0001770450-24-000042 | 10-Q | XBRL Viewer

Shareholders’ Equity of Xerox Holdings

(shares in thousands)

The shareholders' equity information presented below reflects the consolidated activity of Xerox Holdings.


	Common Stock(1)		Additional Paid-in Capital		Treasury Stock		Retained Earnings		AOCL(2)		Xerox Holdings Shareholders’ Equity		Non-controlling Interests		Total Equity
Balance at March 31, 2024	$	124	$	1,099	$	—	$	4,828	$	(3,673)	$	2,378	$	3	$	2,381

Comprehensive income (loss), net	—		—		—		18		(14)		4		—		4
Cash dividends declared - common(3)	—		—		—		(33)		—		(33)		—		(33)
Cash dividends declared - preferred(4)	—		—		—		(3)		—		(3)		—		(3)


Stock option and incentive plans, net	—		15		—		—		—		15		—		15




Transactions with noncontrolling interests	—		—		—		—		—		—		1		1
Balance at June 30, 2024	$	124	$	1,114	$	—	$	4,810	$	(3,687)	$	2,361	$	4	$	2,365


	Common Stock(1)		Additional Paid-in Capital		Treasury Stock		Retained Earnings		AOCL(2)		Xerox Holdings Shareholders’ Equity		Non- controlling Interests		Total Equity
Balance at March 31, 2023	$	157	$	1,594	$	—	$	5,162	$	(3,454)	$	3,459	$	8	$	3,467

Comprehensive (loss) income, net	—		—		—		(61)		17		(44)		—		(44)
Cash dividends declared - common(3)	—		—		—		(41)		—		(41)		—		(41)
Cash dividends declared - preferred(4)	—		—		—		(3)		—		(3)		—		(3)


Stock option and incentive plans, net	—		13		—		—		—		13		—		13



Transactions with noncontrolling interests	—		—		—		—		—		—		1		1
Distributions to noncontrolling interests	—		—		—		—		—		—		(1)		(1)

Balance at June 30, 2023	$	157	$	1,607	$	—	$	5,057	$	(3,437)	$	3,384	$	8	$	3,392


	Common Stock(1)		Additional Paid-in Capital		Treasury Stock		Retained Earnings		AOCL(2)		Xerox Holdings Shareholders’ Equity		Non-controlling Interests		Total Equity
Balance at December 31, 2023	$	123	$	1,114	$	—	$	4,977	$	(3,676)	$	2,538	$	10	$	2,548

Comprehensive loss, net	—		—		—		(95)		(11)		(106)		—		(106)
Cash dividends declared - common(3)	—		—		—		(65)		—		(65)		—		(65)
Cash dividends declared - preferred(4)	—		—		—		(7)		—		(7)		—		(7)


Purchases of capped calls(5)	—		(17)		—		—		—		(17)		—		(17)
Stock option and incentive plans, net	1		17		—		—		—		18		—		18



Transactions with noncontrolling interests	—		—		—		—		—		—		(5)		(5)
Distributions to noncontrolling interests	—		—		—		—		—		—		(1)		(1)

Balance at June 30, 2024	$	124	$	1,114	$	—	$	4,810	$	(3,687)	$	2,361	$	4	$	2,365


	Common Stock(1)		Additional Paid-in Capital		Treasury Stock		Retained Earnings		AOCL(2)		Xerox Holdings Shareholders’ Equity		Non- controlling Interests		Total Equity
Balance at December 31, 2022	$	156	$	1,588	$	—	$	5,136	$	(3,537)	$	3,343	$	10	$	3,353

Comprehensive income, net	—		—		—		10		100		110		—		110
Cash dividends declared - common(3)	—		—		—		(82)		—		(82)		—		(82)
Cash dividends declared - preferred(4)	—		—		—		(7)		—		(7)		—		(7)


Stock option and incentive plans, net	1		19		—		—		—		20		—		20





Distributions to noncontrolling interests	—		—		—		—		—		—		(2)		(2)

Balance at June 30, 2023	$	157	$	1,607	$	—	$	5,057	$	(3,437)	$	3,384	$	8	$	3,392

_____________

(1)Common Stock has a par value of $1 per share.

(2)Refer to Note 19 - Other Comprehensive (Loss) Income for the components of AOCL.

(3)Cash dividends declared on common stock for the three and six months ended June 30, 2024 and 2023 were $0.25 per share, respectively, and $0.50 per share, respectively.

(4)Cash dividends declared on preferred stock for the three and six months ended June 30, 2024 and 2023 were $20.00 per share, respectively, and $40.00 per share, respectively.

(5)Refer to Note 13 - Debt for additional information related to the purchases of capped calls in connection with the issuance of Xerox Holdings Corporation's $400 of 3.75% Convertible Senior Notes due 2030.

Common Stock and Treasury Stock

The following is a summary of the changes in Common and Treasury stock shares:


	Common Stock Shares	Treasury Stock Shares
Balance at December 31, 2023	123,144	—
Stock based compensation plans, net	1,041	—


Balance at March 31, 2024	124,185	—
Stock based compensation plans, net	134	—


Balance at June 30, 2024	124,319	—

Shareholder's Equity of Xerox

The shareholder's equity information presented below reflects the consolidated activity of Xerox.


	Additional Paid-in Capital		Retained Earnings		AOCL(1)		Xerox Shareholder's Equity		Non- controlling Interests		Total Equity
Balance at March 31, 2024	$	3,465	$	2,811	$	(3,673)	$	2,603	$	3	$	2,606
Comprehensive income (loss), net	—		19		(14)		5		—		5


Dividends declared to parent	—		(34)		—		(34)		—		(34)

Transfers from parent	8		—		—		8		—		8







Transactions with noncontrolling interests	—		—		—		—		1		1

Balance at June 30, 2024	$	3,473	$	2,796	$	(3,687)	$	2,582	$	4	$	2,586


	Additional Paid-in Capital		Retained Earnings		AOCL(1)		Xerox Shareholder's Equity		Non- controlling Interests		Total Equity
Balance at March 31, 2023	$	3,695	$	3,455	$	(3,454)	$	3,696	$	8	$	3,704

Comprehensive (loss) income, net	—		(61)		17		(44)		—		(44)


Dividends declared to parent	—		(43)		—		(43)		—		(43)

Transfers from parent	13		—		—		13		—		13








Balance at June 30, 2023	$	3,708	$	3,351	$	(3,437)	$	3,622	$	8	$	3,630


	Additional Paid-in Capital		Retained Earnings		AOCL(1)		Xerox Shareholder's Equity		Non- controlling Interests		Total Equity
Balance at December 31, 2023	$	3,485	$	2,959	$	(3,676)	$	2,768	$	10	$	2,778


Comprehensive loss, net	—		(94)		(11)		(105)		—		(105)


Dividends declared to parent	—		(69)		—		(69)		—		(69)

Transfers to parent	(12)		—		—		(12)		—		(12)






Transactions with noncontrolling interests	—		—		—		—		(5)		(5)
Distributions to noncontrolling interests	—		—		—		—		(1)		(1)
Balance at June 30, 2024	$	3,473	$	2,796	$	(3,687)	$	2,582	$	4	$	2,586


	Additional Paid-in Capital		Retained Earnings		AOCL(1)		Xerox Shareholder's Equity		Non- controlling Interests		Total Equity
Balance at December 31, 2022	$	3,693	$	3,427	$	(3,537)	$	3,583	$	10	$	3,593

Comprehensive income, net	—		10		100		110		—		110


Dividends declared to parent	—		(86)		—		(86)		—		(86)

Transfers from parent	15		—		—		15		—		15


Distributions to noncontrolling interests	—		—		—		—		(2)		(2)
Balance at June 30, 2023	$	3,708	$	3,351	$	(3,437)	$	3,622	$	8	$	3,630

_____________

(1)Refer to Note 19 - Other Comprehensive (Loss) Income for the components of AOCL.

The entire disclosure for equity.

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Xerox Corporation Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash Flows from Operating Activities
Net (Loss) Income	$ (95)	$ 10
Adjustments to reconcile Net (loss) income to Net cash provided by operating activities
Depreciation and amortization	118	126
Provisions	79	21
Net gain on sales of businesses and assets	(1)	(2)
Divestitures	51	0
PARC Donation	0	132
Stock-based compensation	29	28
Restructuring and asset impairment charges	34	14
Payments for restructurings	(47)	(14)
Non-service retirement-related costs	49	10
Contributions to retirement plans	(58)	(32)
Increase in accounts receivable and billed portion of finance receivables	(32)	(36)
(Increase) decrease in inventories	(148)	12
Increase in equipment on operating leases	(50)	(77)
Decrease in finance receivables	399	407
Decrease in other current and long-term assets	14	15
Decrease in accounts payable	(88)	(290)
Decrease in accrued compensation	(93)	(7)
Decrease in other current and long-term liabilities	(52)	(139)
Net change in income tax assets and liabilities	(64)	(17)
Net change in derivative assets and liabilities	6	22
Other operating, net	(7)	(10)
Net cash provided by operating activities	44	173
Cash Flows from Investing Activities
Cost of additions to land, buildings, equipment and software	(18)	(15)
Proceeds from sales of businesses and assets	19	3
Acquisitions, net of cash acquired	0	(7)
Other investing, net	(20)	(3)
Net cash used in investing activities	(19)	(22)
Cash Flows from Financing Activities
Net proceeds from short-term debt	0	200
Proceeds from issuance of long-term debt	906	0
Payments on long-term debt	(871)	(826)
Other financing, net	(13)	(11)
Net cash used in financing activities	(75)	(725)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(16)	4
Decrease in cash, cash equivalents and restricted cash	(66)	(570)
Cash, cash equivalents and restricted cash at beginning of period	617	1,139
Cash, Cash Equivalents and Restricted Cash at End of Period	551	569
XEROX CORPORATION
Cash Flows from Operating Activities
Net (Loss) Income	(94)	10
Adjustments to reconcile Net (loss) income to Net cash provided by operating activities
Depreciation and amortization	118	126
Provisions	79	21
Net gain on sales of businesses and assets	(1)	(2)
Divestitures	51	0
PARC Donation	0	132
Stock-based compensation	29	28
Restructuring and asset impairment charges	34	14
Payments for restructurings	(47)	(14)
Non-service retirement-related costs	49	10
Contributions to retirement plans	(58)	(32)
Increase in accounts receivable and billed portion of finance receivables	(32)	(36)
(Increase) decrease in inventories	(148)	12
Increase in equipment on operating leases	(50)	(77)
Decrease in finance receivables	399	407
Decrease in other current and long-term assets	13	15
Decrease in accounts payable	(88)	(290)
Decrease in accrued compensation	(93)	(7)
Decrease in other current and long-term liabilities	(52)	(139)
Net change in income tax assets and liabilities	(64)	(17)
Net change in derivative assets and liabilities	6	22
Other operating, net	(7)	(10)
Net cash provided by operating activities	44	173
Cash Flows from Investing Activities
Cost of additions to land, buildings, equipment and software	(18)	(15)
Proceeds from sales of businesses and assets	19	3
Acquisitions, net of cash acquired	0	(7)
Other investing, net	(11)	0
Net cash used in investing activities	(10)	(19)
Cash Flows from Financing Activities
Net proceeds from short-term debt	0	200
Proceeds from issuance of long-term debt	906	0
Payments on long-term debt	(871)	(826)
Distributions to parent	(118)	(98)
Other financing, net	(3)	(4)
Net cash used in financing activities	(86)	(728)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(16)	4
Decrease in cash, cash equivalents and restricted cash	(68)	(570)
Cash, cash equivalents and restricted cash at beginning of period	617	1,139
Cash, Cash Equivalents and Restricted Cash at End of Period	$ 549	$ 569

Lessor (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Lessor (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Revenue from sales type leases	$ 163	$ 245	$ 325	$ 475
Interest income on lease receivables	38	49	80	101
Lease income - operating leases	44	40	85	80
Variable lease income	10	16	23	33
Total Lease income	255	350	513	689
Profit at lease commencement, sales type leases	$ 57	$ 88	$ 107	$ 168

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2024	Jul. 31, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity Registrant Name	XEROX HOLDINGS CORPORATION
Entity Incorporation, State or Country Code	NY
Entity File Number	001-39013
Entity Tax Identification Number	83-3933743
Entity Address, Address Line One	P.O. Box 4505
Entity Address, Address Line Two	201 Merritt 7
Entity Address, City or Town	Norwalk
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06851-1056
City Area Code	(203)
Local Phone Number	849-5216
Title of 12(b) Security	Common Stock, $1 par value
Trading Symbol	XRX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		124,331,734
Entity Central Index Key	0001770450
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
XEROX CORPORATION
Entity Information [Line Items]
Entity Registrant Name	XEROX CORPORATION
Entity Incorporation, State or Country Code	NY
Entity File Number	001-04471
Entity Tax Identification Number	16-0468020
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000108772

Debt - Interest Income and Interest Expense Disclosure (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Instrument [Line Items]
Interest expense	$ 60	$ 46	$ 113	$ 96
Interest income	42	53	87	110
Intercompany Loan \| Senior Notes \| XEROX CORPORATION
Debt Instrument [Line Items]
Interest expense	$ 29	$ 19	$ 51	$ 39

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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-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

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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-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: 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/2009/role/commonPracticeRef
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-Publisher FASB
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Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

Lessee (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Components of Lease Expense

The components of lease expense are as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Operating lease expense	$	17	$	22	$	35	$	45
Short-term lease expense	4		4		8		8
Variable lease expense(1)	13		13		27		26
Sublease income	—		—		—		(1)

Total Lease expense	$	34	$	39	$	70	$	78

_____________

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

Schedule of Operating Leases Assets and Liabilities

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


	June 30, 2024		December 31, 2023
Other long-term assets	$	170	$	172

Accrued expenses and other current liabilities	$	39	$	41
Other long-term liabilities	140		141
Total Operating lease liabilities	$	179	$	182

Segment Reporting - Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting, Asset Reconciling Item [Line Items]
Restructuring and related costs, net	$ (12)	$ (23)	$ (51)	$ (25)
Amortization of intangible assets	(10)	(10)	(20)	(21)
Divestiture	3	0	(51)	0
PARC donation	0	(132)	0	(132)
Inventory-related impact - exit of certain production and print manufacturing operations	(8)	0	(44)	0
Other expenses, net	(33)	(31)	(77)	(51)
Total Pre-tax (loss) income	25	(89)	(125)	(4)
Depreciation and amortization	59	62	118	126
Amortization of intangible assets	10	10	20	21
Total Interest expense	60	46	113	96
Interest income	42	53	87	110
Reduction of Inventory
Segment Reporting, Asset Reconciling Item [Line Items]
Inventory-related impact - exit of certain production and print manufacturing operations	(6)		(38)
Cancellation Of Purchase Contracts
Segment Reporting, Asset Reconciling Item [Line Items]
Inventory-related impact - exit of certain production and print manufacturing operations	(2)		(6)
Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total reported segments	85	107	118	225
Depreciation and amortization	49	52	98	105
Total Interest expense	29	34	56	70
Interest income	38	49	80	101
Corporate
Segment Reporting, Asset Reconciling Item [Line Items]
Total Interest expense	31	12	57	26
Interest income	$ 4	$ 4	$ 7	$ 9

Supplementary Financial Information - Restricted Cash Balance Sheet Location (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Restricted Cash and Cash Equivalents Items [Line Items]
Total Restricted cash	$ 66	$ 98
Other current assets
Restricted Cash and Cash Equivalents Items [Line Items]
Total Restricted cash	40	70
Other long-term assets
Restricted Cash and Cash Equivalents Items [Line Items]
Total Restricted cash	$ 26	$ 28

Finance Receivables, Net - Finance Receivables (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Financing Receivable, Allowance for Credit Loss [Line Items]
Gross receivables	$ 2,370	$ 2,899
Unearned income	(231)	(297)
Total	2,139	2,602
Residual values	0	0
Allowance for doubtful accounts	(79)	(92)	$ (88)	$ (103)	$ (101)	$ (117)
Finance receivables, net	2,060	2,510
Less: Billed portion of finance receivables, net	70	71
Less: Current portion of finance receivables not billed, net	713	842
Finance receivables due after one year, net	$ 1,277	$ 1,597
Credit Concentration Risk \| Financing Receivable \| U.S., Canada and EMEA
Financing Receivable, Allowance for Credit Loss [Line Items]
Concentration risk (percentage)	3.70%	3.50%

Inventories and Equipment on Operating Leases, Net (Tables)

6 Months Ended

Jun. 30, 2024

Inventories and Equipment on Operating Leases, Net [Abstract]

Schedule of Inventories by Major Category

The following is a summary of Inventories by major category:


	June 30, 2024		December 31, 2023
Finished goods	$	639	$	528
Work-in-process	48		47
Raw materials(1)	50		86
Total Inventories	$	737	$	661

_____________

(1)Raw materials at June 30, 2024 reflects a reduction of approximately $38, related to the exit of certain production print manufacturing operations.

Schedule of Equipment on Operating Leases and Related Accumulated Depreciation

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


	June 30, 2024		December 31, 2023
Equipment on operating leases	$	984	$	1,074
Accumulated depreciation	(731)		(809)
Equipment on operating leases, net	$	253	$	265

Earnings (Loss) per Share - Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Basic Earnings (Loss) per Share
Net Income (Loss) Attributable to Xerox Holdings	$ 18	$ (61)	$ (95)	$ 10
Accrued dividends on preferred stock	(3)	(3)	(7)	(7)
Net Income (Loss) Attributable to Common Shareholders	$ 15	$ (64)	$ (102)	$ 3
Weighted average common shares outstanding (in shares)	124,230	157,009	124,062	156,817
Basic Earnings (Loss) per Share (in dollars per share)	$ 0.12	$ (0.41)	$ (0.83)	$ 0.02
Diluted Earnings (Loss) per Share
Net Income (Loss) Attributable to Xerox Holdings	$ 18	$ (61)	$ (95)	$ 10
Accrued dividends on preferred stock	(3)	(3)	(7)	(7)
Adjusted Net income (loss) available to common shareholders	$ 15	$ (64)	$ (102)	$ 3
Weighted average common shares outstanding (in shares)	124,230	157,009	124,062	156,817
Common shares issuable with respect to:
Adjusted weighted average common shares outstanding (in shares)	125,555	157,009	124,062	157,895
Diluted (Loss) Earnings per Share	$ 0.11	$ (0.41)	$ (0.83)	$ 0.02
Stock options
Common shares issuable with respect to:
Common shares attributable to dilutive effect of share-based payments (in shares)	0	0	0	0
Restricted stock and performance shares
Common shares issuable with respect to:
Common shares attributable to dilutive effect of share-based payments (in shares)	1,325	0	0	1,078
Convertible preferred stock
Common shares issuable with respect to:
Common shares attributable to dilutive effect of share-based payments (in shares)	0	0	0	0

Finance Receivables, Net - Credit Quality Indicators (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended	12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	$ 318				$ 318	$ 1,095
CY-1	814				814	687
CY-2	514				514	462
CY-3	312				312	244
CY-4	139				139	96
Prior	42				42	18
Total	2,139				2,139	2,602
Charge-offs, Current year					0	8
Charge-offs, CY-1					9	12
Charge-offs, CY-2					7	8
Charge-offs, CY-3					6	7
Charge-offs, CY-4					2	3
Charge-offs, Prior					2	6
Charge-offs, Total	14	$ 12	$ 9	$ 7	26	44
Low Credit Risk
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	176				176	554
CY-1	406				406	334
CY-2	250				250	235
CY-3	157				157	122
CY-4	70				70	46
Prior	17				17	9
Total	1,076				1,076	1,300
Average Credit Risk
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	120				120	470
CY-1	351				351	288
CY-2	213				213	181
CY-3	123				123	86
CY-4	50				50	38
Prior	17				17	5
Total	874				874	1,068
High Credit Risk
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	22				22	71
CY-1	57				57	65
CY-2	51				51	46
CY-3	32				32	36
CY-4	19				19	12
Prior	8				8	4
Total	189				189	234
United States (Direct)
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	101				101	260
CY-1	170				170	122
CY-2	95				95	135
CY-3	97				97	88
CY-4	52				52	32
Prior	16				16	8
Total	531				531	645
Charge-offs, Current year					0	1
Charge-offs, CY-1					0	1
Charge-offs, CY-2					1	1
Charge-offs, CY-3					1	1
Charge-offs, CY-4					1	1
Charge-offs, Prior					1	2
Charge-offs, Total					4	7
United States (Direct) \| Low Credit Risk
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	60				60	122
CY-1	79				79	51
CY-2	43				43	61
CY-3	45				45	43
CY-4	26				26	17
Prior	6				6	3
Total	259				259	297
United States (Direct) \| Average Credit Risk
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	28				28	104
CY-1	65				65	35
CY-2	25				25	49
CY-3	35				35	23
CY-4	14				14	9
Prior	5				5	2
Total	172				172	222
United States (Direct) \| High Credit Risk
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	13				13	34
CY-1	26				26	36
CY-2	27				27	25
CY-3	17				17	22
CY-4	12				12	6
Prior	5				5	3
Total	100				100	126
United States (Indirect)
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	55				55	259
CY-1	156				156	154
CY-2	87				87	95
CY-3	49				49	39
CY-4	17				17	13
Prior	3				3	0
Total	367				367	560
Charge-offs, Current year					0	4
Charge-offs, CY-1					1	3
Charge-offs, CY-2					2	3
Charge-offs, CY-3					4	2
Charge-offs, CY-4					1	2
Charge-offs, Prior					1	3
Charge-offs, Total					9	17
United States (Indirect) \| Low Credit Risk
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	30				30	136
CY-1	81				81	77
CY-2	43				43	48
CY-3	24				24	22
CY-4	9				9	6
Prior	2				2	0
Total	189				189	289
United States (Indirect) \| Average Credit Risk
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	24				24	111
CY-1	67				67	69
CY-2	39				39	41
CY-3	22				22	15
CY-4	7				7	6
Prior	1				1	0
Total	160				160	242
United States (Indirect) \| High Credit Risk
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	1				1	12
CY-1	8				8	8
CY-2	5				5	6
CY-3	3				3	2
CY-4	1				1	1
Prior	0				0	0
Total	18				18	29
Canada
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	39				39	114
CY-1	94				94	65
CY-2	53				53	38
CY-3	28				28	26
CY-4	15				15	11
Prior	4				4	1
Total	233				233	255
Charge-offs, Current year					0	0
Charge-offs, CY-1					5	0
Charge-offs, CY-2					1	0
Charge-offs, CY-3					0	2
Charge-offs, CY-4					0	0
Charge-offs, Prior					0	1
Charge-offs, Total	5	1	1	0	6	3
Canada \| Low Credit Risk
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	17				17	45
CY-1	38				38	24
CY-2	19				19	16
CY-3	11				11	9
CY-4	5				5	4
Prior	1				1	0
Total	91				91	98
Canada \| Average Credit Risk
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	19				19	63
CY-1	51				51	36
CY-2	30				30	18
CY-3	14				14	12
CY-4	7				7	6
Prior	2				2	0
Total	123				123	135
Canada \| High Credit Risk
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	3				3	6
CY-1	5				5	5
CY-2	4				4	4
CY-3	3				3	5
CY-4	3				3	1
Prior	1				1	1
Total	19				19	22
EMEA
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	123				123	462
CY-1	394				394	346
CY-2	279				279	194
CY-3	138				138	91
CY-4	55				55	40
Prior	19				19	9
Total	1,008				1,008	1,142
Charge-offs, Current year					0	3
Charge-offs, CY-1					3	8
Charge-offs, CY-2					3	4
Charge-offs, CY-3					1	2
Charge-offs, CY-4					0	0
Charge-offs, Prior					0	0
Charge-offs, Total	3	$ 4	$ 4	$ 2	7	17
EMEA \| Low Credit Risk
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	69				69	251
CY-1	208				208	182
CY-2	145				145	110
CY-3	77				77	48
CY-4	30				30	19
Prior	8				8	6
Total	537				537	616
EMEA \| Average Credit Risk
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	49				49	192
CY-1	168				168	148
CY-2	119				119	73
CY-3	52				52	36
CY-4	22				22	17
Prior	9				9	3
Total	419				419	469
EMEA \| High Credit Risk
Financing Receivable, Credit Quality Indicator [Line Items]
Current Year	5				5	19
CY-1	18				18	16
CY-2	15				15	11
CY-3	9				9	7
CY-4	3				3	4
Prior	2				2	0
Total	$ 52				$ 52	$ 57

Recent Accounting Pronouncements	6 Months Ended
Recent Accounting Pronouncements	Jun. 30, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Xerox Holdings and Xerox consider the applicability and impact of all Accounting Standards Updates (ASUs) issued by the Financial Accounting Standards Board (FASB). The ASUs listed below apply to both registrants. ASUs not listed below were assessed and determined to be not applicable to the Condensed Consolidated Financial Statements of either registrant. Accounting Standard Updates to be Adopted: Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (LIBOR) or by another reference rate expected to be discontinued. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848), Scope, which provided clarification 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. Since this ASU only requires additional disclosures, adoption of this ASU will not have an impact on the company’s financial condition, results of operations or cash flows. 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 were effective for our fiscal year beginning on January 1, 2023, and the requirement to disclose a rollforward of obligations outstanding is effective for our annual reporting for the fiscal year beginning on January 1, 2024. Refer to Note 12 - Supplementary Financial Information for the required disclosures. Other Updates In 2024, 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 or cash flows upon adoption. •Compensation - Stock Compensation: ASU 2024-01, Compensation - Stock Compensation (Topic 718) - Scope Applications of Profits Interest and Similar Awards. This update is effective for the annual period beginning after December 15, 2024, as well as interim periods within that period, with early adoption permitted. •Codification Improvements: ASU 2024-02, Codification Improvements - Amendments to Remove References to the Concepts Statements. This update is effective for our fiscal year beginning after December 15, 2024.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476173/280-10-65-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 60
-Name Accounting Standards Codification
-Section 65
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Section 65
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147483550/848-10-65-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 323
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-Section 65
-Paragraph 2
-Subparagraph (g)(2)
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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 16: 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 19: http://www.xbrl.org/2003/role/disclosureRef
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Inventories and Equipment on Operating Leases, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Inventories and Equipment on Operating Leases, Net [Abstract]
Usage charges in excess of minimum contracted amounts	$ 10	$ 16	$ 23	$ 33

Lessor

6 Months Ended

Jun. 30, 2024

Supplemental Financial Information [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:


		Three Months Ended June 30,				Six Months Ended June 30,
	Location in Statements of Income (Loss)	2024		2023		2024		2023
Revenue from sales type leases	Sales	$	163	$	245	$	325	$	475


Interest income on lease receivables	Financing	38		49		80		101


Lease income - operating leases	Services, maintenance and rentals	44		40		85		80
Variable lease income	Services, maintenance and rentals	10		16		23		33
Total Lease income		$	255	$	350	$	513	$	689

Profit at lease commencement on sales-type leases was estimated to be $57 and $88 for the three months ended June 30, 2024 and 2023, respectively, and $107 and $168 for the six months ended June 30, 2024 and 2023, respectively.

Lessor

The components of lease income are as follows:


		Three Months Ended June 30,				Six Months Ended June 30,
	Location in Statements of Income (Loss)	2024		2023		2024		2023
Revenue from sales type leases	Sales	$	163	$	245	$	325	$	475


Interest income on lease receivables	Financing	38		49		80		101


Lease income - operating leases	Services, maintenance and rentals	44		40		85		80
Variable lease income	Services, maintenance and rentals	10		16		23		33
Total Lease income		$	255	$	350	$	513	$	689

Xerox Corporation Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Accounts receivable, allowance for credit loss, current	$ 66	$ 64
Billed portion of finance receivables, allowance	4	4
Finance receivables due after one year, allowance	75	88
XEROX CORPORATION
Accounts receivable, allowance for credit loss, current	66	64
Billed portion of finance receivables, allowance	4	4
Finance receivables due after one year, allowance	$ 75	$ 88

Supplementary Financial Information

6 Months Ended

Jun. 30, 2024

Supplementary Financial Information

Cash, Cash Equivalents and Restricted Cash

Restricted cash primarily relates to escrow cash deposits made in Brazil associated with ongoing litigation as well as cash collections on finance receivables that were pledged for secured borrowings. As more fully discussed in Note 21 - Contingencies and Litigation, various litigation matters in Brazil require us to make cash deposits to escrow as a condition of continuing the litigation. Restricted cash amounts are classified in our Condensed Consolidated Balance Sheets based on when the cash will be contractually or judicially released.

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


	June 30, 2024		December 31, 2023
Cash and cash equivalents	$	485	$	519
Restricted cash
Litigation deposits in Brazil	24		27
Escrow and cash collections related to secured borrowing arrangements and receivable sales(1)	19		49
Other restricted cash	23		22
Total Restricted cash	66		98
Cash, cash equivalents and restricted cash(2)	$	551	$	617

_____________

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

(2)Xerox Corporation Cash, cash equivalents and restricted cash of $549 excludes $2 of cash held by Myriad Ventures Fund I LP.

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


	June 30, 2024		December 31, 2023
Other current assets	$	40	$	70
Other long-term assets	26		28
Total Restricted cash	$	66	$	98

Supplemental Cash Flow Information

Summarized cash flow information is as follows:


	Location in Statement of Cash Flows	Six Months Ended June 30,
Source/(Use)			2024		2023
Provision for receivables	Operating		$	24	$	12
Provision for inventory	Operating		55		9
Depreciation of buildings and equipment	Operating		27		31
Depreciation and obsolescence of equipment on operating leases	Operating		57		55
Amortization of internal use software	Operating		14		19

Amortization of acquired intangible assets	Operating		20		21
Amortization of patents(1)	Operating		5		4
Amortization of customer contract costs(2)	Operating		32		34

Cost of additions to land, buildings and equipment	Investing		(14)		(11)
Cost of additions to internal use software	Investing		(4)		(4)
Payments to acquire noncontrolling interests - Xerox Holdings	Investing		(20)		(3)
Common stock dividends - Xerox Holdings	Financing		(64)		(81)
Preferred stock dividends - Xerox Holdings	Financing		(7)		(7)


Payments to noncontrolling interests	Financing		(1)		(2)

Repurchases related to stock-based compensation - Xerox Holdings	Financing		(10)		(7)

_____________

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

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

Supplier Finance Program

The Company has a program through a financial institution that enables vendors and suppliers, at their option, to receive early payment for their invoices. All outstanding amounts related to the program are recorded within Accounts payable in our Condensed Consolidated Balance Sheets, and the associated payments are included in operating activities within our Condensed Consolidated Statements of Cash Flows. The program operates in a similar manner to a purchasing card program, however with this program the Company receives invoices associated with those vendors and suppliers participating in the program and confirms and validates those invoices and amounts due before passing the invoices on to the financial institution for early payment at a discounted amount. The financial institution subsequently invoices the Company for the stated or full amount of the invoices paid early and we are required to make payment within 45 days of the statement date. The overall impact of the program generally results in the Company paying its supplier and vendor invoices consistent with their original terms. This program is generally available to all non-inventory vendors and suppliers. Spending associated with our supplier finance program was approximately $30 and $30 during the three months ended June 30, 2024 and 2023, respectively, and was approximately $60 and $60 during the six months ended June 30, 2024 and 2023 respectively. The amount due to vendors and suppliers participating in this program was approximately $25 and $40 as of June 30, 2024 and December 31, 2023, respectively.

Supplementary Financial Information - Supplier Finance Programs (Details) - E-Payable Program - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Supplier Finance Program [Line Items]
Credit period (in days)	45 days		45 days
Supplier finance program, obligation, settlement	$ 30	$ 30	$ 60	$ 60
Amount due to vendors	$ 25		$ 25		$ 40

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total Revenues	$ 1,578	$ 1,754	$ 3,080	$ 3,469
Equipment
Disaggregation of Revenue [Line Items]
Total Revenues	356	420	646	811
Supplies, paper and other sales
Disaggregation of Revenue [Line Items]
Total Revenues	255	276	488	544
Maintenance agreements
Disaggregation of Revenue [Line Items]
Total Revenues	388	419	775	828
Service arrangements
Disaggregation of Revenue [Line Items]
Total Revenues	467	499	940	994
Rental and other
Disaggregation of Revenue [Line Items]
Total Revenues	74	91	151	191
Financing
Disaggregation of Revenue [Line Items]
Total Revenues	38	49	80	101
Sales
Disaggregation of Revenue [Line Items]
Total Revenues	611	696	1,134	1,355
Sales \| Direct equipment lease
Disaggregation of Revenue [Line Items]
Total Revenues	163	245	325	475
Sales \| Distributors & resellers
Disaggregation of Revenue [Line Items]
Total Revenues	244	261	459	521
Sales \| Customer direct
Disaggregation of Revenue [Line Items]
Total Revenues	204	190	350	359
United States
Disaggregation of Revenue [Line Items]
Total Revenues	872	982	1,683	1,929
Europe
Disaggregation of Revenue [Line Items]
Total Revenues	461	497	912	971
Canada
Disaggregation of Revenue [Line Items]
Total Revenues	126	136	247	280
Other
Disaggregation of Revenue [Line Items]
Total Revenues	$ 119	$ 139	$ 238	$ 289

Accounts Receivable, Net (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Accounts Receivable, Net

Accounts receivable, net were as follows:


	June 30, 2024		December 31, 2023
Invoiced	$	718	$	710
Accrued(1)	195		204
Allowance for doubtful accounts	(66)		(64)
Accounts receivable, net	$	847	$	850

_____________

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

Schedule of Allowance for Doubtful Accounts

The allowance for doubtful accounts was as follows:


	2024		2023
Balance at January 1st	$	64	$	52
Provision	6		3
Charge-offs	(3)		(5)
Recoveries and other(1)	(2)		3
Balance at March 31st	$	65	$	53
Provision	5		6
Charge-offs	(3)		(3)
Recoveries and other(1)	(1)		2
Balance at June 30th	$	66	$	58

_____________

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

Schedule of Accounts Receivables Sales

Accounts receivable sales activity was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Accounts receivable sales(1)	$	106	$	88	$	197	$	174

____________

(1)Losses on sales were not material.

Accounts Receivable, Net - Narrative (Details) - facility	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of facilities enabling the sale of accounts receivable	1
Customers \| Accounts Receivable \| Credit Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (percentage)	7.20%	7.00%

XEROX HOLDINGS CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit loss, current	$ 66	$ 64
Billed portion of finance receivables, allowance	4	4
Finance receivables due after one year, allowance	$ 75	$ 88

Fair Value of Financial Assets and Liabilities -Fair Value of Financial Assets and Liabilities (Details) - Level 2 - Recurring - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Assets
Total	$ 17	$ 25
Liabilities
Total	21	21
Derivatives
Assets
Total	3	11
Liabilities
Total	8	8
Deferred compensation plan investments in mutual funds
Assets
Total	14	14
Liabilities
Total	$ 13	$ 13

Other Comprehensive (Loss) Income - Accumulated Other Comprehensive Loss (AOCL) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	$ 2,365	$ 2,381	$ 2,548	$ 3,392	$ 3,467	$ 3,353
Cumulative translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	(2,098)		(2,046)
Other unrealized losses, net
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	(4)		(3)
Benefit plans net actuarial losses and prior service credits
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	(1,585)		(1,627)
Total Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	$ (3,687)	$ (3,673)	$ (3,676)	$ (3,437)	$ (3,454)	$ (3,537)

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.

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

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Commitments and Contingencies Disclosure [Abstract]

Contingencies and Litigation

6 Months Ended

Jun. 30, 2024

Contingencies and Litigation

Legal Matters

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

Brazil Contingencies

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


	June 30, 2024		December 31, 2023
Tax contingency - unreserved	$	339	$	375
Escrow cash deposits	21		24
Surety bonds	92		104
Letters of credit	16		22
Liens on Brazilian assets	—		—

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

Litigation

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

On December 13, 2019, alleged shareholder Miami Firefighters’ Relief & Pension Fund (Miami Firefighters) filed a derivative complaint in New York State Supreme Court, New York County on behalf of Xerox Holdings Corporation (Xerox Holdings) against Carl Icahn and his affiliated entities High River Limited Partnership and Icahn Capital LP (the Icahn defendants), Xerox Holdings, and all then-current Xerox Holdings directors (the Directors). Xerox Holdings was named as a nominal defendant in the case but no monetary damages are sought against it. Miami Firefighters alleges: breach of fiduciary duty of loyalty against the Icahn defendants; breach of contract against the Icahn defendants (for purchasing HP stock in violation of Icahn’s confidentiality agreement with Xerox Holdings); unjust enrichment against the Icahn defendants; and breach of fiduciary duty of loyalty against the Directors (for any consent to the Icahn defendants’ purchases of HP common stock while Xerox Holdings was considering acquiring HP). Miami Firefighters seeks a judgment of breach of fiduciary duties against the Icahn defendants and the Directors, and disgorgement to Xerox Holdings of profits Icahn Capital and High River earned from trading in HP

stock. This action was consolidated with a similar action brought by Steven J. Reynolds against the same parties in the same court. Miami Firefighters’ counsel has been designated as lead counsel in the consolidated action.

Claims asserted against the Directors were later dismissed.

In December 2021, the Xerox Holdings Board approved the formation of a Special Litigation Committee (SLC) to investigate and evaluate Miami Firefighters' claims and determine the course of action that would be in the best interests of the Company and its shareholders. The SLC concluded that the claims were without merit and pursuing them would not be in the best interest of Xerox or its shareholders. The parties have reached a stipulation of settlement that has been preliminarily approved by the 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.

These actions and proceedings have been discontinued.

Guarantees

We have issued or provided approximately $226 of guarantees as of June 30, 2024 in the form of letters of credit or surety bonds issued to i) support certain insurance programs; ii) support our obligations related to the Brazil 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.

Employee Benefit Plans - Pension Plans and Retiree Health Benefit Plans (Details) - USD ($) $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Schedule of Defined Benefit Plans Disclosures [Line Items]
Defined benefit plan, contributions by employer	$ 58	$ 32	$ 102
Defined benefit plan, expected future employer contributions	150
Pension Benefits
Schedule of Defined Benefit Plans Disclosures [Line Items]
Defined benefit plan, contributions by employer	49	25	81
Defined benefit plan, expected future employer contributions	130
Retiree Health
Schedule of Defined Benefit Plans Disclosures [Line Items]
Defined benefit plan, contributions by employer	9	7	21
Defined benefit plan, expected future employer contributions	20
U.S. Plans \| Pension Benefits
Schedule of Defined Benefit Plans Disclosures [Line Items]
Defined benefit plan, contributions by employer	35	12	53
Defined benefit plan, expected future employer contributions	100
Non-U.S. Plans \| Pension Benefits
Schedule of Defined Benefit Plans Disclosures [Line Items]
Defined benefit plan, contributions by employer	14	$ 13	$ 28
Defined benefit plan, expected future employer contributions	$ 30

Finance Receivables, Net (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Finance Receivables

Finance receivables, net were as follows:


	June 30, 2024		December 31, 2023
Gross receivables	$	2,370	$	2,899
Unearned income	(231)		(297)
Subtotal	2,139		2,602
Residual values	—		—
Allowance for doubtful accounts	(79)		(92)
Finance receivables, net	2,060		2,510
Less: Billed portion of finance receivables, net	70		71
Less: Current portion of finance receivables not billed, net	713		842
Finance receivables due after one year, net	$	1,277	$	1,597

Schedule of Allowance for Credit Losses, Financing Receivables

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


	United States		Canada		EMEA		Total
Balance at December 31, 2023	$	58	$	7	$	27	$	92
Provision	(3)		5		6		8
Charge-offs	(7)		(1)		(4)		(12)
Recoveries and other(1)	1		—		(1)		—
Balance at March 31, 2024	$	49	$	11	$	28	$	88
Provision	—		1		4		5
Charge-offs	(6)		(5)		(3)		(14)
Recoveries and other(2)	—		—		—		—
Balance at June 30, 2024	$	43	$	7	$	29	$	79






Balance at December 31, 2022	$	83	$	7	$	27	$	117
Provision	(15)		—		3		(12)
Charge-offs	(5)		—		(2)		(7)
Recoveries and other(1)	2		—		1		3
Balance at March 31, 2023	$	65	$	7	$	29	$	101
Provision	5		1		3		9
Charge-offs	(4)		(1)		(4)		(9)
Recoveries and other(2)	—		1		1		2
Balance at June 30, 2023	$	66	$	8	$	29	$	103






Finance receivables collectively evaluated for impairment
June 30, 2024(2)	$	898	$	233	$	1,008	$	2,139
June 30, 2023(2)	$	1,444	$	244	$	1,122	$	2,810

_____________

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

(2)Total Finance receivables exclude the allowance for credit losses of $79 and $103 at June 30, 2024 and 2023, respectively.

Schedule of Credit Quality Indicators for Financing Receivables

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


	June 30, 2024
	2024		2023		2022		2021		2020		Prior		Total Finance Receivables
United States (Direct)
Low Credit Risk	$	60	$	79	$	43	$	45	$	26	$	6	$	259
Average Credit Risk	28		65		25		35		14		5		172
High Credit Risk	13		26		27		17		12		5		100
Total	$	101	$	170	$	95	$	97	$	52	$	16	$	531
Charge-offs	$	—	$	—	$	1	$	1	$	1	$	1	$	4

United States (Indirect)
Low Credit Risk	$	30	$	81	$	43	$	24	$	9	$	2	$	189
Average Credit Risk	24		67		39		22		7		1		160
High Credit Risk	1		8		5		3		1		—		18
Total	$	55	$	156	$	87	$	49	$	17	$	3	$	367
Charge-offs	$	—	$	1	$	2	$	4	$	1	$	1	$	9

Canada
Low Credit Risk	$	17	$	38	$	19	$	11	$	5	$	1	$	91
Average Credit Risk	19		51		30		14		7		2		123
High Credit Risk	3		5		4		3		3		1		19
Total	$	39	$	94	$	53	$	28	$	15	$	4	$	233
Charge-offs	$	—	$	5	$	1	$	—	$	—	$	—	$	6

EMEA
Low Credit Risk	$	69	$	208	$	145	$	77	$	30	$	8	$	537
Average Credit Risk	49		168		119		52		22		9		419
High Credit Risk	5		18		15		9		3		2		52
Total	$	123	$	394	$	279	$	138	$	55	$	19	$	1,008
Charge-offs	$	—	$	3	$	3	$	1	$	—	$	—	$	7







Total Finance Receivables
Low Credit Risk	$	176	$	406	$	250	$	157	$	70	$	17	$	1,076
Average Credit Risk	120		351		213		123		50		17		874
High Credit Risk	22		57		51		32		19		8		189
Total	$	318	$	814	$	514	$	312	$	139	$	42	$	2,139
Total Charge-offs	$	—	$	9	$	7	$	6	$	2	$	2	$	26


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







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

Schedule of Aging of Billed Finance Receivables

The aging of our billed finance receivables is as follows:


	June 30, 2024
	Current		31-90 Days Past Due		>90 Days Past Due		Total Billed		Unbilled		Total Finance Receivables		>90 Days and Accruing
Direct	$	22	$	5	$	5	$	32	$	499	$	531	$	39
Indirect	14		4		2		20		347		367		—






Total United States	36		9		7		52		846		898		39
Canada	6		2		1		9		224		233		12





EMEA	9		2		2		13		995		1,008		13

Total	$	51	$	13	$	10	$	74	$	2,065	$	2,139	$	64

	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	7		2		1		10		1,132		1,142		10

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

Schedule of Financing Receivable Sale Activity

Finance receivable sales activity was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Finance receivable sales - net proceeds(1)	$	192	$	381	$	377	$	642
Gain on sale/Commissions(2)	8		9		14		11

Servicing revenue(2)	$	5	$	2	$	7	$	3

_____________

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

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

Financial Instruments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Derivative [Line Items]
Notional Amount	$ 1,033		$ 1,033		$ 1,396
Average maturity of foreign exchange hedging contract - within three months (as a percent of total contracts)	92.00%		92.00%
Average maturity of foreign exchange hedging contract - within three and six months (as a percent of total contracts)	4.00%		4.00%
Average maturity of foreign exchange hedging contract - within six and twelve months (as a percent of total contracts)	4.00%		4.00%
After-tax gain or loss			$ (4)
Foreign currency transaction losses, before tax	$ (2)	$ (5)	(13)	$ (16)
Not Designated as Hedging Instrument
Derivative [Line Items]
Net (liability) fair value	(2)		(2)		5
Cash Flow Hedging \| Designated as Hedging Instrument
Derivative [Line Items]
Net (liability) fair value	$ (3)		$ (3)		$ (2)

Restructuring Programs - Restructuring and Related Costs, Net Reflect (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
Restructuring charges, net	$ 5	$ 5	$ 1	$ 10	$ 2
Asset impairment charges, net	(2)		12	24	12
Related costs, net	9		10	17	11
Total Restructuring and related costs, net	$ 12		$ 23	$ 51	$ 25

Employee Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

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

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


	Three Months Ended June 30,
	Pension Benefits
	U.S. Plans				Non-U.S. Plans				Retiree Health
Components of Net Periodic Benefit Costs:	2024		2023		2024		2023		2024		2023
Service cost	$	—	$	—	$	1	$	1	$	—	$	—
Interest cost	28		27		45		47		2		2
Expected return on plan assets	(23)		(24)		(48)		(51)		—		—
Recognized net actuarial loss (gain)	5		4		15		4		(3)		(4)
Amortization of prior service cost (credit)	—		—		3		2		(3)		(3)
Recognized settlement loss	5		7		—		—		—		—

Defined benefit plans	15		14		16		3		(4)		(5)
Defined contribution plans	5		5		6		4		n/a		n/a
Net Periodic Benefit Cost (Credit)	20		19		22		7		(4)		(5)

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Loss) Income:
Net actuarial loss (gain)(1)	14		44		—		(48)		(1)		(5)
Prior service cost	—		—		—		36		—		—
Amortization of net actuarial (loss) gain	(10)		(11)		(15)		(4)		3		4
Amortization of net prior service (cost) credit	—		—		(3)		(2)		3		3

Total Recognized in Other Comprehensive (Loss) Income(2)	4		33		(18)		(18)		5		2
Total Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Loss) Income	$	24	$	52	$	4	$	(11)	$	1	$	(3)

	Six Months Ended June 30,
	Pension Benefits
	U.S. Plans				Non-U.S. Plans				Retiree Health
Components of Net Periodic Benefit Costs:	2024		2023		2024		2023		2024		2023
Service cost	$	—	$	—	$	2	$	2	$	—	$	—
Interest cost	55		54		90		93		4		5
Expected return on plan assets	(46)		(49)		(96)		(107)		—		—
Recognized net actuarial loss (gain)	10		7		31		5		(6)		(6)
Amortization of prior service cost (credit)	—		—		4		3		(7)		(7)
Recognized settlement loss	10		12		—		—		—		—

Defined benefit plans	29		24		31		(4)		(9)		(8)
Defined contribution plans	8		9		11		10		n/a		n/a
Net Periodic Benefit Cost (Credit)	37		33		42		6		(9)		(8)

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income:
Net actuarial loss (gain)(1)	6		37		—		(48)		(1)		(5)
Prior service cost	—		—		—		36		—		—
Amortization of net actuarial (loss) gain	(20)		(19)		(31)		(5)		6		6
Amortization of prior service (cost) credit	—		—		(4)		(3)		7		7

Total Recognized in Other Comprehensive (Loss) Income(2)	(14)		18		(35)		(20)		12		8
Total Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive Income	$	23	$	51	$	7	$	(14)	$	3	$	—

_____________

(1)The net actuarial loss for U.S. Pension Plans primarily reflects (i) the remeasurement of our primary U.S. pension plans as a result of the payment of periodic settlements and (ii) adjustments for the actuarial valuation results based on the January 1st plan census data. The 2023 non-U.S. net actuarial gain reflects remeasurements related to the Pension Plan amendments in the U.K. in second quarter 2023. The Retiree Health plan's net actuarial gain reflects adjustments for the actuarial valuation results based on the January 1st plan census data..

(2)Amounts represent the pre-tax effect included within Other Comprehensive (Loss) Income. Refer to Note 19 - Other Comprehensive Income for related tax effects and the after-tax amounts.

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

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


	Six Months Ended June 30,				Year Ended December 31,
	2024		2023		Estimated 2024		2023
U.S. plans	$	35	$	12	$	100	$	53
Non-U.S. plans	14		13		30		28
Total Pension plans	49		25		130		81
Retiree Health	9		7		20		21
Total Retirement plans	$	58	$	32	$	150	$	102

Earnings (Loss) per Share - Anti-Dilutive Securities (Details) - USD ($) $ / shares in Units, shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	32,815	14,203	34,140	13,125
Dividends per Common Share (in dollars per share)	$ 0.25	$ 0.25	$ 0.50	$ 0.50
Convertible Senior Notes Due 2030 \| Convertible Debt
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Principal debt	$ 400,000,000		$ 400,000,000		$ 400,000,000
Debt interest rate (as percent)	3.75%		3.75%		3.75%
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	174	287	174	287
Restricted stock and performance shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	6,703	7,174	8,028	6,096
Convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	6,742	6,742	6,742	6,742
Convertible notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	19,196	0	19,196	0

Inventories and Equipment on Operating Leases, Net - Equipment on Operating Leases and Related Accumulated Depreciation (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Inventories and Equipment on Operating Leases, Net [Abstract]
Equipment on operating leases	$ 984	$ 1,074
Accumulated depreciation	(731)	(809)
Equipment on operating leases, net	$ 253	$ 265

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

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

Other Comprehensive (Loss) Income, Net

$ 18

$ (61)

$ (95)

$ 10

Translation adjustments, net

^[1]

(20)

(52)

142

Unrealized losses, net

^[1]

(5)

(1)

Changes in defined benefit plans, net

^[1]

(27)

(41)

Other Comprehensive (Loss) Income, Net

^[1]

(14)

(11)

100

Comprehensive Income (Loss), Net

Comprehensive Income (Loss), Net

(61)

(95)

(44)

(106)

110

XEROX CORPORATION

Other Comprehensive (Loss) Income, Net

(61)

(94)

Translation adjustments, net

^[2]

(20)

(52)

142

Unrealized losses, net

^[2]

(5)

(1)

Changes in defined benefit plans, net

^[2]

(27)

(41)

Other Comprehensive (Loss) Income, Net

^[2]

(14)

(11)

100

Comprehensive Income (Loss), Net

Comprehensive Income (Loss), Net

(61)

(94)

$ 5

$ (44)

$ (105)

$ 110

[1]	Refer to Note 19 - Other Comprehensive (Loss) Income for gross components of Other comprehensive (loss) income, net, reclassification adjustments out of Accumulated other comprehensive loss and related tax effects.
[2]	Refer to Note 19 - Other Comprehensive (Loss) Income for gross components of Other comprehensive (loss) income, net, reclassification adjustments out of Accumulated other comprehensive loss and related tax effects.

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

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

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Basis of Presentation (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Goodwill, net	$ 2,719	$ 2,747

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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Accounts Receivable, Net

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Accounts Receivable, Net

Accounts receivable, net were as follows:


	June 30, 2024		December 31, 2023
Invoiced	$	718	$	710
Accrued(1)	195		204
Allowance for doubtful accounts	(66)		(64)
Accounts receivable, net	$	847	$	850

_____________

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

The allowance for doubtful accounts was as follows:


	2024		2023
Balance at January 1st	$	64	$	52
Provision	6		3
Charge-offs	(3)		(5)
Recoveries and other(1)	(2)		3
Balance at March 31st	$	65	$	53
Provision	5		6
Charge-offs	(3)		(3)
Recoveries and other(1)	(1)		2
Balance at June 30th	$	66	$	58

_____________

(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 doubtful accounts receivable is determined based on an assessment of past collection experience as well as consideration of current and future economic conditions and changes in our customer collection trends. Based on that assessment the allowance for doubtful accounts as a percent of gross accounts receivable was 7.2% at June 30, 2024 and 7.0% at December 31, 2023.

Accounts Receivable Sales Arrangements

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

Accounts receivable sales activity was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Accounts receivable sales(1)	$	106	$	88	$	197	$	174

____________

(1)Losses on sales were not material.

Finance Receivables, Net

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

Finance receivables, net were as follows:


	June 30, 2024		December 31, 2023
Gross receivables	$	2,370	$	2,899
Unearned income	(231)		(297)
Subtotal	2,139		2,602
Residual values	—		—
Allowance for doubtful accounts	(79)		(92)
Finance receivables, net	2,060		2,510
Less: Billed portion of finance receivables, net	70		71
Less: Current portion of finance receivables not billed, net	713		842
Finance receivables due after one year, net	$	1,277	$	1,597

Finance Receivables – Allowance for Credit Losses and Credit Quality

Our finance receivable portfolios are primarily in the U.S., Canada and EMEA. We generally establish customer credit limits and estimate the allowance for doubtful credit losses on a country or geographic basis. Customer credit limits are based upon an initial evaluation of the customer's credit quality, and 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 determined based on an assessment of origination year and past collection experience as well as consideration of current and future economic conditions and changes in our customer collection trends.

Based on that assessment, the allowance for doubtful credit losses as a percentage of gross finance receivables (net of unearned income) was 3.7% at June 30, 2024 and 3.5% at December 31, 2023.

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

In determining the level of reserve required we critically assessed current and forecasted economic conditions and trends to ensure we objectively considered those expected impacts in the determination of our reserve. Our assessment also included a review of current portfolio credit metrics and the level of write-offs incurred over the past year. We believe our current reserve position remains sufficient to cover expected future losses that may result from current and future macro-economic conditions including higher inflation, interest rates, and the potential for recessions in the geographic areas of our customers. We continue to monitor developments in future economic conditions and trends, and as a result, our reserves may need to be updated in future periods.

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


	United States		Canada		EMEA		Total
Balance at December 31, 2023	$	58	$	7	$	27	$	92
Provision	(3)		5		6		8
Charge-offs	(7)		(1)		(4)		(12)
Recoveries and other(1)	1		—		(1)		—
Balance at March 31, 2024	$	49	$	11	$	28	$	88
Provision	—		1		4		5
Charge-offs	(6)		(5)		(3)		(14)
Recoveries and other(2)	—		—		—		—
Balance at June 30, 2024	$	43	$	7	$	29	$	79






Balance at December 31, 2022	$	83	$	7	$	27	$	117
Provision	(15)		—		3		(12)
Charge-offs	(5)		—		(2)		(7)
Recoveries and other(1)	2		—		1		3
Balance at March 31, 2023	$	65	$	7	$	29	$	101
Provision	5		1		3		9
Charge-offs	(4)		(1)		(4)		(9)
Recoveries and other(2)	—		1		1		2
Balance at June 30, 2023	$	66	$	8	$	29	$	103






Finance receivables collectively evaluated for impairment
June 30, 2024(2)	$	898	$	233	$	1,008	$	2,139
June 30, 2023(2)	$	1,444	$	244	$	1,122	$	2,810

_____________

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

(2)Total Finance receivables exclude the allowance for credit losses of $79 and $103 at June 30, 2024 and 2023, 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:


	June 30, 2024
	2024		2023		2022		2021		2020		Prior		Total Finance Receivables
United States (Direct)
Low Credit Risk	$	60	$	79	$	43	$	45	$	26	$	6	$	259
Average Credit Risk	28		65		25		35		14		5		172
High Credit Risk	13		26		27		17		12		5		100
Total	$	101	$	170	$	95	$	97	$	52	$	16	$	531
Charge-offs	$	—	$	—	$	1	$	1	$	1	$	1	$	4

United States (Indirect)
Low Credit Risk	$	30	$	81	$	43	$	24	$	9	$	2	$	189
Average Credit Risk	24		67		39		22		7		1		160
High Credit Risk	1		8		5		3		1		—		18
Total	$	55	$	156	$	87	$	49	$	17	$	3	$	367
Charge-offs	$	—	$	1	$	2	$	4	$	1	$	1	$	9

Canada
Low Credit Risk	$	17	$	38	$	19	$	11	$	5	$	1	$	91
Average Credit Risk	19		51		30		14		7		2		123
High Credit Risk	3		5		4		3		3		1		19
Total	$	39	$	94	$	53	$	28	$	15	$	4	$	233
Charge-offs	$	—	$	5	$	1	$	—	$	—	$	—	$	6

EMEA
Low Credit Risk	$	69	$	208	$	145	$	77	$	30	$	8	$	537
Average Credit Risk	49		168		119		52		22		9		419
High Credit Risk	5		18		15		9		3		2		52
Total	$	123	$	394	$	279	$	138	$	55	$	19	$	1,008
Charge-offs	$	—	$	3	$	3	$	1	$	—	$	—	$	7







Total Finance Receivables
Low Credit Risk	$	176	$	406	$	250	$	157	$	70	$	17	$	1,076
Average Credit Risk	120		351		213		123		50		17		874
High Credit Risk	22		57		51		32		19		8		189
Total	$	318	$	814	$	514	$	312	$	139	$	42	$	2,139
Total Charge-offs	$	—	$	9	$	7	$	6	$	2	$	2	$	26


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







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

The aging of our receivables portfolio is based upon the number of days an invoice is past due. Receivables that are more than 90 days past due are considered delinquent. Receivable losses are charged against the allowance when management believes the uncollectibility of the receivable is confirmed and is generally based on individual credit evaluations, results of collection efforts and specific circumstances of the customer. Subsequent recoveries, if any, are credited to the allowance.

We generally continue to maintain equipment on lease and provide services to customers that have invoices for finance receivables that are 90 days or more past due and, as a result of the bundled nature of billings, we also continue to accrue interest on those receivables. However, interest revenue for such billings is only recognized if collectability is deemed probable.

The aging of our billed finance receivables is as follows:


	June 30, 2024
	Current		31-90 Days Past Due		>90 Days Past Due		Total Billed		Unbilled		Total Finance Receivables		>90 Days and Accruing
Direct	$	22	$	5	$	5	$	32	$	499	$	531	$	39
Indirect	14		4		2		20		347		367		—






Total United States	36		9		7		52		846		898		39
Canada	6		2		1		9		224		233		12





EMEA	9		2		2		13		995		1,008		13

Total	$	51	$	13	$	10	$	74	$	2,065	$	2,139	$	64

	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	7		2		1		10		1,132		1,142		10

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

Sales of Receivables

The Company has expanded the finance receivables funding agreement with an affiliate of HPS Investment Partners (HPS) pursuant to which the Company agreed to offer for sale, and HPS agreed to purchase, certain eligible pools of finance receivables, on a monthly basis, in transactions structured as "true sales at law," and bankruptcy remote transfers. We have received an opinion to that effect from outside legal counsel. Accordingly, the receivables sold are derecognized from our financial statements and HPS does not have recourse back to the Company for uncollectible receivables. In addition, the agreement provides for the sale of the underlying leased equipment to HPS, with the commission paid by HPS covering the value associated with the underlying equipment being sold to HPS. The Company retains a first right of refusal to repurchase the underlying equipment at the end of the lease term, to the extent offered for sale by HPS, at its then fair value.

In January 2024, we entered into a new agreement with HPS to transfer servicing of the majority of funding activity to HPS as well as extend the existing term to 5 years. This agreement automatically renews for a one year period unless terminated by either the Company or HPS. Xerox will be required to pay a specified fee to service the Company’s retained receivables. For the remaining funding activity, Xerox will continue to service the lease receivables for a specified fee.

Finance receivable sales activity was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Finance receivable sales - net proceeds(1)	$	192	$	381	$	377	$	642
Gain on sale/Commissions(2)	8		9		14		11

Servicing revenue(2)	$	5	$	2	$	7	$	3

_____________

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

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

In addition to the sale activity above, in the second quarter 2024, we sold the finance receivable of an EMEA leasing subsidiary for net proceeds of $11.

Secured Borrowings and Collateral

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

Refer to Note 13 - Debt for additional information related to these arrangements.

XEROX HOLDINGS CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) shares in Thousands, $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 485	$ 519
Accounts receivable (net of allowance)	847	850
Billed portion of finance receivables (net of allowance)	70	71
Finance receivables, net	713	842
Inventories	737	661
Other current assets	199	234
Total current assets	3,051	3,177
Finance receivables due after one year (net of allowance)	1,277	1,597
Equipment on operating leases, net	253	265
Land, buildings and equipment, net	227	266
Intangible assets, net	155	177
Goodwill, net	2,719	2,747
Deferred tax assets	760	745
Other long-term assets	1,049	1,034
Total Assets	9,491	10,008
Liabilities and Equity
Short-term debt and current portion of long-term debt	129	567
Accounts payable	936	1,044
Accrued compensation and benefits costs	205	306
Accrued expenses and other current liabilities	776	862
Total current liabilities	2,046	2,779
Long-term debt	3,174	2,710
Pension and other benefit liabilities	1,180	1,216
Post-retirement medical benefits	164	171
Other long-term liabilities	338	360
Total Liabilities	6,902	7,236
Commitments and Contingencies (See Note 21)
Noncontrolling Interests	10	10
Convertible Preferred Stock	214	214
Common stock	124	123
Additional paid-in capital	1,114	1,114
Retained earnings	4,810	4,977
Accumulated other comprehensive loss	(3,687)	(3,676)
Xerox Holdings/Xerox shareholders' equity	2,361	2,538
Noncontrolling interests	4	10
Total Equity	2,365	2,548
Total Liabilities and Equity	$ 9,491	$ 10,008
Shares of Common Stock Outstanding (in shares)	124,319	123,144
Shares of Common Stock Issued (in shares)	124,319	123,144

Recent Accounting Pronouncements (Policies)	6 Months Ended
Recent Accounting Pronouncements (Policies)	Jun. 30, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
Accounting Standard Updates to be Adopted and Recently Adopted	Accounting Standard Updates to be Adopted: Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (LIBOR) or by another reference rate expected to be discontinued. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848), Scope, which provided clarification 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. Since this ASU only requires additional disclosures, adoption of this ASU will not have an impact on the company’s financial condition, results of operations or cash flows. 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 were effective for our fiscal year beginning on January 1, 2023, and the requirement to disclose a rollforward of obligations outstanding is effective for our annual reporting for the fiscal year beginning on January 1, 2024. Refer to Note 12 - Supplementary Financial Information for the required disclosures. Other Updates In 2024, 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 or cash flows upon adoption. •Compensation - Stock Compensation: ASU 2024-01, Compensation - Stock Compensation (Topic 718) - Scope Applications of Profits Interest and Similar Awards. This update is effective for the annual period beginning after December 15, 2024, as well as interim periods within that period, with early adoption permitted. •Codification Improvements: ASU 2024-02, Codification Improvements - Amendments to Remove References to the Concepts Statements. This update is effective for our fiscal year beginning after December 15, 2024.
Operating Leases	Operating Leases We have operating leases for real estate, vehicles and for certain equipment in our domestic and international 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.

Revenue

6 Months Ended

Jun. 30, 2024

Revenue

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Primary geographical markets(1):
United States	$	872	$	982	$	1,683	$	1,929
Europe	461		497		912		971
Canada	126		136		247		280
Other	119		139		238		289
Total Revenues	$	1,578	$	1,754	$	3,080	$	3,469

Major product and services lines:
Equipment	$	356	$	420	$	646	$	811
Supplies, paper and other sales(2)	255		276		488		544
Maintenance agreements(3)	388		419		775		828
Service arrangements(4)	467		499		940		994
Rental and other	74		91		151		191
Financing	38		49		80		101

Total Revenues	$	1,578	$	1,754	$	3,080	$	3,469

Sales channels:

Direct equipment lease(5)	$	163	$	245	$	325	$	475
Distributors & resellers(6)	244		261		459		521
Customer direct	204		190		350		359
Total Sales	$	611	$	696	$	1,134	$	1,355

_____________

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

(2)Other sales include revenues associated with IT hardware.

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

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

(5)Primarily reflects sales through bundled lease arrangements.

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

Contract Assets and Liabilities: We normally do not have contract assets, which are primarily unbilled accounts receivable that are conditional on something other than the passage of time. Our contract liabilities, which represent billings in excess of revenue recognized, are primarily related to advance billings for maintenance and other services to be performed and were approximately $118 and $132 at June 30, 2024 and December 31, 2023, respectively. The majority of the balance at June 30, 2024 will be amortized to revenue over 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:



	2024		2023
Balance at January 1st,	$	136	$	135
Customer contract costs deferred	15		16
Amortization of customer contract costs	(16)		(16)
Other(1)	(1)		(1)
Balance at March 31st,	$	134	$	134
Customer contract costs deferred	13		18
Amortization of customer contract costs	(16)		(18)

Balance at June 30th,	$	131	$	134

_____________

(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.

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.

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

Other Comprehensive (Loss) Income

Divestitures	6 Months Ended
Divestitures	Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Divestitures	Divestitures Sales of Argentina and Chile In March 2024, Xerox completed the sales of its direct business operations in Argentina and Chile to Grupo Datco, a technologies and fiber optic network service provider in Latin America for a total consideration of $19. Following the transfer of ownership, the new companies will operate as independent entities and Grupo Datco will continue to service Xerox devices previously sold in Argentina and Chile and will become the exclusive partner for Xerox in these markets. This transaction aligns with the Company's ongoing Reinvention. The sales resulted in a net disposal loss of $51, which includes, a net currency translation loss of $40, allocated Goodwill of $10, the carrying value of the net assets of $18, and related fees of $2. During the second quarter of 2024 we recorded a purchase price adjustment credit of $3. The allocation of Goodwill was based on the relative fair value of the operations in Argentina and Chile to the total fair value for the Print and Other Segment Reporting Unit, which it was part of prior to the sales. The estimated fair values of the operations in Argentina and Chile as well as the Print and Other reporting unit are based on estimates and assumptions that are considered Level 3 inputs under the fair value hierarchy. Xerox also recorded a net income tax benefit of $19 related to the sales, for a net after-tax loss on the sales of $32. The sales of the Argentina and Chile subsidiaries are not expected to materially impact current estimates of future projections with respect to results of operations or cash flows of the Company.

Other Comprehensive (Loss) Income

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

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


	Three Months Ended June 30,								Six Months Ended June 30,
	2024				2023				2024				2023
	Pre-tax		Net of Tax		Pre-tax		Net of Tax		Pre-tax		Net of Tax		Pre-tax		Net of Tax
Translation Adjustments (Losses) Gains	$	(20)	$	(20)	$	49	$	49	$	(52)	$	(52)	$	142	$	142
Unrealized (Losses) Gains
Changes in fair value of cash flow hedges losses	(5)		(3)		(13)		(11)		(8)		(6)		(15)		(13)
Changes in cash flow hedges reclassed to earnings(1)	4		3		7		6		7		5		12		12

Net Unrealized Losses	(1)		—		(6)		(5)		(1)		(1)		(3)		(1)

Defined Benefit Plans (Losses) Gains
Net actuarial/prior service losses	(13)		(10)		(27)		(20)		(5)		(4)		(20)		(15)
Prior service amortization(2)	—		—		(1)		—		(3)		(2)		(4)		(2)
Actuarial loss amortization/settlement(2)	22		17		11		8		45		34		18		13

Other (losses) gains(3)	(1)		(1)		(15)		(15)		14		14		(37)		(37)
Changes in Defined Benefit Plans Gains (Losses)	8		6		(32)		(27)		51		42		(43)		(41)

Other Comprehensive (Loss) Income	(13)		(14)		11		17		$	(2)	$	(11)	$	96	$	100

____________

(1)Reclassified to Cost of sales and interest expense - refer to Note 14 - Financial Instruments for additional information regarding our cash flow hedges.

(2)Reclassified to Total Net Periodic Benefit Cost - refer to Note 16 - Employee Benefit Plans for additional information.

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

Accumulated Other Comprehensive Loss (AOCL)

AOCL is comprised of the following:


	June 30, 2024		December 31, 2023
Cumulative translation adjustments	$	(2,098)	$	(2,046)
Other unrealized losses, net	(4)		(3)
Benefit plans net actuarial losses and prior service credits	(1,585)		(1,627)
Total Accumulated Other Comprehensive Loss	$	(3,687)	$	(3,676)

Restructuring Programs -Reconciliation to the Consolidated Statements of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2024	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
Restructuring cash payments			$ (47)	$ (14)
Effects of foreign currency and other non-cash items			0	0
Charges against reserve and currency	$ (31)	$ (16)	$ (47)	$ (14)

Financial Instruments

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments

Interest Rate Risk Management

We use interest rate swap and interest rate cap agreements to manage our interest rate exposure and to achieve a desired proportion of variable and fixed rate debt. These derivatives may be designated as fair value hedges or cash flow hedges or non-designated hedges depending on the nature of the risk being hedged. We had no fair value hedges for the three and six months ended June 30, 2024 and 2023, respectively.

Cash Flow Hedges

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

During first quarter 2024, the following derivatives were dedesignated as cash flow hedges. The net fair value of these cash flow hedges, which was not material, was recorded in Accumulated Other Comprehensive Loss and then reclassified to earnings.

Secured Borrowing

Derivative Type

Notional Amount

Canada

Swap

France

Cap

France

Cap

Total

181

Foreign Exchange Risk Management

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

•Foreign currency-denominated assets and liabilities

•Forecasted purchases and sales in foreign currency

At June 30, 2024 and December 31, 2023, we had outstanding forward exchange and purchased option contracts with gross notional values of $1,033 and $1,396 respectively, with terms of less than 12 months. The decrease in the notional value amount is largely due to a decrease in our YEN exposures as a result of a change in the currency terms included in a supplier inventory contract. At June 30, 2024, approximately 92% of the contracts mature within three months, 4% mature in three to six months and 4% in six to twelve months.

Foreign Currency Cash Flow Hedges

We designate a portion of our foreign currency derivative contracts as cash flow hedges of our foreign currency-denominated inventory purchases. All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness. The amount of ineffectiveness recorded in the Condensed Consolidated Statements of Income (Loss) for these designated cash flow hedges was not material for the six months ended June 30, 2024 and 2023, respectively. The net liability fair value of these contracts was $3 and $2 as of June 30, 2024 and December 31, 2023, respectively.

Summary of Derivative Instruments Gains (Losses)

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

Designated Derivative Instruments Gains (Losses)

The following table provides a summary of gains (losses) on derivative instruments in cash flow hedging relationships:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023




Derivative Loss Recognized in OCI (Effective Portion)
Foreign exchange contracts - forwards and options	$	(5)	$	(13)	$	(8)	$	(15)



Location of Derivative Losses (Gains) Reclassified from AOCL to Income (Effective Portion)
Cost of sales	$	(4)	$	(8)	$	(8)	$	(14)
Interest expense	—		1		1		2
Total	$	(4)	$	(7)	$	(7)	$	(12)

As of June 30, 2024, a net after-tax loss of $4 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 (liability) asset fair value of these contracts was $(2) and $5 as of June 30, 2024 and December 31, 2023, respectively.

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


Derivatives NOT Designated as Hedging Instruments	Location of Derivative Loss	Three Months Ended June 30,				Six Months Ended June 30,
		2024		2023		2024		2023
Foreign exchange contracts – forwards	Other expenses, net – Currency losses, net	$	(6)	$	(28)	$	(14)	$	(33)

Currency losses, net were $2 and $5 for the three months ended June 30, 2024 and 2023, respectively, and $13 and $16 for six months ended June 30, 2024 and 2023, 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.

Debt - Narrative (Details)		1 Months Ended							3 Months Ended	6 Months Ended
Debt - Narrative (Details)	May 22, 2023 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($) $ / shares	Mar. 31, 2024 USD ($) $ / shares	Mar. 31, 2024 USD ($) $ / shares	Mar. 31, 2024 USD ($) $ / shares	Mar. 31, 2024 USD ($) day $ / shares	Mar. 31, 2024 USD ($) business $ / shares	Mar. 31, 2024 USD ($) agreement $ / shares	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Mar. 06, 2024 $ / shares	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Repayment of debt										$ 871,000,000	$ 826,000,000
Deferred debt issuance cost, write-off				$ 1,000,000
Net gain on debt extinguishment				3,000,000
Proceeds from issuance of long-term debt										906,000,000	0
Long-term debt		$ 3,174,000,000								3,174,000,000			$ 2,710,000,000
XEROX CORPORATION
Debt Instrument [Line Items]
Repayment of debt										871,000,000	826,000,000
Proceeds from issuance of long-term debt										906,000,000	$ 0
XEROX CORPORATION \| Related Party
Debt Instrument [Line Items]
Long-term debt		2,020,000,000								$ 2,020,000,000			1,497,000,000
Special Purpose Entity (SPE)
Debt Instrument [Line Items]
Term of debt (in years)										2 years 6 months
Senior Notes
Debt Instrument [Line Items]
Gain on extinguishment of debt, before debt issuance cost writeoff				4,000,000
2029 Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Principal debt			$ 500,000,000	$ 500,000,000	$ 500,000,000	$ 500,000,000	$ 500,000,000	$ 500,000,000	$ 500,000,000
Debt interest rate (as percent)			8.875%	8.875%	8.875%	8.875%	8.875%	8.875%	8.875%
Proceeds, net of fees and expenses				$ 495,000,000
Debt redemption price, percent						101.00%
Debt issuance costs			$ 5,000,000	5,000,000	$ 5,000,000	$ 5,000,000	$ 5,000,000	$ 5,000,000	$ 5,000,000
Convertible Senior Notes Due 2030 \| Convertible Debt
Debt Instrument [Line Items]
Principal debt		$ 400,000,000	$ 400,000,000	$ 400,000,000	$ 400,000,000	$ 400,000,000	$ 400,000,000	$ 400,000,000	$ 400,000,000	$ 400,000,000
Debt interest rate (as percent)		3.75%	3.75%	3.75%	3.75%	3.75%	3.75%	3.75%	3.75%	3.75%
Proceeds, net of fees and expenses				$ 390,000,000
Debt redemption price, percent						100.00%
Debt issuance costs			$ 10,000,000	$ 10,000,000	$ 10,000,000	$ 10,000,000	$ 10,000,000	$ 10,000,000	$ 10,000,000
Debt instrument, convertible, conversion ratio						0.0479904
Debt instrument, convertible, conversion price (in dollars per share) \| $ / shares			$ 20.84	$ 20.84	$ 20.84	$ 20.84	$ 20.84	$ 20.84	$ 20.84
Debt fundamental change repurchase price, percent						100.00%
Convertible Senior Notes Due 2030 \| Convertible Debt \| Debt Conversion Circumstance 1
Debt Instrument [Line Items]
Debt instrument, convertible, threshold trading days							20	20
Debt instrument, convertible, threshold consecutive trading days							30	30
Debt instrument, convertible, threshold percentage of stock price trigger						130.00%
Convertible Senior Notes Due 2030 \| Convertible Debt \| Debt Conversion Circumstance 2
Debt Instrument [Line Items]
Debt instrument, convertible, threshold trading days \| day							5
Debt instrument, convertible, threshold consecutive trading days \| day							10
Debt instrument, convertible, threshold percentage of stock price trigger						98.00%
Convertible Senior Notes Due 2030 \| Convertible Debt \| Debt Conversion Circumstnace 3
Debt Instrument [Line Items]
Discounted subscription or purchase period			45 days
Discounted subscription or purchase period, threshold consecutive trading days \| day							10
Distribution per share value in excess of share price, percent						10.00%
Convertible Senior Notes Due 2030 \| Convertible Debt \| Capped Calls
Debt Instrument [Line Items]
Capped call, cost				$ 23,000,000
Option indexed to issuer's equity, strike price (in dollars per share) \| $ / shares					$ 28.34
Option indexed to issuers equity strike price, premium over share price, percentage						70.00%
Share price (in dollars per share) \| $ / shares												$ 16.67
Senior Notes Due 2024 \| Senior Notes
Debt Instrument [Line Items]
Debt interest rate (as percent)		3.80%	3.80%	3.80%	3.80%	3.80%	3.80%	3.80%	3.80%	3.80%
Repayment of debt				$ 84,000,000
Senior Notes Due 2025 \| Senior Notes
Debt Instrument [Line Items]
Debt interest rate (as percent)			5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%
Repayment of debt				$ 362,000,000
Intercompany Loan \| Senior Notes \| XEROX CORPORATION \| Related Party
Debt Instrument [Line Items]
Debt issuance costs			$ 15,000,000	$ 15,000,000	$ 15,000,000	$ 15,000,000	$ 15,000,000	$ 15,000,000	$ 15,000,000
Repayment of debt									$ 362,000,000
Number of agreements entered into \| agreement									2
Proceeds from issuance of long-term debt									$ 900,000,000
Long-term debt		$ 2,020,000,000								$ 2,020,000,000			1,497,000,000
Interest payable		40,000,000								40,000,000			$ 30,000,000
Revolving Credit Facility \| ABL Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 300,000,000	425,000,000								425,000,000
Remaining minimum borrowing capacity base	$ 22,500,000	$ 31,875,000
Remaining minimum borrowing capacity base percentage	10.00%	10.00%
Debt amount		$ 0								0
Letter of Credit \| ABL Facility
Debt Instrument [Line Items]
Letters of credit outstanding, amount		$ 0								$ 0

Earnings (Loss) per Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings (Loss) Per Share

The following table sets forth the computation of basic and diluted earnings (loss) per share of Xerox Holdings Corporation's common stock:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Basic Earnings (Loss) per Share
Net Income (Loss) Attributable to Xerox Holdings	$	18	$	(61)	$	(95)	$	10
Accrued dividends on preferred stock	(3)		(3)		(7)		(7)


Adjusted Net income (loss) available to common shareholders	$	15	$	(64)	$	(102)	$	3

Weighted average common shares outstanding	124,230		157,009		124,062		156,817




Basic Earnings (Loss) per Share:	$	0.12	$	(0.41)	$	(0.83)	$	0.02

Diluted Earnings (Loss) per Share
Net Income (Loss) Attributable to Xerox Holdings	$	18	$	(61)	$	(95)	$	10
Accrued dividends on preferred stock	(3)		(3)		(7)		(7)


Adjusted Net income (loss) available to common shareholders	$	15	$	(64)	$	(102)	$	3

Weighted average common shares outstanding	124,230		157,009		124,062		156,817
Common shares issuable with respect to:
Stock options	—		—		—		—
Restricted stock and performance shares	1,325		—		—		1,078
Convertible preferred stock	—		—		—		—

Adjusted weighted average common shares outstanding	125,555		157,009		124,062		157,895




Diluted Earnings (Loss) per Share	$	0.11	$	(0.41)	$	(0.83)	$	0.02

The following securities were not included in the computation of diluted earnings per share as they were either contingently issuable shares or shares that if included would have been anti-dilutive:
Stock options	174		287		174		287
Restricted stock and performance shares	6,703		7,174		8,028		6,096
Convertible preferred stock	6,742		6,742		6,742		6,742
Convertible notes(1)	19,196		—		19,196		—
Total Anti-Dilutive Securities	32,815		14,203		34,140		13,125

Dividends per Common Share	$	0.25	$	0.25	$	0.50	$	0.50

_____________

(1)Refer to Note 13 - Debt for additional information related to the issuance of Xerox Holdings Corporation's $400 of 3.75% Convertible Senior Notes due 2030.

Restructuring Programs (Tables)

6 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Related Asset Impairment Activity

Restructuring and related costs, net reflect the following components:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Restructuring charges, net	$	5	$	1	$	10	$	2
Asset impairment charges, net	(2)		12		24		12
Related costs, net	9		10		17		11
Total Restructuring and related costs, net	$	12	$	23	$	51	$	25


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023



Asset impairments(1)	$	—	$	12	$	26	$	12

Adjustments/Reversals	(2)		—		(2)		—
Net asset impairment charge	$	(2)	$	12	$	24	$	12

_____________

(1)Includes charges associated with strategic actions taken as a result of the Company's Reinvention, including geographic simplification.

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Retention related severance/bonuses(1)	$	—	$	—	$	(2)	$	1

Consulting and other costs(2)	9		10		19		10
Total	$	9	$	10	$	17	$	11

_____________

(1)Includes retention related severance and bonuses for employees expected to continue working beyond their minimum retention period before termination. The credit for the six months ended June 30, 2024 reflects a change in estimate.

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

Schedule of Restructuring Program Activity

A summary of our restructuring program activity is as follows:


	Severance and Related Costs		Other Contractual Termination Costs(2)		Total
Balance at December 31, 2023	$	129	$	—	$	129
Provision	9		—		9
Reversals	(4)		—		(4)
Net current period charges(1)	5		—		5
Charges against reserve and currency	(16)		—		(16)
Balance at March 31, 2024	118		—		118
Provision	5		—		5
Reversals	—		—		—
Net current period charges(1)	5		—		5
Charges against reserve and currency	(31)		—		(31)
Balance at June 30, 2024	$	92	$	—	$	92

______________

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

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

Schedule of Reconciliation to the Consolidated Statements of Cash Flows

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


	Six Months Ended June 30,
		2024		2023
Restructuring cash payments		$	(47)	$	(14)

Effects of foreign currency and other non-cash items		—		—
Charges against reserve and currency		$	(47)	$	(14)

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

Selected financial information for our reportable segments was as follows:


	Three Months Ended June 30,
	2024									2023
	Print and Other			XFS			Total			Print and Other			XFS			Total
External revenue	$	1,489		$	89		$	1,578		$	1,653		$	101		$	1,754
Intersegment revenue(1)	19			—			19			21			—			21
Total Segment revenue	$	1,508		$	89		$	1,597		$	1,674		$	101		$	1,775

Segment profit	$	81		$	4		$	85		$	107		$	—		$	107
Segment margin(2)	5.4		%	4.5		%	5.4		%	6.5		%	—		%	6.1		%

Depreciation and amortization	$	49		$	—		$	49		$	52		$	—		$	52


Interest income	—			38			38			—			49			49
Interest expense	—			29			29			—			34			34


	Six Months Ended June 30,
	2024									2023
	Print and Other			XFS			Total			Print and Other			XFS			Total
External revenue	$	2,900		$	180		$	3,080		$	3,266		$	203		$	3,469
Intersegment revenue(1)	38			—			38			44			—			44
Total Segment revenue	$	2,938		$	180		$	3,118		$	3,310		$	203		$	3,513

Segment profit	$	114		$	4		$	118		$	207		$	18		$	225
Segment margin(2)	3.9		%	2.2		%	3.8		%	6.3		%	8.9		%	6.5		%

Depreciation and amortization	$	98		$	—		$	98		$	105		$	—		$	105


Interest income	—			80			80			—			101			101
Interest expense	—			56			56			—			70			70

_____________

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

(2)Segment margin based on External revenue only.

Selected financial information for our reportable segments was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023





Pre-tax (Loss) Income
Total reported segments	$	85	$	107	$	118	$	225

Restructuring and related costs, net	(12)		(23)		(51)		(25)
Amortization of intangible assets	(10)		(10)		(20)		(21)
Divestiture	3		—		(51)		—
PARC donation	—		(132)		—		(132)
Inventory-related impact - exit of certain production print manufacturing operations(1)	(8)		—		(44)		—
Other expenses, net	(33)		(31)		(77)		(51)
Total Pre-tax (loss) income	$	25	$	(89)	$	(125)	$	(4)

Depreciation and Amortization
Total reported segments	$	49	$	52	$	98	$	105
Amortization of intangible assets	10		10		20		21
Total Depreciation and amortization	$	59	$	62	$	118	$	126

Interest Expense
Total reported segments	$	29	$	34	$	56	$	70
Corporate	31		12		57		26
Total Interest expense	$	60	$	46	$	113	$	96

Interest Income
Total reported segments	$	38	$	49	$	80	$	101
Corporate	4		4		7		9
Total Interest income	$	42	$	53	$	87	$	110

_____________

(1)Reflects the reduction of inventory of approximately $6 and $38 and the cancellation of related purchase contracts of approximately $2 and $6, as a result of the exit of certain production print manufacturing operations during the three and six months ended June 30, 2024, respectively.

Fair Value of Financial Assets and Liabilities - Estimated Fair Values of Financial Assets and Liabilities Not Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	$ 485	$ 519
Cash, cash equivalents, restricted cash and restricted cash equivalents	551	617	$ 569	$ 1,139
XEROX CORPORATION
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	483	519
Cash, cash equivalents, restricted cash and restricted cash equivalents	549	617	$ 569	$ 1,139
XEROX CORPORATION \| Myriad Ventures Fund I LP
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash, cash equivalents, restricted cash and restricted cash equivalents	2
Nonrecurring \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	485	519
Accounts receivable, net	847	850
Short-term debt and current portion of long-term debt	129	567
Long-term debt	3,174	2,710
Nonrecurring \| Carrying Amount \| Xerox Holdings Corporation
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	2,020	1,497
Nonrecurring \| Carrying Amount \| XEROX CORPORATION
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	1,085	1,096
Nonrecurring \| Carrying Amount \| Xerox - Other Subsidiaries
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	69	117
Nonrecurring \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	485	519
Accounts receivable, net	847	850
Short-term debt and current portion of long-term debt	135	567
Long-term debt	2,862	2,550
Nonrecurring \| Fair Value \| Xerox Holdings Corporation
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	1,830	1,410
Nonrecurring \| Fair Value \| XEROX CORPORATION
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	963	1,023
Nonrecurring \| Fair Value \| Xerox - Other Subsidiaries
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 69	$ 117

Other Comprehensive (Loss) Income (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Schedule of Other Comprehensive Income

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


	Three Months Ended June 30,								Six Months Ended June 30,
	2024				2023				2024				2023
	Pre-tax		Net of Tax		Pre-tax		Net of Tax		Pre-tax		Net of Tax		Pre-tax		Net of Tax
Translation Adjustments (Losses) Gains	$	(20)	$	(20)	$	49	$	49	$	(52)	$	(52)	$	142	$	142
Unrealized (Losses) Gains
Changes in fair value of cash flow hedges losses	(5)		(3)		(13)		(11)		(8)		(6)		(15)		(13)
Changes in cash flow hedges reclassed to earnings(1)	4		3		7		6		7		5		12		12

Net Unrealized Losses	(1)		—		(6)		(5)		(1)		(1)		(3)		(1)

Defined Benefit Plans (Losses) Gains
Net actuarial/prior service losses	(13)		(10)		(27)		(20)		(5)		(4)		(20)		(15)
Prior service amortization(2)	—		—		(1)		—		(3)		(2)		(4)		(2)
Actuarial loss amortization/settlement(2)	22		17		11		8		45		34		18		13

Other (losses) gains(3)	(1)		(1)		(15)		(15)		14		14		(37)		(37)
Changes in Defined Benefit Plans Gains (Losses)	8		6		(32)		(27)		51		42		(43)		(41)

Other Comprehensive (Loss) Income	(13)		(14)		11		17		$	(2)	$	(11)	$	96	$	100

____________

(1)Reclassified to Cost of sales and interest expense - refer to Note 14 - Financial Instruments for additional information regarding our cash flow hedges.

(2)Reclassified to Total Net Periodic Benefit Cost - refer to Note 16 - Employee Benefit Plans for additional information.

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

Schedule of Accumulated Other Comprehensive Loss

AOCL is comprised of the following:


	June 30, 2024		December 31, 2023
Cumulative translation adjustments	$	(2,098)	$	(2,046)
Other unrealized losses, net	(4)		(3)
Benefit plans net actuarial losses and prior service credits	(1,585)		(1,627)
Total Accumulated Other Comprehensive Loss	$	(3,687)	$	(3,676)

Fair Value of Financial Assets and Liabilities

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets and Liabilities

The following table represents assets and liabilities measured at fair value on a recurring basis. The basis for the measurement at fair value in all cases is Level 2 – Significant Other Observable Inputs.


	June 30, 2024		December 31, 2023
Assets
Derivatives	$	3	$	11




Deferred compensation plan investments in mutual funds	14		14
Total	$	17	$	25
Liabilities
Derivatives	$	8	$	8



Deferred compensation plan liabilities	13		13
Total	$	21	$	21

We utilize the income approach to measure the fair value for our derivative assets and liabilities. The income approach uses pricing models that rely on market observable inputs such as yield curves, currency exchange rates and forward prices, and therefore are classified as Level 2.

Fair value for our deferred compensation plan investments in mutual funds is based on quoted market prices for those funds. Fair value for deferred compensation plan liabilities is based on the fair value of investments corresponding to employees’ investment selections.

Summary of Other Financial Assets and Liabilities

The estimated fair values of our other financial assets and liabilities were as follows:


	June 30, 2024				December 31, 2023
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Cash and cash equivalents(1)	$	485	$	485	$	519	$	519
Accounts receivable, net	847		847		850		850
Short-term debt and current portion of long-term debt	129		135		567		567
Long-term Debt
Xerox Holdings Corporation	2,020		1,830		1,497		1,410
Xerox Corporation	1,085		963		1,096		1,023
Xerox - Other Subsidiaries(2)	69		69		117		117
Long-term debt	$	3,174	$	2,862	$	2,710	$	2,550

____________

(1)Xerox Corporation Cash and cash equivalents of $483 excludes $2 of cash held by Myriad Ventures Fund I LP.

(2)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.

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.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Restructuring Programs - Restructuring Related Asset Impairment Activity (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
Asset impairments	$ 0	$ 12	$ 26	$ 12
Adjustments/Reversals	(2)	0	(2)	0
Net asset impairment charge	$ (2)	$ 12	$ 24	$ 12

Shareholders’ Equity of Xerox Holdings (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Shareholder's Equity of Xerox

The shareholders' equity information presented below reflects the consolidated activity of Xerox Holdings.


	Common Stock(1)		Additional Paid-in Capital		Treasury Stock		Retained Earnings		AOCL(2)		Xerox Holdings Shareholders’ Equity		Non-controlling Interests		Total Equity
Balance at March 31, 2024	$	124	$	1,099	$	—	$	4,828	$	(3,673)	$	2,378	$	3	$	2,381

Comprehensive income (loss), net	—		—		—		18		(14)		4		—		4
Cash dividends declared - common(3)	—		—		—		(33)		—		(33)		—		(33)
Cash dividends declared - preferred(4)	—		—		—		(3)		—		(3)		—		(3)


Stock option and incentive plans, net	—		15		—		—		—		15		—		15




Transactions with noncontrolling interests	—		—		—		—		—		—		1		1
Balance at June 30, 2024	$	124	$	1,114	$	—	$	4,810	$	(3,687)	$	2,361	$	4	$	2,365


	Common Stock(1)		Additional Paid-in Capital		Treasury Stock		Retained Earnings		AOCL(2)		Xerox Holdings Shareholders’ Equity		Non- controlling Interests		Total Equity
Balance at March 31, 2023	$	157	$	1,594	$	—	$	5,162	$	(3,454)	$	3,459	$	8	$	3,467

Comprehensive (loss) income, net	—		—		—		(61)		17		(44)		—		(44)
Cash dividends declared - common(3)	—		—		—		(41)		—		(41)		—		(41)
Cash dividends declared - preferred(4)	—		—		—		(3)		—		(3)		—		(3)


Stock option and incentive plans, net	—		13		—		—		—		13		—		13



Transactions with noncontrolling interests	—		—		—		—		—		—		1		1
Distributions to noncontrolling interests	—		—		—		—		—		—		(1)		(1)

Balance at June 30, 2023	$	157	$	1,607	$	—	$	5,057	$	(3,437)	$	3,384	$	8	$	3,392


	Common Stock(1)		Additional Paid-in Capital		Treasury Stock		Retained Earnings		AOCL(2)		Xerox Holdings Shareholders’ Equity		Non-controlling Interests		Total Equity
Balance at December 31, 2023	$	123	$	1,114	$	—	$	4,977	$	(3,676)	$	2,538	$	10	$	2,548

Comprehensive loss, net	—		—		—		(95)		(11)		(106)		—		(106)
Cash dividends declared - common(3)	—		—		—		(65)		—		(65)		—		(65)
Cash dividends declared - preferred(4)	—		—		—		(7)		—		(7)		—		(7)


Purchases of capped calls(5)	—		(17)		—		—		—		(17)		—		(17)
Stock option and incentive plans, net	1		17		—		—		—		18		—		18



Transactions with noncontrolling interests	—		—		—		—		—		—		(5)		(5)
Distributions to noncontrolling interests	—		—		—		—		—		—		(1)		(1)

Balance at June 30, 2024	$	124	$	1,114	$	—	$	4,810	$	(3,687)	$	2,361	$	4	$	2,365


	Common Stock(1)		Additional Paid-in Capital		Treasury Stock		Retained Earnings		AOCL(2)		Xerox Holdings Shareholders’ Equity		Non- controlling Interests		Total Equity
Balance at December 31, 2022	$	156	$	1,588	$	—	$	5,136	$	(3,537)	$	3,343	$	10	$	3,353

Comprehensive income, net	—		—		—		10		100		110		—		110
Cash dividends declared - common(3)	—		—		—		(82)		—		(82)		—		(82)
Cash dividends declared - preferred(4)	—		—		—		(7)		—		(7)		—		(7)


Stock option and incentive plans, net	1		19		—		—		—		20		—		20





Distributions to noncontrolling interests	—		—		—		—		—		—		(2)		(2)

Balance at June 30, 2023	$	157	$	1,607	$	—	$	5,057	$	(3,437)	$	3,384	$	8	$	3,392

_____________

(1)Common Stock has a par value of $1 per share.

(2)Refer to Note 19 - Other Comprehensive (Loss) Income for the components of AOCL.

(3)Cash dividends declared on common stock for the three and six months ended June 30, 2024 and 2023 were $0.25 per share, respectively, and $0.50 per share, respectively.

(4)Cash dividends declared on preferred stock for the three and six months ended June 30, 2024 and 2023 were $20.00 per share, respectively, and $40.00 per share, respectively.

The shareholder's equity information presented below reflects the consolidated activity of Xerox.


	Additional Paid-in Capital		Retained Earnings		AOCL(1)		Xerox Shareholder's Equity		Non- controlling Interests		Total Equity
Balance at March 31, 2024	$	3,465	$	2,811	$	(3,673)	$	2,603	$	3	$	2,606
Comprehensive income (loss), net	—		19		(14)		5		—		5


Dividends declared to parent	—		(34)		—		(34)		—		(34)

Transfers from parent	8		—		—		8		—		8







Transactions with noncontrolling interests	—		—		—		—		1		1

Balance at June 30, 2024	$	3,473	$	2,796	$	(3,687)	$	2,582	$	4	$	2,586


	Additional Paid-in Capital		Retained Earnings		AOCL(1)		Xerox Shareholder's Equity		Non- controlling Interests		Total Equity
Balance at March 31, 2023	$	3,695	$	3,455	$	(3,454)	$	3,696	$	8	$	3,704

Comprehensive (loss) income, net	—		(61)		17		(44)		—		(44)


Dividends declared to parent	—		(43)		—		(43)		—		(43)

Transfers from parent	13		—		—		13		—		13








Balance at June 30, 2023	$	3,708	$	3,351	$	(3,437)	$	3,622	$	8	$	3,630


	Additional Paid-in Capital		Retained Earnings		AOCL(1)		Xerox Shareholder's Equity		Non- controlling Interests		Total Equity
Balance at December 31, 2023	$	3,485	$	2,959	$	(3,676)	$	2,768	$	10	$	2,778


Comprehensive loss, net	—		(94)		(11)		(105)		—		(105)


Dividends declared to parent	—		(69)		—		(69)		—		(69)

Transfers to parent	(12)		—		—		(12)		—		(12)






Transactions with noncontrolling interests	—		—		—		—		(5)		(5)
Distributions to noncontrolling interests	—		—		—		—		(1)		(1)
Balance at June 30, 2024	$	3,473	$	2,796	$	(3,687)	$	2,582	$	4	$	2,586


	Additional Paid-in Capital		Retained Earnings		AOCL(1)		Xerox Shareholder's Equity		Non- controlling Interests		Total Equity
Balance at December 31, 2022	$	3,693	$	3,427	$	(3,537)	$	3,583	$	10	$	3,593

Comprehensive income, net	—		10		100		110		—		110


Dividends declared to parent	—		(86)		—		(86)		—		(86)

Transfers from parent	15		—		—		15		—		15


Distributions to noncontrolling interests	—		—		—		—		(2)		(2)
Balance at June 30, 2023	$	3,708	$	3,351	$	(3,437)	$	3,622	$	8	$	3,630

_____________

(1)Refer to Note 19 - Other Comprehensive (Loss) Income for the components of AOCL.

Schedule of Treasury Stock Purchases

The following is a summary of the changes in Common and Treasury stock shares:


	Common Stock Shares	Treasury Stock Shares
Balance at December 31, 2023	123,144	—
Stock based compensation plans, net	1,041	—


Balance at March 31, 2024	124,185	—
Stock based compensation plans, net	134	—


Balance at June 30, 2024	124,319	—

Restructuring Programs - Restructuring Program Activity (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Reserve [Roll Forward]
Balance at beginning of period	$ 118	$ 129		$ 129
Provision	5	9
Reversals	0	(4)
Net current period charges	5	5	$ 1	10	$ 2
Charges against reserve and currency	(31)	(16)		(47)	$ (14)
Balance at end of period	92	118		92
Severance and Related Costs
Restructuring Reserve [Roll Forward]
Balance at beginning of period	118	129		129
Provision	5	9
Reversals	0	(4)
Net current period charges	5	5
Charges against reserve and currency	(31)	(16)
Balance at end of period	92	118		92
Other Contractual Termination Costs
Restructuring Reserve [Roll Forward]
Balance at beginning of period	0	0		0
Provision	0	0
Reversals	0	0
Net current period charges	0	0
Charges against reserve and currency	0	0
Balance at end of period	$ 0	$ 0		$ 0

Shareholders’ Equity of Xerox Holdings - Treasury Stock (Details) - shares shares in Thousands	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024
Common Stock Shares
Increase (Decrease) In Treasury Stock [Roll Forward]
Beginning balance (in shares)	124,185	123,144
Stock based compensation plans, net (in shares)	134	1,041
Ending balance (in shares)	124,319	124,185
Treasury Stock Shares
Increase (Decrease) In Treasury Stock [Roll Forward]
Beginning balance (in shares)	0	0
Stock based compensation plans, net (in shares)	0	0
Ending balance (in shares)	0	0

Shareholder's Equity of Xerox

6 Months Ended

Jun. 30, 2024

Shareholder's Equity of Xerox

Shareholders’ Equity of Xerox Holdings

(shares in thousands)

The shareholders' equity information presented below reflects the consolidated activity of Xerox Holdings.


	Common Stock(1)		Additional Paid-in Capital		Treasury Stock		Retained Earnings		AOCL(2)		Xerox Holdings Shareholders’ Equity		Non-controlling Interests		Total Equity
Balance at March 31, 2024	$	124	$	1,099	$	—	$	4,828	$	(3,673)	$	2,378	$	3	$	2,381

Comprehensive income (loss), net	—		—		—		18		(14)		4		—		4
Cash dividends declared - common(3)	—		—		—		(33)		—		(33)		—		(33)
Cash dividends declared - preferred(4)	—		—		—		(3)		—		(3)		—		(3)


Stock option and incentive plans, net	—		15		—		—		—		15		—		15




Transactions with noncontrolling interests	—		—		—		—		—		—		1		1
Balance at June 30, 2024	$	124	$	1,114	$	—	$	4,810	$	(3,687)	$	2,361	$	4	$	2,365


	Common Stock(1)		Additional Paid-in Capital		Treasury Stock		Retained Earnings		AOCL(2)		Xerox Holdings Shareholders’ Equity		Non- controlling Interests		Total Equity
Balance at March 31, 2023	$	157	$	1,594	$	—	$	5,162	$	(3,454)	$	3,459	$	8	$	3,467

Comprehensive (loss) income, net	—		—		—		(61)		17		(44)		—		(44)
Cash dividends declared - common(3)	—		—		—		(41)		—		(41)		—		(41)
Cash dividends declared - preferred(4)	—		—		—		(3)		—		(3)		—		(3)


Stock option and incentive plans, net	—		13		—		—		—		13		—		13



Transactions with noncontrolling interests	—		—		—		—		—		—		1		1
Distributions to noncontrolling interests	—		—		—		—		—		—		(1)		(1)

Balance at June 30, 2023	$	157	$	1,607	$	—	$	5,057	$	(3,437)	$	3,384	$	8	$	3,392


	Common Stock(1)		Additional Paid-in Capital		Treasury Stock		Retained Earnings		AOCL(2)		Xerox Holdings Shareholders’ Equity		Non-controlling Interests		Total Equity
Balance at December 31, 2023	$	123	$	1,114	$	—	$	4,977	$	(3,676)	$	2,538	$	10	$	2,548

Comprehensive loss, net	—		—		—		(95)		(11)		(106)		—		(106)
Cash dividends declared - common(3)	—		—		—		(65)		—		(65)		—		(65)
Cash dividends declared - preferred(4)	—		—		—		(7)		—		(7)		—		(7)


Purchases of capped calls(5)	—		(17)		—		—		—		(17)		—		(17)
Stock option and incentive plans, net	1		17		—		—		—		18		—		18



Transactions with noncontrolling interests	—		—		—		—		—		—		(5)		(5)
Distributions to noncontrolling interests	—		—		—		—		—		—		(1)		(1)

Balance at June 30, 2024	$	124	$	1,114	$	—	$	4,810	$	(3,687)	$	2,361	$	4	$	2,365


	Common Stock(1)		Additional Paid-in Capital		Treasury Stock		Retained Earnings		AOCL(2)		Xerox Holdings Shareholders’ Equity		Non- controlling Interests		Total Equity
Balance at December 31, 2022	$	156	$	1,588	$	—	$	5,136	$	(3,537)	$	3,343	$	10	$	3,353

Comprehensive income, net	—		—		—		10		100		110		—		110
Cash dividends declared - common(3)	—		—		—		(82)		—		(82)		—		(82)
Cash dividends declared - preferred(4)	—		—		—		(7)		—		(7)		—		(7)


Stock option and incentive plans, net	1		19		—		—		—		20		—		20





Distributions to noncontrolling interests	—		—		—		—		—		—		(2)		(2)

Balance at June 30, 2023	$	157	$	1,607	$	—	$	5,057	$	(3,437)	$	3,384	$	8	$	3,392

_____________

(1)Common Stock has a par value of $1 per share.

(2)Refer to Note 19 - Other Comprehensive (Loss) Income for the components of AOCL.

(3)Cash dividends declared on common stock for the three and six months ended June 30, 2024 and 2023 were $0.25 per share, respectively, and $0.50 per share, respectively.

(4)Cash dividends declared on preferred stock for the three and six months ended June 30, 2024 and 2023 were $20.00 per share, respectively, and $40.00 per share, respectively.

Common Stock and Treasury Stock

The following is a summary of the changes in Common and Treasury stock shares:


	Common Stock Shares	Treasury Stock Shares
Balance at December 31, 2023	123,144	—
Stock based compensation plans, net	1,041	—


Balance at March 31, 2024	124,185	—
Stock based compensation plans, net	134	—


Balance at June 30, 2024	124,319	—

Shareholder's Equity of Xerox

The shareholder's equity information presented below reflects the consolidated activity of Xerox.


	Additional Paid-in Capital		Retained Earnings		AOCL(1)		Xerox Shareholder's Equity		Non- controlling Interests		Total Equity
Balance at March 31, 2024	$	3,465	$	2,811	$	(3,673)	$	2,603	$	3	$	2,606
Comprehensive income (loss), net	—		19		(14)		5		—		5


Dividends declared to parent	—		(34)		—		(34)		—		(34)

Transfers from parent	8		—		—		8		—		8







Transactions with noncontrolling interests	—		—		—		—		1		1

Balance at June 30, 2024	$	3,473	$	2,796	$	(3,687)	$	2,582	$	4	$	2,586


	Additional Paid-in Capital		Retained Earnings		AOCL(1)		Xerox Shareholder's Equity		Non- controlling Interests		Total Equity
Balance at March 31, 2023	$	3,695	$	3,455	$	(3,454)	$	3,696	$	8	$	3,704

Comprehensive (loss) income, net	—		(61)		17		(44)		—		(44)


Dividends declared to parent	—		(43)		—		(43)		—		(43)

Transfers from parent	13		—		—		13		—		13








Balance at June 30, 2023	$	3,708	$	3,351	$	(3,437)	$	3,622	$	8	$	3,630


	Additional Paid-in Capital		Retained Earnings		AOCL(1)		Xerox Shareholder's Equity		Non- controlling Interests		Total Equity
Balance at December 31, 2023	$	3,485	$	2,959	$	(3,676)	$	2,768	$	10	$	2,778


Comprehensive loss, net	—		(94)		(11)		(105)		—		(105)


Dividends declared to parent	—		(69)		—		(69)		—		(69)

Transfers to parent	(12)		—		—		(12)		—		(12)






Transactions with noncontrolling interests	—		—		—		—		(5)		(5)
Distributions to noncontrolling interests	—		—		—		—		(1)		(1)
Balance at June 30, 2024	$	3,473	$	2,796	$	(3,687)	$	2,582	$	4	$	2,586


	Additional Paid-in Capital		Retained Earnings		AOCL(1)		Xerox Shareholder's Equity		Non- controlling Interests		Total Equity
Balance at December 31, 2022	$	3,693	$	3,427	$	(3,537)	$	3,583	$	10	$	3,593

Comprehensive income, net	—		10		100		110		—		110


Dividends declared to parent	—		(86)		—		(86)		—		(86)

Transfers from parent	15		—		—		15		—		15


Distributions to noncontrolling interests	—		—		—		—		(2)		(2)
Balance at June 30, 2023	$	3,708	$	3,351	$	(3,437)	$	3,622	$	8	$	3,630

_____________

(1)Refer to Note 19 - Other Comprehensive (Loss) Income for the components of AOCL.

The entire disclosure for equity.

Accounts Receivable, Net - Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance		$ 64
Ending balance	$ 66
Accounts Receivable
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	65	64	$ 53	$ 52
Provision	5	6	6	3
Charge-offs	(3)	(3)	(3)	(5)
Recoveries and other	(1)	(2)	2	3
Ending balance	$ 66	$ 65	$ 58	$ 53

Supplementary Financial Information - Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Supplemental Financial Information [Abstract]
Provision for receivables					$ 24	$ 12
Provision for inventory					55	9
Depreciation of buildings and equipment					27	31
Depreciation and obsolescence of equipment on operating leases					57	55
Amortization of internal use software					14	19
Amortization of acquired intangible assets	$ 10		$ 10		20	21
Amortization of patents					5	4
Amortization of customer contract costs	$ 16	$ 16	$ 18	$ 16	32	34
Cost of additions to land, buildings and equipment					(14)	(11)
Cost of additions to internal use software					(4)	(4)
Payments to acquire noncontrolling interests - Xerox Holdings					(20)	(3)
Common stock dividends - Xerox Holdings					(64)	(81)
Preferred stock dividends - Xerox Holdings					(7)	(7)
Payments to noncontrolling interests					(1)	(2)
Repurchases related to stock-based compensation - Xerox Holdings					$ (10)	$ (7)

Supplementary Financial Information - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	$ 485	$ 519
Restricted cash
Litigation deposits in Brazil	24	27
Escrow and cash collections related to secured borrowing arrangements and receivable sales	19	49
Other restricted cash	23	22
Total Restricted cash	66	98
Cash, cash equivalents and restricted cash	551	617	$ 569	$ 1,139
XEROX CORPORATION
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	483	519
Restricted cash
Cash, cash equivalents and restricted cash	549	$ 617	$ 569	$ 1,139
XEROX CORPORATION \| Myriad Ventures Fund I LP
Restricted cash
Cash, cash equivalents and restricted cash	$ 2

Debt - Secured Assets and Obligations held by SPE (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Finance Receivables, Net	$ 246	$ 619
Equipment on Operating Leases, Net	0	2
Secured Debt	176	361
Special Purpose Entity (SPE)
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Debt issuance costs	0	1
United States \| Special Purpose Entity (SPE)
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Finance Receivables, Net		298
Equipment on Operating Leases, Net		2
Secured Debt		102
United States \| January 2022 \| Special Purpose Entity (SPE)
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Finance Receivables, Net		209
Equipment on Operating Leases, Net		0
Secured Debt		$ 77
Pre-Hedged Rate		6.82%
United States \| September 2021 \| Special Purpose Entity (SPE)
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Finance Receivables, Net		$ 89
Equipment on Operating Leases, Net		2
Secured Debt		$ 25
Pre-Hedged Rate		6.76%
Canada \| July 2023 \| Special Purpose Entity (SPE)
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Finance Receivables, Net	66	$ 86
Equipment on Operating Leases, Net	0	0
Secured Debt	$ 56	$ 77
Pre-Hedged Rate	6.14%	6.74%
France \| November 2023
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Finance Receivables, Net	$ 180	$ 235
Equipment on Operating Leases, Net	0	0
Secured Debt	$ 120	$ 182
Pre-Hedged Rate	5.28%	5.42%

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 18	$ (61)	$ (95)	$ 10

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

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Employee Benefit Plans

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Employee Benefit Plans

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


	Three Months Ended June 30,
	Pension Benefits
	U.S. Plans				Non-U.S. Plans				Retiree Health
Components of Net Periodic Benefit Costs:	2024		2023		2024		2023		2024		2023
Service cost	$	—	$	—	$	1	$	1	$	—	$	—
Interest cost	28		27		45		47		2		2
Expected return on plan assets	(23)		(24)		(48)		(51)		—		—
Recognized net actuarial loss (gain)	5		4		15		4		(3)		(4)
Amortization of prior service cost (credit)	—		—		3		2		(3)		(3)
Recognized settlement loss	5		7		—		—		—		—

Defined benefit plans	15		14		16		3		(4)		(5)
Defined contribution plans	5		5		6		4		n/a		n/a
Net Periodic Benefit Cost (Credit)	20		19		22		7		(4)		(5)

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Loss) Income:
Net actuarial loss (gain)(1)	14		44		—		(48)		(1)		(5)
Prior service cost	—		—		—		36		—		—
Amortization of net actuarial (loss) gain	(10)		(11)		(15)		(4)		3		4
Amortization of net prior service (cost) credit	—		—		(3)		(2)		3		3

Total Recognized in Other Comprehensive (Loss) Income(2)	4		33		(18)		(18)		5		2
Total Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Loss) Income	$	24	$	52	$	4	$	(11)	$	1	$	(3)

	Six Months Ended June 30,
	Pension Benefits
	U.S. Plans				Non-U.S. Plans				Retiree Health
Components of Net Periodic Benefit Costs:	2024		2023		2024		2023		2024		2023
Service cost	$	—	$	—	$	2	$	2	$	—	$	—
Interest cost	55		54		90		93		4		5
Expected return on plan assets	(46)		(49)		(96)		(107)		—		—
Recognized net actuarial loss (gain)	10		7		31		5		(6)		(6)
Amortization of prior service cost (credit)	—		—		4		3		(7)		(7)
Recognized settlement loss	10		12		—		—		—		—

Defined benefit plans	29		24		31		(4)		(9)		(8)
Defined contribution plans	8		9		11		10		n/a		n/a
Net Periodic Benefit Cost (Credit)	37		33		42		6		(9)		(8)

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income:
Net actuarial loss (gain)(1)	6		37		—		(48)		(1)		(5)
Prior service cost	—		—		—		36		—		—
Amortization of net actuarial (loss) gain	(20)		(19)		(31)		(5)		6		6
Amortization of prior service (cost) credit	—		—		(4)		(3)		7		7

Total Recognized in Other Comprehensive (Loss) Income(2)	(14)		18		(35)		(20)		12		8
Total Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive Income	$	23	$	51	$	7	$	(14)	$	3	$	—

_____________

(2)Amounts represent the pre-tax effect included within Other Comprehensive (Loss) Income. Refer to Note 19 - Other Comprehensive Income for related tax effects and the after-tax amounts.

Pension Plan Amendment

In January 2024, the pension board of our Netherlands benefit pension plan transferred the plan’s assets and projected benefit obligation (PBO) to a single general pension fund. In addition to the transition, the indexation target was increased from 75% of price inflation to 100% of price inflation. This plan amendment resulted in an increase of approximately $47 (approximately EUR 44 million) in the PBO for this Collective Defined Contribution (CDC) plan, approximately 6% of the plan PBO as of December 31, 2023. From a Company risk perspective, this CDC plan operates just like a frozen defined contribution plan. Although the Company's risk has been mitigated, under U.S. GAAP this CDC plan doesn't meet the definition of a defined contribution plan and therefore continues to be accounted for as a defined benefit plan.

Contributions

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


	Six Months Ended June 30,				Year Ended December 31,
	2024		2023		Estimated 2024		2023
U.S. plans	$	35	$	12	$	100	$	53
Non-U.S. plans	14		13		30		28
Total Pension plans	49		25		130		81
Retiree Health	9		7		20		21
Total Retirement plans	$	58	$	32	$	150	$	102

Approximately $80 of the estimated 2024 contributions for our U.S. plans are for our tax-qualified defined benefit plans.

The entire disclosure for retirement benefits.

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
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (d)(iv)(03)
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-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
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-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)
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

Restructuring and Related Activities [Abstract]

Restructuring Programs

6 Months Ended

Jun. 30, 2024

Restructuring Programs

In connection with our Reinvention and other transformative programs, we engage in restructuring actions in order to reduce our cost structure and realign it to the changing nature of our business. As part of our efforts to reduce costs, our restructuring actions may also include the off-shoring and/or outsourcing of certain operations, services and other functions, exit from certain product lines and geographies, as well as reducing our real estate footprint.

Restructuring and related costs, net reflect the following components:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Restructuring charges, net	$	5	$	1	$	10	$	2
Asset impairment charges, net	(2)		12		24		12
Related costs, net	9		10		17		11
Total Restructuring and related costs, net	$	12	$	23	$	51	$	25

Restructuring Charges

Restructuring charges, net primarily relate to the Print and Other segment as amounts related to the Xerox Financial Services segment were immaterial for all periods presented. A summary of our restructuring program activity is as follows:


	Severance and Related Costs		Other Contractual Termination Costs(2)		Total
Balance at December 31, 2023	$	129	$	—	$	129
Provision	9		—		9
Reversals	(4)		—		(4)
Net current period charges(1)	5		—		5
Charges against reserve and currency	(16)		—		(16)
Balance at March 31, 2024	118		—		118
Provision	5		—		5
Reversals	—		—		—
Net current period charges(1)	5		—		5
Charges against reserve and currency	(31)		—		(31)
Balance at June 30, 2024	$	92	$	—	$	92

______________

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

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


	Six Months Ended June 30,
		2024		2023
Restructuring cash payments		$	(47)	$	(14)

Effects of foreign currency and other non-cash items		—		—
Charges against reserve and currency		$	(47)	$	(14)

Asset Impairment Charges

Charges associated with asset impairments represent the write-down of the related assets to their new cost basis. Impairments are net of any potential sublease income or other recovery amounts. Charges incurred during 2024 includes impairments associated with strategic actions taken as a result of the Company's Project Reinvention, including geographic simplification.


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023



Asset impairments(1)	$	—	$	12	$	26	$	12

Adjustments/Reversals	(2)		—		(2)		—
Net asset impairment charge	$	(2)	$	12	$	24	$	12

_____________

(1)Includes charges associated with strategic actions taken as a result of the Company's Reinvention, including geographic simplification.

Related Costs

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Retention related severance/bonuses(1)	$	—	$	—	$	(2)	$	1

Consulting and other costs(2)	9		10		19		10
Total	$	9	$	10	$	17	$	11

_____________

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

Cash paid for restructuring related costs were $19 and $11 for the six months ended June 30, 2024 and 2023, respectively. The restructuring related costs reserve was $5 and $8 at June 30, 2024 and December 31, 2023, respectively. The balance at June 30, 2024 is expected to be paid over the next twelve months.

Employee Benefit Plans - Contributions and Narrative (Details) € in Millions, $ in Millions	1 Months Ended
	Jan. 31, 2024 USD ($)	Jan. 31, 2024 EUR (€)	Jun. 30, 2024 USD ($)
Schedule of Defined Benefit Plans Disclosures [Line Items]
Defined benefit plan, expected future employer contributions			$ 150
Pension Benefits
Schedule of Defined Benefit Plans Disclosures [Line Items]
Defined benefit plan, expected future employer contributions			130
Non-U.S. Plans \| Pension Benefits
Schedule of Defined Benefit Plans Disclosures [Line Items]
Defined benefit plan, expected future employer contributions			30
NETHERLANDS
Schedule of Defined Benefit Plans Disclosures [Line Items]
Increase to PBO	$ 47	€ 44
Increase to PBO, percentage of PBO at prior fiscal year end	6.00%	6.00%
NETHERLANDS \| Minimum
Schedule of Defined Benefit Plans Disclosures [Line Items]
Price inflation indexation	75.00%	75.00%
NETHERLANDS \| Maximum
Schedule of Defined Benefit Plans Disclosures [Line Items]
Price inflation indexation	100.00%	100.00%
U.S. Plans \| Pension Benefits
Schedule of Defined Benefit Plans Disclosures [Line Items]
Defined benefit plan, expected future employer contributions			100
U.S. Plans \| Qualified Plan \| Pension Benefits
Schedule of Defined Benefit Plans Disclosures [Line Items]
Defined benefit plan, expected future employer contributions			$ 80

Restructuring Programs - Restructuring and Related Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]
Related costs, net	$ 9	$ 10	$ 17	$ 11
Retention related severance/bonuses
Restructuring Cost and Reserve [Line Items]
Related costs, net	0	0	(2)	1
Consulting and other costs
Restructuring Cost and Reserve [Line Items]
Related costs, net	$ 9	$ 10	$ 19	$ 10

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.

Summary of Derivative Instruments Gains (Losses) [Abstract]

Financial Instruments - Gains (Losses) on Derivative Instruments (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

Derivative Loss Recognized in OCI (Effective Portion)

^[1]

$ 0

$ (5)

$ (1)

Cash Flow Hedges | Cost of sales

Summary of Derivative Instruments Gains (Losses) [Abstract]

Location of Derivative Losses (Gains) Reclassified from AOCL to Income (Effective Portion)

(4)

(8)

(14)

Cash Flow Hedges | Interest expense

Summary of Derivative Instruments Gains (Losses) [Abstract]

Location of Derivative Losses (Gains) Reclassified from AOCL to Income (Effective Portion)

Derivatives | Cash Flow Hedges

Summary of Derivative Instruments Gains (Losses) [Abstract]

Derivative Loss Recognized in OCI (Effective Portion)

(5)

(13)

(8)

(15)

Derivative Instrument Effective Portion

Summary of Derivative Instruments Gains (Losses) [Abstract]

Location of Derivative Losses (Gains) Reclassified from AOCL to Income (Effective Portion)

$ (4)

$ (7)

$ (12)

[1]	Refer to Note 19 - Other Comprehensive (Loss) Income for gross components of Other comprehensive (loss) income, net, reclassification adjustments out of Accumulated other comprehensive loss and related tax effects.

Restructuring Programs - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Payments for restructuring	$ 47	$ 14
Restructuring related reserve	5		$ 8
HCL/TCS
Restructuring Cost and Reserve [Line Items]
Payments for restructuring	$ 19	$ 11

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.

Debt

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Debt

Revolving Credit Facility

In June 2024, Xerox Corporation, as borrower, and its parent company, Xerox Holdings Corporation, entered into Amendment No. 2 to Credit Agreement (the Amendment) with Citibank, N.A., as administrative agent and collateral agent (the Agent), and the lenders party thereto. The Amendment amended the Credit Agreement, dated as of May 22, 2023 (as previously amended, the ABL Credit Agreement), to (i) increase the commitments of the lenders under the ABL Credit Agreement from $300 to $425 and (ii) amend the excess availability used to trigger the fixed charge coverage ratio springing covenant from an amount equal to the greater of (A) $22.5 and (B) 10% of the Line Cap (the lesser of the aggregate amount of Revolving Commitments and the then-applicable Borrowing Base), to an amount equal to the greater of (A) $31.875 and (B) 10% of the Line Cap.

Xerox Corporation’s borrowings under the ABL Credit Agreement are supported by a first-priority security interests in substantially all of the working capital 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 ABL Credit Agreement) and a second-priority security interest in 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 ABL Credit Agreement), and all finance lease receivables of such German and Belgian subsidiaries.

At June 30, 2024, there were no borrowings under the ABL Facility, and no letters of credits were issued under the facility.

Senior Notes

In March 2024, Xerox Holdings Corporation issued $500 of 8.875% Senior Notes due in 2029 (the 2029 Notes) at par, resulting in net proceeds (after fees and expenses) of approximately $495. The 2029 Notes are senior unsecured obligations of Xerox Holdings Corporation and are fully and unconditionally guaranteed on a senior unsecured basis by Xerox Corporation and Xerox Business Services, LLC, as well as certain other wholly owned domestic restricted subsidiaries of the Company. The 2029 Notes and the related guarantees were issued in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act.

Interest is payable semi-annually in arrears on May 30th and November 30th of each year, beginning on November 30, 2024. Xerox Holdings Corporation may, at its option, redeem some or all of the 2029 Notes, at varying prices based on the timing of the redemption. The indenture governing the 2029 Notes contains covenants that, among other things, limit the ability of Xerox Holdings Corporation and the ability of its restricted subsidiaries to incur or guarantee additional indebtedness, pay dividends or make other restricted payments, prepay, redeem or repurchase certain subordinated debt, issue certain preferred stock or similar equity securities, make loans and investments, sell or otherwise dispose of assets, incur liens, enter into transactions with affiliates, enter into agreements restricting its subsidiaries’ ability to pay dividends, and consolidate, merge or sell all or substantially all assets. Additionally, if Xerox Holdings Corporation experiences a Change of Control Triggering Event (as defined in the indenture governing the 2029 Notes), Xerox Holdings Corporation is required to offer to repurchase the 2029 Notes at 101% of the principal amount of such notes, plus accrued and unpaid interest, if any, to, but excluding, the date of repurchase.

Debt issuance costs of approximately $5 were paid and deferred in connection with the issuance of the 2029 Notes, and will be amortized over the term of the 2029 Notes. Refer to the Use of Aggregate Proceeds from Senior Notes section below for additional information regarding the use of net proceeds.

Convertible Senior Notes and Capped Call

Convertible Senior Notes

In March 2024, Xerox Holdings Corporation issued an aggregate $400 of 3.75% Convertible Senior Notes due in 2030 (the 2030 Notes). The 2030 Notes are senior unsecured obligations of Xerox Holdings Corporation and are fully and unconditionally guaranteed by Xerox Corporation and Xerox Business Solutions, LLC. The 2030 Notes were issued in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act. Interest is payable semi-annually in arrears on March 15 and September 15 of each year, beginning on September 15, 2024, and will mature on March 15, 2030, unless earlier converted, redeemed or repurchased. The net proceeds from this offering were approximately $390, after deducting the debt issuance costs. Debt issuance costs of approximately $10 were paid and deferred in connection with the issuance of the 2030 Notes, and will be amortized over the term of the 2030 Notes. Refer to the Use of Aggregate Proceeds from Senior Notes section below for additional information regarding the use of net proceeds.

Holders of the 2030 Notes may convert their notes at their option at any time prior to the close of business on the business day immediately preceding December 15, 2029 only under the following circumstances: (i) during any calendar quarter commencing after the calendar quarter ending on March 31, 2024 (and only during such calendar quarter), if the last reported sale price of the Company's common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (ii) during the five consecutive trading day period after any ten consecutive trading day period (the measurement period) in which the trading price (as determined in accordance with the indenture governing the 2030 Notes) per $1,000 principal amount of 2030 Notes, as determined following a request by a holder or holders of the 2030 Notes, for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company's common stock and the applicable conversion rate on each such trading day; (iii) if the Company calls any, or all of the 2030 Notes for redemption, but only with respect to the Notes called (or deemed called) for redemption; (iv) if the Company elects to distribute to all or substantially all holders of common stock any rights, options or warrants (other than in connection with a stockholder rights plan) entitling them, for a period of not more than 45 calendar days from the declaration date for such distribution, to subscribe for or purchase shares of Company's common stock at a price per share that is less than the average of the last reported sale price of common stock for the ten consecutive trading date period ending on, and including, the trading day immediately preceding the declaration date for such distribution or distribute to all, or substantially all holders of common stock, our assets, debt securities or rights to purchase our securities, which distribution has a per share value, as reasonably determined by our Board of Directors or a committee thereof, exceeding 10% of the last reported sale price of the Company's common stock on the trading day immediately preceding the declaration date for such distribution; or (v) upon the occurrence of specified corporate events (as determined in accordance with the indenture governing the 2030 Notes). On or after December 15, 2029, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their 2030 Notes, in multiples of $1,000 principal amount, at the option of the holder regardless of the foregoing circumstances.

As of June 30, 2024, none of the conditions permitting the holders of the 2030 Notes to convert their notes early had been met. Therefore, the 2030 Notes are classified as long-term debt.

The initial conversion rate is 47.9904 shares of the common stock per $1,000 principal amount of notes, which is equivalent to an initial conversion price of approximately $20.84 per share of the common stock. The conversion rate will be subject to adjustment under certain circumstances. In connection with certain corporate events or if the Company issues a notice of redemption, it will, under certain circumstances, increase the conversion rate for holders who elect to convert their notes in connection with such corporate event or during the relevant redemption period.

Upon conversion of the 2030 Notes, the Company must pay cash up to the aggregate principal amount of the notes to be converted and pay or deliver, as the case may be, cash, shares of the Company's common stock, or a combination of cash and shares of the Company's common stock, at the Company's election in respect of the remainder, if any, of the Company's conversion obligation in excess of the aggregate principal amount of the notes being converted.

We may not redeem the notes prior to September 20, 2027. The Company may redeem for cash all or any portion of the notes, at our option, on or after September 20, 2027, if the last reported sale price of the Company's common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. No sinking fund for the notes has been provided.

If the Company undergoes a fundamental change (as defined in the indenture governing the 2030 Notes), holders may require the Company to repurchase for cash all or any portion of their 2030 Notes at a fundamental change repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date.

The indenture governing the 2030 Notes includes customary covenants, sets forth certain events of default after which the notes may be declared immediately due and payable and sets forth certain types of bankruptcy or insolvency events of default involving the Company after which the notes become automatically due and payable.

The indenture governing the 2030 Notes does not contain any financial or operating covenants or restrictions on the payments of dividends, the incurrence of indebtedness or the issuance or repurchase of securities by us or any of our subsidiaries.

Capped Calls

In connection with the issuance of the 2030 Notes (see Convertible Senior Notes above), the Company entered into privately negotiated capped call transactions (the Capped Calls) with certain of the initial purchasers of the 2030 Notes or their respective affiliates (the option counterparties) at a cost of approximately $23. The Capped Calls cover, subject to anti-dilution adjustments, the number of shares of the Company's common stock initially underlying the 2030 Notes. By entering into the Capped Calls, we expect to reduce the potential dilution to the Company's common stock (or, in the event a conversion of the 2030 Notes is settled in cash, to reduce our cash payment obligation) in the event that at the time of conversion of the 2030 Notes the trading price of our common stock price exceeds the conversion price of the 2030 Notes.

The initial cap sale price of the Capped Calls was approximately $28.34 per share, which represents a premium of 70% over the last reported sale price of our common stock of $16.67 on the NASDAQ Stock Exchange on March 6, 2024, and is subject to certain adjustments under the terms of the Capped Calls. The Capped Calls were included in Additional paid-in capital in the Condensed Consolidated Balance Sheet as of June 30, 2024, with no remeasurement in subsequent periods as it meets the conditions for equity classification. Refer to Note 17 - Shareholders' Equity of Xerox Holdings for additional information regarding the Capped Calls.

Use of Aggregate Proceeds from Senior Notes

A portion of the aggregate net proceeds from the Senior Note offerings was used to fund the cost of entering into the Capped Call transactions (see Convertible Senior Notes above). Additionally, a portion of the aggregate net proceeds were used to repay, through a tender offer for Senior Notes, approximately $84 of the 3.80% Xerox Corporation Senior Notes due in 2024 and approximately $362 of the 5.00% Xerox Holdings Corporation Senior Notes due in 2025. The remaining outstanding 3.80% Senior Notes that were not redeemed as part of the Senior Notes tender offer were repaid in May 2024. In connection with the repayment of the 2024 and 2025 Senior Notes, we recorded a gain on the extinguishment of the debt of approximately $4, which was partially offset by a loss of approximately $1 on the write-off of deferred debt issuance costs. The net gain on the extinguishment of $3 was recorded in Other expenses, net.

Xerox Holdings Corporation/Xerox Corporation Intercompany Loan

In the first quarter 2024, Xerox Holdings Corporation and Xerox Corporation entered into two intercompany loan agreements which mirror the terms of Xerox Holdings Corporation’s 2029 and 2030 Senior Notes, including principal, interest rates, payment dates and debt issuance costs of approximately $15 (see the Senior Notes and the Convertible Senior Notes sections above). As a result, Xerox Corporation recorded approximately $900 of Related party debt. The proceeds of the intercompany loan were used to pay down approximately $362 on the existing 2020 intercompany loan made by Xerox Holdings Corporation to Xerox Corporation.

At June 30, 2024 and December 31, 2023, the balance of the Xerox Holdings Corporation Intercompany Loan reported in Xerox Corporation’s Condensed Consolidated Balance Sheet was $2,020 and $1,497, respectively, which is net of related debt issuance costs, and the intercompany interest payable was $40 and $30, respectively.

Secured Borrowings and Collateral

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

The sales of the receivables to the SPEs were structured as "true sales at law," and we have received opinions to that effect from outside legal counsel. However, the transactions were accounted for as secured borrowings as we fully consolidate the SPEs in our financial statements. As a result, the assets of the SPEs are not available to satisfy any of our other obligations. Conversely, the credit holders of these SPEs do not have legal recourse to the Company’s general credit.

Below are the secured assets and obligations held by subsidiaries of Xerox, which are included in our Condensed Consolidated Balance Sheets.


	June 30, 2024
	Finance Receivables, Net(1)		Equipment on Operating Leases, Net		Secured Debt(2)		Interest Rate(3)		Expected Maturity






Canada(4)
July 2023	$	66	$	—	$	56	6.14	%	2026


France
November 2023	180		—		120		5.28	%	2026


Total	$	246	$	—	$	176


	December 31, 2023
	Finance Receivables, Net(1)		Equipment on Operating Leases, Net		Secured Debt(2)		Interest Rate(3)		Expected Maturity
U.S.(4)

January 2022(5)	$	209	$	—	$	77	6.82	%	2024
September 2021(5)	89		2		25		6.76	%	2024
Total U.S.	298		2		102

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


France
November 2023	235		—		182		5.42	%	2026


Total	$	619	$	2	$	361

_____________

(1)Includes (i) Billed portion of finance receivables, net (ii) Finance receivables, net and (iii) Finance receivables due after one year, net as included in the condensed consolidated balance sheets as of June 30, 2024 and December 31, 2023.

(2)Represents the principal debt balance and excludes debt issuance costs of $0 and $1 as of June 30, 2024 and December 31, 2023, respectively.

(3)Represents the pre-hedged rate. Refer to Note 14 - Financial Instruments for additional information regarding hedging of these borrowings.

(4)Secured assets and obligations held by SPEs.

(5)In the second quarter of 2024, we repaid the remaining balances on these secured borrowings.

Interest Expense and Income

Interest expense and income were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Interest expense(1)(2)	$	60	$	46	$	113	$	96
Interest income(3)	42		53		87		110

____________

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

(2)Interest expense of Xerox Corporation included intercompany interest expense associated with the Xerox Holdings Corporation / Xerox Corporation Intercompany Loan of $29 and $19 for the three months ended June 30, 2024 and 2023, respectively, and $51 and $39 for the six months ended June 30, 2024 and 2023, respectively.

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

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.

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Statement of Comprehensive Income [Abstract]

XEROX HOLDINGS CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash Flows from Operating Activities
Net (Loss) Income	$ (95)	$ 10
Adjustments to reconcile Net (loss) income to Net cash provided by operating activities
Depreciation and amortization	118	126
Provisions	79	21
Net gain on sales of businesses and assets	(1)	(2)
Divestitures	51	0
PARC donation	0	132
Stock-based compensation	29	28
Restructuring and asset impairment charges	34	14
Payments for restructurings	(47)	(14)
Non-service retirement-related costs	49	10
Contributions to retirement plans	(58)	(32)
Increase in accounts receivable and billed portion of finance receivables	(32)	(36)
(Increase) decrease in inventories	(148)	12
Increase in equipment on operating leases	(50)	(77)
Decrease in finance receivables	399	407
Decrease in other current and long-term assets	14	15
Decrease in accounts payable	(88)	(290)
Decrease in accrued compensation	(93)	(7)
Decrease in other current and long-term liabilities	(52)	(139)
Net change in income tax assets and liabilities	(64)	(17)
Net change in derivative assets and liabilities	6	22
Other operating, net	(7)	(10)
Net cash provided by operating activities	44	173
Cash Flows from Investing Activities
Cost of additions to land, buildings, equipment and software	(18)	(15)
Proceeds from sales of businesses and assets	19	3
Acquisitions, net of cash acquired	0	(7)
Other investing, net	(20)	(3)
Net cash used in investing activities	(19)	(22)
Cash Flows from Financing Activities
Net proceeds from short-term debt	0	200
Proceeds from issuance of long-term debt	906	0
Payments on long-term debt	(871)	(826)
Purchases of capped calls	(23)	0
Dividends	(71)	(88)
Payments to acquire treasury stock, including fees	(3)	0
Other financing, net	(13)	(11)
Net cash used in financing activities	(75)	(725)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(16)	4
Decrease in cash, cash equivalents and restricted cash	(66)	(570)
Cash, cash equivalents and restricted cash at beginning of period	617	1,139
Cash, Cash Equivalents and Restricted Cash at End of Period	$ 551	$ 569

Finance Receivables, Net - Aging of Billed Finance Receivables (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Financing Receivable, Past Due [Line Items]
Total	$ 2,139	$ 2,602
>90 Days and Accruing
Financing Receivable, Past Due [Line Items]
Financing receivable, 90 days or more past due, still accruing	64	61
Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	74	75
Billed Revenues \| Current
Financing Receivable, Past Due [Line Items]
Total	51	53
Billed Revenues \| 31-90 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	13	12
Billed Revenues \| >90 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	10	10
Unbilled Revenues
Financing Receivable, Past Due [Line Items]
Total	2,065	2,527
United States
Financing Receivable, Past Due [Line Items]
Total	898	1,205
United States \| >90 Days and Accruing
Financing Receivable, Past Due [Line Items]
Financing receivable, 90 days or more past due, still accruing	39	41
United States \| Direct
Financing Receivable, Past Due [Line Items]
Total	531	645
United States \| Direct \| >90 Days and Accruing
Financing Receivable, Past Due [Line Items]
Financing receivable, 90 days or more past due, still accruing	39	41
United States \| Indirect
Financing Receivable, Past Due [Line Items]
Total	367	560
United States \| Indirect \| >90 Days and Accruing
Financing Receivable, Past Due [Line Items]
Financing receivable, 90 days or more past due, still accruing	0	0
United States \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	52	57
United States \| Billed Revenues \| Current
Financing Receivable, Past Due [Line Items]
Total	36	40
United States \| Billed Revenues \| 31-90 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	9	9
United States \| Billed Revenues \| >90 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	7	8
United States \| Billed Revenues \| Direct
Financing Receivable, Past Due [Line Items]
Total	32	35
United States \| Billed Revenues \| Direct \| Current
Financing Receivable, Past Due [Line Items]
Total	22	24
United States \| Billed Revenues \| Direct \| 31-90 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	5	6
United States \| Billed Revenues \| Direct \| >90 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	5	5
United States \| Billed Revenues \| Indirect
Financing Receivable, Past Due [Line Items]
Total	20	22
United States \| Billed Revenues \| Indirect \| Current
Financing Receivable, Past Due [Line Items]
Total	14	16
United States \| Billed Revenues \| Indirect \| 31-90 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	4	3
United States \| Billed Revenues \| Indirect \| >90 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	2	3
United States \| Unbilled Revenues
Financing Receivable, Past Due [Line Items]
Total	846	1,148
United States \| Unbilled Revenues \| Direct
Financing Receivable, Past Due [Line Items]
Total	499	610
United States \| Unbilled Revenues \| Indirect
Financing Receivable, Past Due [Line Items]
Total	347	538
Canada
Financing Receivable, Past Due [Line Items]
Total	233	255
Canada \| >90 Days and Accruing
Financing Receivable, Past Due [Line Items]
Financing receivable, 90 days or more past due, still accruing	12	10
Canada \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	9	8
Canada \| Billed Revenues \| Current
Financing Receivable, Past Due [Line Items]
Total	6	6
Canada \| Billed Revenues \| 31-90 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	2	1
Canada \| Billed Revenues \| >90 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	1	1
Canada \| Unbilled Revenues
Financing Receivable, Past Due [Line Items]
Total	224	247
EMEA
Financing Receivable, Past Due [Line Items]
Total	1,008	1,142
EMEA \| >90 Days and Accruing
Financing Receivable, Past Due [Line Items]
Financing receivable, 90 days or more past due, still accruing	13	10
EMEA \| Billed Revenues
Financing Receivable, Past Due [Line Items]
Total	13	10
EMEA \| Billed Revenues \| Current
Financing Receivable, Past Due [Line Items]
Total	9	7
EMEA \| Billed Revenues \| 31-90 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	2	2
EMEA \| Billed Revenues \| >90 Days Past Due
Financing Receivable, Past Due [Line Items]
Total	2	1
EMEA \| Unbilled Revenues
Financing Receivable, Past Due [Line Items]
Total	$ 995	$ 1,132

XEROX HOLDINGS CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

Other Comprehensive (Loss) Income, Net

$ 18

$ (61)

$ (95)

$ 10

Translation adjustments, net

^[1]

(20)

(52)

142

Unrealized losses, net

^[1]

(5)

(1)

Changes in defined benefit plans, net

^[1]

(27)

(41)

Other Comprehensive (Loss) Income, Net

^[1]

(14)

(11)

100

Comprehensive Income (Loss), Net

Comprehensive Income (Loss), Net

$ 4

$ (44)

$ (106)

$ 110

[1]	Refer to Note 19 - Other Comprehensive (Loss) Income for gross components of Other comprehensive (loss) income, net, reclassification adjustments out of Accumulated other comprehensive loss and related tax effects.

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

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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Finance Receivables, Net

6 Months Ended

Jun. 30, 2024

Finance Receivables, Net

Accounts Receivable, Net

Accounts receivable, net were as follows:


	June 30, 2024		December 31, 2023
Invoiced	$	718	$	710
Accrued(1)	195		204
Allowance for doubtful accounts	(66)		(64)
Accounts receivable, net	$	847	$	850

_____________

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

The allowance for doubtful accounts was as follows:


	2024		2023
Balance at January 1st	$	64	$	52
Provision	6		3
Charge-offs	(3)		(5)
Recoveries and other(1)	(2)		3
Balance at March 31st	$	65	$	53
Provision	5		6
Charge-offs	(3)		(3)
Recoveries and other(1)	(1)		2
Balance at June 30th	$	66	$	58

_____________

(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 Sales Arrangements

Accounts receivable sales activity was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Accounts receivable sales(1)	$	106	$	88	$	197	$	174

____________

(1)Losses on sales were not material.

Finance Receivables, Net

Finance receivables, net were as follows:


	June 30, 2024		December 31, 2023
Gross receivables	$	2,370	$	2,899
Unearned income	(231)		(297)
Subtotal	2,139		2,602
Residual values	—		—
Allowance for doubtful accounts	(79)		(92)
Finance receivables, net	2,060		2,510
Less: Billed portion of finance receivables, net	70		71
Less: Current portion of finance receivables not billed, net	713		842
Finance receivables due after one year, net	$	1,277	$	1,597

Finance Receivables – Allowance for Credit Losses and Credit Quality

Based on that assessment, the allowance for doubtful credit losses as a percentage of gross finance receivables (net of unearned income) was 3.7% at June 30, 2024 and 3.5% at December 31, 2023.

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


	United States		Canada		EMEA		Total
Balance at December 31, 2023	$	58	$	7	$	27	$	92
Provision	(3)		5		6		8
Charge-offs	(7)		(1)		(4)		(12)
Recoveries and other(1)	1		—		(1)		—
Balance at March 31, 2024	$	49	$	11	$	28	$	88
Provision	—		1		4		5
Charge-offs	(6)		(5)		(3)		(14)
Recoveries and other(2)	—		—		—		—
Balance at June 30, 2024	$	43	$	7	$	29	$	79






Balance at December 31, 2022	$	83	$	7	$	27	$	117
Provision	(15)		—		3		(12)
Charge-offs	(5)		—		(2)		(7)
Recoveries and other(1)	2		—		1		3
Balance at March 31, 2023	$	65	$	7	$	29	$	101
Provision	5		1		3		9
Charge-offs	(4)		(1)		(4)		(9)
Recoveries and other(2)	—		1		1		2
Balance at June 30, 2023	$	66	$	8	$	29	$	103






Finance receivables collectively evaluated for impairment
June 30, 2024(2)	$	898	$	233	$	1,008	$	2,139
June 30, 2023(2)	$	1,444	$	244	$	1,122	$	2,810

_____________

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

(2)Total Finance receivables exclude the allowance for credit losses of $79 and $103 at June 30, 2024 and 2023, 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:


	June 30, 2024
	2024		2023		2022		2021		2020		Prior		Total Finance Receivables
United States (Direct)
Low Credit Risk	$	60	$	79	$	43	$	45	$	26	$	6	$	259
Average Credit Risk	28		65		25		35		14		5		172
High Credit Risk	13		26		27		17		12		5		100
Total	$	101	$	170	$	95	$	97	$	52	$	16	$	531
Charge-offs	$	—	$	—	$	1	$	1	$	1	$	1	$	4

United States (Indirect)
Low Credit Risk	$	30	$	81	$	43	$	24	$	9	$	2	$	189
Average Credit Risk	24		67		39		22		7		1		160
High Credit Risk	1		8		5		3		1		—		18
Total	$	55	$	156	$	87	$	49	$	17	$	3	$	367
Charge-offs	$	—	$	1	$	2	$	4	$	1	$	1	$	9

Canada
Low Credit Risk	$	17	$	38	$	19	$	11	$	5	$	1	$	91
Average Credit Risk	19		51		30		14		7		2		123
High Credit Risk	3		5		4		3		3		1		19
Total	$	39	$	94	$	53	$	28	$	15	$	4	$	233
Charge-offs	$	—	$	5	$	1	$	—	$	—	$	—	$	6

EMEA
Low Credit Risk	$	69	$	208	$	145	$	77	$	30	$	8	$	537
Average Credit Risk	49		168		119		52		22		9		419
High Credit Risk	5		18		15		9		3		2		52
Total	$	123	$	394	$	279	$	138	$	55	$	19	$	1,008
Charge-offs	$	—	$	3	$	3	$	1	$	—	$	—	$	7







Total Finance Receivables
Low Credit Risk	$	176	$	406	$	250	$	157	$	70	$	17	$	1,076
Average Credit Risk	120		351		213		123		50		17		874
High Credit Risk	22		57		51		32		19		8		189
Total	$	318	$	814	$	514	$	312	$	139	$	42	$	2,139
Total Charge-offs	$	—	$	9	$	7	$	6	$	2	$	2	$	26


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







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

The aging of our billed finance receivables is as follows:


	June 30, 2024
	Current		31-90 Days Past Due		>90 Days Past Due		Total Billed		Unbilled		Total Finance Receivables		>90 Days and Accruing
Direct	$	22	$	5	$	5	$	32	$	499	$	531	$	39
Indirect	14		4		2		20		347		367		—






Total United States	36		9		7		52		846		898		39
Canada	6		2		1		9		224		233		12





EMEA	9		2		2		13		995		1,008		13

Total	$	51	$	13	$	10	$	74	$	2,065	$	2,139	$	64

	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	7		2		1		10		1,132		1,142		10

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

Sales of Receivables

Finance receivable sales activity was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Finance receivable sales - net proceeds(1)	$	192	$	381	$	377	$	642
Gain on sale/Commissions(2)	8		9		14		11

Servicing revenue(2)	$	5	$	2	$	7	$	3

_____________

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

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

In addition to the sale activity above, in the second quarter 2024, we sold the finance receivable of an EMEA leasing subsidiary for net proceeds of $11.

Secured Borrowings and Collateral

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

Refer to Note 13 - Debt for additional information related to these arrangements.

Contingencies and Litigation - Loss Contingencies by Contingency (Details) - Brazil Contingencies - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Tax contingency - unreserved	$ 339	$ 375
Escrow cash deposits	21	24
Surety bonds	92	104
Letters of credit	16	22
Liens on Brazilian assets	$ 0	$ 0

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.

Accumulated Other Comprehensive Income (Loss) [Line Items]

Financial Instruments - Interest Rate Derivatives Outstanding (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Notional Amount	$ 1,033	$ 1,396
Secured Borrowing
Derivative [Line Items]
Notional Amount	181
Canada \| Expected Maturity In 2026 \| Interest rate swap
Derivative [Line Items]
Notional Amount	56
France \| Expected Maturity In 2025, 3.00% Hedged Rate \| Interest rate cap
Derivative [Line Items]
Notional Amount	76
France \| Expected Maturity In 2025, 4.00% Hedged Rate \| Interest rate cap
Derivative [Line Items]
Notional Amount	$ 49

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

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

Translation adjustments (losses) gains, Net of tax

^[1]

$ (20)

$ 49

$ (52)

$ 142

Other Comprehensive (Loss) Income Attributable to Xerox Holdings/Xerox

(13)

(2)

Other Comprehensive (Loss) Income, Net Attributable to Xerox Holdings

^[1]

(14)

(11)

100

Translation Adjustments (Losses) Gains

Accumulated Other Comprehensive Income (Loss) [Line Items]

Translation adjustments (losses) gains, Pre-tax

(20)

(52)

142

Translation adjustments (losses) gains, Net of tax

(20)

(52)

142

Unrealized (Losses) Gains

Accumulated Other Comprehensive Income (Loss) [Line Items]

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

(5)

(13)

(8)

(15)

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

(3)

(11)

(6)

(13)

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

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

Other Comprehensive (Loss) Income Attributable to Xerox Holdings/Xerox

(1)

(6)

(1)

(3)

Other Comprehensive (Loss) Income, Net Attributable to Xerox Holdings

(5)

(1)

Net actuarial/prior service losses

Accumulated Other Comprehensive Income (Loss) [Line Items]

Other Comprehensive (Loss) Income Attributable to Xerox Holdings/Xerox

(13)

(27)

(5)

(20)

Other Comprehensive (Loss) Income, Net Attributable to Xerox Holdings

(10)

(20)

(4)

(15)

Prior service amortization

Accumulated Other Comprehensive Income (Loss) [Line Items]

Other Comprehensive (Loss) Income Attributable to Xerox Holdings/Xerox

(1)

(3)

(4)

Other Comprehensive (Loss) Income, Net Attributable to Xerox Holdings

(2)

Actuarial loss amortization/settlement

Accumulated Other Comprehensive Income (Loss) [Line Items]

Other Comprehensive (Loss) Income Attributable to Xerox Holdings/Xerox

Other Comprehensive (Loss) Income, Net Attributable to Xerox Holdings

Other (losses) gains

Accumulated Other Comprehensive Income (Loss) [Line Items]

Other Comprehensive (Loss) Income Attributable to Xerox Holdings/Xerox

(1)

(15)

(37)

Other Comprehensive (Loss) Income, Net Attributable to Xerox Holdings

(1)

(15)

(37)

Changes in Defined Benefit Plans Gains (Losses)

Accumulated Other Comprehensive Income (Loss) [Line Items]

Other Comprehensive (Loss) Income Attributable to Xerox Holdings/Xerox

(32)

(43)

Other Comprehensive (Loss) Income, Net Attributable to Xerox Holdings

$ 6

$ (27)

$ 42

$ (41)

[1]	Refer to Note 19 - Other Comprehensive (Loss) Income for gross components of Other comprehensive (loss) income, net, reclassification adjustments out of Accumulated other comprehensive loss and related tax effects.

Segment Reporting

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Segment Reporting

Our reportable segments - Print and Other, and Xerox Financial Services (XFS) – 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.

Our Print and Other segment includes the sale of document systems, supplies and technical services and managed services. The segment also includes the delivery of managed services that involve a continuum of solutions and services that help our customers optimize their print and communications infrastructure, apply automation and simplification to maximize productivity, and ensure the highest levels of security. This segment also includes Digital and IT services and software. The product groupings range from:

•“Entry”, which include A4 devices and desktop printers and multifunction devices that primarily serve small and medium workgroups/work teams.

•“Mid-Range”, which include A3 devices that generally serve large workgroup/work team environments as well as products in the Light Production product groups serving centralized print centers, print for pay and low volume production print establishments.

•“High-End”, which include production printing and publishing systems that generally serve the graphic communications marketplace and print centers in large enterprises.

Customers range from small and mid-sized businesses to large enterprises. Customers also include graphic communication enterprises as well as channel partners including distributors and resellers. Segment revenues also include commissions and other payments from our XFS segment for the exclusive right to provide lease financing for Xerox products. These revenues are reported as part of Intersegment Revenues, which are eliminated in consolidated revenues.

The XFS segment provides global leasing solutions and currently offers leasing for direct channel customer purchases of Xerox solutions through bundled lease agreements and lease financing to end-user customers who purchase Xerox solutions through our indirect channels. Segment revenues primarily include financing income on sales-type leases (including month-to-month extensions) and leasing fees. Segment revenues also include gains/losses from the sale of finance receivables including commissions, fees on the sales of underlying equipment residuals and servicing fees.

Selected financial information for our reportable segments was as follows:


	Three Months Ended June 30,
	2024									2023
	Print and Other			XFS			Total			Print and Other			XFS			Total
External revenue	$	1,489		$	89		$	1,578		$	1,653		$	101		$	1,754
Intersegment revenue(1)	19			—			19			21			—			21
Total Segment revenue	$	1,508		$	89		$	1,597		$	1,674		$	101		$	1,775

Segment profit	$	81		$	4		$	85		$	107		$	—		$	107
Segment margin(2)	5.4		%	4.5		%	5.4		%	6.5		%	—		%	6.1		%

Depreciation and amortization	$	49		$	—		$	49		$	52		$	—		$	52


Interest income	—			38			38			—			49			49
Interest expense	—			29			29			—			34			34


	Six Months Ended June 30,
	2024									2023
	Print and Other			XFS			Total			Print and Other			XFS			Total
External revenue	$	2,900		$	180		$	3,080		$	3,266		$	203		$	3,469
Intersegment revenue(1)	38			—			38			44			—			44
Total Segment revenue	$	2,938		$	180		$	3,118		$	3,310		$	203		$	3,513

Segment profit	$	114		$	4		$	118		$	207		$	18		$	225
Segment margin(2)	3.9		%	2.2		%	3.8		%	6.3		%	8.9		%	6.5		%

Depreciation and amortization	$	98		$	—		$	98		$	105		$	—		$	105


Interest income	—			80			80			—			101			101
Interest expense	—			56			56			—			70			70

_____________

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

(2)Segment margin based on External revenue only.

Selected financial information for our reportable segments was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023





Pre-tax (Loss) Income
Total reported segments	$	85	$	107	$	118	$	225

Restructuring and related costs, net	(12)		(23)		(51)		(25)
Amortization of intangible assets	(10)		(10)		(20)		(21)
Divestiture	3		—		(51)		—
PARC donation	—		(132)		—		(132)
Inventory-related impact - exit of certain production print manufacturing operations(1)	(8)		—		(44)		—
Other expenses, net	(33)		(31)		(77)		(51)
Total Pre-tax (loss) income	$	25	$	(89)	$	(125)	$	(4)

Depreciation and Amortization
Total reported segments	$	49	$	52	$	98	$	105
Amortization of intangible assets	10		10		20		21
Total Depreciation and amortization	$	59	$	62	$	118	$	126

Interest Expense
Total reported segments	$	29	$	34	$	56	$	70
Corporate	31		12		57		26
Total Interest expense	$	60	$	46	$	113	$	96

Interest Income
Total reported segments	$	38	$	49	$	80	$	101
Corporate	4		4		7		9
Total Interest income	$	42	$	53	$	87	$	110

_____________

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.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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XEROX HOLDINGS CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues
Total Revenues	$ 1,578	$ 1,754	$ 3,080	$ 3,469
Costs and Expenses
Cost of financing	29	34	56	70
Research, development and engineering expenses	50	57	99	121
Selling, administrative and general expenses	393	433	790	840
Restructuring and related costs, net	12	23	51	25
Amortization of intangible assets	10	10	20	21
Divestitures	(3)	0	51	0
PARC Donation	0	132	0	132
Other expenses, net	33	31	77	51
Total Costs and Expenses	1,553	1,843	3,205	3,473
Income (Loss) before Income Taxes	25	(89)	(125)	(4)
Income tax expense (benefit)	7	(28)	(30)	(14)
Net Income (Loss)	18	(61)	(95)	10
Less: Preferred stock dividends, net	(3)	(3)	(7)	(7)
Net Income (Loss) Attributable to Common Shareholders	$ 15	$ (64)	$ (102)	$ 3
Basic Earnings (Loss) per Share (in dollars per share)	$ 0.12	$ (0.41)	$ (0.83)	$ 0.02
Diluted Earnings (Loss) per Share (in dollars per share)	$ 0.11	$ (0.41)	$ (0.83)	$ 0.02
Sales
Revenues
Total Revenues	$ 611	$ 696	$ 1,134	$ 1,355
Costs and Expenses
Cost of sales/services, maintenance and rentals	387	452	727	877
Services, maintenance and rentals
Revenues
Total Revenues	929	1,009	1,866	2,013
Costs and Expenses
Cost of sales/services, maintenance and rentals	642	671	1,334	1,336
Financing
Revenues
Total Revenues	$ 38	$ 49	$ 80	$ 101

Finance Receivables, Net- Finance Receivable Sale Activity (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finance receivable sales - net proceeds	$ 192	$ 381	$ 377	$ 642
Gain on sale/Commissions	8	9	14	11
Servicing revenue	5	$ 2	$ 7	$ 3
EMEA \| Subsidiaries
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finance receivable sales - net proceeds	$ 11

Shareholder's Equity of Xerox (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Shareholder's Equity of Xerox

The shareholders' equity information presented below reflects the consolidated activity of Xerox Holdings.


	Common Stock(1)		Additional Paid-in Capital		Treasury Stock		Retained Earnings		AOCL(2)		Xerox Holdings Shareholders’ Equity		Non-controlling Interests		Total Equity
Balance at March 31, 2024	$	124	$	1,099	$	—	$	4,828	$	(3,673)	$	2,378	$	3	$	2,381

Comprehensive income (loss), net	—		—		—		18		(14)		4		—		4
Cash dividends declared - common(3)	—		—		—		(33)		—		(33)		—		(33)
Cash dividends declared - preferred(4)	—		—		—		(3)		—		(3)		—		(3)


Stock option and incentive plans, net	—		15		—		—		—		15		—		15




Transactions with noncontrolling interests	—		—		—		—		—		—		1		1
Balance at June 30, 2024	$	124	$	1,114	$	—	$	4,810	$	(3,687)	$	2,361	$	4	$	2,365


	Common Stock(1)		Additional Paid-in Capital		Treasury Stock		Retained Earnings		AOCL(2)		Xerox Holdings Shareholders’ Equity		Non- controlling Interests		Total Equity
Balance at March 31, 2023	$	157	$	1,594	$	—	$	5,162	$	(3,454)	$	3,459	$	8	$	3,467

Comprehensive (loss) income, net	—		—		—		(61)		17		(44)		—		(44)
Cash dividends declared - common(3)	—		—		—		(41)		—		(41)		—		(41)
Cash dividends declared - preferred(4)	—		—		—		(3)		—		(3)		—		(3)


Stock option and incentive plans, net	—		13		—		—		—		13		—		13



Transactions with noncontrolling interests	—		—		—		—		—		—		1		1
Distributions to noncontrolling interests	—		—		—		—		—		—		(1)		(1)

Balance at June 30, 2023	$	157	$	1,607	$	—	$	5,057	$	(3,437)	$	3,384	$	8	$	3,392


	Common Stock(1)		Additional Paid-in Capital		Treasury Stock		Retained Earnings		AOCL(2)		Xerox Holdings Shareholders’ Equity		Non-controlling Interests		Total Equity
Balance at December 31, 2023	$	123	$	1,114	$	—	$	4,977	$	(3,676)	$	2,538	$	10	$	2,548

Comprehensive loss, net	—		—		—		(95)		(11)		(106)		—		(106)
Cash dividends declared - common(3)	—		—		—		(65)		—		(65)		—		(65)
Cash dividends declared - preferred(4)	—		—		—		(7)		—		(7)		—		(7)


Purchases of capped calls(5)	—		(17)		—		—		—		(17)		—		(17)
Stock option and incentive plans, net	1		17		—		—		—		18		—		18



Transactions with noncontrolling interests	—		—		—		—		—		—		(5)		(5)
Distributions to noncontrolling interests	—		—		—		—		—		—		(1)		(1)

Balance at June 30, 2024	$	124	$	1,114	$	—	$	4,810	$	(3,687)	$	2,361	$	4	$	2,365


	Common Stock(1)		Additional Paid-in Capital		Treasury Stock		Retained Earnings		AOCL(2)		Xerox Holdings Shareholders’ Equity		Non- controlling Interests		Total Equity
Balance at December 31, 2022	$	156	$	1,588	$	—	$	5,136	$	(3,537)	$	3,343	$	10	$	3,353

Comprehensive income, net	—		—		—		10		100		110		—		110
Cash dividends declared - common(3)	—		—		—		(82)		—		(82)		—		(82)
Cash dividends declared - preferred(4)	—		—		—		(7)		—		(7)		—		(7)


Stock option and incentive plans, net	1		19		—		—		—		20		—		20





Distributions to noncontrolling interests	—		—		—		—		—		—		(2)		(2)

Balance at June 30, 2023	$	157	$	1,607	$	—	$	5,057	$	(3,437)	$	3,384	$	8	$	3,392

_____________

(1)Common Stock has a par value of $1 per share.

(2)Refer to Note 19 - Other Comprehensive (Loss) Income for the components of AOCL.

(3)Cash dividends declared on common stock for the three and six months ended June 30, 2024 and 2023 were $0.25 per share, respectively, and $0.50 per share, respectively.

(4)Cash dividends declared on preferred stock for the three and six months ended June 30, 2024 and 2023 were $20.00 per share, respectively, and $40.00 per share, respectively.

The shareholder's equity information presented below reflects the consolidated activity of Xerox.


	Additional Paid-in Capital		Retained Earnings		AOCL(1)		Xerox Shareholder's Equity		Non- controlling Interests		Total Equity
Balance at March 31, 2024	$	3,465	$	2,811	$	(3,673)	$	2,603	$	3	$	2,606
Comprehensive income (loss), net	—		19		(14)		5		—		5


Dividends declared to parent	—		(34)		—		(34)		—		(34)

Transfers from parent	8		—		—		8		—		8







Transactions with noncontrolling interests	—		—		—		—		1		1

Balance at June 30, 2024	$	3,473	$	2,796	$	(3,687)	$	2,582	$	4	$	2,586


	Additional Paid-in Capital		Retained Earnings		AOCL(1)		Xerox Shareholder's Equity		Non- controlling Interests		Total Equity
Balance at March 31, 2023	$	3,695	$	3,455	$	(3,454)	$	3,696	$	8	$	3,704

Comprehensive (loss) income, net	—		(61)		17		(44)		—		(44)


Dividends declared to parent	—		(43)		—		(43)		—		(43)

Transfers from parent	13		—		—		13		—		13








Balance at June 30, 2023	$	3,708	$	3,351	$	(3,437)	$	3,622	$	8	$	3,630


	Additional Paid-in Capital		Retained Earnings		AOCL(1)		Xerox Shareholder's Equity		Non- controlling Interests		Total Equity
Balance at December 31, 2023	$	3,485	$	2,959	$	(3,676)	$	2,768	$	10	$	2,778


Comprehensive loss, net	—		(94)		(11)		(105)		—		(105)


Dividends declared to parent	—		(69)		—		(69)		—		(69)

Transfers to parent	(12)		—		—		(12)		—		(12)






Transactions with noncontrolling interests	—		—		—		—		(5)		(5)
Distributions to noncontrolling interests	—		—		—		—		(1)		(1)
Balance at June 30, 2024	$	3,473	$	2,796	$	(3,687)	$	2,582	$	4	$	2,586


	Additional Paid-in Capital		Retained Earnings		AOCL(1)		Xerox Shareholder's Equity		Non- controlling Interests		Total Equity
Balance at December 31, 2022	$	3,693	$	3,427	$	(3,537)	$	3,583	$	10	$	3,593

Comprehensive income, net	—		10		100		110		—		110


Dividends declared to parent	—		(86)		—		(86)		—		(86)

Transfers from parent	15		—		—		15		—		15


Distributions to noncontrolling interests	—		—		—		—		(2)		(2)
Balance at June 30, 2023	$	3,708	$	3,351	$	(3,437)	$	3,622	$	8	$	3,630

_____________

(1)Refer to Note 19 - Other Comprehensive (Loss) Income for the components of AOCL.

Revenue - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract liabilities	$ 118	$ 132
Contract liability amortization period (in months)	30 months
Capitalized contract cost, amortization period (in years)	4 years

Lessee - Operating Lease ROU Asset- Operating Leases Assets and Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease, right-of-use asset, statement of financial position [extensible list]	Other long-term assets	Other long-term assets
Other long-term assets	$ 170	$ 172
Operating lease, liability, current, statement of financial position [extensible list]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Accrued expenses and other current liabilities	$ 39	$ 41
Operating lease, liability, noncurrent, statement of financial position [extensible list]	Other long-term liabilities	Other long-term liabilities
Other long-term liabilities	$ 140	$ 141
Total Operating lease liabilities	$ 179	$ 182

Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Derivatives Outstanding

Secured Borrowing

Derivative Type

Notional Amount

Canada

Swap

France

Cap

France

Cap

Total

181

Schedule of Gains (losses) on Derivative Instruments

The following table provides a summary of gains (losses) on derivative instruments in cash flow hedging relationships:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023




Derivative Loss Recognized in OCI (Effective Portion)
Foreign exchange contracts - forwards and options	$	(5)	$	(13)	$	(8)	$	(15)



Location of Derivative Losses (Gains) Reclassified from AOCL to Income (Effective Portion)
Cost of sales	$	(4)	$	(8)	$	(8)	$	(14)
Interest expense	—		1		1		2
Total	$	(4)	$	(7)	$	(7)	$	(12)

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

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


Derivatives NOT Designated as Hedging Instruments	Location of Derivative Loss	Three Months Ended June 30,				Six Months Ended June 30,
		2024		2023		2024		2023
Foreign exchange contracts – forwards	Other expenses, net – Currency losses, net	$	(6)	$	(28)	$	(14)	$	(33)

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation References to “Xerox Holdings” refer to Xerox Holdings Corporation and its consolidated subsidiaries, while references to “Xerox” refer to Xerox Corporation and its consolidated subsidiaries. References herein to “we,” “us,” “our,” and the “Company” refer collectively to both Xerox Holdings and Xerox unless the context suggests otherwise. References to "Xerox Holdings Corporation" refer to the stand-alone parent company and do not include its subsidiaries. References to "Xerox Corporation" refer to the stand-alone company and do not include its subsidiaries. The accompanying unaudited Condensed Consolidated Financial Statements and footnotes represent the respective, consolidated results and financial results of Xerox Holdings and Xerox and all respective companies that each registrant directly or indirectly controls, either through majority ownership or otherwise. This is a combined report of Xerox Holdings and Xerox, which includes separate unaudited Condensed Consolidated Financial Statements for each registrant. The accompanying unaudited Condensed Consolidated Financial Statements of both Xerox Holdings and Xerox have been prepared in accordance with the accounting policies described in the Combined 2023 Annual Report on Form 10-K (2023 Annual Report), except as noted herein, and the interim reporting requirements of Form 10-Q. Accordingly, certain information and note disclosures normally included in our annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) have been condensed or omitted. You should read these Condensed Consolidated Financial Statements in conjunction with the Consolidated Financial Statements included in the 2023 Annual Report. In our opinion, all adjustments necessary for a fair statement of financial position, operating results and cash flows for the interim periods presented have been made. These adjustments consist of normal recurring items. Interim results of operations are not necessarily indicative of the results of the full year. For convenience and ease of reference, we refer to the financial statement caption “Income (Loss) before Income Taxes” as “pre-tax income (loss)”. Certain reclassifications have been made to the amounts for prior years in order to conform to the current year's presentation. Notes to the Condensed Consolidated Financial Statements reflect the activity for both Xerox Holdings and Xerox for all periods presented, unless otherwise noted. Goodwill Our Goodwill, net balance was $2,719 and $2,747 at June 30, 2024 and December 31, 2023, respectively. We assess Goodwill for impairment at least annually during the fourth quarter and whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The Company's latest projections for the full year 2024 are in line with expectations reviewed as part of our fourth quarter 2023 Goodwill qualitative assessment. Accordingly, as of June 30, 2024, we determined that we did not have a triggering event requiring a quantitative assessment of Goodwill. If assumptions or estimates with respect to the Company's future performance vary from what is expected, including those assumptions relating to interest rates, inflationary pressure on product and labor costs, execution of Reinvention and geopolitical uncertainty, this may impact the impairment analysis and could reduce the underlying cash flows used to estimate fair values and result in a decline in fair value that may trigger future impairment charges. We will continue to monitor developments in 2024 including updates to our forecasts as well as our market capitalization, and an update of our assessment and related estimates may be required in the future.

Xerox Corporation Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Cash and cash equivalents	$ 485	$ 519
Accounts receivable (net of allowance)	847	850
Billed portion of finance receivables (net of allowance)	70	71
Finance receivables, net	713	842
Inventories	737	661
Other current assets	199	234
Total current assets	3,051	3,177
Finance receivables due after one year, net	1,277	1,597
Equipment on operating leases, net	253	265
Land, buildings and equipment, net	227	266
Intangible assets, net	155	177
Goodwill, net	2,719	2,747
Deferred tax assets	760	745
Other long-term assets	1,049	1,034
Total Assets	9,491	10,008
Short-term debt and current portion of long-term debt	129	567
Accounts payable	936	1,044
Accrued compensation and benefits costs	205	306
Accrued expenses and other current liabilities	776	862
Total current liabilities	2,046	2,779
Long-term debt	3,174	2,710
Pension and other benefit liabilities	1,180	1,216
Post-retirement medical benefits	164	171
Other long-term liabilities	338	360
Total Liabilities	6,902	7,236
Commitments and Contingencies (See Note 21)
Noncontrolling Interests	10	10
Additional paid-in capital	1,114	1,114
Retained earnings	4,810	4,977
Accumulated other comprehensive loss	(3,687)	(3,676)
Xerox Holdings/Xerox shareholders' equity	2,361	2,538
Noncontrolling interests	4	10
Total Equity	2,365	2,548
Total Liabilities and Equity	9,491	10,008
XEROX CORPORATION
Cash and cash equivalents	483	519
Accounts receivable (net of allowance)	847	850
Billed portion of finance receivables (net of allowance)	70	71
Finance receivables, net	713	842
Inventories	737	661
Other current assets	199	234
Total current assets	3,049	3,177
Finance receivables due after one year, net	1,277	1,597
Equipment on operating leases, net	253	265
Land, buildings and equipment, net	227	266
Intangible assets, net	155	177
Goodwill, net	2,719	2,747
Deferred tax assets	760	745
Other long-term assets	1,015	1,008
Total Assets	9,455	9,982
Short-term debt and current portion of long-term debt	129	567
Accounts payable	936	1,044
Accrued compensation and benefits costs	205	306
Accrued expenses and other current liabilities	733	820
Total current liabilities	2,003	2,737
Pension and other benefit liabilities	1,180	1,216
Post-retirement medical benefits	164	171
Other long-term liabilities	338	360
Total Liabilities	6,859	7,194
Commitments and Contingencies (See Note 21)
Noncontrolling Interests	10	10
Additional paid-in capital	3,473	3,485
Retained earnings	2,796	2,959
Accumulated other comprehensive loss	(3,687)	(3,676)
Xerox Holdings/Xerox shareholders' equity	2,582	2,768
Noncontrolling interests	4	10
Total Equity	2,586	2,778
Total Liabilities and Equity	9,455	9,982
XEROX CORPORATION \| Nonrelated Party
Long-term debt	1,154	1,213
XEROX CORPORATION \| Related Party
Long-term debt	$ 2,020	$ 1,497

Lessee - Components of Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating lease expense	$ 17	$ 22	$ 35	$ 45
Short-term lease expense	4	4	8	8
Variable lease expense	13	13	27	26
Sublease income	0	0	0	(1)
Total Lease expense	$ 34	$ 39	$ 70	$ 78

Lessee

6 Months Ended

Jun. 30, 2024

Supplemental Financial Information [Abstract]

Lessee

Operating Leases

We have operating leases for real estate, vehicles and for certain equipment in our domestic and international 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:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Operating lease expense	$	17	$	22	$	35	$	45
Short-term lease expense	4		4		8		8
Variable lease expense(1)	13		13		27		26
Sublease income	—		—		—		(1)

Total Lease expense	$	34	$	39	$	70	$	78

_____________

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

As of June 30, 2024, we had no operating leases that were material that had not yet commenced.

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


	June 30, 2024		December 31, 2023
Other long-term assets	$	170	$	172

Accrued expenses and other current liabilities	$	39	$	41
Other long-term liabilities	140		141
Total Operating lease liabilities	$	179	$	182

The net assets and the liabilities related to our finance leases were immaterial for all periods presented.

Supplementary Financial Information (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Restricted Cash

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


	June 30, 2024		December 31, 2023
Cash and cash equivalents	$	485	$	519
Restricted cash
Litigation deposits in Brazil	24		27
Escrow and cash collections related to secured borrowing arrangements and receivable sales(1)	19		49
Other restricted cash	23		22
Total Restricted cash	66		98
Cash, cash equivalents and restricted cash(2)	$	551	$	617

_____________

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

(2)Xerox Corporation Cash, cash equivalents and restricted cash of $549 excludes $2 of cash held by Myriad Ventures Fund I LP.

Schedule of Restricted Cash Balance Sheet Location

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


	June 30, 2024		December 31, 2023
Other current assets	$	40	$	70
Other long-term assets	26		28
Total Restricted cash	$	66	$	98

Schedule of Cash Flow Information

Summarized cash flow information is as follows:


	Location in Statement of Cash Flows	Six Months Ended June 30,
Source/(Use)			2024		2023
Provision for receivables	Operating		$	24	$	12
Provision for inventory	Operating		55		9
Depreciation of buildings and equipment	Operating		27		31
Depreciation and obsolescence of equipment on operating leases	Operating		57		55
Amortization of internal use software	Operating		14		19

Amortization of acquired intangible assets	Operating		20		21
Amortization of patents(1)	Operating		5		4
Amortization of customer contract costs(2)	Operating		32		34

Cost of additions to land, buildings and equipment	Investing		(14)		(11)
Cost of additions to internal use software	Investing		(4)		(4)
Payments to acquire noncontrolling interests - Xerox Holdings	Investing		(20)		(3)
Common stock dividends - Xerox Holdings	Financing		(64)		(81)
Preferred stock dividends - Xerox Holdings	Financing		(7)		(7)


Payments to noncontrolling interests	Financing		(1)		(2)

Repurchases related to stock-based compensation - Xerox Holdings	Financing		(10)		(7)

_____________

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

Fair Value of Financial Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Financial Assets and Liabilities


	June 30, 2024		December 31, 2023
Assets
Derivatives	$	3	$	11




Deferred compensation plan investments in mutual funds	14		14
Total	$	17	$	25
Liabilities
Derivatives	$	8	$	8



Deferred compensation plan liabilities	13		13
Total	$	21	$	21

Schedule of Estimated Fair Values of Financial Assets and Liabilities Not Measured at Fair Value on a Recurring Basis

The estimated fair values of our other financial assets and liabilities were as follows:


	June 30, 2024				December 31, 2023
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Cash and cash equivalents(1)	$	485	$	485	$	519	$	519
Accounts receivable, net	847		847		850		850
Short-term debt and current portion of long-term debt	129		135		567		567
Long-term Debt
Xerox Holdings Corporation	2,020		1,830		1,497		1,410
Xerox Corporation	1,085		963		1,096		1,023
Xerox - Other Subsidiaries(2)	69		69		117		117
Long-term debt	$	3,174	$	2,862	$	2,710	$	2,550

____________

(1)Xerox Corporation Cash and cash equivalents of $483 excludes $2 of cash held by Myriad Ventures Fund I LP.

(2)Represents subsidiaries of Xerox Corporation

Inventories and Equipment on Operating Leases, Net - Inventories by Major Category (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Inventory [Line Items]
Finished goods	$ 639		$ 639		$ 528
Work-in-process	48		48		47
Raw materials	50		50		86
Total Inventories	737		737		$ 661
Write off of inventory	8	$ 0	44	$ 0
Reduction of Inventory
Inventory [Line Items]
Write off of inventory	$ 6		$ 38

Financial Instruments - Derivatives Not Designated as Hedging Instruments Gains (Losses) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivatives \| Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on non-designated derivative instruments	$ (6)	$ (28)	$ (14)	$ (33)

Xerox Corporation Condensed Consolidated Statements of Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues
Total Revenues	$ 1,578	$ 1,754	$ 3,080	$ 3,469
Costs and Expenses
Cost of financing	29	34	56	70
Research, development and engineering expenses	50	57	99	121
Selling, administrative and general expenses	393	433	790	840
Restructuring and related costs, net	12	23	51	25
Amortization of intangible assets	10	10	20	21
Divestitures	(3)	0	51	0
PARC Donation	0	132	0	132
Other expenses, net	33	31	77	51
Total Costs and Expenses	1,553	1,843	3,205	3,473
Income (Loss) before Income Taxes	25	(89)	(125)	(4)
Income tax expense (benefit)	7	(28)	(30)	(14)
Net Income (Loss)	18	(61)	(95)	10
XEROX CORPORATION
Revenues
Total Revenues	1,578	1,754	3,080	3,469
Costs and Expenses
Cost of financing	29	34	56	70
Research, development and engineering expenses	50	57	99	121
Selling, administrative and general expenses	392	433	789	840
Restructuring and related costs, net	12	23	51	25
Amortization of intangible assets	10	10	20	21
Divestitures	(3)	0	51	0
PARC Donation			0	132
Other expenses, net	33	31	77	51
Total Costs and Expenses	1,552	1,843	3,204	3,473
Income (Loss) before Income Taxes	26	(89)	(124)	(4)
Income tax expense (benefit)	7	(28)	(30)	(14)
Net Income (Loss)	19	(61)	(94)	10
Sales
Revenues
Total Revenues	611	696	1,134	1,355
Costs and Expenses
Cost of sales/services, maintenance and rentals	387	452	727	877
Sales \| XEROX CORPORATION
Revenues
Total Revenues	611	696	1,134	1,355
Costs and Expenses
Cost of sales/services, maintenance and rentals	387	452	727	877
Services, maintenance and rentals
Revenues
Total Revenues	929	1,009	1,866	2,013
Costs and Expenses
Cost of sales/services, maintenance and rentals	642	671	1,334	1,336
Services, maintenance and rentals \| XEROX CORPORATION
Revenues
Total Revenues	929	1,009	1,866	2,013
Costs and Expenses
Cost of sales/services, maintenance and rentals	642	671	1,334	1,336
Financing
Revenues
Total Revenues	38	49	80	101
Financing \| XEROX CORPORATION
Revenues
Total Revenues	$ 38	$ 49	$ 80	$ 101

Shareholders’ Equity of Xerox Holdings - Shareholders' Equity (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	$ 2,381,000,000	$ 3,467,000,000	$ 2,548,000,000	$ 3,353,000,000
Comprehensive (loss) income, net	4,000,000	(44,000,000)	(106,000,000)	110,000,000
Cash dividends declared - common	(33,000,000)	(41,000,000)	(65,000,000)	(82,000,000)
Cash dividends declared - preferred	(3,000,000)	(3,000,000)	(7,000,000)	(7,000,000)
Purchases of capped calls			(17,000,000)
Stock option and incentive plans, net	15,000,000	13,000,000	18,000,000	20,000,000
Transactions with noncontrolling interests	1,000,000	1,000,000
Transactions with noncontrolling interests			(5,000,000)
Distributions to noncontrolling interests		(1,000,000)	(1,000,000)	(2,000,000)
Balance at end of period	$ 2,365,000,000	$ 3,392,000,000	$ 2,365,000,000	$ 3,392,000,000
Dividends per common share (in dollars per share)	$ 0.25	$ 0.25	$ 0.50	$ 0.50
Dividends per preferred share (in dollars per share)	$ 20.00	$ 20.00	$ 40.00	$ 40.00
Convertible Senior Notes Due 2030 \| Convertible Debt
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Principal debt	$ 400,000,000		$ 400,000,000		$ 400,000,000
Debt interest rate (as percent)	3.75%		3.75%		3.75%
Xerox Holdings Shareholders’ Equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	$ 2,378,000,000	$ 3,459,000,000	$ 2,538,000,000	$ 3,343,000,000
Comprehensive (loss) income, net	4,000,000	(44,000,000)	(106,000,000)	110,000,000
Cash dividends declared - common	(33,000,000)	(41,000,000)	(65,000,000)	(82,000,000)
Cash dividends declared - preferred	(3,000,000)	(3,000,000)	(7,000,000)	(7,000,000)
Purchases of capped calls			(17,000,000)
Stock option and incentive plans, net	15,000,000	13,000,000	18,000,000	20,000,000
Balance at end of period	2,361,000,000	3,384,000,000	2,361,000,000	3,384,000,000
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	124,000,000	157,000,000	123,000,000	156,000,000
Stock option and incentive plans, net			1,000,000	1,000,000
Balance at end of period	$ 124,000,000	157,000,000	$ 124,000,000	157,000,000
Par value (in dollars per share)	$ 1		$ 1
Additional Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	$ 1,099,000,000	1,594,000,000	$ 1,114,000,000	1,588,000,000
Purchases of capped calls			(17,000,000)
Stock option and incentive plans, net	15,000,000	13,000,000	17,000,000	19,000,000
Balance at end of period	1,114,000,000	1,607,000,000	1,114,000,000	1,607,000,000
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	0	0	0	0
Balance at end of period	0	0	0	0
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	4,828,000,000	5,162,000,000	4,977,000,000	5,136,000,000
Comprehensive (loss) income, net	18,000,000	(61,000,000)	(95,000,000)	10,000,000
Cash dividends declared - common	(33,000,000)	(41,000,000)	(65,000,000)	(82,000,000)
Cash dividends declared - preferred	(3,000,000)	(3,000,000)	(7,000,000)	(7,000,000)
Balance at end of period	4,810,000,000	5,057,000,000	4,810,000,000	5,057,000,000
AOCL
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	(3,673,000,000)	(3,454,000,000)	(3,676,000,000)	(3,537,000,000)
Comprehensive (loss) income, net	(14,000,000)	17,000,000	(11,000,000)	100,000,000
Balance at end of period	(3,687,000,000)	(3,437,000,000)	(3,687,000,000)	(3,437,000,000)
Non-controlling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	3,000,000	8,000,000	10,000,000	10,000,000
Transactions with noncontrolling interests	1,000,000	1,000,000
Transactions with noncontrolling interests			(5,000,000)
Distributions to noncontrolling interests		(1,000,000)	(1,000,000)	(2,000,000)
Balance at end of period	$ 4,000,000	$ 8,000,000	$ 4,000,000	$ 8,000,000

Earnings (Loss) per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings (Loss) per Share

(shares in thousands)

The following table sets forth the computation of basic and diluted earnings (loss) per share of Xerox Holdings Corporation's common stock:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Basic Earnings (Loss) per Share
Net Income (Loss) Attributable to Xerox Holdings	$	18	$	(61)	$	(95)	$	10
Accrued dividends on preferred stock	(3)		(3)		(7)		(7)


Adjusted Net income (loss) available to common shareholders	$	15	$	(64)	$	(102)	$	3

Weighted average common shares outstanding	124,230		157,009		124,062		156,817




Basic Earnings (Loss) per Share:	$	0.12	$	(0.41)	$	(0.83)	$	0.02

Diluted Earnings (Loss) per Share
Net Income (Loss) Attributable to Xerox Holdings	$	18	$	(61)	$	(95)	$	10
Accrued dividends on preferred stock	(3)		(3)		(7)		(7)


Adjusted Net income (loss) available to common shareholders	$	15	$	(64)	$	(102)	$	3

Weighted average common shares outstanding	124,230		157,009		124,062		156,817
Common shares issuable with respect to:
Stock options	—		—		—		—
Restricted stock and performance shares	1,325		—		—		1,078
Convertible preferred stock	—		—		—		—

Adjusted weighted average common shares outstanding	125,555		157,009		124,062		157,895




Diluted Earnings (Loss) per Share	$	0.11	$	(0.41)	$	(0.83)	$	0.02

The following securities were not included in the computation of diluted earnings per share as they were either contingently issuable shares or shares that if included would have been anti-dilutive:
Stock options	174		287		174		287
Restricted stock and performance shares	6,703		7,174		8,028		6,096
Convertible preferred stock	6,742		6,742		6,742		6,742
Convertible notes(1)	19,196		—		19,196		—
Total Anti-Dilutive Securities	32,815		14,203		34,140		13,125

Dividends per Common Share	$	0.25	$	0.25	$	0.50	$	0.50

_____________

(1)Refer to Note 13 - Debt for additional information related to the issuance of Xerox Holdings Corporation's $400 of 3.75% Convertible Senior Notes due 2030.

Divestitures (Details) - USD ($) $ in Millions	1 Months Ended		3 Months Ended		6 Months Ended
Divestitures (Details) - USD ($) $ in Millions	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Divestitures			$ (3)	$ 0	$ 51	$ 0
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Argentina and Chile Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total consideration	$ 19		19		19
Divestitures	$ 51
Currency translation loss		$ 40
Goodwill		10
Net assets		18
Purchase price adjustment credit			$ 3
Related fees		$ 2
Income tax benefit					19
After-tax loss from divestitures					$ 32

Shareholder's Equity of Xerox (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	$ 2,381	$ 3,467	$ 2,548	$ 3,353
Comprehensive (loss) income, net	4	(44)	(106)	110
Transactions with noncontrolling interests	1	1
Transactions with noncontrolling interests			(5)
Distributions to noncontrolling interests		(1)	(1)	(2)
Balance at end of period	2,365	3,392	2,365	3,392
XEROX CORPORATION
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	2,606	3,704	2,778	3,593
Comprehensive (loss) income, net	5	(44)	(105)	110
Dividends declared to parent	(34)	(43)	(69)	(86)
Transfers from parent	8	13		15
Transfers to parent			(12)
Transactions with noncontrolling interests	1
Transactions with noncontrolling interests			(5)
Distributions to noncontrolling interests			(1)	(2)
Balance at end of period	2,586	3,630	2,586	3,630
Xerox Holdings Shareholders’ Equity
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	2,378	3,459	2,538	3,343
Comprehensive (loss) income, net	4	(44)	(106)	110
Balance at end of period	2,361	3,384	2,361	3,384
Xerox Holdings Shareholders’ Equity \| XEROX CORPORATION
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	2,603	3,696	2,768	3,583
Comprehensive (loss) income, net	5	(44)	(105)	110
Dividends declared to parent	(34)	(43)	(69)	(86)
Transfers from parent	8	13		15
Transfers to parent			(12)
Balance at end of period	2,582	3,622	2,582	3,622
Additional Paid-in Capital
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	1,099	1,594	1,114	1,588
Balance at end of period	1,114	1,607	1,114	1,607
Additional Paid-in Capital \| XEROX CORPORATION
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	3,465	3,695	3,485	3,693
Transfers from parent	8	13		15
Transfers to parent			(12)
Balance at end of period	3,473	3,708	3,473	3,708
Retained Earnings
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	4,828	5,162	4,977	5,136
Comprehensive (loss) income, net	18	(61)	(95)	10
Balance at end of period	4,810	5,057	4,810	5,057
Retained Earnings \| XEROX CORPORATION
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	2,811	3,455	2,959	3,427
Comprehensive (loss) income, net	19	(61)	(94)	10
Dividends declared to parent	(34)	(43)	(69)	(86)
Balance at end of period	2,796	3,351	2,796	3,351
AOCL
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	(3,673)	(3,454)	(3,676)	(3,537)
Comprehensive (loss) income, net	(14)	17	(11)	100
Balance at end of period	(3,687)	(3,437)	(3,687)	(3,437)
AOCL \| XEROX CORPORATION
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	(3,673)	(3,454)	(3,676)	(3,537)
Comprehensive (loss) income, net	(14)	17	(11)	100
Balance at end of period	(3,687)	(3,437)	(3,687)	(3,437)
Non-controlling Interests
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	3	8	10	10
Transactions with noncontrolling interests	1	1
Transactions with noncontrolling interests			(5)
Distributions to noncontrolling interests		(1)	(1)	(2)
Balance at end of period	4	8	4	8
Non-controlling Interests \| XEROX CORPORATION
Increase (Decrease) in Stockholder's Equity [Roll Forward]
Balance at beginning of period	3	8	10	10
Transactions with noncontrolling interests	1
Transactions with noncontrolling interests			(5)
Distributions to noncontrolling interests			(1)	(2)
Balance at end of period	$ 4	$ 8	$ 4	$ 8

Segment Reporting - Selected Financial Information for Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	$ 1,578	$ 1,754	$ 3,080	$ 3,469
Depreciation and amortization	59	62	118	126
Interest income	42	53	87	110
Intersegment Revenue
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	19	21	38	44
Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	1,597	1,775	3,118	3,513
Segment profit	$ 85	$ 107	$ 118	$ 225
Segment margin	5.40%	6.10%	3.80%	6.50%
Depreciation and amortization	$ 49	$ 52	$ 98	$ 105
Interest income	38	49	80	101
Interest expense	29	34	56	70
Print and Other
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	1,489	1,653	2,900	3,266
Print and Other \| Intersegment Revenue
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	19	21	38	44
Print and Other \| Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	1,508	1,674	2,938	3,310
Segment profit	$ 81	$ 107	$ 114	$ 207
Segment margin	5.40%	6.50%	3.90%	6.30%
Depreciation and amortization	$ 49	$ 52	$ 98	$ 105
Interest income	0	0	0	0
Interest expense	0	0	0	0
XFS
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	89	101	180	203
XFS \| Intersegment Revenue
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	0	0	0	0
XFS \| Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	89	101	180	203
Segment profit	$ 4	$ 0	$ 4	$ 18
Segment margin	4.50%	0.00%	2.20%	8.90%
Depreciation and amortization	$ 0	$ 0	$ 0	$ 0
Interest income	38	49	80	101
Interest expense	$ 29	$ 34	$ 56	$ 70

Inventories and Equipment on Operating Leases, Net

6 Months Ended

Jun. 30, 2024

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:


	June 30, 2024		December 31, 2023
Finished goods	$	639	$	528
Work-in-process	48		47
Raw materials(1)	50		86
Total Inventories	$	737	$	661

_____________

(1)Raw materials at June 30, 2024 reflects a reduction of approximately $38, related to the exit of certain production print manufacturing operations.

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

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


	June 30, 2024		December 31, 2023
Equipment on operating leases	$	984	$	1,074
Accumulated depreciation	(731)		(809)
Equipment on operating leases, net	$	253	$	265

Total contingent rentals on operating leases, consisting principally of usage charges in excess of minimum contracted amounts, were $10 and $16 for the three months ended June 30, 2024 and 2023, respectively, and $23 and $33 for the six months ended June 30, 2024 and 2023, respectively.

Revenue - Capitalized Contract Cost (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Capitalized Contract Cost, Net [Roll Forward]
Beginning balance	$ 134	$ 136	$ 134	$ 135	$ 136	$ 135
Customer contract costs deferred	13	15	18	16
Amortization of customer contract costs	(16)	(16)	(18)	(16)	(32)	(34)
Other		(1)		(1)
Ending balance	$ 131	$ 134	$ 134	$ 134	$ 131	$ 134

Lessor (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Components of Lease Income

The components of lease income are as follows:


		Three Months Ended June 30,				Six Months Ended June 30,
	Location in Statements of Income (Loss)	2024		2023		2024		2023
Revenue from sales type leases	Sales	$	163	$	245	$	325	$	475


Interest income on lease receivables	Financing	38		49		80		101


Lease income - operating leases	Services, maintenance and rentals	44		40		85		80
Variable lease income	Services, maintenance and rentals	10		16		23		33
Total Lease income		$	255	$	350	$	513	$	689

Schedule of Components of Lease Income

The components of lease income are as follows:


		Three Months Ended June 30,				Six Months Ended June 30,
	Location in Statements of Income (Loss)	2024		2023		2024		2023
Revenue from sales type leases	Sales	$	163	$	245	$	325	$	475


Interest income on lease receivables	Financing	38		49		80		101


Lease income - operating leases	Services, maintenance and rentals	44		40		85		80
Variable lease income	Services, maintenance and rentals	10		16		23		33
Total Lease income		$	255	$	350	$	513	$	689

Schedule of Components of Lease Income

The components of lease income are as follows:


		Three Months Ended June 30,				Six Months Ended June 30,
	Location in Statements of Income (Loss)	2024		2023		2024		2023
Revenue from sales type leases	Sales	$	163	$	245	$	325	$	475


Interest income on lease receivables	Financing	38		49		80		101


Lease income - operating leases	Services, maintenance and rentals	44		40		85		80
Variable lease income	Services, maintenance and rentals	10		16		23		33
Total Lease income		$	255	$	350	$	513	$	689

Accounts Receivable, Net - Accounts Receivables (Details) - USD ($) $ in Millions	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for doubtful accounts	$ (66)		$ (64)
Accounts receivable, net	847		850
Accounts Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Invoiced	718		710
Accrued	195		204
Allowance for doubtful accounts	(66)	$ (65)	(64)	$ (58)	$ (53)	$ (52)
Accounts receivable, net	$ 847		$ 850

Finance Receivables, Net - Allowance for Credit Losses (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended	12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 88	$ 92	$ 101	$ 117	$ 92	$ 117
Provision	5	8	9	(12)
Charge-offs	(14)	(12)	(9)	(7)	(26)	(44)
Recoveries and other	0	0	2	3
Ending balance	79	88	103	101	79	92
Finance receivables collectively evaluated for impairment	2,139		2,810		$ 2,139
Loss rates of customers with low credit risk					1.00%
Loss rates of customers with average credit risk, low range					2.00%
Loss rates of customers with average credit risk, high range					5.00%
Loss rates of customers with high credit risk, low range					7.00%
Loss rates of customers with high credit risk, high range					10.00%
United States
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	49	58	65	83	$ 58	83
Provision	0	(3)	5	(15)
Charge-offs	(6)	(7)	(4)	(5)
Recoveries and other	0	1	0	2
Ending balance	43	49	66	65	43	58
Finance receivables collectively evaluated for impairment	898		1,444		898
Canada
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	11	7	7	7	7	7
Provision	1	5	1	0
Charge-offs	(5)	(1)	(1)	0	(6)	(3)
Recoveries and other	0	0	1	0
Ending balance	7	11	8	7	7	7
Finance receivables collectively evaluated for impairment	233		244		233
EMEA
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	28	27	29	27	27	27
Provision	4	6	3	3
Charge-offs	(3)	(4)	(4)	(2)	(7)	(17)
Recoveries and other	0	(1)	1	1
Ending balance	29	$ 28	29	$ 29	29	$ 27
Finance receivables collectively evaluated for impairment	$ 1,008		$ 1,122		$ 1,008

Revenue (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Primary geographical markets(1):
United States	$	872	$	982	$	1,683	$	1,929
Europe	461		497		912		971
Canada	126		136		247		280
Other	119		139		238		289
Total Revenues	$	1,578	$	1,754	$	3,080	$	3,469

Major product and services lines:
Equipment	$	356	$	420	$	646	$	811
Supplies, paper and other sales(2)	255		276		488		544
Maintenance agreements(3)	388		419		775		828
Service arrangements(4)	467		499		940		994
Rental and other	74		91		151		191
Financing	38		49		80		101

Total Revenues	$	1,578	$	1,754	$	3,080	$	3,469

Sales channels:

Direct equipment lease(5)	$	163	$	245	$	325	$	475
Distributors & resellers(6)	244		261		459		521
Customer direct	204		190		350		359
Total Sales	$	611	$	696	$	1,134	$	1,355

_____________

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

(2)Other sales include revenues associated with IT hardware.

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

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

(5)Primarily reflects sales through bundled lease arrangements.

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

Schedule of Capitalized Contract Cost

Changes in contract costs, net are as follows:



	2024		2023
Balance at January 1st,	$	136	$	135
Customer contract costs deferred	15		16
Amortization of customer contract costs	(16)		(16)
Other(1)	(1)		(1)
Balance at March 31st,	$	134	$	134
Customer contract costs deferred	13		18
Amortization of customer contract costs	(16)		(18)

Balance at June 30th,	$	131	$	134

_____________

(1)Includes currency.

Employee Benefit Plans - Net Periodic Benefit Cost and Other Changes in Plan Assets and Benefit Obligations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Retiree Health
Components of Net Periodic Benefit Costs:
Service cost	$ 0	$ 0	$ 0	$ 0
Interest cost	2	2	4	5
Expected return on plan assets	0	0	0	0
Recognized net actuarial loss (gain)	(3)	(4)	(6)	(6)
Amortization of prior service cost (credit)	(3)	(3)	(7)	(7)
Recognized settlement loss	0	0	0	0
Defined benefit plans	(4)	(5)	(9)	(8)
Net Periodic Benefit Cost (Credit)	(4)	(5)	(9)	(8)
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income:
Net actuarial loss (gain)	(1)	(5)	(1)	(5)
Prior service cost	0	0	0	0
Amortization of net actuarial (loss) gain	3	4	6	6
Amortization of net prior service (cost) credit	3	3	7	7
Total Recognized in Other Comprehensive (Loss) Income	5	2	12	8
Total Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive Income	1	(3)	3	0
U.S. Plans \| Pension Benefits
Components of Net Periodic Benefit Costs:
Service cost	0	0	0	0
Interest cost	28	27	55	54
Expected return on plan assets	(23)	(24)	(46)	(49)
Recognized net actuarial loss (gain)	5	4	10	7
Amortization of prior service cost (credit)	0	0	0	0
Recognized settlement loss	5	7	10	12
Defined benefit plans	15	14	29	24
Defined contribution plans	5	5	8	9
Net Periodic Benefit Cost (Credit)	20	19	37	33
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income:
Net actuarial loss (gain)	14	44	6	37
Prior service cost	0	0	0	0
Amortization of net actuarial (loss) gain	(10)	(11)	(20)	(19)
Amortization of net prior service (cost) credit	0	0	0	0
Total Recognized in Other Comprehensive (Loss) Income	4	33	(14)	18
Total Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive Income	24	52	23	51
Non-U.S. Plans \| Pension Benefits
Components of Net Periodic Benefit Costs:
Service cost	1	1	2	2
Interest cost	45	47	90	93
Expected return on plan assets	(48)	(51)	(96)	(107)
Recognized net actuarial loss (gain)	15	4	31	5
Amortization of prior service cost (credit)	3	2	4	3
Recognized settlement loss	0	0	0	0
Defined benefit plans	16	3	31	(4)
Defined contribution plans	6	4	11	10
Net Periodic Benefit Cost (Credit)	22	7	42	6
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income:
Net actuarial loss (gain)	0	(48)	0	(48)
Prior service cost	0	36	0	36
Amortization of net actuarial (loss) gain	(15)	(4)	(31)	(5)
Amortization of net prior service (cost) credit	(3)	(2)	(4)	(3)
Total Recognized in Other Comprehensive (Loss) Income	(18)	(18)	(35)	(20)
Total Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive Income	$ 4	$ (11)	$ 7	$ (14)

Finance Receivables, Net - Sales of Receivables (Details)	1 Months Ended	6 Months Ended
	Jan. 31, 2024	Jun. 30, 2024
Receivables [Abstract]
Financing receivable, term extension (in years)	5 years
Financing receivable, automatic extension, period (in years)		1 year

Lessee - Narrative (Details)	Jun. 30, 2024
Leases [Abstract]
Remaining terms of leases (years)	11 years

Contingencies and Litigation - Other Pending Litigation - Narrative (Details) - USD ($) $ in Millions	Mar. 10, 2021	Jun. 30, 2024
Performance Guarantee
Guarantor Obligations [Line Items]
Maximum exposure, undiscounted		$ 226
Xerox Holdings Corporation
Guarantor Obligations [Line Items]
Per-occurrence coverage	$ 1,000
Projected pandemic related losses	$ 300

Contingencies and Litigation (Tables)

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Loss Contingencies by Contingency

Below is a summary of our Brazilian tax contingencies:


	June 30, 2024		December 31, 2023
Tax contingency - unreserved	$	339	$	375
Escrow cash deposits	21		24
Surety bonds	92		104
Letters of credit	16		22
Liens on Brazilian assets	—		—

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

Below are the secured assets and obligations held by subsidiaries of Xerox, which are included in our Condensed Consolidated Balance Sheets.


	June 30, 2024
	Finance Receivables, Net(1)		Equipment on Operating Leases, Net		Secured Debt(2)		Interest Rate(3)		Expected Maturity






Canada(4)
July 2023	$	66	$	—	$	56	6.14	%	2026


France
November 2023	180		—		120		5.28	%	2026


Total	$	246	$	—	$	176


	December 31, 2023
	Finance Receivables, Net(1)		Equipment on Operating Leases, Net		Secured Debt(2)		Interest Rate(3)		Expected Maturity
U.S.(4)

January 2022(5)	$	209	$	—	$	77	6.82	%	2024
September 2021(5)	89		2		25		6.76	%	2024
Total U.S.	298		2		102

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


France
November 2023	235		—		182		5.42	%	2026


Total	$	619	$	2	$	361

_____________

(2)Represents the principal debt balance and excludes debt issuance costs of $0 and $1 as of June 30, 2024 and December 31, 2023, respectively.

(3)Represents the pre-hedged rate. Refer to Note 14 - Financial Instruments for additional information regarding hedging of these borrowings.

(4)Secured assets and obligations held by SPEs.

(5)In the second quarter of 2024, we repaid the remaining balances on these secured borrowings.

Schedule of Interest Income and Interest Expense Disclosure

Interest expense and income were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Interest expense(1)(2)	$	60	$	46	$	113	$	96
Interest income(3)	42		53		87		110

____________

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

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

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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