net funded status as all Retiree Health plans are unfunded.


	December 31, 2023				December 31, 2022
	Accumulated Benefit Obligation		Fair Value of Plan Assets		Accumulated Benefit Obligation		Fair Value of Plan Assets
Underfunded Plans:
U.S.	$	2,146	$	1,528	$	2,098	$	1,518
Non-U.S.	46		40		44		38

Unfunded Plans:
U.S.	$	243	$	—	$	247	$	—
Non-U.S.	317		—		304		—

Total Underfunded and Unfunded Plans:
U.S.	$	2,389	$	1,528	$	2,345	$	1,518
Non-U.S.	363		40		348		38
Total	$	2,752	$	1,568	$	2,693	$	1,556

Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets

Aggregate information for pension plans with a projected benefit obligation in excess of plan assets is presented below:


	December 31, 2023				December 31, 2022
	Projected Benefit Obligation		Fair Value of Plan Assets		Projected Benefit Obligation		Fair Value of Plan Assets
Underfunded Plans:
U.S.	$	2,146	$	1,528	$	2,098	$	1,518
Non-U.S.	47		40		45		38

Unfunded Plans:
U.S.	$	243	$	—	$	247	$	—
Non-U.S.	322		—		308		—

Total Underfunded and Unfunded Plans:
U.S.	$	2,389	$	1,528	$	2,345	$	1,518
Non-U.S.	369		40		353		38
Total	$	2,758	$	1,568	$	2,698	$	1,556

Schedule of Defined Benefit Pension Assets and Obligations by Geography

Pension plan assets and benefit obligations by country were as follows:


	December 31, 2023						December 31, 2022
	Fair Value of Pension Plan Assets		Projected Benefit Obligation		Net Funded Status		Fair Value of Pension Plan Assets		Projected Benefit Obligation		Net Funded Status
U.S. funded	$	1,528	$	2,146	$	(618)	$	1,518	$	2,098	$	(580)
U.S. unfunded	—		243		(243)		—		247		(247)
Total U.S.	1,528		2,389		(861)		1,518		2,345		(827)
U.K.	2,892		2,655		237		2,903		2,439		464
Netherlands	839		769		70		793		729		64
Canada	586		562		24		553		532		21
Germany	—		248		(248)		—		237		(237)

Other	345		333		12		345		303		42
Total	$	6,190	$	6,956	$	(766)	$	6,112	$	6,585	$	(473)

Schedule of Components of Net Periodic Benefit Cost and Other Changes in Plan Assets and Benefit Obligations

The components of Net periodic benefit cost and other changes in plan assets and benefit obligations were as follows:


	Year Ended December 31,
	Pension Benefits
	U.S. Plans						Non-U.S. Plans						Retiree Health
	2023		2022		2021		2023		2022		2021		2023		2022		2021
Components of Net Periodic Benefit Costs:
Service cost	$	—	$	1	$	2	$	5	$	16	$	20	$	1	$	1	$	2
Interest cost (income)(1)	116		(65)		80		188		123		88		10		8		8
Expected return on plan assets(2)	(103)		71		(117)		(217)		(226)		(208)		—		—		—
Recognized net actuarial loss (gain)	16		13		17		11		23		59		(12)		(4)		1
Amortization of prior service (credit) cost	—		—		(1)		5		1		(1)		(15)		(8)		(66)
Recognized settlement loss	19		56		54		1		—		1		—		—		—
Recognized curtailment gain	—		—		—		—		(4)		(4)		—		—		—

Defined Benefit Plans	48		76		35		(7)		(67)		(45)		(16)		(3)		(55)
Defined contribution plans	19		20		—		21		17		18		n/a		n/a		n/a
Net Periodic Benefit Cost (Credit)	$	67	$	96	$	35	$	14	$	(50)	$	(27)	$	(16)	$	(3)	$	(55)
Other changes in plan assets and benefit obligations recognized in Other Comprehensive (Loss) Income:
Net actuarial loss (gain)	$	74	$	16	$	(57)	$	298	$	368	$	(425)	$	(5)	$	(57)	$	(1)
Prior service cost (credit)	—		—		—		36		72		(4)		(3)		(26)		(50)
Amortization of net actuarial (loss) gain	(35)		(69)		(71)		(12)		(23)		(60)		12		4		(1)
Amortization of net prior service credit (cost)	—		—		1		(5)		(1)		1		15		15		66
Curtailment gain	—		—		—		—		4		4		—		—		—
Total Recognized in Other Comprehensive (Loss) Income(3)	$	39	$	(53)	$	(127)	$	317	$	420	$	(484)	$	19	$	(64)	$	14
Total Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Loss) Income	$	106	$	43	$	(92)	$	331	$	370	$	(511)	$	3	$	(67)	$	(41)

_____________

(1)Interest cost for Pension Benefits includes interest expense on non-TRA obligations of $284, $205 and $150 and interest expense/(income) directly allocated to TRA participant accounts of $20, $(147) and $18 for the years ended December 31, 2023, 2022 and 2021, respectively.

(2)Expected return on plan assets includes expected investment income on non-TRA assets of $300, $302 and $307 and actual investment income/(loss) on TRA assets of $20, $(147) and $18 for the years ended December 31, 2023, 2022 and 2021, respectively.

(3)Amounts represent the pre-tax effect included in Other comprehensive income. Refer to Note 24 - Other Comprehensive (Loss) Income for the related tax effects and the net of tax amounts.

Defined Benefit Plan Assets Measured at Fair Value, Observable and Unobservable Inputs

The following tables present the defined benefit plans assets measured at fair value and the basis for that measurement.


	December 31, 2023
	U.S. Plans										Non-U.S. Plans
Asset Class	Level 1		Level 2		Level 3		Assets measured at NAV(1)		Total		Level 1		Level 2		Level 3		Assets measured at NAV(1)		Total
Cash and cash equivalents	$	1	$	—	$	—	$	—	$	1	$	452	$	—	$	—	$	—	$	452
Equity Securities:
U.S.	48		—		—		—		48		13		20		—		—		33
International	87		—		—		127		214		315		—		—		27		342
Fixed Income Securities:
U.S. treasury securities	—		74		—		—		74		—		2		—		—		2
Debt security issued by government agency	—		134		—		—		134		—		546		—		—		546
Corporate bonds	—		660		—		—		660		—		197		—		—		197

Derivatives	—		57		—		—		57		—		90		—		—		90
Real estate	—		—		47		12		59		—		—		106		70		176
Private equity/venture capital	—		—		—		157		157		—		—		4		311		315
Guaranteed insurance contracts	—		—		—		—		—		—		—		2,481		—		2,481
Other(2)(3)	(18)		—		—		142		124		24		4		—		—		28
Total Fair Value of Plan Assets	$	118	$	925	$	47	$	438	$	1,528	$	804	$	859	$	2,591	$	408	$	4,662

_____________

(1)Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.

(2)Other NAV includes mutual funds of $92 (measured at NAV) which are invested approximately 70% in fixed income securities and approximately 30% in equity securities.

(3)At December 31, 2023, other Level 1 includes net non-financial (liabilities)/assets, such as due to/from broker, interest receivables and accrued expenses. The U.S. Plans had net liabilities of $(18), while the Non-U.S. plans had net assets of $24.


	December 31, 2022
	U.S. Plans										Non-U.S. Plans
Asset Class	Level 1		Level 2		Level 3		Assets measured at NAV(1)		Total		Level 1		Level 2		Level 3		Assets measured at NAV(1)		Total
Cash and cash equivalents	$	3	$	—	$	—	$	—	$	3	$	532	$	—	$	—	$	—	$	532
Equity Securities:
U.S.	44		—		—		—		44		75		27		—		—		102
International	89		—		—		128		217		358		2		—		30		390
Fixed Income Securities:
U.S. treasury securities	—		73		—		—		73		—		72		—		—		72
Debt security issued by government agency	—		151		—		—		151		—		1,326		—		—		1,326
Corporate bonds	—		644		—		—		644		—		263		—		—		263

Derivatives	—		(8)		—		—		(8)		—		79		—		—		79
Real estate	—		—		57		13		70		—		—		144		71		215
Private equity/venture capital	—		—		—		202		202		—		—		4		1,089		1,093
Guaranteed insurance contracts	—		—		—		—		—		—		—		483		—		483
Other(2)(3)	—		—		—		122		122		22		17		—		—		39
Total Fair Value of Plan Assets	$	136	$	860	$	57	$	465	$	1,518	$	987	$	1,786	$	631	$	1,190	$	4,594

_____________

(1)Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.

(2)Other NAV includes mutual funds of $94 (measured at NAV) which are invested approximately 30% in fixed income securities and approximately 70% in equity securities.

(3)Other Level 1 includes net non-financial, Non-U.S assets of $22, such as due to/from broker, interest receivables and accrued expenses.

Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following tables represents a rollforward of the defined benefit plans assets measured at fair value using significant unobservable inputs (Level 3 assets):


	U.S.		Non-U.S.
	Real Estate		Real Estate		Private Equity/Venture Capital		Guaranteed Insurance Contracts		Total
Balance at December 31, 2021	$	51	$	164	$	4	$	75	$	243
Purchases	—		—		—		569		569



Sales	(2)		(19)		—		(5)		(24)

Unrealized gains (losses)	8		(10)		1		(133)		(142)
Currency translation	—		9		(1)		(23)		(15)

Balance at December 31, 2022	$	57	$	144	$	4	$	483	$	631
Purchases	—		—		—		1,951		1,951

Sales	(13)		(16)		—		(3)		(19)



Unrealized gains (losses)	3		(31)		—		(9)		(40)
Currency translation	—		9		—		59		68

Balance at December 31, 2023	$	47	$	106	$	4	$	2,481	$	2,591

Schedule of Allocation of Plan Assets

The target asset allocations for our worldwide defined benefit pension plans were:


	2023		2022
	U.S.	Non-U.S.(2)	U.S.	Non-U.S.
Equity investments(1)	24%	8%	24%	11%
Fixed income investments	60%	16%	60%	36%
Real estate	6%	4%	6%	5%
Private equity/venture capital	8%	8%	8%	25%
Other	2%	64%	2%	23%
Total Investment Strategy	100%	100%	100%	100%

_____________

(1)Target allows for an additional allocation to synthetic equity which is offset by cash.

(2)Significant changes in asset allocation in Non-U.S. are due to the U.K. pension plan entering an insurance buy-in contract, which is included in Other.

Defined Benefit and Retiree Health Pension Plans, Actual and Expected Cash Contributions

The following table summarizes cash contributions to our defined benefit pension plans and retiree health benefit plans.


	Year Ended December 31,
	2023		Estimated 2024
U.S. Plans	$	53	$	100
Non-U.S. Plans	28		30
Total Pension Plans	$	81	$	130
Retiree Health	21		20
Total Retirement Plans	$	102	$	150

Schedule of Expected Benefit Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid during the following years:


	Pension Benefits
	U.S.		Non-U.S.		Total		Retiree Health
2024	$	266	$	279	$	545	$	20
2025	235		285		520		20
2026	228		293		521		18
2027	224		298		522		17
2028	213		306		519		16
Years 2029-2033	904		1,629		2,533		63

Schedule of Assumptions Used

Weighted-average assumptions used to determine benefit obligations at the plan measurement dates:


	Pension Benefits
	2023				2022				2021
	U.S.		Non-U.S.		U.S.		Non-U.S.		U.S.		Non-U.S.
Discount rate	4.9	%	4.1	%	5.1	%	4.5	%	2.7	%	1.8	%
Rate of compensation increase	—	%	2.7	%	—	%	2.9	%	0.1	%	2.8	%
Interest crediting rate	4.5	%	2.5	%	4.5	%	2.1	%	2.8	%	1.5	%


	Retiree Health
	2023		2022		2021
Discount rate	4.7	%	5.0	%	2.7	%

Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31:


	Pension Benefits
	2024				2023				2022				2021
	U.S.		Non-U.S.		U.S.		Non-U.S.		U.S.		Non-U.S.		U.S.		Non-U.S.
Discount rate	4.9	%	4.1	%	5.1	%	4.5	%	2.7	%	1.8	%	2.2	%	1.3	%
Expected return on plan assets	8.1	%	4.3	%	8.1	%	4.3	%	5.9	%	3.2	%	5.9	%	3.1	%
Rate of compensation increase	—	%	2.7	%	—	%	2.9	%	0.1	%	2.8	%	0.1	%	2.6	%
Interest crediting rate	4.5	%	2.5	%	4.5	%	2.1	%	2.5	%	1.5	%	2.8	%	1.5	%


	Retiree Health
	2024		2023		2022		2021
Discount rate	4.7	%	5.0	%	2.7	%	2.2	%

_____________

Note: Expected return on plan assets is not applicable to retiree health benefits as these plans are not funded. Rate of compensation increase is not applicable to retiree health benefits as compensation levels do not impact earned benefits.

Schedule of Health Care Cost Trend Rates

Assumed health care cost trend rates were as follows:


	December 31,
	2023		2022
Health care cost trend rate assumed for next year	6.3	%	5.1	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.2	%	4.3	%
Year that the rate reaches the ultimate trend rate	2028		2026

Recent Accounting Pronouncements and Summary of Significant Accounting Policies (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) segment unit	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Economic life of products	5 years
Number of reportable segments	2
Number of operating segments	2
Number of reporting units \| unit	2
Expected return on plan assets period	2 years
Sustaining engineering costs \| $	$ 55	$ 58	$ 59
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Average maturity of finance receivables	2 years
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Average maturity of finance receivables	3 years

Inventories and Equipment on Operating Leases, Net - Estimated Minimum Future Revenues Operating Leases (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Inventories and Equipment on Operating Leases, Net [Abstract]
12 months	$ 165	$ 185
24 months	89	95
36 months	52	59
48 months	30	30
60 months	13	13
Thereafter	2	4
Total	$ 351	$ 386

Goodwill, Net and Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Goodwill, Net

The following table presents the changes in the carrying amount of Goodwill, net:


	2023		2022		2021








Goodwill	$	4,013	$	4,068	$	4,071
Accumulated impairment losses	(1,193)		(781)		—
Goodwill, net at January 1	$	2,820	$	3,287	$	4,071

Goodwill Activity:
Foreign currency translation	47		(120)		(23)
Acquisitions(1):
U.S. Acquisitions	—		—		9
U.K. Acquisitions	5		28		—
Canada Acquisition	—		34		16
Other	—		3		(5)
Dispositions(2)	(125)		—		—
Goodwill impairment	—		(412)		(781)

Goodwill	$	3,940	$	4,013	$	4,068
Accumulated impairment losses	(1,193)		(1,193)		(781)
Goodwill, net at December 31	$	2,747	$	2,820	$	3,287

_____________

(1)Refer to Note 6 - Acquisitions and Divestitures for additional information related to acquisitions.

(2)Primarily includes the write-off of $115 of goodwill associated with the donation of our Palo Alto Research Center (PARC) as well as other immaterial dispositions. Refer to Note 6 - Acquisitions and Divestitures for additional information related to the PARC donation.

Schedule of Intangible Assets, Net

Intangible Assets, Net

Intangible assets, net were $177 at December 31, 2023, all of which relate to our Print and Other segment. Intangible assets were comprised of the following:


		December 31, 2023						December 31, 2022
	Weighted Average Amortization	Gross Carrying Amount		Accumulated Amortization		Net Amount		Gross Carrying Amount		Accumulated Amortization		Net Amount
Customer relationships	10 years	$	200	$	92	$	108	$	214	$	85	$	129
Distribution network	25 years	123		118		5		123		113		10
Trademarks	18 years	209		147		62		201		135		66
Technology and non-compete	3 years	13		11		2		15		12		3
Total Intangible Assets		$	545	$	368	$	177	$	553	$	345	$	208

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

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-Paragraph 1
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-Publisher FASB
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Auditor [Line Items]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Stamford, Connecticut
Auditor Firm ID	238
Xerox Corporation
Auditor [Line Items]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Stamford, Connecticut
Auditor Firm ID	238

Debt - Long-term Debt (Details) - USD ($) $ in Millions	Mar. 15, 2022	Dec. 31, 2023	Dec. 31, 2022	Mar. 14, 2022
Debt Instrument [Line Items]
Total		$ 3,311
Subtotal - Debt issuance costs		(19)	$ (18)
Unamortized (discount) premium		(15)	2
Less: current maturities		(567)	(860)
Total Long-term Debt		2,710	2,866
Xerox Holdings Corporation
Debt Instrument [Line Items]
Total		1,500
Subtotal - Debt issuance costs		(6)	(9)
Less: current maturities		0	0
Xerox Corporation
Debt Instrument [Line Items]
Total		1,450
Subtotal - Debt issuance costs		(12)	(4)
Less: current maturities		(323)	(300)
Xerox - Other Subsidiaries
Debt Instrument [Line Items]
Total		361
Subtotal - Debt issuance costs		(1)	(5)
Less: current maturities		(244)	(560)
Xerox - Other Subsidiaries \| Secured Borrowing
Debt Instrument [Line Items]
Total		361	1,042
Xerox - Other Subsidiaries \| Secured Borrowing \| United States
Debt Instrument [Line Items]
Total		102	790
Xerox - Other Subsidiaries \| Secured Borrowing \| Canada
Debt Instrument [Line Items]
Total		77	57
Xerox - Other Subsidiaries \| Secured Borrowing \| France
Debt Instrument [Line Items]
Total		$ 182	195
Senior Notes Due 2025 5.00% \| Xerox Holdings Corporation
Debt Instrument [Line Items]
Stated rate (percentage)		5.00%
Interest Rate		4.95%
Total		$ 750	750
Senior Notes Due 2028 5.50% \| Xerox Holdings Corporation
Debt Instrument [Line Items]
Stated rate (percentage)		5.50%
Interest Rate		5.40%
Total		$ 750	750
Senior Notes Due 2023 4.38%
Debt Instrument [Line Items]
Stated rate (percentage)	4.625%			4.375%
Increase to coupon rate (percentage)	0.25%
Senior Notes Due 2023 4.38% \| Xerox Corporation
Debt Instrument [Line Items]
Stated rate (percentage)		4.38%
Interest Rate		4.63%
Total		$ 0	300
Senior Notes Due 2024 3.80% \| Xerox Corporation
Debt Instrument [Line Items]
Stated rate (percentage)		3.80%
Interest Rate		3.84%
Total		$ 300	300
Term Loan B due 2029 \| Xerox Corporation
Debt Instrument [Line Items]
Stated rate (percentage)		9.34%
Interest Rate		9.65%
Total		$ 550	0
Senior Notes Due 2035 4.80% \| Xerox Corporation
Debt Instrument [Line Items]
Stated rate (percentage)		4.80%
Interest Rate		4.84%
Total		$ 250	250
Senior Notes Due 2039 6.75% \| Xerox Corporation
Debt Instrument [Line Items]
Stated rate (percentage)		6.75%
Interest Rate		6.78%
Total		$ 350	350
Long-term Debt
Debt Instrument [Line Items]
Total		3,311	3,742
Long-term Debt \| Xerox Holdings Corporation
Debt Instrument [Line Items]
Total		1,500	1,500
Long-term Debt \| Xerox Corporation
Debt Instrument [Line Items]
Total		$ 1,450	$ 1,200

Income and Other Taxes - Allocation of Income Tax Expense Benefit (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Interperiod Allocaion [Line Items]
Pre-tax loss	$ (29)	$ (3)	$ (17)
Total Income Tax Expense	65	66	121
Changes in defined benefit plans
Income Tax Interperiod Allocaion [Line Items]
Other comprehensive income (loss), tax	93	70	143
Cash flow hedges
Income Tax Interperiod Allocaion [Line Items]
Other comprehensive income (loss), tax	1	(1)	(1)
Translation adjustments
Income Tax Interperiod Allocaion [Line Items]
Other comprehensive income (loss), tax	$ 0	$ 0	$ (4)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 12
-SubTopic 10
-Topic 220
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 45
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482659/740-20-45-2

+ Details

Contingencies and Litigation (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Loss Contingencies by Contingency

Below is a summary of our Brazilian tax contingencies:


	December 31, 2023		December 31, 2022
Tax contingency - unreserved	$	375	$	340
Escrow cash deposits	24		36
Surety bonds	104		80
Letters of credit	22		63
Liens on Brazilian assets	—		—

Loss per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Loss per Share

The following table sets forth the computation of basic and diluted loss per share of Xerox Holdings Corporation's Common stock (shares in thousands):


	Year Ended December 31,
	2023		2022		2021
Basic Loss per Share:
Net Income (Loss)	$	1	$	(322)	$	(455)
Accrued dividends on preferred stock	(14)		(14)		(14)


Adjusted Net Loss attributable to common shareholders	$	(13)	$	(336)	$	(469)

Weighted average common shares outstanding	149,116		156,006		183,168




Basic Loss per Share	$	(0.09)	$	(2.15)	$	(2.56)

Diluted Loss per Share:
Net Income (Loss)	$	1	$	(322)	$	(455)
Accrued dividends on preferred stock	(14)		(14)		(14)



Adjusted Net Loss attributable to common shareholders	$	(13)	$	(336)	$	(469)

Weighted average common shares outstanding	149,116		156,006		183,168
Common shares issuable with respect to:
Stock options	—		—		—
Restricted stock and performance shares	—		—		—
Convertible preferred stock	—		—		—

Adjusted Weighted average common shares outstanding	149,116		156,006		183,168





Diluted Loss per Share	$	(0.09)	$	(2.15)	$	(2.56)

The following securities were not included in the computation of diluted earnings per share as they were either contingently issuable shares or shares that if included would have been anti-dilutive (shares in thousands):
Stock options	231		586		612
Restricted stock and performance shares	6,711		4,950		5,979
Convertible preferred stock	6,742		6,742		6,742

Total Anti-Dilutive Securities	13,684		12,278		13,333

Dividends per Common Share	$	1.00	$	1.00	$	1.00

Accounts Receivable, Net - Accounts Receivable Sales Arrangements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Uncollected accounts receivable sold and derecognized	$ 99	$ 159
Accounts Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable sales	$ 399	$ 593	$ 478

Supplementary Financial Information (Tables)

12 Months Ended

Dec. 31, 2023

Supplemental Financial Information [Abstract]

Schedule of Other Assets and Liabilities

The components of Other assets and liabilities are as follows:


	December 31,
	2023		2022
Other Current Assets

Income taxes receivable	$	13	$	27
Royalties, license fees and software maintenance	19		23
Restricted cash	70		55
Prepaid expenses	29		32



Advances and deposits	33		29
Other	70		88

Total Other Current Assets	$	234	$	254

Other Long-term Assets
Income taxes receivable	$	22	$	1
Prepaid pension costs	423		667


Internal use software, net	68		95

Restricted cash	28		39

Customer contract costs, net	136		135

Operating lease right-of-use assets	172		215
Deferred compensation plan investments	14		15
Investments in affiliates, at equity(1)	40		38
Investments at cost - Xerox Holdings	26		21
Other	105		97

Total Other Long-term Assets(2)	$	1,034	$	1,323

Accrued Expenses and Other Current Liabilities

Income taxes payable	$	39	$	16
Other taxes payable	60		60
Operating lease obligations	41		68

Interest payable	37		43
Restructuring reserves	119		39



Dividends payable - Xerox Holdings(3)	42		47
Distributor and reseller rebates/commissions	120		145

Unearned income and other revenue deferrals	147		154
Administration and overhead	61		72
Other	196		237

Total Accrued Expenses and Other Current Liabilities(4)	$	862	$	881

Other Long-term Liabilities
Deferred taxes	$	95	$	95
Income taxes payable	14		41
Operating lease obligations	141		161

Environmental reserves	11		11

Restructuring reserves	10		4
Other	89		99

Total Other Long-term Liabilities	$	360	$	411

_____________

(1)Investments in affiliates, at equity largely consists of several minor investments in entities in the Middle East region. Xerox's ownership interest in investments in corporate joint ventures and other companies is generally between 20% and 50%.

(2)Xerox's balances of $1,008 and $1,302 at December 31, 2023 and 2022, respectively, excludes Investments at cost.

(3)Represents dividends payable by Xerox Holdings Corporation on Common and Preferred Stock.

(4)Xerox's balances of $820 and $834 at December 31, 2023 and 2022, respectively, excludes dividends payable of $42 and $47, respectively.

Schedule of Restricted Cash

Cash, cash equivalents and restricted cash amounts are as follows:


	December 31,
	2023		2022
Cash and cash equivalents	$	519	$	1,045
Restricted cash
Litigation deposits in Brazil	27		39
Escrow and cash collections related to secured borrowings and receivable sales(1)	49		54
Other restricted cash	22		1
Total Restricted cash	98		94


Cash, cash equivalents and restricted cash	$	617	$	1,139

__________________________

(1)Includes collections on finance receivables pledged for secured borrowings or sold that will be remitted in the following month.

Schedule of Restricted Cash Balance Sheet Location

Restricted cash is reported in the Consolidated Balance Sheets as follows:


	December 31,
	2023		2022
Other current assets	$	70	$	55
Other long-term assets	28		39
Total Restricted cash	$	98	$	94

Schedule of Cash Flow Information

Summarized cash flow information is as follows:


Source/(Use)	Location in Statement of Cash Flows	Year Ended December 31,
		2023		2022		2021
Provision for receivables(1)	Operating	$	36	$	36	$	12
Provision for inventory	Operating	18		29		34

Depreciation of buildings and equipment	Operating	60		68		76
Depreciation and obsolescence of equipment on operating leases	Operating	111		115		155
Amortization of internal use software	Operating	37		45		41

Amortization of acquired intangible assets	Operating	43		42		55
Amortization of patents(2)	Operating	9		10		11
Amortization of customer contract costs(3)	Operating	69		73		79
Cost of additions to land, buildings and equipment	Investing	(29)		(36)		(29)
Cost of additions to internal use software	Investing	(8)		(21)		(39)
Payments to acquire noncontrolling interests - Xerox Holdings	Investing	(5)		(13)		(8)
Common stock dividends - Xerox Holdings	Financing	(151)		(160)		(192)
Preferred stock dividends - Xerox Holdings	Financing	(14)		(14)		(14)
Payments to noncontrolling interests	Financing	(2)		(1)		(1)
Investment from noncontrolling interests	Financing	—		6		15
Repurchases related to stock-based compensation - Xerox Holdings	Financing	(8)		(12)		(18)

__________________________

(1)Provision for receivables includes adjustments for customer accommodations and contract terminations of $8, $(7), and $5 for the three years ended December 31, 2023, 2022 and 2021, respectively.

(2)Amortization of patents is reported in Decrease in other current and long-term assets on the Consolidated Statements of Cash Flows.

(3)Amortization of customer contract costs is reported in Decrease in other current and long-term assets on the Consolidated Statements of Cash Flows. Refer to Note 3 - Revenue - Contract Costs for additional information.

Preferred Stock	12 Months Ended
Preferred Stock	Dec. 31, 2023
Equity [Abstract]
Preferred Stock	Preferred Stock Series A Convertible Perpetual Voting Preferred Stock As of December 31, 2023, Xerox Holdings Corporation had one class of preferred stock outstanding. Xerox Holdings Corporation has issued 180,000 shares of Series A Preferred Stock that have an aggregate liquidation value of $180 and a carrying value of $214. The Series A Preferred Stock pays quarterly cash dividends at a rate of 8% per year ($14 per year), on a cumulative basis. Each share of Series A Preferred Stock is convertible at any time, at the option of the holder, into 37.4532 shares of common stock of Xerox Holdings Corporation for a total of 6,742 thousand shares (reflecting an initial conversion price of approximately $26.70 per share of common stock), subject to customary anti-dilution adjustments. At December 31, 2023, 6,742 thousand shares of Common Stock were reserved for conversion of the Series A Preferred Stock. If the closing price of Xerox Holdings Corporation common stock exceeds $39.00 or 146.1% of the initial conversion price of $26.70 per share of common stock for 20 out of 30 consecutive trading days, Xerox Holdings Corporation will have the right to cause any or all of the Series A Preferred Stock to be converted into shares of common stock at the then applicable conversion rate. The Series A Preferred Stock is also convertible, at the option of the holder, upon a change in control, at the applicable conversion rate plus an additional number of shares determined by reference to the price paid for our common stock upon such change in control. In addition, upon the occurrence of certain fundamental change events, including a change in control or the delisting of Xerox Holdings Corporation's common stock, the holder of the Series A Preferred Stock has the right to require Xerox Holdings Corporation to redeem any or all of the preferred stock in cash at a redemption price per share equal to the liquidation preference and any accrued and unpaid dividends up to, but not including, the redemption date. The Series A Preferred Stock is classified as temporary equity (i.e., apart from permanent equity) as a result of the contingent redemption feature. Series A Preferred Stock Voting Rights The Xerox Holdings Corporation Series A Preferred Stock votes together with the Xerox Holdings Corporation common stock, as a single class, on all matters submitted to the shareholders of Xerox Holdings Corporation, but the Xerox Holdings Corporation Series A Voting Preferred Stock is only entitled to one vote for every ten shares of Xerox Holdings Corporation common stock into which the Xerox Holdings Corporation Series A Preferred Stock is convertible (674,157 votes at December 31, 2023).

Accounts Receivable, Net (Tables)

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Schedule of Accounts Receivable, Net

Accounts receivable, net were as follows:


	December 31,
	2023		2022
Invoiced	$	710	$	698
Accrued (1)	204		211
Allowance for doubtful accounts	(64)		(52)
Accounts receivable, net	$	850	$	857

____________

(1)Accrued receivables includes amounts to be invoiced in the subsequent quarter for current services provided.

Schedule of Allowance for Doubtful Accounts

The allowance for doubtful accounts was as follows:


Balance at December 31, 2021	$	58
Provision	17
Charge-offs, net	(14)
Other(1)	(9)
Balance at December 31, 2022	$	52
Provision	22
Charge-offs, net	(17)
Other(1)	7
Balance at December 31, 2023	$	64

_____________

(1)Includes the impacts of foreign currency translation and adjustments to reserves necessary to reflect events of non-payment such as customer accommodations and contract terminations.

Schedule of Accounts Receivables Sales

Accounts receivable sales activity was as follows:


	Year Ended December 31,
	2023		2022		2021
Accounts receivable sales(1)	$	399	$	593	$	478

_____________

(1)Losses on sales were not material.

Other Comprehensive (Loss) Income (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Translation Adjustments Gains (Losses), net of tax

^[1]

$ 191

$ (376)

$ (141)

Other Comprehensive (Loss) Income, Pre-tax

(233)

(618)

482

Other Comprehensive (Loss) Income, Net of Tax

^[1]

(139)

(549)

344

Cumulative translation adjustments

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Translation Adjustments Gains (Losses), Pre-tax

191

(376)

(145)

Translation Adjustments Gains (Losses), net of tax

191

(376)

(141)

Unrealized (Losses) Gains

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Changes in fair value of cash flow hedges losses, pre-tax

(18)

(35)

(12)

Changes in fair value of cash flow hedges losses, net of tax

(16)

(27)

(9)

Changes in cash flow hedges reclassed to earnings, pre-tax

Changes in cash flow hedges reclassed to earnings, net of tax

Other losses, pre-tax

(1)

Other losses, net of tax

(1)

Other Comprehensive (Loss) Income, Pre-tax

(1)

(5)

Other Comprehensive (Loss) Income, Net of Tax

(2)

(4)

Net actuarial/prior service (losses) gains

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Other Comprehensive (Loss) Income, Pre-tax

(400)

(373)

537

Other Comprehensive (Loss) Income, Net of Tax

(300)

(284)

409

Prior service amortization/curtailment

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Other Comprehensive (Loss) Income, Pre-tax

(10)

(18)

(72)

Other Comprehensive (Loss) Income, Net of Tax

(8)

(14)

(54)

Actuarial loss amortization/settlement

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Other Comprehensive (Loss) Income, Pre-tax

132

Other Comprehensive (Loss) Income, Net of Tax

Other gains (losses)

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Other Comprehensive (Loss) Income, Pre-tax

(49)

Other Comprehensive (Loss) Income, Net of Tax

(49)

Changes in Defined Benefit Plans (Losses) Gains

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Other Comprehensive (Loss) Income, Pre-tax

(424)

(241)

632

Other Comprehensive (Loss) Income, Net of Tax

$ (331)

$ (171)

$ 489

[1]	Refer to Note 24 - Other Comprehensive (Loss) Income for gross components of Other Comprehensive (Loss) Income, reclassification adjustments out of Accumulated Other Comprehensive Loss and related tax effects.

Xerox Holdings Corporation Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash Flows from Operating Activities
Net Income (Loss)	$ 1	$ (322)	$ (455)
Adjustments required to reconcile Net income (loss) to Cash flows provided by operating activities
Depreciation and amortization	251	270	327
Provisions	54	65	46
Deferred tax benefit	(68)	(27)	(89)
Net gain on sales of businesses and assets	(39)	(56)	(40)
PARC donation	132	0	0
Stock-based compensation	54	75	54
Goodwill impairment	0	412	781
Restructuring and asset impairment charges	146	62	27
Payments for restructurings	(27)	(52)	(72)
Non-service retirement-related costs	19	(12)	(89)
Contributions to retirement plans	(102)	(124)	(160)
(Increase) decrease in accounts receivable and billed portion of finance receivables	(5)	(48)	41
Decrease (increase) in inventories	123	(143)	88
Increase in equipment on operating leases	(141)	(112)	(129)
Decrease (increase) in finance receivables	614	(141)	20
Decrease in other current and long-term assets	16	27	68
(Decrease) increase in accounts payable	(290)	278	118
Increase in accrued compensation	48	34	9
(Decrease) increase in other current and long-term liabilities	(114)	9	89
Net change in income tax assets and liabilities	(12)	(27)	10
Net change in derivative assets and liabilities	13	(22)	2
Other operating, net	13	13	(17)
Net cash provided by operating activities	686	159	629
Cash Flows from Investing Activities
Cost of additions to land, buildings, equipment and software	(37)	(57)	(68)
Proceeds from sales of businesses and assets	43	87	44
Acquisitions, net of cash acquired	(7)	(93)	(53)
Other investing, net	(4)	(15)	(8)
Net cash used in investing activities	(5)	(78)	(85)
Cash Flows from Financing Activities
Proceeds from issuance of long-term debt	1,396	1,194	311
Payments on long-term debt	(1,874)	(1,723)	(519)
Dividends	(165)	(174)	(206)
Payments to acquire treasury stock, including fees	(544)	(113)	(888)
Other financing, net	(15)	(6)	(8)
Net cash used in financing activities	(1,202)	(822)	(1,310)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(1)	(29)	(16)
Decrease in cash, cash equivalents and restricted cash	(522)	(770)	(782)
Cash, cash equivalents and restricted cash at beginning of year	1,139	1,909	2,691
Cash, Cash Equivalents and Restricted Cash at End of Year	$ 617	$ 1,139	$ 1,909

Segment and Geographic Area Reporting (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following provides segment revenues and profit for 2022 and 2021, recast to conform to our new segment measurements:


	Segment Revenues				Segment Profit
	2022		2021		2022		2021
As Reported:
Print and Other	$	6,667	$	6,548	$	238	$	293
FITTLE	610		695		37		82
Intersegment revenue(1)	(170)		(205)		—		—
Total External Revenue	$	7,107	$	7,038	$	275	$	375

Change:
Print and Other	$	137	$	181	$	20	$	18
FITTLE	(217)		(294)		(20)		(18)
Intersegment revenue(1)	80		113		—		—
Total External Revenue	$	—	$	—	$	—	$	—

Recast:
Print and Other	$	6,804	$	6,729	$	258	$	311
FITTLE	393		401		17		64
Intersegment revenue(1)	(90)		(92)		—		—
Total External Revenue	$	7,107	$	7,038	$	275	$	375

_____________

(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.

Selected financial information for our reportable segments was as follows:


	Year Ended December 31,
	2023									2022(1)									2021(1)
	Print and Other			FITTLE			Total			Print and Other			FITTLE			Total			Print and Other			FITTLE			Total
External revenue	$	6,485		$	401		$	6,886		$	6,714		$	393		$	7,107		$	6,637		$	401		$	7,038
Intersegment revenue(2)	86			—			86			90			—			90			92			—			92
Total Segment revenue	$	6,571		$	401		$	6,972		$	6,804		$	393		$	7,197		$	6,729		$	401		$	7,130

Segment profit	$	360		$	29		$	389		$	258		$	17		$	275		$	311		$	64		$	375
Segment margin(3)	5.6		%	7.2		%	5.6		%	3.8		%	4.3		%	3.9		%	4.7		%	16.0		%	5.3		%

Interest income	$	—		$	191		$	191		$	—		$	207		$	207		$	—		$	221		$	221
Interest expense	—			130			130			—			108			108			—			111			111
Depreciation and amortization	208			—			208			228			—			228			272			—			272

Capital expenditures(4)	37			—			37			57			—			57			68			—			68
Total Assets	7,301			2,707			10,008			8,230			3,313			11,543			9,949			3,274			13,223

_____________

(1)Amounts for 2022 and 2021 have been recast to conform to the current year's reporting presentation. See the Segment Reporting Change section above.

(2)Intersegment revenue is primarily commissions and other payments made by the FITTLE Segment to the Print and Other Segment for the lease of Xerox equipment placements.

(3)Segment margin based on External revenue only.

(4)Capital expenditures are allocated fully to the Print and Other segment since they are primarily managed and controlled through that segment, together, with related long-lived assets.

Selected financial information for our reportable segments was as follows:


	Year Ended December 31,
	2023		2022		2021





Pre-tax (Loss)
Total Segment profit	$	389	$	275	$	375
Goodwill impairment	—		(412)		(781)
Restructuring and related costs, net	(167)		(65)		(38)
Amortization of intangible assets	(43)		(42)		(55)
PARC Donation	(132)		—		—
Accelerated share vesting	—		(21)		—

Other expenses, net	(75)		(60)		27
Total Pre-tax (loss)	$	(28)	$	(325)	$	(472)

Depreciation and Amortization
Total reported segments	$	208	$	228	$	272
Amortization of intangible assets	43		42		55
Total Depreciation and amortization	$	251	$	270	$	327

Interest Expense
Total reported segments	$	130	$	108	$	111
Corporate	68		91		96
Total Interest expense	$	198	$	199	$	207

Interest Income
Total reported segments	$	191	$	207	$	221
Corporate	16		11		4
Total Interest income	$	207	$	218	$	225

Revenue and Long-lived Assets by Geography

Geographic Area Data

Geographic area data is based upon the location of the subsidiary reporting the revenue or long-lived assets and is as follows:


	Revenues						Long-Lived Assets (1)
	Year Ended December 31,						As of December 31,
	2023		2022		2021		2023		2022
United States	$	3,826	$	4,014	$	3,982	$	467	$	537
Europe	1,951		1,935		2,023		241		249
Canada	554		545		398		42		54
Other areas	555		613		635		21		25
Total	$	6,886	$	7,107	$	7,038	$	771	$	865

_____________

(1)Long-lived assets are comprised of (i) Land, buildings and equipment, net, (ii) Equipment on operating leases, net, (iii) Leased right-of-use (ROU) assets, net, (iv) Internal use software, net, and v) Capitalized product software, net.

Lessee

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

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 eleven years and a variety of renewal and/or termination options. The components of lease expense are as follows:


	Year Ended December 31,
	2023		2022		2021
Operating lease expense	$	83	$	97	$	104
Short-term lease expense	16		17		20
Variable lease expense(1)	53		49		48
Sublease income	(1)		(5)		(4)

Total Lease expense	$	151	$	158	$	168

_____________

(1)Variable lease expense is related to our leased real estate for offices and warehouses and primarily includes labor and operational costs, as well as taxes and insurance.

As of December 31, 2023, we had approximately $6 additional operating leases that had not yet commenced.

Operating lease ROU assets, net and operating lease liabilities were reported in the Consolidated Balance Sheets as follows:


	December 31,
	2023		2022
Other long-term assets	$	172	$	215

Accrued expenses and other current liabilities	$	41	$	68
Other long-term liabilities	141		161
Total Operating lease liabilities	$	182	$	229

Supplemental information related to operating leases is as follows:


	Year Ended December 31,
	2023			2022			2021
Cash paid for amounts included in the measurement of lease liabilities - Operating cash flows	$	91		$	101		$	109
Right-of-use assets obtained in exchange for new lease liabilities (1)	$	23		$	45		$	41
Weighted-average remaining lease term	4 years			4 years			5 years
Weighted-average discount rate	6.07		%	5.19		%	4.67		%

_____________

(1)Includes the impact of new leases as well as remeasurements and modifications to existing leases.

Maturities and additional information related to operating lease liabilities are as follows:


	December 31, 2023

12 months	$	62
24 months	47
36 months	39
48 months	22
60 months	17
Thereafter	21
Total Lease payments	208
Less: Imputed interest	26
Total Operating lease liabilities	$	182

Finance Leases

Xerox has finance leases for equipment in the U.S. and Europe and related infrastructure, within outsourced warehouse supply arrangements, in the U.S. These leases have remaining maturities up to four years with a maximum expiration date through August 2027. As of December 31, 2023 and 2022, the remaining lease obligation for all finance leases is $17 and $16, respectively, based on discount rates of 7.28% and 6.40%, respectively. The ROU asset balances associated with these finance leases at December 31, 2023 and 2022 of $19 and $18, respectively are included in Land, buildings and equipment, net in the Consolidated Balance Sheets.

Lessee

Operating Leases


	Year Ended December 31,
	2023		2022		2021
Operating lease expense	$	83	$	97	$	104
Short-term lease expense	16		17		20
Variable lease expense(1)	53		49		48
Sublease income	(1)		(5)		(4)

Total Lease expense	$	151	$	158	$	168

_____________

(1)Variable lease expense is related to our leased real estate for offices and warehouses and primarily includes labor and operational costs, as well as taxes and insurance.

As of December 31, 2023, we had approximately $6 additional operating leases that had not yet commenced.

Operating lease ROU assets, net and operating lease liabilities were reported in the Consolidated Balance Sheets as follows:


	December 31,
	2023		2022
Other long-term assets	$	172	$	215

Accrued expenses and other current liabilities	$	41	$	68
Other long-term liabilities	141		161
Total Operating lease liabilities	$	182	$	229

Supplemental information related to operating leases is as follows:


	Year Ended December 31,
	2023			2022			2021
Cash paid for amounts included in the measurement of lease liabilities - Operating cash flows	$	91		$	101		$	109
Right-of-use assets obtained in exchange for new lease liabilities (1)	$	23		$	45		$	41
Weighted-average remaining lease term	4 years			4 years			5 years
Weighted-average discount rate	6.07		%	5.19		%	4.67		%

_____________

(1)Includes the impact of new leases as well as remeasurements and modifications to existing leases.

Maturities and additional information related to operating lease liabilities are as follows:


	December 31, 2023

12 months	$	62
24 months	47
36 months	39
48 months	22
60 months	17
Thereafter	21
Total Lease payments	208
Less: Imputed interest	26
Total Operating lease liabilities	$	182

Finance Leases

Employee Benefit Plans - Investment Strategy (Details) - Pension Plan	Dec. 31, 2023	Dec. 31, 2022
U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, allocation (percentage)	100.00%	100.00%
Non-U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, allocation (percentage)	100.00%	100.00%
Equity Investments \| U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, allocation (percentage)	24.00%	24.00%
Equity Investments \| Non-U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, allocation (percentage)	8.00%	11.00%
Fixed income investments \| U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, allocation (percentage)	60.00%	60.00%
Fixed income investments \| Non-U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, allocation (percentage)	16.00%	36.00%
Real estate \| U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, allocation (percentage)	6.00%	6.00%
Real estate \| Non-U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, allocation (percentage)	4.00%	5.00%
Private equity/venture capital \| U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, allocation (percentage)	8.00%	8.00%
Private equity/venture capital \| Non-U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, allocation (percentage)	8.00%	25.00%
Other \| U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, allocation (percentage)	2.00%	2.00%
Other \| Non-U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, allocation (percentage)	64.00%	23.00%

Xerox Holdings Corporation Consolidated Statements of Shareholders' Equity - USD ($)
$ in Millions

Total

Xerox Holdings Shareholders' Equity

Common Stock

^[1]

Additional Paid-in Capital

Treasury Stock

Retained Earnings

AOCL

^[2]

Non- controlling Interests

Beginning balance at Dec. 31, 2020

$ 5,596

$ 5,592

$ 198

$ 2,445

$ 0

$ 6,281

$ (3,332)

$ 4

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Comprehensive income (loss), net

(111)

(455)

344

Cash dividends declared-common

^[3]

(181)

Cash dividends declared-preferred

^[4]

(14)

Stock option and incentive plans, net

Common stock repurchased

(888)

Cancellation of treasury stock

(32)

(679)

711

Transactions with noncontrolling interests

Distributions to noncontrolling interests

(1)

Ending balance at Dec. 31, 2021

4,443

4,436

168

1,802

(177)

5,631

(2,988)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Comprehensive income (loss), net

(871)

(322)

(549)

Cash dividends declared-common

^[3]

(159)

Cash dividends declared-preferred

^[4]

(14)

Stock option and incentive plans, net

Common stock repurchased

(113)

Cancellation of treasury stock

(14)

(276)

290

Transactions with noncontrolling interests

Distributions to noncontrolling interests

(1)

Ending balance at Dec. 31, 2022

3,353

3,343

156

1,588

5,136

(3,537)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Comprehensive income (loss), net

(138)

(139)

Cash dividends declared-common

^[3]

(146)

Cash dividends declared-preferred

^[4]

(14)

Stock option and incentive plans, net

Common stock repurchased

(553)

Cancellation of treasury stock

(34)

(519)

553

Transactions with noncontrolling interests

Distributions to noncontrolling interests

(2)

Ending balance at Dec. 31, 2023

$ 2,548

$ 2,538

$ 123

$ 1,114

$ 0

$ 4,977

$ (3,676)

$ 10

[1]	Common Stock has a par value of $1 per share.
[2]	AOCL - Accumulated other comprehensive loss.
[3]	Cash dividends declared on common stock for 2023, 2022 and 2021 were $0.25 per share on a quarterly basis and $1.00 per share on an annual basis, respectively.
[4]	Cash dividends declared on preferred stock for 2023, 2022 and 2021 were $20 per share on a quarterly basis and $80 per share on an annual basis, respectively.

Xerox Holdings Corporation Consolidated Statements of Comprehensive Loss - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Statement of Comprehensive Income [Abstract]

Net Income (Loss)

$ 1

$ (322)

$ (455)

Other Comprehensive Income (Loss), Net

Translation adjustments, net

^[1]

191

(376)

(141)

Unrealized gains (losses), net

^[1]

(2)

(4)

Changes in defined benefit plans, net

^[1]

(331)

(171)

489

Other Comprehensive (Loss) Income, Net

^[1]

(139)

(549)

344

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

Comprehensive (Loss) Income, Net

$ (138)

$ (871)

$ (111)

[1]	Refer to Note 24 - Other Comprehensive (Loss) Income for gross components of Other Comprehensive (Loss) Income, reclassification adjustments out of Accumulated Other Comprehensive Loss and related tax effects.

- Definition

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

Accounts Receivable, Net - Summary (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for doubtful accounts	$ (64)	$ (52)
Accounts receivable, net	850	857
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	52
Provision	36	36	$ 12
Ending balance	$ 64	$ 52
Credit Concentration Risk \| Accounts Receivable \| Customers
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Concentration risk (percentage)	7.00%	5.70%
Accounts Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Invoiced	$ 710	$ 698
Accrued	204	211
Allowance for doubtful accounts	(64)	(52)	(58)
Accounts receivable, net	850	857
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	52	58
Provision	22	17
Charge-offs, net	17	14
Other	7	(9)
Ending balance	$ 64	$ 52	$ 58

Employee Benefit Plans - Defined Contribution Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Employer discretionary contribution	$ 40	$ 37	$ 18

Supplementary Financial Information - Restricted Cash Balance Sheet Location (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Restricted Cash and Cash Equivalents Items [Line Items]
Total Restricted cash	$ 98	$ 94
Other current assets
Restricted Cash and Cash Equivalents Items [Line Items]
Total Restricted cash	70	55
Other long-term assets
Restricted Cash and Cash Equivalents Items [Line Items]
Total Restricted cash	$ 28	$ 39

Restructuring Programs

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Restructuring Programs

We engage in restructuring actions and other transformation efforts in order to reduce our cost structure and realign it to the changing nature of our business. As part of our efforts to reduce costs, our restructuring actions may also include the offshoring and/or outsourcing of certain operations, services and other functions, as well as reducing our real estate footprint.

Restructuring and related costs, net reflect the following components for the three years ended December 31, 2023, 2022 and 2021:


	Year Ended December 31,
	2023		2022		2021
Restructuring charges, net	$	114	$	68	$	18
Asset impairment charges, net	32		(6)		9
Related costs, net	21		3		11
Total Restructuring and related costs, net	$	167	$	65	$	38

Restructuring charges, net primarily includes employee severance costs and other contractual termination costs that may result from restructuring actions and initiatives. In those geographies where we have either a formal severance plan or a history of consistently providing severance benefits representing a substantive plan (on-going benefit arrangements), we recognize employee severance and associated costs when they are both probable and reasonably estimable and is the primary accounting applied for most of our Restructuring actions. Severance payments made under a one-time benefit arrangement are recorded upon communication to the affected employees. In the event employees are required to perform future service beyond their minimum retention period in a one-time benefit arrangement, we record severance charges ratably over the remaining service period of those employees as restructuring related costs. Contractual termination costs, including facility exit costs, are generally recognized when it has been determined that a liability has been incurred. Asset impairment charges, net primarily include impairments that may result from employee reductions, migration of facilities from higher-cost to lower-cost countries, and the consolidation of facilities within countries and is net of any gains we may realize on the disposal

of those assets. Restructuring activities may also include the disposal or abandonment of assets, including leased right-of-use assets, that require an acceleration of depreciation or an impairment charge reflecting the excess of an asset's book value over fair value or other recoveries. Restructuring related costs also include severance costs paid in connection with contractual outsourcing arrangements as well as professional support services associated with our business transformation initiatives.

The recognition of restructuring and related costs requires that we make certain judgments and estimates regarding the nature, timing and amount of costs associated with planned initiatives. To the extent our actual results differ from our estimates and assumptions, we may be required to revise the estimated liabilities, requiring the recognition of additional restructuring costs or the reduction of liabilities already recognized. At the end of each reporting period, we evaluate the remaining accrued balances to ensure they are properly stated, and the utilization of the reserves are for their intended purpose in accordance with developed exit plans.

Restructuring Charges, Net

Restructuring charges, net primarily relate to the Print and Other segment as amounts related to the FITTLE segment were immaterial for all periods presented. A summary of our restructuring program activity for the three years ended December 31, 2023, 2022 and 2021 is as follows:


	Severance Costs		Other Contractual Termination Costs(2)		Total
Balance at December 31, 2020	$	78	$	4	$	82
Restructuring provision	30		3		33
Reversals of prior charges	(13)		(2)		(15)
Net Current Period Charges(1)	17		1		18
Charges against reserve and currency	(70)		(3)		(73)
Balance at December 31, 2021	$	25	$	2	$	27
Restructuring provision	74		3		77
Reversals of prior charges	(8)		(1)		(9)
Net Current Period Charges(1)	66		2		68
Charges against reserve and currency	(52)		—		(52)
Balance at December 31, 2022	$	39	$	4	$	43
Restructuring provision	125		—		125
Reversals of prior charges	(11)		—		(11)
Net Current Period Charges(1)	114		—		114


Charges against reserve and currency	(24)		(4)		(28)
Balance at December 31, 2023	$	129	$	—	$	129

_____________

(1)Represents net amount recognized within the Consolidated Statements of Income (Loss) for the years shown for restructuring. Reversals of prior charges primarily include net changes in estimated reserves from prior period initiatives.

(2)Primarily includes additional costs incurred upon the exit from our facilities including decommissioning costs and associated contractual termination costs.

The following table summarizes the reconciliation to the Consolidated Statements of Cash Flows:


	Year Ended December 31,
	2023		2022		2021
Restructuring Cash Payments	$	(27)	$	(52)	$	(72)

Effects of foreign currency and other non-cash items	(1)		—		(1)
Charges against reserve and currency	$	(28)	$	(52)	$	(73)

Asset Impairment Charges, Net

Charges associated with asset impairments represent the write-down of the related assets to their new cost basis. Impairments are net of any potential sublease income or other recovery amounts. 2023 activity includes the impairment associated with the Company's sale of its Russian Subsidiary, which was completed in October 2023 and the impairment associated with the Company's sale of its Xerox Research Center of Canada (XRCC), the Canadian research division of Xerox, to Myant Capital Partners, which was completed in July 2023. 2023 also includes impairments associated with strategic actions taken as a result of the Company's Project Reinvention, including the outsourcing of certain back-office functions and geographic simplification.


	Year Ended December 31,
	2023		2022		2021
Lease right of use assets(1)	$	—	$	2	$	3
Owned assets(1)	36		15		12
Asset impairments	36		17		15
Gain on sales of owned assets(2)	—		(22)		(4)
Adjustments/Reversals	(4)		(1)		(2)
Net asset impairment charge (credit)	$	32	$	(6)	$	9

______________

(1)Primarily related to the exit and abandonment of leased and owned facilities, net of any potential sublease income and recoveries.

(2)Reflect gain on the sales of exited surplus facilities and land.

Related Costs

In connection with our restructuring programs, we also incurred certain related costs as follows:


	Year Ended December 31,
	2023		2022		2021
Retention-related severance/bonuses(1)	$	(2)	$	—	$	6
Contractual severance costs	—		3		1
Consulting and other costs(2)	23		—		4
Total	$	21	$	3	$	11

_____________

(1)Includes retention related severance and bonuses for employees expected to continue working beyond their minimum retention period before termination.

(2)Represents professional support services associated with our business transformation initiatives.

For the years ended December 31, 2023, 2022 and 2021, cash payments for restructuring related costs were approximately $26, $9 and $13, respectively, while the reserve was $8 and $12 at December 31, 2023 and 2022, respectively. The balance at December 31, 2023 is expected to be paid over the next twelve months.

Xerox Holdings Corporation Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended												12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Par value of common stock (in dollars per share)	$ 1				$ 1				$ 1				$ 1	$ 1	$ 1
Dividends per common share (in dollars per share)	0.25	$ 0.25	$ 0.25	$ 0.25	0.25	$ 0.25	$ 0.25	$ 0.25	0.25	$ 0.25	$ 0.25	$ 0.25	1.00	1.00	1.00
Dividends per preferred share (in dollars per share)	$ 20	$ 20	$ 20	$ 20	$ 20	$ 20	$ 20	$ 20	$ 20	$ 20	$ 20	$ 20	$ 80	$ 80	$ 80

Stock-Based Compensation - Narrative (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock-Based Compensation Details [Line Items]
Number of shares available for grant (in shares)	6	9
Performance period	3 years
Performance Shares \| Performance Based - Actual Results
Stock-Based Compensation Details [Line Items]
Performance-based metric performance period (years)	3 years
Performance Shares \| Performance-Based
Stock-Based Compensation Details [Line Items]
Performance share maximum overachievement	100.00%
Performance Shares \| TSR
Stock-Based Compensation Details [Line Items]
Performance period	3 years	3 years	3 years
Total number of trading days of performance period	20 days
Restricted Stock Units \| Graded vesting after year one of service period
Stock-Based Compensation Details [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting rights (percentage)	33.00%
Restricted Stock Units \| Graded vesting after year two of service period
Stock-Based Compensation Details [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting rights (percentage)	33.00%
Restricted Stock Units \| Graded vesting after year three of service period
Stock-Based Compensation Details [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting rights (percentage)	34.00%
Minimum \| Performance Shares
Stock-Based Compensation Details [Line Items]
Performance shares entitlement of original award grant (percentage)	0.00%
Maximum \| Performance Shares
Stock-Based Compensation Details [Line Items]
Performance shares entitlement of original award grant (percentage)	200.00%

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023

Stockholders' Equity Note [Abstract]

Schedule of Changes in Common Stock And Treasury Stock

The following table reflects the changes in Common and Treasury stock shares (shares in thousands). The Treasury stock repurchases in the table below include the repurchases under both the prior Xerox Corporation authorized share repurchase program and the current Xerox Holdings Corporation authorized share repurchase program.


	Common Stock Shares	Treasury Stock Shares
Balance at December 31, 2020	198,386	—
Stock based compensation plans, net	1,206	—

Acquisition of Treasury stock	—	40,198
Cancellation of Treasury stock	(31,523)	(31,523)

Balance at December 31, 2021	168,069	8,675
Stock based compensation plans, net	1,561	—

Acquisition of Treasury stock	—	5,174
Cancellation of Treasury stock	(13,849)	(13,849)


Balance at December 31, 2022	155,781	—
Stock based compensation plans, net	1,608	—
Acquisition of Treasury stock	—	34,245
Cancellation of Treasury stock	(34,245)	(34,245)

Balance at December 31, 2023	123,144	—

Preferred Stock (Details)
$ / shares in Units, $ in Millions

12 Months Ended

Dec. 31, 2023

USD ($)

class

day

vote

$ / shares

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Class of Stock [Line Items]

Number of classes of stock outstanding | class

Preferred stock, carrying value

$ 214

Preferred stock, annual dividend

^[1]

$ 14

Initial conversion price per share of common stock (in dollars per share) | $ / shares

$ 26.70

Minimum number of trading days C/S close price must exceed conversion price to trigger Pfd Stock conversion | day

Number of trading days used for measurement | day

Common Stock

Class of Stock [Line Items]

Preferred stock converted into common shares (in shares) | shares

37.4532

Preferred stock conversion to common stock, shares (in shares) | shares

6,742,000

Maximum common stock closing price, triggering conversion (in dollars per share) | $ / shares

$ 39.00

Maximum common stock closing price, percent, triggering conversion

146.10%

Series A

Class of Stock [Line Items]

Preferred stock converted into common shares (in shares) | shares

180,000

Preferred stock, aggregate liquidation value

$ 180

Preferred stock, carrying value

$ 214

Preferred stock, dividend rate, percentage

8.00%

Preferred stock, annual dividend

$ 14

Common stock, capital shares reserved for future issuance (in shares) | shares

6,742,000

Number of votes per ten shares | vote

Preferred stock, number of votes if converted | vote

674,157

[1]	Cash dividends declared on preferred stock for 2023, 2022 and 2021 were $20 per share on a quarterly basis and $80 per share on an annual basis, respectively.

Employee Benefit Plans - Estimated Future Benefit Payments (Details) $ in Millions	Dec. 31, 2023 USD ($)
Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
2024	$ 545
2025	520
2026	521
2027	522
2028	519
Years 2029-2033	2,533
Retiree Health
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
2024	20
2025	20
2026	18
2027	17
2028	16
Years 2029-2033	63
United States \| Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
2024	266
2025	235
2026	228
2027	224
2028	213
Years 2029-2033	904
Non-U.S. \| Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
2024	279
2025	285
2026	293
2027	298
2028	306
Years 2029-2033	$ 1,629

Xerox Corporation Consolidated Statements of Shareholders' Equity - USD ($)
$ in Millions

Total

Xerox Holdings Shareholders' Equity

Additional Paid-in Capital

Retained Earnings

AOCL

^[1]

Non- controlling Interests

Xerox Corporation

Xerox Holdings Shareholders' Equity

Xerox Corporation

Additional Paid-in Capital

Xerox Corporation

Retained Earnings

Xerox Corporation

AOCL

^[2]

Xerox Corporation

Non- controlling Interests

Beginning balance at Dec. 31, 2020

$ 5,596

$ 5,592

$ 2,445

$ 6,281

$ (3,332)

$ 4

$ 7,394

$ 7,390

$ 4,888

$ 5,834

$ (3,332)

$ 4

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Comprehensive income (loss), net

(111)

(455)

344

(111)

(455)

344

Dividends declared to parent

(903)

Intercompany loan capitalization

^[3]

(1,494)

Transfers (to) from parent

(193)

Transactions with noncontrolling interests

Distributions to noncontrolling interests

(1)

Ending balance at Dec. 31, 2021

4,443

4,436

1,802

5,631

(2,988)

4,697

4,690

3,202

4,476

(2,988)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Comprehensive income (loss), net

(871)

(322)

(549)

(871)

(322)

(549)

Dividends declared to parent

(727)

Transfers (to) from parent

491

Transactions with noncontrolling interests

Distributions to noncontrolling interests

(1)

Ending balance at Dec. 31, 2022

3,353

3,343

1,588

5,136

(3,537)

3,593

3,583

3,693

3,427

(3,537)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Comprehensive income (loss), net

(138)

(139)

(138)

(139)

Dividends declared to parent

(469)

Transfers (to) from parent

(208)

Transactions with noncontrolling interests

Distributions to noncontrolling interests

(2)

Ending balance at Dec. 31, 2023

$ 2,548

$ 2,538

$ 1,114

$ 4,977

$ (3,676)

$ 10

$ 2,778

$ 2,768

$ 3,485

$ 2,959

$ (3,676)

$ 10

[1]	AOCL - Accumulated other comprehensive loss.
[2]	AOCL - Accumulated other comprehensive loss.
[3]	Refer to Note 15 - Debt for information regarding capitalization of balance to Intercompany Loan with Xerox Holdings Corporation.

- Definition

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

+ Details

Lessee - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Remaining terms of leases (years)	11 years
Lessee, operating lease, lease not yet commenced, amount	$ 6
Finance lease maturity	4 years
Remaining lease obligation	$ 17	$ 16
Finance leases, discount rate	7.28%	6.40%
Finance lease, right-of-use asset	$ 19	$ 18
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Land, buildings and equipment, net	Land, buildings and equipment, net

Supplementary Financial Information

12 Months Ended

Dec. 31, 2023

Supplemental Financial Information [Abstract]

Supplementary Financial Information

The components of Other assets and liabilities are as follows:


	December 31,
	2023		2022
Other Current Assets

Income taxes receivable	$	13	$	27
Royalties, license fees and software maintenance	19		23
Restricted cash	70		55
Prepaid expenses	29		32



Advances and deposits	33		29
Other	70		88

Total Other Current Assets	$	234	$	254

Other Long-term Assets
Income taxes receivable	$	22	$	1
Prepaid pension costs	423		667


Internal use software, net	68		95

Restricted cash	28		39

Customer contract costs, net	136		135

Operating lease right-of-use assets	172		215
Deferred compensation plan investments	14		15
Investments in affiliates, at equity(1)	40		38
Investments at cost - Xerox Holdings	26		21
Other	105		97

Total Other Long-term Assets(2)	$	1,034	$	1,323

Accrued Expenses and Other Current Liabilities

Income taxes payable	$	39	$	16
Other taxes payable	60		60
Operating lease obligations	41		68

Interest payable	37		43
Restructuring reserves	119		39



Dividends payable - Xerox Holdings(3)	42		47
Distributor and reseller rebates/commissions	120		145

Unearned income and other revenue deferrals	147		154
Administration and overhead	61		72
Other	196		237

Total Accrued Expenses and Other Current Liabilities(4)	$	862	$	881

Other Long-term Liabilities
Deferred taxes	$	95	$	95
Income taxes payable	14		41
Operating lease obligations	141		161

Environmental reserves	11		11

Restructuring reserves	10		4
Other	89		99

Total Other Long-term Liabilities	$	360	$	411

_____________

(2)Xerox's balances of $1,008 and $1,302 at December 31, 2023 and 2022, respectively, excludes Investments at cost.

(3)Represents dividends payable by Xerox Holdings Corporation on Common and Preferred Stock.

(4)Xerox's balances of $820 and $834 at December 31, 2023 and 2022, respectively, excludes dividends payable of $42 and $47, respectively.

Cash, Cash Equivalents and Restricted Cash

Restricted cash primarily relates to escrow cash deposits made in Brazil associated with ongoing litigation as well as cash collections on finance receivables that were pledged for secured borrowings. As more fully discussed in Note 20 - Contingencies and Litigation, various litigation matters in Brazil require us to make cash deposits to escrow as a condition of continuing the litigation. Restricted cash amounts are classified in our Consolidated Balance Sheets based on when the cash will be contractually or judicially released.

Cash, cash equivalents and restricted cash amounts are as follows:


	December 31,
	2023		2022
Cash and cash equivalents	$	519	$	1,045
Restricted cash
Litigation deposits in Brazil	27		39
Escrow and cash collections related to secured borrowings and receivable sales(1)	49		54
Other restricted cash	22		1
Total Restricted cash	98		94


Cash, cash equivalents and restricted cash	$	617	$	1,139

__________________________

(1)Includes collections on finance receivables pledged for secured borrowings or sold that will be remitted in the following month.

Restricted cash is reported in the Consolidated Balance Sheets as follows:


	December 31,
	2023		2022
Other current assets	$	70	$	55
Other long-term assets	28		39
Total Restricted cash	$	98	$	94

Summarized Cash Flow Information

Summarized cash flow information is as follows:


Source/(Use)	Location in Statement of Cash Flows	Year Ended December 31,
		2023		2022		2021
Provision for receivables(1)	Operating	$	36	$	36	$	12
Provision for inventory	Operating	18		29		34

Depreciation of buildings and equipment	Operating	60		68		76
Depreciation and obsolescence of equipment on operating leases	Operating	111		115		155
Amortization of internal use software	Operating	37		45		41

Amortization of acquired intangible assets	Operating	43		42		55
Amortization of patents(2)	Operating	9		10		11
Amortization of customer contract costs(3)	Operating	69		73		79
Cost of additions to land, buildings and equipment	Investing	(29)		(36)		(29)
Cost of additions to internal use software	Investing	(8)		(21)		(39)
Payments to acquire noncontrolling interests - Xerox Holdings	Investing	(5)		(13)		(8)
Common stock dividends - Xerox Holdings	Financing	(151)		(160)		(192)
Preferred stock dividends - Xerox Holdings	Financing	(14)		(14)		(14)
Payments to noncontrolling interests	Financing	(2)		(1)		(1)
Investment from noncontrolling interests	Financing	—		6		15
Repurchases related to stock-based compensation - Xerox Holdings	Financing	(8)		(12)		(18)

__________________________

(1)Provision for receivables includes adjustments for customer accommodations and contract terminations of $8, $(7), and $5 for the three years ended December 31, 2023, 2022 and 2021, respectively.

(2)Amortization of patents is reported in Decrease in other current and long-term assets on the Consolidated Statements of Cash Flows.

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 directly receives invoices associated with those vendors and suppliers participating in the program. The Company confirms and validates those invoices and the amounts due before submitting the invoices 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 2023 was approximately $125. All outstanding amounts related to the program are recorded within Accounts payable in our Consolidated Balance Sheets, and the associated payments are included in operating activities within our Consolidated Statements of Cash Flows. The amounts due to vendors and suppliers participating in this program and included in Accounts payable were approximately $40 at both December 31, 2023 and 2022, respectively.

Segment and Geographic Area Reporting - Revenue and Long-lived Assets by Geography (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Revenues	$ 6,886	$ 7,107	$ 7,038
Long-lived assets	771	865
United States
Segment Reporting Information [Line Items]
Revenues	3,826	4,014	3,982
Long-lived assets	467	537
Europe
Segment Reporting Information [Line Items]
Revenues	1,951	1,935	2,023
Long-lived assets	241	249
Canada
Segment Reporting Information [Line Items]
Revenues	554	545	398
Long-lived assets	42	54
Other areas
Segment Reporting Information [Line Items]
Revenues	555	613	$ 635
Long-lived assets	$ 21	$ 25

- Definition

+ References

+ Details

Contingencies and Litigation

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Contingencies and Litigation

We are involved in a variety of claims, lawsuits, investigations and proceedings concerning: securities law; governmental entity contracting, servicing and procurement law; intellectual property law; environmental law; employment law; the Employee Retirement Income Security Act (ERISA); and other laws and regulations. We determine whether an estimated loss from a contingency should be accrued by assessing whether a loss is deemed probable and can be reasonably estimated. We assess our potential liability by analyzing our litigation and regulatory matters using available information. We develop our views on estimated losses in consultation with outside counsel handling our defense in these matters, which involves an analysis of potential results, assuming a combination of litigation and settlement strategies. Should developments in any of these matters cause a change in our determination as to an unfavorable outcome and result in the need to recognize a material accrual, or should any of these matters result in a final adverse judgment or be settled for significant amounts, they could have a material adverse effect on our results of operations, cash flows and financial position in the period or periods in which such change in determination, judgment or settlement occurs.

Additionally, guarantees, indemnifications and claims may arise during the ordinary course of business from relationships with suppliers, customers and nonconsolidated affiliates, as well as through divestitures and sales of businesses, when the Company undertakes an obligation to guarantee the performance of others if specified triggering events occur. Nonperformance under a contract could trigger an obligation of the Company. These potential claims include actions based upon alleged exposures to products, real estate, intellectual property such as patents, environmental matters, and other indemnifications. The ultimate effect on future financial results is not subject to reasonable estimation because considerable uncertainty exists as to the final outcome of these claims. However, while the ultimate liabilities resulting from such claims may be significant to results of operations in the period recognized, management does not anticipate they will have a material adverse effect on the Company's consolidated financial position or liquidity. As of December 31, 2023, we have accrued our estimate of liability incurred under our indemnification arrangements and guarantees.

Brazil Contingencies

Our Brazilian operations have received or been the subject of numerous governmental assessments related to indirect and other taxes. These tax matters principally relate to claims for taxes on the internal transfer of inventory, municipal service taxes on rentals and gross revenue taxes. We are disputing these tax matters and intend to vigorously defend our positions. Based on the opinion of legal counsel and current reserves for those matters deemed probable of loss, we do not believe that the ultimate resolution of these matters will materially impact our results of operations, financial position or cash flows. Below is a summary of our Brazilian tax contingencies:


	December 31, 2023		December 31, 2022
Tax contingency - unreserved	$	375	$	340
Escrow cash deposits	24		36
Surety bonds	104		80
Letters of credit	22		63
Liens on Brazilian assets	—		—

The increase in the unreserved portion of the tax contingency, inclusive of any related interest, was primarily related to currency and interest. With respect to the unreserved tax contingency, the majority has been assessed by management as being remote as to the likelihood of ultimately resulting in a loss to the Company. In connection with the above proceedings, customary local regulations may require us to make escrow cash deposits or post other security of up to half of the total amount in dispute, as well as additional surety bonds and letters of credit, which include associated indexation. Generally, any escrowed amounts would be refundable and any liens on assets would be removed to the extent the matters are resolved in our favor. We are also involved in certain disputes with contract and former employees. Exposures related to labor matters are not material to the financial statements as of December 31, 2023 and 2022. We routinely assess all these matters as to probability of ultimately incurring a liability against our Brazilian operations and record our best estimate of the ultimate loss in situations where we assess the likelihood of an ultimate loss as probable.

Litigation Matters

Miami Firefighters’ Relief & Pension Fund v. Icahn, et al.:

On December 13, 2019, 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, Indemnifications and Warranty Liabilities

Indemnifications Provided as Part of Contracts and Agreements

Acquisitions/Divestitures:

We have indemnified, subject to certain deductibles and limits, the purchasers of businesses or divested assets for the occurrence of specified events under certain of our divestiture agreements. In addition, we customarily agree to hold the other party harmless against losses arising from a breach of representations and covenants, including such matters as adequate title to assets sold, intellectual property rights, specified environmental matters and certain income taxes arising prior to the date of acquisition. Where appropriate, an obligation for such indemnifications is recorded as a liability at the time of the acquisition or divestiture. Since the obligated amounts of these types of indemnifications are often not explicitly stated and/or are contingent on the occurrence of future events, the overall maximum amount of the obligation under such indemnifications cannot be reasonably estimated. Other than obligations recorded as liabilities at the time of divestiture, we have not historically made significant payments for these indemnifications. Additionally, under certain of our acquisition agreements, we have provided for additional consideration to be paid to the sellers if established financial targets are achieved post-closing. We have recognized liabilities for these contingent obligations based on an estimate of the fair value of these contingencies at the time of acquisition. Contingent obligations related to indemnifications arising from our divestitures and contingent consideration provided for by our acquisitions are not expected to be material to our financial position, results of operations or cash flows.

Other Agreements:

We are also party to the following types of agreements pursuant to which we may be obligated to indemnify the other party with respect to certain matters:

•Guarantees on behalf of our subsidiaries with respect to real estate leases. These lease guarantees may remain in effect subsequent to the sale of the subsidiary.

•Agreements to indemnify various service providers, trustees and bank agents from any third-party claims related to their performance on our behalf, with the exception of claims that result from a third-party's own willful misconduct or gross negligence.

•Guarantees of our performance in certain sales and services contracts to our customers and indirectly the performance of third parties with whom we have subcontracted for their services. This includes indemnifications to customers for losses that may be sustained as a result of the use of our equipment at a customer's location.

In each of these circumstances, our payment is conditioned on the other party making a claim pursuant to the procedures specified in the particular contract and such procedures also typically allow us to challenge the other party's claims. In the case of lease guarantees, we may contest the liabilities asserted under the lease. Further, our obligations under these agreements and guarantees may be limited in terms of time and/or amount, and in some instances, we may have recourse against third parties for certain payments we made.

Patent Indemnifications

In most sales transactions to resellers of our products, we indemnify against possible claims of patent infringement caused by our products or solutions. In addition, we indemnify certain software providers against claims that may arise as a result of our use or our subsidiaries', customers' or resellers' use of their software in our products and solutions. These indemnities usually do not include limits on the claims, provided the claim is made pursuant to the procedures required in the sales contract.

Indemnification of Officers and Directors

The corporate by-laws of Xerox Holdings Corporation and Xerox Corporation require that, except to the extent expressly prohibited by law, we must indemnify Xerox Holdings Corporation's and Xerox Corporation's officers and directors, respectively, against judgments, fines, penalties and amounts paid in settlement, including legal fees and all appeals, incurred in connection with civil or criminal action or proceedings, as it relates to their services to Xerox Holdings Corporation and/or Xerox Corporation and their subsidiaries. Although the by-laws provide no limit on the amount of indemnification, Xerox Holdings Corporation or Xerox Corporation may have recourse against our insurance carriers for certain payments made by Xerox Holdings Corporation or Xerox Corporation. However, certain indemnification payments (such as those related to "clawback" provisions in certain compensation arrangements) may not be covered under Xerox Holdings Corporation's and Xerox Corporation's directors' and officers' insurance coverage. Xerox Holdings Corporation and Xerox Corporation also indemnify certain fiduciaries of our employee benefit plans for liabilities incurred in their service as fiduciary whether or not they are officers of Xerox Holdings Corporation or Xerox Corporation. Finally, in connection with Xerox Holdings Corporation's and/or Xerox Corporation's acquisition of businesses, we may become contractually obligated to indemnify certain former and current directors, officers and employees of those businesses in accordance with pre-acquisition by-laws and/or indemnification agreements and/or applicable state law.

Guarantees

We have issued or provided approximately $241 of guarantees as of December 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 tax and labor contingencies (see Brazil Contingencies); iii) support our obligations related to our U.K. pension plans; and iv) support certain contracts, primarily with public sector customers, which require us to provide a surety bond as a guarantee of our performance of contractual obligations.

In general, we would only be liable for the amount of these guarantees in the event we, or one of our direct or indirect subsidiaries whose obligations we have guaranteed, defaulted in performing our obligations under each contract; the probability of which we believe is remote. We believe that our capacity in the surety markets as well as under various credit arrangements (including our Credit Facility) is sufficient to allow us to respond to future requests for proposals that require such credit support.

Acquisitions and Divestitures - Narrative (Details) £ in Millions, $ in Millions, $ in Millions	1 Months Ended				3 Months Ended	12 Months Ended
	Jul. 31, 2022 USD ($)	Jul. 31, 2022 GBP (£)	Feb. 28, 2022 USD ($)	Feb. 28, 2022 CAD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) acquisition	Dec. 31, 2021 USD ($) acquisition	Feb. 28, 2022 CAD ($)	Aug. 31, 2021 USD ($)
Business Acquisition [Line Items]
Noncontrolling interests						$ 10	$ 10
Discontinued Operations, Disposed of by Means Other than Sale, Donation \| PARC
Business Acquisition [Line Items]
Net charge					$ 132
Goodwill					115
Net assets					13
Other expenses					4
Income tax expense					40
After-tax loss from discontinued operations					$ 92
2022 Acquisitions
Business Acquisition [Line Items]
Number of acquisitions \| acquisition							2
Consideration transferred							$ 93
Contingent consideration							11
Powerland
Business Acquisition [Line Items]
Consideration transferred			$ 52	$ 66
Maximum contingent consideration			$ 22						$ 28
Contingent consideration, term			2 years	2 years
Contingent consideration							$ 11
Payment for contingent consideration liability						$ 6
Go Inspire
Business Acquisition [Line Items]
Consideration transferred	$ 41	£ 34
2021 Acquisitions
Business Acquisition [Line Items]
Consideration transferred								$ 3
Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Consideration transferred								$ 50
Business acquisition, percentage of voting interests acquired							100.00%	100.00%
Equipment Dealer Canada Member
Business Acquisition [Line Items]
Consideration transferred								$ 31
United States Document Solutions Provider
Business Acquisition [Line Items]
Number of acquisitions \| acquisition								2
Consideration transferred								$ 19
CareAR Holdings LLC
Business Acquisition [Line Items]
Noncontrolling interests										$ 10

Employee Benefit Plans (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Millions	Apr. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Change in Benefit Obligation:
Plan amendment	$ 72
Change in Plan Assets:
Employer contributions		$ 102
Amounts Recognized in the Consolidated Balance Sheets:
Pension and other benefit liabilities		(1,216)	$ (1,175)
Post-retirement medical benefits		(171)	(184)
Pension Plan
Change in Benefit Obligation:
Benefit obligation - beginning		6,585
Benefit obligation - ending		6,956	6,585
Change in Plan Assets:
Fair value of plan assets - beginning		6,112
Employer contributions		81
Fair value of plan assets - ending		6,190	6,112
Net funded status		(766)	(473)
Pension Plan \| United States
Change in Benefit Obligation:
Benefit obligation - beginning		2,345	3,372
Service cost		0	1	$ 2
Interest cost (income)		116	(65)	80
Plan participants' contributions		0	0
Actuarial loss (gain)		75	(643)
Currency exchange rate changes		0	0
Plan amendment		0	0
Plan curtailments		0	0
Benefits paid/settlements		(147)	(320)
Other		0	0
Benefit obligation - ending		2,389	2,345	3,372
Change in Plan Assets:
Fair value of plan assets - beginning		1,518	2,544
Actual return on plan assets		104	(730)
Employer contributions		53	24
Plan participants' contributions		0	0
Currency exchange rate changes		0	0
Benefits paid/settlements		(147)	(320)
Other		0	0
Fair value of plan assets - ending		1,528	1,518	2,544
Net funded status		(861)	(827)
Amounts Recognized in the Consolidated Balance Sheets:
Other long-term assets		0	0
Accrued compensation and benefit costs		(24)	(24)
Pension and other benefit liabilities		(837)	(803)
Post-retirement medical benefits		0	0
Net Amounts Recognized		(861)	(827)
Accumulated Benefit Obligation		2,389	2,345
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract]
Net actuarial loss (gain)		731	692
Prior service cost (credit)		0	0
Total loss (gain) - Pre-tax		731	692
Pension Plan \| Non-U.S.
Change in Benefit Obligation:
Benefit obligation - beginning		4,240	6,543
Service cost		5	16	20
Interest cost (income)		188	123	88
Plan participants' contributions		1	2
Actuarial loss (gain)		165	(1,697)
Currency exchange rate changes		205	(534)
Plan amendment		36	72
Plan curtailments		0	(20)
Benefits paid/settlements		(273)	(265)
Other		0	0
Benefit obligation - ending		4,567	4,240	6,543
Change in Plan Assets:
Fair value of plan assets - beginning		4,594	7,252
Actual return on plan assets		89	(1,865)
Employer contributions		28	81
Plan participants' contributions		1	2
Currency exchange rate changes		223	(609)
Benefits paid/settlements		(273)	(265)
Other		0	(2)
Fair value of plan assets - ending		4,662	4,594	7,252
Net funded status		95	354
Amounts Recognized in the Consolidated Balance Sheets:
Other long-term assets		423	667
Accrued compensation and benefit costs		(20)	(19)
Pension and other benefit liabilities		(308)	(294)
Post-retirement medical benefits		0	0
Net Amounts Recognized		95	354
Accumulated Benefit Obligation		4,526	4,194
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract]
Net actuarial loss (gain)		1,551	1,202
Prior service cost (credit)		134	99
Total loss (gain) - Pre-tax		1,685	1,301
Retiree Health
Change in Benefit Obligation:
Benefit obligation - beginning		209	303
Service cost		1	1	2
Interest cost (income)		10	8	8
Plan participants' contributions		7	9
Actuarial loss (gain)		(5)	(59)
Currency exchange rate changes		2	(7)
Plan amendment		(3)	(26)
Plan curtailments		0	0
Benefits paid/settlements		(28)	(27)
Other		0	7
Benefit obligation - ending		193	209	303
Change in Plan Assets:
Fair value of plan assets - beginning		0	0
Actual return on plan assets		0	0
Employer contributions		21	19
Plan participants' contributions		7	8
Currency exchange rate changes		0	0
Benefits paid/settlements		(28)	(27)
Other		0	0
Fair value of plan assets - ending		0	0	$ 0
Net funded status		(193)	(209)
Amounts Recognized in the Consolidated Balance Sheets:
Other long-term assets		0	0
Accrued compensation and benefit costs		(22)	(25)
Pension and other benefit liabilities		0	0
Post-retirement medical benefits		(171)	(184)
Net Amounts Recognized		(193)	(209)
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract]
Net actuarial loss (gain)		(73)	(79)
Prior service cost (credit)		(82)	(94)
Total loss (gain) - Pre-tax		$ (155)	$ (173)

Restructuring Programs - Restructuring Charges (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring reserve [Roll Forward]
Balance at beginning of period	$ 43	$ 27	$ 82
Restructuring provision	125	77	33
Reversals of prior charges	(11)	(9)	(15)
Net current period charges	114	68	18
Charges against reserve and currency	(28)	(52)	(73)
Balance at end of period	129	43	27
Reconciliation to the Condensed Consolidated Statements of Cash Flows [Abstract]
Payments for restructurings	$ (27)	(52)	(72)
Restructuring, Incurred Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Payments for restructurings
Effects of foreign currency and other non-cash items	$ (1)	0	(1)
Charges against reserve and currency	(28)	(52)	(73)
Severance Costs
Restructuring reserve [Roll Forward]
Balance at beginning of period	39	25	78
Restructuring provision	125	74	30
Reversals of prior charges	(11)	(8)	(13)
Net current period charges	114	66	17
Charges against reserve and currency	(24)	(52)	(70)
Balance at end of period	129	39	25
Reconciliation to the Condensed Consolidated Statements of Cash Flows [Abstract]
Charges against reserve and currency	(24)	(52)	(70)
Other Contractual Termination Costs
Restructuring reserve [Roll Forward]
Balance at beginning of period	4	2	4
Restructuring provision	0	3	3
Reversals of prior charges	0	(1)	(2)
Net current period charges	0	2	1
Charges against reserve and currency	(4)	0	(3)
Balance at end of period	0	4	2
Reconciliation to the Condensed Consolidated Statements of Cash Flows [Abstract]
Charges against reserve and currency	$ (4)	$ 0	$ (3)

Shareholders' Equity - Equity Stocks Information (Details) - $ / shares	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Common Stock and Treasury Stock [Line Items]
Preferred stock, shares authorized (in shares)	22,000,000
Preferred stock, par value (in dollars per share)	$ 1.00
Common stock, authorized (in shares)	437,500,000
Par value of common stock (in dollars per share)	$ 1	$ 1	$ 1	$ 1
Incentive Compensation Plans
Schedule of Common Stock and Treasury Stock [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	14,000,000
Series A
Schedule of Common Stock and Treasury Stock [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	6,742,000

Restructuring Programs - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring and Related Activities [Abstract]
Cash payments for restructuring related costs	$ 26	$ 9	$ 13
Restructuring related costs	$ 8	$ 12

Revenue

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue

Revenues disaggregated by primary geographic markets, major product lines, and sales channels are as follows:


	Year Ended December 31,
	2023		2022		2021
Primary geographical markets(1)
United States	$	3,826	$	4,014	$	3,982
Europe	1,951		1,935		2,023
Canada	554		545		398
Other	555		613		635
Total Revenues	$	6,886	$	7,107	$	7,038

Major product and services lines
Equipment	$	1,655	$	1,624	$	1,581
Supplies, paper and other sales	1,065		1,176		1,001
Maintenance agreements(2)	1,631		1,730		1,787
Service arrangements(3)	1,984		1,953		1,991
Rental and other	360		417		457
Financing	191		207		221

Total Revenues	$	6,886	$	7,107	$	7,038

Sales channels:

Direct equipment lease(4)	$	920	$	708	$	664
Distributors & resellers(5)	1,044		1,222		1,130
Customer direct	756		870		788
Total Sales	$	2,720	$	2,800	$	2,582

_____________

(1)Geographic area data is based upon the location of the subsidiary reporting the revenue.

(2)Includes revenues from maintenance agreements on sold equipment as well as revenues associated with service agreements sold through our channel partners.

(3)Primarily includes revenues from our Print outsourcing arrangements including revenues from embedded operating leases in those arrangements, which were not significant.

(4)Primarily reflects sales through bundled lease arrangements.

(5)Primarily reflects sales through our two-tier distribution channels.

Contract assets and liabilities: We normally do not have contract assets, which are primarily unbilled accounts receivable that are conditional on something other than the passage of time. Our contract liabilities, which represent billings in excess of revenue recognized, are primarily related to advanced billings for maintenance and other services to be performed and were approximately $132 and $131 at December 31, 2023 and 2022, respectively. The majority of the balance at December 31, 2023 will be amortized to revenue over approximately the next 30 months.

Contract Costs:

We incur the following contract costs as part of our revenue arrangements:

•Incremental direct costs of obtaining a contract, which are primarily 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 to Selling Expenses on a 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.

•Contract fulfillment costs, which are costs incurred for resources and assets that will be used to satisfy our future performance obligations included in our service arrangements. These costs are amortized over the contractual service period of the arrangement to cost of services.

•Contract inducements, which are capitalized and amortized as a reduction of revenue over the term of the contract.

Changes in contract costs, net are as follows:



	2023		2022		2021
Balance at January 1st,	135		147		158
Customer contract costs deferred	70		65		66
Amortization of customer contract costs	(69)		(73)		(79)
Other(1)	—		(4)		2
Balance at December 31st,	$	136	$	135	$	147

_____________

(1)Includes currency.

Equipment and software used in the fulfillment of service arrangements, and where the Company retains control, are capitalized and depreciated over the shorter of their useful life or the term of the contract if an asset is contract specific.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Goodwill, Net and Intangible Assets, Net

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill, Net and Intangible Assets, Net

Goodwill, Net

The following table presents the changes in the carrying amount of Goodwill, net:


	2023		2022		2021








Goodwill	$	4,013	$	4,068	$	4,071
Accumulated impairment losses	(1,193)		(781)		—
Goodwill, net at January 1	$	2,820	$	3,287	$	4,071

Goodwill Activity:
Foreign currency translation	47		(120)		(23)
Acquisitions(1):
U.S. Acquisitions	—		—		9
U.K. Acquisitions	5		28		—
Canada Acquisition	—		34		16
Other	—		3		(5)
Dispositions(2)	(125)		—		—
Goodwill impairment	—		(412)		(781)

Goodwill	$	3,940	$	4,013	$	4,068
Accumulated impairment losses	(1,193)		(1,193)		(781)
Goodwill, net at December 31	$	2,747	$	2,820	$	3,287

_____________

(1)Refer to Note 6 - Acquisitions and Divestitures for additional information related to acquisitions.

Total Goodwill is fully allocated to the Print and Other segment and no Goodwill has been allocated to the FITTLE segment for the three years ended December 31, 2023, 2022 or 2021, respectively.

We performed our annual Goodwill assessment in the fourth quarter of 2023 qualitatively and concluded that it is more likely-than-not that the fair value of the Print and Other reporting unit, the only reporting unit with Goodwill, is higher than its carrying amount and Goodwill was not impaired.

In the third quarter of 2022, we concluded that an interim impairment test of Goodwill was required. Based on that test, we determined that the estimated fair value of the Print and Other reporting unit (the only reporting unit with Goodwill) had declined below its carrying value and, as a result, we recognized an after-tax non-cash impairment charge of $395 ($412 pre-tax) related to our Goodwill for the year ended December 31, 2022.

In the fourth quarter of 2021, after completing our annual impairment test, we concluded that the estimated fair value of the Company had declined below its carrying value. As a result, we recognized an after-tax non-cash impairment charge of $750 ($781 pre-tax) related to our Goodwill for the year ended December 31, 2021.

Intangible Assets, Net

Intangible assets, net were $177 at December 31, 2023, all of which relate to our Print and Other segment. Intangible assets were comprised of the following:


		December 31, 2023						December 31, 2022
	Weighted Average Amortization	Gross Carrying Amount		Accumulated Amortization		Net Amount		Gross Carrying Amount		Accumulated Amortization		Net Amount
Customer relationships	10 years	$	200	$	92	$	108	$	214	$	85	$	129
Distribution network	25 years	123		118		5		123		113		10
Trademarks	18 years	209		147		62		201		135		66
Technology and non-compete	3 years	13		11		2		15		12		3
Total Intangible Assets		$	545	$	368	$	177	$	553	$	345	$	208

Excluding the impact of future acquisitions, amortization expense is expected to approximate $39 in 2024 and $32 in 2025, 2026, 2027 and in 2028, respectively. Distribution network, technology and non-compete assets are expected to be fully amortized by 2025.

Supplementary Financial Information - Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Supplemental Financial Information [Abstract]
Cash and cash equivalents	$ 519	$ 1,045
Litigation deposits in Brazil	27	39
Escrow and cash collections related to secured borrowings and receivable sales	49	54
Other restricted cash	22	1
Total Restricted cash	98	94
Cash, cash equivalents and restricted cash	$ 617	$ 1,139	$ 1,909	$ 2,691

Finance Receivables, Net - Finance Receivables Credit Quality Indicators (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]
Loss rates of customers with low risk credit quality (percentage)	1.00%
Loss rates of customers with average credit risk credit quality, low range (percentage)	2.00%
Loss rates of customers with average credit risk credit quality, high range (percentage)	5.00%
Loss rates of customers with high credit risk credit quality, low range (percentage)	7.00%
Loss rates of customers with high credit risk credit quality, high range (percentage)	10.00%
Total Finance Receivables
2023	$ 1,095	$ 1,329
2022	687	889
2021	462	537
2020	244	334
2019	96	114
Prior	18	16
Total	2,602	3,219
Charge-offs
2023	8
2022	12
2021	8
2020	7
2019	3
Prior	6
Total Charge-offs	44
United States - Direct
Total Finance Receivables
2023	260	327
2022	122	210
2021	135	155
2020	88	99
2019	32	36
Prior	8	6
Total	645	833
Charge-offs
2023	1
2022	1
2021	1
2020	1
2019	1
Prior	2
Total Charge-offs	7
United States - Indirect
Total Finance Receivables
2023	259	481
2022	154	341
2021	95	173
2020	39	94
2019	13	25
Prior	0	1
Total	560	1,115
Charge-offs
2023	4
2022	3
2021	3
2020	2
2019	2
Prior	3
Total Charge-offs	17
Canada
Total Finance Receivables
2023	114	83
2022	65	53
2021	38	47
2020	26	32
2019	11	12
Prior	1	1
Total	255	228
Charge-offs
2023	0
2022	0
2021	0
2020	2
2019	0
Prior	1
Total Charge-offs	3
EMEA
Total Finance Receivables
2023	462	438
2022	346	285
2021	194	162
2020	91	109
2019	40	41
Prior	9	8
Total	1,142	1,043
Charge-offs
2023	3
2022	8
2021	4
2020	2
2019	0
Prior	0
Total Charge-offs	17
Low Credit Risk
Total Finance Receivables
2023	554	722
2022	334	458
2021	235	278
2020	122	173
2019	46	64
Prior	9	8
Total	1,300	1,703
Low Credit Risk \| United States - Direct
Total Finance Receivables
2023	122	173
2022	51	104
2021	61	80
2020	43	53
2019	17	23
Prior	3	2
Total	297	435
Low Credit Risk \| United States - Indirect
Total Finance Receivables
2023	136	249
2022	77	165
2021	48	91
2020	22	49
2019	6	12
Prior	0	1
Total	289	567
Low Credit Risk \| Canada
Total Finance Receivables
2023	45	31
2022	24	22
2021	16	17
2020	9	12
2019	4	5
Prior	0	0
Total	98	87
Low Credit Risk \| EMEA
Total Finance Receivables
2023	251	269
2022	182	167
2021	110	90
2020	48	59
2019	19	24
Prior	6	5
Total	616	614
Average Credit Risk
Total Finance Receivables
2023	470	491
2022	288	322
2021	181	184
2020	86	127
2019	38	38
Prior	5	5
Total	1,068	1,167
Average Credit Risk \| United States - Direct
Total Finance Receivables
2023	104	83
2022	35	36
2021	49	26
2020	23	28
2019	9	7
Prior	2	2
Total	222	182
Average Credit Risk \| United States - Indirect
Total Finance Receivables
2023	111	210
2022	69	156
2021	41	73
2020	15	40
2019	6	11
Prior	0	0
Total	242	490
Average Credit Risk \| Canada
Total Finance Receivables
2023	63	46
2022	36	25
2021	18	22
2020	12	16
2019	6	5
Prior	0	0
Total	135	114
Average Credit Risk \| EMEA
Total Finance Receivables
2023	192	152
2022	148	105
2021	73	63
2020	36	43
2019	17	15
Prior	3	3
Total	469	381
High Credit Risk
Total Finance Receivables
2023	71	116
2022	65	109
2021	46	75
2020	36	34
2019	12	12
Prior	4	3
Total	234	349
High Credit Risk \| United States - Direct
Total Finance Receivables
2023	34	71
2022	36	70
2021	25	49
2020	22	18
2019	6	6
Prior	3	2
Total	126	216
High Credit Risk \| United States - Indirect
Total Finance Receivables
2023	12	22
2022	8	20
2021	6	9
2020	2	5
2019	1	2
Prior	0	0
Total	29	58
High Credit Risk \| Canada
Total Finance Receivables
2023	6	6
2022	5	6
2021	4	8
2020	5	4
2019	1	2
Prior	1	1
Total	22	27
High Credit Risk \| EMEA
Total Finance Receivables
2023	19	17
2022	16	13
2021	11	9
2020	7	7
2019	4	2
Prior	0	0
Total	$ 57	$ 48

Debt - Credit Facility (Details) - USD ($) shares in Millions		1 Months Ended		7 Months Ended	12 Months Ended
	Sep. 28, 2023	Nov. 30, 2023	May 31, 2023	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Line of Credit Facility [Line Items]
Debt issuance costs, net				$ 1,000,000	$ 1,000,000
Debt value				284,000,000	284,000,000
Payments on long-term debt					1,874,000,000	$ 1,723,000,000	$ 519,000,000
Long-term debt, gross				3,311,000,000	3,311,000,000
Jefferies Finance \| Loan Facility
Line of Credit Facility [Line Items]
Expected life of loan	5 years
Loss on extinguishment of debt	$ 7,000,000
Debt value	$ 555,000,000
Payments on long-term debt		$ 555,000,000
Stated rate (percentage)	8.50%
Acquisition of treasury stock (in shares)	34
Revolving Credit Facility \| ABL Facility
Line of Credit Facility [Line Items]
Expected life of loan			5 years
Debt issuance costs, net			$ 7,000,000
Loss on extinguishment of debt			$ 1,000,000
Line of credit facility, maximum borrowing capacity				300,000,000	300,000,000
Line of credit facility, accordion feature, increase limit				250,000,000	250,000,000
Letter of credit, credit facility sub-facility, maximum borrowing amount				$ 100,000,000
Initial rate spread				0.10%
Debt amount				$ 0	0
Line of credit facility, current borrowing capacity				220,000,000	$ 220,000,000
Remaining minimum borrowing capacity base				$ 22,500,000
Remaining minimum borrowing capacity base percentage				10.00%
Revolving Credit Facility \| ABL Facility \| Fed Funds Effective Rate Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Initial rate spread				0.50%
Revolving Credit Facility \| ABL Facility \| SOFR
Line of Credit Facility [Line Items]
Initial rate spread				1.00%
Revolving Credit Facility \| ABL Facility \| SOFR \| Minimum
Line of Credit Facility [Line Items]
Initial rate spread				1.50%
Base rate (as percent)				0.00%
Revolving Credit Facility \| ABL Facility \| SOFR \| Maximum
Line of Credit Facility [Line Items]
Initial rate spread				2.00%
Revolving Credit Facility \| ABL Facility \| Alternate Base Rate (ABR) \| Minimum
Line of Credit Facility [Line Items]
Initial rate spread				0.50%
Revolving Credit Facility \| ABL Facility \| Alternate Base Rate (ABR) \| Maximum
Line of Credit Facility [Line Items]
Initial rate spread				1.00%
Revolving Credit Facility \| Credit Agreement
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity						$ 250,000,000
Secured Debt \| Term Loan B
Line of Credit Facility [Line Items]
Debt issuance costs, net		9,000,000
Debt value		550,000,000
Debt discount		17,000,000
Proceeds from issuance of debt		524,000,000
Long-term debt, gross		$ 550,000,000
Average interest rate				9.34%	9.34%
Prepayment premium period		6 months
Prepayment premium		1.00%
Secured Debt \| Term Loan B \| Fed Funds Effective Rate Overnight Index Swap Rate \| Term One
Line of Credit Facility [Line Items]
Initial rate spread		0.50%
Secured Debt \| Term Loan B \| SOFR \| Term One
Line of Credit Facility [Line Items]
Initial rate spread		1.00%
Secured Debt \| Term Loan B \| SOFR \| Minimum \| Term Two
Line of Credit Facility [Line Items]
Base rate (as percent)		0.50%
Secured Debt \| Term Loan B \| SOFR, Applicable Margin \| Term One
Line of Credit Facility [Line Items]
Initial rate spread		3.00%
Secured Debt \| Term Loan B \| SOFR, Applicable Margin \| Term Two
Line of Credit Facility [Line Items]
Initial rate spread		4.00%
Secured Debt \| Term Loan B \| Alternate Base Rate (ABR) \| Term Two
Line of Credit Facility [Line Items]
Initial rate spread		3.00%
Secured Debt \| Term Loan B - Year 2024 and 2025
Line of Credit Facility [Line Items]
Stated rate (percentage)		5.00%
Secured Debt \| Term Loan B - Year 2026
Line of Credit Facility [Line Items]
Stated rate (percentage)		7.50%
Secured Debt \| Term Loan B - Thereafter
Line of Credit Facility [Line Items]
Stated rate (percentage)		10.00%
Letter of Credit \| ABL Facility
Line of Credit Facility [Line Items]
Letters of credit				$ 0	$ 0

Loss per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Basic and Diluted Loss Per Share

The following table sets forth the computation of basic and diluted loss per share of Xerox Holdings Corporation's Common stock (shares in thousands):


	Year Ended December 31,
	2023		2022		2021
Basic Loss per Share:
Net Income (Loss)	$	1	$	(322)	$	(455)
Accrued dividends on preferred stock	(14)		(14)		(14)


Adjusted Net Loss attributable to common shareholders	$	(13)	$	(336)	$	(469)

Weighted average common shares outstanding	149,116		156,006		183,168




Basic Loss per Share	$	(0.09)	$	(2.15)	$	(2.56)

Diluted Loss per Share:
Net Income (Loss)	$	1	$	(322)	$	(455)
Accrued dividends on preferred stock	(14)		(14)		(14)



Adjusted Net Loss attributable to common shareholders	$	(13)	$	(336)	$	(469)

Weighted average common shares outstanding	149,116		156,006		183,168
Common shares issuable with respect to:
Stock options	—		—		—
Restricted stock and performance shares	—		—		—
Convertible preferred stock	—		—		—

Adjusted Weighted average common shares outstanding	149,116		156,006		183,168





Diluted Loss per Share	$	(0.09)	$	(2.15)	$	(2.56)

The following securities were not included in the computation of diluted earnings per share as they were either contingently issuable shares or shares that if included would have been anti-dilutive (shares in thousands):
Stock options	231		586		612
Restricted stock and performance shares	6,711		4,950		5,979
Convertible preferred stock	6,742		6,742		6,742

Total Anti-Dilutive Securities	13,684		12,278		13,333

Dividends per Common Share	$	1.00	$	1.00	$	1.00

Loss per Share - Anti-Dilutive Securities (Details) - $ / shares shares in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)													13,684	12,278	13,333
Dividends per common share (in dollars per share)	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 1.00	$ 1.00	$ 1.00
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)													231	586	612
Restricted stock and performance shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)													6,711	4,950	5,979
Convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)													6,742	6,742	6,742

Stock-Based Compensation - Stock-based Compensation Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Unrecognized Compensation	$ 71
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding at January 1 (in shares)	3,221	3,161	3,187
Outstanding at January 1 (in dollars per share)	$ 23.16	$ 25.26	$ 26.48
Granted (in shares)	3,382	2,444	1,513
Granted (in dollars per share)	$ 16.56	$ 21.75	$ 23.37
Vested (in shares)	(1,593)	(1,975)	(1,327)
Vested (in dollars per share)	$ 23.73	$ 24.56	$ 26.07
Forfeited/Expired (in shares)	(338)	(409)	(212)
Forfeited/Expired (in dollars per share)	$ 19.27	$ 24.20	$ 25.06
Outstanding at December 31 (in shares)	4,672	3,221	3,161
Outstanding at December 31 (in dollars per share)	$ 18.46	$ 23.16	$ 25.26
Unrecognized Compensation	$ 46
Remaining Weighted-Average Vesting Period (Years)	1 year 8 months 12 days
Restricted Stock Units \| Former CEO
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Accelerated vesting (in shares)		469
Special Retention Award
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Granted (in shares)	445
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding at January 1 (in shares)	1,729	2,818	2,425
Outstanding at January 1 (in dollars per share)	$ 28.38	$ 25.47	$ 26.67
Granted (in shares)	940	977	1,195
Granted (in dollars per share)	$ 22.97	$ 25.72	$ 24.67
Vested (in shares)	0	(644)	(672)
Vested (in dollars per share)	$ 0	$ 27.95	$ 28.08
Forfeited/Expired (in shares)	(630)	(1,422)	(130)
Forfeited/Expired (in dollars per share)	$ 33.86	$ 20.98	$ 26.92
Outstanding at December 31 (in shares)	2,039	1,729	2,818
Outstanding at December 31 (in dollars per share)	$ 24.18	$ 28.38	$ 25.47
Permanently adversely affected (in shares)		1,125
Unrecognized Compensation	$ 17
Remaining Weighted-Average Vesting Period (Years)	1 year 9 months 18 days
Performance Shares \| Former CEO
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Accelerated vesting (in shares)		644
Over-performance of 2018 PSU grant
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Granted (in shares)			60
Stock options
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Unrecognized Compensation	$ 8
Remaining Weighted-Average Vesting Period (Years)	3 years

Finance Receivables, Net

12 Months Ended

Dec. 31, 2023

Financing Receivable, after Allowance for Credit Loss [Abstract]

Finance Receivables, Net

Accounts Receivable, Net

Accounts receivable, net were as follows:


	December 31,
	2023		2022
Invoiced	$	710	$	698
Accrued (1)	204		211
Allowance for doubtful accounts	(64)		(52)
Accounts receivable, net	$	850	$	857

____________

(1)Accrued receivables includes amounts to be invoiced in the subsequent quarter for current services provided.

The allowance for doubtful accounts was as follows:


Balance at December 31, 2021	$	58
Provision	17
Charge-offs, net	(14)
Other(1)	(9)
Balance at December 31, 2022	$	52
Provision	22
Charge-offs, net	(17)
Other(1)	7
Balance at December 31, 2023	$	64

_____________

(1)Includes the impacts of foreign currency translation and adjustments to reserves necessary to reflect events of non-payment such as customer accommodations and contract terminations.

We perform ongoing credit evaluations of our customers and adjust credit limits based upon customer payment history and current creditworthiness. The allowance for uncollectible accounts receivable is determined based on an assessment of past collection experience as well as consideration of current and future economic conditions and changes in our customer collection trends. Based on that assessment the allowance for doubtful accounts as a percentage of gross receivables was 7.0% at December 31, 2023 and 5.7% at December 31, 2022. The increase in the allowance is primarily due to an increase in aged receivables in the U.S.

Accounts Receivable Sale Arrangements

We have one facility in Europe that enables us to sell accounts receivable associated with our distributor network on an ongoing basis, without recourse. Under this arrangement, we sell our entire interest in the related accounts receivable for cash and no portion of the payment is held back or deferred by the purchaser.

Of the accounts receivable sold and derecognized from our balance sheet, $99 and $159 remained uncollected as of December 31, 2023 and 2022, respectively.

Accounts receivable sales activity was as follows:


	Year Ended December 31,
	2023		2022		2021
Accounts receivable sales(1)	$	399	$	593	$	478

_____________

(1)Losses on sales were not material.

Finance Receivables, Net

Finance receivables include sales-type leases and installment loans arising from the sales of our equipment. These receivables are typically collateralized by a security interest in the underlying equipment.

Finance receivables, net were as follows:


	December 31,
	2023		2022
Gross receivables	$	2,899	$	3,593
Unearned income	(297)		(374)
Subtotal	2,602		3,219
Residual values	—		—
Allowance for doubtful accounts	(92)		(117)
Finance Receivables, Net	2,510		3,102
Less: Billed portion of finance receivables, net	71		93
Less: Current portion of finance receivables not billed, net	842		1,061
Finance Receivables Due After One Year, Net	$	1,597	$	1,948

A summary of our gross finance receivables' future contractual maturities, including those previously billed, is as follows:


	December 31,
	2023		2022
12 months	$	1,075	$	1,325
24 months	758		967
36 months	547		690
48 months	343		411
60 months	143		169
Thereafter	33		31
Total	$	2,899	$	3,593

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.

The risk characteristics in our finance receivable portfolio segments are generally consistent with the risk factors associated with the economies of the countries/regions included in those geographies. Since EMEA is comprised of various countries and regional economies, the risk profile within that portfolio segment is somewhat more diversified due to the varying economic conditions among and within the countries.

The net bad debt provision was $6 for the year ended December 31, 2023. This compares to the bad debt provision of $26 for the year ended December 31, 2022. The decrease in the bad debt provision was primarily due to a credit of $(12) related to a reserve release in the U.S. as the result of a favorable reassessment of the credit exposure on a large customer receivable balance after a contract amendment, which improved our credit position. In addition, the bad debt provision benefited from the sales of finance lease receivables and a lower balance of finance receivables in 2023 as compared to 2022. The allowance for credit losses as a percentage of net finance receivables before allowance was 3.5% at December 31, 2023 and 3.6% at December 31, 2022.

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 includes a review of current portfolio credit metrics and the level of write-offs incurred over the past year. We believe our current reserve position remains sufficient to cover expected future losses that may result from current and future macroeconomic conditions including higher inflation, interest rates and the potential for recessions in the geographic areas of our customers. We continue to monitor developments in future economic conditions and trends, and as a result, our reserves may need to be updated in future periods.

The allowance for credit losses as well as the related investment in finance receivables were as follows:


Allowance for Credit Losses:	United States		Canada		EMEA(1)		Total
Balance at December 31, 2021	$	77	$	11	$	30	$	118
Provision	20		(2)		8		26
Charge-offs, net	(15)		(3)		(8)		(26)
Other(2)	1		1		(3)		(1)

Balance at December 31, 2022	$	83	$	7	$	27	$	117
Provision	(8)		1		13		6
Charge-offs, net	(17)		(3)		(14)		(34)
Other(2)	—		2		1		3

Balance at December 31, 2023	$	58	$	7	$	27	$	92
Finance Receivables Collectively Evaluated for Impairment:
December 31, 2022(3)	$	1,948	$	228	$	1,043	$	3,219
December 31, 2023(3)	$	1,205	$	255	$	1,142	$	2,602

_____________

(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 $92 and $117 at December 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. Loss rates in this category in the normal course are generally less than 1%.

•Average Credit Risk: This rating includes accounts with average credit risk that are more susceptible to loss in the event of adverse business or economic conditions. Although we experience higher loss rates associated with this customer class, we believe the risk is somewhat mitigated by the fact that our leases are fairly well dispersed across a large and diverse customer base. In addition, the higher loss rates are largely offset by the higher rates of return we obtain with such leases. Loss rates in this category in the normal course are generally in the range of 2% to 5%.

•High Credit Risk: This rating includes accounts that have marginal credit risk such that the customer’s ability to make repayment is impaired or may likely become impaired. We use numerous strategies to mitigate risk including higher rates of interest, prepayments, personal guarantees, etc. Accounts in this category include customers who were downgraded during the term of the lease from low and average credit risk evaluation when the lease was originated. Accordingly, there is a distinct possibility for a loss of principal and interest or customer default. The loss rates in this category in the normal course are generally in the range of 7% to 10%.

Credit quality indicators are updated at least annually, or more frequently to the extent required by economic conditions, and the credit quality of any given customer can change during the life of the portfolio.

Details about our finance receivables portfolio based on geography, origination year and credit quality indicators are as follows:


	December 31, 2023
	2023		2022		2021		2020		2019		Prior		Total Finance Receivables
United States (Direct):
Low Credit Risk	$	122	$	51	$	61	$	43	$	17	$	3	$	297
Average Credit Risk	104		35		49		23		9		2		222
High Credit Risk	34		36		25		22		6		3		126
Total	$	260	$	122	$	135	$	88	$	32	$	8	$	645
Charge-offs	$	1	$	1	$	1	$	1	$	1	$	2	$	7

United States (Indirect):
Low Credit Risk	$	136	$	77	$	48	$	22	$	6	$	—	$	289
Average Credit Risk	111		69		41		15		6		—		242
High Credit Risk	12		8		6		2		1		—		29
Total	$	259	$	154	$	95	$	39	$	13	$	—	$	560
Charge-offs	$	4	$	3	$	3	$	2	$	2	$	3	$	17

Canada
Low Credit Risk	$	45	$	24	$	16	$	9	$	4	$	—	$	98
Average Credit Risk	63		36		18		12		6		—		135
High Credit Risk	6		5		4		5		1		1		22
Total	$	114	$	65	$	38	$	26	$	11	$	1	$	255
Charge-offs	$	—	$	—	$	—	$	2	$	—	$	1	$	3

EMEA(1)
Low Credit Risk	$	251	$	182	$	110	$	48	$	19	$	6	$	616
Average Credit Risk	192		148		73		36		17		3		469
High Credit Risk	19		16		11		7		4		—		57
Total	$	462	$	346	$	194	$	91	$	40	$	9	$	1,142
Charge-offs	$	3	$	8	$	4	$	2	$	—	$	—	$	17

Total Finance Receivables
Low Credit Risk	$	554	$	334	$	235	$	122	$	46	$	9	$	1,300
Average Credit Risk	470		288		181		86		38		5		1,068
High Credit Risk	71		65		46		36		12		4		234
Total	$	1,095	$	687	$	462	$	244	$	96	$	18	$	2,602
Total Charge-offs	$	8	$	12	$	8	$	7	$	3	$	6	$	44


	December 31, 2022
	2022		2021		2020		2019		2018		Prior		Total Finance Receivables
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:


	December 31, 2023
	Current		31-90 Days Past Due		>90 Days Past Due		Total Billed		Unbilled		Total Finance Receivables		>90 Days and Accruing






Direct	$	24	$	6	$	5	$	35	$	610	$	645	$	41
Indirect	16		3		3		22		538		560		—
Total United States	40		9		8		57		1,148		1,205		41
Canada	6		1		1		8		247		255		10





EMEA (1)	7		2		1		10		1,132		1,142		10

Total	$	53	$	12	$	10	$	75	$	2,527	$	2,602	$	61


	December 31, 2022
	Current		31-90 Days Past Due		>90 Days Past Due		Total Billed		Unbilled		Total Finance Receivables		>90 Days and Accruing






Direct	$	30	$	6	$	6	$	42	$	791	$	833	$	47
Indirect	27		6		4		37		1,078		1,115		—
Total United States	57		12		10		79		1,869		1,948		47
Canada	5		1		—		6		222		228		6





EMEA(1)	9		2		1		12		1,031		1,043		12

Total	$	71	$	15	$	11	$	97	$	3,122	$	3,219	$	65

_____________

(1)Includes developing market countries.

Sales of Receivables

In December 2022, the Company entered into a finance receivables funding agreement with an affiliate of HPS Investment Partners (HPS) pursuant to which the Company agreed to offer for sale, and HPS agreed to purchase, certain eligible pools of finance receivables on a monthly basis in transactions structured as "true sales at law," and bankruptcy remote transfers and we have received an opinion to that effect from outside legal counsel. Accordingly, the receivables sold are derecognized from our financial statements and HPS does not have recourse back to the Company for uncollectible receivables.

During the second quarter 2023, the finance receivables funding agreement with HPS was amended to expand the pools of finance receivables eligible for sale and to include the sale of the underlying leased equipment to HPS. The commission paid by HPS was also accordingly amended to cover the value associated with the underlying equipment being sold to HPS. The company retained a first right of refusal to repurchase the underlying equipment at the end of the lease term, to the extent offered for sale by HPS, at its then fair value.

The amended finance receivables funding agreement automatically renews each year for a one-year period, unless terminated by either the Company or HPS. Additionally, the Company will continue to service the lease receivables for a specified fee and will also be paid a commission on lease receivables sold under the finance receivables funding agreement.

Of the finance receivables sold and derecognized from our balance sheet, $994 and $60 remained uncollected as of December 31, 2023 and 2022, respectively.

Finance receivable sales activity was as follows:


	Year Ended December 31,
	2023		2022
Finance receivable sales - net proceeds(1)	$	1,102	$	60
Gain on sale/Commissions(2)(3)	25		2

Servicing revenue(2)	$	9	$	—

_____________

(1)Cash proceeds were reported in Net cash provided by operating activities.

(2)Recorded in Services, maintenance and rentals as Other Revenue. Amounts include revenues associated with the sale of the underlying leased equipment.

(3)The year ended December 31, 2023 includes $4 of revenues associated with the sale of the underlying leased equipment and which are expected to be paid over the term of the agreements.

Secured Borrowings and Collateral

In 2022 and 2021 we sold certain finance receivables to consolidated special purpose entities included in our Consolidated Balance Sheet as collateral for secured loans.

Refer to Note 15 - Debt, for additional information related to these arrangements.

Income and Other Taxes - Income Tax Expense (Benefit), Current Deferred, by Jurisdiction (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Current federal tax expense (benefit)	$ 21	$ (5)	$ 33
Deferred federal income tax expense (benefit)	(65)	(16)	(61)
Current foreign tax expense	18	23	29
Deferred foreign income tax expense (benefit)	21	(2)	(20)
Current state tax expense	0	6	10
Deferred state income tax (benefit) expense	(24)	(9)	(8)
Income Tax Benefit	$ (29)	$ (3)	$ (17)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Segment Reporting - Reportable Segments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total Segment profit		$ 275	$ 375
Goodwill impairment	$ 0	(412)	(781)
Restructuring and related costs, net	(167)	(65)	(38)
Amortization of intangible assets	(43)	(42)	(55)
PARC donation	(132)	0	0
Accelerated share vesting	0	(21)	0
Other expenses, net	(75)	(60)	27
Total Pre-tax (loss)	(28)	(325)	(472)
Depreciation and amortization	251	270	327
Amortization of acquired intangible assets	43	42	55
Total Interest expense	198	199	207
Interest income	207	218	225
Operating Segments
Segment Reporting Information [Line Items]
Total Segment profit	389	275	375
Depreciation and amortization	208	228	272
Total Interest expense	130	108	111
Interest income	191	207	221
Corporate
Segment Reporting Information [Line Items]
Total Interest expense	68	91	96
Interest income	$ 16	$ 11	$ 4

Financial Instruments - Foreign Exchange Risk Management (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Summary of Foreign Exchange Hedging Positions [Abstract]
Average maturity of foreign exchange hedging contracts - within three months (percentage)	94.00%
Average maturity of foreign exchange hedging contracts - within three months and six months (percentage)	3.00%
Average maturity of foreign exchange hedging contracts - within six and twelve months (percentage)	3.00%
Gross Notional Value	$ 1,396	$ 1,541
Fair Value Asset	0
Euro/U.K. Pound Sterling
Summary of Foreign Exchange Hedging Positions [Abstract]
Gross Notional Value	385	297
U.S. Dollar/Euro
Summary of Foreign Exchange Hedging Positions [Abstract]
Gross Notional Value	359	127
Euro/Canadian Dollar
Summary of Foreign Exchange Hedging Positions [Abstract]
Gross Notional Value	169	131
Euro/U.S. Dollar
Summary of Foreign Exchange Hedging Positions [Abstract]
Gross Notional Value	150	70
Japanese Yen/U.S. Dollar
Summary of Foreign Exchange Hedging Positions [Abstract]
Gross Notional Value	113	389
Japanese Yen/Euro
Summary of Foreign Exchange Hedging Positions [Abstract]
Gross Notional Value	60	250
U.S. Dollar/Canadian Dollar
Summary of Foreign Exchange Hedging Positions [Abstract]
Gross Notional Value	0	53
Swedish Krona/Euro
Summary of Foreign Exchange Hedging Positions [Abstract]
Gross Notional Value	0	49
Euro/Swedish Krona
Summary of Foreign Exchange Hedging Positions [Abstract]
Gross Notional Value	0	45
U.K. Pound Sterling/Euro
Summary of Foreign Exchange Hedging Positions [Abstract]
Gross Notional Value	36	0
Euro/Danish Krone
Summary of Foreign Exchange Hedging Positions [Abstract]
Gross Notional Value	25	0
Canadian Dollar/Euro
Summary of Foreign Exchange Hedging Positions [Abstract]
Gross Notional Value	24	0
All Other
Summary of Foreign Exchange Hedging Positions [Abstract]
Gross Notional Value	75	130
Foreign Exchange Contract
Summary of Foreign Exchange Hedging Positions [Abstract]
Fair Value Asset	2	8
Foreign Exchange Contract \| Euro/U.K. Pound Sterling
Summary of Foreign Exchange Hedging Positions [Abstract]
Fair Value Asset	3	6
Foreign Exchange Contract \| U.S. Dollar/Euro
Summary of Foreign Exchange Hedging Positions [Abstract]
Fair Value Asset	(3)	(1)
Foreign Exchange Contract \| Euro/Canadian Dollar
Summary of Foreign Exchange Hedging Positions [Abstract]
Fair Value Asset	0	0
Foreign Exchange Contract \| Euro/U.S. Dollar
Summary of Foreign Exchange Hedging Positions [Abstract]
Fair Value Asset	1	0
Foreign Exchange Contract \| Japanese Yen/U.S. Dollar
Summary of Foreign Exchange Hedging Positions [Abstract]
Fair Value Asset	1	3
Foreign Exchange Contract \| Japanese Yen/Euro
Summary of Foreign Exchange Hedging Positions [Abstract]
Fair Value Asset	0	(1)
Foreign Exchange Contract \| U.S. Dollar/Canadian Dollar
Summary of Foreign Exchange Hedging Positions [Abstract]
Fair Value Asset	0	1
Foreign Exchange Contract \| Swedish Krona/Euro
Summary of Foreign Exchange Hedging Positions [Abstract]
Fair Value Asset	0	0
Foreign Exchange Contract \| Euro/Swedish Krona
Summary of Foreign Exchange Hedging Positions [Abstract]
Fair Value Asset	0	0
Foreign Exchange Contract \| U.K. Pound Sterling/Euro
Summary of Foreign Exchange Hedging Positions [Abstract]
Fair Value Asset	0	0
Foreign Exchange Contract \| Euro/Danish Krone
Summary of Foreign Exchange Hedging Positions [Abstract]
Fair Value Asset	0	0
Foreign Exchange Contract \| Canadian Dollar/Euro
Summary of Foreign Exchange Hedging Positions [Abstract]
Fair Value Asset	0	0
Foreign Exchange Contract \| All Other
Summary of Foreign Exchange Hedging Positions [Abstract]
Fair Value Asset	0	0
Cash Flow Hedging \| Designated as Hedging Instrument
Summary of Foreign Exchange Hedging Positions [Abstract]
Derivative assets (liabilities), at fair value, net	$ (2)	$ (4)

Basis of Presentation	12 Months Ended
Basis of Presentation	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation References to “Xerox Holdings” refer to Xerox Holdings Corporation and its consolidated subsidiaries while references to “Xerox” refer to Xerox Corporation and its consolidated subsidiaries. References herein to “we,” “us,” “our,” and the “Company” refer collectively to both Xerox Holdings and Xerox unless the context suggests otherwise. References to “Xerox Holdings Corporation” refer to the stand-alone parent company and do not include its subsidiaries. References to “Xerox Corporation” refer to the stand-alone company and do not include its subsidiaries. The accompanying Consolidated Financial Statements and footnotes represent the respective consolidated results and financial results of Xerox Holdings and Xerox and all respective companies that each registrant directly or indirectly controls, either through majority ownership or otherwise. This is a combined report of Xerox Holdings and Xerox, which includes separate Consolidated Financial Statements for each registrant. The accompanying Consolidated Financial Statements of both Xerox Holdings and Xerox have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). Notes to the Consolidated Financial Statements reflect the activity for both Xerox Holdings and Xerox for all periods presented, unless otherwise noted. Description of Business Currently, Xerox Holdings' primary direct operating subsidiary is Xerox and therefore Xerox represents nearly all of Xerox Holdings' operations. Xerox is a global enterprise for workplace technology that integrates hardware, services and software for large to small enterprises. As customers seek to manage information and document workflows across digital and physical platforms, we deliver secure and sustainable document management solutions. We provide advanced document technology, services, software for a range of customers including small and mid-sized businesses, large enterprises, governments and graphic communications providers, and for our partners who serve them. Xerox serves customers globally in North America, Central and South America, Brazil, Europe, Eurasia, the Middle East, Africa and India. Xerox Holdings' other direct subsidiary, Xerox Ventures LLC, was established in 2021 solely to invest in startups and early/mid-stage growth companies aligned with the Company’s innovation focus areas and targeted adjacencies. The investments are normally equity or equity-linked and for less than 20% ownership. Since the investments normally do not have readily determinable fair values, they are accounted for under the measurement alternative per ASC Topic 321-10-35-2. Xerox Ventures LLC had investments of approximately $26 and $21 at December 31, 2023 and 2022, respectively. In January 2024, Myriad Ventures Fund I LP was established, and Xerox Ventures LLC investments were transferred to this new entity, which will continue to be fully consolidated by Xerox Holdings. Basis of Consolidation All significant intercompany accounts and transactions have been eliminated. Investments in business entities in which we do not have control, but we have the ability to exercise significant influence over operating and financial policies (generally 20% to 50% ownership) are accounted for using the equity method of accounting. Operating results of acquired businesses are included in the Consolidated Statements of Income (Loss) from the date of acquisition. We consolidate variable interest entities if we are deemed to be the primary beneficiary of the entity. Operating results for variable interest entities in which we are determined to be the primary beneficiary are included in the Consolidated Statements of Income (Loss) from the date such determination is made. For convenience and ease of reference, we refer to the financial statement caption “Loss before Income Taxes” as “pre-tax loss” throughout the Notes to the Consolidated Financial Statements. Certain reclassifications have been made to the amounts for prior years in order to conform to the current year’s presentation. Use of Estimates The preparation of our Consolidated Financial Statements requires that we make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Future events and their effects cannot be predicted with certainty; accordingly, our accounting estimates require the exercise of judgment. The accounting estimates used in the preparation of our Consolidated Financial Statements will change as new events occur, as more experience is acquired, as additional information is obtained and as our operating environment changes. Our estimates are based on management's best available information including current events, historical experience, actions that the company may undertake in the future and on various other assumptions that are believed to be reasonable under the circumstances. As a result, actual results may be different from these estimates. In the ordinary course of accounting for the items discussed above, we make changes in estimates as appropriate and as we become aware of new or revised circumstances surrounding those estimates. Such changes and refinements in estimation methodologies are reflected in reported results of operations in the period in which the changes are made and, if material, their effects are disclosed in the Notes to the Consolidated Financial Statements and in Management's Discussion and Analysis of Financial Condition and Results of Operations.

Inventories and Equipment on Operating Leases, Net - Equipment on Operating Leases and Related Accumulated Depreciation (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Inventories and Equipment on Operating Leases, Net [Abstract]
Equipment on operating leases	$ 1,074	$ 1,163
Accumulated depreciation	(809)	(928)
Equipment on operating leases, net	$ 265	$ 235

Schedule II Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II Valuation and Qualifying Accounts

Xerox Holdings Corporation

Schedule II Valuation and Qualifying Accounts

Receivables - Allowance for Doubtful Accounts:


(in millions)	Balance at beginning of period		Additions charged to bad debt provision (1)		Amounts charged to other income statement accounts (1)		Deductions and other, net of recoveries (2)		Balance at end of period
Year Ended December 31, 2023
Accounts Receivable	$	52	$	22	$	6	$	(16)	$	64
Finance Receivables	117		6		2		(33)		92
	$	169	$	28	$	8	$	(49)	$	156

Year Ended December 31, 2022
Accounts Receivable	$	58	$	17	$	(9)	$	(14)	$	52
Finance Receivables	118		26		2		(29)		117
	$	176	$	43	$	(7)	$	(43)	$	169

Year Ended December 31, 2021
Accounts Receivable	$	69	$	8	$	1	$	(20)	$	58
Finance Receivables	133		(1)		4		(18)		118
	$	202	$	7	$	5	$	(38)	$	176

_____________

(1)Bad debt provisions relate to estimated losses due to credit and similar collectibility issues. Other charges (credits) relate to adjustments to reserves necessary to reflect events of non-payment such as customer accommodations and contract terminations.

(2)Deductions and other, net of recoveries primarily relates to receivable write-offs, but also includes the impact of foreign currency translation adjustments and recoveries of previously written off receivables.

Deferred Tax Asset Valuation Allowances:


(in millions)	Balance at beginning of period		Additions charged to income tax expense (benefit)	Amounts credited to other accounts (1)	Balance at end of period
Year Ended December 31, 2023	$	366	(4)	13	$	375

Year Ended December 31, 2022	$	357	7	2	$	366

Year Ended December 31, 2021	$	396	(9)	(30)	$	357

_____________

(1)

Xerox Corporation

Schedule II Valuation and Qualifying Accounts

Receivables - Allowance for Doubtful Accounts:


(in millions)	Balance at beginning of period		Additions charged to bad debt provision (1)		Amounts charged to other income statement accounts (1)		Deductions and other, net of recoveries (2)		Balance at end of period
Year Ended December 31, 2023
Accounts Receivable	$	52	$	22	$	6	$	(16)	$	64
Finance Receivables	117		6		2		(33)		92
	$	169	$	28	$	8	$	(49)	$	156

Year Ended December 31, 2022
Accounts Receivable	$	58	$	17	$	(9)	$	(14)	$	52
Finance Receivables	118		26		2		(29)		117
	$	176	$	43	$	(7)	$	(43)	$	169

Year Ended December 31, 2021
Accounts Receivable	$	69	$	8	$	1	$	(20)	$	58
Finance Receivables	133		(1)		4		(18)		118
	$	202	$	7	$	5	$	(38)	$	176

_____________

Deferred Tax Asset Valuation Allowances:


(in millions)	Balance at beginning of period		Additions charged to income tax expense (benefit)	Amounts credited to other accounts (1)	Balance at end of period
Year Ended December 31, 2023	$	366	(4)	13	$	375

Year Ended December 31, 2022	$	357	7	2	$	366

Year Ended December 31, 2021	$	396	(9)	(30)	$	357

_____________

(1)Reflects other increases (decreases) to our valuation allowance, including the effects of currency. These did not affect Income tax benefit in total as there was a corresponding adjustment to Deferred tax assets or Other comprehensive (loss) income.

Xerox Holdings Corporation Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit loss, current	$ 64	$ 52
Billed portion of finance receivables, allowance	4	4
Finance receivables due after one year, allowance	$ 88	$ 113

Xerox Holdings Corporation Consolidated Balance Sheets - USD ($) shares in Thousands, $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 519	$ 1,045
Accounts receivable (net of allowance of $64 and $52, respectively)	850	857
Billed portion of finance receivables (net of allowance of $4 and $4, respectively)	71	93
Finance receivables, net	842	1,061
Inventories	661	797
Other current assets	234	254
Total current assets	3,177	4,107
Finance receivables due after one year (net of allowance of $88 and $113, respectively)	1,597	1,948
Equipment on operating leases, net	265	235
Land, buildings and equipment, net	266	320
Intangible assets, net	177	208
Goodwill, net	2,747	2,820
Deferred tax assets	745	582
Other long-term assets	1,034	1,323
Total Assets	10,008	11,543
Liabilities and Equity
Short-term debt and current portion of long-term debt	567	860
Accounts payable	1,044	1,331
Accrued compensation and benefits costs	306	258
Accrued expenses and other current liabilities	862	881
Total current liabilities	2,779	3,330
Long-term debt	2,710	2,866
Pension and other benefit liabilities	1,216	1,175
Post-retirement medical benefits	171	184
Other long-term liabilities	360	411
Total Liabilities	7,236	7,966
Commitments and Contingencies (See Note 20)
Noncontrolling Interests (See Note 6)	10	10
Convertible Preferred Stock	214	214
Common stock	123	156
Additional paid-in capital	1,114	1,588
Retained earnings	4,977	5,136
Accumulated other comprehensive loss	(3,676)	(3,537)
Xerox Holdings shareholders’ equity	2,538	3,343
Noncontrolling interests	10	10
Total Equity	2,548	3,353
Total Liabilities and Equity	$ 10,008	$ 11,543
Shares of Common Stock Issued (in shares)	123,144	155,781
Shares of Common Stock Outstanding (in shares)	123,144	155,781

Employee Benefit Plans - Plan Amendments (Details) £ in Millions, $ in Millions	1 Months Ended			12 Months Ended
	Apr. 30, 2023 USD ($)	Apr. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2023 GBP (£)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Increase to PBO		$ 72
U.K.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Pension award payment percentage	6.50%	7.50%
Increase to PBO	$ 36
Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Cost before equalization				$ 22		£ 17
Pension Plan \| United States
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Increase to PBO				0	$ 0
Pension Plan \| Non-U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Increase to PBO				36	72
Retiree Health
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Increase to PBO				$ (3)	(26)
Retiree Health \| United States
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Accumulated benefit obligation, decrease for plan amendment			$ 50		$ 30

Lessee (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Components of Lease Expense

The components of lease expense are as follows:


	Year Ended December 31,
	2023		2022		2021
Operating lease expense	$	83	$	97	$	104
Short-term lease expense	16		17		20
Variable lease expense(1)	53		49		48
Sublease income	(1)		(5)		(4)

Total Lease expense	$	151	$	158	$	168

_____________

(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.

Schedule of Operating Leases Assets and Liabilities

Operating lease ROU assets, net and operating lease liabilities were reported in the Consolidated Balance Sheets as follows:


	December 31,
	2023		2022
Other long-term assets	$	172	$	215

Accrued expenses and other current liabilities	$	41	$	68
Other long-term liabilities	141		161
Total Operating lease liabilities	$	182	$	229

Schedule of Supplemental Information Related to Operating Leases

Supplemental information related to operating leases is as follows:


	Year Ended December 31,
	2023			2022			2021
Cash paid for amounts included in the measurement of lease liabilities - Operating cash flows	$	91		$	101		$	109
Right-of-use assets obtained in exchange for new lease liabilities (1)	$	23		$	45		$	41
Weighted-average remaining lease term	4 years			4 years			5 years
Weighted-average discount rate	6.07		%	5.19		%	4.67		%

_____________

(1)Includes the impact of new leases as well as remeasurements and modifications to existing leases.

Schedule of Maturities and Additional Information Related to Operating Lease Liabilities

Maturities and additional information related to operating lease liabilities are as follows:


	December 31, 2023

12 months	$	62
24 months	47
36 months	39
48 months	22
60 months	17
Thereafter	21
Total Lease payments	208
Less: Imputed interest	26
Total Operating lease liabilities	$	182

Employee Benefit Plans - Assumptions (Details)	12 Months Ended
Employee Benefit Plans - Assumptions (Details)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Retiree Health
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate assumptions used to determine benefit obligations (percentage)		4.70%	5.00%	2.70%
Discount rate assumptions used to determine net periodic benefit costs (percentage)		5.00%	2.70%	2.20%
Retiree Health \| Forecasted
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate assumptions used to determine net periodic benefit costs (percentage)	4.70%
United States \| Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate assumptions used to determine benefit obligations (percentage)		4.90%	5.10%	2.70%
Rate of compensation increase assumptions used to determine benefit obligation (percentage)		0.00%	0.00%	0.10%
Interest crediting rate used to determine benefit obligation (percentage)		4.50%	4.50%	2.80%
Discount rate assumptions used to determine net periodic benefit costs (percentage)		5.10%	2.70%	2.20%
Expected return on plan assets assumptions used to determine net periodic benefit cost (percentage)		8.10%	5.90%	5.90%
Rate of compensation increase assumptions used to determine net periodic benefit cost (percentage)		0.00%	0.10%	0.10%
Interest crediting rate used to determine net periodic benefit cost (percentage)		4.50%	2.50%	2.80%
United States \| Pension Plan \| Forecasted
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate assumptions used to determine net periodic benefit costs (percentage)	4.90%
Expected return on plan assets assumptions used to determine net periodic benefit cost (percentage)	8.10%
Rate of compensation increase assumptions used to determine net periodic benefit cost (percentage)	0.00%
Interest crediting rate used to determine net periodic benefit cost (percentage)	4.50%
Non-U.S. \| Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate assumptions used to determine benefit obligations (percentage)		4.10%	4.50%	1.80%
Rate of compensation increase assumptions used to determine benefit obligation (percentage)		2.70%	2.90%	2.80%
Interest crediting rate used to determine benefit obligation (percentage)		2.50%	2.10%	1.50%
Discount rate assumptions used to determine net periodic benefit costs (percentage)		4.50%	1.80%	1.30%
Expected return on plan assets assumptions used to determine net periodic benefit cost (percentage)		4.30%	3.20%	3.10%
Rate of compensation increase assumptions used to determine net periodic benefit cost (percentage)		2.90%	2.80%	2.60%
Interest crediting rate used to determine net periodic benefit cost (percentage)		2.10%	1.50%	1.50%
Non-U.S. \| Pension Plan \| Forecasted
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate assumptions used to determine net periodic benefit costs (percentage)	4.10%
Expected return on plan assets assumptions used to determine net periodic benefit cost (percentage)	4.30%
Rate of compensation increase assumptions used to determine net periodic benefit cost (percentage)	2.70%
Interest crediting rate used to determine net periodic benefit cost (percentage)	2.50%

Xerox Holdings Corporation Consolidated Statements of Income (Loss) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues
Total Revenues	$ 6,886	$ 7,107	$ 7,038
Costs and Expenses
Cost of financing	130	108	111
Research, development and engineering expenses	229	304	310
Selling, administrative and general expenses	1,696	1,760	1,718
Goodwill impairment	0	412	781
Restructuring and related costs, net	167	65	38
Amortization of intangible assets	43	42	55
PARC donation	132	0	0
Other expenses, net	75	60	(27)
Total Costs and Expenses	6,914	7,432	7,510
Loss before Income Taxes	(28)	(325)	(472)
Income tax benefit	(29)	(3)	(17)
Net Income (Loss)	1	(322)	(455)
Less: Preferred stock dividends, net	(14)	(14)	(14)
Net Loss Attributable to Common Shareholders	$ (13)	$ (336)	$ (469)
Basic Loss per Share (in dollars per share)	$ (0.09)	$ (2.15)	$ (2.56)
Diluted Loss per Share (in dollars per share)	$ (0.09)	$ (2.15)	$ (2.56)
Sales
Revenues
Total Revenues	$ 2,720	$ 2,800	$ 2,582
Costs and Expenses
Cost of goods and services sold	1,778	2,002	1,862
Services, maintenance and rentals
Revenues
Total Revenues	3,975	4,100	4,235
Costs and Expenses
Cost of goods and services sold	2,664	2,679	2,662
Financing
Revenues
Total Revenues	$ 191	$ 207	$ 221

Xerox Corporation Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Accounts receivable, allowance for credit loss, current	$ 64	$ 52
Billed portion of finance receivables, allowance	4	4
Finance receivables due after one year, allowance	88	113
Xerox Corporation
Accounts receivable, allowance for credit loss, current	64	52
Billed portion of finance receivables, allowance	4	4
Finance receivables due after one year, allowance	$ 88	$ 113

Acquisitions and Divestitures

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Acquisitions and Divestitures

Acquisitions

The following table summarizes the purchase price allocations for our acquisitions as of the acquisition dates:


	Year Ended December 31, 2022		Year Ended December 31, 2021
		Weighted-Average Life	Acquisitions		Weighted-Average Life	Acquisitions
Accounts/finance receivables			$	29		$	5
Intangible assets:
Customer relationships		10 years	41		9 years	27
Trademarks		5 years	7		5 years	3
Technology			—		3 years	1

Goodwill(1)			62			25
Other assets			30			4
Total Assets acquired			169			65
Liabilities assumed(2)			(76)			(12)
Total Cash Purchase Price			$	93		$	53

_____________

(1)Goodwill from 2022 acquisitions included approximately $20 of goodwill that is expected to be deductible for tax purposes.

(2)Liabilities assumed in 2022 acquisitions included estimated contingent consideration liabilities of approximately $11.

2023 Acquisitions

There were no material business acquisitions during 2023.

2022 Acquisitions

During 2022, Xerox acquired two businesses that totaled $93, net of cash acquired.

In February 2022, Xerox acquired Powerland, a leading IT services provider in Canada, for approximately $52 (CAD 66 million), net of cash. The acquisition also included contingent consideration up to approximately $22 (CAD 28 million) based on future performance of the acquisition over the two-year period following the date of acquisition. Approximately $11 was accrued as part of the purchase price reflecting the estimated fair value payout for this element. During 2023 $6 of contingent consideration was paid. The acquisition strengthened Xerox’s IT services offerings in North America, which include cloud, cybersecurity, end user computing and managed services.

In July 2022, Xerox acquired Go Inspire, a U.K.-based print and digital marketing and communication services provider, for approximately $41 (GBP 34 million), net of cash. The acquisition strengthened Xerox’s strategy to grow its global Digital Services presence in EMEA.

The Goodwill associated with both acquisitions is included in our Print and Other segment.

2021 Acquisitions

In 2021, Xerox continued its strategy of focusing on further penetrating the small-to-medium sized business (SMB) market through acquisitions of local area resellers and partners, including multi-brand dealers as well as companies with an adjacent or sole IT services business. During 2021, we acquired businesses associated with this initiative that totaled $50, net of cash acquired, which included an office equipment dealer in Canada for approximately $31, as well as two acquisitions in the U.S. for approximately $19. 2021 also included smaller acquisitions totaling approximately $3.

The Goodwill associated with these acquisitions is included in our Print and Other segment.

Summary

Our acquisitions in 2022 and 2021 resulted in 100% ownership of the acquired companies. The operating results of these acquisitions were not material to our financial statements and were included within our results from the respective acquisition dates. The purchase prices were all cash, with the exception of the Powerland acquisition in 2022, which included a contingent consideration element.

Revenue Impact

Our acquisitions contributed aggregate revenues from their respective acquisition dates as follows:


	Year Ended December 31,
Acquisition Year	2023		2022		2021
2023	$	—	$	—	$	—
2022	215		163		—
2021	42		37		19
Total Contributed Aggregate Revenue	$	257	$	200	$	19

Investments

ServiceNow Inc. Investment in CareAR

In August 2021, in connection with Xerox Holdings Corporation's formation of the CareAR software business, ServiceNow, Inc. acquired a noncontrolling interest in CareAR Holdings LLC for $10. CareAR Holdings LLC is a direct operating subsidiary of Xerox Corporation and includes Xerox’s XMPie, Inc., DocuShare LLC and CareAR, Inc. business units. ServiceNow’s investment includes a fair value redemption right, which is contingent on the non-occurrence of a future liquidity event (e.g., sale, public offering, spin-off, etc.) within 6 years of the closing of the investment. As a result of this contingent redemption right, we classified ServiceNow’s noncontrolling interest in CareAR Holdings LLC as temporary equity within Xerox’s Consolidated Balance Sheet.

Divestitures

Donation of Palo Alto Research Center (PARC)

In April 2023, Xerox completed the donation of its Palo Alto Research Center (PARC) subsidiary to Stanford Research Institute International (SRI), a nonprofit research institute. The donation enables Xerox to focus on its core businesses and prioritize growth through its business technology solutions for customers in Print, as well as Digital Services and IT Services. The donation also allows PARC to reach its full potential through SRI’s resources and deep-tech expertise that will enable PARC to focus exclusively on the development of pioneering innovative technologies. The majority of patents held by PARC will be retained by Xerox with a perpetual license to use those patents being provided to SRI. Xerox, at its option, will also continue to receive certain research services from SRI. The donation resulted in a net charge of $132 in the second quarter 2023, which includes allocated Goodwill of $115, the carrying value of the net assets associated with PARC being donated of $13, and approximately $4 of other costs and expenses related to the donation. The allocation of Goodwill was based on the relative fair value of the PARC business to the total fair value for the Print and Other Segment/Reporting Unit, which it was part of prior to the donation. The estimated fair values of the PARC business as well as the Print and Other reporting unit are based on estimates and assumptions that are considered Level 3 inputs under the fair value hierarchy. Xerox also recorded a net income tax benefit of $40 related to the donation for a net after-tax loss on the donation of $92.

Other Comprehensive (Loss) Income (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Other Comprehensive Income (Loss)

Other Comprehensive (Loss) Income is comprised of the following:


	Year Ended December 31,
	2023				2022				2021
	Pre-tax		Net of Tax		Pre-tax		Net of Tax		Pre-tax		Net of Tax



Net Translation Adjustments Gains (Losses)	$	191	$	191	$	(376)	$	(376)	$	(145)	$	(141)

Unrealized (Losses) Gains
Changes in fair value of cash flow hedges losses	(18)		(16)		(35)		(27)		(12)		(9)
Changes in cash flow hedges reclassed to earnings(1)	18		17		35		26		7		5
Other losses	—		—		(1)		(1)		—		—
Net Unrealized Gains (Losses)	—		1		(1)		(2)		(5)		(4)

Defined Benefit Plans (Losses) Gains
Net actuarial/prior service (losses) gains	(400)		(300)		(373)		(284)		537		409
Prior service amortization/curtailment(2)	(10)		(8)		(18)		(14)		(72)		(54)
Actuarial loss amortization/settlement(2)	35		26		88		66		132		99

Other (losses) gains(3)	(49)		(49)		62		61		35		35

Changes in Defined Benefit Plans (Losses) Gains	(424)		(331)		(241)		(171)		632		489

Other Comprehensive (Loss) Income	$	(233)	$	(139)	$	(618)	$	(549)	$	482	$	344

_____________

(1)Reclassified to Cost of sales - refer to Note 16 - Financial Instruments for additional information regarding our cash flow hedges.

(2)Reclassified to Total Net Periodic Benefit Cost - refer to Note 18 - Employee Benefit Plans for additional information.

(3)Primarily represents currency impact on cumulative amount of benefit plan net actuarial losses and prior service credits in AOCL.

Schedule of Accumulated Other Comprehensive Loss

AOCL is comprised of the following:


	December 31,
	2023		2022		2021
Cumulative translation adjustments	$	(2,046)	$	(2,237)	$	(1,861)
Other unrealized losses, net	(3)		(4)		(2)
Benefit plans net actuarial losses and prior service credits	(1,627)		(1,296)		(1,125)
Total Accumulated Other Comprehensive Loss	$	(3,676)	$	(3,537)	$	(2,988)

Debt - Senior Notes (Details) - USD ($) $ in Millions	1 Months Ended
Debt - Senior Notes (Details) - USD ($) $ in Millions	Feb. 28, 2021	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total Long-term Debt		$ 2,710	$ 2,866
Xerox Corporation \| Related Party
Debt Instrument [Line Items]
Total Long-term Debt		1,497	1,496
2025 And 2028 Senior Notes \| Senior Notes \| Xerox Corporation
Debt Instrument [Line Items]
Proceeds, net of fees and expenses	$ 1,494
Interest payable		30	30
2025 And 2028 Senior Notes \| Senior Notes \| Xerox Corporation \| Related Party
Debt Instrument [Line Items]
Total Long-term Debt		$ 1,497	$ 1,496

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Restructuring Programs - Related Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]
Related costs, net	$ 21	$ 3	$ 11
Retention-related severance/bonuses
Restructuring Cost and Reserve [Line Items]
Related costs, net	(2)	0	6
Contractual severance costs
Restructuring Cost and Reserve [Line Items]
Related costs, net	0	3	1
Consulting and other costs
Restructuring Cost and Reserve [Line Items]
Related costs, net	$ 23	$ 0	$ 4

- Definition

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+ References + Details

Cover Page - USD ($)

12 Months Ended

Dec. 31, 2023

Jan. 31, 2024

Jun. 30, 2023

Entity Information [Line Items]

Document Type

10-K

Document Annual Report

true

Document Period End Date

Dec. 31, 2023

Current Fiscal Year End Date

--12-31

Document Transition Report

false

Entity Registrant Name

XEROX HOLDINGS CORPORATION

Entity Incorporation, State or Country Code

Entity File Number

001-39013

Entity Tax Identification Number

83-3933743

Entity Address, Address Line One

P.O. Box 4505, 201 Merritt 7

Entity Address, City or Town

Norwalk

Entity Address, State or Province

Entity Address, Postal Zip Code

06851-1056

City Area Code

203

Local Phone Number

849-5216

Title of 12(b) Security

Common Stock, $1 par value

Trading Symbol

XRX

Security Exchange Name

NASDAQ

Entity Well-known Seasoned Issuer

Yes

Entity Voluntary Filers

Entity Current Reporting Status

Yes

Entity Interactive Data Current

Yes

Entity Filer Category

Large Accelerated Filer

Entity Small Business

false

Entity Emerging Growth Company

false

ICFR Auditor Attestation Flag

true

Document Financial Statement Error Correction [Flag]

false

Entity Shell Company

false

Entity Public Float

$ 2,339,287,628

Entity Common Stock, Shares Outstanding

124,182,606

Documents Incorporated by Reference


Document						Part of Form 10-K in Which Incorporated
Xerox Holdings Corporation Notice of 2024 Annual Meeting of Shareholders and Proxy Statement (to be filed no later than 120 days after the close of the fiscal year covered by this report on Form 10-K)						III

Entity Central Index Key

0001770450

Document Fiscal Year Focus

2023

Document Fiscal Period Focus

Amendment Flag

false

Xerox Corporation

Entity Information [Line Items]

Entity Registrant Name

XEROX CORPORATION

Entity Incorporation, State or Country Code

Entity File Number

001-04471

Entity Tax Identification Number

16-0468020

Entity Well-known Seasoned Issuer

Yes

Entity Voluntary Filers

Entity Current Reporting Status

Yes

Entity Interactive Data Current

Yes

Entity Filer Category

Non-accelerated Filer

Entity Small Business

false

Entity Emerging Growth Company

false

ICFR Auditor Attestation Flag

true

Document Financial Statement Error Correction [Flag]

false

Entity Shell Company

false

Entity Central Index Key

0000108772

Stock-Based Compensation - Performance Share Units (Details) - Performance Shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock-Based Compensation Details [Line Items]
Weighting of measurement components (percentage)	100.00%	100.00%	100.00%
Earnings per share
Stock-Based Compensation Details [Line Items]
Weighting of measurement components (percentage)	0.00%	50.00%	0.00%
Revenue
Stock-Based Compensation Details [Line Items]
Weighting of measurement components (percentage)	0.00%	0.00%	25.00%
Free cash flow
Stock-Based Compensation Details [Line Items]
Weighting of measurement components (percentage)	0.00%	0.00%	25.00%
Relative total shareholder return
Stock-Based Compensation Details [Line Items]
Weighting of measurement components (percentage)	100.00%	0.00%	0.00%
Absolute share price
Stock-Based Compensation Details [Line Items]
Weighting of measurement components (percentage)	0.00%	50.00%	50.00%

- Definition

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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Stock-Based Compensation - Payouts (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
75th and above
Stock-Based Compensation Details [Line Items]
Payout (percent of target)	200.00%
$30.00 and above
Stock-Based Compensation Details [Line Items]
Payout (percent of target)		200.00%
Total Return Targets (in dollars per share)		$ 30.00
$33.00 and above
Stock-Based Compensation Details [Line Items]
Payout (percent of target)			200.00%
Total Return Targets (in dollars per share)			$ 33.00
50th
Stock-Based Compensation Details [Line Items]
Payout (percent of target)	100.00%
25
Stock-Based Compensation Details [Line Items]
Payout (percent of target)		100.00%
Total Return Targets (in dollars per share)		$ 25.00
30
Stock-Based Compensation Details [Line Items]
Payout (percent of target)			100.00%
Total Return Targets (in dollars per share)			$ 30.00
25th
Stock-Based Compensation Details [Line Items]
Payout (percent of target)	50.00%
20
Stock-Based Compensation Details [Line Items]
Payout (percent of target)		50.00%
Total Return Targets (in dollars per share)		$ 20.00
27
Stock-Based Compensation Details [Line Items]
Payout (percent of target)			50.00%
Total Return Targets (in dollars per share)			$ 27.00
Below 25th
Stock-Based Compensation Details [Line Items]
Payout (percent of target)	0.00%
Below $20.00
Stock-Based Compensation Details [Line Items]
Payout (percent of target)		0.00%
Total Return Targets (in dollars per share)		$ 20.00
Below $27.00
Stock-Based Compensation Details [Line Items]
Payout (percent of target)			0.00%
Total Return Targets (in dollars per share)			$ 27.00

Lessee - Maturities and Additional Information Related to Operating Lease Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
12 months	$ 62
24 months	47
36 months	39
48 months	22
60 months	17
Thereafter	21
Total Lease payments	208
Less: Imputed interest	26
Total Operating lease liabilities	$ 182	$ 229

Employee Benefit Plans - Defined Benefit Plans Measured Using Significant Unobservable Inputs Level 3 (Details) - Pension Plan - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	$ 6,112
Fair value of plan assets - ending	6,190	$ 6,112
U.S.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	1,518	2,544
Fair value of plan assets - ending	1,528	1,518
U.S. \| Real estate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	70
Fair value of plan assets - ending	59	70
U.S. \| Private equity/venture capital
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	202
Fair value of plan assets - ending	157	202
U.S. \| Guaranteed Insurance Contracts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	0
Fair value of plan assets - ending	0	0
U.S. \| Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	57
Fair value of plan assets - ending	47	57
U.S. \| Level 3 \| Real estate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	57	51
Purchases	0	0
Sales	(13)	(2)
Unrealized gains (losses)	3	8
Currency translation	0	0
Fair value of plan assets - ending	47	57
U.S. \| Level 3 \| Private equity/venture capital
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	0
Fair value of plan assets - ending	0	0
U.S. \| Level 3 \| Guaranteed Insurance Contracts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	0
Fair value of plan assets - ending	0	0
Non-U.S.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	4,594	7,252
Fair value of plan assets - ending	4,662	4,594
Non-U.S. \| Real estate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	215
Fair value of plan assets - ending	176	215
Non-U.S. \| Private equity/venture capital
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	1,093
Fair value of plan assets - ending	315	1,093
Non-U.S. \| Guaranteed Insurance Contracts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	483
Fair value of plan assets - ending	2,481	483
Non-U.S. \| Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	631	243
Purchases	1,951	569
Sales	(19)	(24)
Unrealized gains (losses)	(40)	(142)
Currency translation	68	(15)
Fair value of plan assets - ending	2,591	631
Non-U.S. \| Level 3 \| Real estate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	144	164
Purchases	0	0
Sales	(16)	(19)
Unrealized gains (losses)	(31)	(10)
Currency translation	9	9
Fair value of plan assets - ending	106	144
Non-U.S. \| Level 3 \| Private equity/venture capital
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	4	4
Purchases	0	0
Sales	0	0
Unrealized gains (losses)	0	1
Currency translation	0	(1)
Fair value of plan assets - ending	4	4
Non-U.S. \| Level 3 \| Guaranteed Insurance Contracts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of plan assets - beginning	483	75
Purchases	1,951	569
Sales	(3)	(5)
Unrealized gains (losses)	(9)	(133)
Currency translation	59	(23)
Fair value of plan assets - ending	$ 2,481	$ 483

Income and Other Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income Before Income Tax, Domestic and Foreign

Loss before income taxes was as follows:


	Year Ended December 31,
	2023		2022		2021
Domestic loss	$	(89)	$	(319)	$	(341)
Foreign income (loss)	61		(6)		(131)
Loss before Income Taxes	$	(28)	$	(325)	$	(472)

Schedule of Components of Income Tax Expense (Benefit)

The components of Income tax benefit were as follows:


	Year Ended December 31,
	2023		2022		2021
Federal Income Taxes
Current	$	21	$	(5)	$	33
Deferred	(65)		(16)		(61)
Foreign Income Taxes
Current	18		23		29
Deferred	21		(2)		(20)
State Income Taxes
Current	—		6		10
Deferred	(24)		(9)		(8)
Income Tax Benefit	$	(29)	$	(3)	$	(17)

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the U.S. federal statutory income tax rate to the consolidated effective income tax rate was as follows:


	Year Ended December 31,
	2023		2022		2021
U.S. federal statutory income tax rate	21.0	%	21.0	%	21.0	%
Nondeductible expenses	(32.2)	%	(3.6)	%	(1.9)	%
Effect of tax law changes	—	%	0.1	%	3.1	%
Change in valuation allowance for deferred tax assets	15.6	%	(2.2)	%	2.0	%
State taxes, net of federal benefit	(21.9)	%	0.3	%	(0.6)	%
Audit and other tax return adjustments	83.0	%	(1.6)	%	5.6	%
Tax-exempt income, credits and incentives	59.0	%	8.7	%	4.5	%
Foreign rate differential adjusted for U.S. taxation of foreign profits(1)	(32.3)	%	(0.1)	%	(0.9)	%
Stock-based compensation	(13.0)	%	(0.6)	%	(0.2)	%
Goodwill impairment	—	%	(22.0)	%	(29.1)	%
Divestitures	25.3	%	—	%	—	%
Other	(0.9)	%	0.9	%	0.1	%
Effective Income Tax Rate	103.6	%	0.9	%	3.6	%

_____________

(1)The “U.S. taxation of foreign profits” represents the U.S. tax, net of foreign tax credits, associated with actual and deemed repatriations of earnings from our non-U.S. subsidiaries.

Schedule of Allocation of Income Tax Expense (Benefit)

Total income tax expense was allocated to the following items:


	Year Ended December 31,
	2023		2022		2021
Pre-tax loss	$	(29)	$	(3)	$	(17)



Common shareholders' equity:
Changes in defined benefit plans	93		70		143

Cash flow hedges	1		(1)		(1)
Translation adjustments	—		—		(4)

Total Income Tax Expense	$	65	$	66	$	121

Schedule of Unrecognized Tax Benefits Rollforward

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


	2023		2022		2021
Balance at January 1	$	110	$	107	$	115
Additions related to current year	1		3		7
Additions related to prior years positions	57		4		—
Reductions related to prior years positions	(14)		—		(14)
Settlements with taxing authorities(1)	(13)		—		7
Reductions related to lapse of statute of limitations	(2)		(3)		(7)
Currency	1		(1)		(1)

Balance at December 31	$	140	$	110	$	107

_____________

(1)The majority of settlements did not result in the utilization of cash.

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred taxes were as follows:


	December 31,
	2023		2021
Deferred Tax Assets
Research and development	$	225	$	204
Post-retirement medical benefits	50		54

Net operating losses	384		380
Operating reserves, accruals and deferrals	215		173
Tax credit carryforwards	106		122
Deferred and share-based compensation	40		26
Pension	147		97

Operating lease liabilities	43		49
Other	57		33
Subtotal	1,267		1,138
Valuation allowance	(375)		(366)
Total	$	892	$	772

Deferred Tax Liabilities
Finance lease and installment sales	$	36	$	72

Intangibles and goodwill	116		115
Unremitted earnings of foreign subsidiaries	25		26
Operating lease ROU assets	41		46
Other	24		26
Total	$	242	$	285

Total Deferred Taxes, Net	$	650	$	487

Reconciliation to the Consolidated Balance Sheets
Deferred tax assets	$	745	$	582
Deferred tax liabilities(1)	(95)		(95)
Total Deferred Taxes, Net	$	650	$	487

_____________

(1)Represents the deferred tax liabilities recorded in Other long-term liabilities - refer to Note 14 - Supplementary Financial Information.

Basis of Presentation (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Minimum \| Xerox Holdings Corporation
Product Information [Line Items]
Ownership percentage	20.00%
Maximum \| Xerox Holdings Corporation
Product Information [Line Items]
Ownership percentage	50.00%
Xerox Ventures LLC
Product Information [Line Items]
Investments in and advance to affiliates, subsidiaries, associates, and joint ventures	$ 26	$ 21

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Acquisitions and Divestitures - Schedule of Acquisitions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill, net	$ 2,820	$ 3,287	$ 2,747	$ 4,071
2022 Acquisitions
Business Acquisition [Line Items]
Accounts/finance receivables	29
Goodwill, net	62
Other assets	30
Total Assets acquired	169
Liabilities assumed	(76)
Total Cash Purchase Price	93
Amount expected to be deductible for tax purposes	20
Contingent consideration	$ 11
2021 Acquisitions
Business Acquisition [Line Items]
Accounts/finance receivables		5
Goodwill, net		25
Other assets		4
Total Assets acquired		65
Liabilities assumed		(12)
Total Cash Purchase Price		$ 53
Customer relationships \| 2022 Acquisitions
Business Acquisition [Line Items]
Intangible assets, weighted average life (years)	10 years
Intangible assets	$ 41
Customer relationships \| 2021 Acquisitions
Business Acquisition [Line Items]
Intangible assets, weighted average life (years)		9 years
Intangible assets		$ 27
Trademarks \| 2022 Acquisitions
Business Acquisition [Line Items]
Intangible assets, weighted average life (years)	5 years
Intangible assets	$ 7
Trademarks \| 2021 Acquisitions
Business Acquisition [Line Items]
Intangible assets, weighted average life (years)		5 years
Intangible assets		$ 3
Technology \| 2022 Acquisitions
Business Acquisition [Line Items]
Intangible assets	$ 0
Technology \| 2021 Acquisitions
Business Acquisition [Line Items]
Intangible assets, weighted average life (years)		3 years
Intangible assets		$ 1

Finance Receivables, Net - Sales of Receivables (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, after Allowance for Credit Loss [Abstract]
Automatic extension period	1 year
Finance receivables sold and derecognized, remaining uncollectable	$ 994	$ 60

Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt

Short-term borrowings were as follows:


	December 31,
	2023		2022


Short-term debt and current portion of long-term debt
Xerox Holdings Corporation	$	—	$	—
Xerox Corporation	323		300
Xerox - Other Subsidiaries(1)	244		560
Total	$	567	$	860

_____________

(1)Represents subsidiaries of Xerox Corporation.

We classify our debt based on the contractual maturity dates of the underlying debt instruments or as of the earliest put date available to the debt holders. We defer costs associated with debt issuance over the applicable term, or to the first put date in the case of convertible debt or debt with a put feature. These costs are amortized as interest expense in our Consolidated Statements of Income (Loss).

Long-term debt was as follows:


					December 31,
	Stated Rate		Weighted Average Interest Rates at December 31, 2023(1)		2023		2022
Xerox Holdings Corporation







Senior Notes due 2025	5.00	%	4.95	%	$	750	$	750
Senior Notes due 2028	5.50	%	5.40	%	750		750
Subtotal - Xerox Holdings Corporation					$	1,500	$	1,500
Xerox Corporation






Senior Notes due 2023(2)	4.38	%	4.63	%	$	—	$	300
Senior Notes due 2024	3.80	%	3.84	%	300		300
Term Loan B due 2029(3)	9.34	%	9.65	%	550		—
Senior Notes due 2035	4.80	%	4.84	%	250		250
Senior Notes due 2039	6.75	%	6.78	%	350		350
Subtotal - Xerox Corporation					$	1,450	$	1,200
Xerox - Other Subsidiaries(3)
United States					$	102	$	790
Canada					77		57
France					182		195
Subtotal Xerox - Other Subsidiaries					$	361	$	1,042









Principal debt balance					$	3,311	$	3,742
Xerox Holdings Corporation - Debt issuance costs					(6)		(9)
Xerox Corporation - Debt issuance costs					(12)		(4)
Xerox - Other subsidiaries - Debt issuance costs					(1)		(5)
Subtotal - Debt issuance costs					$	(19)	$	(18)
Unamortized (discount) premium					(15)		2



Less: current maturities					(567)		(860)
Total Long-term Debt					$	2,710	$	2,866

_____________

(1)Represents the weighted average effective interest rate, which includes the effect of discounts and premiums on issued debt.

(2)As a result of the downgrade of our debt ratings in February 2022, the coupon rate of 4.375% increased by 0.25% to 4.625% effective March 15, 2022.

(3)Represent secured borrowings of Xerox Corporation and its Other subsidiaries. Refer to the Secured Borrowings and Collateral section below for additional information regarding the secured borrowings of Other subsidiaries, which are secured by finance receivables..

Scheduled principal payments due on our long-term debt for the next five years and thereafter are as follows:


	2024(1)		2025		2026		2027		2028		Thereafter		Total
Xerox Holdings Corporation	$	—	$	750	$	—	$	—	$	750	$	—	$	1,500
Xerox Corporation	328		27		41		55		55		944		1,450
Xerox - Other Subsidiaries(2)	244		102		15		—		—		—		361
Total	$	572	$	879	$	56	$	55	$	805	$	944	$	3,311

_____________

(1)Current portion of long-term debt maturities for 2024 are $113, $378, $41 and $40 for the first, second, third and fourth quarters, respectively.

(2)Represents subsidiaries of Xerox Corporation.

Xerox Holdings Corporation/Xerox Corporation Intercompany Loan

In February 2021, Xerox Holdings Corporation and Xerox Corporation entered into an Intercompany Loan agreement for the net proceeds of $1,494 contributed by Xerox Holdings Corporation to Xerox Corporation in 2020. The contribution was the result of the net debt proceeds Xerox Holdings Corporation received in connection with the issuance of the Senior Notes.

The intercompany loan was established to mirror the terms of Xerox Holdings Corporation’s 2025 and 2028 Senior Notes, including interest rates and payment dates. The intercompany interest expense also includes a ratable amount to reimburse Xerox Holdings Corporation for its debt issuance costs and premium.

At December 31, 2023 and 2022, the balance of the Intercompany Loan reported in Xerox Corporation’s Consolidated Balance Sheet was $1,497 and $1,496, respectively, which is net of related debt issuance costs, and the intercompany interest payable was $30 and $30, respectively.

Revolving Credit Facility

In May 2023, Xerox Corporation, as borrower, its parent company, Xerox Holdings Corporation, and certain of its subsidiaries, as guarantors, entered into a five-year asset-based revolving credit agreement (the ABL Facility) with Citibank, N.A., as administrative and collateral agent and several participating lending banks including Citibank N.A. The aggregate outstanding principal amount of the ABL is payable in full at maturity on May 22, 2028, and there are no scheduled principal payments prior to maturity. We deferred approximately $7 of debt issuance costs in connection with the ABL Facility, which will be amortized over the five-year term. Our previous $250 Revolving Credit Facility due July 2024 was terminated prior to entering into the ABL Facility and resulted in a debt extinguishment loss of approximately $1 related to the write-off of deferred debt issuance costs.

Under the ABL Facility, Xerox Corporation may borrow up to the lesser of (x) $300 and (y) a borrowing base calculated based on working capital amounts (Accounts receivable and Inventories) of the loan parties thereunder as set forth in the ABL Facility. The ABL Facility includes an uncommitted accordion feature that allows Xerox Corporation to increase the facility by a total of up to $250, subject to obtaining additional commitments from existing lenders or new lending institutions. The ABL Facility also includes a $100 letter of credit subfacility. Xerox Corporation's borrowings under the ABL Facility are supported by guarantees from Xerox Holdings Corporation and certain of Xerox Corporation's Canadian and English subsidiaries (and, within a specified period following the closing date of the TLB - see below - certain U.S., German and Belgian subsidiaries), and by security interests in substantially all of the working capital assets of Xerox Corporation, Xerox Holdings Corporation, and such Canadian and English subsidiaries (and, within a specified period following the closing date of the TLB (see below), substantially all assets of Xerox Corporation, Xerox Holdings Corporation and such U.S., Canadian and English subsidiaries (subject to certain exceptions and limitations set forth in the TLB), and all finance lease receivables of such German and Belgian subsidiaries).

At Xerox Corporation’s election, the loans under the ABL Facility will bear interest at either:

(1)a fluctuating rate per annum equal to the highest of (A) Citibank’s base rate, (B) a rate of 0.5% in excess of the “NYFRB” rate, and (C) a rate of 1.0% in excess of one-month Term SOFR, provided that such fluctuating rate shall not be less than 0.0%, in each case plus an applicable margin (the loans bearing interest at such fluctuating rate, “ABR Loans”); or

(2)the one-, three-, or six-month period or (as agreed to by the Agent and the Lenders) such other period, as selected by the Xerox Corporation, per annum Term SOFR (plus a 0.10% credit spread adjustment), provided that such rate shall not be less than 0.0%, plus an applicable margin (the loans bearing interest at such rate “Term SOFR Loans”).

The applicable margin for ABR loans ranges from 0.5% to 1.0% depending on the Company’s average excess availability. The applicable margin for Term SOFR loans from 1.5% to 2.0% depending on the Company’s average daily excess availability.

At December 31, 2023, there were no borrowings under the ABL Facility, and no letters of credits were issued under the facility. During 2023, maximum borrowings under the ABL Facility were $220.

The ABL Facility requires the Company to comply with a fixed charge coverage ratio of 1X, as defined in the ABL Facility, measured as of the last day of each fiscal quarter during which excess availability is less than an amount equal to the greater of (A) $22.5 and (B) 10% of the Line Cap (the lesser of the aggregate amount of Revolving Commitments and the then-applicable Borrowing Base). Based on the excess availability at December 31, 2023, the fixed charge coverage ratio measurement was not applicable. The ABL Facility also contains negative covenants governing dividends, investments, indebtedness, and other matters customary for similar facilities. As of December 31, 2023, we were in full compliance with all covenants under the ABL Facility and no Event of Default (as such term is defined in the ABL Facility) had occurred.

If an event of default occurs under the ABL Facility, the entire principal amount outstanding, together with all accrued unpaid interest and other amounts owed in respect thereof, may be declared immediately due and payable, subject, in certain instances, to the expiration of applicable cure periods.

Term Loan B Credit Facility

In November 2023, Xerox Corporation, as borrower, and its parent company, Xerox Holdings Corporation, and certain of Xerox’s subsidiaries, as guarantors, entered into a first lien term loan Credit Agreement with Jefferies Finance LLC (Jefferies Finance), as Administrative Agent and Collateral Agent, and a syndicate of Lenders providing for a first lien senior secured term loan credit facility (the Term Loan B or “TLB”) to Xerox Corporation of $550, which was fully extended as term loans to Xerox Corporation at closing. The term loans under this facility

included an aggregate Original Issue Discount (OID) of $17 and debt issuance costs of $9 resulting in net proceeds of approximately $524. The OID and debt issuance costs were accordingly deferred and will be amortized over the term of the Loans.

The proceeds of the term loans were used to repay in full the bridge Loan Facility of $555 extended to Xerox under a credit agreement, dated as of September 28, 2023, entered into with Jefferies Finance as Administrative Agent, Collateral Agent and Lender. The Loan Facility was a 5-year agreement with a final maturity date of September 28, 2028 and bore interest at an annual rate of 8.50%. The proceeds from that bridge loan were used to finance the repurchase of an aggregate of approximately 34 million shares of the Company’s common stock from Carl C. Icahn and certain of his affiliates pursuant to the terms of a related purchase agreement as disclosed in Note 22 – Shareholders’ Equity. The repayment of the Loan Facility resulted in a debt extinguishment loss of $7 primarily related to the write-off of deferred debt issuance costs.

Xerox’s obligations under the TLB are supported by, (i) on the closing date thereof, guarantees from the Company and certain of Xerox’s U.S., Canadian and English subsidiaries, and security interests in substantially all of the assets of Xerox, the Company, and such U.S., Canadian and English subsidiaries (subject to certain exceptions and limitations set forth in the TLB), and (ii) within a specified period following such closing date, guarantees from certain of Xerox’s German and Belgium subsidiaries, and security interests in the finance lease receivables of such German and Belgium subsidiaries. Liens in favor of the Lenders under the TLB are subject to an intercreditor agreement entered into on the Closing Date with the Administrative Agent and Collateral Agent under Xerox’s existing ABL Facility, dated as of May 22, 2023.

At Xerox’s election, the term loans will bear interest at a per annum rate of either (1) a fluctuating rate equal to the highest of (A) a rate of 0.5% in excess of the “NYFRB” rate, (B) the “prime rate” and (C) a rate of 1.0% in excess of one-month Term SOFR, plus an applicable margin of 3.00%, or (2) Term SOFR for a one-, three- or six-month interest period or (as agreed to by the Agent and the Lenders) such other period, as selected by the company (provided that such rate shall not be less than 0.50%), plus an applicable margin of 4.00%, for Term SOFR term loans, or 3.00% for ABR term loans. Based on Xerox’s current elections, the $550 of term loans at December 31, 2023 currently bear interest at an average of 9.34% through January 31, 2024, at which time the interest rate will reset based on Xerox’s elections.

The term loans are repayable in full at maturity in November 2029 and amortize at a rate of 5% per annum in 2024 and 2025, 7.5% per annum in 2026 and 10% per annum thereafter. If the term loans are voluntarily prepaid in connection with a repricing transaction within six months of the closing date, a prepayment premium of 1% will apply.

If an event of default occurs under the TLB, the entire principal amount outstanding thereunder, together with all accrued unpaid interest and other amounts owing in respect thereof, may be declared immediately due and payable, subject, in certain instances, to the expiration of applicable cure periods. The TLB also contains customary excess cash flow and asset sale mandatory prepayments, reporting covenants and negative covenants governing dividends, investments, indebtedness, and other matters that are customary for similar term loan B facilities.

Secured Borrowings and Collateral

Over the past three years, we have entered into secured loan agreements with various financial institutions where we sold finance receivables and rights to payments under our equipment on operating leases. In certain transactions, the sales were made to special purpose entities (SPEs), owned and controlled by Xerox, where the SPEs funded the purchase through amortizing secured loans from the financial institutions. The loans have variable interest rates and expected lives of approximately 2.5 years, with half projected to be repaid within the first year based on collections of the underlying portfolio of receivables. For certain loans, we entered into interest rate hedge agreements to either fix or cap the interest rate over the life of the loan.

The sales of the receivables to the SPEs were structured as "true sales at law," and we 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 Consolidated Balance Sheets.


	Balance at December 31, 2023
	Finance Receivables, Net(1)		Equipment on Operating Leases, Net		Secured Debt(2)		Interest Rate(3)		Expected Maturity
United States(4)

January 2022	209		—		77		6.82	%	2024
September 2021	89		2		25		6.76	%	2024
Total U.S.	$	298	$	2	$	102

Canada(4)(5)
July 2023	$	86	$	—	$	77	6.74	%	2026



France(6)
November 2023	$	235	$	—	$	182	5.42	%	2026


Total	$	619	$	2	$	361


	Balance at 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(7)	$	370	$	—	$	247	7.43	%	2025
January 2022	528		—		407		5.83	%	2024
September 2021	180		5		136		5.65	%	2024
Total U.S.	$	1,078	$	5	$	790

Canada(4)
April 2022	$	63	$	—	$	57	5.45	%	2025


France
December 2022	$	235	$	—	$	195	3.03	%	2025


Total	$	1,376	$	5	$	1,042

_____________

(1)Includes (i) Billed portion of finance receivables, net (ii) Finance receivables, net and (iii) Finance receivables due after one year, net as included in the Consolidated Balance Sheets as of December 31, 2023 and 2022.

(2)Represents principal debt balance and excludes debt issuance costs of $1 and $5 as of December 31, 2023 and 2022, respectively.

(3)Represents the pre-hedged rate - refer to Note 16 - Financial Instruments for additional information regarding hedging of these borrowings.

(4)Secured assets and obligations held by SPEs.

(5)In July 2023, the outstanding balance from the April 2022 loan, was refinanced into a new loan, resulting in additional net proceeds of approximately $52.

(6)In November 2023, the outstanding balance from the December 2022 loan, was refinanced into a new loan, resulting in additional net proceeds of approximately $107.

(7)In the second quarter of 2023, we repaid the remaining balance of $185 early, and incurred a $2 loss on extinguishment.

Interest

Interest paid on our short-term and long-term debt amounted to $201, $201 and $203 for the years ended December 31, 2023, 2022 and 2021, respectively. Interest expense and interest income was as follows:


	Year Ended December 31,
	2023		2022		2021
Interest expense(1) (2)	$	198	$	199	$	207
Interest income(3)	207		218		225

_____________

(1)Includes Equipment financing interest as well as non-financing interest expense included in Other expenses, net in the Consolidated Statements of Income (Loss).

(2)Interest expense of Xerox Corporation included intercompany expense associated with the Xerox Holdings Corporation/Xerox Corporation Intercompany Loan of $80, $80 and $80 for the three years ended December 31, 2023, 2022 and 2021, respectively.

(3)Includes Finance income, as well as other interest income that is included in Other expenses, net in the Consolidated Statements of Income (Loss).

Equipment financing interest is determined based on an estimated cost of funds, applied against the estimated level of debt required to support our net finance receivables. The estimated cost of funds is based on the interest cost associated with actual borrowings determined to be in support of the leasing business. The estimated level of debt continues to be based on an assumed 7 to 1 leverage ratio of debt/equity as compared to our average finance receivable balance during the applicable period.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Debt - Interest (Details) $ in Millions	12 Months Ended
Debt - Interest (Details) $ in Millions	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Interest paid	$ 201	$ 201	$ 203
Interest expense	198	199	207
Interest income	$ 207	218	225
Assumed leverage ratio	7
2025 And 2028 Senior Notes \| Senior Notes \| Xerox Corporation
Debt Instrument [Line Items]
Interest expense	$ 80	$ 80	$ 80

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Restructuring Programs - Restructuring Related Asset Impairment Activity (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring and Related Activities [Abstract]
Lease right of use assets	$ 0	$ 2	$ 3
Owned assets	36	15	12
Asset impairments	36	17	15
Gain on sales of owned assets	0	(22)	(4)
Adjustments/Reversals	(4)	(1)	(2)
Net asset impairment charge (credit)	$ 32	$ (6)	$ 9

Other Comprehensive (Loss) Income

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Other Comprehensive (Loss) Income

Other Comprehensive (Loss) Income is comprised of the following:


	Year Ended December 31,
	2023				2022				2021
	Pre-tax		Net of Tax		Pre-tax		Net of Tax		Pre-tax		Net of Tax



Net Translation Adjustments Gains (Losses)	$	191	$	191	$	(376)	$	(376)	$	(145)	$	(141)

Unrealized (Losses) Gains
Changes in fair value of cash flow hedges losses	(18)		(16)		(35)		(27)		(12)		(9)
Changes in cash flow hedges reclassed to earnings(1)	18		17		35		26		7		5
Other losses	—		—		(1)		(1)		—		—
Net Unrealized Gains (Losses)	—		1		(1)		(2)		(5)		(4)

Defined Benefit Plans (Losses) Gains
Net actuarial/prior service (losses) gains	(400)		(300)		(373)		(284)		537		409
Prior service amortization/curtailment(2)	(10)		(8)		(18)		(14)		(72)		(54)
Actuarial loss amortization/settlement(2)	35		26		88		66		132		99

Other (losses) gains(3)	(49)		(49)		62		61		35		35

Changes in Defined Benefit Plans (Losses) Gains	(424)		(331)		(241)		(171)		632		489

Other Comprehensive (Loss) Income	$	(233)	$	(139)	$	(618)	$	(549)	$	482	$	344

_____________

(1)Reclassified to Cost of sales - refer to Note 16 - Financial Instruments for additional information regarding our cash flow hedges.

(2)Reclassified to Total Net Periodic Benefit Cost - refer to Note 18 - Employee Benefit Plans for additional information.

(3)Primarily represents currency impact on cumulative amount of benefit plan net actuarial losses and prior service credits in AOCL.

Accumulated Other Comprehensive Loss (AOCL)

AOCL is comprised of the following:


	December 31,
	2023		2022		2021
Cumulative translation adjustments	$	(2,046)	$	(2,237)	$	(1,861)
Other unrealized losses, net	(3)		(4)		(2)
Benefit plans net actuarial losses and prior service credits	(1,627)		(1,296)		(1,125)
Total Accumulated Other Comprehensive Loss	$	(3,676)	$	(3,537)	$	(2,988)

We utilize the aggregate portfolio approach for releasing disproportionate income tax effects from AOCL.

Employee Benefit Plans - Accumulated Benefit Obligation in Excess of Plan Assets (Details) - Pension Plan - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Accumulated Benefit Obligation	$ 2,752	$ 2,693
Fair Value of Plan Assets	1,568	1,556
Projected Benefit Obligation	2,758	2,698
Fair Value of Plan Assets	1,568	1,556
United States
Defined Benefit Plan Disclosure [Line Items]
Accumulated Benefit Obligation	2,389	2,345
Fair Value of Plan Assets	1,528	1,518
Projected Benefit Obligation	2,389	2,345
Fair Value of Plan Assets	1,528	1,518
Non-U.S.
Defined Benefit Plan Disclosure [Line Items]
Accumulated Benefit Obligation	363	348
Fair Value of Plan Assets	40	38
Projected Benefit Obligation	369	353
Fair Value of Plan Assets	40	38
Underfunded Plan \| United States
Defined Benefit Plan Disclosure [Line Items]
Accumulated Benefit Obligation	2,146	2,098
Fair Value of Plan Assets	1,528	1,518
Projected Benefit Obligation	2,146	2,098
Fair Value of Plan Assets	1,528	1,518
Underfunded Plan \| Non-U.S.
Defined Benefit Plan Disclosure [Line Items]
Accumulated Benefit Obligation	46	44
Fair Value of Plan Assets	40	38
Projected Benefit Obligation	47	45
Fair Value of Plan Assets	40	38
Unfunded Plan \| United States
Defined Benefit Plan Disclosure [Line Items]
Accumulated Benefit Obligation	243	247
Fair Value of Plan Assets	0	0
Projected Benefit Obligation	243	247
Fair Value of Plan Assets	0	0
Unfunded Plan \| Non-U.S.
Defined Benefit Plan Disclosure [Line Items]
Accumulated Benefit Obligation	317	304
Fair Value of Plan Assets	0	0
Projected Benefit Obligation	322	308
Fair Value of Plan Assets	$ 0	$ 0

Revenue (Tables)

12 Months Ended

Dec. 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:


	Year Ended December 31,
	2023		2022		2021
Primary geographical markets(1)
United States	$	3,826	$	4,014	$	3,982
Europe	1,951		1,935		2,023
Canada	554		545		398
Other	555		613		635
Total Revenues	$	6,886	$	7,107	$	7,038

Major product and services lines
Equipment	$	1,655	$	1,624	$	1,581
Supplies, paper and other sales	1,065		1,176		1,001
Maintenance agreements(2)	1,631		1,730		1,787
Service arrangements(3)	1,984		1,953		1,991
Rental and other	360		417		457
Financing	191		207		221

Total Revenues	$	6,886	$	7,107	$	7,038

Sales channels:

Direct equipment lease(4)	$	920	$	708	$	664
Distributors & resellers(5)	1,044		1,222		1,130
Customer direct	756		870		788
Total Sales	$	2,720	$	2,800	$	2,582

_____________

(1)Geographic area data is based upon the location of the subsidiary reporting the revenue.

(2)Includes revenues from maintenance agreements on sold equipment as well as revenues associated with service agreements sold through our channel partners.

(3)Primarily includes revenues from our Print outsourcing arrangements including revenues from embedded operating leases in those arrangements, which were not significant.

(4)Primarily reflects sales through bundled lease arrangements.

(5)Primarily reflects sales through our two-tier distribution channels.

Schedule of Capitalized Contract Cost

Changes in contract costs, net are as follows:



	2023		2022		2021
Balance at January 1st,	135		147		158
Customer contract costs deferred	70		65		66
Amortization of customer contract costs	(69)		(73)		(79)
Other(1)	—		(4)		2
Balance at December 31st,	$	136	$	135	$	147

_____________

(1)Includes currency.

Shareholders' Equity - Icahn Share Repurchase (Details) - USD ($) $ / shares in Units, shares in Millions		12 Months Ended
	Sep. 28, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Sep. 27, 2023
Stockholders' Equity Note [Abstract]
Stock repurchase program, number of shares authorized to be repurchased (in shares)	34
Share price (in dollars per share)					$ 15.84
Treasury stock acquired	$ 542,000,000	$ 553,000,000	$ 113,000,000	$ 888,000,000
Debt value		$ 284,000,000
Share repurchase cost	$ 11,000,000

Income and Other Taxes - Reconciliation of Statutory Tax Rate to Effective Tax Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
U.S. federal statutory income tax rate	21.00%	21.00%	21.00%
Nondeductible expenses	(32.20%)	(3.60%)	(1.90%)
Effect of tax law changes	0.00%	0.10%	3.10%
Change in valuation allowance for deferred tax assets	15.60%	(2.20%)	2.00%
State taxes, net of federal benefit	(21.90%)	0.30%	(0.60%)
Audit and other tax return adjustments	83.00%	(1.60%)	5.60%
Tax-exempt income, credits and incentives	59.00%	8.70%	4.50%
Foreign rate differential adjusted for U.S. taxation of foreign profits	(32.30%)	(0.10%)	(0.90%)
Stock-based compensation	(13.00%)	(0.60%)	(0.20%)
Goodwill impairment	0.00%	(22.00%)	(29.10%)
Divestitures	25.30%	0.00%	0.00%
Other	(0.90%)	0.90%	0.10%
Effective Income Tax Rate	103.60%	0.90%	3.60%
Income taxes to federal, foreign and state jurisdictions	$ 51	$ 50	$ 61

Goodwill, Net and Intangible Assets, Net - Intangible Assets Net (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 545	$ 553
Accumulated Amortization	368	345
Net Amount	177	208
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2024	39
2025	32
2026	32
2027	32
2028	$ 32
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization	10 years
Gross Carrying Amount	$ 200	214
Accumulated Amortization	92	85
Net Amount	$ 108	129
Distribution network
Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization	25 years
Gross Carrying Amount	$ 123	123
Accumulated Amortization	118	113
Net Amount	$ 5	10
Trademarks
Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization	18 years
Gross Carrying Amount	$ 209	201
Accumulated Amortization	147	135
Net Amount	$ 62	66
Technology and non-compete
Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization	3 years
Gross Carrying Amount	$ 13	15
Accumulated Amortization	11	12
Net Amount	$ 2	$ 3

Loss per Share - Reconciliation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Basic Loss per Share:
Net Income (Loss)	$ 1	$ (322)	$ (455)
Accrued dividends on preferred stock	(14)	(14)	(14)
Adjusted Net Loss attributable to common shareholders	$ (13)	$ (336)	$ (469)
Weighted average common shares outstanding (in shares)	149,116	156,006	183,168
Basic Loss per Share (in dollars per share)	$ (0.09)	$ (2.15)	$ (2.56)
Diluted Loss per Share:
Net Income (Loss)	$ 1	$ (322)	$ (455)
Accrued dividends on preferred stock	(14)	(14)	(14)
Adjusted Net Loss attributable to common shareholders	$ (13)	$ (336)	$ (469)
Weighted average common shares outstanding (in shares)	149,116	156,006	183,168
Common shares issuable with respect to:
Adjusted Weighted average common shares outstanding (in shares)	149,116	156,006	183,168
Diluted Loss per Share (in dollars per share)	$ (0.09)	$ (2.15)	$ (2.56)
Stock options
Common shares issuable with respect to:
Stock options, restricted stock and performance shares (in shares)	0	0	0
Restricted stock and performance shares
Common shares issuable with respect to:
Stock options, restricted stock and performance shares (in shares)	0	0	0
Convertible preferred stock
Common shares issuable with respect to:
Stock options, restricted stock and performance shares (in shares)	0	0	0

Income and Other Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income and Other Taxes

Loss before income taxes was as follows:


	Year Ended December 31,
	2023		2022		2021
Domestic loss	$	(89)	$	(319)	$	(341)
Foreign income (loss)	61		(6)		(131)
Loss before Income Taxes	$	(28)	$	(325)	$	(472)

The components of Income tax benefit were as follows:


	Year Ended December 31,
	2023		2022		2021
Federal Income Taxes
Current	$	21	$	(5)	$	33
Deferred	(65)		(16)		(61)
Foreign Income Taxes
Current	18		23		29
Deferred	21		(2)		(20)
State Income Taxes
Current	—		6		10
Deferred	(24)		(9)		(8)
Income Tax Benefit	$	(29)	$	(3)	$	(17)

A reconciliation of the U.S. federal statutory income tax rate to the consolidated effective income tax rate was as follows:


	Year Ended December 31,
	2023		2022		2021
U.S. federal statutory income tax rate	21.0	%	21.0	%	21.0	%
Nondeductible expenses	(32.2)	%	(3.6)	%	(1.9)	%
Effect of tax law changes	—	%	0.1	%	3.1	%
Change in valuation allowance for deferred tax assets	15.6	%	(2.2)	%	2.0	%
State taxes, net of federal benefit	(21.9)	%	0.3	%	(0.6)	%
Audit and other tax return adjustments	83.0	%	(1.6)	%	5.6	%
Tax-exempt income, credits and incentives	59.0	%	8.7	%	4.5	%
Foreign rate differential adjusted for U.S. taxation of foreign profits(1)	(32.3)	%	(0.1)	%	(0.9)	%
Stock-based compensation	(13.0)	%	(0.6)	%	(0.2)	%
Goodwill impairment	—	%	(22.0)	%	(29.1)	%
Divestitures	25.3	%	—	%	—	%
Other	(0.9)	%	0.9	%	0.1	%
Effective Income Tax Rate	103.6	%	0.9	%	3.6	%

_____________

(1)The “U.S. taxation of foreign profits” represents the U.S. tax, net of foreign tax credits, associated with actual and deemed repatriations of earnings from our non-U.S. subsidiaries.

On a consolidated basis, we paid a total of $51, $50 and $61 in income taxes to federal, foreign and state jurisdictions during the three years ended December 31, 2023, 2022 and 2021, respectively.

Total income tax expense was allocated to the following items:


	Year Ended December 31,
	2023		2022		2021
Pre-tax loss	$	(29)	$	(3)	$	(17)



Common shareholders' equity:
Changes in defined benefit plans	93		70		143

Cash flow hedges	1		(1)		(1)
Translation adjustments	—		—		(4)

Total Income Tax Expense	$	65	$	66	$	121

Unrecognized Tax Benefits and Audit Resolutions

We recognize tax liabilities when, despite our belief that our tax return positions are supportable, we believe that certain positions may not be fully sustained upon review by tax authorities. Each period, we assess uncertain tax positions for recognition, measurement and effective settlement. Benefits from uncertain tax positions are measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon settlement - the more-likely-than-not recognition threshold. Where we have determined that our tax return filing position does not satisfy the more likely than not recognition threshold, we have recorded no tax benefits. These assessments require the use of considerable estimates and judgments and can increase or decrease our effective tax rate, as well as impact our operating results. A difference in the ultimate resolution of uncertain tax positions from what is currently estimated could have a material impact on our results of operations and financial condition.

The calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax laws and regulations in a variety of jurisdictions. We are also subject to ongoing tax examinations in numerous jurisdictions due to the extensive geographical scope of our operations. As a result, we have received, and may in the future receive, proposed tax adjustments and tax assessments in multiple jurisdictions. We regularly assess the likelihood of the outcomes resulting from these ongoing tax examinations as part of our continuing assessment of uncertain tax positions to determine our provision for income taxes. The specific timing of when the resolution of each tax position will be reached is uncertain. As of December 31, 2023, we do not believe that there are any positions for which it is reasonably possible that the total amount of unrecognized tax benefits will significantly increase or decrease within the next 12 months.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


	2023		2022		2021
Balance at January 1	$	110	$	107	$	115
Additions related to current year	1		3		7
Additions related to prior years positions	57		4		—
Reductions related to prior years positions	(14)		—		(14)
Settlements with taxing authorities(1)	(13)		—		7
Reductions related to lapse of statute of limitations	(2)		(3)		(7)
Currency	1		(1)		(1)

Balance at December 31	$	140	$	110	$	107

_____________

(1)The majority of settlements did not result in the utilization of cash.

Included in the balances at December 31, 2023, 2022 and 2021 are $(31), $1 and $1, respectively, of tax positions that are highly certain of realizability but for which there is uncertainty about the timing or that they may be reduced through an indirect benefit from other taxing jurisdictions. Because of the impact of deferred tax accounting, other than for the possible incurrence of interest and penalties, the disallowance of these positions would not affect the annual effective tax rate.

Within income tax expense, we recognize interest and penalties accrued on unrecognized tax benefits, as well as interest received from favorable settlements. We had $(2), $(1) and $1 accrued for the payment of interest and penalties associated with unrecognized tax benefits at December 31, 2023, 2022 and 2021, respectively.

In the U.S., we are no longer subject to U.S. federal income tax examinations for years before 2020. With respect to our major foreign jurisdictions, we are no longer subject to tax examinations by tax authorities for years before 2017.

Deferred Income Taxes

At December 31, 2023 we have not provided deferred taxes on our undistributed pre-1987 E&P of approximately $310, as such undistributed earnings have been determined to be indefinitely reinvested and we currently do not plan to initiate any action that would precipitate a deferred tax impact. Additionally, we have also not provided deferred taxes on the outside basis differences in our investments in foreign subsidiaries that are unrelated to undistributed earnings. These basis differences are also indefinitely reinvested. A determination of the unrecognized deferred taxes related to these components is not practicable.

The tax effects of temporary differences that give rise to significant portions of the deferred taxes were as follows:


	December 31,
	2023		2021
Deferred Tax Assets
Research and development	$	225	$	204
Post-retirement medical benefits	50		54

Net operating losses	384		380
Operating reserves, accruals and deferrals	215		173
Tax credit carryforwards	106		122
Deferred and share-based compensation	40		26
Pension	147		97

Operating lease liabilities	43		49
Other	57		33
Subtotal	1,267		1,138
Valuation allowance	(375)		(366)
Total	$	892	$	772

Deferred Tax Liabilities
Finance lease and installment sales	$	36	$	72

Intangibles and goodwill	116		115
Unremitted earnings of foreign subsidiaries	25		26
Operating lease ROU assets	41		46
Other	24		26
Total	$	242	$	285

Total Deferred Taxes, Net	$	650	$	487

Reconciliation to the Consolidated Balance Sheets
Deferred tax assets	$	745	$	582
Deferred tax liabilities(1)	(95)		(95)
Total Deferred Taxes, Net	$	650	$	487

_____________

(1)Represents the deferred tax liabilities recorded in Other long-term liabilities - refer to Note 14 - Supplementary Financial Information.

We record the estimated future tax effects of temporary differences between the tax bases of assets and liabilities and the amounts reported, as well as net operating loss and tax credit carryforwards. Deferred tax assets are assessed for realizability and, where applicable, a valuation allowance is recorded to reduce the total deferred tax asset to an amount that will, more-likely-than-not, be realized in the future. We apply judgment in assessing the realizability of these deferred tax assets and the need for any valuation allowances. In determining the amount of deferred tax assets that are more-likely-than-not to be realized, we considered historical profitability, projected future taxable income, the expected timing of the reversals of existing temporary differences and tax planning strategies. The deferred tax assets requiring significant judgment are U.S. tax credit carryforwards with a limited life.

The net change in the total valuation allowance for the years ended December 31, 2023, 2022 and 2021 was an increase of $9, an increase of $9 and a decrease of $39, respectively. The valuation allowance relates primarily to certain net operating loss carryforwards, tax credit carryforwards and deductible temporary differences for which we have concluded it is more-likely-than-not that these items will not be realized in the ordinary course of operations.

Although realization is not assured, we have concluded that it is more-likely-than-not that the deferred tax assets, for which a valuation allowance was determined to be unnecessary, will be realized in the ordinary course of operations based on the available positive and negative evidence, including scheduling of deferred tax liabilities and projected income from operating activities. The amount of the net deferred tax assets considered realizable, however, could change in the near term if future income or income tax rates are higher or lower than currently estimated, or if there are differences in the timing or amount of future reversals of existing taxable or deductible temporary differences.

At December 31, 2023, we had tax credit carryforwards of $106 available to offset future income taxes, of which $3 are available to carryforward indefinitely while the majority of the remaining $103 will expire 2024 through 2026 if not utilized. We also had net operating loss carryforwards for income tax purposes of $392 that will expire 2023 through 2043, if not utilized, and $1.7 billion available to offset future taxable income indefinitely.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Lessor (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Components of Lease Income

The components of lease income are as follows:


	Location in Statements of Income (Loss)	Year Ended December 31,
		2023		2022		2021
Revenue from sales type leases	Sales	$	920	$	708	$	664


Interest income on lease receivables	Financing	191		207		221


Lease income - operating leases	Services, maintenance and rentals	161		170		246
Variable lease income	Services, maintenance and rentals	62		63		62
Total Lease income		$	1,334	$	1,148	$	1,193

Schedule of Components of Lease Income

The components of lease income are as follows:


	Location in Statements of Income (Loss)	Year Ended December 31,
		2023		2022		2021
Revenue from sales type leases	Sales	$	920	$	708	$	664


Interest income on lease receivables	Financing	191		207		221


Lease income - operating leases	Services, maintenance and rentals	161		170		246
Variable lease income	Services, maintenance and rentals	62		63		62
Total Lease income		$	1,334	$	1,148	$	1,193

Schedule of Components of Lease Income

The components of lease income are as follows:


	Location in Statements of Income (Loss)	Year Ended December 31,
		2023		2022		2021
Revenue from sales type leases	Sales	$	920	$	708	$	664


Interest income on lease receivables	Financing	191		207		221


Lease income - operating leases	Services, maintenance and rentals	161		170		246
Variable lease income	Services, maintenance and rentals	62		63		62
Total Lease income		$	1,334	$	1,148	$	1,193

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Derivatives

At December 31, 2023 there were four interest rate derivatives outstanding on our finance receivable secured borrowings that are designated as cash flow hedges as follows:


Borrowing	Derivative Type	Principal Debt (1)		Notional Amount		Expected Maturity	Pre-Hedged Rate		Hedged Rate		Net Fair Value

U.S. (September 2021)	Cap	$	25	$	30	2024	6.76	%	0.50	%	—

Canada	Swap	77		77		2026	6.74	%	5.19	%	(1)
France	Cap	182		118		2026	5.42	%	3.00	%	—
France	Cap	—		65		2026	5.42	%	4.00	%	1
Total		$	284	$	290						$	—

_____________

(1)Reflects principal debt and excludes debt issuance costs of $1 at December 31, 2023.

Schedule of Foreign Exchange Contracts Gross Notional values

The following is a summary of the primary hedging positions and corresponding fair values as of December 31, 2023:


	Year Ended December 31,
	2023				2022
Currencies Hedged (Buy/Sell)	Gross Notional Value		Fair Value Asset(1)		Gross Notional Value		Fair Value Asset(1)
Euro/U.K. Pound Sterling	$	385	$	3	$	297	$	6
U.S. Dollar/Euro	359		(3)		127		(1)
Euro/Canadian Dollar	169		—		131		—
Euro/U.S. Dollar	150		1		70		—
Japanese Yen/U.S. Dollar	113		1		389		3
Japanese Yen/Euro	60		—		250		(1)
U.S. Dollar/Canadian Dollar	—		—		53		1
Swedish Krona/Euro	—		—		49		—
Euro/Swedish Krona	—		—		45		—
U.K. Pound Sterling/Euro	36		—		—		—
Euro/Danish Krone	25		—		—		—








Canadian Dollar/Euro	24		—		—		—







All Other	75		—		130		—
Total Foreign exchange hedging	$	1,396	$	2	$	1,541	$	8

_____________

(1)Represents the net receivable (payable) amount included in the Consolidated Balance Sheet at December 31, 2023.

Schedule of Cash Flow Hedges Gain (Loss)

The following table provide a summary of gains (losses) on derivative instruments:


	Derivative (Loss) Gain Recognized in OCI (Effective Portion)							(Loss) Gain Reclassified from AOCI to Income (Effective Portion)
Derivatives in Cash Flow Hedging Relationships	Year Ended December 31,						Location of Derivative (Loss) Gain Reclassified from AOCI into Income (Effective Portion)	Year Ended December 31,
	2023		2022		2021			2023		2022		2021
Foreign exchange contracts – forwards/options	$	(17)	$	(41)	$	(12)	Cost of sales	$	(22)	$	(36)	$	(7)
Interest rate contracts	(1)		6		—		Interest expense	4		1		—
Total	$	(18)	$	(35)	$	(12)		$	(18)	$	(35)	$	(7)

Schedule of Derivatives not Designated as Hedging Instruments Gains (Losses)

The following table provides a summary of gains (losses) on non-designated derivative instruments:


		Year Ended December 31,
Derivatives NOT Designated as Hedging Instruments	Location of Derivative Gain (Loss)	2023		2022		2021
Foreign exchange contracts – forwards	Other expense – Currency gains (losses), net	$	26	$	17	$	(26)

Recent Accounting Pronouncements and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements and Summary of Significant Accounting Policies	Recent Accounting Pronouncements and Summary of Significant Accounting Policies New Accounting Standards and Accounting Changes Xerox Holdings and Xerox consider the applicability and impact of all Accounting Standards Updates (ASUs) issued by the Financial Accounting Standards Board (FASB). The ASUs listed below apply to both registrants. Except for the Accounting Standard Updates (ASUs) discussed below, the new ASUs issued by the FASB during the last two years did not have any significant impact on the Company. Accounting Standard Updates to be Adopted: Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (LIBOR) or by another reference rate expected to be discontinued. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848), Scope, which provided clarification to ASU 2020-04. These ASUs were effective commencing with our quarter ended March 31, 2020 through December 31, 2022. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848), Deferral of the Sunset Date of Topic 848, which 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. Segment Disclosures In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The update will require public entities to disclose significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within segment profit and loss. The amendments are effective for the Company's annual periods beginning January 1, 2024, and interim periods beginning January 1, 2025, with early adoption permitted, and will be applied retrospectively to all prior periods presented in the financial statements. We are currently evaluating the impact of the adoption of this standard to determine its impact on the Company's disclosures. Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for the Company’s annual periods beginning January 1, 2025, with early adoption permitted, and should be applied either prospectively or retrospectively. We are currently evaluating the impact of the adoption of this standard to determine its impact on the Company's disclosures. Accounting Standard Updates Recently Adopted: Liabilities In September 2022, the FASB issued ASU 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations that requires entities that use supplier finance programs in connection with the purchase of goods and services to disclose the key terms of the programs and information about obligations outstanding at the end of the reporting period, including a rollforward of those obligations. The guidance does not affect the recognition, measurement or financial statement presentation of supplier finance program obligations. The new standard’s requirements to disclose the key terms of the programs and information about obligations outstanding was effective for our fiscal year beginning on January 1, 2023. The new standard’s requirement to disclose a rollforward of obligations outstanding will be effective for our fiscal year beginning on January 1, 2024. Refer to Note 14 - 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. Government Assistance In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832), Disclosures by Business Entities about Government Assistance. The update increases the transparency surrounding government assistance by requiring disclosure of 1) the types of assistance received, 2) an entity’s accounting for the assistance, and 3) the effect of the assistance on the entity’s financial statements. We adopted this update effective for our fiscal year beginning January 1, 2022. The impact of adoption was not material to our Consolidated Financial Statements. Impacts on future periods will depend on the amounts of government assistance received. Prior to the COVID-19 pandemic, the amounts of government assistance the Company received were not material and since the update is limited to increased disclosures, we do not expect the adoption to have a material impact on our financial condition, results of operations, and cash flows in future periods. Business Combinations In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The new guidance requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC Topic 606, Revenue from Contracts with Customers, as if the acquirer had originated the contracts. This approach differs from the current requirement to measure contract assets and contract liabilities acquired in a business combination at fair value. We early adopted this update effective for our fiscal year beginning January 1, 2022. The adoption of this update did not have a material impact on the Company’s consolidated financial statements and related disclosures. The impact of adopting the new standard will depend on the magnitude of future acquisitions. The standard did not impact contract assets or liabilities acquired in business combinations that occurred prior to the adoption date. Debt In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40). This update simplified the accounting for convertible instruments by reducing the number of accounting models available for convertible debt instruments and convertible preferred stock. This update also amended the guidance for the derivatives scope exception for contracts in an entity's own equity to reduce form-over-substance-based accounting conclusions and required the application of the if-converted method for calculating diluted earnings per share. We adopted this update effective for our fiscal year beginning January 1, 2022. The adoption of this update did not have a material impact on the Company’s consolidated financial statements and related disclosures. Income Taxes In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which was intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. We adopted this update effective for our fiscal year beginning January 1, 2021. The adoption did not have a material impact on our results of operations, financial position, cash flows or disclosures. Other Updates In 2023 and 2022 the FASB also issued the following ASUs, which could impact the Company in the future but currently did not have, nor are expected to have, a material impact on our financial condition, results of operations, cash flows or related disclosures upon adoption. Those updates are as follows: •Disclosure Improvements: ASU 2023-06, Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. Since the Company is already subject to SEC disclosure requirements, this update was effective upon issuance. •Business Combinations: ASU 2023-05, Business Combinations - Joint Venture Formation (Topic 805-60): Recognition and Initial Measurement. This update is effective for our fiscal year beginning January 1, 2025. •Liabilities: ASU 2023-04, Liabilities (Topic 405): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 121. The Company adopted this conforming guidance upon issuance in August 2023. •Investments: ASU 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a consensus of the Emerging Issues Task Force). This update is effective for our fiscal year beginning January 1, 2024. •Leases: ASU 2023-01, Leases (Topic 842): Common Control Arrangements. This update is effective for our fiscal year beginning January 1, 2024. •Fair Value Measurement: ASU 2022-03, Fair Value Measurement (Topic 820), Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. This update is effective for our fiscal year beginning January 1, 2024. •Derivatives and Hedging: ASU 2022-01, Derivatives and Hedging (Topic 815), Fair Value Hedging - Portfolio Layer Method. This update was effective for our fiscal year beginning January 1, 2023. Summary of Accounting Policies Revenue Recognition We generate revenue through the sale of equipment and supplies and by providing maintenance and printing services. Revenue is measured based on the consideration specified in a contract with a customer and is recognized when we satisfy a performance obligation by transferring control of a product to a customer or in the period the customer benefits from the service. With the exception of our sales-type lease arrangements, our invoices to the customer, which normally have short-term payment terms, are typically aligned to the transfer of goods or as services are rendered to our customers and therefore in most cases, we recognize revenue based on our right to invoice customers. As a result of the application of this practical expedient for the substantial portion of our revenue, the disclosure of the value of unsatisfied performance obligations for our services is not required. Significant judgments primarily include the identification of performance obligations in our Document management services arrangements as well as the pattern of delivery for those services. More specifically, revenue related to our products and services is generally recognized as follows: Equipment: Revenues from the sale of equipment directly to end-user customers, including those from sales-type leases (see below), are recognized when obligations under the terms of a contract with our customer are satisfied and control has been transferred to the customer. For equipment placements that require us to install the product at the customer location, revenue is normally recognized when the equipment has been delivered and installed at the customer location. Sales of customer installable products are recognized upon shipment or receipt by the customer according to the customer's shipping terms. Revenue from the equipment performance obligation also includes certain analyst training services performed in connection with the installation or delivery of the equipment. Maintenance services: We provide maintenance agreements on our equipment that include service and supplies for which the customer may pay a base minimum plus a price-per-page charge for usage. In arrangements that include minimums, those minimums are normally set below the customer’s estimated page volumes and are not considered substantive. These agreements are normally sold as part of a bundled lease arrangement or through distributors and resellers. We account for these maintenance agreements as a single performance obligation for maintenance services being delivered in a series with delivery being measured by usage as billed to the customer. Accordingly, revenue on these types of agreements is normally recognized as billed to the customer over the term of the agreements based on page volumes. A substantial portion of our products are sold with full-service maintenance agreements, accordingly, other than the product warranty obligations associated with certain of our entry level products, we do not have any significant warranty obligations, including any obligations under customer satisfaction programs. Service offerings: The Company’s primary service offerings include Managed Print Services, Digital Services and IT Services. In our services arrangements, the Company typically satisfies the performance obligations and recognizes revenue over time as the services are rendered. We generally account for these service arrangements as single performance obligations since they primarily involve the delivery of an integrated service to the customer with services being delivered in a series. Delivery is typically measured on an output basis such as usage and is normally consistent with the billing or invoicing to the customer. Revenues on unit-price or time-based contracts are recognized as work is completed to the customer. Sales to distributors and resellers: We utilize distributors and resellers to sell our equipment, supplies, parts, and maintenance services to end-user customers. We refer to our distributor and reseller network as our two-tier distribution model. Revenues on sales to distributors and resellers are generally recognized when products are shipped to such distributors and resellers. However, revenue is only recognized when the distributor or reseller has economic substance apart from the Company such that collectability is probable and we have no further obligations related to bringing about the resale, delivery or installation of the product that would impact transfer of control. Revenues associated with maintenance agreements sold through distributors and resellers to end-user customers are recognized in a consistent manner for maintenance services. Revenue that may be subject to a reversal of revenue due to contractual terms or uncertainties is not recorded as revenue until the contractual provisions lapse or the uncertainties are resolved. Distributors and resellers participate in various rebate, price-protection, cooperative marketing and other programs. We estimate the variable consideration associated with these programs and record those amounts as a reduction to revenue when sales occur. Similarly, we account for our estimates of sales returns and other allowances when sales occur based on our historical experience. In certain instances, we may provide lease financing to end-user customers who purchased equipment we sold to distributors or resellers. We are not obligated to provide financing and we compete with other third-party leasing companies with respect to the lease financing provided to these end-user customers. Software: Most of our equipment has both software and non-software components that function together to deliver the equipment's essential functionality and therefore they are accounted for together as part of Equipment sales revenues. Software accessories sold in connection with our Equipment sales, as well as free-standing software sales, are accounted for as separate performance obligations if determined to be material in relation to the overall arrangement. Supplies: Supplies revenue is recognized upon transfer of control to the customer, generally upon utilization or shipment to the customer in accordance with the sales contract terms. Financing: Finance income attributable to sales-type leases, direct financing leases and installment loans is recognized on the accrual basis using the effective interest method. Bundled Lease Arrangements: A portion of our direct sales of equipment to end-user customers are made through bundled lease arrangements which typically include equipment, services (maintenance and managed services) and financing components, where the customer pays a single negotiated fixed minimum monthly payment for all elements over the contractual lease term. These arrangements also typically include an incremental, variable component for page volumes in excess of the contractual page volume minimums, which are often expressed in terms of price-per-image or page. Consistent with the guidance in ASC 842 and ASC 606, the transaction price is allocated between the lease and non-lease deliverables based on standalone selling price (SSP). Lease deliverables include the equipment and financing, while the non-lease deliverables generally consist of the services, which normally include supplies. With respect to the allocation of fixed and variable consideration, we only consider the fixed payments for purposes of allocation to the lease elements of the contract. The revenue associated with the lease element is typically recognized at a point-in-time upon transfer of control as a sales-type lease, unless the lease is accounted for as an operating lease, which will normally result in recognition over the term of the lease. The revenue associated with the non-lease elements are normally accounted for as a single performance obligation being delivered in a series, with delivery being measured as the usage billed to the customer. Accordingly, revenue from these agreements is recognized in a manner consistent with the guidance for Maintenance or Managed Print services agreements. We establish SSP using observable inputs from standalone sales of products, as well as the prices established by management in similar transactions. Based on historical sales practices and policies together with a periodic analysis, we have determined that there is not a material difference between standalone selling price and recorded sales price. Leases: The two primary accounting provisions we use to classify transactions as sales-type or operating leases are: (i) a review of the lease term to determine if it is for the major part of the economic life of the underlying equipment (defined as greater than 75%); and (ii) a review of the present value of the lease payments to determine if they are equal to or greater than substantially all of the fair market value of the equipment at the inception of the lease (defined as greater than 90%). Equipment placements included in arrangements meeting these conditions are accounted for as sales-type leases and revenue is recognized in a manner consistent with Equipment sales. Equipment placements included in arrangements that do not meet these conditions are accounted for as operating leases and revenue is recognized over the term of the lease. We consider the economic life of most of our products to be five years, since this represents the most frequent contractual lease term for our principal products and only a small percentage of our leases are for original terms longer than five years. There is no significant after-market for our used equipment. We believe five years is representative of the period during which the equipment is expected to be economically usable, with normal service, for the purpose for which it is intended. Our lease pricing interest rates, which are used in determining customer payments in a bundled lease arrangement, are developed based upon a variety of factors including local prevailing rates in the marketplace, cost of funds and the customer’s credit history, industry and credit class. We reassess our pricing interest rates quarterly based on changes in the local prevailing rates in the marketplace. The pricing interest rates generally equal the implicit rates within the leases, as corroborated by our comparisons of cash to lease selling prices and other analyses as noted above. Additional Lease Payments: Certain leases may require the customer to pay property taxes and insurance on the equipment. In these instances, the amounts for property taxes and insurance that we invoice to customers and pay to third parties are considered variable payments and are recorded as other revenues and other cost of revenues, respectively. Amounts related to property taxes and insurance are not material. We exclude from variable payments all lessor costs that are explicitly required to be paid directly by a lessee on behalf of the lessor to a third party. Other Revenue Recognition Policies Revenue-based Taxes: Revenue-based taxes assessed by governmental authorities that are both imposed on and concurrent with specific revenue-producing transactions, and that are collected by the Company from a customer, are excluded from revenue. The primary revenue-based taxes are sales tax and value-added tax (VAT). Shipping and Handling: Shipping and handling costs are accounted for as a fulfillment cost and are included in Cost of sales in the Consolidated Statements of Income (Loss). Refer to Note 3 - Revenue for additional information regarding revenue recognition policies with respect to contract assets and liabilities as well as contract costs. Other Significant Accounting Policies Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, including money market funds, and investments with original maturities of three months or less. Allowance for Doubtful Accounts and Credit Losses The allowance for doubtful accounts and provision for credit losses represents an estimate of the losses expected to be incurred from the Company's trade and finance receivable portfolio. The measurement and recognition of expected credit losses is based on an expected loss model and incorporates an assessment of past collection experience as well as consideration of current and future economic conditions and changes in our customer collection trends. The allowance of finance receivables is determined on a collective basis by year of origination through the application of projected loss rates to our different portfolios by country, which represent our portfolio segments. This is the level at which we develop and document our methodology to determine the allowance for credit losses. These projected loss rates are primarily based upon historical loss experience adjusted for judgments about the probable effects of relevant observable data including current and future economic conditions as well as delinquency trends, resolution rates, the aging of receivables, credit quality indicators and the financial health of specific customer classes or groups. The allowance for finance receivables is inherently more difficult to estimate than the allowance for trade accounts receivable because the underlying lease portfolio has an average maturity, at any time, of approximately two to three years and contains past due billed amounts, as well as unbilled amounts. We consider all available information in our quarterly assessments of the adequacy of the allowance for doubtful accounts. We believe our estimates, including any qualitative adjustments, are reasonable and have considered all reasonably available information about past events, current conditions, and reasonable and supportable forecasts of future events and economic conditions. The identification of account-specific exposure is not a significant factor in establishing the allowance for doubtful finance receivables. Receivable Sales and Securitization The Company securitizes certain finance lease receivables by transferring them to Special Purpose Entities (SPEs) that meet the definition of a Variable Interest Entity (VIE) and are consolidated into our financial statements. These SPEs are bankruptcy-remote legal entities with separate assets and liabilities. The purpose of the SPEs is to facilitate the funding of customer loan and lease payments and associated equipment in the capital markets. These securitizations qualify as collateral for secured borrowings and no gains or losses are recognized at the time of securitization. The receivables remain on the balance sheet and classified as Finance receivables, net. The Company continues recognize finance income over the lives of these receivables. We also transfer certain portions of our finance receivable portfolios to third parties and account for those transfers of financial assets as sales when we have surrendered control over the related assets. Whether control has been relinquished requires, among other things, an evaluation of relevant legal considerations and an assessment of the nature and extent of the Company’s continuing involvement with the assets transferred. Gains and losses stemming from transfers reported as sales are normally included in revenue in the accompanying statements of income. Gains or losses on the sale of finance receivables depend, in part, on both (a) the cash proceeds and (b) the net non-cash proceeds received or paid. Assets obtained and liabilities incurred in connection with transfers reported as sales are initially recognized in the balance sheet at fair value. Refer to Note 8 – Finance Receivables, Net for additional information on our finance receivable sales. Inventories Inventories are carried at the lower of average cost or net realizable value. Inventories also include equipment that is returned at the end of the lease term. Returned equipment is recorded at the lower of remaining net book value or salvage value, which is normally not significant. We regularly review inventory quantities and record a provision for excess and/or obsolete inventory based primarily on our estimated forecast of product demand, production requirements and servicing commitments. Several factors may influence the realizability of our inventories, including our decision to exit a product line, technological changes and new product development. The provision for excess and/or obsolete raw materials and equipment inventories is based primarily on near-term forecasts of product demand and include consideration of new product introductions, as well as changes in remanufacturing strategies. The provision for excess and/or obsolete service parts inventory is based primarily on projected servicing requirements over the life of the related equipment populations. Refer to Note 9 - Inventories and Equipment on Operating Leases, Net for further discussion. Land, Buildings and Equipment on Operating Leases Land, buildings and equipment are recorded at cost. Buildings and equipment are depreciated over their estimated useful lives. Leasehold improvements are depreciated over the shorter of the lease term or the estimated useful life. Equipment on operating leases is depreciated to estimated salvage value over the lease term. Depreciation is computed using the straight-line method. Significant improvements are capitalized, and maintenance and repairs are expensed. Refer to Note 9 - Inventories and Equipment on Operating Leases, Net and Note 10 - Land, Buildings, Equipment and Software, Net for further discussion. Leased Assets We determine at inception whether an arrangement is a lease. Our leases do not include assets of a specialized nature, or the transfer of ownership at the end of the lease, and the exercise of end-of-lease purchase options, which are primarily in our equipment leases, is not reasonably assured at lease inception. Accordingly, the two primary criteria we use to classify transactions as operating leases or finance leases are: (i) a review of the lease term to determine if it is equal to or greater than 75% of the economic life of the asset, and (ii) a review of the present value of the minimum lease payments to determine if they are equal to or greater than 90% of the fair market value of the asset at the inception of the lease. Right-of-use (ROU) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. We also assess arrangements for goods or services to determine if the arrangement contains a lease at its inception. This assessment first considers whether there is an implicitly or explicitly identified asset in the arrangement and then whether there is a right to control the use of the asset. If there is an embedded lease within a contract, the Company determines the classification of the lease at the lease inception date consistent with standalone leases of assets. Operating leases are included in Other long-term assets, Accrued expenses and other current liabilities, and Other long-term liabilities in our Consolidated Balance Sheets. Finance leases are included in Land, buildings and equipment, net, Accrued expenses and other current liabilities, and Other long-term liabilities in our Consolidated Balance Sheets. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Since the implicit rate for almost all of our leases is not readily determinable, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate is the rate of interest that we would have to pay to borrow, on a collateralized basis, an amount equal to the lease payments, in a similar economic environment and over a similar term. The rate is dependent on several factors, including the lease term and currency of the lease payments. Lease terms used to calculate the present value of lease payments generally do not include any options to extend, renew, or terminate the lease, as we do not have reasonable certainty at lease inception that these options will be exercised. We generally consider the economic life of our operating lease ROU assets to be comparable to the useful life of similar owned assets. We have elected the short-term lease exception, therefore operating lease ROU assets and liabilities do not include leases with a lease term of twelve months or less. Our leases generally do not provide a residual guarantee. The operating lease ROU asset also excludes lease incentives. Lease expense is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components. These components are accounted for separately for vehicle and equipment leases. We account for the lease and non-lease components as a single lease component for real estate leases of offices and warehouses. We review the potential impairment of our ROU assets consistent with the approach applied for our other long-lived assets. We review the recoverability of our long-lived assets when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on our ability to recover the carrying value of the asset from the expected undiscounted future pre-tax cash flows of the related operations. We have elected to include the carrying amount of operating lease liabilities in any tested asset group and include the associated operating lease payments in the undiscounted future pre-tax cash flows. Software - Internal Use and Product We capitalize direct costs associated with developing, purchasing or otherwise acquiring software for internal use and amortize these costs on a straight-line basis over the expected useful life of the software, beginning when the software is implemented (Internal Use Software). Costs incurred for upgrades and enhancements that will not result in additional functionality are expensed as incurred. Amounts expended for Internal Use Software are included in Cash Flows from Investing activities. We also capitalize certain costs related to the development of software solutions to be sold to our customers upon reaching technological feasibility (Product Software). These costs are amortized on a straight-line basis over the estimated economic life of the software. Amounts expended for Product Software are included in Cash Flows from Operations. We perform periodic reviews to ensure that unamortized Product Software costs remain recoverable from estimated future operating profits (net realizable value or NRV). Costs to support or service licensed software are charged to Costs of services as incurred. Refer to Note 10 - Land, Buildings, Equipment and Software, Net for further information. Goodwill and Other Intangible Assets Goodwill represents the excess of the purchase price over the fair value of acquired net assets in a business combination, including the amount assigned to identifiable intangible assets. The primary drivers that generate Goodwill are the value of synergies between the acquired entities and the company and the acquired assembled workforce, neither of which qualifies as an identifiable intangible asset. Goodwill is not amortized, but rather is tested for impairment annually, or more frequently whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable and an impairment loss may have been incurred. We assess Goodwill for impairment at least annually, during the fourth quarter based on balances as of October 1st, and more frequently if indicators of impairment exist or if a decision is made to sell or exit a business. Impairment testing for Goodwill is done at the reporting unit level. A reporting unit is an operating segment or one level below an operating segment (a component) if the component constitutes a business for which discrete financial information is available, and segment management regularly reviews the operating results of that component. Consistent with the determination that we had two operating/reportable segments we determined that we had two reporting units – Print and Other, and FITTLE. We perform an assessment of Goodwill, utilizing either a qualitative or quantitative impairment test. The qualitative impairment test assesses several factors to determine whether it is more-likely-than-not that the fair value of the entity is less than its carrying amount. If we conclude it is more-likely-than-not that the fair value of the entity is less than its carrying amount, a quantitative fair value test is performed. In certain circumstances, we may also bypass the qualitative test and proceed directly to a quantitative impairment test. In a quantitative impairment test, we assess Goodwill by comparing the carrying amount of the entity to its fair value. Fair value of the entity is determined by using a weighted combination of an income approach and a market approach. If the fair value exceeds the carrying value, Goodwill is not considered impaired. If the carrying value exceeds the fair value, Goodwill is considered impaired, and we would recognize an impairment loss for the excess. Other intangible assets primarily consist of assets obtained in connection with business acquisitions, including installed customer base and distribution network relationships, existing technology, trademarks and non-compete agreements. We apply an impairment evaluation whenever events or changes in business circumstances indicate that the carrying value of our intangible assets may not be recoverable. Other intangible assets are amortized on a straight-line basis over their estimated economic lives. We believe that the straight-line method of amortization reflects an appropriate allocation of the cost of the intangible assets to earnings in proportion to the amount of economic benefits obtained annually by the Company. Refer to Note 12 - Goodwill, Net and Intangible Assets, Net for further information. Impairment of Long-Lived Assets We review the recoverability of our long-lived assets, including buildings, equipment, right-of-use leased assets, internal use software and other intangible assets, when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on our ability to recover the carrying value of the asset from the expected future pre-tax cash flows (undiscounted and without interest charges) of the related operations. If these cash flows are less than the carrying value of such asset, an impairment loss is recognized for the difference between estimated fair value and carrying value. Our primary measure of fair value is based on discounted cash flows. Long-lived assets to be disposed of by sale are reported at the lower of carrying amount or fair value less costs to sell. Long-lived assets to be disposed of other than by sale (e.g., by abandonment, cease-use) would continue to be classified as held and used until the long-lived asset is disposed of (e.g., abandoned or when the asset ceases to be used). Refer to Note 13 - Restructuring Programs for additional information regarding the impairment of long-lived assets in connection with our restructuring programs and initiatives. Pension and Post-Retirement Benefit Obligations We sponsor various forms of defined benefit pension plans in several countries covering employees who meet eligibility requirements. Retiree health benefit plans cover a portion of our U.S. and Canadian employees for retiree medical costs. We employ a delayed recognition feature in measuring the costs of pension and post-retirement benefit plans. This requires changes in the benefit obligations and changes in the value of assets set aside to meet those obligations to be recognized not as they occur, but systematically and gradually over subsequent periods. All changes are ultimately recognized as components of net periodic benefit cost, except to the extent they may be offset by subsequent changes. At any point, changes that have been identified and quantified but not recognized as components of net periodic benefit cost are recognized in Accumulated other comprehensive loss, net of tax. Several statistical and other factors that attempt to anticipate future events are used in calculating the expense, liability and asset values related to our pension and retiree health benefit plans. These factors include assumptions we make about the applicable discount rate, expected return on plan assets, cash balance interest-crediting rate, rate of increase in healthcare costs, the rate of future compensation increases and mortality. Actual returns on plan assets are not immediately recognized in our income statement due to the delayed recognition requirement. In calculating the expected return on the plan asset component of our net periodic pension cost, we apply our estimate of the long-term rate of return on the plan assets that support our pension obligations, after deducting assets that are specifically allocated to Transitional Retirement Accounts (which are accounted for based on specific plan terms). For purposes of determining the expected return on plan assets, we utilize a market-related value approach in determining the value of the pension plan assets, rather than a fair market value approach. The primary difference between the two methods relates to systematic recognition of changes in fair value over time (generally two years) versus immediate recognition of changes in fair value. Our expected rate of return on plan assets is applied to the market-related asset value to determine the amount of the expected return on plan assets to be used in the determination of the net periodic pension cost. The market-related value approach reduces the volatility in net periodic pension cost that would result from using the fair market value approach. The discount rate is used to present value our future anticipated benefit obligations. The discount rate reflects the current rate at which benefit liabilities could be effectively settled considering the timing of expected payments for plan participants. In estimating our discount rate, we consider rates of return on high-quality fixed-income investments adjusted to eliminate the effects of call provisions, as well as the expected timing of pension and other benefit payments. Each year, the difference between the actual return on plan assets and the expected return on plan assets, as well as increases or decreases in the benefit obligation as a result of changes in the discount rate and other actuarial assumptions, are added to or subtracted from any cumulative actuarial gain or loss from prior years. This amount is the net actuarial gain or loss recognized in Accumulated other comprehensive loss. We amortize net actuarial gains and losses as a component of net pension cost for a year if, as of the beginning of the year, that net gain or loss (excluding asset gains or losses that have not been recognized in market-related value) exceeds 10% of the greater of the projected benefit obligation or the market-related value of plan assets (the corridor method). This determination is made on a plan-by-plan basis. If amortization is required for a particular plan, we amortize the applicable net gain or loss in excess of the 10% threshold on a straight-line basis in net periodic pension cost over the remaining service period of the employees participating in that pension plan. In plans where substantially all participants are inactive, the amortization period for the excess is the average remaining life expectancy of the plan participants. Our primary domestic plans allow participants the option of settling their vested benefits through the receipt of a lump-sum payment. The participant's vested benefit is considered fully settled upon payment of the lump sum. We have elected to apply settlement accounting and therefore we recognize the losses associated with settlements in this plan immediately upon the settlement of the vested benefits. Settlement accounting requires us to recognize a pro rata portion of the aggregate unamortized net actuarial losses upon settlement. The pro rata factor is computed as the percentage reduction in the projected benefit obligation due to the settlement of the participant's vested benefit. Refer to Note 18 - Employee Benefit Plans for further information regarding our Pension and Post-Retirement Benefit Obligations. Research, Development and Engineering (RD&E) Research, development and engineering costs are expensed as incurred. Sustaining engineering costs are incurred with respect to on-going product improvements or environmental compliance after initial product launch. Sustaining engineering costs were $55, $58 and $59 in for the years ended December 31, 2023, 2022 and 2021, respectively. Government Grants/Assistance Government grants related to income are recognized as a reduction of related expenses in the Consolidated Statements of Income (Loss) when there is a reasonable assurance that the entity will comply with the conditions attached to the grant and that the grants will be received. The timing and pattern of recognition of government grants is made on a systematic basis over the periods in which the Company recognizes the related expenses or losses that the grants are intended to compensate. Foreign Currency Translation and Remeasurement The functional currency for most of our foreign operations is the local currency. Net assets are translated at current rates of exchange and income, expense and cash flow items are translated at average exchange rates for the applicable period. The translation adjustments are recorded in Accumulated other comprehensive loss. The U.S. Dollar is used as the functional currency for certain foreign subsidiaries that conduct their business in U.S. Dollars as well as foreign subsidiaries operating in highly inflationary economies. For these subsidiaries, non-monetary foreign currency assets and liabilities are translated using historical rates, while monetary assets and liabilities are translated at current rates, with the U.S. dollar effects of rate changes recorded in Currency (gains) and losses within Other expenses, net together with other foreign currency remeasurements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-4

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483194/926-20-65-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483194/926-20-65-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483194/926-20-65-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480530/250-10-S99-6

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 250
-Publisher FASB
-URI https://asc.fasb.org//250/tableOfContent

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(1)
-Publisher FASB
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 65
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (d)(2)
-SubTopic 20
-Topic 310
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481925/310-20-65-2

+ Details

Financial Instruments

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments

We are exposed to market risk from changes in foreign currency exchange rates and interest rates, which could affect operating results, financial position and cash flows. We manage our exposure to these market risks through our regular operating and financing activities and, when appropriate, through the use of derivative financial instruments. These derivative financial instruments are utilized to hedge economic exposures, as well as to reduce earnings and cash flow volatility resulting from shifts in market rates. We enter into limited types of derivative contracts, including interest rate swap agreements, interest rate caps, foreign currency spot, forward and swap contracts and net purchased foreign currency options to manage interest rate and foreign currency exposures. Our primary foreign currency market exposures include the Euro, U.K. Pound Sterling, and the Japanese Yen. The fair market values of all our derivative contracts change with fluctuations in interest rates and/or currency exchange rates and are designed so that any changes in their values are offset by changes in the values of the underlying exposures. Derivative financial instruments are held solely as risk management tools and not for trading or speculative purposes. The related cash flow impacts of all of our derivative activities are reflected as cash flows from operating activities.

We do not believe there is significant risk of loss in the event of non-performance by the counterparties associated with our derivative instruments because these transactions are executed with a diversified group of major financial institutions. Further, our policy is to deal only with counterparties having a minimum investment grade or better credit rating. Credit risk is managed through the continuous monitoring of exposures to such counterparties.

Interest Rate Risk Management

We use interest rate swap and interest rate cap agreements to manage our interest rate exposure and to achieve a desired proportion of variable and fixed rate debt. These derivatives may be designated as fair value hedges or cash flow hedges depending on the nature of the risk being hedged. We had no fair value hedges for the three-year period ended December 31, 2023, 2022, and 2021, respectively.

Cash Flow Hedges

We use interest rate swaps and caps to manage the exposure to variability in the interest rate payments on our finance receivable secured loan borrowings. The interest rate swaps convert the interest paid on certain loans to a fixed amount while the caps limit the maximum amount of interest paid.

At December 31, 2023 there were four interest rate derivatives outstanding on our finance receivable secured borrowings that are designated as cash flow hedges as follows:


Borrowing	Derivative Type	Principal Debt (1)		Notional Amount		Expected Maturity	Pre-Hedged Rate		Hedged Rate		Net Fair Value

U.S. (September 2021)	Cap	$	25	$	30	2024	6.76	%	0.50	%	—

Canada	Swap	77		77		2026	6.74	%	5.19	%	(1)
France	Cap	182		118		2026	5.42	%	3.00	%	—
France	Cap	—		65		2026	5.42	%	4.00	%	1
Total		$	284	$	290						$	—

_____________

(1)Reflects principal debt and excludes debt issuance costs of $1 at December 31, 2023.

No material amount of ineffectiveness was recorded in the 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. In December 2023, an interest rate Cap associated with the December 2022 U.S. secured borrowing with a notional value of $173 was dedesignated as a cash flow hedge and the net fair value recorded in Accumulated Other Comprehensive Loss was reclassified to earnings.

Foreign Exchange Risk Management

We are a global company, and we are exposed to foreign currency exchange rate fluctuations in the normal course of our business. As a part of our foreign exchange risk management strategy, we use derivative instruments, primarily forward contracts and purchased option contracts, to hedge the following foreign currency exposures, thereby reducing volatility of earnings or protecting fair values of assets and liabilities:

•Foreign currency-denominated assets and liabilities, and

•Forecasted purchases, and sales in foreign currency.

At December 31, 2023, we had outstanding forward exchange and purchased option contracts with terms of less than 12 months. At December 31, 2023, approximately 94% of these contracts mature within three months, 3% in three to six months and 3% in six to twelve months.

During second quarter 2023, as a result of a change in the currency terms included in a significant supplier inventory contract, forecasted purchases of inventory in YEN were no longer expected. This change resulted in decrease in our YEN/USD and YEN/EUR hedging positions in 2023. There have not been any other material changes in our hedging strategy during 2023.

The following is a summary of the primary hedging positions and corresponding fair values as of December 31, 2023:


	Year Ended December 31,
	2023				2022
Currencies Hedged (Buy/Sell)	Gross Notional Value		Fair Value Asset(1)		Gross Notional Value		Fair Value Asset(1)
Euro/U.K. Pound Sterling	$	385	$	3	$	297	$	6
U.S. Dollar/Euro	359		(3)		127		(1)
Euro/Canadian Dollar	169		—		131		—
Euro/U.S. Dollar	150		1		70		—
Japanese Yen/U.S. Dollar	113		1		389		3
Japanese Yen/Euro	60		—		250		(1)
U.S. Dollar/Canadian Dollar	—		—		53		1
Swedish Krona/Euro	—		—		49		—
Euro/Swedish Krona	—		—		45		—
U.K. Pound Sterling/Euro	36		—		—		—
Euro/Danish Krone	25		—		—		—








Canadian Dollar/Euro	24		—		—		—







All Other	75		—		130		—
Total Foreign exchange hedging	$	1,396	$	2	$	1,541	$	8

_____________

(1)Represents the net receivable (payable) amount included in the Consolidated Balance Sheet at December 31, 2023.

Foreign Currency Cash Flow Hedges

We designate a portion of our foreign currency derivative contracts as cash flow hedges of our foreign currency-denominated inventory purchases. All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness. The amount of ineffectiveness recorded in the Consolidated Statements of Income (Loss) for these designated cash flow hedges was not material for the three years ended December 31, 2023. The net liability fair value of these contracts was $2 and $4 as of December 31, 2023 and 2022, respectively.

Summary of Derivative Instruments Gains (Losses)

Derivative gains and (losses) affect the income statement based on whether such derivatives are designated as hedges of underlying exposures. The following is a summary of derivative gains and (losses).

Designated Derivative Instruments Gains (Losses)

The following table provide a summary of gains (losses) on derivative instruments:


	Derivative (Loss) Gain Recognized in OCI (Effective Portion)							(Loss) Gain Reclassified from AOCI to Income (Effective Portion)
Derivatives in Cash Flow Hedging Relationships	Year Ended December 31,						Location of Derivative (Loss) Gain Reclassified from AOCI into Income (Effective Portion)	Year Ended December 31,
	2023		2022		2021			2023		2022		2021
Foreign exchange contracts – forwards/options	$	(17)	$	(41)	$	(12)	Cost of sales	$	(22)	$	(36)	$	(7)
Interest rate contracts	(1)		6		—		Interest expense	4		1		—
Total	$	(18)	$	(35)	$	(12)		$	(18)	$	(35)	$	(7)

For the three years ended December 31, 2023, 2022 and 2021 no amount of ineffectiveness was recorded in the Consolidated Statements of Income (Loss) for these designated cash flow hedges. All components of each derivative’s gain or (loss) were included in the assessment of hedge effectiveness.

At December 31, 2023, a net after-tax loss of $3 was recorded in Accumulated other comprehensive loss associated with our cash flow hedging activity. The entire balance is expected to be reclassified into Net income within the next 12 months, providing an offsetting economic impact against the underlying anticipated transactions.

Non-Designated Derivative Instruments Gains (Losses)

Non-designated derivative instruments are primarily instruments used to hedge foreign currency-denominated assets and liabilities. They are not designated as hedges since there is a natural offset for the remeasurement of the underlying foreign currency-denominated asset or liability. The net asset fair value of these contracts was $5 and $12 as of December 31, 2023 and 2022, respectively.

The following table provides a summary of gains (losses) on non-designated derivative instruments:


		Year Ended December 31,
Derivatives NOT Designated as Hedging Instruments	Location of Derivative Gain (Loss)	2023		2022		2021
Foreign exchange contracts – forwards	Other expense – Currency gains (losses), net	$	26	$	17	$	(26)

For the three years ended December 31, 2023, 2022 and 2021, we recorded net currency losses, net of $28, $13 and $7, 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.

Stock-Based Compensation - Stock-Based Awards (Details) $ in Millions	Dec. 31, 2023 USD ($)
Restricted Stock Units
Stock-Based Compensation Details [Line Items]
Aggregate intrinsic value of award outstanding	$ 86
Performance Shares
Stock-Based Compensation Details [Line Items]
Aggregate intrinsic value of award outstanding	$ 37

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Restructuring Programs (Tables)

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Related Cost

Restructuring and related costs, net reflect the following components for the three years ended December 31, 2023, 2022 and 2021:


	Year Ended December 31,
	2023		2022		2021
Restructuring charges, net	$	114	$	68	$	18
Asset impairment charges, net	32		(6)		9
Related costs, net	21		3		11
Total Restructuring and related costs, net	$	167	$	65	$	38


	Year Ended December 31,
	2023		2022		2021
Lease right of use assets(1)	$	—	$	2	$	3
Owned assets(1)	36		15		12
Asset impairments	36		17		15
Gain on sales of owned assets(2)	—		(22)		(4)
Adjustments/Reversals	(4)		(1)		(2)
Net asset impairment charge (credit)	$	32	$	(6)	$	9

______________

(1)Primarily related to the exit and abandonment of leased and owned facilities, net of any potential sublease income and recoveries.

(2)Reflect gain on the sales of exited surplus facilities and land.

In connection with our restructuring programs, we also incurred certain related costs as follows:


	Year Ended December 31,
	2023		2022		2021
Retention-related severance/bonuses(1)	$	(2)	$	—	$	6
Contractual severance costs	—		3		1
Consulting and other costs(2)	23		—		4
Total	$	21	$	3	$	11

_____________

(1)Includes retention related severance and bonuses for employees expected to continue working beyond their minimum retention period before termination.

(2)Represents professional support services associated with our business transformation initiatives.

Schedule of Restructuring Program Activity

A summary of our restructuring program activity for the three years ended December 31, 2023, 2022 and 2021 is as follows:


	Severance Costs		Other Contractual Termination Costs(2)		Total
Balance at December 31, 2020	$	78	$	4	$	82
Restructuring provision	30		3		33
Reversals of prior charges	(13)		(2)		(15)
Net Current Period Charges(1)	17		1		18
Charges against reserve and currency	(70)		(3)		(73)
Balance at December 31, 2021	$	25	$	2	$	27
Restructuring provision	74		3		77
Reversals of prior charges	(8)		(1)		(9)
Net Current Period Charges(1)	66		2		68
Charges against reserve and currency	(52)		—		(52)
Balance at December 31, 2022	$	39	$	4	$	43
Restructuring provision	125		—		125
Reversals of prior charges	(11)		—		(11)
Net Current Period Charges(1)	114		—		114


Charges against reserve and currency	(24)		(4)		(28)
Balance at December 31, 2023	$	129	$	—	$	129

_____________

(2)Primarily includes additional costs incurred upon the exit from our facilities including decommissioning costs and associated contractual termination costs.

Schedule of Reconciliation to the Consolidated Statements of Cash Flows

The following table summarizes the reconciliation to the Consolidated Statements of Cash Flows:


	Year Ended December 31,
	2023		2022		2021
Restructuring Cash Payments	$	(27)	$	(52)	$	(72)

Effects of foreign currency and other non-cash items	(1)		—		(1)
Charges against reserve and currency	$	(28)	$	(52)	$	(73)

Acquisitions and Divestitures - Acquisitions Contributed Aggregate Revenues from Their Respective Acquisition Dates (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Asset Acquisition [Line Items]
Total Contributed Aggregate Revenue	$ 257	$ 200	$ 19
2023 Acquisitions
Asset Acquisition [Line Items]
Total Contributed Aggregate Revenue	0	0	0
2022 Acquisitions
Asset Acquisition [Line Items]
Total Contributed Aggregate Revenue	215	163	0
2021 Acquisitions
Asset Acquisition [Line Items]
Total Contributed Aggregate Revenue	$ 42	$ 37	$ 19

Financial Instruments - Schedule of Interest Rate Derivatives (Details)	Dec. 31, 2023 USD ($) acquisition	Dec. 31, 2022 USD ($)
Derivative [Line Items]
Derivative contract, outstanding \| acquisition	4
Principal Debt	$ 284,000,000
Notional Amount	1,396,000,000	$ 1,541,000,000
Net Fair Value	0
Debt issuance costs, net	1,000,000
Secured Borrowing
Derivative [Line Items]
Notional Amount	290,000,000
Interest Rate Cap \| Cash Flow Hedging
Derivative [Line Items]
Notional Amount	173,000,000
United States \| Interest Rate Cap \| Expected Maturity In 2024
Derivative [Line Items]
Principal Debt	25,000,000
Notional Amount	$ 30,000,000
Pre-Hedged Rate	6.76%
Hedged Rate	0.50%
Net Fair Value	$ 0
Canada \| Interest Rate Swap \| Expected Maturity In 2026
Derivative [Line Items]
Principal Debt	77,000,000
Notional Amount	$ 77,000,000
Pre-Hedged Rate	6.74%
Hedged Rate	5.19%
Net Fair Value	$ (1,000,000)
France \| Interest Rate Cap \| Expected Maturity In 2026, 3.00% Hedged Rate
Derivative [Line Items]
Principal Debt	182,000,000
Notional Amount	$ 118,000,000
Pre-Hedged Rate	5.42%
Hedged Rate	3.00%
Net Fair Value	$ 0
France \| Interest Rate Cap \| Expected Maturity In 2026, 4.00% Hedged Rate
Derivative [Line Items]
Principal Debt	0
Notional Amount	$ 65,000,000
Pre-Hedged Rate	5.42%
Hedged Rate	4.00%
Net Fair Value	$ 1,000,000

Fair Value of Financial Assets and Liabilities - Recurring (Details) - Fair Value, Recurring - Significant Other Observable Inputs (Level 2) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Assets:
Total	$ 25	$ 41
Liabilities:
Total	21	25
Derivative
Assets:
Total	11	26
Liabilities:
Total	8	11
Deferred Compensation Liabilities
Assets:
Total	14	15
Liabilities:
Total	$ 13	$ 14

Xerox Corporation Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash Flows from Operating Activities
Net Income (Loss)	$ 1	$ (322)	$ (455)
Adjustments required to reconcile Net income (loss) to Cash flows provided by operating activities
Depreciation and amortization	251	270	327
Provisions	54	65	46
Deferred tax benefit	(68)	(27)	(89)
Net gain on sales of businesses and assets	(39)	(56)	(40)
PARC donation	132	0	0
Stock-based compensation	54	75	54
Goodwill impairment	0	412	781
Restructuring and asset impairment charges	146	62	27
Payments for restructurings	(27)	(52)	(72)
Non-service retirement-related costs	19	(12)	(89)
Contributions to retirement plans	(102)	(124)	(160)
(Increase) decrease in accounts receivable and billed portion of finance receivables	(5)	(48)	41
Decrease (increase) in inventories	123	(143)	88
Increase in equipment on operating leases	(141)	(112)	(129)
Decrease (increase) in finance receivables	614	(141)	20
Decrease in other current and long-term assets	16	27	68
(Decrease) increase in accounts payable	(290)	278	118
Increase in accrued compensation	48	34	9
(Decrease) increase in other current and long-term liabilities	(114)	9	89
Net change in income tax assets and liabilities	(12)	(27)	10
Net change in derivative assets and liabilities	13	(22)	2
Other operating, net	13	13	(17)
Net cash provided by operating activities	686	159	629
Cash Flows from Investing Activities
Cost of additions to land, buildings, equipment and software	(37)	(57)	(68)
Proceeds from sales of businesses and assets	43	87	44
Acquisitions, net of cash acquired	(7)	(93)	(53)
Other investing, net	(4)	(15)	(8)
Net cash used in investing activities	(5)	(78)	(85)
Cash Flows from Financing Activities
Proceeds from issuance of long-term debt	1,396	1,194	311
Payments on long-term debt	(1,874)	(1,723)	(519)
Other financing, net	(15)	(6)	(8)
Net cash used in financing activities	(1,202)	(822)	(1,310)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(1)	(29)	(16)
Decrease in cash, cash equivalents and restricted cash	(522)	(770)	(782)
Cash, cash equivalents and restricted cash at beginning of year	1,139	1,909	2,691
Cash, Cash Equivalents and Restricted Cash at End of Year	617	1,139	1,909
Xerox Corporation
Cash Flows from Operating Activities
Net Income (Loss)	1	(322)	(455)
Adjustments required to reconcile Net income (loss) to Cash flows provided by operating activities
Depreciation and amortization	251	270	327
Provisions	54	65	46
Deferred tax benefit	(68)	(27)	(89)
Net gain on sales of businesses and assets	(39)	(56)	(40)
PARC donation	132	0	0
Stock-based compensation	54	75	54
Goodwill impairment	0	412	781
Restructuring and asset impairment charges	146	62	27
Payments for restructurings	(27)	(52)	(72)
Non-service retirement-related costs	19	(12)	(89)
Contributions to retirement plans	(102)	(124)	(160)
(Increase) decrease in accounts receivable and billed portion of finance receivables	(5)	(48)	41
Decrease (increase) in inventories	123	(143)	88
Increase in equipment on operating leases	(141)	(112)	(129)
Decrease (increase) in finance receivables	614	(141)	20
Decrease in other current and long-term assets	16	27	68
(Decrease) increase in accounts payable	(290)	278	118
Increase in accrued compensation	48	34	9
(Decrease) increase in other current and long-term liabilities	(114)	9	89
Net change in income tax assets and liabilities	(12)	(27)	10
Net change in derivative assets and liabilities	13	(22)	2
Other operating, net	13	13	(17)
Net cash provided by operating activities	686	159	629
Cash Flows from Investing Activities
Cost of additions to land, buildings, equipment and software	(37)	(57)	(68)
Proceeds from sales of businesses and assets	43	87	44
Acquisitions, net of cash acquired	(7)	(93)	(53)
Other investing, net	1	(2)	0
Net cash used in investing activities	0	(65)	(77)
Cash Flows from Financing Activities
Proceeds from issuance of long-term debt	1,396	1,194	311
Payments on long-term debt	(1,874)	(1,723)	(519)
Distributions to parent	(722)	(312)	(1,120)
Other financing, net	(7)	6	10
Net cash used in financing activities	(1,207)	(835)	(1,318)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(1)	(29)	(16)
Decrease in cash, cash equivalents and restricted cash	(522)	(770)	(782)
Cash, cash equivalents and restricted cash at beginning of year	1,139	1,909	2,691
Cash, Cash Equivalents and Restricted Cash at End of Year	$ 617	$ 1,139	$ 1,909

Revenue - Capitalized Contract Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Capitalized Contract Cost, Net [Roll Forward]
Beginning balance	$ 135	$ 147	$ 158
Customer contract costs deferred	70	65	66
Amortization of customer contract costs	(69)	(73)	(79)
Other	0	(4)	2
Ending balance	$ 136	$ 135	$ 147

Land, Buildings, Equipment and Software, Net

12 Months Ended

Dec. 31, 2023

Land, Buildings, Equipment and Software, Net [Abstract]

Land, Buildings, Equipment and Software, Net

Land, buildings and equipment, net were as follows:


		December 31,
	Estimated Useful Lives (Years)	2023		2022
Land		$	8	$	8
Building and building equipment	25 to 50	678		708
Leasehold improvements	1 to 12	78		112
Plant machinery	5 to 12	855		1,000
Office furniture and equipment	3 to 15	436		460
Finance leased assets	1 to 12	33		26
Other	4 to 20	37		38
Construction in progress		11		15
Subtotal		2,136		2,367
Accumulated depreciation(1)		(1,870)		(2,047)
Land, buildings and equipment, net		$	266	$	320

_____________

(1)Depreciation expense was $60, $68 and $76 for the three years ended December 31, 2023, 2022 and 2021, respectively.

We lease buildings and equipment, substantially all of which are accounted for as operating leases. Refer to Note 11 - Lessee for additional information regarding leased assets.

Internal Use Software

As of December 31, 2023 and 2022, capitalized costs related to internal use software, net of accumulated amortization, were $68 and $95, respectively. Useful lives of our internal use software generally vary from three to seven years.

Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Short-term Borrowings

Short-term borrowings were as follows:


	December 31,
	2023		2022


Short-term debt and current portion of long-term debt
Xerox Holdings Corporation	$	—	$	—
Xerox Corporation	323		300
Xerox - Other Subsidiaries(1)	244		560
Total	$	567	$	860

_____________

(1)Represents subsidiaries of Xerox Corporation.

Schedule of Long-term Debt

Long-term debt was as follows:


					December 31,
	Stated Rate		Weighted Average Interest Rates at December 31, 2023(1)		2023		2022
Xerox Holdings Corporation







Senior Notes due 2025	5.00	%	4.95	%	$	750	$	750
Senior Notes due 2028	5.50	%	5.40	%	750		750
Subtotal - Xerox Holdings Corporation					$	1,500	$	1,500
Xerox Corporation






Senior Notes due 2023(2)	4.38	%	4.63	%	$	—	$	300
Senior Notes due 2024	3.80	%	3.84	%	300		300
Term Loan B due 2029(3)	9.34	%	9.65	%	550		—
Senior Notes due 2035	4.80	%	4.84	%	250		250
Senior Notes due 2039	6.75	%	6.78	%	350		350
Subtotal - Xerox Corporation					$	1,450	$	1,200
Xerox - Other Subsidiaries(3)
United States					$	102	$	790
Canada					77		57
France					182		195
Subtotal Xerox - Other Subsidiaries					$	361	$	1,042









Principal debt balance					$	3,311	$	3,742
Xerox Holdings Corporation - Debt issuance costs					(6)		(9)
Xerox Corporation - Debt issuance costs					(12)		(4)
Xerox - Other subsidiaries - Debt issuance costs					(1)		(5)
Subtotal - Debt issuance costs					$	(19)	$	(18)
Unamortized (discount) premium					(15)		2



Less: current maturities					(567)		(860)
Total Long-term Debt					$	2,710	$	2,866

_____________

(1)Represents the weighted average effective interest rate, which includes the effect of discounts and premiums on issued debt.

(2)As a result of the downgrade of our debt ratings in February 2022, the coupon rate of 4.375% increased by 0.25% to 4.625% effective March 15, 2022.

Schedule of Maturities of Long-term Debt

Scheduled principal payments due on our long-term debt for the next five years and thereafter are as follows:


	2024(1)		2025		2026		2027		2028		Thereafter		Total
Xerox Holdings Corporation	$	—	$	750	$	—	$	—	$	750	$	—	$	1,500
Xerox Corporation	328		27		41		55		55		944		1,450
Xerox - Other Subsidiaries(2)	244		102		15		—		—		—		361
Total	$	572	$	879	$	56	$	55	$	805	$	944	$	3,311

_____________

(1)Current portion of long-term debt maturities for 2024 are $113, $378, $41 and $40 for the first, second, third and fourth quarters, respectively.

(2)Represents subsidiaries of Xerox Corporation.

Schedule of Secured Assets and Obligations

Below are the secured assets and obligations held by subsidiaries of Xerox, which are included in our Consolidated Balance Sheets.


	Balance at December 31, 2023
	Finance Receivables, Net(1)		Equipment on Operating Leases, Net		Secured Debt(2)		Interest Rate(3)		Expected Maturity
United States(4)

January 2022	209		—		77		6.82	%	2024
September 2021	89		2		25		6.76	%	2024
Total U.S.	$	298	$	2	$	102

Canada(4)(5)
July 2023	$	86	$	—	$	77	6.74	%	2026



France(6)
November 2023	$	235	$	—	$	182	5.42	%	2026


Total	$	619	$	2	$	361


	Balance at 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(7)	$	370	$	—	$	247	7.43	%	2025
January 2022	528		—		407		5.83	%	2024
September 2021	180		5		136		5.65	%	2024
Total U.S.	$	1,078	$	5	$	790

Canada(4)
April 2022	$	63	$	—	$	57	5.45	%	2025


France
December 2022	$	235	$	—	$	195	3.03	%	2025


Total	$	1,376	$	5	$	1,042

_____________

(2)Represents principal debt balance and excludes debt issuance costs of $1 and $5 as of December 31, 2023 and 2022, respectively.

(3)Represents the pre-hedged rate - refer to Note 16 - Financial Instruments for additional information regarding hedging of these borrowings.

(4)Secured assets and obligations held by SPEs.

(5)In July 2023, the outstanding balance from the April 2022 loan, was refinanced into a new loan, resulting in additional net proceeds of approximately $52.

(6)In November 2023, the outstanding balance from the December 2022 loan, was refinanced into a new loan, resulting in additional net proceeds of approximately $107.

(7)In the second quarter of 2023, we repaid the remaining balance of $185 early, and incurred a $2 loss on extinguishment.

Schedule of Interest Income and Interest Expense Disclosure

Interest expense and interest income was as follows:


	Year Ended December 31,
	2023		2022		2021
Interest expense(1) (2)	$	198	$	199	$	207
Interest income(3)	207		218		225

_____________

(1)Includes Equipment financing interest as well as non-financing interest expense included in Other expenses, net in the Consolidated Statements of Income (Loss).

(3)Includes Finance income, as well as other interest income that is included in Other expenses, net in the Consolidated Statements of Income (Loss).

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Restructuring Programs - Restructuring and Related Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring and Related Activities [Abstract]
Restructuring charges, net	$ 114	$ 68	$ 18
Asset impairment charges, net	32	(6)	9
Related costs, net	21	3	11
Total Restructuring and related costs, net	$ 167	$ 65	$ 38

Shareholders' Equity

12 Months Ended

Dec. 31, 2023

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders’ Equity

Xerox Holdings

Preferred Stock

Xerox Holdings Corporation is authorized to issue approximately 22 million shares of cumulative Preferred stock, $1.00 par value per share. Refer to Note 21 - Preferred Stock for additional information.

Common Stock

Xerox Holdings Corporation is authorized to issue 437.5 million shares of Common stock, $1.00 par value per share. At December 31, 2023, 14 million shares were reserved for issuance under our incentive compensation plans and 7 million shares were reserved for conversion of the Series A Convertible Perpetual Preferred Voting Stock.

Treasury Stock

Xerox Holdings Corporation accounts for the repurchased Common stock under the cost method and includes such Treasury stock as a component of our Common shareholders' equity. Retirement of Treasury stock is recorded as a reduction of Common stock and Additional paid-in capital at the time such retirement is approved by our Board of Directors.

Icahn Share Repurchase

On September 28, 2023, Xerox Holdings Corporation entered into a share purchase agreement (the Purchase Agreement) with Carl C. Icahn and certain of his affiliates (Icahn Parties) pursuant to which the Company agreed to purchase an aggregate of approximately 34 million shares of the Company’s Common Stock, at a price of $15.84 per share, the closing price on September 27, 2023, the last full trading day prior to the execution of the Purchase Agreement, for an aggregate purchase price of approximately $542. The purchase was completed and settled on September 28, 2023 and was funded by a $555 Credit Agreement with Jefferies Finance LLC (Jefferies Finance), as the Administrative Agent, Collateral Agent and Lender. This loan was subsequently repaid in November 2023 with the proceeds from a Term Loan B Credit Facility (Refer to Note 15 – Debt for additional information regarding the Term Loan B Credit Facility). Aggregate fees associated with the share repurchase were approximately $11 and include the 1% excise tax on net share repurchases as required by the Inflation Reduction Act of 2022. The costs incurred are included as part of the cost of Treasury Stock.


	Common Stock Shares	Treasury Stock Shares
Balance at December 31, 2020	198,386	—
Stock based compensation plans, net	1,206	—

Acquisition of Treasury stock	—	40,198
Cancellation of Treasury stock	(31,523)	(31,523)

Balance at December 31, 2021	168,069	8,675
Stock based compensation plans, net	1,561	—

Acquisition of Treasury stock	—	5,174
Cancellation of Treasury stock	(13,849)	(13,849)


Balance at December 31, 2022	155,781	—
Stock based compensation plans, net	1,608	—
Acquisition of Treasury stock	—	34,245
Cancellation of Treasury stock	(34,245)	(34,245)

Balance at December 31, 2023	123,144	—

Xerox

At December 31, 2023, Xerox Corporation has 1,000 authorized shares of Common stock, $1.00 par value per share, of which 100 shares are issued and outstanding and held by Xerox Holdings Corporation.

- Definition

The entire disclosure for equity.

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+ Details

Land, Buildings, Equipment and Software, Net - Internal Use Software (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Land, Buildings, Equipment and Software, Net [Abstract]
Internal use software, net	$ 68	$ 95
Internal use, useful lives, minimum, years	3 years
Internal use, useful lives, maximum, years	7 years

Supplementary Financial Information - Supplier Finance Programs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Supplier Finance Program [Line Items]
Supplier Finance Program, Obligation, Current, Statement of Financial Position [Extensible Enumeration]	Accounts payable	Accounts payable
E-Payable Program
Supplier Finance Program [Line Items]
Credit period (in days)	45 days
Spending under e-payable program	$ 125
Amount due to vendors	$ 40	$ 40

Basis of Presentation (Policies)	12 Months Ended
Basis of Presentation (Policies)	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Consolidation	Basis of Consolidation All significant intercompany accounts and transactions have been eliminated. Investments in business entities in which we do not have control, but we have the ability to exercise significant influence over operating and financial policies (generally 20% to 50% ownership) are accounted for using the equity method of accounting. Operating results of acquired businesses are included in the Consolidated Statements of Income (Loss) from the date of acquisition. We consolidate variable interest entities if we are deemed to be the primary beneficiary of the entity. Operating results for variable interest entities in which we are determined to be the primary beneficiary are included in the Consolidated Statements of Income (Loss) from the date such determination is made. For convenience and ease of reference, we refer to the financial statement caption “Loss before Income Taxes” as “pre-tax loss” throughout the Notes to the Consolidated Financial Statements. Certain reclassifications have been made to the amounts for prior years in order to conform to the current year’s presentation.
Use of Estimates	Use of Estimates The preparation of our Consolidated Financial Statements requires that we make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Future events and their effects cannot be predicted with certainty; accordingly, our accounting estimates require the exercise of judgment. The accounting estimates used in the preparation of our Consolidated Financial Statements will change as new events occur, as more experience is acquired, as additional information is obtained and as our operating environment changes. Our estimates are based on management's best available information including current events, historical experience, actions that the company may undertake in the future and on various other assumptions that are believed to be reasonable under the circumstances. As a result, actual results may be different from these estimates.
Changes in Estimates - Methodology	In the ordinary course of accounting for the items discussed above, we make changes in estimates as appropriate and as we become aware of new or revised circumstances surrounding those estimates. Such changes and refinements in estimation methodologies are reflected in reported results of operations in the period in which the changes are made and, if material, their effects are disclosed in the Notes to the Consolidated Financial Statements and in Management's Discussion and Analysis of Financial Condition and Results of Operations.
New Accounting Standards and Accounting Changes	New Accounting Standards and Accounting Changes Xerox Holdings and Xerox consider the applicability and impact of all Accounting Standards Updates (ASUs) issued by the Financial Accounting Standards Board (FASB). The ASUs listed below apply to both registrants. Except for the Accounting Standard Updates (ASUs) discussed below, the new ASUs issued by the FASB during the last two years did not have any significant impact on the Company. Accounting Standard Updates to be Adopted: Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (LIBOR) or by another reference rate expected to be discontinued. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848), Scope, which provided clarification to ASU 2020-04. These ASUs were effective commencing with our quarter ended March 31, 2020 through December 31, 2022. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848), Deferral of the Sunset Date of Topic 848, which 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. Segment Disclosures In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The update will require public entities to disclose significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within segment profit and loss. The amendments are effective for the Company's annual periods beginning January 1, 2024, and interim periods beginning January 1, 2025, with early adoption permitted, and will be applied retrospectively to all prior periods presented in the financial statements. We are currently evaluating the impact of the adoption of this standard to determine its impact on the Company's disclosures. Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for the Company’s annual periods beginning January 1, 2025, with early adoption permitted, and should be applied either prospectively or retrospectively. We are currently evaluating the impact of the adoption of this standard to determine its impact on the Company's disclosures. Accounting Standard Updates Recently Adopted: Liabilities In September 2022, the FASB issued ASU 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations that requires entities that use supplier finance programs in connection with the purchase of goods and services to disclose the key terms of the programs and information about obligations outstanding at the end of the reporting period, including a rollforward of those obligations. The guidance does not affect the recognition, measurement or financial statement presentation of supplier finance program obligations. The new standard’s requirements to disclose the key terms of the programs and information about obligations outstanding was effective for our fiscal year beginning on January 1, 2023. The new standard’s requirement to disclose a rollforward of obligations outstanding will be effective for our fiscal year beginning on January 1, 2024. Refer to Note 14 - 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. Government Assistance In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832), Disclosures by Business Entities about Government Assistance. The update increases the transparency surrounding government assistance by requiring disclosure of 1) the types of assistance received, 2) an entity’s accounting for the assistance, and 3) the effect of the assistance on the entity’s financial statements. We adopted this update effective for our fiscal year beginning January 1, 2022. The impact of adoption was not material to our Consolidated Financial Statements. Impacts on future periods will depend on the amounts of government assistance received. Prior to the COVID-19 pandemic, the amounts of government assistance the Company received were not material and since the update is limited to increased disclosures, we do not expect the adoption to have a material impact on our financial condition, results of operations, and cash flows in future periods. Business Combinations In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The new guidance requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC Topic 606, Revenue from Contracts with Customers, as if the acquirer had originated the contracts. This approach differs from the current requirement to measure contract assets and contract liabilities acquired in a business combination at fair value. We early adopted this update effective for our fiscal year beginning January 1, 2022. The adoption of this update did not have a material impact on the Company’s consolidated financial statements and related disclosures. The impact of adopting the new standard will depend on the magnitude of future acquisitions. The standard did not impact contract assets or liabilities acquired in business combinations that occurred prior to the adoption date. Debt In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40). This update simplified the accounting for convertible instruments by reducing the number of accounting models available for convertible debt instruments and convertible preferred stock. This update also amended the guidance for the derivatives scope exception for contracts in an entity's own equity to reduce form-over-substance-based accounting conclusions and required the application of the if-converted method for calculating diluted earnings per share. We adopted this update effective for our fiscal year beginning January 1, 2022. The adoption of this update did not have a material impact on the Company’s consolidated financial statements and related disclosures. Income Taxes In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which was intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. We adopted this update effective for our fiscal year beginning January 1, 2021. The adoption did not have a material impact on our results of operations, financial position, cash flows or disclosures. Other Updates In 2023 and 2022 the FASB also issued the following ASUs, which could impact the Company in the future but currently did not have, nor are expected to have, a material impact on our financial condition, results of operations, cash flows or related disclosures upon adoption. Those updates are as follows: •Disclosure Improvements: ASU 2023-06, Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. Since the Company is already subject to SEC disclosure requirements, this update was effective upon issuance. •Business Combinations: ASU 2023-05, Business Combinations - Joint Venture Formation (Topic 805-60): Recognition and Initial Measurement. This update is effective for our fiscal year beginning January 1, 2025. •Liabilities: ASU 2023-04, Liabilities (Topic 405): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 121. The Company adopted this conforming guidance upon issuance in August 2023. •Investments: ASU 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a consensus of the Emerging Issues Task Force). This update is effective for our fiscal year beginning January 1, 2024. •Leases: ASU 2023-01, Leases (Topic 842): Common Control Arrangements. This update is effective for our fiscal year beginning January 1, 2024. •Fair Value Measurement: ASU 2022-03, Fair Value Measurement (Topic 820), Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. This update is effective for our fiscal year beginning January 1, 2024. •Derivatives and Hedging: ASU 2022-01, Derivatives and Hedging (Topic 815), Fair Value Hedging - Portfolio Layer Method. This update was effective for our fiscal year beginning January 1, 2023.
Revenue Recognition	Revenue Recognition We generate revenue through the sale of equipment and supplies and by providing maintenance and printing services. Revenue is measured based on the consideration specified in a contract with a customer and is recognized when we satisfy a performance obligation by transferring control of a product to a customer or in the period the customer benefits from the service. With the exception of our sales-type lease arrangements, our invoices to the customer, which normally have short-term payment terms, are typically aligned to the transfer of goods or as services are rendered to our customers and therefore in most cases, we recognize revenue based on our right to invoice customers. As a result of the application of this practical expedient for the substantial portion of our revenue, the disclosure of the value of unsatisfied performance obligations for our services is not required. Significant judgments primarily include the identification of performance obligations in our Document management services arrangements as well as the pattern of delivery for those services. More specifically, revenue related to our products and services is generally recognized as follows: Equipment: Revenues from the sale of equipment directly to end-user customers, including those from sales-type leases (see below), are recognized when obligations under the terms of a contract with our customer are satisfied and control has been transferred to the customer. For equipment placements that require us to install the product at the customer location, revenue is normally recognized when the equipment has been delivered and installed at the customer location. Sales of customer installable products are recognized upon shipment or receipt by the customer according to the customer's shipping terms. Revenue from the equipment performance obligation also includes certain analyst training services performed in connection with the installation or delivery of the equipment. Maintenance services: We provide maintenance agreements on our equipment that include service and supplies for which the customer may pay a base minimum plus a price-per-page charge for usage. In arrangements that include minimums, those minimums are normally set below the customer’s estimated page volumes and are not considered substantive. These agreements are normally sold as part of a bundled lease arrangement or through distributors and resellers. We account for these maintenance agreements as a single performance obligation for maintenance services being delivered in a series with delivery being measured by usage as billed to the customer. Accordingly, revenue on these types of agreements is normally recognized as billed to the customer over the term of the agreements based on page volumes. A substantial portion of our products are sold with full-service maintenance agreements, accordingly, other than the product warranty obligations associated with certain of our entry level products, we do not have any significant warranty obligations, including any obligations under customer satisfaction programs. Service offerings: The Company’s primary service offerings include Managed Print Services, Digital Services and IT Services. In our services arrangements, the Company typically satisfies the performance obligations and recognizes revenue over time as the services are rendered. We generally account for these service arrangements as single performance obligations since they primarily involve the delivery of an integrated service to the customer with services being delivered in a series. Delivery is typically measured on an output basis such as usage and is normally consistent with the billing or invoicing to the customer. Revenues on unit-price or time-based contracts are recognized as work is completed to the customer. Sales to distributors and resellers: We utilize distributors and resellers to sell our equipment, supplies, parts, and maintenance services to end-user customers. We refer to our distributor and reseller network as our two-tier distribution model. Revenues on sales to distributors and resellers are generally recognized when products are shipped to such distributors and resellers. However, revenue is only recognized when the distributor or reseller has economic substance apart from the Company such that collectability is probable and we have no further obligations related to bringing about the resale, delivery or installation of the product that would impact transfer of control. Revenues associated with maintenance agreements sold through distributors and resellers to end-user customers are recognized in a consistent manner for maintenance services. Revenue that may be subject to a reversal of revenue due to contractual terms or uncertainties is not recorded as revenue until the contractual provisions lapse or the uncertainties are resolved. Distributors and resellers participate in various rebate, price-protection, cooperative marketing and other programs. We estimate the variable consideration associated with these programs and record those amounts as a reduction to revenue when sales occur. Similarly, we account for our estimates of sales returns and other allowances when sales occur based on our historical experience. In certain instances, we may provide lease financing to end-user customers who purchased equipment we sold to distributors or resellers. We are not obligated to provide financing and we compete with other third-party leasing companies with respect to the lease financing provided to these end-user customers. Software: Most of our equipment has both software and non-software components that function together to deliver the equipment's essential functionality and therefore they are accounted for together as part of Equipment sales revenues. Software accessories sold in connection with our Equipment sales, as well as free-standing software sales, are accounted for as separate performance obligations if determined to be material in relation to the overall arrangement. Supplies: Supplies revenue is recognized upon transfer of control to the customer, generally upon utilization or shipment to the customer in accordance with the sales contract terms. Bundled Lease Arrangements: A portion of our direct sales of equipment to end-user customers are made through bundled lease arrangements which typically include equipment, services (maintenance and managed services) and financing components, where the customer pays a single negotiated fixed minimum monthly payment for all elements over the contractual lease term. These arrangements also typically include an incremental, variable component for page volumes in excess of the contractual page volume minimums, which are often expressed in terms of price-per-image or page. Consistent with the guidance in ASC 842 and ASC 606, the transaction price is allocated between the lease and non-lease deliverables based on standalone selling price (SSP). Lease deliverables include the equipment and financing, while the non-lease deliverables generally consist of the services, which normally include supplies. With respect to the allocation of fixed and variable consideration, we only consider the fixed payments for purposes of allocation to the lease elements of the contract. The revenue associated with the lease element is typically recognized at a point-in-time upon transfer of control as a sales-type lease, unless the lease is accounted for as an operating lease, which will normally result in recognition over the term of the lease. The revenue associated with the non-lease elements are normally accounted for as a single performance obligation being delivered in a series, with delivery being measured as the usage billed to the customer. Accordingly, revenue from these agreements is recognized in a manner consistent with the guidance for Maintenance or Managed Print services agreements. We establish SSP using observable inputs from standalone sales of products, as well as the prices established by management in similar transactions. Based on historical sales practices and policies together with a periodic analysis, we have determined that there is not a material difference between standalone selling price and recorded sales price. Other Revenue Recognition Policies Revenue-based Taxes: Revenue-based taxes assessed by governmental authorities that are both imposed on and concurrent with specific revenue-producing transactions, and that are collected by the Company from a customer, are excluded from revenue. The primary revenue-based taxes are sales tax and value-added tax (VAT). Shipping and Handling: Shipping and handling costs are accounted for as a fulfillment cost and are included in Cost of sales in the Consolidated Statements of Income (Loss). Refer to Note 3 - Revenue for additional information regarding revenue recognition policies with respect to contract assets and liabilities as well as contract costs.
Financing/Allowance for Doubtful Accounts and Credit Losses	Financing: Finance income attributable to sales-type leases, direct financing leases and installment loans is recognized on the accrual basis using the effective interest method. Allowance for Doubtful Accounts and Credit Losses The allowance for doubtful accounts and provision for credit losses represents an estimate of the losses expected to be incurred from the Company's trade and finance receivable portfolio. The measurement and recognition of expected credit losses is based on an expected loss model and incorporates an assessment of past collection experience as well as consideration of current and future economic conditions and changes in our customer collection trends. The allowance of finance receivables is determined on a collective basis by year of origination through the application of projected loss rates to our different portfolios by country, which represent our portfolio segments. This is the level at which we develop and document our methodology to determine the allowance for credit losses. These projected loss rates are primarily based upon historical loss experience adjusted for judgments about the probable effects of relevant observable data including current and future economic conditions as well as delinquency trends, resolution rates, the aging of receivables, credit quality indicators and the financial health of specific customer classes or groups. The allowance for finance receivables is inherently more difficult to estimate than the allowance for trade accounts receivable because the underlying lease portfolio has an average maturity, at any time, of approximately two to three years and contains past due billed amounts, as well as unbilled amounts. We consider all available information in our quarterly assessments of the adequacy of the allowance for doubtful accounts. We believe our estimates, including any qualitative adjustments, are reasonable and have considered all reasonably available information about past events, current conditions, and reasonable and supportable forecasts of future events and economic conditions. The identification of account-specific exposure is not a significant factor in establishing the allowance for doubtful finance receivables.
Leases	Leases: The two primary accounting provisions we use to classify transactions as sales-type or operating leases are: (i) a review of the lease term to determine if it is for the major part of the economic life of the underlying equipment (defined as greater than 75%); and (ii) a review of the present value of the lease payments to determine if they are equal to or greater than substantially all of the fair market value of the equipment at the inception of the lease (defined as greater than 90%). Equipment placements included in arrangements meeting these conditions are accounted for as sales-type leases and revenue is recognized in a manner consistent with Equipment sales. Equipment placements included in arrangements that do not meet these conditions are accounted for as operating leases and revenue is recognized over the term of the lease. We consider the economic life of most of our products to be five years, since this represents the most frequent contractual lease term for our principal products and only a small percentage of our leases are for original terms longer than five years. There is no significant after-market for our used equipment. We believe five years is representative of the period during which the equipment is expected to be economically usable, with normal service, for the purpose for which it is intended. Our lease pricing interest rates, which are used in determining customer payments in a bundled lease arrangement, are developed based upon a variety of factors including local prevailing rates in the marketplace, cost of funds and the customer’s credit history, industry and credit class. We reassess our pricing interest rates quarterly based on changes in the local prevailing rates in the marketplace. The pricing interest rates generally equal the implicit rates within the leases, as corroborated by our comparisons of cash to lease selling prices and other analyses as noted above.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, including money market funds, and investments with original maturities of three months or less.
Receivable Sales	Receivable Sales and Securitization The Company securitizes certain finance lease receivables by transferring them to Special Purpose Entities (SPEs) that meet the definition of a Variable Interest Entity (VIE) and are consolidated into our financial statements. These SPEs are bankruptcy-remote legal entities with separate assets and liabilities. The purpose of the SPEs is to facilitate the funding of customer loan and lease payments and associated equipment in the capital markets. These securitizations qualify as collateral for secured borrowings and no gains or losses are recognized at the time of securitization. The receivables remain on the balance sheet and classified as Finance receivables, net. The Company continues recognize finance income over the lives of these receivables. We also transfer certain portions of our finance receivable portfolios to third parties and account for those transfers of financial assets as sales when we have surrendered control over the related assets. Whether control has been relinquished requires, among other things, an evaluation of relevant legal considerations and an assessment of the nature and extent of the Company’s continuing involvement with the assets transferred. Gains and losses stemming from transfers reported as sales are normally included in revenue in the accompanying statements of income. Gains or losses on the sale of finance receivables depend, in part, on both (a) the cash proceeds and (b) the net non-cash proceeds received or paid. Assets obtained and liabilities incurred in connection with transfers reported as sales are initially recognized in the balance sheet at fair value. Refer to Note 8 – Finance Receivables, Net for additional information on our finance receivable sales.
Inventories	Inventories Inventories are carried at the lower of average cost or net realizable value. Inventories also include equipment that is returned at the end of the lease term. Returned equipment is recorded at the lower of remaining net book value or salvage value, which is normally not significant. We regularly review inventory quantities and record a provision for excess and/or obsolete inventory based primarily on our estimated forecast of product demand, production requirements and servicing commitments. Several factors may influence the realizability of our inventories, including our decision to exit a product line, technological changes and new product development. The provision for excess and/or obsolete raw materials and equipment inventories is based primarily on near-term forecasts of product demand and include consideration of new product introductions, as well as changes in remanufacturing strategies. The provision for excess and/or obsolete service parts inventory is based primarily on projected servicing requirements over the life of the related equipment populations. Refer to Note 9 - Inventories and Equipment on Operating Leases, Net for further discussion.
Land, Buildings and Equipment on Operating Leases	Land, Buildings and Equipment on Operating Leases Land, buildings and equipment are recorded at cost. Buildings and equipment are depreciated over their estimated useful lives. Leasehold improvements are depreciated over the shorter of the lease term or the estimated useful life. Equipment on operating leases is depreciated to estimated salvage value over the lease term. Depreciation is computed using the straight-line method. Significant improvements are capitalized, and maintenance and repairs are expensed. Refer to Note 9 - Inventories and Equipment on Operating Leases, Net and Note 10 - Land, Buildings, Equipment and Software, Net for further discussion.
Leased Assets	Leased Assets We determine at inception whether an arrangement is a lease. Our leases do not include assets of a specialized nature, or the transfer of ownership at the end of the lease, and the exercise of end-of-lease purchase options, which are primarily in our equipment leases, is not reasonably assured at lease inception. Accordingly, the two primary criteria we use to classify transactions as operating leases or finance leases are: (i) a review of the lease term to determine if it is equal to or greater than 75% of the economic life of the asset, and (ii) a review of the present value of the minimum lease payments to determine if they are equal to or greater than 90% of the fair market value of the asset at the inception of the lease. Right-of-use (ROU) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. We also assess arrangements for goods or services to determine if the arrangement contains a lease at its inception. This assessment first considers whether there is an implicitly or explicitly identified asset in the arrangement and then whether there is a right to control the use of the asset. If there is an embedded lease within a contract, the Company determines the classification of the lease at the lease inception date consistent with standalone leases of assets. Operating leases are included in Other long-term assets, Accrued expenses and other current liabilities, and Other long-term liabilities in our Consolidated Balance Sheets. Finance leases are included in Land, buildings and equipment, net, Accrued expenses and other current liabilities, and Other long-term liabilities in our Consolidated Balance Sheets. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Since the implicit rate for almost all of our leases is not readily determinable, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate is the rate of interest that we would have to pay to borrow, on a collateralized basis, an amount equal to the lease payments, in a similar economic environment and over a similar term. The rate is dependent on several factors, including the lease term and currency of the lease payments. Lease terms used to calculate the present value of lease payments generally do not include any options to extend, renew, or terminate the lease, as we do not have reasonable certainty at lease inception that these options will be exercised. We generally consider the economic life of our operating lease ROU assets to be comparable to the useful life of similar owned assets. We have elected the short-term lease exception, therefore operating lease ROU assets and liabilities do not include leases with a lease term of twelve months or less. Our leases generally do not provide a residual guarantee. The operating lease ROU asset also excludes lease incentives. Lease expense is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components. These components are accounted for separately for vehicle and equipment leases. We account for the lease and non-lease components as a single lease component for real estate leases of offices and warehouses. We review the potential impairment of our ROU assets consistent with the approach applied for our other long-lived assets. We review the recoverability of our long-lived assets when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on our ability to recover the carrying value of the asset from the expected undiscounted future pre-tax cash flows of the related operations. We have elected to include the carrying amount of operating lease liabilities in any tested asset group and include the associated operating lease payments in the undiscounted future pre-tax cash flows. Operating Leases 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 eleven years and a variety of renewal and/or termination options.
Software - Internal Use and Product	Software - Internal Use and Product We capitalize direct costs associated with developing, purchasing or otherwise acquiring software for internal use and amortize these costs on a straight-line basis over the expected useful life of the software, beginning when the software is implemented (Internal Use Software). Costs incurred for upgrades and enhancements that will not result in additional functionality are expensed as incurred. Amounts expended for Internal Use Software are included in Cash Flows from Investing activities. We also capitalize certain costs related to the development of software solutions to be sold to our customers upon reaching technological feasibility (Product Software). These costs are amortized on a straight-line basis over the estimated economic life of the software. Amounts expended for Product Software are included in Cash Flows from Operations. We perform periodic reviews to ensure that unamortized Product Software costs remain recoverable from estimated future operating profits (net realizable value or NRV). Costs to support or service licensed software are charged to Costs of services as incurred. Refer to Note 10 - Land, Buildings, Equipment and Software, Net for further information.
Capitalization of Internal Costs	Software - Internal Use and Product We capitalize direct costs associated with developing, purchasing or otherwise acquiring software for internal use and amortize these costs on a straight-line basis over the expected useful life of the software, beginning when the software is implemented (Internal Use Software). Costs incurred for upgrades and enhancements that will not result in additional functionality are expensed as incurred. Amounts expended for Internal Use Software are included in Cash Flows from Investing activities. We also capitalize certain costs related to the development of software solutions to be sold to our customers upon reaching technological feasibility (Product Software). These costs are amortized on a straight-line basis over the estimated economic life of the software. Amounts expended for Product Software are included in Cash Flows from Operations. We perform periodic reviews to ensure that unamortized Product Software costs remain recoverable from estimated future operating profits (net realizable value or NRV). Costs to support or service licensed software are charged to Costs of services as incurred. Refer to Note 10 - Land, Buildings, Equipment and Software, Net for further information.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill represents the excess of the purchase price over the fair value of acquired net assets in a business combination, including the amount assigned to identifiable intangible assets. The primary drivers that generate Goodwill are the value of synergies between the acquired entities and the company and the acquired assembled workforce, neither of which qualifies as an identifiable intangible asset. Goodwill is not amortized, but rather is tested for impairment annually, or more frequently whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable and an impairment loss may have been incurred. We assess Goodwill for impairment at least annually, during the fourth quarter based on balances as of October 1st, and more frequently if indicators of impairment exist or if a decision is made to sell or exit a business. Impairment testing for Goodwill is done at the reporting unit level. A reporting unit is an operating segment or one level below an operating segment (a component) if the component constitutes a business for which discrete financial information is available, and segment management regularly reviews the operating results of that component. Consistent with the determination that we had two operating/reportable segments we determined that we had two reporting units – Print and Other, and FITTLE. We perform an assessment of Goodwill, utilizing either a qualitative or quantitative impairment test. The qualitative impairment test assesses several factors to determine whether it is more-likely-than-not that the fair value of the entity is less than its carrying amount. If we conclude it is more-likely-than-not that the fair value of the entity is less than its carrying amount, a quantitative fair value test is performed. In certain circumstances, we may also bypass the qualitative test and proceed directly to a quantitative impairment test. In a quantitative impairment test, we assess Goodwill by comparing the carrying amount of the entity to its fair value. Fair value of the entity is determined by using a weighted combination of an income approach and a market approach. If the fair value exceeds the carrying value, Goodwill is not considered impaired. If the carrying value exceeds the fair value, Goodwill is considered impaired, and we would recognize an impairment loss for the excess. Other intangible assets primarily consist of assets obtained in connection with business acquisitions, including installed customer base and distribution network relationships, existing technology, trademarks and non-compete agreements. We apply an impairment evaluation whenever events or changes in business circumstances indicate that the carrying value of our intangible assets may not be recoverable. Other intangible assets are amortized on a straight-line basis over their estimated economic lives. We believe that the straight-line method of amortization reflects an appropriate allocation of the cost of the intangible assets to earnings in proportion to the amount of economic benefits obtained annually by the Company. Refer to Note 12 - Goodwill, Net and Intangible Assets, Net for further information.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets We review the recoverability of our long-lived assets, including buildings, equipment, right-of-use leased assets, internal use software and other intangible assets, when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on our ability to recover the carrying value of the asset from the expected future pre-tax cash flows (undiscounted and without interest charges) of the related operations. If these cash flows are less than the carrying value of such asset, an impairment loss is recognized for the difference between estimated fair value and carrying value. Our primary measure of fair value is based on discounted cash flows. Long-lived assets to be disposed of by sale are reported at the lower of carrying amount or fair value less costs to sell. Long-lived assets to be disposed of other than by sale (e.g., by abandonment, cease-use) would continue to be classified as held and used until the long-lived asset is disposed of (e.g., abandoned or when the asset ceases to be used). Refer to Note 13 - Restructuring Programs for additional information regarding the impairment of long-lived assets in connection with our restructuring programs and initiatives.
Pension and Post-Retirement Benefit Obligations	Pension and Post-Retirement Benefit Obligations We sponsor various forms of defined benefit pension plans in several countries covering employees who meet eligibility requirements. Retiree health benefit plans cover a portion of our U.S. and Canadian employees for retiree medical costs. We employ a delayed recognition feature in measuring the costs of pension and post-retirement benefit plans. This requires changes in the benefit obligations and changes in the value of assets set aside to meet those obligations to be recognized not as they occur, but systematically and gradually over subsequent periods. All changes are ultimately recognized as components of net periodic benefit cost, except to the extent they may be offset by subsequent changes. At any point, changes that have been identified and quantified but not recognized as components of net periodic benefit cost are recognized in Accumulated other comprehensive loss, net of tax. Several statistical and other factors that attempt to anticipate future events are used in calculating the expense, liability and asset values related to our pension and retiree health benefit plans. These factors include assumptions we make about the applicable discount rate, expected return on plan assets, cash balance interest-crediting rate, rate of increase in healthcare costs, the rate of future compensation increases and mortality. Actual returns on plan assets are not immediately recognized in our income statement due to the delayed recognition requirement. In calculating the expected return on the plan asset component of our net periodic pension cost, we apply our estimate of the long-term rate of return on the plan assets that support our pension obligations, after deducting assets that are specifically allocated to Transitional Retirement Accounts (which are accounted for based on specific plan terms). For purposes of determining the expected return on plan assets, we utilize a market-related value approach in determining the value of the pension plan assets, rather than a fair market value approach. The primary difference between the two methods relates to systematic recognition of changes in fair value over time (generally two years) versus immediate recognition of changes in fair value. Our expected rate of return on plan assets is applied to the market-related asset value to determine the amount of the expected return on plan assets to be used in the determination of the net periodic pension cost. The market-related value approach reduces the volatility in net periodic pension cost that would result from using the fair market value approach. The discount rate is used to present value our future anticipated benefit obligations. The discount rate reflects the current rate at which benefit liabilities could be effectively settled considering the timing of expected payments for plan participants. In estimating our discount rate, we consider rates of return on high-quality fixed-income investments adjusted to eliminate the effects of call provisions, as well as the expected timing of pension and other benefit payments. Each year, the difference between the actual return on plan assets and the expected return on plan assets, as well as increases or decreases in the benefit obligation as a result of changes in the discount rate and other actuarial assumptions, are added to or subtracted from any cumulative actuarial gain or loss from prior years. This amount is the net actuarial gain or loss recognized in Accumulated other comprehensive loss. We amortize net actuarial gains and losses as a component of net pension cost for a year if, as of the beginning of the year, that net gain or loss (excluding asset gains or losses that have not been recognized in market-related value) exceeds 10% of the greater of the projected benefit obligation or the market-related value of plan assets (the corridor method). This determination is made on a plan-by-plan basis. If amortization is required for a particular plan, we amortize the applicable net gain or loss in excess of the 10% threshold on a straight-line basis in net periodic pension cost over the remaining service period of the employees participating in that pension plan. In plans where substantially all participants are inactive, the amortization period for the excess is the average remaining life expectancy of the plan participants. Our primary domestic plans allow participants the option of settling their vested benefits through the receipt of a lump-sum payment. The participant's vested benefit is considered fully settled upon payment of the lump sum. We have elected to apply settlement accounting and therefore we recognize the losses associated with settlements in this plan immediately upon the settlement of the vested benefits. Settlement accounting requires us to recognize a pro rata portion of the aggregate unamortized net actuarial losses upon settlement. The pro rata factor is computed as the percentage reduction in the projected benefit obligation due to the settlement of the participant's vested benefit. Refer to Note 18 - Employee Benefit Plans for further information regarding our Pension and Post-Retirement Benefit Obligations.
Research, Development and Engineering (RD&E)	Research, Development and Engineering (RD&E) Research, development and engineering costs are expensed as incurred. Sustaining engineering costs are incurred with respect to on-going product improvements or environmental compliance after initial product launch. Sustaining engineering costs were $55, $58 and $59 in for the years ended December 31, 2023, 2022 and 2021, respectively.
Government Grants/Assistance	Government Grants/Assistance Government grants related to income are recognized as a reduction of related expenses in the Consolidated Statements of Income (Loss) when there is a reasonable assurance that the entity will comply with the conditions attached to the grant and that the grants will be received. The timing and pattern of recognition of government grants is made on a systematic basis over the periods in which the Company recognizes the related expenses or losses that the grants are intended to compensate.
Foreign Currency Translation and Remeasurement	Foreign Currency Translation and Remeasurement The functional currency for most of our foreign operations is the local currency. Net assets are translated at current rates of exchange and income, expense and cash flow items are translated at average exchange rates for the applicable period. The translation adjustments are recorded in Accumulated other comprehensive loss. The U.S. Dollar is used as the functional currency for certain foreign subsidiaries that conduct their business in U.S. Dollars as well as foreign subsidiaries operating in highly inflationary economies. For these subsidiaries, non-monetary foreign currency assets and liabilities are translated using historical rates, while monetary assets and liabilities are translated at current rates, with the U.S. dollar effects of rate changes recorded in Currency (gains) and losses within Other expenses, net together with other foreign currency remeasurements.
Contract assets and liabilities	Contract assets and liabilities: We normally do not have contract assets, which are primarily unbilled accounts receivable that are conditional on something other than the passage of time.
Segment Policy	Segment Policy We derive the results of our business segments directly from our internal management reporting system. The accounting policies that the Company uses to derive its segment results are substantially the same as those used by the Company in preparing its consolidated financial statements. The segment results include a significant level of management estimates regarding the allocation of revenues such as finance income in bundled lease arrangements and other leasing revenues and operating lease revenues embedded in our managed services contracts as well as the allocation of expenses for shared selling and administrative services. Accordingly, the financial results for the segments may not be indicative of the results the businesses would have 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.
Lessor	Revenue from sales-type leases is presented on a gross basis when the Company enters into a lease to realize value from a product that it would otherwise sell in its ordinary course of business, whereas in transactions where the Company enters into a lease for the purpose of generating revenue by providing financing, the profit or loss, if any, is presented on a net basis. In addition, we have elected to account for sales tax and other similar taxes collected from a lessee as lessee costs and therefore we exclude these costs from contract consideration and variable consideration and present revenue net of these costs.
Interest	Equipment financing interest is determined based on an estimated cost of funds, applied against the estimated level of debt required to support our net finance receivables. The estimated cost of funds is based on the interest cost associated with actual borrowings determined to be in support of the leasing business. The estimated level of debt continues to be based on an assumed 7 to 1 leverage ratio of debt/equity as compared to our average finance receivable balance during the applicable period.
Fair Value of Financial Assets and Liabilities	We utilize the income approach to measure the fair value for our derivative assets and liabilities. The income approach uses pricing models that rely on market observable inputs such as yield curves, currency exchange rates and forward prices, and therefore are classified as Level 2. Fair value for our deferred compensation plan investments in mutual funds is based on quoted market prices for those funds. Fair value for deferred compensation plan liabilities is based on the fair value of investments corresponding to employees’ investment selections.

Stock-Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

(shares in thousands, unless otherwise noted)

We have a long-term incentive plan whereby eligible employees may be granted restricted stock units (RSUs), performance share units (PSUs) and stock options (SOs). We grant stock-based compensation awards in order to continue to attract and retain qualified employees and to better align employees' interests with those of our shareholders. Each of these awards is subject to settlement with newly issued shares of Xerox Holdings Corporation's common stock. At December 31, 2023 and 2022, 6 million and 9 million shares, respectively, were available for grant of awards.

Stock-based compensation expense was as follows:


	Year Ended December 31,
	2023		2022		2021
Stock-based compensation expense, pre-tax(1)	$	54	$	75	$	54
Income tax benefit recognized in earnings	10		11		13

____________

(1)2022 includes $21 associated with the accelerated vesting of all outstanding equity awards, according to the terms of the award agreement, in connection with the passing of Xerox Holding's former CEO.

Restricted Stock Units

Compensation expense for RSUs is based upon the grant-date market price and is recognized on a straight-line basis over the vesting period, based on management's estimate of the number of shares expected to vest. RSUs granted in 2021 through 2023 vest on a graded schedule as follows: 33% after one year of service, 33% after two years of service, and 34% after three years of service from the date of grant.

Performance Share Units

PSU awards are comprised of performance-based components (Earnings per share, Revenue and Free cash flow) as well as market-based components (Relative Total Shareholder Return (RTSR) and Absolute Share Price). PSUs granted in 2023 are entirely market-based. PSUs granted in 2022 and 2021 are one-half performance-based and one-half market-based. The metrics and weightings are as follows:


	Award Year (Metric Weighting)
Performance Metric	2023		2022		2021
Earnings per share	—	%	50	%	—	%
Revenue	—	%	—	%	25	%
Free cash flow	—	%	—	%	25	%
Relative total shareholder return	100	%	—	%	—	%
Absolute share price	—	%	50	%	50	%
	100	%	100	%	100	%

The measures are independent of each other and depending on the achievement of these metrics, a recipient of a PSU award is entitled to receive a number of shares equal to a percentage, ranging from 0% to 200% of the PSU award granted. All PSUs granted have a three-year cliff vesting from the date of grant.

Performance-Based Component: This PSU component vests contingent upon meeting pre-determined cumulative performance metrics. The fair value of this PSU component is based upon the grant-date market price for the underlying stock. Compensation expense is recognized on a straight-line basis over the vesting period, based on management's estimate of the number of shares expected to vest and based on meeting the performance metrics. If the cumulative three-year actual results exceed the stated targets, all plan participants have the potential to earn additional shares of common stock up to a maximum over-achievement of 100% of the original grant. If the stated targets are not met, any recognized compensation cost would be reversed.

Market-Based Component: The RTSR metric, included as part of the 2023 PSU, is based on Xerox Holdings Corporation's stock price appreciation, inclusive of dividends paid, measured over three equally weighted performance periods (2023, 2023-2024, and 2023-2025). RTSR will be determined by ranking Xerox Holdings Corporation and the companies within two distinct market indices, as approved by the Compensation Committee of the Board, from highest to lowest according to their respective TSRs, for each of the three performance periods. Payout for this portion of the PSU will be determined based on the weighted average of Xerox Holdings Corporation's payout for each of the three performance periods. The Absolute Share Price metric, included as the

market-based component of the 2022 and 2021 PSU grant, is based on Xerox Holdings Corporation's average closing price for the last 20 trading days of the three-year performance period, inclusive of dividends during that period. Payout for these portions of the PSU metrics will be determined based on total return targets. Since these metrics represent market conditions, Monte Carlo simulations were used to determine their respective grant-date fair values.

A summary of Xerox Holdings key valuation input assumptions used in the Monte Carlo simulation relative to awards granted were as follows:


	2023 Award			2022 Award			2021 Award
Term	3 years			3 years			3 years
Risk-free interest rate(1)	3.80		%	1.09		%	0.20		%

Volatility(2)	52.21		%	42.07		%	44.76		%
Weighted average fair value(3)	$	23.00		$	27.89		$	25.80

____________

(1)The risk-free interest rate was based on the zero-coupon U.S. Treasury yield curve on the valuation date, with a maturity matched to the performance period.

(2)Volatility is derived from historical stock prices as well as implied volatility when appropriate and available.

(3)The weighted average of fair values used to record compensation expense as determined by the Monte Carlo simulation.

Our RTSR and Absolute Share Price metrics are compared against total return targets to determine the payout as follows:


Payout as a Percent of Target	2023 Percentile Ranking Return Targets(1)	2022 Total Return Targets(1)		2021 Total Return Targets(1)
200%	75th and above	$30.00 and above		$33.00 and above
100%	50th	$	25.00	$	30.00
50%	25th	$	20.00	$	27.00
0%	Below 25th	Below $20.00		Below $27.00

____________

(1)For performance between the levels described above, the degree of vesting is interpolated on a linear basis.

Compensation expense for the market-based component of the PSU awards is recognized on a straight-line basis over the vesting period based on the fair value determined by the Monte Carlo simulation and, except in cases of employee forfeiture, cannot be reversed regardless of performance.

Note: With respect to all stock-based compensation programs, Management’s estimate of the number of shares expected to vest at the time of grant reflects an estimate for forfeitures based on our historical forfeiture rate to date. Should actual forfeitures differ from management’s estimate, the activity will be reflected in a subsequent period. In addition, RSUs, PSUs and SOs awarded to employees who are retirement-eligible at the date of grant, become retirement-eligible during the vesting period, or are terminated not-for-cause (e.g., as part of a restructuring initiative), vest based on service provided from the date of grant to the date of separation.

Summary of Stock-based Compensation Activity


	2023			2022			2021
	Shares	Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value
Restricted Stock Units
Outstanding at January 1	3,221	$	23.16	3,161	$	25.26	3,187	$	26.48
Granted(1)	3,382	16.56		2,444	21.75		1,513	23.37
Vested(2)	(1,593)	23.73		(1,975)	24.56		(1,327)	26.07
Forfeited	(338)	19.27		(409)	24.20		(212)	25.06


Outstanding at December 31	4,672	18.46		3,221	23.16		3,161	25.26
Performance Shares
Outstanding at January 1	1,729	$	28.38	2,818	$	25.47	2,425	$	26.67
Granted(3)	940	22.97		977	25.72		1,195	24.67
Vested (2)	—	—		(644)	27.95		(672)	28.08
Forfeited/Expired (4)	(630)	33.86		(1,422)	20.98		(130)	26.92


Outstanding at December 31	2,039	24.18		1,729	28.38		2,818	25.47

____________

(1)2023 includes approximately 445 RSUs associated with a special retention award.

(2)2022 includes approximately 469 RSUs and 644 PSUs associated with the accelerated vesting of all outstanding equity awards, according to the terms of the award agreement, in connection with the passing of Xerox Holding's former CEO. No other PSUs vested in 2022.

(3)2021 includes 60 shares associated with the over-performance of our 2018 PSU grant.

(4)2022 includes approximately 1,125 PSUs granted in 2019 that were adversely affected permanently by the impacts from the COVID-19 pandemic, and therefore no shares were earned.

Unrecognized compensation cost related to non-vested stock-based awards at December 31, 2023 was as follows:


Awards	Unrecognized Compensation		Remaining Weighted-Average Vesting Period (Years)
Restricted Stock Units	$	46	1.7
Performance Shares	17		1.8
Stock Options(1)	8		3.0
Total	$	71

____________

(1)Reflects CareAR SOs granted in May 2022.

The aggregate intrinsic value of outstanding stock-based awards was as follows:


Awards	December 31, 2023
Restricted Stock Units	$	86
Performance Shares	37

The intrinsic value and actual tax benefit realized for all vested and exercised stock-based awards was as follows:


	December 31, 2023		December 31, 2022				December 31, 2021
Awards	Total Intrinsic Value		Tax Benefit		Total Intrinsic Value			Tax Benefit		Total Intrinsic Value		Tax Benefit
Restricted Stock Units	$	25	$	5	$	39		$	6	$	30	$	5
Performance Share Units	—		—		10			—		17		2

Supplementary Financial Information - Components of Other Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other Current Assets
Restricted Cash and Cash Equivalents, Current, Statement of Financial Position [Extensible Enumeration]	Total Other Current Assets	Total Other Current Assets
Restricted cash	$ 70	$ 55
Total Other Current Assets	234	254
Other Long-term Assets
Internal use software, net	$ 68	$ 95
Restricted Cash and Cash Equivalents, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Total other long-term assets	Total other long-term assets
Restricted cash	$ 28	$ 39
Customer contract costs, net	$ 136	$ 135	$ 147	$ 158
Operating lease, right-of-use asset, statement of financial position [extensible list]	Total other long-term assets	Total other long-term assets
Operating lease right-of-use assets	$ 172	$ 215
Total other long-term assets	$ 1,034	$ 1,323
Accrued Expenses and Other Current Liabilities
Operating lease, liability, current, statement of financial position [extensible list]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Operating lease obligations	$ 41	$ 68
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Total accrued expenses and other current liabilities	$ 862	$ 881
Other Long-term Liabilities
Operating lease, liability, noncurrent, statement of financial position [extensible list]	Total Other Long-term Liabilities	Total Other Long-term Liabilities
Operating lease obligations	$ 141	$ 161
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Total Other Long-term Liabilities	Total Other Long-term Liabilities
Environmental Loss Contingency, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Total Other Long-term Liabilities	Total Other Long-term Liabilities
Environmental reserves	$ 11	$ 11
Total Other Long-term Liabilities	360	411
Accrued expenses and other current liabilities	862	881
Xerox Corporation
Other Current Assets
Total Other Current Assets	234	254
Other Long-term Assets
Total other long-term assets	1,008	1,302
Other Long-term Liabilities
Total Other Long-term Liabilities	360	411
Accrued expenses and other current liabilities	820	834
Other Current Assets
Other Current Assets
Income taxes receivable	13	27
Royalties, license fees and software maintenance	19	23
Prepaid expenses	29	32
Advances and deposits	33	29
Other	70	88
Other Long-term Assets
Other Long-term Assets
Income taxes receivable	22	1
Prepaid pension costs	423	667
Internal use software, net	68	95
Customer contract costs, net	136	135
Deferred compensation plan investments	14	15
Investments in affiliates, at equity	40	38
Investments at cost - Xerox Holdings	26	21
Other	105	97
Accrued Expenses and Other Current Liabilities
Accrued Expenses and Other Current Liabilities
Income taxes payable	39	16
Other taxes payable	60	60
Interest payable	37	43
Restructuring reserves	119	39
Dividends payable - Xerox Holdings	42	47
Distributor and reseller rebates/commissions	120	145
Unearned income and other revenue deferrals	147	154
Administration and overhead	61	72
Other	196	237
Other Long-term Liabilities
Other Long-term Liabilities
Deferred taxes	95	95
Income taxes payable	14	41
Restructuring reserves	10	4
Other	$ 89	$ 99

Income and Other Taxes (Details) - USD ($) $ in Millions	12 Months Ended
Income and Other Taxes (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Domestic loss	$ (89)	$ (319)	$ (341)
Foreign income (loss)	61	(6)	(131)
Loss before Income Taxes	$ (28)	$ (325)	$ (472)

Stock-Based Compensation - Measurement Inputs (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock-Based Compensation Details [Line Items]
Term (years)	3 years
Performance Shares
Stock-Based Compensation Details [Line Items]
Weighted average fair value (in dollars per share)	$ 22.97	$ 25.72	$ 24.67
TSR \| Performance Shares
Stock-Based Compensation Details [Line Items]
Term (years)	3 years	3 years	3 years
Risk-free interest rate (percentage)	3.80%	1.09%	0.20%
Historical volatility (percentage)	52.21%	42.07%	44.76%
Weighted average fair value (in dollars per share)	$ 23.00	$ 27.89	$ 25.80

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Segment Reporting - Selected Financial Information For Reportable Segments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total Revenues	$ 6,886	$ 7,107	$ 7,038
Segment Profit		275	375
Interest income	207	218	225
Interest expense	198	199	207
Depreciation and amortization	251	270	327
Total Assets	10,008	11,543
Intersegment Eliminations
Segment Reporting Information [Line Items]
Total Revenues	86	90	92
Segment Profit		0	0
Operating Segments
Segment Reporting Information [Line Items]
Total Revenues	6,972	7,197	7,130
Segment Profit	$ 389	$ 275	$ 375
Segment margin	5.60%	3.90%	5.30%
Interest income	$ 191	$ 207	$ 221
Interest expense	130	108	111
Depreciation and amortization	208	228	272
Capital expenditures	37	57	68
Total Assets	10,008	11,543	13,223
Print and Other
Segment Reporting Information [Line Items]
Total Revenues	6,485	6,714	6,637
Print and Other \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Total Revenues	86	90	92
Print and Other \| Operating Segments
Segment Reporting Information [Line Items]
Total Revenues	6,571	6,804	6,729
Segment Profit	$ 360	$ 258	$ 311
Segment margin	5.60%	3.80%	4.70%
Interest income	$ 0	$ 0	$ 0
Interest expense	0	0	0
Depreciation and amortization	208	228	272
Capital expenditures	37	57	68
Total Assets	7,301	8,230	9,949
FITTLE
Segment Reporting Information [Line Items]
Total Revenues	401	393	401
FITTLE \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Total Revenues	0	0	0
FITTLE \| Operating Segments
Segment Reporting Information [Line Items]
Total Revenues	401	393	401
Segment Profit	$ 29	$ 17	$ 64
Segment margin	7.20%	4.30%	16.00%
Interest income	$ 191	$ 207	$ 221
Interest expense	130	108	111
Depreciation and amortization	0	0	0
Capital expenditures	0	0	0
Total Assets	$ 2,707	$ 3,313	$ 3,274

Schedule II Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	$ 169	$ 176	$ 202
Additions charged to expense	28	43	7
Amounts (credited) charged to other income statement accounts	8	(7)	5
Deductions and other, net of recoveries	(49)	(43)	(38)
Balance at end of period	156	169	176
Accounts Receivable
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	52	58	69
Additions charged to expense	22	17	8
Amounts (credited) charged to other income statement accounts	6	(9)	1
Deductions and other, net of recoveries	(16)	(14)	(20)
Balance at end of period	64	52	58
Finance Receivables
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	117	118	133
Additions charged to expense	6	26	(1)
Amounts (credited) charged to other income statement accounts	2	2	4
Deductions and other, net of recoveries	(33)	(29)	(18)
Balance at end of period	92	117	118
Deferred Tax Assets
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	366	357	396
Additions charged to expense	(4)	7	(9)
Amounts (credited) charged to other income statement accounts	13	2	(30)
Balance at end of period	375	366	357
Xerox Corporation
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	169	176	202
Additions charged to expense	28	43	7
Amounts (credited) charged to other income statement accounts	8	(7)	5
Deductions and other, net of recoveries	(49)	(43)	(38)
Balance at end of period	156	169	176
Xerox Corporation \| Accounts Receivable
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	52	58	69
Additions charged to expense	22	17	8
Amounts (credited) charged to other income statement accounts	6	(9)	1
Deductions and other, net of recoveries	(16)	(14)	(20)
Balance at end of period	64	52	58
Xerox Corporation \| Finance Receivables
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	117	118	133
Additions charged to expense	6	26	(1)
Amounts (credited) charged to other income statement accounts	2	2	4
Deductions and other, net of recoveries	(33)	(29)	(18)
Balance at end of period	92	117	118
Xerox Corporation \| Deferred Tax Assets
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	366	357	396
Additions charged to expense	(4)	7	(9)
Amounts (credited) charged to other income statement accounts	13	2	(30)
Balance at end of period	$ 375	$ 366	$ 357

Finance Receivables, Net - Finance Receivables and Maturities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, after Allowance for Credit Loss [Abstract]
Gross receivables	$ 2,899	$ 3,593
Unearned income	(297)	(374)
Total	2,602	3,219
Residual values	0	0
Allowance for doubtful accounts	(92)	(117)	$ (118)
Finance Receivables, Net	2,510	3,102
Less: Billed portion of finance receivables, net	71	93
Less: Current portion of finance receivables not billed, net	842	1,061
Finance Receivables Due After One Year, Net	1,597	1,948
12 months	1,075	1,325
24 months	758	967
36 months	547	690
48 months	343	411
60 months	143	169
Thereafter	33	31
Total	$ 2,899	$ 3,593

Employee Benefit Plans - Pension and Other Benefit Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Accrued compensation liabilities	$ 56	$ 61
Deferred compensation liabilities	15	17
Pension and other benefit liabilities	1,216	1,175
Significant Other Observable Inputs (Level 2) \| Fair Value, Recurring
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Financial liabilities, fair value	21	25
Significant Other Observable Inputs (Level 2) \| Fair Value, Recurring \| Deferred Compensation Liabilities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Financial liabilities, fair value	13	14
Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Pension liabilities	$ 1,145	$ 1,097

Contingencies and Litigation - Brazil Contingencies (Details) - Brazil Contingencies - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Tax contingency - unreserved	$ 375	$ 340
Escrow cash deposits	24	36
Surety bonds	104	80
Letters of credit	22	63
Liens on Brazilian assets	$ 0	$ 0

Contingencies and Litigation - Narrative (Details) - USD ($) $ in Millions	Mar. 10, 2021	Dec. 31, 2023
Contractual and Corporate Obligations Guarantee and surety bonds
Loss Contingencies [Line Items]
Guarantor obligations, maximum exposure, undiscounted		$ 241
Xerox Holdings Corporation
Loss Contingencies [Line Items]
Breach of contract, per-occurrence coverage, amount	$ 1,000
Business interruption, projected losses	$ 300

Supplementary Financial Information - Summarized Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Supplemental Financial Information [Abstract]
Provision for receivables	$ 36	$ 36	$ 12
Provision for inventory	18	29	34
Depreciation of buildings and equipment	60	68	76
Depreciation and obsolescence of equipment on operating leases	111	115	155
Amortization of internal use software	37	45	41
Amortization of acquired intangible assets	43	42	55
Amortization of patents	9	10	11
Amortization of customer contract costs	69	73	79
Cost of additions to land, buildings and equipment	(29)	(36)	(29)
Cost of additions to internal use software	(8)	(21)	(39)
Payments to acquire noncontrolling interests - Xerox Holdings	(5)	(13)	(8)
Common stock dividends - Xerox Holdings	(151)	(160)	(192)
Preferred stock dividends - Xerox Holdings	(14)	(14)	(14)
Payments to noncontrolling interests	(2)	(1)	(1)
Investment from noncontrolling interests	0	6	15
Repurchases related to stock-based compensation - Xerox Holdings	(8)	(12)	(18)
Amounts (credited) charged to other income statement accounts	$ 8	$ (7)	$ 5

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense, Tax Effect

Stock-based compensation expense was as follows:


	Year Ended December 31,
	2023		2022		2021
Stock-based compensation expense, pre-tax(1)	$	54	$	75	$	54
Income tax benefit recognized in earnings	10		11		13

____________

Share-Based Payment Arrangement, Performance Shares, Performance Metrics


	Award Year (Metric Weighting)
Performance Metric	2023		2022		2021
Earnings per share	—	%	50	%	—	%
Revenue	—	%	—	%	25	%
Free cash flow	—	%	—	%	25	%
Relative total shareholder return	100	%	—	%	—	%
Absolute share price	—	%	50	%	50	%
	100	%	100	%	100	%

Schedule of Stock-based Payment Award Valuation Assumptions, Performance Shares, Market-based Component Table

A summary of Xerox Holdings key valuation input assumptions used in the Monte Carlo simulation relative to awards granted were as follows:


	2023 Award			2022 Award			2021 Award
Term	3 years			3 years			3 years
Risk-free interest rate(1)	3.80		%	1.09		%	0.20		%

Volatility(2)	52.21		%	42.07		%	44.76		%
Weighted average fair value(3)	$	23.00		$	27.89		$	25.80

____________

(1)The risk-free interest rate was based on the zero-coupon U.S. Treasury yield curve on the valuation date, with a maturity matched to the performance period.

(2)Volatility is derived from historical stock prices as well as implied volatility when appropriate and available.

(3)The weighted average of fair values used to record compensation expense as determined by the Monte Carlo simulation.

Schedule of Absolute Share Price and TSR Payout, as a Percentage, Comparison to Targets

Our RTSR and Absolute Share Price metrics are compared against total return targets to determine the payout as follows:


Payout as a Percent of Target	2023 Percentile Ranking Return Targets(1)	2022 Total Return Targets(1)		2021 Total Return Targets(1)
200%	75th and above	$30.00 and above		$33.00 and above
100%	50th	$	25.00	$	30.00
50%	25th	$	20.00	$	27.00
0%	Below 25th	Below $20.00		Below $27.00

____________

(1)For performance between the levels described above, the degree of vesting is interpolated on a linear basis.

Schedule of Share-based Compensation Arrangements by Share-based Payment Award

Summary of Stock-based Compensation Activity


	2023			2022			2021
	Shares	Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value
Restricted Stock Units
Outstanding at January 1	3,221	$	23.16	3,161	$	25.26	3,187	$	26.48
Granted(1)	3,382	16.56		2,444	21.75		1,513	23.37
Vested(2)	(1,593)	23.73		(1,975)	24.56		(1,327)	26.07
Forfeited	(338)	19.27		(409)	24.20		(212)	25.06


Outstanding at December 31	4,672	18.46		3,221	23.16		3,161	25.26
Performance Shares
Outstanding at January 1	1,729	$	28.38	2,818	$	25.47	2,425	$	26.67
Granted(3)	940	22.97		977	25.72		1,195	24.67
Vested (2)	—	—		(644)	27.95		(672)	28.08
Forfeited/Expired (4)	(630)	33.86		(1,422)	20.98		(130)	26.92


Outstanding at December 31	2,039	24.18		1,729	28.38		2,818	25.47

____________

(1)2023 includes approximately 445 RSUs associated with a special retention award.

(3)2021 includes 60 shares associated with the over-performance of our 2018 PSU grant.

(4)2022 includes approximately 1,125 PSUs granted in 2019 that were adversely affected permanently by the impacts from the COVID-19 pandemic, and therefore no shares were earned.

Schedule of Unrecognized Compensation Cost, Nonvested Awards

Unrecognized compensation cost related to non-vested stock-based awards at December 31, 2023 was as follows:


Awards	Unrecognized Compensation		Remaining Weighted-Average Vesting Period (Years)
Restricted Stock Units	$	46	1.7
Performance Shares	17		1.8
Stock Options(1)	8		3.0
Total	$	71

____________

(1)Reflects CareAR SOs granted in May 2022.

Schedule of Aggregate Intrinsic Value Restricted Stock and Performance Shares Compensation Awards

The aggregate intrinsic value of outstanding stock-based awards was as follows:


Awards	December 31, 2023
Restricted Stock Units	$	86
Performance Shares	37

Schedule of Vested and Exercised Stock Based Awards Total Intrinsic Value and Tax Benefit Realized

The intrinsic value and actual tax benefit realized for all vested and exercised stock-based awards was as follows:


	December 31, 2023		December 31, 2022				December 31, 2021
Awards	Total Intrinsic Value		Tax Benefit		Total Intrinsic Value			Tax Benefit		Total Intrinsic Value		Tax Benefit
Restricted Stock Units	$	25	$	5	$	39		$	6	$	30	$	5
Performance Share Units	—		—		10			—		17		2

Xerox Corporation Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 519	$ 1,045
Accounts receivable (net of allowance of $64 and $52, respectively)	850	857
Billed portion of finance receivables (net of allowance of $4 and $4, respectively)	71	93
Finance receivables, net	842	1,061
Inventories	661	797
Other current assets	234	254
Total current assets	3,177	4,107
Finance receivables due after one year (net of allowance of $88 and $113, respectively)	1,597	1,948
Equipment on operating leases, net	265	235
Land, buildings and equipment, net	266	320
Intangible assets, net	177	208
Goodwill, net	2,747	2,820
Deferred tax assets	745	582
Other long-term assets	1,034	1,323
Total Assets	10,008	11,543
Liabilities and Equity
Short-term debt and current portion of long-term debt	567	860
Accounts payable	1,044	1,331
Accrued compensation and benefits costs	306	258
Accrued expenses and other current liabilities	862	881
Total current liabilities	2,779	3,330
Long-term debt	2,710	2,866
Pension and other benefit liabilities	1,216	1,175
Post-retirement medical benefits	171	184
Other long-term liabilities	360	411
Total Liabilities	7,236	7,966
Commitments and Contingencies (See Note 20)
Noncontrolling Interests (See Note 6)	10	10
Additional paid-in capital	1,114	1,588
Retained earnings	4,977	5,136
Accumulated other comprehensive loss	(3,676)	(3,537)
Xerox Holdings shareholders’ equity	2,538	3,343
Noncontrolling interests	10	10
Total Equity	2,548	3,353
Total Liabilities and Equity	10,008	11,543
Xerox Corporation
Assets
Cash and cash equivalents	519	1,045
Accounts receivable (net of allowance of $64 and $52, respectively)	850	857
Billed portion of finance receivables (net of allowance of $4 and $4, respectively)	71	93
Finance receivables, net	842	1,061
Inventories	661	797
Other current assets	234	254
Total current assets	3,177	4,107
Finance receivables due after one year (net of allowance of $88 and $113, respectively)	1,597	1,948
Equipment on operating leases, net	265	235
Land, buildings and equipment, net	266	320
Intangible assets, net	177	208
Goodwill, net	2,747	2,820
Deferred tax assets	745	582
Other long-term assets	1,008	1,302
Total Assets	9,982	11,522
Liabilities and Equity
Short-term debt and current portion of long-term debt	567	860
Accounts payable	1,044	1,331
Accrued compensation and benefits costs	306	258
Accrued expenses and other current liabilities	820	834
Total current liabilities	2,737	3,283
Pension and other benefit liabilities	1,216	1,175
Post-retirement medical benefits	171	184
Other long-term liabilities	360	411
Total Liabilities	7,194	7,919
Commitments and Contingencies (See Note 20)
Noncontrolling Interests (See Note 6)	10	10
Additional paid-in capital	3,485	3,693
Retained earnings	2,959	3,427
Accumulated other comprehensive loss	(3,676)	(3,537)
Xerox Holdings shareholders’ equity	2,768	3,583
Noncontrolling interests	10	10
Total Equity	2,778	3,593
Total Liabilities and Equity	9,982	11,522
Xerox Corporation \| Related Party
Liabilities and Equity
Long-term debt	1,497	1,496
Xerox Corporation \| Nonrelated Party
Liabilities and Equity
Long-term debt	$ 1,213	$ 1,370

Lessee - Operating Lease ROU Asset- Operating Leases Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease right-of-use assets	$ 172	$ 215
Operating lease obligations	41	68
Operating lease obligations	141	161
Total Operating lease liabilities	$ 182	$ 229
Operating lease, right-of-use asset, statement of financial position [extensible list]	Other long-term assets	Other long-term assets
Operating lease, liability, current, statement of financial position [extensible list]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Operating lease, liability, noncurrent, statement of financial position [extensible list]	Other long-term liabilities	Other long-term liabilities

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

Lessor

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Lessor

Revenue from sales-type leases is presented on a gross basis when the Company enters into a lease to realize value from a product that it would otherwise sell in its ordinary course of business, whereas in transactions where the Company enters into a lease for the purpose of generating revenue by providing financing, the profit or loss, if any, is presented on a net basis. In addition, we have elected to account for sales tax and other similar taxes collected from a lessee as lessee costs and therefore we exclude these costs from contract consideration and variable consideration and present revenue net of these costs.

The components of lease income are as follows:


	Location in Statements of Income (Loss)	Year Ended December 31,
		2023		2022		2021
Revenue from sales type leases	Sales	$	920	$	708	$	664


Interest income on lease receivables	Financing	191		207		221


Lease income - operating leases	Services, maintenance and rentals	161		170		246
Variable lease income	Services, maintenance and rentals	62		63		62
Total Lease income		$	1,334	$	1,148	$	1,193

Profit at lease commencement on sales type leases was estimated to be approximately $332, $229 and $221 for the three years ended December 31, 2023, 2022 and 2021, respectively.

Lessor

The components of lease income are as follows:


	Location in Statements of Income (Loss)	Year Ended December 31,
		2023		2022		2021
Revenue from sales type leases	Sales	$	920	$	708	$	664


Interest income on lease receivables	Financing	191		207		221


Lease income - operating leases	Services, maintenance and rentals	161		170		246
Variable lease income	Services, maintenance and rentals	62		63		62
Total Lease income		$	1,334	$	1,148	$	1,193

Profit at lease commencement on sales type leases was estimated to be approximately $332, $229 and $221 for the three years ended December 31, 2023, 2022 and 2021, respectively.

Debt - Secured Borrowings and Collateral (Details) - USD ($) $ in Millions	1 Months Ended		3 Months Ended	12 Months Ended
	Nov. 30, 2023	Jul. 31, 2023	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Billed portion of finance receivables, allowance				$ 4	$ 4
Finance receivables, net				842	1,061
Equipment on operating leases, net				265	235
Debt issuance costs, net				1
Proceeds from issuance of long-term debt				1,396	1,194	$ 311
France \| Secured Borrowing December 2022
Debt Instrument [Line Items]
Finance receivables, net					235
Equipment on operating leases, net					0
Secured loan					$ 195
Pre-Hedged Rate					3.03%
France \| Secured Borrowing November 2023
Debt Instrument [Line Items]
Finance receivables, net				235
Equipment on operating leases, net				0
Secured loan				$ 182
Pre-Hedged Rate				5.42%
Special Purpose Entity (SPE)
Debt Instrument [Line Items]
Expected life of loan				2 years 6 months
Finance receivables, net				$ 619	$ 1,376
Equipment on operating leases, net				2	5
Secured loan				361	1,042
Debt issuance costs, net				1	5
Special Purpose Entity (SPE) \| United States
Debt Instrument [Line Items]
Finance receivables, net				298	1,078
Equipment on operating leases, net				2	5
Secured loan				102	790
Special Purpose Entity (SPE) \| United States \| Secured Borrowing December 2022
Debt Instrument [Line Items]
Finance receivables, net					370
Equipment on operating leases, net					0
Secured loan					$ 247
Pre-Hedged Rate					7.43%
Repayments of secured debt			$ 185
Loss on extinguishment of debt			$ 2
Special Purpose Entity (SPE) \| United States \| Secured Borrowing January 2022
Debt Instrument [Line Items]
Finance receivables, net				209	$ 528
Equipment on operating leases, net				0	0
Secured loan				$ 77	$ 407
Pre-Hedged Rate				6.82%	5.83%
Special Purpose Entity (SPE) \| United States \| Secured Borrowing September 2021
Debt Instrument [Line Items]
Finance receivables, net				$ 89	$ 180
Equipment on operating leases, net				2	5
Secured loan				$ 25	$ 136
Pre-Hedged Rate				6.76%	5.65%
Special Purpose Entity (SPE) \| Canada \| Secured Borrowing July 2023
Debt Instrument [Line Items]
Finance receivables, net				$ 86
Equipment on operating leases, net				0
Secured loan				$ 77
Pre-Hedged Rate				6.74%
Special Purpose Entity (SPE) \| Canada \| Secured Borrowing April 2022
Debt Instrument [Line Items]
Finance receivables, net					$ 63
Equipment on operating leases, net					0
Secured loan					$ 57
Pre-Hedged Rate					5.45%
Special Purpose Entity (SPE) \| Canada \| Refinanced April 2022 Loan
Debt Instrument [Line Items]
Proceeds from issuance of long-term debt		$ 52
Special Purpose Entity (SPE) \| France \| Refinanced December 2022 Loan
Debt Instrument [Line Items]
Proceeds from issuance of long-term debt	$ 107

Employee Benefit Plans - Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract]
Interest (income) expense on non-TRA obligations	$ 284	$ 205	$ 150
Interest (income) expense allocated to TRA participant accounts	20	(147)	18
Expected investment income on non-TRA assets	300	302	307
Actual investment income (loss) on TRA assets	20	(147)	18
Pension Plan \| United States
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	0	1	2
Interest cost (income)	116	(65)	80
Expected return on plan assets	(103)	71	(117)
Recognized net actuarial loss (gain)	16	13	17
Amortization of prior service (credit) cost	0	0	(1)
Recognized settlement loss	19	56	54
Recognized curtailment gain	0	0	0
Defined Benefit Plans	48	76	35
Defined contribution plans	19	20	0
Net Periodic Benefit Cost (Credit)	67	96	35
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract]
Net actuarial loss (gain)	74	16	(57)
Prior service cost (credit)	0	0	0
Amortization of net actuarial (loss) gain	(35)	(69)	(71)
Amortization of net prior service credit (cost)	0	0	1
Curtailment gain	0	0	0
Total Recognized in Other Comprehensive (Loss) Income	39	(53)	(127)
Total Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Loss) Income	106	43	(92)
Pension Plan \| Non-U.S.
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	5	16	20
Interest cost (income)	188	123	88
Expected return on plan assets	(217)	(226)	(208)
Recognized net actuarial loss (gain)	11	23	59
Amortization of prior service (credit) cost	5	1	(1)
Recognized settlement loss	1	0	1
Recognized curtailment gain	0	(4)	(4)
Defined Benefit Plans	(7)	(67)	(45)
Defined contribution plans	21	17	18
Net Periodic Benefit Cost (Credit)	14	(50)	(27)
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract]
Net actuarial loss (gain)	298	368	(425)
Prior service cost (credit)	36	72	(4)
Amortization of net actuarial (loss) gain	(12)	(23)	(60)
Amortization of net prior service credit (cost)	(5)	(1)	1
Curtailment gain	0	4	4
Total Recognized in Other Comprehensive (Loss) Income	317	420	(484)
Total Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Loss) Income	331	370	(511)
Retiree Health
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	1	1	2
Interest cost (income)	10	8	8
Expected return on plan assets	0	0	0
Recognized net actuarial loss (gain)	(12)	(4)	1
Amortization of prior service (credit) cost	(15)	(8)	(66)
Recognized settlement loss	0	0	0
Recognized curtailment gain	0	0	0
Defined Benefit Plans	(16)	(3)	(55)
Net Periodic Benefit Cost (Credit)	(16)	(3)	(55)
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract]
Net actuarial loss (gain)	(5)	(57)	(1)
Prior service cost (credit)	(3)	(26)	(50)
Amortization of net actuarial (loss) gain	12	4	(1)
Amortization of net prior service credit (cost)	15	15	66
Curtailment gain	0	0	0
Total Recognized in Other Comprehensive (Loss) Income	19	(64)	14
Total Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Loss) Income	$ 3	$ (67)	$ (41)

Goodwill, Net and Intangible Assets, Net - Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 3,940	$ 4,013	$ 4,068	$ 4,071
Accumulated impairment losses	(1,193)	(1,193)	(781)	0
Goodwill, net	2,747	2,820	3,287	$ 4,071
Goodwill [Roll Forward]
Beginning balance, goodwill	2,820	3,287	4,071
Foreign currency translation	47	(120)	(23)
Other	0	3	(5)
Dispositions	(125)	0	0
Goodwill impairment	0	(412)	(781)
Ending balance, goodwill	2,747	2,820	3,287
Disposition	125	0	0
Goodwill, impairment loss, net of tax		395	750
Goodwill impairment	0	412	781
Discontinued Operations, Disposed of by Means Other than Sale, Donation \| PARC
Goodwill [Roll Forward]
Dispositions	(115)
Disposition	115
U.S. Acquisitions
Goodwill [Roll Forward]
Acquisitions	0	0	9
U.K. Acquisitions
Goodwill [Roll Forward]
Acquisitions	5	28	0
Canada Acquisition
Goodwill [Roll Forward]
Acquisitions	$ 0	$ 34	$ 16

Accounts Receivable, Net

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Accounts Receivable, Net

Accounts receivable, net were as follows:


	December 31,
	2023		2022
Invoiced	$	710	$	698
Accrued (1)	204		211
Allowance for doubtful accounts	(64)		(52)
Accounts receivable, net	$	850	$	857

____________

(1)Accrued receivables includes amounts to be invoiced in the subsequent quarter for current services provided.

The allowance for doubtful accounts was as follows:


Balance at December 31, 2021	$	58
Provision	17
Charge-offs, net	(14)
Other(1)	(9)
Balance at December 31, 2022	$	52
Provision	22
Charge-offs, net	(17)
Other(1)	7
Balance at December 31, 2023	$	64

_____________

(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.

Accounts Receivable Sale Arrangements

Of the accounts receivable sold and derecognized from our balance sheet, $99 and $159 remained uncollected as of December 31, 2023 and 2022, respectively.

Accounts receivable sales activity was as follows:


	Year Ended December 31,
	2023		2022		2021
Accounts receivable sales(1)	$	399	$	593	$	478

_____________

(1)Losses on sales were not material.

Finance Receivables, Net

Finance receivables, net were as follows:


	December 31,
	2023		2022
Gross receivables	$	2,899	$	3,593
Unearned income	(297)		(374)
Subtotal	2,602		3,219
Residual values	—		—
Allowance for doubtful accounts	(92)		(117)
Finance Receivables, Net	2,510		3,102
Less: Billed portion of finance receivables, net	71		93
Less: Current portion of finance receivables not billed, net	842		1,061
Finance Receivables Due After One Year, Net	$	1,597	$	1,948

A summary of our gross finance receivables' future contractual maturities, including those previously billed, is as follows:


	December 31,
	2023		2022
12 months	$	1,075	$	1,325
24 months	758		967
36 months	547		690
48 months	343		411
60 months	143		169
Thereafter	33		31
Total	$	2,899	$	3,593

Finance Receivables - Allowance for Credit Losses and Credit Quality

The allowance for credit losses as well as the related investment in finance receivables were as follows:


Allowance for Credit Losses:	United States		Canada		EMEA(1)		Total
Balance at December 31, 2021	$	77	$	11	$	30	$	118
Provision	20		(2)		8		26
Charge-offs, net	(15)		(3)		(8)		(26)
Other(2)	1		1		(3)		(1)

Balance at December 31, 2022	$	83	$	7	$	27	$	117
Provision	(8)		1		13		6
Charge-offs, net	(17)		(3)		(14)		(34)
Other(2)	—		2		1		3

Balance at December 31, 2023	$	58	$	7	$	27	$	92
Finance Receivables Collectively Evaluated for Impairment:
December 31, 2022(3)	$	1,948	$	228	$	1,043	$	3,219
December 31, 2023(3)	$	1,205	$	255	$	1,142	$	2,602

_____________

(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 $92 and $117 at December 31, 2023 and 2022, respectively.

We evaluate our customers based on the following credit quality indicators:

Details about our finance receivables portfolio based on geography, origination year and credit quality indicators are as follows:


	December 31, 2023
	2023		2022		2021		2020		2019		Prior		Total Finance Receivables
United States (Direct):
Low Credit Risk	$	122	$	51	$	61	$	43	$	17	$	3	$	297
Average Credit Risk	104		35		49		23		9		2		222
High Credit Risk	34		36		25		22		6		3		126
Total	$	260	$	122	$	135	$	88	$	32	$	8	$	645
Charge-offs	$	1	$	1	$	1	$	1	$	1	$	2	$	7

United States (Indirect):
Low Credit Risk	$	136	$	77	$	48	$	22	$	6	$	—	$	289
Average Credit Risk	111		69		41		15		6		—		242
High Credit Risk	12		8		6		2		1		—		29
Total	$	259	$	154	$	95	$	39	$	13	$	—	$	560
Charge-offs	$	4	$	3	$	3	$	2	$	2	$	3	$	17

Canada
Low Credit Risk	$	45	$	24	$	16	$	9	$	4	$	—	$	98
Average Credit Risk	63		36		18		12		6		—		135
High Credit Risk	6		5		4		5		1		1		22
Total	$	114	$	65	$	38	$	26	$	11	$	1	$	255
Charge-offs	$	—	$	—	$	—	$	2	$	—	$	1	$	3

EMEA(1)
Low Credit Risk	$	251	$	182	$	110	$	48	$	19	$	6	$	616
Average Credit Risk	192		148		73		36		17		3		469
High Credit Risk	19		16		11		7		4		—		57
Total	$	462	$	346	$	194	$	91	$	40	$	9	$	1,142
Charge-offs	$	3	$	8	$	4	$	2	$	—	$	—	$	17

Total Finance Receivables
Low Credit Risk	$	554	$	334	$	235	$	122	$	46	$	9	$	1,300
Average Credit Risk	470		288		181		86		38		5		1,068
High Credit Risk	71		65		46		36		12		4		234
Total	$	1,095	$	687	$	462	$	244	$	96	$	18	$	2,602
Total Charge-offs	$	8	$	12	$	8	$	7	$	3	$	6	$	44


	December 31, 2022
	2022		2021		2020		2019		2018		Prior		Total Finance Receivables
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 billed finance receivables is as follows:


	December 31, 2023
	Current		31-90 Days Past Due		>90 Days Past Due		Total Billed		Unbilled		Total Finance Receivables		>90 Days and Accruing






Direct	$	24	$	6	$	5	$	35	$	610	$	645	$	41
Indirect	16		3		3		22		538		560		—
Total United States	40		9		8		57		1,148		1,205		41
Canada	6		1		1		8		247		255		10





EMEA (1)	7		2		1		10		1,132		1,142		10

Total	$	53	$	12	$	10	$	75	$	2,527	$	2,602	$	61


	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

Of the finance receivables sold and derecognized from our balance sheet, $994 and $60 remained uncollected as of December 31, 2023 and 2022, respectively.

Finance receivable sales activity was as follows:


	Year Ended December 31,
	2023		2022
Finance receivable sales - net proceeds(1)	$	1,102	$	60
Gain on sale/Commissions(2)(3)	25		2

Servicing revenue(2)	$	9	$	—

_____________

(1)Cash proceeds were reported in Net cash provided by operating activities.

(2)Recorded in Services, maintenance and rentals as Other Revenue. Amounts include revenues associated with the sale of the underlying leased equipment.

(3)The year ended December 31, 2023 includes $4 of revenues associated with the sale of the underlying leased equipment and which are expected to be paid over the term of the agreements.

Secured Borrowings and Collateral

In 2022 and 2021 we sold certain finance receivables to consolidated special purpose entities included in our Consolidated Balance Sheet as collateral for secured loans.

Refer to Note 15 - Debt, for additional information related to these arrangements.

Inventories and Equipment on Operating Leases, Net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equipment on Operating Leases, Net [Line Items]
Contingent rental revenue on operating leases	$ 62	$ 63	$ 62
Minimum
Equipment on Operating Leases, Net [Line Items]
Equipment on operating lease depreciable lives	4 years
Maximum
Equipment on Operating Leases, Net [Line Items]
Equipment on operating lease depreciable lives	5 years

Revenue - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract liabilities	$ 132	$ 131
Contract liability amortization period (months)	30 months
Deferred incremental direct costs, amortization period (years)	4 years

Lessor (Details) - USD ($) $ in Millions	12 Months Ended
Lessor (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Sales-Type Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Total Revenues
Revenue from sales type leases	$ 920	$ 708	$ 664
Interest income on lease receivables	$ 191	207	221
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Total Revenues
Lease income - operating leases	$ 161	170	246
Variable lease income	62	63	62
Total Lease income	1,334	1,148	1,193
Profit at lease commencement, sales type leases	$ 332	$ 229	$ 221

Stock-Based Compensation - Exercised Stock-Based Awards (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted Stock Units
Stock-Based Compensation Details [Line Items]
Total Intrinsic Value	$ 25	$ 39	$ 30
Tax Benefit	5	6	5
Performance Shares
Stock-Based Compensation Details [Line Items]
Total Intrinsic Value	0	10	17
Tax Benefit	$ 0	$ 0	$ 2

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ 1	$ (322)	$ (455)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
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-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 13: http://www.xbrl.org/2003/role/exampleRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/exampleRef
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Xerox Corporation Consolidated Statements of Income (Loss) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues
Total Revenues	$ 6,886	$ 7,107	$ 7,038
Costs and Expenses
Cost of financing	130	108	111
Research, development and engineering expenses	229	304	310
Selling, administrative and general expenses	1,696	1,760	1,718
Goodwill impairment	0	412	781
Restructuring and related costs, net	167	65	38
Amortization of intangible assets	43	42	55
PARC donation	132	0	0
Other expenses, net	75	60	(27)
Total Costs and Expenses	6,914	7,432	7,510
Loss before Income Taxes	(28)	(325)	(472)
Income tax benefit	(29)	(3)	(17)
Net Income (Loss)	1	(322)	(455)
Sales
Revenues
Total Revenues	2,720	2,800	2,582
Costs and Expenses
Cost of goods and services sold	1,778	2,002	1,862
Services, maintenance and rentals
Revenues
Total Revenues	3,975	4,100	4,235
Costs and Expenses
Cost of goods and services sold	2,664	2,679	2,662
Financing
Revenues
Total Revenues	191	207	221
Xerox Corporation
Revenues
Total Revenues	6,886	7,107	7,038
Costs and Expenses
Cost of financing	130	108	111
Research, development and engineering expenses	229	304	310
Selling, administrative and general expenses	1,696	1,760	1,718
Goodwill impairment	0	412	781
Restructuring and related costs, net	167	65	38
Amortization of intangible assets	43	42	55
PARC donation	132	0	0
Other expenses, net	75	60	(27)
Total Costs and Expenses	6,914	7,432	7,510
Loss before Income Taxes	(28)	(325)	(472)
Income tax benefit	(29)	(3)	(17)
Net Income (Loss)	1	(322)	(455)
Xerox Corporation \| Sales
Revenues
Total Revenues	2,720	2,800	2,582
Costs and Expenses
Cost of goods and services sold	1,778	2,002	1,862
Xerox Corporation \| Services, maintenance and rentals
Revenues
Total Revenues	3,975	4,100	4,235
Costs and Expenses
Cost of goods and services sold	2,664	2,679	2,662
Xerox Corporation \| Financing
Revenues
Total Revenues	$ 191	$ 207	$ 221

Income and Other Taxes - Unrecognized Tax Benefits Rollforward (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 110	$ 107	$ 115
Additions related to current year	1	3	7
Additions related to prior years positions	57	4	0
Reductions related to prior years positions	(14)	0	(14)
Settlements with taxing authorities	(13)
Settlements with taxing authorities		0	7
Reductions related to lapse of statute of limitations	(2)	(3)	(7)
Currency	1
Currency		(1)	(1)
Ending balance	140	110	107
Tax positions, highly certain of realizability but with uncertainty of timing	(31)	1	1
Accruals for payment of interest and penalties	$ (2)	$ (1)	$ 1

Inventories and Equipment on Operating Leases, Net (Tables)

12 Months Ended

Dec. 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:


	December 31,
	2023		2022
Finished goods	$	528	$	640
Work-in-process	47		45
Raw materials	86		112
Total Inventories	$	661	$	797

Schedule of Equipment on Operating Leases and Related Accumulated Depreciation

Equipment on operating leases and the related accumulated depreciation were as follows:


	December 31,
	2023		2022
Equipment on operating leases	$	1,074	$	1,163
Accumulated depreciation	(809)		(928)
Equipment on operating leases, net	$	265	$	235

Lessor, Operating Lease, Payment to be Received, Maturity

Estimated minimum future revenues associated with Equipment on operating leases are as follows:


	December 31,
	2023		2022
12 months	$	165	$	185
24 months	89		95
36 months	52		59
48 months	30		30
60 months	13		13
Thereafter	2		4
Total	$	351	$	386

Employee Benefit Plans

12 Months Ended

Dec. 31, 2023

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Employee Benefit Plans

We sponsor numerous defined benefit and defined contribution pension and other post-retirement benefit plans, primarily retiree health care, in our domestic and international operations. December 31 is the measurement date for all of our post-retirement benefit plans.

Where legally possible, we have amended our major defined benefit pension plans to freeze current benefits and eliminate benefit accruals for future service, including our U.S. defined benefit plans, the Canadian Salary Pension Plan and the U.K. pension plan. In certain Non-U.S. plans, we are required to continue to consider salary increases and inflation in determining the benefit obligation related to prior service.

In December 2023, the Trustees for the U.K. pension plan entered an insurance buy-in contract, in accordance with U.K. pension regulations. The insurance buy-in contract is a group annuity contract that is expected to provide an income stream to cover a significant majority of the cash flows arising for the plan population with future contracted payments. However, the benefit obligation remains with the plan and the Company. This contract is issued by a third-party insurance company with no affiliation to the Company or the plan. The contract was funded through existing plan assets, with a portion of the premium payments for the policy being deferred until full liquidation of certain illiquid assets of the plan. The insurance contract is valued on an insurer pricing basis, which reflects the purchase price adjusted for changes in discount rates and other actuarial assumptions, which approximates fair value. The insurance buy-in contract is classified as a Level 3 investment in the Plan Asset tables below. This buy-in contract was an extension of a similar contract purchased in 2022 that covered a portion of member benefit payments. The buy-in arrangement also allows for the possible future conversion into a buy-out arrangement where the insurance company would assume full responsibility for the U.K. pension plan pension obligations, at which time the Company would derecognize the assets and liabilities of the pension plan and realize a settlement gain or loss as a component of the net periodic pension cost.

Effective January 1, 2023, we implemented a new defined contribution plan in the Netherlands to provide future retirement benefits for eligible employees and ceased accruals in in the existing pension plan in the Netherlands. We recorded this change as a curtailment effective December 31, 2022. The benefits accrued prior to 2023 under the pension plan in the Netherlands remain in a Collective Defined Contribution (CDC) plan. From a Company risk perspective, this portion of the plan operates just like a defined contribution plan as the company is only responsible for a contribution for annual benefit accruals under 5-year agreements through 2022. Although the Company's risk has been mitigated, under U.S. GAAP this plan doesn’t meet the definition of a defined contribution plan and therefore it continues to be accounted for as a defined benefit plan.


	Pension Benefits
	U.S. Plans				Non-U.S. Plans				Retiree Health
	2023		2022		2023		2022		2023		2022
Change in Benefit Obligation:
Benefit obligation, January 1	$	2,345	$	3,372	$	4,240	$	6,543	$	209	$	303
Service cost	—		1		5		16		1		1
Interest cost (income)	116		(65)		188		123		10		8
Plan participants' contributions	—		—		1		2		7		9
Actuarial loss (gain)	75		(643)		165		(1,697)		(5)		(59)
Currency exchange rate changes	—		—		205		(534)		2		(7)
Plan amendment	—		—		36		72		(3)		(26)
Plan curtailments	—		—		—		(20)		—		—
Benefits paid/settlements	(147)		(320)		(273)		(265)		(28)		(27)
Other	—		—		—		—		—		7
Benefit Obligation, December 31	$	2,389	$	2,345	$	4,567	$	4,240	$	193	$	209

Change in Plan Assets:
Fair value of plan assets, January 1	$	1,518	$	2,544	$	4,594	$	7,252	$	—	$	—
Actual return on plan assets	104		(730)		89		(1,865)		—		—
Employer contributions	53		24		28		81		21		19
Plan participants' contributions	—		—		1		2		7		8
Currency exchange rate changes	—		—		223		(609)		—		—
Benefits paid/settlements	(147)		(320)		(273)		(265)		(28)		(27)
Other	—		—		—		(2)		—		—
Fair Value of Plan Assets, December 31	$	1,528	$	1,518	$	4,662	$	4,594	$	—	$	—

Net Funded Status at December 31(1)	$	(861)	$	(827)	$	95	$	354	$	(193)	$	(209)

Amounts Recognized in the Consolidated Balance Sheets:
Other long-term assets	$	—	$	—	$	423	$	667	$	—	$	—
Accrued compensation and benefit costs	(24)		(24)		(20)		(19)		(22)		(25)
Pension and other benefit liabilities	(837)		(803)		(308)		(294)		—		—
Post-retirement medical benefits	—		—		—		—		(171)		(184)
Net Amounts Recognized	$	(861)	$	(827)	$	95	$	354	$	(193)	$	(209)

Accumulated Benefit Obligation	$	2,389	$	2,345	$	4,526	$	4,194

_____________

(1)Includes under-funded and unfunded plans.

Pension and other benefit liabilities include the following additional accounts at December 31st:


	December 31,
	2023		2022
Pension liabilities(1)	$	1,145	$	1,097
Accrued compensation liabilities	56		61
Deferred compensation liabilities(2)	15		17
Pension and other benefit liabilities	$	1,216	$	1,175

__________________________

(1)Reflects pension net funded status liability.

Benefit plans pre-tax amounts recognized in AOCL at December 31st:


	Pension Benefits
	U.S. Plans				Non-U.S. Plans				Retiree Health
	2023		2022		2023		2022		2023		2022
Net actuarial loss (gain)	$	731	$	692	$	1,551	$	1,202	$	(73)	$	(79)
Prior service cost (credit)	—		—		134		99		(82)		(94)
Total loss (gain) - Pre-tax	$	731	$	692	$	1,685	$	1,301	$	(155)	$	(173)


	December 31, 2023				December 31, 2022
	Accumulated Benefit Obligation		Fair Value of Plan Assets		Accumulated Benefit Obligation		Fair Value of Plan Assets
Underfunded Plans:
U.S.	$	2,146	$	1,528	$	2,098	$	1,518
Non-U.S.	46		40		44		38

Unfunded Plans:
U.S.	$	243	$	—	$	247	$	—
Non-U.S.	317		—		304		—

Total Underfunded and Unfunded Plans:
U.S.	$	2,389	$	1,528	$	2,345	$	1,518
Non-U.S.	363		40		348		38
Total	$	2,752	$	1,568	$	2,693	$	1,556

Aggregate information for pension plans with a projected benefit obligation in excess of plan assets is presented below:


	December 31, 2023				December 31, 2022
	Projected Benefit Obligation		Fair Value of Plan Assets		Projected Benefit Obligation		Fair Value of Plan Assets
Underfunded Plans:
U.S.	$	2,146	$	1,528	$	2,098	$	1,518
Non-U.S.	47		40		45		38

Unfunded Plans:
U.S.	$	243	$	—	$	247	$	—
Non-U.S.	322		—		308		—

Total Underfunded and Unfunded Plans:
U.S.	$	2,389	$	1,528	$	2,345	$	1,518
Non-U.S.	369		40		353		38
Total	$	2,758	$	1,568	$	2,698	$	1,556

Pension plan assets and benefit obligations by country were as follows:


	December 31, 2023						December 31, 2022
	Fair Value of Pension Plan Assets		Projected Benefit Obligation		Net Funded Status		Fair Value of Pension Plan Assets		Projected Benefit Obligation		Net Funded Status
U.S. funded	$	1,528	$	2,146	$	(618)	$	1,518	$	2,098	$	(580)
U.S. unfunded	—		243		(243)		—		247		(247)
Total U.S.	1,528		2,389		(861)		1,518		2,345		(827)
U.K.	2,892		2,655		237		2,903		2,439		464
Netherlands	839		769		70		793		729		64
Canada	586		562		24		553		532		21
Germany	—		248		(248)		—		237		(237)

Other	345		333		12		345		303		42
Total	$	6,190	$	6,956	$	(766)	$	6,112	$	6,585	$	(473)

The components of Net periodic benefit cost and other changes in plan assets and benefit obligations were as follows:


	Year Ended December 31,
	Pension Benefits
	U.S. Plans						Non-U.S. Plans						Retiree Health
	2023		2022		2021		2023		2022		2021		2023		2022		2021
Components of Net Periodic Benefit Costs:
Service cost	$	—	$	1	$	2	$	5	$	16	$	20	$	1	$	1	$	2
Interest cost (income)(1)	116		(65)		80		188		123		88		10		8		8
Expected return on plan assets(2)	(103)		71		(117)		(217)		(226)		(208)		—		—		—
Recognized net actuarial loss (gain)	16		13		17		11		23		59		(12)		(4)		1
Amortization of prior service (credit) cost	—		—		(1)		5		1		(1)		(15)		(8)		(66)
Recognized settlement loss	19		56		54		1		—		1		—		—		—
Recognized curtailment gain	—		—		—		—		(4)		(4)		—		—		—

Defined Benefit Plans	48		76		35		(7)		(67)		(45)		(16)		(3)		(55)
Defined contribution plans	19		20		—		21		17		18		n/a		n/a		n/a
Net Periodic Benefit Cost (Credit)	$	67	$	96	$	35	$	14	$	(50)	$	(27)	$	(16)	$	(3)	$	(55)
Other changes in plan assets and benefit obligations recognized in Other Comprehensive (Loss) Income:
Net actuarial loss (gain)	$	74	$	16	$	(57)	$	298	$	368	$	(425)	$	(5)	$	(57)	$	(1)
Prior service cost (credit)	—		—		—		36		72		(4)		(3)		(26)		(50)
Amortization of net actuarial (loss) gain	(35)		(69)		(71)		(12)		(23)		(60)		12		4		(1)
Amortization of net prior service credit (cost)	—		—		1		(5)		(1)		1		15		15		66
Curtailment gain	—		—		—		—		4		4		—		—		—
Total Recognized in Other Comprehensive (Loss) Income(3)	$	39	$	(53)	$	(127)	$	317	$	420	$	(484)	$	19	$	(64)	$	14
Total Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Loss) Income	$	106	$	43	$	(92)	$	331	$	370	$	(511)	$	3	$	(67)	$	(41)

_____________

(3)Amounts represent the pre-tax effect included in Other comprehensive income. Refer to Note 24 - Other Comprehensive (Loss) Income for the related tax effects and the net of tax amounts.

Plan Amendments

Pension:

In April 2023 and 2022, our U.K. defined benefit pension plan was amended, at the sole discretion of the Plan Trustees as legally allowed, to increase the capped inflation indexation for the April 2023 and 2022 pension increase award to 6.5% and 7.5%, respectively. The April 2023 plan amendment resulted in an increase of $36 in the projected benefit obligation (PBO) for this plan and the April 2022 plan amendment resulted in an increase of approximately $72 in the PBO for this plan, with both amounts inclusive of other remeasurement adjustments for changes in actuarial assumptions.

In October 2018, the High Court of Justice in the United Kingdom (the High Court) ruled that Lloyds Bank PLC was required to equalize benefits payable to men and women under its U.K. defined benefit pension plans by amending those plans to increase the pension benefits payable to participants that accrued such benefits during the period from 1990 to 1997. The inequalities arose from statutory differences in the retirement ages and rates of accrual of benefits for men and women related to Guaranteed Minimum Pension (GMP) benefits that are included in U.K. defined benefit pension plans.

At December 31, 2023, the aggregate cost for this matter was estimated to be approximately GBP 17 million (approximately USD $22). This latest estimate reflects a most recent analysis completed by the Plan Actuary adjusted for market conditions at December 31, 2023. The equalization method was agreed between the Company and Trustee and is in the process of being implemented.

Retiree Health Plans:

During 2022, we amended our U.S. Retiree Health Plan to reduce benefits and eliminate coverage for existing union retirees and for certain union employees as a result of contract negotiations. These negative plan amendments resulted in a reduction of approximately $30 in the Company's postretirement benefit obligation.

In December 2021, we amended our U.S. Retiree Health Plan to reduce certain benefits for existing union retirees through the reduction or elimination of coverage or cost-sharing subsidies for retiree health care and life insurance costs. This negative plan amendment resulted in a reduction of $50 in the postretirement benefit obligation.

Plan Assets

Current Allocation

As of the 2023 and 2022 measurement dates, the global pension plan assets were $6,190 and $6,112, respectively. These assets were invested among several asset classes.

The following tables present the defined benefit plans assets measured at fair value and the basis for that measurement.


	December 31, 2023
	U.S. Plans										Non-U.S. Plans
Asset Class	Level 1		Level 2		Level 3		Assets measured at NAV(1)		Total		Level 1		Level 2		Level 3		Assets measured at NAV(1)		Total
Cash and cash equivalents	$	1	$	—	$	—	$	—	$	1	$	452	$	—	$	—	$	—	$	452
Equity Securities:
U.S.	48		—		—		—		48		13		20		—		—		33
International	87		—		—		127		214		315		—		—		27		342
Fixed Income Securities:
U.S. treasury securities	—		74		—		—		74		—		2		—		—		2
Debt security issued by government agency	—		134		—		—		134		—		546		—		—		546
Corporate bonds	—		660		—		—		660		—		197		—		—		197

Derivatives	—		57		—		—		57		—		90		—		—		90
Real estate	—		—		47		12		59		—		—		106		70		176
Private equity/venture capital	—		—		—		157		157		—		—		4		311		315
Guaranteed insurance contracts	—		—		—		—		—		—		—		2,481		—		2,481
Other(2)(3)	(18)		—		—		142		124		24		4		—		—		28
Total Fair Value of Plan Assets	$	118	$	925	$	47	$	438	$	1,528	$	804	$	859	$	2,591	$	408	$	4,662

_____________

(1)Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.

(2)Other NAV includes mutual funds of $92 (measured at NAV) which are invested approximately 70% in fixed income securities and approximately 30% in equity securities.


	December 31, 2022
	U.S. Plans										Non-U.S. Plans
Asset Class	Level 1		Level 2		Level 3		Assets measured at NAV(1)		Total		Level 1		Level 2		Level 3		Assets measured at NAV(1)		Total
Cash and cash equivalents	$	3	$	—	$	—	$	—	$	3	$	532	$	—	$	—	$	—	$	532
Equity Securities:
U.S.	44		—		—		—		44		75		27		—		—		102
International	89		—		—		128		217		358		2		—		30		390
Fixed Income Securities:
U.S. treasury securities	—		73		—		—		73		—		72		—		—		72
Debt security issued by government agency	—		151		—		—		151		—		1,326		—		—		1,326
Corporate bonds	—		644		—		—		644		—		263		—		—		263

Derivatives	—		(8)		—		—		(8)		—		79		—		—		79
Real estate	—		—		57		13		70		—		—		144		71		215
Private equity/venture capital	—		—		—		202		202		—		—		4		1,089		1,093
Guaranteed insurance contracts	—		—		—		—		—		—		—		483		—		483
Other(2)(3)	—		—		—		122		122		22		17		—		—		39
Total Fair Value of Plan Assets	$	136	$	860	$	57	$	465	$	1,518	$	987	$	1,786	$	631	$	1,190	$	4,594

_____________

(1)Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.

(2)Other NAV includes mutual funds of $94 (measured at NAV) which are invested approximately 30% in fixed income securities and approximately 70% in equity securities.

(3)Other Level 1 includes net non-financial, Non-U.S assets of $22, such as due to/from broker, interest receivables and accrued expenses.

The following tables represents a rollforward of the defined benefit plans assets measured at fair value using significant unobservable inputs (Level 3 assets):


	U.S.		Non-U.S.
	Real Estate		Real Estate		Private Equity/Venture Capital		Guaranteed Insurance Contracts		Total
Balance at December 31, 2021	$	51	$	164	$	4	$	75	$	243
Purchases	—		—		—		569		569



Sales	(2)		(19)		—		(5)		(24)

Unrealized gains (losses)	8		(10)		1		(133)		(142)
Currency translation	—		9		(1)		(23)		(15)

Balance at December 31, 2022	$	57	$	144	$	4	$	483	$	631
Purchases	—		—		—		1,951		1,951

Sales	(13)		(16)		—		(3)		(19)



Unrealized gains (losses)	3		(31)		—		(9)		(40)
Currency translation	—		9		—		59		68

Balance at December 31, 2023	$	47	$	106	$	4	$	2,481	$	2,591

Level 3 Valuation Method

Our primary Level 3 assets are Real Estate, Private Equity/Venture Capital investments, and Guaranteed Insurance Contracts. The fair value of our real estate investment funds is based on the Net Asset Value (NAV) of our ownership interest in the funds. NAV information is received from the investment advisers and is primarily derived from third-party real estate appraisals for the properties owned. The fair value for our private equity/venture capital partnership investments are based on our share of the estimated fair values of the underlying investments held by these partnerships as reported (or expected to be reported) in their audited financial statements. 2022 and 2023 purchases of Guaranteed Insurance Contracts (GICs) include the purchase of a buy-in annuity contract, which has been valued based on the member benefits covered by the contract adjusted for current market factors. The valuation techniques and inputs for our Level 3 assets have been consistently applied for all periods presented.

Investment Strategy

The target asset allocations for our worldwide defined benefit pension plans were:


	2023		2022
	U.S.	Non-U.S.(2)	U.S.	Non-U.S.
Equity investments(1)	24%	8%	24%	11%
Fixed income investments	60%	16%	60%	36%
Real estate	6%	4%	6%	5%
Private equity/venture capital	8%	8%	8%	25%
Other	2%	64%	2%	23%
Total Investment Strategy	100%	100%	100%	100%

_____________

(1)Target allows for an additional allocation to synthetic equity which is offset by cash.

(2)Significant changes in asset allocation in Non-U.S. are due to the U.K. pension plan entering an insurance buy-in contract, which is included in Other.

We employ a total return investment approach whereby a mix of equities and fixed income investments are used to maximize the long-term return of plan assets for a prudent level of risk. The intent of this strategy is to minimize plan expenses by exceeding the interest growth in long-term plan liabilities. Risk tolerance is established through careful consideration of plan liabilities, plan funded status and corporate financial condition. This consideration involves the use of long-term measures that address both return and risk. The investment portfolio contains a diversified blend of equity and fixed income investments. Furthermore, equity investments are diversified across U.S. and non-U.S. stocks, as well as growth, value and small and large capitalizations. Other assets such as real estate, private equity, and hedge funds are used to improve portfolio diversification. Derivatives may be used to hedge market exposure in an efficient, timely and cost-effective manner; however, derivatives may not be used to speculate or leverage the portfolio beyond the market value of the underlying investments. Investment risks and returns are measured and monitored on an ongoing basis through annual liability measurements and quarterly investment portfolio reviews.

Expected Long-term Rate of Return

We employ a “building block” approach in determining the long-term rate of return for plan assets. Historical markets are studied and long-term relationships between equities and fixed income are assessed. Current market factors such as inflation and interest rates are evaluated before long-term capital market assumptions are determined. The long-term portfolio return is established giving consideration to investment diversification and rebalancing. Peer data and historical returns are reviewed periodically to assess reasonableness and appropriateness.

Contributions Disclosure

The following table summarizes cash contributions to our defined benefit pension plans and retiree health benefit plans.


	Year Ended December 31,
	2023		Estimated 2024
U.S. Plans	$	53	$	100
Non-U.S. Plans	28		30
Total Pension Plans	$	81	$	130
Retiree Health	21		20
Total Retirement Plans	$	102	$	150

Approximately $30 of the 2023 contributions for our U.S. plans were for our tax-qualified defined benefit plans. Approximately $80 of estimated contributions for 2024 are for our U.S. tax-qualified defined benefit plans. However, once the next actuarial valuations and projected results are available, actual contributions required to meet minimum funding requirements will be determined and finalized and may change from the current estimate.

Estimated Future Benefit Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid during the following years:


	Pension Benefits
	U.S.		Non-U.S.		Total		Retiree Health
2024	$	266	$	279	$	545	$	20
2025	235		285		520		20
2026	228		293		521		18
2027	224		298		522		17
2028	213		306		519		16
Years 2029-2033	904		1,629		2,533		63

Assumptions

Weighted-average assumptions used to determine benefit obligations at the plan measurement dates:


	Pension Benefits
	2023				2022				2021
	U.S.		Non-U.S.		U.S.		Non-U.S.		U.S.		Non-U.S.
Discount rate	4.9	%	4.1	%	5.1	%	4.5	%	2.7	%	1.8	%
Rate of compensation increase	—	%	2.7	%	—	%	2.9	%	0.1	%	2.8	%
Interest crediting rate	4.5	%	2.5	%	4.5	%	2.1	%	2.8	%	1.5	%


	Retiree Health
	2023		2022		2021
Discount rate	4.7	%	5.0	%	2.7	%

Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31:


	Pension Benefits
	2024				2023				2022				2021
	U.S.		Non-U.S.		U.S.		Non-U.S.		U.S.		Non-U.S.		U.S.		Non-U.S.
Discount rate	4.9	%	4.1	%	5.1	%	4.5	%	2.7	%	1.8	%	2.2	%	1.3	%
Expected return on plan assets	8.1	%	4.3	%	8.1	%	4.3	%	5.9	%	3.2	%	5.9	%	3.1	%
Rate of compensation increase	—	%	2.7	%	—	%	2.9	%	0.1	%	2.8	%	0.1	%	2.6	%
Interest crediting rate	4.5	%	2.5	%	4.5	%	2.1	%	2.5	%	1.5	%	2.8	%	1.5	%


	Retiree Health
	2024		2023		2022		2021
Discount rate	4.7	%	5.0	%	2.7	%	2.2	%

_____________

Assumed health care cost trend rates were as follows:


	December 31,
	2023		2022
Health care cost trend rate assumed for next year	6.3	%	5.1	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.2	%	4.3	%
Year that the rate reaches the ultimate trend rate	2028		2026

Defined Contribution Plans

We have post-retirement savings and investment plans in several countries, including the U.S., the U.K. and Canada. In many instances, employees who participated in the defined benefit pension plans that have been amended to freeze future service accruals were transitioned to an enhanced defined contribution plan. In these plans, employees are allowed to contribute a portion of their salaries and bonuses to the plans, and we match a portion of the employee contributions. We recorded charges related to our defined contribution plans of $40 in 2023, $37 in 2022 and $18 in 2021.

During 2021, the Company suspended its full year employer matching contribution for its U.S. based 401(k) plan for salaried (non-union) employees. The employer matching contribution was reinstated for 2022 and was made in the first quarter of 2023.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Income and Other Taxes - Deferred Tax Asset and Liability (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 1986
Deferred Tax Assets And Liabilities [Line Items]
Research and development	$ 225	$ 204
Post-retirement medical benefits	50	54
Net operating losses	384	380
Operating reserves, accruals and deferrals	215	173
Tax credit carryforwards	106	122
Deferred and share-based compensation	40	26
Pension	147	97
Operating lease liabilities	43	49
Other	57	33
Subtotal	1,267	1,138
Valuation allowance	(375)	(366)
Total	892	772
Finance lease and installment sales	36	72
Intangibles and goodwill	116	115
Unremitted earnings of foreign subsidiaries	25	26
Operating lease ROU assets	41	46
Other	24	26
Total	242	285
Total Deferred Taxes, Net	650	487
Deferred tax assets	745	582
Valuation allowance, increase (decrease) in amount	9	9	$ (39)
Tax credit carryforwards	106
Carryforwards with no expiration
Deferred Tax Assets And Liabilities [Line Items]
Tax credit carryforwards	3
Deferred tax assets, operating loss carryforwards, not subject to expiration	1,700
Carryforwards that expire
Deferred Tax Assets And Liabilities [Line Items]
Tax credit carryforwards	103
Operating loss carryforwards	392
Other Long-term Liabilities
Deferred Tax Assets And Liabilities [Line Items]
Deferred tax liabilities	$ (95)	$ (95)
Accounting Standards Update 2018-05
Deferred Tax Assets And Liabilities [Line Items]
Undistributed earnings of foreign subsidiaries				$ 310

Fair Value of Financial Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Financial Assets and Liabilities

The following table represents assets and liabilities' fair value measured on a recurring basis. The basis for the measurement at fair value in all cases is Level 2 – Significant Other Observable Inputs.


	As of December 31,
	2023		2022
Assets





Derivatives	$	11	$	26
Deferred compensation investments in mutual funds	14		15
Total	$	25	$	41
Liabilities
Derivatives	$	8	$	11



Deferred compensation plan liabilities	13		14
Total	$	21	$	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:


	December 31, 2023				December 31, 2022
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Cash and cash equivalents	$	519	$	519	$	1,045	$	1,045
Accounts receivable, net	850		850		857		857
Short-term debt and current portion of long-term debt	567		567		860		861
Long-term debt
Xerox Holdings Corporation	$	1,497	$	1,410	$	1,496	$	1,294
Xerox Corporation	1,096		1,023		894		726
Xerox - Other Subsidiaries(1)	117		117		476		478
Total Long-term debt	$	2,710	$	2,550	$	2,866	$	2,498

_____________

(1)Represents subsidiaries of Xerox Corporation.

Debt - Principal Payments Due On Long-Term Debt (Details) $ in Millions	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
2024	$ 572
2025	879
2026	56
2027	55
2028	805
Thereafter	944
Total	3,311
Long-term debt maturities, subsequent year by quarter, first	113
Long-term debt maturities, subsequent year by quarter, second	378
Long-term debt maturities, subsequent year by quarter, third	41
Long-term debt maturities, subsequent year by quarter, fourth	40
Xerox Holdings Corporation
Debt Instrument [Line Items]
2024	0
2025	750
2026	0
2027	0
2028	750
Thereafter	0
Total	1,500
Xerox Corporation
Debt Instrument [Line Items]
2024	328
2025	27
2026	41
2027	55
2028	55
Thereafter	944
Total	1,450
Xerox - Other Subsidiaries
Debt Instrument [Line Items]
2024	244
2025	102
2026	15
2027	0
2028	0
Thereafter	0
Total	$ 361

Finance Receivables, Net - Finance Receivables Aging Schedule (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
Total	$ 2,602	$ 3,219
Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	75	97
Unbilled
Financing Receivable, Past Due [Line Items]
Total	2,527	3,122
United States
Financing Receivable, Past Due [Line Items]
Total	1,205	1,948
United States \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	57	79
United States \| Unbilled
Financing Receivable, Past Due [Line Items]
Total	1,148	1,869
Canada
Financing Receivable, Past Due [Line Items]
Total	255	228
Canada \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	8	6
Canada \| Unbilled
Financing Receivable, Past Due [Line Items]
Total	247	222
EMEA
Financing Receivable, Past Due [Line Items]
Total	1,142	1,043
EMEA \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	10	12
EMEA \| Unbilled
Financing Receivable, Past Due [Line Items]
Total	1,132	1,031
Current \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	53	71
Current \| United States \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	40	57
Current \| Canada \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	6	5
Current \| EMEA \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	7	9
31-90 Days Past Due \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	12	15
31-90 Days Past Due \| United States \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	9	12
31-90 Days Past Due \| Canada \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	1	1
31-90 Days Past Due \| EMEA \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	2	2
>90 Days Past Due \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	10	11
>90 Days Past Due \| United States \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	8	10
>90 Days Past Due \| Canada \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	1	0
>90 Days Past Due \| EMEA \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	1	1
>90 Days and Accruing
Financing Receivable, Past Due [Line Items]
Financing receivable, 90 days or more past due, still accruing	61	65
>90 Days and Accruing \| United States
Financing Receivable, Past Due [Line Items]
Financing receivable, 90 days or more past due, still accruing	41	47
>90 Days and Accruing \| Canada
Financing Receivable, Past Due [Line Items]
Financing receivable, 90 days or more past due, still accruing	10	6
>90 Days and Accruing \| EMEA
Financing Receivable, Past Due [Line Items]
Financing receivable, 90 days or more past due, still accruing	10	12
Direct
Financing Receivable, Past Due [Line Items]
Total	645	833
Direct \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	35	42
Direct \| Unbilled
Financing Receivable, Past Due [Line Items]
Total	610	791
Direct \| Current \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	24	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	41	47
Indirect
Financing Receivable, Past Due [Line Items]
Total	560	1,115
Indirect \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	22	37
Indirect \| Unbilled
Financing Receivable, Past Due [Line Items]
Total	538	1,078
Indirect \| Current \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	16	27
Indirect \| 31-90 Days Past Due \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	3	6
Indirect \| >90 Days Past Due \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	3	4
Indirect \| >90 Days and Accruing
Financing Receivable, Past Due [Line Items]
Financing receivable, 90 days or more past due, still accruing	$ 0	$ 0

Shareholders' Equity - Common Stock and Treasury Stock Period Activity (Details) - $ / shares		12 Months Ended
	Sep. 28, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, authorized (in shares)		437,500,000
Par value of common stock (in dollars per share)		$ 1	$ 1	$ 1	$ 1
Common stock issued (in shares)		123,144,000	155,781,000
Common stock outstanding (in shares)		123,144,000	155,781,000
Jefferies Finance \| Loan Facility
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Acquisition of Treasury stock	34,000,000
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning		155,781,000	168,069,000	198,386,000
Stock based compensation plans, net		1,608,000	1,561,000	1,206,000
Acquisition of Treasury stock		0	0	0
Cancellation of Treasury stock		(34,245,000)	(13,849,000)	(31,523,000)
Balance, ending		123,144,000	155,781,000	168,069,000
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning		0	8,675,000	0
Stock based compensation plans, net		0	0	0
Acquisition of Treasury stock		34,245,000	5,174,000	40,198,000
Cancellation of Treasury stock		(34,245,000)	(13,849,000)	(31,523,000)
Balance, ending		0	0	8,675,000
Xerox Corporation
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, authorized (in shares)		1,000,000,000
Par value of common stock (in dollars per share)		$ 1.00
Common stock issued (in shares)		100,000,000
Common stock outstanding (in shares)		100,000,000

Segment and Geographic Area Reporting

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment and Geographic Area Reporting

Our reportable segments – Print and Other, and FITTLE – are aligned to how the Chief Operating Decision Maker (CODM), our Chief Executive Officer (CEO), allocates resources and assesses performance against the Company’s key growth strategies and are consistent with how we manage the business and view the markets we serve.

Segment Reporting Change

During the second quarter 2023, as a result of the strategic shift in the Company’s approach to funding FITTLE’s new originations through funding agreements that involve the sale of lease receivables, the measures for FITTLE’s segment revenues and profits used by our CODM were recast as follows to correspond with this change in strategy:

•The management and oversight of the equipment on operating leases portion of our financing business was transferred from the FITTLE segment to the marketing and sales groups in the Print and Other segment since the funding agreements currently exclude the sale of operating lease arrangements.

•The allocation of shared expenses as well as commissions and other payments made by the FITTLE segment to the Print and Other segment were recast to better reflect the operations of FITTLE in line with the change in strategic direction.

The following provides segment revenues and profit for 2022 and 2021, recast to conform to our new segment measurements:


	Segment Revenues				Segment Profit
	2022		2021		2022		2021
As Reported:
Print and Other	$	6,667	$	6,548	$	238	$	293
FITTLE	610		695		37		82
Intersegment revenue(1)	(170)		(205)		—		—
Total External Revenue	$	7,107	$	7,038	$	275	$	375

Change:
Print and Other	$	137	$	181	$	20	$	18
FITTLE	(217)		(294)		(20)		(18)
Intersegment revenue(1)	80		113		—		—
Total External Revenue	$	—	$	—	$	—	$	—

Recast:
Print and Other	$	6,804	$	6,729	$	258	$	311
FITTLE	393		401		17		64
Intersegment revenue(1)	(90)		(92)		—		—
Total External Revenue	$	7,107	$	7,038	$	275	$	375

_____________

(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.

Our Print and Other segment includes the sale of document systems, supplies and technical services and managed services. The segment also includes the delivery of managed services that involve a continuum of solutions and services that help our customers optimize their print and communications infrastructure, apply automation and simplification to maximize productivity, and ensure the highest levels of security. This segment also includes IT services and software. Our product groupings range from:

•“Entry”, which include A4 devices and desktop printers and multifunction devices that primarily serve small and medium workgroups/work teams.

•“Mid-Range”, which include A3 devices that generally serve large workgroup/work teams environments as well as products in the Light Production product groups serving centralized print centers, print for pay and lower volume production print establishments.

•“High-End”, which include production printing and publishing systems that generally serve the graphic communications marketplace and print centers in large enterprises.

Customers range from small and mid-sized businesses to large enterprises. Customers also include graphic communication enterprises as well as channel partners including distributors and resellers. Segment revenues also include commissions and other payments from the 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 leasing solutions and currently offers leasing for direct channel customer purchases of Xerox solutions through bundled lease agreements and lease financing to end-user customers who purchase Xerox solutions through our indirect channels. Segment revenues primarily include financing income on sales-type leases (including month-to-month extensions) and leasing fees. Segment revenues also include gains/losses from the sale of finance receivables including commissions, fees on the sales of underlying equipment residuals and servicing fees.

In December 2022, the Company entered into a finance receivables funding agreement with an affiliate of HPS Investment Partners (HPS) pursuant to which the Company agreed to offer for sale, and HPS agreed to purchase, certain eligible pools of finance receivables on a monthly basis. During the second quarter 2023, the finance receivables funding agreement with HPS was amended to expand the pools of finance receivables eligible for sale and to include the sale of the underlying leased equipment to HPS. Refer to Note 8 - Finance Receivables, Net for additional information on the sale of receivables.

In the third quarter 2023, the Company entered into an agreement with PEAC Solutions (a subsidiary of HPS) that named PEAC as the provider of certain leasing and financial services programs for Xerox and non-Xerox equipment sold through our U.S. network of independent dealers and resellers. In the fourth quarter 2023, our partnership with PEAC Solutions was further expanded to include the transition of some FITTLE U.S. employees in risk, IT, and operations to PEAC Solutions. Upon completion of this transition, PEAC Solutions will become the preferred financing partner, primary funder, and service provider for XBS leases in the U.S.

Segment Policy

We derive the results of our business segments directly from our internal management reporting system. The accounting policies that the Company uses to derive its segment results are substantially the same as those used by the Company in preparing its consolidated financial statements. The segment results include a significant level of management estimates regarding the allocation of revenues such as finance income in bundled lease arrangements and other leasing revenues and operating lease revenues embedded in our managed services contracts as well as the allocation of expenses for shared selling and administrative services. Accordingly, the financial results for the segments may not be indicative of the results the businesses would have 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:


	Year Ended December 31,
	2023									2022(1)									2021(1)
	Print and Other			FITTLE			Total			Print and Other			FITTLE			Total			Print and Other			FITTLE			Total
External revenue	$	6,485		$	401		$	6,886		$	6,714		$	393		$	7,107		$	6,637		$	401		$	7,038
Intersegment revenue(2)	86			—			86			90			—			90			92			—			92
Total Segment revenue	$	6,571		$	401		$	6,972		$	6,804		$	393		$	7,197		$	6,729		$	401		$	7,130

Segment profit	$	360		$	29		$	389		$	258		$	17		$	275		$	311		$	64		$	375
Segment margin(3)	5.6		%	7.2		%	5.6		%	3.8		%	4.3		%	3.9		%	4.7		%	16.0		%	5.3		%

Interest income	$	—		$	191		$	191		$	—		$	207		$	207		$	—		$	221		$	221
Interest expense	—			130			130			—			108			108			—			111			111
Depreciation and amortization	208			—			208			228			—			228			272			—			272

Capital expenditures(4)	37			—			37			57			—			57			68			—			68
Total Assets	7,301			2,707			10,008			8,230			3,313			11,543			9,949			3,274			13,223

_____________

(1)Amounts for 2022 and 2021 have been recast to conform to the current year's reporting presentation. See the Segment Reporting Change section above.

(2)Intersegment revenue is primarily commissions and other payments made by the FITTLE Segment to the Print and Other Segment for the lease of Xerox equipment placements.

(3)Segment margin based on External revenue only.

(4)Capital expenditures are allocated fully to the Print and Other segment since they are primarily managed and controlled through that segment, together, with related long-lived assets.

Selected financial information for our reportable segments was as follows:


	Year Ended December 31,
	2023		2022		2021





Pre-tax (Loss)
Total Segment profit	$	389	$	275	$	375
Goodwill impairment	—		(412)		(781)
Restructuring and related costs, net	(167)		(65)		(38)
Amortization of intangible assets	(43)		(42)		(55)
PARC Donation	(132)		—		—
Accelerated share vesting	—		(21)		—

Other expenses, net	(75)		(60)		27
Total Pre-tax (loss)	$	(28)	$	(325)	$	(472)

Depreciation and Amortization
Total reported segments	$	208	$	228	$	272
Amortization of intangible assets	43		42		55
Total Depreciation and amortization	$	251	$	270	$	327

Interest Expense
Total reported segments	$	130	$	108	$	111
Corporate	68		91		96
Total Interest expense	$	198	$	199	$	207

Interest Income
Total reported segments	$	191	$	207	$	221
Corporate	16		11		4
Total Interest income	$	207	$	218	$	225

Geographic Area Data

Geographic area data is based upon the location of the subsidiary reporting the revenue or long-lived assets and is as follows:


	Revenues						Long-Lived Assets (1)
	Year Ended December 31,						As of December 31,
	2023		2022		2021		2023		2022
United States	$	3,826	$	4,014	$	3,982	$	467	$	537
Europe	1,951		1,935		2,023		241		249
Canada	554		545		398		42		54
Other areas	555		613		635		21		25
Total	$	6,886	$	7,107	$	7,038	$	771	$	865

_____________

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Financial Instruments - Summary of Derivative Instruments Gain (Losses) (Details) - USD ($)

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Derivative Instruments, Gain (Loss) [Line Items]

Derivative (Loss) Gain Recognized in OCI (Effective Portion)

^[1]

$ 1,000,000

$ (2,000,000)

$ (4,000,000)

Total Accumulated Other Comprehensive Loss

$ 2,548,000,000

3,353,000,000

4,443,000,000

$ 5,596,000,000

Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]

Other expenses, net

Foreign currency transaction loss

$ 28,000,000

13,000,000

7,000,000

Other unrealized losses, net

Derivative Instruments, Gain (Loss) [Line Items]

Total Accumulated Other Comprehensive Loss

(3,000,000)

(4,000,000)

(2,000,000)

Not Designated as Hedging Instrument

Derivative Instruments, Gain (Loss) [Line Items]

Derivative assets (liabilities), at fair value, net

5,000,000

12,000,000

Cash Flow Hedging

Derivative Instruments, Gain (Loss) [Line Items]

Ineffectiveness recorded in the Consolidated Statements of (Loss) Income

Foreign exchange contracts – forwards/options | Not Designated as Hedging Instrument

Derivative Instruments, Gain (Loss) [Line Items]

Ineffectiveness recorded in the Consolidated Statements of (Loss) Income

26,000,000

17,000,000

(26,000,000)

Foreign exchange contracts – forwards/options | Cash Flow Hedging

Derivative Instruments, Gain (Loss) [Line Items]

Derivative (Loss) Gain Recognized in OCI (Effective Portion)

(17,000,000)

(41,000,000)

(12,000,000)

Interest rate contracts | Cash Flow Hedging

Derivative Instruments, Gain (Loss) [Line Items]

Derivative (Loss) Gain Recognized in OCI (Effective Portion)

(1,000,000)

6,000,000

Effective Portion

Derivative Instruments, Gain (Loss) [Line Items]

Derivative (Loss) Gain Recognized in OCI (Effective Portion)

(18,000,000)

(35,000,000)

(12,000,000)

(Loss) Gain Reclassified from AOCI to Income (Effective Portion)

(18,000,000)

(35,000,000)

(7,000,000)

Cost of Sales | Foreign exchange contracts – forwards/options | Cash Flow Hedging

Derivative Instruments, Gain (Loss) [Line Items]

(Loss) Gain Reclassified from AOCI to Income (Effective Portion)

(22,000,000)

(36,000,000)

(7,000,000)

Interest Expense | Interest rate contracts | Cash Flow Hedging

Derivative Instruments, Gain (Loss) [Line Items]

(Loss) Gain Reclassified from AOCI to Income (Effective Portion)

$ 4,000,000

$ 1,000,000

$ 0

[1]	Refer to Note 24 - Other Comprehensive (Loss) Income for gross components of Other Comprehensive (Loss) Income, reclassification adjustments out of Accumulated Other Comprehensive Loss and related tax effects.

Stock-Based Compensation - Stock-based compensation expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Stock-based compensation expense, pre-tax	$ 54	$ 75	$ 54
Income tax benefit recognized in earnings	$ 10	11	$ 13
Accelerated vesting, cost		$ 21

Debt - Short-term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total	$ 567	$ 860
Xerox Holdings Corporation
Debt Instrument [Line Items]
Total	0	0
Xerox Corporation
Debt Instrument [Line Items]
Total	323	300
Xerox - Other Subsidiaries
Debt Instrument [Line Items]
Total	$ 244	$ 560

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Fair Value of Financial Assets and Liabilities

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets and Liabilities


	As of December 31,
	2023		2022
Assets





Derivatives	$	11	$	26
Deferred compensation investments in mutual funds	14		15
Total	$	25	$	41
Liabilities
Derivatives	$	8	$	11



Deferred compensation plan liabilities	13		14
Total	$	21	$	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:


	December 31, 2023				December 31, 2022
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Cash and cash equivalents	$	519	$	519	$	1,045	$	1,045
Accounts receivable, net	850		850		857		857
Short-term debt and current portion of long-term debt	567		567		860		861
Long-term debt
Xerox Holdings Corporation	$	1,497	$	1,410	$	1,496	$	1,294
Xerox Corporation	1,096		1,023		894		726
Xerox - Other Subsidiaries(1)	117		117		476		478
Total Long-term debt	$	2,710	$	2,550	$	2,866	$	2,498

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(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.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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