Debt (Tables)

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Interest Income and Interest Expense Disclosure

Interest paid on our short-term and long-term debt amounted to $352, $365 and $400 for the years ended December 31, 2016, 2015 and 2014, respectively.

	Year Ended December 31,
	2016		2015		2014
Interest paid - continuing operations	$	332	$	356	$	387
Interest paid - discontinued operations	20		9		13
Total interest paid on debt	$	352	$	365	$	400

Schedule of Short-term Debt

Short-term borrowings were as follows:

	December 31,
	2016		2015
Notes Payable	$	4	$	3
Current maturities of long-term debt	1,007		959
Total Short-term Debt	$	1,011	$	962

Schedule of Long-term Debt Instruments

Long-term debt was as follows:

					December 31,
	Stated Rate		Weighted Average Interest Rates at December 31, 2016(3)		2016			2015
Xerox Corporation
Senior Notes due 2016					$	—		$	700
Notes due 2016					—			250
Senior Notes due 2017 (1)	6.75	%	6.83	%	500			500
Senior Notes due 2017 (1)	2.95	%	2.98	%	500			500
Notes due 2018	0.57	%	0.57	%	1			1
Senior Notes due 2018	6.35	%	6.37	%	1,000			1,000
Senior Notes due 2019	2.75	%	2.77	%	500			500
Senior Notes due 2019	5.63	%	5.66	%	650			650
Senior Notes due 2020	2.80	%	2.81	%	400			400
Senior Notes due 2020	3.50	%	3.70	%	400			400
Senior Notes due 2020	2.75	%	2.77	%	400			400
Senior Notes due 2021	4.50	%	5.39	%	1,062			1,062
Senior Notes due 2024	3.80	%	3.84	%	300			300
Senior Notes due 2035	4.80	%	4.84	%	250			250
Senior Notes due 2039	6.75	%	6.78	%	350			350
Subtotal - Xerox Corporation					$	6,313		$	7,263
Subsidiary Companies
Capital lease obligations			9.44	%	31			39
Other			0.34	%	1			1
Subtotal - Subsidiary Companies					$	32		$	40
Principal debt balance					$	6,345		$	7,303
Unamortized discount					(43		)	(52		)
Debt issuance costs					(21		)	(29		)
Fair value adjustments(2)
Terminated swaps					27			47
Current swaps					4			7
Less: current maturities					(1,007		)	(959		)
Total Long-term Debt					$	5,305		$	6,317

_____________

(1) Senior Notes maturing in 2017 expected to be paid in part from funds received in the distribution from Conduent as part of the Separation. Refer to Note 4 - Divestitures for additional information.

(2) Fair value adjustments include the following: (i) fair value adjustments to debt associated with terminated interest rate swaps, which are being amortized to interest expense over the remaining term of the related notes; and (ii) changes in fair value of hedged debt obligations attributable to movements in benchmark interest rates. Hedge accounting requires hedged debt instruments to be reported inclusive of any fair value adjustment.

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

Schedule of Maturities of Long-term Debt

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

2017(1)		2018		2019		2020		2021		Thereafter		Total
$	1,007	$	1,008	$	1,156	$	1,207	$	1,067	$	900	$	6,345

_____________

(1) Quarterly long-term debt maturities from continuing operations for 2017 are $1,001, $2, $2 and $2 for the first, second, third and fourth quarters, respectively.

Schedule Of Interest Expense And Interest Income

Interest expense and interest income was as follows:

	Year Ended December 31,
	2016		2015		2014
Interest expense(1)	$	309	$	346	$	366
Interest income(2)	330		352		396

_____________

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

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