x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
New York | 16-0468020 | |
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) | |
P.O. Box 4505, 201 Merritt 7 Norwalk, Connecticut | 06851-1056 | |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer | x | Accelerated filer | o | Non-accelerated filer (Do not check if smaller reporting company) | o | Smaller reporting company | o | Emerging growth company | o |
Class | Outstanding at June 30, 2017 | |
Common Stock, $1 par value | 254,169,785 shares |
Page | ||
Item 1. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 3. | Defaults Upon Senior Securities | |
Item 4. | Mine Safety Disclosures | |
Item 5. | Other Information | |
Item 6. | ||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in millions, except per-share data) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenues | ||||||||||||||||
Sales | $ | 1,010 | $ | 1,126 | $ | 1,946 | $ | 2,129 | ||||||||
Services, maintenance and rentals | 1,483 | 1,585 | 2,925 | 3,114 | ||||||||||||
Financing | 74 | 82 | 150 | 165 | ||||||||||||
Total Revenues | 2,567 | 2,793 | 5,021 | 5,408 | ||||||||||||
Costs and Expenses | ||||||||||||||||
Cost of sales | 619 | 696 | 1,186 | 1,310 | ||||||||||||
Cost of services, maintenance and rentals | 884 | 953 | 1,784 | 1,903 | ||||||||||||
Cost of financing | 33 | 32 | 66 | 65 | ||||||||||||
Research, development and engineering expenses | 106 | 119 | 224 | 245 | ||||||||||||
Selling, administrative and general expenses | 643 | 691 | 1,307 | 1,392 | ||||||||||||
Restructuring and related costs | 40 | 47 | 160 | 147 | ||||||||||||
Amortization of intangible assets | 15 | 16 | 29 | 30 | ||||||||||||
Other expenses, net | 34 | 48 | 88 | 93 | ||||||||||||
Total Costs and Expenses | 2,374 | 2,602 | 4,844 | 5,185 | ||||||||||||
Income before Income Taxes and Equity Income | 193 | 191 | 177 | 223 | ||||||||||||
Income tax expense | 43 | 18 | 19 | 16 | ||||||||||||
Equity in net income of unconsolidated affiliates | 20 | 26 | 60 | 60 | ||||||||||||
Income from Continuing Operations | 170 | 199 | 218 | 267 | ||||||||||||
Loss from discontinued operations, net of tax | — | (38 | ) | (6 | ) | (73 | ) | |||||||||
Net Income | 170 | 161 | 212 | 194 | ||||||||||||
Less: Net income attributable to noncontrolling interests | 4 | 3 | 6 | 5 | ||||||||||||
Net Income Attributable to Xerox | $ | 166 | $ | 158 | $ | 206 | $ | 189 | ||||||||
Amounts Attributable to Xerox: | ||||||||||||||||
Net income from continuing operations | $ | 166 | $ | 196 | $ | 212 | $ | 262 | ||||||||
Net loss from discontinued operations | — | (38 | ) | (6 | ) | (73 | ) | |||||||||
Net Income Attributable to Xerox | $ | 166 | $ | 158 | $ | 206 | $ | 189 | ||||||||
Basic Earnings (Loss) per Share(1): | ||||||||||||||||
Continuing operations | $ | 0.64 | $ | 0.75 | $ | 0.81 | $ | 0.99 | ||||||||
Discontinued operations | — | (0.15 | ) | (0.03 | ) | (0.29 | ) | |||||||||
Total Basic Earnings per Share | $ | 0.64 | $ | 0.60 | $ | 0.78 | $ | 0.70 | ||||||||
Diluted Earnings (Loss) per Share(1): | ||||||||||||||||
Continuing operations | $ | 0.63 | $ | 0.75 | $ | 0.80 | $ | 0.98 | ||||||||
Discontinued operations | — | (0.15 | ) | (0.02 | ) | (0.28 | ) | |||||||||
Total Diluted Earnings per Share | $ | 0.63 | $ | 0.60 | $ | 0.78 | $ | 0.70 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in millions) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income | $ | 170 | $ | 161 | $ | 212 | $ | 194 | ||||||||
Less: Net income attributable to noncontrolling interests | 4 | 3 | 6 | 5 | ||||||||||||
Net Income Attributable to Xerox | 166 | 158 | 206 | 189 | ||||||||||||
Other Comprehensive Income (Loss), Net(1): | ||||||||||||||||
Translation adjustments, net | 204 | (82 | ) | 337 | 107 | |||||||||||
Unrealized (losses) gains, net | (14 | ) | 24 | (6 | ) | 33 | ||||||||||
Changes in defined benefit plans, net | (29 | ) | 20 | (3 | ) | (92 | ) | |||||||||
Other Comprehensive Income (Loss), Net | 161 | (38 | ) | 328 | 48 | |||||||||||
Less: Other comprehensive (loss) income, net attributable to noncontrolling interests | — | (1 | ) | 1 | (1 | ) | ||||||||||
Other Comprehensive Income (Loss), Net Attributable to Xerox | 161 | (37 | ) | 327 | 49 | |||||||||||
Comprehensive Income, Net | 331 | 123 | 540 | 242 | ||||||||||||
Less: Comprehensive income, net attributable to noncontrolling interests | 4 | 2 | 7 | 4 | ||||||||||||
Comprehensive Income, Net Attributable to Xerox | $ | 327 | $ | 121 | $ | 533 | $ | 238 |
(in millions, except share data in thousands) | June 30, 2017 | December 31, 2016 | ||||||
Assets | ||||||||
Cash and cash equivalents | $ | 1,246 | $ | 2,223 | ||||
Accounts receivable, net | 1,037 | 961 | ||||||
Billed portion of finance receivables, net | 84 | 90 | ||||||
Finance receivables, net | 1,278 | 1,256 | ||||||
Inventories | 944 | 841 | ||||||
Assets of discontinued operations | — | 1,002 | ||||||
Other current assets | 389 | 619 | ||||||
Total current assets | 4,978 | 6,992 | ||||||
Finance receivables due after one year, net | 2,341 | 2,398 | ||||||
Equipment on operating leases, net | 464 | 475 | ||||||
Land, buildings and equipment, net | 636 | 660 | ||||||
Investments in affiliates, at equity | 1,398 | 1,294 | ||||||
Intangible assets, net | 286 | 290 | ||||||
Goodwill | 3,893 | 3,787 | ||||||
Deferred tax assets, long-term | 1,481 | 1,472 | ||||||
Other long-term assets | 690 | 683 | ||||||
Total Assets | $ | 16,167 | $ | 18,051 | ||||
Liabilities and Equity | ||||||||
Short-term debt and current portion of long-term debt | $ | 765 | $ | 1,011 | ||||
Accounts payable | 1,202 | 1,126 | ||||||
Accrued compensation and benefits costs | 373 | 420 | ||||||
Unearned income | 191 | 187 | ||||||
Liabilities of discontinued operations | — | 1,002 | ||||||
Other current liabilities | 883 | 908 | ||||||
Total current liabilities | 3,414 | 4,654 | ||||||
Long-term debt | 4,236 | 5,305 | ||||||
Pension and other benefit liabilities | 2,281 | 2,240 | ||||||
Post-retirement medical benefits | 676 | 698 | ||||||
Other long-term liabilities | 188 | 193 | ||||||
Total Liabilities | 10,795 | 13,090 | ||||||
Commitments and Contingencies (See Note 18) | ||||||||
Convertible Preferred Stock | 214 | 214 | ||||||
Common stock | 254 | 254 | ||||||
Additional paid-in capital | 3,875 | 3,858 | ||||||
Retained earnings | 5,004 | 4,934 | ||||||
Accumulated other comprehensive loss | (4,010 | ) | (4,337 | ) | ||||
Xerox shareholders’ equity | 5,123 | 4,709 | ||||||
Noncontrolling interests | 35 | 38 | ||||||
Total Equity | 5,158 | 4,747 | ||||||
Total Liabilities and Equity | $ | 16,167 | $ | 18,051 | ||||
Shares of common stock issued and outstanding | 254,170 | 253,594 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in millions) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||||
Net income | $ | 170 | $ | 161 | $ | 212 | $ | 194 | ||||||||
Loss from discontinued operations, net of tax | — | 38 | 6 | 73 | ||||||||||||
Income from continuing operations | 170 | 199 | 218 | 267 | ||||||||||||
Adjustments required to reconcile net income to cash flows from operating activities: | ||||||||||||||||
Depreciation and amortization | 135 | 144 | 268 | 286 | ||||||||||||
Provision for receivables | 10 | 11 | 23 | 24 | ||||||||||||
Provision for inventory | 7 | 6 | 12 | 15 | ||||||||||||
Net (gain) loss on sales of businesses and assets | (1 | ) | 3 | (1 | ) | (17 | ) | |||||||||
Undistributed equity in net income of unconsolidated affiliates | 10 | 5 | (30 | ) | (29 | ) | ||||||||||
Stock-based compensation | 12 | 7 | 25 | 17 | ||||||||||||
Restructuring and asset impairment charges | 33 | 43 | 143 | 141 | ||||||||||||
Payments for restructurings | (67 | ) | (24 | ) | (127 | ) | (45 | ) | ||||||||
Defined benefit pension cost | 37 | 33 | 99 | 76 | ||||||||||||
Contributions to defined benefit pension plans | (23 | ) | (34 | ) | (46 | ) | (68 | ) | ||||||||
Increase in accounts receivable and billed portion of finance receivables | (63 | ) | (111 | ) | (140 | ) | (160 | ) | ||||||||
Collections of deferred proceeds from sales of receivables | 51 | 74 | 99 | 133 | ||||||||||||
(Increase) decrease in inventories | (30 | ) | 7 | (88 | ) | (92 | ) | |||||||||
Increase in equipment on operating leases | (50 | ) | (68 | ) | (102 | ) | (130 | ) | ||||||||
Decrease in finance receivables | 69 | 21 | 134 | 85 | ||||||||||||
Collections on beneficial interest from sales of finance receivables | 5 | 7 | 11 | 15 | ||||||||||||
Decrease (increase) in other current and long-term assets | 14 | 46 | (43 | ) | 9 | |||||||||||
Decrease in accounts payable and accrued compensation | (21 | ) | (90 | ) | — | (166 | ) | |||||||||
(Decrease) increase in other current and long-term liabilities | — | (50 | ) | 3 | (114 | ) | ||||||||||
Net change in income tax assets and liabilities | 5 | 10 | (36 | ) | (22 | ) | ||||||||||
Net change in derivative assets and liabilities | 44 | (66 | ) | 99 | (49 | ) | ||||||||||
Other operating, net | (4 | ) | 86 | 12 | 170 | |||||||||||
Net cash provided by operating activities of continuing operations | 343 | 259 | 533 | 346 | ||||||||||||
Net cash used in operating activities of discontinued operations | (15 | ) | (82 | ) | (95 | ) | (194 | ) | ||||||||
Net cash provided by operating activities | 328 | 177 | 438 | 152 | ||||||||||||
Cash Flows from Investing Activities: | ||||||||||||||||
Cost of additions to land, buildings and equipment | (13 | ) | (27 | ) | (30 | ) | (46 | ) | ||||||||
Proceeds from sales of land, buildings and equipment | — | 1 | 1 | 20 | ||||||||||||
Cost of additions to internal use software | (8 | ) | (11 | ) | (17 | ) | (24 | ) | ||||||||
Acquisitions, net of cash acquired | (65 | ) | — | (76 | ) | (18 | ) | |||||||||
Other investing, net | 9 | 3 | 10 | 4 | ||||||||||||
Net cash used in investing activities of continuing operations | (77 | ) | (34 | ) | (112 | ) | (64 | ) | ||||||||
Net cash used in investing activities of discontinued operations | — | (33 | ) | — | (128 | ) | ||||||||||
Net cash used in investing activities | (77 | ) | (67 | ) | (112 | ) | (192 | ) | ||||||||
Cash Flows from Financing Activities: | ||||||||||||||||
Net proceeds on short-term debt | — | 249 | 1 | 998 | ||||||||||||
Proceeds from issuance of long-term debt | 2 | 5 | 5 | 9 | ||||||||||||
Payments on long-term debt | (2 | ) | (257 | ) | (1,330 | ) | (965 | ) | ||||||||
Common stock dividends | (64 | ) | (78 | ) | (145 | ) | (149 | ) | ||||||||
Preferred stock dividends | (4 | ) | (6 | ) | (10 | ) | (12 | ) | ||||||||
Proceeds from issuances of common stock | — | 2 | — | 3 | ||||||||||||
Repurchases related to stock-based compensation | (1 | ) | — | (8 | ) | — | ||||||||||
Distributions to noncontrolling interests | (11 | ) | (1 | ) | (12 | ) | (12 | ) | ||||||||
Proceeds from Conduent | — | — | 161 | — | ||||||||||||
Other financing | — | (1 | ) | — | (1 | ) | ||||||||||
Net cash used in financing activities | (80 | ) | (87 | ) | (1,338 | ) | (129 | ) | ||||||||
Effect of exchange rate changes on cash and cash equivalents | 30 | (8 | ) | 35 | 4 | |||||||||||
Increase in cash of discontinued operations | — | (18 | ) | — | (20 | ) | ||||||||||
Increase (decrease) in cash and cash equivalents | 201 | (3 | ) | (977 | ) | (185 | ) | |||||||||
Cash and cash equivalents at beginning of period | 1,045 | 1,046 | 2,223 | 1,228 | ||||||||||||
Cash and Cash Equivalents at End of Period | $ | 1,246 | $ | 1,043 | $ | 1,246 | $ | 1,043 |
(1) | The difference between the $30 out-of-period adjustment recorded in the first quarter 2017 and the revision adjustment of $24 in the revision table for the three months ended March 31, 2017 primarily relates to the additional adjustments subsequently identified as part of the IIC review as described above. |
(2) | The difference between the aggregate revision to retained earnings and the $90 impact at March 31, 2017 is primarily due to currency and the impact of adjustments recorded directly by Xerox in the first quarter 2017. |
Three Months Ended March 31, 2017 | Year Ended December 31, 2016 | |||||||||||||||||||||||
(in millions) | As Reported | Adjustment(1) | As Revised | As Reported | Adjustment | As Revised | ||||||||||||||||||
Equity in net income of unconsolidated affiliates | $ | 16 | $ | 24 | $ | 40 | $ | 121 | $ | 6 | $ | 127 | ||||||||||||
Income from Continuing Operations | 24 | 24 | 48 | 627 | 6 | 633 | ||||||||||||||||||
Net Income (Loss) | 18 | 24 | 42 | (466 | ) | 6 | (460 | ) | ||||||||||||||||
Net Income (Loss) Attributable to Xerox | 16 | 24 | 40 | (477 | ) | 6 | (471 | ) | ||||||||||||||||
Net income from continuing operations attributable to Xerox | $ | 22 | $ | 24 | $ | 46 | $ | 616 | $ | 6 | $ | 622 | ||||||||||||
Basic Earnings (Loss) per Share: | ||||||||||||||||||||||||
Continuing operations | $ | 0.07 | $ | 0.10 | $ | 0.17 | $ | 2.33 | $ | 0.03 | $ | 2.36 | ||||||||||||
Total | $ | 0.05 | $ | 0.09 | $ | 0.14 | $ | (1.98 | ) | $ | 0.03 | $ | (1.95 | ) | ||||||||||
Diluted Earnings (Loss) per Share: | ||||||||||||||||||||||||
Continuing operations | $ | 0.07 | $ | 0.09 | $ | 0.16 | $ | 2.31 | $ | 0.02 | $ | 2.33 | ||||||||||||
Total | $ | 0.05 | $ | 0.09 | $ | 0.14 | $ | (1.96 | ) | $ | 0.03 | $ | (1.93 | ) |
Year Ended December 31, 2015 | Year Ended December 31, 2014 | |||||||||||||||||||||||
(in millions) | As Reported | Adjustment | As Revised | As Reported | Adjustment | As Revised | ||||||||||||||||||
Equity in net income of unconsolidated affiliates | $ | 135 | $ | (26 | ) | $ | 109 | $ | 160 | $ | (18 | ) | $ | 142 | ||||||||||
Income from Continuing Operations | 866 | (26 | ) | 840 | 1,052 | (18 | ) | 1,034 | ||||||||||||||||
Net Income | 492 | (26 | ) | 466 | 1,036 | (18 | ) | 1,018 | ||||||||||||||||
Net Income Attributable to Xerox | 474 | (26 | ) | 448 | 1,013 | (18 | ) | 995 | ||||||||||||||||
Net income from continuing operations attributable to Xerox | $ | 848 | $ | (26 | ) | $ | 822 | $ | 1,029 | $ | (18 | ) | $ | 1,011 | ||||||||||
Basic Earnings per Share: | ||||||||||||||||||||||||
Continuing operations | $ | 3.10 | $ | (0.10 | ) | $ | 3.00 | $ | 3.48 | $ | (0.06 | ) | $ | 3.42 | ||||||||||
Total | $ | 1.69 | $ | (0.10 | ) | $ | 1.59 | $ | 3.43 | $ | (0.06 | ) | $ | 3.37 | ||||||||||
Diluted Earnings per Share: | ||||||||||||||||||||||||
Continuing operations | $ | 3.06 | $ | (0.09 | ) | $ | 2.97 | $ | 3.43 | $ | (0.06 | ) | $ | 3.37 | ||||||||||
Total | $ | 1.67 | $ | (0.09 | ) | $ | 1.58 | $ | 3.38 | $ | (0.06 | ) | $ | 3.32 |
Three Months Ended March 31, 2017 | Year Ended December 31, 2016 | |||||||||||||||||||||||
(in millions) | As Reported | Adjustment | As Revised | As Reported | Adjustment | As Revised | ||||||||||||||||||
Net Income (Loss) | $ | 18 | $ | 24 | $ | 42 | $ | (466 | ) | $ | 6 | $ | (460 | ) | ||||||||||
Net Income (Loss) Attributable to Xerox | 16 | 24 | 40 | (477 | ) | 6 | (471 | ) | ||||||||||||||||
Translation adjustments, net | $ | 136 | $ | (3 | ) | $ | 133 | $ | (346 | ) | $ | (1 | ) | $ | (347 | ) | ||||||||
Other Comprehensive Income (Loss), Net | 170 | (3 | ) | 167 | (235 | ) | (1 | ) | (236 | ) | ||||||||||||||
Other Comprehensive Income (Loss), Net Attributable to Xerox | 169 | (3 | ) | 166 | (232 | ) | (1 | ) | (233 | ) | ||||||||||||||
Comprehensive Income (Loss), Net | $ | 188 | $ | 21 | $ | 209 | $ | (701 | ) | $ | 5 | $ | (696 | ) | ||||||||||
Comprehensive Income (Loss), Net Attributable to Xerox | 185 | 21 | 206 | (709 | ) | 5 | (704 | ) |
Year Ended December 31, 2015 | Year Ended December 31, 2014 | |||||||||||||||||||||||
(in millions) | As Reported | Adjustment | As Revised | As Reported | Adjustment | As Revised | ||||||||||||||||||
Net Income | $ | 492 | $ | (26 | ) | $ | 466 | $ | 1,036 | $ | (18 | ) | $ | 1,018 | ||||||||||
Net Income Attributable to Xerox | 474 | (26 | ) | 448 | 1,013 | (18 | ) | 995 | ||||||||||||||||
Translation adjustments, net | $ | (660 | ) | $ | 9 | $ | (651 | ) | $ | (734 | ) | $ | 6 | $ | (728 | ) | ||||||||
Other Comprehensive Loss, Net | (484 | ) | 9 | (475 | ) | (1,381 | ) | 6 | (1,375 | ) | ||||||||||||||
Other Comprehensive Loss, Net Attributable to Xerox | (483 | ) | 9 | (474 | ) | (1,380 | ) | 6 | (1,374 | ) | ||||||||||||||
Comprehensive Income (Loss), Net | $ | 8 | $ | (17 | ) | $ | (9 | ) | $ | (345 | ) | $ | (12 | ) | $ | (357 | ) | |||||||
Comprehensive Loss, Net Attributable to Xerox | (9 | ) | (17 | ) | (26 | ) | (367 | ) | (12 | ) | (379 | ) |
As of March 31, 2017 | As of December 31, 2016 | As of December 31, 2015 | ||||||||||||||||||||||||||||||||||
(in millions) | As Reported | Adjustment | As Revised | As Reported | Adjustment | As Revised | As Reported | Adjustment | As Revised | |||||||||||||||||||||||||||
Investments in affiliates, at equity | $ | 1,477 | $ | (73 | ) | $ | 1,404 | $ | 1,388 | $ | (94 | ) | $ | 1,294 | $ | 1,382 | $ | (99 | ) | $ | 1,283 | |||||||||||||||
Total Assets | 15,916 | (73 | ) | 15,843 | 18,145 | (94 | ) | 18,051 | 25,541 | (99 | ) | 25,442 | ||||||||||||||||||||||||
Retained earnings | $ | 4,987 | $ | (81 | ) | $ | 4,906 | $ | 5,039 | $ | (105 | ) | $ | 4,934 | $ | 9,686 | $ | (111 | ) | $ | 9,575 | |||||||||||||||
Accumulated other comprehensive loss | (4,179 | ) | 8 | (4,171 | ) | (4,348 | ) | 11 | (4,337 | ) | (4,642 | ) | 12 | (4,630 | ) | |||||||||||||||||||||
Xerox shareholders' equity | 4,926 | (73 | ) | 4,853 | 4,803 | (94 | ) | 4,709 | 9,074 | (99 | ) | 8,975 | ||||||||||||||||||||||||
Total Equity | 4,966 | (73 | ) | 4,893 | 4,841 | (94 | ) | 4,747 | 9,117 | (99 | ) | 9,018 | ||||||||||||||||||||||||
Total Liabilities and Equity | 15,916 | (73 | ) | 15,843 | 18,145 | (94 | ) | 18,051 | 25,541 | (99 | ) | 25,442 |
Three Months Ended March 31, 2017 | Year Ended December 31, 2016 | |||||||||||||||||||||||
(in millions) | As Reported | Adjustment | As Revised | As Reported | Adjustment | As Revised | ||||||||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||||||||||||
Net Income (Loss) | $ | 18 | $ | 24 | $ | 42 | $ | (466 | ) | $ | 6 | $ | (460 | ) | ||||||||||
Income from Continuing Operations | 24 | 24 | 48 | 627 | 6 | 633 | ||||||||||||||||||
Undistributed equity in net income of unconsolidated affiliates | $ | (16 | ) | $ | (24 | ) | $ | (40 | ) | $ | (69 | ) | $ | (6 | ) | $ | (75 | ) |
Year Ended December 31, 2015 | Year Ended December 31, 2014 | |||||||||||||||||||||||
(in millions) | As Reported | Adjustment | As Revised | As Reported | Adjustment | As Revised | ||||||||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||||||||||||
Net Income | $ | 492 | $ | (26 | ) | $ | 466 | $ | 1,036 | $ | (18 | ) | $ | 1,018 | ||||||||||
Income from Continuing Operations | 866 | (26 | ) | 840 | 1,052 | (18 | ) | 1,034 | ||||||||||||||||
Undistributed equity in net income of unconsolidated affiliates | $ | (79 | ) | $ | 26 | $ | (53 | ) | $ | (91 | ) | $ | 18 | $ | (73 | ) |
Three Months Ended March 31, 2016 | Three Months Ended June 30, 2016 | |||||||||||||||||||||||
(in millions) | As Reported | Adjustment | As Revised | As Reported | Adjustment | As Revised | ||||||||||||||||||
Equity in net income of unconsolidated affiliates | $ | 37 | $ | (3 | ) | $ | 34 | $ | 22 | $ | 4 | $ | 26 | |||||||||||
Income from Continuing Operations | 71 | (3 | ) | 68 | 195 | 4 | 199 | |||||||||||||||||
Net Income | 36 | (3 | ) | 33 | 157 | 4 | 161 | |||||||||||||||||
Net Income Attributable to Xerox | 34 | (3 | ) | 31 | 154 | 4 | 158 | |||||||||||||||||
Basic Earnings per Share: | ||||||||||||||||||||||||
Continuing operations | $ | 0.25 | $ | (0.01 | ) | $ | 0.24 | $ | 0.74 | $ | 0.01 | $ | 0.75 | |||||||||||
Total | $ | 0.11 | $ | (0.01 | ) | $ | 0.10 | $ | 0.59 | $ | 0.01 | $ | 0.60 | |||||||||||
Diluted Earnings per Share: | ||||||||||||||||||||||||
Continuing operations | $ | 0.24 | $ | (0.01 | ) | $ | 0.23 | $ | 0.73 | $ | 0.02 | $ | 0.75 | |||||||||||
Total | $ | 0.11 | $ | (0.01 | ) | $ | 0.10 | $ | 0.58 | $ | 0.02 | $ | 0.60 |
Three Months Ended September 30, 2016 | Three Months Ended December 31, 2016 | |||||||||||||||||||||||
(in millions) | As Reported | Adjustment | As Revised | As Reported | Adjustment | As Revised | ||||||||||||||||||
Equity in net income of unconsolidated affiliates | $ | 39 | $ | 1 | $ | 40 | $ | 23 | $ | 4 | $ | 27 | ||||||||||||
Income from Continuing Operations | 177 | 1 | 178 | 184 | 4 | 188 | ||||||||||||||||||
Net Income (Loss) | 185 | 1 | 186 | (844 | ) | 4 | (840 | ) | ||||||||||||||||
Net Income (Loss) Attributable to Xerox | 182 | 1 | 183 | (847 | ) | 4 | (843 | ) | ||||||||||||||||
Basic Earnings (Loss) per Share: | ||||||||||||||||||||||||
Continuing operations | $ | 0.66 | $ | — | $ | 0.66 | $ | 0.69 | $ | 0.02 | $ | 0.71 | ||||||||||||
Total | $ | 0.69 | $ | — | $ | 0.69 | $ | (3.37 | ) | $ | 0.02 | $ | (3.35 | ) | ||||||||||
Diluted Earnings (Loss) per Share: | ||||||||||||||||||||||||
Continuing operations | $ | 0.65 | $ | 0.01 | $ | 0.66 | $ | 0.68 | $ | 0.02 | $ | 0.70 | ||||||||||||
Total | $ | 0.68 | $ | 0.01 | $ | 0.69 | $ | (3.32 | ) | $ | 0.02 | $ | (3.30 | ) |
Three Months Ended March 31, 2015 | Three Months Ended June 30, 2015 | |||||||||||||||||||||||
(in millions) | As Reported | Adjustment | As Revised | As Reported | Adjustment | As Revised | ||||||||||||||||||
Equity in net income of unconsolidated affiliates | $ | 34 | $ | (18 | ) | $ | 16 | $ | 29 | $ | (4 | ) | $ | 25 | ||||||||||
Income from Continuing Operations | 189 | (18 | ) | 171 | 210 | (4 | ) | 206 | ||||||||||||||||
Net Income | 230 | (18 | ) | 212 | 17 | (4 | ) | 13 | ||||||||||||||||
Net Income Attributable to Xerox | 225 | (18 | ) | 207 | 12 | (4 | ) | 8 | ||||||||||||||||
Basic Earnings per Share: | ||||||||||||||||||||||||
Continuing operations | $ | 0.64 | $ | (0.06 | ) | $ | 0.58 | $ | 0.73 | $ | (0.01 | ) | $ | 0.72 | ||||||||||
Total | $ | 0.79 | $ | (0.07 | ) | $ | 0.72 | $ | 0.02 | $ | (0.01 | ) | $ | 0.01 | ||||||||||
Diluted Earnings per Share: | ||||||||||||||||||||||||
Continuing operations | $ | 0.63 | $ | (0.06 | ) | $ | 0.57 | $ | 0.72 | $ | (0.01 | ) | $ | 0.71 | ||||||||||
Total | $ | 0.78 | $ | (0.07 | ) | $ | 0.71 | $ | 0.02 | $ | (0.01 | ) | $ | 0.01 |
Three Months Ended September 30, 2015 | Three Months Ended December 31, 2015 | |||||||||||||||||||||||
(in millions) | As Reported | Adjustment | As Revised | As Reported | Adjustment | As Revised | ||||||||||||||||||
Equity in net income of unconsolidated affiliates | $ | 40 | $ | — | $ | 40 | $ | 32 | $ | (4 | ) | $ | 28 | |||||||||||
Income from Continuing Operations | 206 | — | 206 | 261 | (4 | ) | 257 | |||||||||||||||||
Net (Loss) Income | (31 | ) | — | (31 | ) | 276 | (4 | ) | 272 | |||||||||||||||
Net (Loss) Income Attributable to Xerox | (34 | ) | — | (34 | ) | 271 | (4 | ) | 267 | |||||||||||||||
Basic (Loss) Earnings per Share: | ||||||||||||||||||||||||
Continuing operations | $ | 0.75 | $ | — | $ | 0.75 | $ | 0.99 | $ | (0.02 | ) | $ | 0.97 | |||||||||||
Total | $ | (0.16 | ) | $ | — | $ | (0.16 | ) | $ | 1.05 | $ | (0.02 | ) | $ | 1.03 | |||||||||
Diluted (Loss) Earnings per Share: | ||||||||||||||||||||||||
Continuing operations | $ | 0.75 | $ | — | $ | 0.75 | $ | 0.98 | $ | (0.02 | ) | $ | 0.96 | |||||||||||
Total | $ | (0.16 | ) | $ | — | $ | (0.16 | ) | $ | 1.04 | $ | (0.02 | ) | $ | 1.02 |
• | Service Concession Arrangements: ASU 2017-10, (Topic 853) Determining the Customer of the Operation Services (a consensus of the FASB Emerging Issues Task Force). This update is effective for our fiscal year beginning January 1, 2018. |
• | Compensation - Stock Compensation: ASU 2017-09, (Topic 718) Scope of Modification Accounting. This update is effective for our fiscal year beginning January 1, 2018. |
• | Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets: ASU 2017-05, (Subtopic 610-20) Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets. This update is effective for our fiscal year beginning January 1, 2018. |
• | Intangibles - Goodwill and Other: ASU 2017-04, Simplifying the Goodwill Impairment Test. This update is effective for our fiscal year beginning January 1, 2020, with early adoption permitted. |
• | Business Combinations: ASU 2017-01, Business Combinations (Topic 805) Clarifying the Definition of a Business. This update is effective for our fiscal year beginning January 1, 2018. |
• | Equity Method Accounting: ASU 2016-07, Equity Method and Joint Venture Accounting (Topic 353), Simplifying the Transition to the Equity Method of Accounting. This update was effective for our fiscal year beginning January 1, 2017. |
• | Financial Instruments - Classification and Measurement: ASU 2016-01, Financial Instruments - Recognition and Measurement of Financial Instruments and Financial Liabilities. This update is effective for our fiscal year beginning January 1, 2018. |
• | Inventory: ASU 2015-11, Simplifying the Subsequent Measurement of Inventory, which was effective for our fiscal year beginning January 1, 2017. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Separation costs | $ | — | $ | 28 | $ | 8 | $ | 36 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Revenues | $ | — | $ | 1,597 | $ | — | $ | 3,268 | ||||||||
Cost of services | — | 1,343 | — | 2,752 | ||||||||||||
Other expenses(1) | — | 300 | 8 | 611 | ||||||||||||
Total costs and expenses | — | 1,643 | 8 | 3,363 | ||||||||||||
Net loss before income taxes | — | (46 | ) | (8 | ) | (95 | ) | |||||||||
Income tax benefit | — | 8 | 2 | 22 | ||||||||||||
Loss from discontinued operations, net of tax | $ | — | $ | (38 | ) | $ | (6 | ) | $ | (73 | ) |
June 30, 2017 | December 31, 2016 | |||||||
Invoiced | $ | 713 | $ | 651 | ||||
Accrued | 380 | 374 | ||||||
Allowance for doubtful accounts | (56 | ) | (64 | ) | ||||
Accounts Receivable, Net | $ | 1,037 | $ | 961 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Accounts receivable sales | $ | 567 | $ | 582 | $ | 1,078 | $ | 1,174 | |||||||
Deferred proceeds | 56 | 59 | 108 | 130 | |||||||||||
Loss on sales of accounts receivable | 3 | 4 | 6 | 8 | |||||||||||
Estimated increase (decrease) to operating cash flows(1) | 54 | (11 | ) | (11 | ) | 15 |
(1) | Represents the difference between current and prior period receivable sales adjusted for the effects of: (i) the deferred proceeds, (ii) collections prior to the end of the quarter and, (iii) currency. |
Allowance for Credit Losses: | United States | Canada | Europe | Other(2) | Total | |||||||||||||||
Balance at December 31, 2016 | $ | 55 | $ | 16 | $ | 37 | $ | 2 | $ | 110 | ||||||||||
Provision | 4 | — | 5 | — | 9 | |||||||||||||||
Charge-offs | (6 | ) | (2 | ) | (2 | ) | — | (10 | ) | |||||||||||
Recoveries and other(3) | — | 2 | — | — | 2 | |||||||||||||||
Balance at March 31, 2017 | $ | 53 | $ | 16 | $ | 40 | $ | 2 | $ | 111 | ||||||||||
Provision | 4 | 1 | 1 | — | 6 | |||||||||||||||
Charge-offs | (10 | ) | (1 | ) | (3 | ) | — | (14 | ) | |||||||||||
Recoveries and other(3) | 1 | — | 4 | — | 5 | |||||||||||||||
Balance at June 30, 2017 | $ | 48 | $ | 16 | $ | 42 | $ | 2 | $ | 108 | ||||||||||
Finance receivables as of June 30, 2017 collectively evaluated for impairment (4) | $ | 2,028 | $ | 383 | $ | 1,336 | $ | 64 | $ | 3,811 | ||||||||||
Balance at December 31, 2015(1) | $ | 54 | $ | 17 | $ | 45 | $ | 2 | $ | 118 | ||||||||||
Provision | 4 | 1 | 5 | — | 10 | |||||||||||||||
Charge-offs | (2 | ) | (2 | ) | (2 | ) | — | (6 | ) | |||||||||||
Recoveries and other(3) | 1 | 2 | 1 | — | 4 | |||||||||||||||
Balance at March 31, 2016 | $ | 57 | $ | 18 | $ | 49 | $ | 2 | $ | 126 | ||||||||||
Provision | — | 1 | 7 | — | 8 | |||||||||||||||
Charge-offs | (3 | ) | (2 | ) | (3 | ) | — | (8 | ) | |||||||||||
Recoveries and other(3) | — | 1 | (2 | ) | — | (1 | ) | |||||||||||||
Balance at June 30, 2016 | $ | 54 | $ | 18 | $ | 51 | $ | 2 | $ | 125 | ||||||||||
Finance receivables as of June 30, 2016 collectively evaluated for impairment(4) | $ | 2,149 | $ | 389 | $ | 1,424 | $ | 64 | $ | 4,026 |
(1) | In the first quarter 2016, as a result of an internal reorganization, a U.S. leasing unit previously classified in Other was reclassified to the U.S. Prior year amounts have been revised to conform to current year presentation. |
(2) | Includes developing market countries and smaller units. |
(3) | 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. |
(4) | Total Finance receivables exclude the allowance for credit losses of $108 and $125 at June 30, 2017 and 2016, respectively. |
• | Investment grade: This rating includes accounts with excellent to good business credit, asset quality and capacity to meet financial obligations. These customers are less susceptible to adverse effects due to shifts in economic conditions or changes in circumstance. The rating generally equates to a Standard & Poor's (S&P) rating of BBB- or better. Loss rates in this category are normally less than 1%. |
• | Non-investment grade: This rating includes accounts with average credit risk that are more susceptible to loss in the event of adverse business or economic conditions. This rating generally equates to a BB S&P rating. Although we experience higher loss rates associated with this customer class, we believe the risk is somewhat mitigated by the fact that our leases are fairly well dispersed across a large and diverse customer base. In addition, the higher loss rates are largely offset by the higher rates of return we obtain with such leases. Loss rates in this category are generally in the range of 2% to 4%. |
• | Substandard: 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 investment and non-investment grade 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 are approximately 10%. |
June 30, 2017 | December 31, 2016 | ||||||||||||||||||||||||||||||
Investment Grade | Non-investment Grade | Substandard | Total Finance Receivables | Investment Grade | Non-investment Grade | Substandard | Total Finance Receivables | ||||||||||||||||||||||||
Finance and other services | $ | 162 | $ | 341 | $ | 98 | $ | 601 | $ | 181 | $ | 342 | $ | 95 | $ | 618 | |||||||||||||||
Government and education | 490 | 60 | 8 | 558 | 543 | 57 | 8 | 608 | |||||||||||||||||||||||
Graphic arts | 116 | 115 | 95 | 326 | 138 | 102 | 107 | 347 | |||||||||||||||||||||||
Industrial | 81 | 77 | 24 | 182 | 82 | 78 | 24 | 184 | |||||||||||||||||||||||
Healthcare | 81 | 47 | 16 | 144 | 79 | 47 | 17 | 143 | |||||||||||||||||||||||
Other | 69 | 95 | 53 | 217 | 82 | 103 | 53 | 238 | |||||||||||||||||||||||
Total United States | 999 | 735 | 294 | 2,028 | 1,105 | 729 | 304 | 2,138 | |||||||||||||||||||||||
Finance and other services | 53 | 43 | 21 | 117 | 54 | 43 | 15 | 112 | |||||||||||||||||||||||
Government and education | 48 | 5 | 3 | 56 | 52 | 6 | 2 | 60 | |||||||||||||||||||||||
Graphic arts | 36 | 33 | 30 | 99 | 39 | 37 | 24 | 100 | |||||||||||||||||||||||
Industrial | 20 | 12 | 9 | 41 | 21 | 13 | 6 | 40 | |||||||||||||||||||||||
Other | 32 | 26 | 12 | 70 | 33 | 25 | 8 | 66 | |||||||||||||||||||||||
Total Canada | 189 | 119 | 75 | 383 | 199 | 124 | 55 | 378 | |||||||||||||||||||||||
France | 191 | 231 | 50 | 472 | 181 | 222 | 51 | 454 | |||||||||||||||||||||||
U.K./Ireland(4) | 96 | 155 | 11 | 262 | 95 | 148 | 10 | 253 | |||||||||||||||||||||||
Central(1) | 187 | 145 | 18 | 350 | 182 | 148 | 19 | 349 | |||||||||||||||||||||||
Southern(2) | 38 | 150 | 13 | 201 | 36 | 131 | 14 | 181 | |||||||||||||||||||||||
Nordics(3) | 28 | 22 | 1 | 51 | 26 | 22 | 1 | 49 | |||||||||||||||||||||||
Total Europe | 540 | 703 | 93 | 1,336 | 520 | 671 | 95 | 1,286 | |||||||||||||||||||||||
Other | 37 | 23 | 4 | 64 | 35 | 15 | 2 | 52 | |||||||||||||||||||||||
Total | $ | 1,765 | $ | 1,580 | $ | 466 | $ | 3,811 | $ | 1,859 | $ | 1,539 | $ | 456 | $ | 3,854 |
(1) | Switzerland, Germany, Austria, Belgium and Holland. |
(2) | Italy, Greece, Spain and Portugal. |
(3) | Sweden, Norway, Denmark and Finland. |
(4) | The December 31, 2016 amounts have been revised to conform to 2017 presentation. |
June 30, 2017 | |||||||||||||||||||||||||||
Current | 31-90 Days Past Due | >90 Days Past Due | Total Billed | Unbilled | Total Finance Receivables | >90 Days and Accruing | |||||||||||||||||||||
Finance and other services | $ | 12 | $ | 1 | $ | 1 | $ | 14 | $ | 587 | $ | 601 | $ | 10 | |||||||||||||
Government and education | 14 | — | 3 | 17 | 541 | 558 | 19 | ||||||||||||||||||||
Graphic arts | 14 | 1 | — | 15 | 311 | 326 | 6 | ||||||||||||||||||||
Industrial | 4 | — | 1 | 5 | 177 | 182 | 5 | ||||||||||||||||||||
Healthcare | 4 | — | 1 | 5 | 139 | 144 | 5 | ||||||||||||||||||||
Other | 6 | 1 | 1 | 8 | 209 | 217 | 4 | ||||||||||||||||||||
Total United States | 54 | 3 | 7 | 64 | 1,964 | 2,028 | 49 | ||||||||||||||||||||
Canada | 3 | — | — | 3 | 380 | 383 | 9 | ||||||||||||||||||||
France | 3 | — | — | 3 | 469 | 472 | 14 | ||||||||||||||||||||
U.K./Ireland | 3 | — | — | 3 | 259 | 262 | — | ||||||||||||||||||||
Central(1) | 2 | 1 | 1 | 4 | 346 | 350 | 6 | ||||||||||||||||||||
Southern(2) | 6 | 1 | 1 | 8 | 193 | 201 | 6 | ||||||||||||||||||||
Nordics(3) | — | — | — | — | 51 | 51 | — | ||||||||||||||||||||
Total Europe | 14 | 2 | 2 | 18 | 1,318 | 1,336 | 26 | ||||||||||||||||||||
Other | 3 | — | — | 3 | 61 | 64 | — | ||||||||||||||||||||
Total | $ | 74 | $ | 5 | $ | 9 | $ | 88 | $ | 3,723 | $ | 3,811 | $ | 84 | |||||||||||||
December 31, 2016 | |||||||||||||||||||||||||||
Current | 31-90 Days Past Due | >90 Days Past Due | Total Billed | Unbilled | Total Finance Receivables | >90 Days and Accruing | |||||||||||||||||||||
Finance and other services | $ | 13 | $ | 3 | $ | 1 | $ | 17 | $ | 601 | $ | 618 | $ | 11 | |||||||||||||
Government and education | 10 | 4 | 3 | 17 | 591 | 608 | 25 | ||||||||||||||||||||
Graphic arts | 13 | 1 | — | 14 | 333 | 347 | 5 | ||||||||||||||||||||
Industrial | 4 | 1 | 1 | 6 | 178 | 184 | 5 | ||||||||||||||||||||
Healthcare | 3 | 1 | 1 | 5 | 138 | 143 | 5 | ||||||||||||||||||||
Other | 9 | 2 | 1 | 12 | 226 | 238 | 5 | ||||||||||||||||||||
Total United States | 52 | 12 | 7 | 71 | 2,067 | 2,138 | 56 | ||||||||||||||||||||
Canada | 3 | — | — | 3 | 375 | 378 | 8 | ||||||||||||||||||||
France | 3 | — | — | 3 | 451 | 454 | 20 | ||||||||||||||||||||
U.K./Ireland | 2 | 1 | — | 3 | 250 | 253 | 1 | ||||||||||||||||||||
Central(1) | 2 | 1 | — | 3 | 346 | 349 | 5 | ||||||||||||||||||||
Southern(2) | 5 | 1 | 1 | 7 | 174 | 181 | 6 | ||||||||||||||||||||
Nordics(3) | 1 | — | — | 1 | 48 | 49 | 1 | ||||||||||||||||||||
Total Europe | 13 | 3 | 1 | 17 | 1,269 | 1,286 | 33 | ||||||||||||||||||||
Other | 3 | — | — | 3 | 49 | 52 | — | ||||||||||||||||||||
Total | $ | 71 | $ | 15 | $ | 8 | $ | 94 | $ | 3,760 | $ | 3,854 | $ | 97 |
(1) | Switzerland, Germany, Austria, Belgium and Holland. |
(2) | Italy, Greece, Spain and Portugal. |
(3) | Sweden, Norway, Denmark and Finland. |
June 30, 2017 | December 31, 2016 | ||||||
Finished goods | $ | 783 | $ | 713 | |||
Work-in-process | 59 | 47 | |||||
Raw materials | 102 | 81 | |||||
Total Inventories | $ | 944 | $ | 841 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Fuji Xerox | $ | 18 | $ | 23 | $ | 55 | $ | 53 | |||||||
Other investments | 2 | 3 | 5 | 7 | |||||||||||
Total Equity in Net Income of Unconsolidated Affiliates | $ | 20 | $ | 26 | $ | 60 | $ | 60 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Summary of Operations: | |||||||||||||||
Revenues | $ | 2,325 | $ | 2,450 | $ | 4,884 | $ | 5,092 | |||||||
Costs and expenses | 2,191 | 2,316 | 4,543 | 4,772 | |||||||||||
Income before income taxes | 134 | 134 | 341 | 320 | |||||||||||
Income tax expense | 32 | 42 | 76 | 91 | |||||||||||
Net Income | 102 | 92 | 265 | 229 | |||||||||||
Less: Net income – noncontrolling interests | 1 | 2 | 2 | 4 | |||||||||||
Net Income – Fuji Xerox | $ | 101 | $ | 90 | $ | 263 | $ | 225 | |||||||
Weighted Average Exchange Rate(1) | 111.01 | 108.05 | 112.42 | 111.93 |
(1) | Represents Yen/U.S. Dollar exchange rate used to translate. |
Severance and Related Costs | Lease Cancellation and Other Costs | Asset Impairments(2) | Total | ||||||||||||
Balance at December 31, 2016 | $ | 104 | $ | 23 | $ | — | $ | 127 | |||||||
Provision | 110 | 2 | — | 112 | |||||||||||
Reversals | (2 | ) | — | — | (2 | ) | |||||||||
Net current period charges(1) | 108 | 2 | — | 110 | |||||||||||
Charges against reserve and currency | (58 | ) | (1 | ) | — | (59 | ) | ||||||||
Balance at March 31, 2017 | $ | 154 | $ | 24 | $ | — | $ | 178 | |||||||
Provision | 50 | 1 | — | 51 | |||||||||||
Reversals | (13 | ) | (5 | ) | — | (18 | ) | ||||||||
Net current period charges(1) | 37 | (4 | ) | — | 33 | ||||||||||
Charges against reserve and currency | (43 | ) | (17 | ) | — | (60 | ) | ||||||||
Balance at June 30, 2017 | $ | 148 | $ | 3 | $ | — | $ | 151 |
(1) | Represents net amount recognized within the Condensed Consolidated Statements of Income for the period shown for restructuring and asset impairments charges. |
(2) | Charges associated with asset impairments represent the write-down of the related assets to their new cost basis and are recorded concurrently with the recognition of the provision. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Charges against reserve and currency | $ | (60 | ) | $ | (25 | ) | $ | (119 | ) | $ | (44 | ) | |||
Asset impairments | — | — | — | — | |||||||||||
Effects of foreign currency and other non-cash items | (7 | ) | 1 | (8 | ) | (1 | ) | ||||||||
Restructuring Cash Payments | $ | (67 | ) | $ | (24 | ) | $ | (127 | ) | $ | (45 | ) |
Maturity Date | Coupon | Principal Amount Exchanged | 4.07% Senior Notes Due March 2022 | Cash Consideration | |||||||||||
Senior Notes due May 15, 2018 | 6.350 | % | $ | 260 | $ | 130 | $ | 143 | |||||||
Senior Notes due March 15, 2019 | 2.750 | % | 94 | 47 | 48 | ||||||||||
Senior Notes due December 15, 2019 | 5.625 | % | 96 | 48 | 56 | ||||||||||
Senior Notes due May 15, 2020 | 2.800 | % | 87 | 44 | 43 | ||||||||||
Senior Notes due August 20, 2020 | 3.500 | % | 38 | 19 | 20 | ||||||||||
Senior Notes due September 1, 2020 | 2.750 | % | 25 | 12 | 12 | ||||||||||
Total | $ | 600 | $ | 300 | $ | 322 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Interest expense(1) | $ | 57 | $ | 74 | $ | 126 | $ | 161 | |||||||
Interest income(2) | 76 | 84 | 154 | 168 |
(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. |
(2) | Includes Finance income as well as other interest income that is included in Other expenses, net in the Condensed Consolidated Statements of Income. |
Debt Instrument | Year First Designated | Notional Amount | Net Fair Value | Weighted Average Interest Rate Paid | Interest Rate Received | Basis | Maturity | |||||||||||||
Senior Note 2021 | 2014 | $ | 300 | $ | 5 | 2.69 | % | 4.5 | % | Libor | 2021 |
• | Forecasted purchases and sales in foreign currency |
Designation of Derivatives | Balance Sheet Location | June 30, 2017 | December 31, 2016 | |||||||
Derivatives Designated as Hedging Instruments | ||||||||||
Foreign exchange contracts - forwards | Other current assets | $ | — | $ | 6 | |||||
Other current liabilities | (26 | ) | (26 | ) | ||||||
Interest rate swaps | Other long-term assets | 5 | 4 | |||||||
Other long-term liabilities | — | — | ||||||||
Net Designated Derivative Liability | $ | (21 | ) | $ | (16 | ) | ||||
Derivatives NOT Designated as Hedging Instruments | ||||||||||
Foreign exchange contracts – forwards | Other current assets | $ | 3 | $ | 82 | |||||
Other current liabilities | (33 | ) | (13 | ) | ||||||
Net Undesignated Derivative (Liability) Asset | $ | (30 | ) | $ | 69 | |||||
Summary of Derivatives | Total Derivative Assets | $ | 8 | $ | 92 | |||||
Total Derivative Liabilities | (59 | ) | (39 | ) | ||||||
Net Derivative (Liability) Asset | $ | (51 | ) | $ | 53 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
Gain (Loss) on Derivative Instruments | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Fair Value Hedges - Interest rate contracts | ||||||||||||||||
Derivative gain recognized in interest expense | $ | 2 | $ | 2 | $ | 1 | $ | 11 | ||||||||
Hedged item loss recognized in interest expense | (2 | ) | (2 | ) | (1 | ) | (11 | ) | ||||||||
Cash Flow Hedges - Foreign exchange forward contracts and options | ||||||||||||||||
Derivative (loss) gain recognized in OCI (effective portion) | $ | (22 | ) | $ | 41 | $ | (13 | ) | $ | 57 | ||||||
Derivative (loss) gain reclassified from AOCL to income - Cost of sales (effective portion) | (4 | ) | 8 | (8 | ) | 7 |
Derivatives NOT Designated as Hedging Instruments | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
Location of Derivative (Loss) Gain | 2017 | 2016 | 2017 | 2016 | ||||||||||||||
Foreign exchange contracts – forwards | Other expense – Currency (loss) gain, net | $ | (14 | ) | $ | 78 | $ | (10 | ) | $ | 149 |
June 30, 2017 | December 31, 2016 | ||||||
Assets: | |||||||
Foreign exchange contracts - forwards | $ | 3 | $ | 88 | |||
Interest rate swaps | 5 | 4 | |||||
Deferred compensation investments in mutual funds | 16 | 15 | |||||
Total | $ | 24 | $ | 107 | |||
Liabilities: | |||||||
Foreign exchange contracts - forwards | $ | 59 | $ | 39 | |||
Deferred compensation plan liabilities | 18 | 17 | |||||
Total | $ | 77 | $ | 56 |
June 30, 2017 | December 31, 2016 | ||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
Cash and cash equivalents | $ | 1,246 | $ | 1,246 | $ | 2,223 | $ | 2,223 | |||||||
Accounts receivable, net | 1,037 | 1,037 | 961 | 961 | |||||||||||
Short-term debt | 765 | 781 | 1,011 | 1,015 | |||||||||||
Long-term debt | 4,236 | 4,407 | 5,305 | 5,438 |
Three Months Ended June 30, | |||||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans | Retiree Health | |||||||||||||||||||||
Components of Net Periodic Benefit Costs: | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||
Service cost | $ | 1 | $ | 1 | $ | 8 | $ | 10 | $ | 1 | $ | 2 | |||||||||||
Interest cost | 32 | 34 | 38 | 51 | 7 | 8 | |||||||||||||||||
Expected return on plan assets | (30 | ) | (35 | ) | (54 | ) | (67 | ) | — | — | |||||||||||||
Recognized net actuarial loss | 6 | 7 | 19 | 17 | — | — | |||||||||||||||||
Amortization of prior service credit | (1 | ) | (1 | ) | (1 | ) | (1 | ) | (1 | ) | (1 | ) | |||||||||||
Recognized settlement loss | 19 | 17 | — | — | — | — | |||||||||||||||||
Defined Benefit Plans | 27 | 23 | 10 | 10 | 7 | 9 | |||||||||||||||||
Defined contribution plans | 7 | 8 | 7 | 7 | n/a | n/a | |||||||||||||||||
Net Periodic Benefit Cost | 34 | 31 | 17 | 17 | 7 | 9 | |||||||||||||||||
Other changes in plan assets and benefit obligations recognized in Other Comprehensive Income (Loss): | |||||||||||||||||||||||
Net actuarial loss (gain)(1) | 12 | 134 | — | — | (11 | ) | (34 | ) | |||||||||||||||
Amortization of prior service credit | 1 | 1 | 1 | 1 | 1 | 1 | |||||||||||||||||
Amortization of net actuarial loss | (25 | ) | (24 | ) | (19 | ) | (17 | ) | — | — | |||||||||||||
Total Recognized in Other Comprehensive Income (Loss)(2) | (12 | ) | 111 | (18 | ) | (16 | ) | (10 | ) | (33 | ) | ||||||||||||
Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Income (Loss) | $ | 22 | $ | 142 | $ | (1 | ) | $ | 1 | $ | (3 | ) | $ | (24 | ) |
Six Months Ended June 30, | |||||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans | Retiree Health | |||||||||||||||||||||
Components of Net Periodic Benefit Costs: | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||
Service cost | $ | 2 | $ | 2 | $ | 15 | $ | 16 | $ | 2 | $ | 3 | |||||||||||
Interest cost | 66 | 71 | 77 | 101 | 14 | 16 | |||||||||||||||||
Expected return on plan assets | (61 | ) | (74 | ) | (107 | ) | (129 | ) | — | — | |||||||||||||
Recognized net actuarial loss | 11 | 12 | 38 | 34 | — | 1 | |||||||||||||||||
Amortization of prior service credit | (1 | ) | (1 | ) | (2 | ) | (2 | ) | (2 | ) | (2 | ) | |||||||||||
Recognized settlement loss | 61 | 46 | — | — | — | — | |||||||||||||||||
Defined Benefit Plans | 78 | 56 | 21 | 20 | 14 | 18 | |||||||||||||||||
Defined contribution plans | 13 | 15 | 14 | 16 | n/a | n/a | |||||||||||||||||
Net Periodic Benefit Cost | 91 | 71 | 35 | 36 | 14 | 18 | |||||||||||||||||
Other changes in plan assets and benefit obligations recognized in Other Comprehensive Income: | |||||||||||||||||||||||
Net actuarial loss (gain)(1) | 20 | 257 | — | — | (11 | ) | (34 | ) | |||||||||||||||
Amortization of prior service credit | 1 | 1 | 2 | 2 | 2 | 2 | |||||||||||||||||
Amortization of net actuarial loss | (72 | ) | (58 | ) | (38 | ) | (34 | ) | — | (1 | ) | ||||||||||||
Total Recognized in Other Comprehensive Income(2) | (51 | ) | 200 | (36 | ) | (32 | ) | (9 | ) | (33 | ) | ||||||||||||
Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Income | $ | 40 | $ | 271 | $ | (1 | ) | $ | 4 | $ | 5 | $ | (15 | ) |
(1) | The net actuarial loss (gain) for U.S. 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 January 1st plan census data. |
(2) | Amounts represent the pre-tax effect included within Other comprehensive income (loss). Refer to Note 16 - Other Comprehensive Income (Loss) for related tax effects and the after-tax amounts. |
Six Months Ended June 30, | Year Ended December 31, | |||||||||||||||
2017 | 2016 | Estimated 2017 | 2016 | |||||||||||||
U.S. Plans | $ | 12 | $ | 11 | $ | 174 | $ | 24 | ||||||||
Non-U.S. Plans | 34 | 57 | 176 | 154 | ||||||||||||
Total Pension | $ | 46 | $ | 68 | $ | 350 | $ | 178 | ||||||||
Retiree Health | $ | 32 | $ | 30 | $ | 63 | $ | 61 |
Common Stock | Additional Paid-in Capital | Retained Earnings | AOCL(3) | Xerox Shareholders’ Equity | Non-controlling Interests | Total Equity | |||||||||||||||||||||
Balance at December 31, 2016 | $ | 254 | $ | 3,858 | $ | 4,934 | $ | (4,337 | ) | $ | 4,709 | $ | 38 | $ | 4,747 | ||||||||||||
Comprehensive income, net | — | — | 206 | 327 | 533 | 7 | 540 | ||||||||||||||||||||
Cash dividends declared - common(1) | — | — | (129 | ) | — | (129 | ) | — | (129 | ) | |||||||||||||||||
Cash dividends declared - preferred(2) | — | — | (7 | ) | — | (7 | ) | — | (7 | ) | |||||||||||||||||
Stock option and incentive plans, net | — | 17 | — | — | 17 | — | 17 | ||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | (10 | ) | (10 | ) | ||||||||||||||||||
Balance at June 30, 2017 | $ | 254 | $ | 3,875 | $ | 5,004 | $ | (4,010 | ) | $ | 5,123 | $ | 35 | $ | 5,158 |
Common Stock | Additional Paid-in Capital | Retained Earnings | AOCL(3) | Xerox Shareholders’ Equity | Non- controlling Interests | Total Equity | |||||||||||||||||||||
Balance at December 31, 2015 | $ | 253 | $ | 3,777 | $ | 9,575 | $ | (4,630 | ) | $ | 8,975 | $ | 43 | $ | 9,018 | ||||||||||||
Comprehensive income, net | — | — | 189 | 49 | 238 | 4 | 242 | ||||||||||||||||||||
Cash dividends declared - common(1) | — | — | (159 | ) | — | (159 | ) | — | (159 | ) | |||||||||||||||||
Cash dividends declared - preferred(2) | — | — | (12 | ) | — | (12 | ) | — | (12 | ) | |||||||||||||||||
Stock option and incentive plans, net | — | 30 | — | — | 30 | — | 30 | ||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | (9 | ) | (9 | ) | ||||||||||||||||||
Balance at June 30, 2016 | $ | 253 | $ | 3,807 | $ | 9,593 | $ | (4,581 | ) | $ | 9,072 | $ | 38 | $ | 9,110 |
(1) | Cash dividends declared on common stock of $0.25 per share in each quarter of 2017 and $0.31 per share in each quarter of 2016. |
(2) | Cash dividends declared on preferred stock of $20.00 per share in each quarter of 2017 and 2016. |
(3) | Refer to Note 16 - Other Comprehensive Income (Loss) for components of AOCL. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||||||||||
Pre-tax | Net of Tax | Pre-tax | Net of Tax | Pre-tax | Net of Tax | Pre-tax | Net of Tax | |||||||||||||||||||||||||
Translation Adjustments Gains (Losses) | $ | 204 | $ | 204 | $ | (80 | ) | $ | (82 | ) | $ | 338 | $ | 337 | $ | 111 | $ | 107 | ||||||||||||||
Unrealized (Losses) Gains: | ||||||||||||||||||||||||||||||||
Changes in fair value of cash flow hedges - (losses) gains | (22 | ) | (17 | ) | 41 | 30 | (13 | ) | (11 | ) | 57 | 39 | ||||||||||||||||||||
Changes in cash flow hedges reclassed to earnings(1) | 4 | 2 | (8 | ) | (5 | ) | 8 | 4 | (7 | ) | (5 | ) | ||||||||||||||||||||
Other gains (losses) | 1 | 1 | (1 | ) | (1 | ) | 1 | 1 | (1 | ) | (1 | ) | ||||||||||||||||||||
Net Unrealized (Losses) Gains | (17 | ) | (14 | ) | 32 | 24 | (4 | ) | (6 | ) | 49 | 33 | ||||||||||||||||||||
Defined Benefit Plans (Losses) Gains: | ||||||||||||||||||||||||||||||||
Net actuarial losses | (1 | ) | (1 | ) | (100 | ) | (62 | ) | (9 | ) | (6 | ) | (223 | ) | (138 | ) | ||||||||||||||||
Prior service amortization(2) | (3 | ) | (2 | ) | (3 | ) | (2 | ) | (5 | ) | (3 | ) | (5 | ) | (3 | ) | ||||||||||||||||
Actuarial loss amortization/settlement(2) | 44 | 30 | 41 | 28 | 110 | 74 | 93 | 63 | ||||||||||||||||||||||||
Fuji Xerox changes in defined benefit plans, net(3) | 8 | 8 | (25 | ) | (25 | ) | 21 | 21 | (100 | ) | (100 | ) | ||||||||||||||||||||
Other (losses) gains(4) | (64 | ) | (64 | ) | 81 | 81 | (89 | ) | (89 | ) | 86 | 86 | ||||||||||||||||||||
Changes in Defined Benefit Plans (Losses) Gains | (16 | ) | (29 | ) | (6 | ) | 20 | 28 | (3 | ) | (149 | ) | (92 | ) | ||||||||||||||||||
Other Comprehensive Income (Loss) | 171 | 161 | (54 | ) | (38 | ) | 362 | 328 | 11 | 48 | ||||||||||||||||||||||
Less: Other comprehensive (loss) income attributable to noncontrolling interests | — | — | (1 | ) | (1 | ) | 1 | 1 | (1 | ) | (1 | ) | ||||||||||||||||||||
Other Comprehensive Income (Loss) Attributable to Xerox | $ | 171 | $ | 161 | $ | (53 | ) | $ | (37 | ) | $ | 361 | $ | 327 | $ | 12 | $ | 49 |
(1) | Reclassified to Cost of sales - refer to Note 12 - Financial Instruments for additional information regarding our cash flow hedges. |
(2) | Reclassified to Total Net Periodic Benefit Cost - refer to Note 14 - Employee Benefit Plans for additional information. |
(3) | Represents our share of Fuji Xerox's benefit plan changes. |
(4) | Primarily represents currency impact on cumulative amount of benefit plan net actuarial losses and prior service credits in AOCL. |
June 30, 2017 | December 31, 2016 | |||||||
Cumulative translation adjustments | $ | (1,927 | ) | $ | (2,263 | ) | ||
Other unrealized losses, net | (19 | ) | (13 | ) | ||||
Benefit plans net actuarial losses and prior service credits(1) | (2,064 | ) | (2,061 | ) | ||||
Total Accumulated Other Comprehensive Loss Attributable to Xerox | $ | (4,010 | ) | $ | (4,337 | ) |
(1) | Includes our share of Fuji Xerox. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Basic Earnings (Loss) per Share: | |||||||||||||||
Net income from continuing operations attributable to Xerox | $ | 166 | $ | 196 | $ | 212 | $ | 262 | |||||||
Accrued dividends on preferred stock | (3 | ) | (6 | ) | (7 | ) | (12 | ) | |||||||
Adjusted Net income from continuing operations available to common shareholders | 163 | 190 | 205 | 250 | |||||||||||
Net loss from discontinued operations attributable to Xerox | — | (38 | ) | (6 | ) | (73 | ) | ||||||||
Adjusted Net income available to common shareholders | $ | 163 | $ | 152 | $ | 199 | $ | 177 | |||||||
Weighted average common shares outstanding | 254,193 | 253,321 | 254,107 | 253,291 | |||||||||||
Basic Earnings (Loss) per Share: | |||||||||||||||
Continuing operations | $ | 0.64 | $ | 0.75 | $ | 0.81 | $ | 0.99 | |||||||
Discontinued operations | — | (0.15 | ) | (0.03 | ) | (0.29 | ) | ||||||||
Basic Earnings per Share | $ | 0.64 | $ | 0.60 | $ | 0.78 | $ | 0.70 | |||||||
Diluted Earnings (Loss) per Share: | |||||||||||||||
Net income from continuing operations attributable to Xerox | $ | 166 | $ | 196 | $ | 212 | $ | 262 | |||||||
Accrued dividends on preferred stock | — | (6 | ) | (7 | ) | (12 | ) | ||||||||
Adjusted Net income from continuing operations available to common shareholders | 166 | 190 | $ | 205 | $ | 250 | |||||||||
Net loss from discontinued operations attributable to Xerox | — | (38 | ) | (6 | ) | (73 | ) | ||||||||
Adjusted Net income available to common shareholders | $ | 166 | $ | 152 | $ | 199 | $ | 177 | |||||||
Weighted average common shares outstanding | 254,193 | 253,321 | 254,107 | 253,291 | |||||||||||
Common shares issuable with respect to: | |||||||||||||||
Stock options | — | 205 | — | 209 | |||||||||||
Restricted stock and performance shares | 2,275 | 1,979 | 2,190 | 1,789 | |||||||||||
Convertible preferred stock | 6,742 | — | — | — | |||||||||||
Adjusted Weighted average common shares outstanding | 263,210 | 255,505 | 256,297 | 255,289 | |||||||||||
Diluted Earnings (Loss) per Share: | |||||||||||||||
Continuing operations | $ | 0.63 | $ | 0.75 | $ | 0.80 | $ | 0.98 | |||||||
Discontinued operations | — | (0.15 | ) | (0.02 | ) | (0.28 | ) | ||||||||
Diluted Earnings per Share | $ | 0.63 | $ | 0.60 | $ | 0.78 | $ | 0.70 | |||||||
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 | — | 486 | — | 483 | |||||||||||
Restricted stock and performance shares | 2,375 | 3,977 | 2,460 | 4,167 | |||||||||||
Convertible preferred stock | — | 6,742 | 6,742 | 6,742 | |||||||||||
Total Anti-Dilutive Securities | 2,375 | 11,205 | 9,202 | 11,392 | |||||||||||
Dividends per Common Share | $ | 0.25 | $ | 0.31 | $ | 0.50 | $ | 0.62 |
(1) | See the “Non-GAAP Financial Measures” section for an explanation of the non-GAAP financial measure. |
(2) | The difference between the aggregate revision to retained earnings and the $90 impact at March 31, 2017 is primarily due to currency and the impact of adjustments recorded directly by Xerox in the first quarter 2017. |
Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
(in millions) | 2017 | 2016 | % Change | CC % Change | 2017 | 2016 | % Change | CC % Change | % of Total Revenue 2017 | % of Total Revenue 2016 | ||||||||||||||||||||||||
Equipment sales | $ | 546 | $ | 650 | (16.0 | )% | (14.6 | )% | $ | 1,048 | $ | 1,192 | (12.1 | )% | (10.6 | )% | 21 | % | 22 | % | ||||||||||||||
Post sale revenue | 2,021 | 2,143 | (5.7 | )% | (3.9 | )% | 3,973 | 4,216 | (5.8 | )% | (3.9 | )% | 79 | % | 78 | % | ||||||||||||||||||
Total Revenue | $ | 2,567 | $ | 2,793 | (8.1 | )% | (6.4 | )% | $ | 5,021 | $ | 5,408 | (7.2 | )% | (5.4 | )% | 100 | % | 100 | % | ||||||||||||||
Reconciliation to Condensed Consolidated Statements of Income: | ||||||||||||||||||||||||||||||||||
Sales | $ | 1,010 | $ | 1,126 | (10.3 | )% | (9.0 | )% | $ | 1,946 | $ | 2,129 | (8.6 | )% | (7.0 | )% | ||||||||||||||||||
Less: Supplies, paper and other sales | (464 | ) | (476 | ) | (2.5 | )% | (1.3 | )% | (898 | ) | (937 | ) | (4.2 | )% | (2.5 | )% | ||||||||||||||||||
Equipment sales(1) | $ | 546 | $ | 650 | (16.0 | )% | (14.6 | )% | $ | 1,048 | $ | 1,192 | (12.1 | )% | (10.6 | )% | ||||||||||||||||||
Services, maintenance and rentals | $ | 1,483 | $ | 1,585 | (6.4 | )% | (4.4 | )% | $ | 2,925 | $ | 3,114 | (6.1 | )% | (4.1 | )% | ||||||||||||||||||
Add: Supplies, paper and other sales | 464 | 476 | (2.5 | )% | (1.3 | )% | 898 | 937 | (4.2 | )% | (2.5 | )% | ||||||||||||||||||||||
Add: Financing | 74 | 82 | (9.8 | )% | (8.0 | )% | 150 | 165 | (9.1 | )% | (7.4 | )% | ||||||||||||||||||||||
Post sale revenue(1) | $ | 2,021 | $ | 2,143 | (5.7 | )% | (3.9 | )% | $ | 3,973 | $ | 4,216 | (5.8 | )% | (3.9 | )% | ||||||||||||||||||
North America | $ | 1,534 | $ | 1,654 | (7.3 | )% | (6.9 | )% | $ | 3,007 | $ | 3,196 | (5.9 | )% | (5.9 | )% | 60 | % | 59 | % | ||||||||||||||
International | 895 | 982 | (8.9 | )% | (4.6 | )% | 1,747 | 1,901 | (8.1 | )% | (3.1 | )% | 35 | % | 35 | % | ||||||||||||||||||
Other | 138 | 157 | (12.1 | )% | (12.1 | )% | 267 | 311 | (14.1 | )% | (14.1 | )% | 5 | % | 6 | % | ||||||||||||||||||
Total Revenue(2) | $ | 2,567 | $ | 2,793 | (8.1 | )% | (6.4 | )% | $ | 5,021 | $ | 5,408 | (7.2 | )% | (5.4 | )% | 100 | % | 100 | % | ||||||||||||||
Memo: | ||||||||||||||||||||||||||||||||||
Managed Document Services(3) | $ | 834 | $ | 887 | (6.0 | )% | (3.9 | )% | $ | 1,653 | $ | 1,723 | (4.1 | )% | (1.8 | )% | 33 | % | 32 | % |
(1) | Equipment sales revenue in 2016 has been revised to reclassify certain Global Imaging Systems equipment sales to other sales, which are included in Post sale revenue. |
(2) | Refer to the "Geographic Sales Channels and Product and Offerings Definitions" section. |
(3) | Excluding equipment revenue, Managed Document Services (MDS) was $736 million and $754 million, respectively, for the three months ended June 30, 2017 and 2016, representing a decline of 2.4% including 2.2-percentage point negative impact from currency. For the six months ended June 30, 2017 and 2016, excluding equipment revenue, MDS was $1,449 million and $1,480 million, respectively, representing a decline of 2.1% including a 2.2-percentage point negative impact from currency. |
• | Services, maintenance and rentals revenue includes rental and maintenance revenue (including bundled supplies) as well as the post sale component of the document services revenue from our Managed Document Services (MDS) offerings, and revenues from our Communication and Marketing Solutions (CMS) offerings that transferred to Xerox from the Business Process Outsourcing (BPO) business upon Separation. These revenues declined 6.4%, with a 2.0-percentage point negative impact from currency; the decline at constant currency1 reflected lower signings and installs in prior periods and the ongoing decline in page volumes. |
• | Supplies, paper and other sales includes unbundled supplies and other sales. These revenues declined 2.5%, with a 1.2-percentage point negative impact from currency. The decline at constant currency1 was driven by lower original equipment manufacturer (OEM) supplies as well as lower supplies demand consistent with lower equipment sales in prior periods. |
• | Financing revenue is generated from financed equipment sale transactions. The 9.8% decline in these revenues reflected a declining finance receivables balance due to lower equipment sales in prior periods, along with a 1.8-percentage point negative impact from currency. |
• | Services, maintenance and rentals revenue includes rental and maintenance revenue (including bundled supplies) as well as the post sale component of the document services revenue from our Managed Document Services (MDS) offerings, and revenues from our Communication and Marketing Solutions (CMS) offerings that transferred to Xerox from the Business Process Outsourcing (BPO) business upon Separation. These revenues declined 6.1%, with a 2.0-percentage point negative impact from currency; the decline at constant currency1 reflected lower signings and installs in prior periods and the ongoing decline in page volumes. |
• | Supplies, paper and other sales includes unbundled supplies and other sales. These revenues declined 4.2%, with a 1.7-percentage point negative impact from currency. The decline at constant currency1 was driven by lower original equipment manufacturer (OEM) supplies as well as lower supplies demand (both in U.S. and European channels) consistent with lower equipment sales in prior periods, partly offset by higher supplies sales in developing markets which benefited partially from a weak first quarter in 2016. |
• | Financing revenue is generated from financed equipment sale transactions. The 9.1% decline in these revenues reflected a declining finance receivables balance due to lower equipment sales in prior periods, along with a 1.7-percentage point negative impact from currency. |
Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||
(in millions) | 2017 | 2016 | % Change | CC % Change | 2017 | 2016 | % Change | CC % Change | % of Total Revenue 2017 | % of Total Revenue 2016 | ||||||||||||||||||
Entry | $ | 92 | $ | 102 | (9.8)% | (8.6)% | $ | 180 | $ | 196 | (8.2)% | (7.1)% | 17% | 17% | ||||||||||||||
Mid-range | 342 | 415 | (17.6)% | (16.3)% | 659 | 762 | (13.5)% | (12.1)% | 64% | 64% | ||||||||||||||||||
High-end | 106 | 126 | (15.9)% | (13.9)% | 199 | 225 | (11.6)% | (9.4)% | 19% | 19% | ||||||||||||||||||
Other | 6 | 7 | NM | NM | 10 | 9 | NM | NM | NM | NM | ||||||||||||||||||
Equipment sales(1) | $ | 546 | $ | 650 | (16.0)% | (14.6)% | $ | 1,048 | $ | 1,192 | (12.1)% | (10.6)% | 100% | 100% |
(1) | Equipment sales revenue in 2016 has been revised to reclassify certain Global Imaging Systems equipment sales to other sales, which are included in Post sale Revenue. |
• | 24% increase in color multifunction devices, reflecting demand for recently launched products in this space. |
• | 10% increase in black-and-white multifunction devices, driven largely by a higher activity for low-end printers in developing markets. |
• | 15% decrease in mid-range color installs, reflecting the transition to the new product portfolio, partly offset by growth in developing markets. |
• | 14% decrease in mid-range black-and-white, reflecting overall market decline as well as the impact of transitioning to the new product portfolio, partly offset by growth in developing markets. |
• | 9% decrease in high-end color systems, as growth from continuous feed color and the recently launched Versant products was offset by a decline in iGen and older entry-production products. |
• | 34% decrease in high-end black-and-white systems reflects overall market decline and trends, and higher declines in North America. |
• | 19% increase in color multifunction devices, reflecting demand for recently launched products in this space. |
• | 6% increase in black-and-white multifunction devices, driven largely by a higher activity for low-end printers in developing markets. |
• | 8% decrease in mid-range color installs, reflecting the transition to the new product portfolio, partly offset by growth in developing markets. |
• | 19% decrease in mid-range black-and-white, reflecting overall market decline as well as the impact of transitioning to the new product portfolio. |
• | 12% decrease in high-end color systems due to timing of installs and upcoming product launches. |
• | 30% decrease in high-end black-and-white systems reflects overall market decline and trends and higher declines in North America. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||
(in millions) | 2017 | 2016 | % Change | CC % Change | 2017 | 2016 | % Change | CC % Change | ||||||||||||||||
Signings | $ | 643 | $ | 700 | (8.1)% | (6.5)% | $ | 1,155 | $ | 1,266 | (8.8)% | (7.1)% |
• | North America, which includes our sales channels in the U.S. and Canada. |
• | International, which includes our sales channels in Europe, Eurasia, Latin America, Middle East, Africa and India. |
• | Other primarily includes our OEM business, as well as sales to and royalties from Fuji Xerox, and our licensing revenue. |
• | “Entry”, which includes A4 devices and desktop printers. Prices in this product group can range from approximately $150 to $3,000. |
• | “Mid-Range”, which includes A3 Office and Light Production devices that generally serve workgroup environments in mid to large enterprises. Prices in this product group can range from approximately $2,000 to $75,000+. |
• | “High-End”, which includes production printing and publishing systems that generally serve the graphic communications marketplace and large enterprises. Prices for these systems can range from approximately $30,000 to $1,000,000+. |
• | Managed Document Services (MDS) revenue, which includes solutions and services that span from managing print to automating processes to managing content. Our primary offerings within MDS are Managed Print Services (including from Global Imaging Systems), as well as workflow automation services, and Centralized Print Services and Solutions (CPS). MDS excludes Communications and Marketing Solutions (CMS). |
(1) | Entry installations exclude OEM sales; including OEM sales, Entry color multifunction devices decreased 10% and 12%, respectively, for the three and six months ended June 30, 2017. Entry black-and-white multifunction devices increased 4% for the three months ended June 30, 2017 and were flat for the six months ended June 30, 2017. |
(2) | Mid-range and High-end color installations exclude Fuji Xerox digital front-end sales; including Fuji Xerox digital front-end sales, Mid-range color devices decreased 15% and 8% respectively, for the three and six months ended June 30, 2017 while High-end color systems decreased 14% and 20%, respectively for the three and six months ended June 30, 2017. |
Three Months Ended June 30, | ||||||||||||||||||||||||||
Reported | Adjusted (1) | |||||||||||||||||||||||||
(in millions) | 2017 | 2016 | B/(W) | 2017 | 2016 | B/(W) | ||||||||||||||||||||
Gross Profit | $ | 1,031 | $ | 1,112 | $ | (81 | ) | $ | 1,045 | $ | 1,124 | $ | (79 | ) | ||||||||||||
RD&E | 106 | 119 | 13 | 102 | 113 | 11 | ||||||||||||||||||||
SAG | 643 | 691 | 48 | 624 | 677 | 53 | ||||||||||||||||||||
Equipment Gross Margin | 28.5 | % | 29.9 | % | (1.4 | ) | pts. | N/A | N/A | N/A | ||||||||||||||||
Post sale Gross Margin | 43.3 | % | 42.9 | % | 0.4 | pts. | 44.0 | % | 43.4 | % | 0.6 | pts. | ||||||||||||||
Total Gross Margin | 40.2 | % | 39.8 | % | 0.4 | pts. | 40.7 | % | 40.2 | % | 0.5 | pts. | ||||||||||||||
RD&E as a % of Revenue | 4.1 | % | 4.3 | % | 0.2 | pts. | 4.0 | % | 4.0 | % | — | pts. | ||||||||||||||
SAG as a % of Revenue | 25.0 | % | 24.7 | % | (0.3 | ) | pts. | 24.3 | % | 24.2 | % | (0.1 | ) | pts. | ||||||||||||
Pre-tax Income | $ | 193 | $ | 191 | $ | 2 | N/A | N/A | N/A | |||||||||||||||||
Pre-tax Income Margin | 7.5 | % | 6.8 | % | 0.7 | pts. | N/A | N/A | N/A | |||||||||||||||||
Adjusted Operating Profit | N/A | N/A | N/A | 342 | 361 | (19 | ) | |||||||||||||||||||
Adjusted Operating Margin | N/A | N/A | N/A | 13.3 | % | 12.9 | % | 0.4 | pts. | |||||||||||||||||
Memo: | ||||||||||||||||||||||||||
Non-service retirement-related costs | $ | 37 | $ | 32 | $ | (5 | ) | N/A | N/A | N/A |
Six Months Ended June 30, | ||||||||||||||||||||||||||
Reported | Adjusted (1) | |||||||||||||||||||||||||
(in millions) | 2017 | 2016 | B/(W) | 2017 | 2016 | B/(W) | ||||||||||||||||||||
Gross Profit | $ | 1,985 | $ | 2,130 | $ | (145 | ) | $ | 2,022 | $ | 2,159 | $ | (137 | ) | ||||||||||||
RD&E | 224 | 245 | 21 | 212 | 231 | 19 | ||||||||||||||||||||
SAG | 1,307 | 1,392 | 85 | 1,257 | 1,357 | 100 | ||||||||||||||||||||
Equipment Gross Margin | 29.4 | % | 30.2 | % | (0.8 | ) | pts. | N/A | N/A | N/A | ||||||||||||||||
Post sale Gross Margin | 42.2 | % | 42.0 | % | 0.2 | pts. | 43.1 | % | 42.7 | % | 0.4 | pts. | ||||||||||||||
Total Gross Margin | 39.5 | % | 39.4 | % | 0.1 | pts. | 40.3 | % | 39.9 | % | 0.4 | pts. | ||||||||||||||
RD&E as a % of Revenue | 4.5 | % | 4.5 | % | — | pts. | 4.2 | % | 4.3 | % | 0.1 | pts. | ||||||||||||||
SAG as a % of Revenue | 26.0 | % | 25.7 | % | (0.3 | ) | pts. | 25.0 | % | 25.1 | % | 0.1 | pts. | |||||||||||||
Pre-tax Income | $ | 177 | $ | 223 | $ | (46 | ) | N/A | N/A | N/A | ||||||||||||||||
Pre-tax Income Margin | 3.5 | % | 4.1 | % | (0.6 | ) | pts. | N/A | N/A | N/A | ||||||||||||||||
Adjusted Operating Profit | N/A | N/A | N/A | 616 | 632 | (16 | ) | |||||||||||||||||||
Adjusted Operating Margin | N/A | N/A | N/A | 12.3 | % | 11.7 | % | 0.6 | pts. | |||||||||||||||||
Memo: | ||||||||||||||||||||||||||
Non-service retirement-related costs | $ | 99 | $ | 78 | $ | (21 | ) | N/A | N/A | N/A |
(1) | See the “Non-GAAP Financial Measures” section for an explanation of the non-GAAP financial measure. In fourth quarter 2016, we began to include Equity in net income of unconsolidated affiliates in the calculation of adjusted operating income and margin. Prior periods have been restated accordingly to conform to current year presentation. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in millions) | 2017 | 2016 | Change | 2017 | 2016 | Change | |||||||||||||||||
R&D | $ | 81 | $ | 95 | $ | (14 | ) | $ | 177 | $ | 196 | $ | (19 | ) | |||||||||
Sustaining engineering | 25 | 24 | 1 | 47 | 49 | (2 | ) | ||||||||||||||||
Total RD&E Expenses | $ | 106 | $ | 119 | $ | (13 | ) | $ | 224 | $ | 245 | $ | (21 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(in millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Non-financing interest expense | $ | 24 | $ | 42 | $ | 60 | $ | 96 | |||||||
Interest income | (2 | ) | (2 | ) | (4 | ) | (3 | ) | |||||||
(Gains) losses on sales of businesses and assets | (1 | ) | 3 | (1 | ) | (17 | ) | ||||||||
Currency losses (gains), net | 1 | (1 | ) | 4 | 3 | ||||||||||
Litigation matters | 2 | — | 2 | 1 | |||||||||||
Loss on sales of accounts receivables | 3 | 4 | 6 | 8 | |||||||||||
Loss on early extinguishment of debt | — | — | 13 | — | |||||||||||
All other expenses, net | 7 | 2 | 8 | 5 | |||||||||||
Total Other expenses, net | $ | 34 | $ | 48 | $ | 88 | $ | 93 |
(1) | Refer to the Effective Tax Rate reconciliation table in the "Non-GAAP Financial Measures" section. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in millions) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Total equity in net income of unconsolidated affiliates | $ | 20 | $ | 26 | $ | 60 | $ | 60 | ||||||||
Fuji Xerox after-tax restructuring costs included in equity income | 3 | 1 | 3 | 1 |
(1) | Refer to the Net Income and EPS reconciliation table in the "Non-GAAP Financial Measures" section. |
Six Months Ended June 30, | Change | |||||||||||
(in millions) | 2017 | 2016 | ||||||||||
Net cash provided by operating activities of continuing operations | $ | 533 | $ | 346 | $ | 187 | ||||||
Net cash used in operating activities of discontinued operations | (95 | ) | (194 | ) | 99 | |||||||
Net cash provided by operating activities | 438 | 152 | 286 | |||||||||
Net cash used in investing activities of continuing operations | (112 | ) | (64 | ) | (48 | ) | ||||||
Net cash used in investing activities of discontinued operations | — | (128 | ) | 128 | ||||||||
Net cash used in investing activities | (112 | ) | (192 | ) | 80 | |||||||
Net cash used in financing activities | (1,338 | ) | (129 | ) | (1,209 | ) | ||||||
Effect of exchange rate changes on cash and cash equivalents | 35 | 4 | 31 | |||||||||
Increase in cash of discontinued operations | — | (20 | ) | 20 | ||||||||
Decrease in cash and cash equivalents | (977 | ) | (185 | ) | (792 | ) | ||||||
Cash and cash equivalents at beginning of period | 2,223 | 1,228 | 995 | |||||||||
Cash and Cash Equivalents at End of Period | $ | 1,246 | $ | 1,043 | $ | 203 |
• | $166 million increase in accounts payable and accrued compensation primarily related to the year-over-year timing of supplier and vendor payments. |
• | $45 million increase from finance receivables primarily related to a higher level of run-off due to lower originations. |
• | $28 million increase due to lower placements of equipment on operating leases reflecting decreased installs. |
• | $22 million increase from lower defined benefit pension contributions, primarily due to timing as contributions are expected to be approximately $170 million higher than the prior year (Refer to Note 14 - Employee Benefit Plans in the Condensed Consolidated Financial Statements for additional information). |
• | $82 million decrease from higher restructuring payments. |
• | $14 million decrease from accounts receivable primarily due to a reduction in the benefit from the sales of receivables. |
• | $58 million decrease due to acquisitions. |
• | $19 million decrease from lower proceeds from the sale of assets and businesses. Prior year included proceeds from the sale of surplus technology assets. |
• | $23 million increase due to lower capital expenditures (including internal use software). |
• | $1,366 million increase from net debt activity. 2017 reflects payments of $1.0 billion on Senior Notes and net payments of $326 million on the tender and exchange of certain Senior Notes including transaction costs. 2016 reflects net proceeds of $1.0 billion from a Senior Unsecured Term Facility offset by payments of $700 million on Senior Notes and $250 million on Notes. |
• | $161 million decrease reflecting the final cash adjustment with Conduent. |
(in millions) | June 30, 2017 | December 31, 2016 | ||||||
Principal debt balance(1) | $ | 5,047 | $ | 6,349 | ||||
Net unamortized discount | (38 | ) | (43 | ) | ||||
Debt issuance costs | (29 | ) | (21 | ) | ||||
Fair value adjustments(2) | ||||||||
- terminated swaps | 16 | 27 | ||||||
- current swaps | 5 | 4 | ||||||
Total Debt | $ | 5,001 | $ | 6,316 |
(1) | Includes Notes Payable of $5 million and $4 million as of June 30, 2017 and December 31, 2016, respectively. |
(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. |
(in millions) | June 30, 2017 | December 31, 2016 | ||||||
Total finance receivables, net(1) | $ | 3,703 | $ | 3,744 | ||||
Equipment on operating leases, net | 464 | 475 | ||||||
Total Finance Assets, net(2) | $ | 4,167 | $ | 4,219 |
(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 our Condensed Consolidated Balance Sheets. |
(2) | The change from December 31, 2016 includes an increase of $128 million due to currency. |
(in millions) | June 30, 2017 | December 31, 2016 | ||||||
Finance receivables debt(1) | $ | 3,240 | $ | 3,276 | ||||
Equipment on operating leases debt | 406 | 416 | ||||||
Financing debt | 3,646 | 3,692 | ||||||
Core debt | 1,355 | 2,624 | ||||||
Total Debt | $ | 5,001 | $ | 6,316 |
(1) | Finance receivables debt is the basis for our calculation of "Cost of financing" expense in the Condensed Consolidated Statements of Income. |
(in millions) | Amount | |||
2017 Q3 | $ | 7 | ||
2017 Q4 | 2 | |||
2018 | 747 | |||
2019 | 967 | |||
2020 | 1,057 | |||
2021 | 1,067 | |||
2022 and thereafter | 1,200 | |||
Total | $ | 5,047 |
• | Net income and Earnings per share (EPS) |
• | Effective tax rate |
• | Gross margin, RD&E and SAG (adjusted for non-service retirement-related costs only) |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||||||||||
(in millions; except per share amounts) | Net Income | EPS | Net Income | EPS | Net Income | EPS | Net Income | EPS | ||||||||||||||||||||||||
Reported(1) | $ | 166 | $ | 0.63 | $ | 196 | $ | 0.75 | $ | 212 | $ | 0.80 | $ | 262 | $ | 0.98 | ||||||||||||||||
Adjustments: | ||||||||||||||||||||||||||||||||
Restructuring and related costs | 40 | 47 | 160 | 147 | ||||||||||||||||||||||||||||
Amortization of intangible assets | 15 | 16 | 29 | 30 | ||||||||||||||||||||||||||||
Non-service retirement-related costs | 37 | 32 | 99 | 78 | ||||||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | 13 | — | ||||||||||||||||||||||||||||
Income tax adjustments(2) | (34 | ) | (35 | ) | (95 | ) | (78 | ) | ||||||||||||||||||||||||
Remeasurement of unrecognized tax positions | — | — | (16 | ) | — | |||||||||||||||||||||||||||
Restructuring charges - Fuji Xerox | 3 | 1 | 3 | 1 | ||||||||||||||||||||||||||||
Adjusted | $ | 227 | $ | 0.87 | $ | 257 | $ | 0.98 | $ | 405 | $ | 1.54 | $ | 440 | $ | 1.68 | ||||||||||||||||
Dividends on preferred stock used in adjusted EPS calculation(3) | $ | — | $ | — | $ | — | $ | 12 | ||||||||||||||||||||||||
Weighted average shares for adjusted EPS(3) | 263 | 262 | 263 | 255 | ||||||||||||||||||||||||||||
Fully diluted shares at end of period(4) | 263 |
(1) | Net Income and EPS from continuing operations attributable to Xerox. |
(2) | Refer to Effective Tax Rate reconciliation. |
(3) | For those periods that exclude the preferred stock dividend the average shares for the calculations of diluted EPS include 7 million shares associated with our Series A or B convertible preferred stock, as applicable. |
(4) | Represents common shares outstanding at June 30, 2017, as well as shares associated with our Series B convertible preferred stock plus potential dilutive common shares used for the calculation of diluted earnings per share for the second quarter 2017. |
Three Months Ended June 30, | |||||||||||||||||||||
2017 | 2016 | ||||||||||||||||||||
(in millions) | Pre-Tax Income | Income Tax Expense | Effective Tax Rate | Pre-Tax Income | Income Tax Expense | Effective Tax Rate | |||||||||||||||
Reported(1) | $ | 193 | $ | 43 | 22.3 | % | $ | 191 | $ | 18 | 9.4 | % | |||||||||
Non-GAAP Adjustments(2) | 92 | 34 | 95 | 35 | |||||||||||||||||
Adjusted(3) | $ | 285 | $ | 77 | 27.0 | % | $ | 286 | $ | 53 | 18.5 | % |
Six Months Ended June 30, | |||||||||||||||||||||
2017 | 2016 | ||||||||||||||||||||
(in millions) | Pre-Tax Income | Income Tax Expense | Effective Tax Rate | Pre-Tax Income | Income Tax Expense | Effective Tax Rate | |||||||||||||||
Reported(1) | $ | 177 | $ | 19 | 10.7 | % | $ | 223 | $ | 16 | 7.2 | % | |||||||||
Non-GAAP Adjustments(2) | 301 | 95 | 255 | 78 | |||||||||||||||||
Remeasurement of unrecognized tax positions | — | 16 | — | — | |||||||||||||||||
Adjusted(3) | $ | 478 | $ | 130 | 27.2 | % | $ | 478 | $ | 94 | 19.7 | % |
(1) | Pre-Tax Income and Income Tax Expense from continuing operations. |
(2) | Refer to Net Income and EPS reconciliation for details. |
(3) | The tax impact on Adjusted Pre-Tax Income from continuing operations is calculated under the same accounting principles applied to the As Reported Pre-Tax Income under ASC 740, which employs an annual effective tax rate method to the results. |
Three Months Ended June 30, | |||||||||||||||||||||
2017 | 2016 | ||||||||||||||||||||
(in millions) | Profit | Revenue | Margin | Profit | Revenue | Margin | |||||||||||||||
Reported(1) | $ | 193 | $ | 2,567 | 7.5 | % | $ | 191 | $ | 2,793 | 6.8 | % | |||||||||
Adjustments: | |||||||||||||||||||||
Restructuring and related costs | 40 | 47 | |||||||||||||||||||
Amortization of intangible assets | 15 | 16 | |||||||||||||||||||
Non-service retirement-related costs | 37 | 32 | |||||||||||||||||||
Equity in net income of unconsolidated affiliates | 20 | 26 | |||||||||||||||||||
Restructuring charges - Fuji Xerox | 3 | 1 | |||||||||||||||||||
Other expenses, net | 34 | 48 | |||||||||||||||||||
Adjusted | $ | 342 | $ | 2,567 | 13.3 | % | $ | 361 | $ | 2,793 | 12.9 | % |
Six Months Ended June 30, | |||||||||||||||||||||
2017 | 2016 | ||||||||||||||||||||
(in millions) | Profit | Revenue | Margin | Profit | Revenue | Margin | |||||||||||||||
Reported(1) | $ | 177 | $ | 5,021 | 3.5 | % | $ | 223 | $ | 5,408 | 4.1 | % | |||||||||
Adjustments: | |||||||||||||||||||||
Restructuring and related costs | 160 | 147 | |||||||||||||||||||
Amortization of intangible assets | 29 | 30 | |||||||||||||||||||
Non-service retirement-related costs | 99 | 78 | |||||||||||||||||||
Equity in net income of unconsolidated affiliates | 60 | 60 | |||||||||||||||||||
Restructuring charges - Fuji Xerox | 3 | 1 | |||||||||||||||||||
Other expenses, net | 88 | 93 | |||||||||||||||||||
Adjusted | $ | 616 | $ | 5,021 | 12.3 | % | $ | 632 | $ | 5,408 | 11.7 | % |
(1) | Pre-Tax Income and revenue from continuing operations. |
Three Months Ended June 30, | ||||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||||
(in millions) | As Reported(1) | Non-service retirement-related costs | Adjusted | As Reported(1) | Non-service retirement-related costs | Adjusted | ||||||||||||||||||
Total Revenue | $ | 2,567 | $ | — | $ | 2,567 | $ | 2,793 | $ | — | $ | 2,793 | ||||||||||||
Total Gross Profit | 1,031 | 14 | 1,045 | 1,112 | 12 | 1,124 | ||||||||||||||||||
Post sale revenue | 2,021 | — | 2,021 | 2,143 | — | 2,143 | ||||||||||||||||||
Post sale gross profit | 875 | 14 | 889 | 919 | 12 | 931 | ||||||||||||||||||
RD&E | 106 | (4 | ) | 102 | 119 | (6 | ) | 113 | ||||||||||||||||
SAG | 643 | (19 | ) | 624 | 691 | (14 | ) | 677 | ||||||||||||||||
Total Gross Margin | 40.2 | % | 40.7 | % | 39.8 | % | 40.2 | % | ||||||||||||||||
Post sale Gross Margin | 43.3 | % | 44.0 | % | 42.9 | % | 43.4 | % | ||||||||||||||||
RD&E as a % of Revenue | 4.1 | % | 4.0 | % | 4.3 | % | 4.0 | % | ||||||||||||||||
SAG as a % of Revenue | 25.0 | % | 24.3 | % | 24.7 | % | 24.2 | % |
Six Months Ended June 30, | ||||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||||
(in millions) | As Reported(1) | Non-service retirement-related costs | Adjusted | As Reported(1) | Non-service retirement-related costs | Adjusted | ||||||||||||||||||
Total Revenue | $ | 5,021 | $ | — | $ | 5,021 | $ | 5,408 | $ | — | $ | 5,408 | ||||||||||||
Total Gross Profit | 1,985 | 37 | 2,022 | 2,130 | 29 | 2,159 | ||||||||||||||||||
Post sale revenue | 3,973 | — | 3,973 | 4,216 | — | 4,216 | ||||||||||||||||||
Post sale gross profit | 1,676 | 37 | 1,713 | 1,771 | 29 | 1,800 | ||||||||||||||||||
RD&E | 224 | (12 | ) | 212 | 245 | (14 | ) | 231 | ||||||||||||||||
SAG | 1,307 | (50 | ) | 1,257 | 1,392 | (35 | ) | 1,357 | ||||||||||||||||
Total Gross Margin | 39.5 | % | 40.3 | % | 39.4 | % | 39.9 | % | ||||||||||||||||
Post sale Gross Margin | 42.2 | % | 43.1 | % | 42.0 | % | 42.7 | % | ||||||||||||||||
RD&E as a % of Revenue | 4.5 | % | 4.2 | % | 4.5 | % | 4.3 | % | ||||||||||||||||
SAG as a % of Revenue | 26.0 | % | 25.0 | % | 25.7 | % | 25.1 | % |
(1) | Revenue and costs from continuing operations. |
Three Months Ended March 31, 2017 | Year Ended December 31, 2016 | |||||||||||||||||||||||
(in millions) | As Reported(1) | Adjustment(3) | As Adjusted | As Reported(1) | Adjustment | As Adjusted | ||||||||||||||||||
Adjusted Net income | $ | 154 | $ | 24 | $ | 178 | $ | 921 | $ | 6 | $ | 927 | ||||||||||||
Adjusted Diluted earnings per share | 0.58 | 0.09 | 0.67 | 3.50 | 0.03 | 3.53 | ||||||||||||||||||
Adjusted Operating profit (2) | $ | 250 | $ | 24 | $ | 274 | $ | 1,345 | $ | 6 | $ | 1,351 | ||||||||||||
Adjusted Operating margin | 10.2 | % | 11.2 | % | 12.5 | % | 12.5 | % |
Year Ended December 31, 2015 | Year Ended December 31, 2014 | |||||||||||||||||||||||
(in millions) | As Reported(1) | Adjustment | As Adjusted | As Reported(1) | Adjustment | As Adjusted | ||||||||||||||||||
Adjusted Net income | $ | 978 | $ | (26 | ) | $ | 952 | $ | 1,148 | $ | (18 | ) | $ | 1,130 | ||||||||||
Adjusted Diluted earnings per share | 3.55 | (0.10 | ) | 3.45 | 3.83 | (0.06 | ) | 3.77 | ||||||||||||||||
Adjusted Operating profit (2) | $ | 1,461 | $ | (26 | ) | $ | 1,435 | $ | 1,688 | $ | (18 | ) | $ | 1,670 | ||||||||||
Adjusted Operating margin | 12.7 | % | 12.5 | % | 13.3 | % | 13.2 | % |
Three Months Ended March 31, 2016 | Three Months Ended June 30, 2016 | |||||||||||||||||||||||
(in millions) | As Reported(1) | Adjustment | As Adjusted | As Reported(1) | Adjustment | As Adjusted | ||||||||||||||||||
Adjusted Net income | $ | 186 | $ | (3 | ) | $ | 183 | $ | 253 | $ | 4 | $ | 257 | |||||||||||
Adjusted Diluted earnings per share | 0.70 | (0.01 | ) | 0.69 | 0.97 | 0.01 | 0.98 | |||||||||||||||||
Adjusted Operating profit (2) | $ | 274 | $ | (3 | ) | $ | 271 | $ | 357 | $ | 4 | $ | 361 | |||||||||||
Adjusted Operating margin | 10.5 | % | 10.4 | % | 12.8 | % | 12.9 | % |
Three Months Ended September 30, 2016 | Three Months Ended December 31, 2016 | |||||||||||||||||||||||
(in millions) | As Reported(1) | Adjustment | As Adjusted | As Reported(1) | Adjustment | As Adjusted | ||||||||||||||||||
Adjusted Net income | $ | 222 | $ | 1 | $ | 223 | $ | 260 | $ | 4 | $ | 264 | ||||||||||||
Adjusted Diluted earnings per share | 0.84 | — | 0.84 | 0.99 | 0.01 | 1.00 | ||||||||||||||||||
Adjusted Operating profit (2) | $ | 330 | $ | 1 | $ | 331 | $ | 384 | $ | 4 | $ | 388 | ||||||||||||
Adjusted Operating margin | 12.6 | % | 12.6 | % | 14.0 | % | 14.2 | % |
Three Months Ended March 31, 2015 | Three Months Ended June 30, 2015 | |||||||||||||||||||||||
(in millions) | As Reported(1) | Adjustment | As Adjusted | As Reported(1) | Adjustment | As Adjusted | ||||||||||||||||||
Adjusted Net income | $ | 229 | $ | (18 | ) | $ | 211 | $ | 225 | $ | (4 | ) | $ | 221 | ||||||||||
Adjusted Diluted earnings per share | 0.79 | (0.06 | ) | 0.73 | 0.80 | (0.02 | ) | 0.78 | ||||||||||||||||
Adjusted Operating profit (2) | $ | 343 | $ | (18 | ) | $ | 325 | $ | 353 | $ | (4 | ) | $ | 349 | ||||||||||
Adjusted Operating margin | 12.2 | % | 11.6 | % | 12.1 | % | 11.9 | % |
Three Months Ended September 30, 2015 | Three Months Ended December 31, 2015 | |||||||||||||||||||||||
(in millions) | As Reported(1) | Adjustment | As Adjusted | As Reported(1) | Adjustment | As Adjusted | ||||||||||||||||||
Adjusted Net income | $ | 239 | $ | — | $ | 239 | $ | 285 | $ | (4 | ) | $ | 281 | |||||||||||
Adjusted Diluted earnings per share | 0.88 | — | 0.88 | 1.09 | (0.01 | ) | 1.08 | |||||||||||||||||
Adjusted Operating profit (2) | $ | 372 | $ | — | $ | 372 | $ | 393 | $ | (4 | ) | $ | 389 | |||||||||||
Adjusted Operating margin | 13.4 | % | 13.4 | % | 13.3 | % | 13.2 | % |
(1) | Income and Diluted EPS from continuing operations attributable to Xerox. |
(2) | As Reported Adjusted Operating profit excludes Fuji Xerox restructuring charges. As Reported Adjusted Operating Profit for the three months ended March 31, 2017 also reflects the reversal of the $30 million out-of-period adjustment recoded in the first quarter 2017. |
(3) | The difference between the $30 million out-of-period adjustment recorded in first quarter 2017 and the revision adjustment of $24 million, primarily relates to the additional adjustments subsequently identified as part of the IIC review. |
(a) | Sales of Unregistered Securities during the Quarter ended June 30, 2017 |
a. | Securities issued on April 28, 2017: Registrant issued 2,457 DSUs, representing the right to receive shares of Common stock, par value $1 per share, at a future date. |
b. | No underwriters participated. The shares were issued to each of the non-employee Directors of Registrant: Jonathan Christodoro, Joseph Echevarria, Richard J. Harrington, William Curt Hunter, Robert J. Keegan, Cheryl Krongard, Charles Prince, Ann N. Reese, Stephen H. Rusckowski and Sara Martinez Tucker. |
c. | The DSUs were issued at a deemed purchase price of $29.54 per DSU (aggregate price $72,580), based upon the market value on the date of record, in payment of the dividend equivalents due to DSU holders pursuant to Registrant’s 2004 Equity Compensation Plan for Non-Employee Directors. |
d. | Exemption from registration under the Act was claimed based upon Section 4(2) as a sale by an issuer not involving a public offering. |
(b) | Issuer Purchases of Equity Securities during the Quarter ended June 30, 2017 |
Total Number of Shares Purchased | Average Price Paid per Share(2) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum That May Be Purchased under the Plans or Programs | |||||||
April 1 through 30 | 10,926 | $ | 29.35 | n/a | n/a | |||||
May 1 through 31 | — | — | n/a | n/a | ||||||
June 1 through 30 | — | — | n/a | n/a | ||||||
Total | 10,926 |
(1) | These repurchases are made under a provision in our restricted stock compensation programs for the indirect repurchase of shares through a net-settlement feature upon the vesting of shares in order to satisfy minimum statutory tax-withholding requirements. |
(2) | Exclusive of fees and costs. |
3(a) | Restated Certificate of Incorporation of Registrant filed with the Department of State of New York on February 21, 2013, as amended by the Certificates of Amendment of Certificate of Incorporation filed with the Department of State of the State of New York on December 23, 2016 and June 14, 2017. | |
3(b) | By-Laws of Registrant as amended through August 15, 2016. | |
Incorporated by reference to Exhibit 3(b) to Registrant's Quarterly Report on Form 10-Q for the quarter ended September 30, 2016. See SEC File Number 001-04471. | ||
10(e)(1) | Registrant's 2004 Performance Incentive Plan, as amended and restated as of June 30, 2017. | |
10(e)(2) | Performance Elements for 2017 Executive Long-Term Incentive Program | |
12 | Computation of Ratio of Earnings to Fixed Charges. | |
31(a) | Certification of CEO pursuant to Rule 13a-14(a) or Rule 15d-14(a). | |
31(b) | Certification of CFO pursuant to Rule 13a-14(a) or Rule 15d-14(a). | |
32 | Certification of CEO and CFO pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase. | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase. | |
101.INS | XBRL Instance Document. | |
101.LAB | XBRL Taxonomy Extension Label Linkbase. | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase. | |
101.SCH | XBRL Taxonomy Extension Schema Linkbase. |
XEROX CORPORATION (Registrant) | |
By: | /S/ JOSEPH H. MANCINI, JR. |
Joseph H. Mancini, Jr. Vice President and Chief Accounting Officer (Principal Accounting Officer) |
3(a) | Restated Certificate of Incorporation of Registrant filed with the Department of State of New York on February 21, 2013, as amended by the Certificates of Amendment of Certificate of Incorporation filed with the Department of State of the State of New York on December 23, 2016 and June 14, 2017. | |
3(b) | By-Laws of Registrant as amended through August 15, 2016. | |
Incorporated by reference to Exhibit 3(b) to Registrant's Quarterly Report on Form 10-Q for the quarter ended September 30, 2016. See SEC File Number 001-04471. | ||
10(e)(1) | Registrant's 2004 Performance Incentive Plan, as amended and restated as of June 30, 2017. | |
10(e)(2) | Performance Elements for 2017 Executive Long-Term Incentive Program | |
12 | Computation of Ratio of Earnings to Fixed Charges. | |
31(a) | Certification of CEO pursuant to Rule 13a-14(a) or Rule 15d-14(a). | |
31(b) | Certification of CFO pursuant to Rule 13a-14(a) or Rule 15d-14(a). | |
32 | Certification of CEO and CFO pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase. | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase. | |
101.INS | XBRL Instance Document. | |
101.LAB | XBRL Taxonomy Extension Label Linkbase. | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase. | |
101.SCH | XBRL Taxonomy Extension Schema Linkbase. |
CR1 = CR0 x | OS1 | ||
OS0 |
CR0 | = | the Conversion Rate in effect at the Close of Business on the Record Date for such dividend or distribution; | |
CR1 | = | the Conversion Rate in effect immediately after the Record Date for such dividend or distribution; | |
OS0 | = | the number of shares of Common Stock Outstanding at the Close of Business on the Record Date for such dividend or distribution; and | |
OS1 | = | the number of shares of Common Stock that would be outstanding immediately after, and solely as a result of, such dividend or distribution. |
CR1 = CR0 x | OS1 | |||
OS0 |
CR0 | = | the Conversion Rate in effect at the Close of Business on the effective date of such subdivision or combination; | |
CR1 | = | the Conversion Rate in effect immediately after the effective date of such subdivision or combination; | |
OS0 | = | the number of shares of Common Stock Outstanding at the Close of Business on the effective date of such subdivision or combination; and | |
OS1 | = | the number of shares of Common Stock that would be outstanding immediately after, and solely as a result of, such subdivision or combination. |
CR' = CR0 X | OS0 + X | |||
OS0 + Y |
CR0 | = | the Conversion Rate in effect at the Close of Business on the Record Date for such distribution; | ||
CR' | = | the Conversion Rate in effect immediately after the Record Date for such distribution; | ||
OS0 | = | the number of shares of Common Stock Outstanding at the Close of Business on the Record Date for such distribution; | ||
X | = | the total number of shares of Common Stock issuable pursuant to such rights or warrants; and | ||
Y | = | the number of shares of Common Stock equal to (x) the aggregate price payable to exercise such rights or warrants divided by (y) the Current Market Price of the Common Stock. |
CR' = | CR0 X | SP0 |
SP0 – FMV |
CR0 | = | the Conversion Rate in effect at the Close of Business on the Record Date for such distribution; |
CR' | = | the Conversion Rate in effect immediately after the Record Date for such distribution; |
SP0 | = | the Current Market Price of the Common Stock; and |
FMV | = | the Fair Market Value on the Record Date for such distribution of the Distributed Property, expressed as amount per share of Common Stock. |
CR' = CR0 | X | (FMV + MP0) |
MP0 |
CR0 | = | the Conversion Rate in effect at the Close of Business on the Record Date for such distribution; |
CR' | = | the Conversion Rate in effect immediately after the Record Date for such distribution; |
FMV | = | the average of the Closing Prices of the capital stock or similar equity interest distributed to holders of Common Stock applicable to one share of Common Stock over the 10 consecutive Trading Day period beginning on, and including, the effective date of the Spin-Off (the “Spin-Off Valuation Period”); and |
MP0 | = | the average of the Closing Prices of the Common Stock over the Spin-Off Valuation Period. |
CR' = CR0 | X | SP0 |
SP0 – DIV |
CR0 | = | the Conversion Rate in effect at the Close of Business on the Record Date for such dividend or distribution; |
CR1 | = | the Conversion Rate in effect immediately after the Record Date for such dividend or distribution; |
SP0 | = | the Current Market Price of the Common Stock; and |
DIV | = | the amount in cash per share of Common Stock of the dividend or distribution, as determined pursuant to the following sentences. If any adjustment is required to be made as set forth in this Subdivision 13(j)(vi) as a result of a distribution (1) that is a regularly scheduled quarterly dividend, such adjustment would be based on the amount by which such dividend exceeds the Dividend Threshold Amount or (2) that is not a regularly scheduled quarterly dividend, such adjustment would be based on the full amount of such distribution. The Dividend Threshold Amount is subject to adjustment on an inversely proportional basis whenever the Conversion Rate is adjusted; provided that no adjustment shall be made to the Dividend Threshold Amount for any adjustment made to the Conversion Rate as described under this Subdivision 13(j)(vi). |
CR1 = CR0 x | FMV + (SP1 x OS1) | ||||||
SP1 x OS0 |
CR0 | = | the Conversion Rate in effect at the Close of Business on the Expiration Date; | ||||
CR1 | = | the Conversion Rate in effect immediately after the Expiration Date; | ||||
FMV | = | the Fair Market Value, on the Expiration Date, of the aggregate value of all cash and any other consideration paid or payable for shares of Common Stock validly tendered or exchanged and not withdrawn as of the Expiration Date; | ||||
OS1 | = | the number of shares of Common Stock outstanding immediately after the last time tenders or exchanges may be made pursuant to such tender offer or exchange offer (the “Expiration Time”); | ||||
OS0 | = | the number of shares of Common Stock outstanding immediately prior to the Expiration Time; and | ||||
SP1 | = | the average of the Closing Price of Common Stock during the ten consecutive Trading Day period commencing on the Trading Day immediately after the Expiration Date. |
Make-Whole Acquisition Stock Price | ||||||||||||||||||
Make-Whole Acquisition Effective Date | $8.72 | $10.00 | $12.00 | $14.00 | $14.46 | $16.00 | $18.00 | $20.00 | $22.00 | $24.00 | $26.00 | $28.00 | $30.00 | $32.00 | $34.00 | $36.00 | $38.00 | $40.00 |
February 1, 2010 | 24.7913 | 23.6268 | 17.6972 | 13.9064 | 13.3093 | 11.3104 | 9.4138 | 7.9597 | 6.8038 | 5.8595 | 5.0727 | 4.4068 | 3.8368 | 3.3445 | 2.9161 | 2.5415 | 2.2124 | 1.9225 |
February 1, 2011 | 24.7913 | 22.0079 | 16.0166 | 12.3338 | 11.7769 | 9.9124 | 8.2031 | 6.9243 | 5.9232 | 5.1125 | 4.4392 | 3.8697 | 3.3813 | 2.9580 | 2.5883 | 2.2634 | 1.9767 | 1.7226 |
February 1, 2012 | 24.7913 | 20.3361 | 14.1073 | 10.4610 | 9.9415 | 8.2023 | 6.6990 | 5.6236 | 4.8061 | 4.1552 | 3.6187 | 3.1663 | 2.7780 | 2.4406 | 2.1447 | 1.8834 | 1.6513 | 1.4446 |
February 1, 2013 | 24.7913 | 18.7311 | 11.9829 | 8.2258 | 7.7398 | 6.1127 | 4.8531 | 4.0299 | 3.4382 | 2.9797 | 2.6061 | 2.2916 | 2.0214 | 1.7860 | 1.5788 | 1.3949 | 1.2309 | 1.0838 |
February 1, 2014 | 24.7913 | 17.6267 | 9.7394 | 5.4758 | 5.0124 | 3.4610 | 2.5458 | 2.0743 | 1.7728 | 1.5452 | 1.3585 | 1.1998 | 1.0627 | 0.9427 | 0.8369 | 0.7428 | 0.6586 | 0.5829 |
February 1, 2015 and thereafter | 24.7913 | 16.9727 | 7.4564 | 0.8113 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 |
(1) | surrender the shares of Series B Preferred Stock to the Corporation; |
(2) | if required, furnish appropriate endorsements and transfer documents; and |
(3) | if required, pay all transfer or similar taxes. |
CR0 | = | the Conversion Rate in effect at the Close of Business on the Record Date for such dividend or distribution; |
CR1 | = | the Conversion Rate in effect immediately after the Record Date for such dividend or distribution; |
OS0 | = | the number of shares of Common Stock Outstanding at the Close of Business on the Record Date for such dividend or distribution; and |
OS1 | = | the number of shares of Common Stock that would be outstanding immediately after, and solely as a result of, such dividend or distribution. |
CR0 | = | the Conversion Rate in effect at the Close of Business on the effective date of such subdivision or combination; |
CR1 | = | the Conversion Rate in effect immediately after the effective date of such subdivision or combination; |
OS0 | = | the number of shares of Common Stock Outstanding at the Close of Business on the effective date of such subdivision or combination; and |
OS1 | = | the number of shares of Common Stock that would be outstanding immediately after, and solely as a result of, such subdivision or combination. |
CR0 | = | the Conversion Rate in effect at the Close of Business on the Record Date for such distribution; |
CR' | = | the Conversion Rate in effect immediately after the Record Date for such distribution; |
OS0 | = | the number of shares of Common Stock Outstanding at the Close of Business on the Record Date for such distribution; |
X | = | the total number of shares of Common Stock issuable pursuant to such rights or warrants; and |
Y | = | the number of shares of Common Stock equal to (x) the aggregate price payable to exercise such rights or warrants divided by (y) the Current Market Price of the Common Stock. |
CR0 | = | the Conversion Rate in effect at the Close of Business on the Record Date for such distribution; |
CR' | = | the Conversion Rate in effect immediately after the Record Date for such distribution; |
SP0 | = | the Current Market Price of the Common Stock; and |
FMV | = | the Fair Market Value on the Record Date for such distribution of the Distributed Property, expressed as amount per share of Common Stock. |
CR0 | = | the Conversion Rate in effect at the Close of Business on the Record Date for such distribution; |
CR' | = | the Conversion Rate in effect immediately after the Record Date for such distribution; |
FMV | = | the average of the Closing Prices of the capital stock or similar equity interest distributed to holders of Common Stock applicable to one share of Common Stock over the 10 consecutive Trading Day period beginning on, and including, the effective date of the Spin-Off (the “Spin-Off Valuation Period”); and |
MP0 | = | the average of the Closing Prices of the Common Stock over the Spin-Off Valuation Period. |
CR0 | = | the Conversion Rate in effect at the Close of Business on the Record Date for such dividend or distribution; |
CR1 | = | the Conversion Rate in effect immediately after the Record Date for such dividend or distribution; |
SP0 | = | the Current Market Price of the Common Stock; and |
DIV | = | the amount in cash per share of Common Stock of the dividend or distribution, as determined pursuant to the following sentences. If any adjustment is required to be made as set forth in this Subdivision 14(j)(vi) as a result of a distribution (1) that is a regularly scheduled quarterly dividend, such adjustment would be based on the amount by which such dividend exceeds the Dividend Threshold Amount or (2) that is not a regularly scheduled quarterly dividend, such adjustment would be based on the full amount of such distribution. The Dividend Threshold Amount is subject to adjustment on an inversely proportional basis whenever the Conversion Rate is adjusted; provided that no adjustment shall be made to the Dividend Threshold Amount for any adjustment made to the Conversion Rate as described under this Subdivision 14(j)(vi). |
CR0 | = | the Conversion Rate in effect at the Close of Business on the Expiration Date; |
CR1 | = | the Conversion Rate in effect immediately after the Expiration Date; |
FMV | = | the Fair Market Value, on the Expiration Date, of the aggregate value of all cash and any other consideration paid or payable for shares of Common Stock validly tendered or exchanged and not withdrawn as of the Expiration Date; |
OS1 | = | the number of shares of Common Stock outstanding immediately after the last time tenders or exchanges may be made pursuant to such tender offer or exchange offer (the “Expiration Time”); |
OS0 | = | the number of shares of Common Stock outstanding immediately prior to the Expiration Time; and |
SP1 | = | the average of the Closing Price of Common Stock during the ten consecutive Trading Day period commencing on the Trading Day immediately after the Expiration Date. |
Make-Whole Acquisition Stock Price | |||||
Make-Whole Acquisition Effective Date | $6.00 | $6.68 | $8.00 | $9.00 | $9.75 |
February 1, 2015 and thereafter | 16.8550 | 12.6052 | 6.5538 | 3.2978 | 0.0000 |
XEROX CORPORATION 45 Glover Avenue | ||
P. O. Box 4505 Norwalk, CT 06856-4505 Attention: General Counsel |
XEROX CORPORATION | |
By: | Darrell L. Ford |
Executive Vice President and Chief Human Resources Officer |
1) | Amortization of acquisition-related intangibles; |
2) | Non-service related defined benefit pension and retiree health costs; |
3) | Restructuring charges, including our share of Fuji Xerox restructuring costs; |
4) | Separation and related costs; |
5) | Items individually identified within Other Expenses, net, (except for interest, currency and asset sales) and to the extent the amount is greater than $10 million pre-tax. If any such item qualifies for separate line item disclosure on the face of the consolidated statement of income in accordance with Generally Accepted Accounting Principles consistently applied, then such item will also warrant adjustment; |
6) | Gains/(losses) from the settlement of tax audits or changes in enacted tax law (to the extent the amount is greater than $10 million pre-tax); |
7) | Non-cash write-offs or impairments, except for assets acquired or developed within the past 3 years of the balance sheet date (to the extent the amount is greater than $10 million pre-tax); |
8) | Gains/(losses) resulting from acts of war, terrorism or natural disasters (to the extent the amount is greater than $10 million pre-tax); |
9) | Impact of share repurchases greater than two percent of adjusted EPS as defined above; |
10) | Our share of the after-tax effects of adjustments 5) through 8) incurred by Fuji Xerox (to the extent our share is greater than $2.5 million). |
1) | With the exception of cash payments for restructurings, cash flow impacts (inflows and outflows) resulting from the EPS adjustments as identified above, regardless of whether the cash flow impact and the EPS impact are in the same fiscal year; |
2) | Cash payments for restructurings in excess of or less than the amount reported as current restructuring reserves in the preceding year’s Annual Report; |
3) | Pension contributions in excess of or less than the planned amounts for each year; |
4) | Impact of changes in receivables factoring programs as compared to total amount factored at December 31, 2016 ($480 million net of the deferred purchase price). |
1) | Impacts of any individual acquisition in excess of $500 million purchase price; |
2) | Impacts of a divestiture with revenue equal to or greater than $100 million; |
3) | Effects of a change in accounting principle as identified within the Company’s consolidated financial statements or MD&A. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in millions) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Fixed Charges: | ||||||||||||||||
Interest expense(1) | $ | 57 | $ | 81 | $ | 126 | $ | 169 | ||||||||
Capitalized interest(1) | — | — | — | — | ||||||||||||
Portion of rental expense which represents interest factor(1) | 15 | 42 | 28 | 90 | ||||||||||||
Total Fixed Charges | $ | 72 | $ | 123 | $ | 154 | $ | 259 | ||||||||
Earnings Available for Fixed Charges: | ||||||||||||||||
Pre-tax income | $ | 193 | $ | 191 | $ | 177 | $ | 223 | ||||||||
Add: Distributed equity income of affiliated companies | 30 | 31 | 30 | 31 | ||||||||||||
Add: Fixed charges | 72 | 123 | 154 | 259 | ||||||||||||
Less: Capitalized interest | — | — | — | — | ||||||||||||
Less: Net income attributable to noncontrolling interests | (4 | ) | (3 | ) | (6 | ) | (5 | ) | ||||||||
Total Earnings Available for Fixed Charges | $ | 291 | $ | 342 | $ | 355 | $ | 508 | ||||||||
Ratio of Earnings to Fixed Charges | 4.04 | 2.78 | 2.31 | 1.96 | ||||||||||||
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends: | ||||||||||||||||
Fixed Charges: | ||||||||||||||||
Interest expense(1) | $ | 57 | $ | 81 | $ | 126 | $ | 169 | ||||||||
Capitalized interest(1) | — | — | — | — | ||||||||||||
Portion of rental expense which represents interest factor(1) | 15 | 42 | 28 | 90 | ||||||||||||
Total Fixed charges before preferred stock dividends pre-tax income requirements | 72 | 123 | 154 | 259 | ||||||||||||
Preferred stock dividends pre-tax income requirements | 6 | 9 | 12 | 19 | ||||||||||||
Total Combined Fixed Charges and Preferred Stock Dividends | $ | 78 | $ | 132 | $ | 166 | $ | 278 | ||||||||
Earnings Available for Fixed Charges: | ||||||||||||||||
Pre-tax income | $ | 193 | $ | 191 | $ | 177 | $ | 223 | ||||||||
Add: Distributed equity income of affiliated companies | 30 | 31 | 30 | 31 | ||||||||||||
Add: Fixed charges before preferred stock dividends | 72 | 123 | 154 | 259 | ||||||||||||
Less: Capitalized interest | — | — | — | — | ||||||||||||
Less: Net income attributable to noncontrolling interests | (4 | ) | (3 | ) | (6 | ) | (5 | ) | ||||||||
Total Earnings Available for Fixed Charges and Preferred Stock Dividends | $ | 291 | $ | 342 | $ | 355 | $ | 508 | ||||||||
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends | 3.73 | 2.59 | 2.14 | 1.83 |
1. | I have reviewed this Quarterly Report on Form 10-Q of Xerox Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/S/ JEFFREY JACOBSON | |
Jeffrey Jacobson Principal Executive Officer |
1. | I have reviewed this Quarterly Report on Form 10-Q of Xerox Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/S/ WILLIAM F. OSBOURN, JR. | |
William F. Osbourn, Jr. Principal Financial Officer |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/S/ JEFFREY JACOBSON | |
Jeffrey Jacobson Chief Executive Officer | |
August 7, 2017 | |
/S/ WILLIAM F. OSBOURN, JR. | |
William F. Osbourn, Jr. Chief Financial Officer | |
August 7, 2017 |
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Document And Entity Information |
6 Months Ended |
---|---|
Jun. 30, 2017
shares
| |
Document and Entity Information [Abstract] | |
Entity Registrant Name | Xerox Corporation |
Entity Central Index Key | 0000108772 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Document Type | 10-Q |
Document Period End Date | Jun. 30, 2017 |
Document Fiscal Year Focus | 2017 |
Document Fiscal Period Focus | Q2 |
Amendment Flag | false |
Entity Common Stock, Shares Outstanding | 254,169,785 |
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Jun. 30, 2017 |
Jun. 30, 2016 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
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Statement of Comprehensive Income [Abstract] | ||||||||||||||||||||||
Net income | $ 170 | $ 42 | $ (840) | $ 186 | $ 161 | $ 33 | $ 272 | $ (31) | $ 13 | $ 212 | $ 212 | $ 194 | $ (460) | $ 466 | $ 1,018 | |||||||
Less: Net income attributable to noncontrolling interests | 4 | 3 | 6 | 5 | ||||||||||||||||||
Net Income Attributable to Xerox | 166 | 40 | $ (843) | $ 183 | 158 | $ 31 | $ 267 | $ (34) | $ 8 | $ 207 | 206 | 189 | (471) | 448 | 995 | |||||||
Other Comprehensive Income (Loss), Net: | ||||||||||||||||||||||
Translation adjustments, net | 204 | [1] | 133 | (82) | [1] | 337 | [1] | 107 | [1] | (347) | (651) | (728) | ||||||||||
Unrealized (losses) gains, net | [1] | (14) | 24 | (6) | 33 | |||||||||||||||||
Changes in defined benefit plans, net | [1] | (29) | 20 | (3) | (92) | |||||||||||||||||
Other Comprehensive Income (Loss), Net | 161 | [1] | 167 | (38) | [1] | 328 | [1] | 48 | [1] | (236) | (475) | (1,375) | ||||||||||
Less: Other comprehensive (loss) income, net attributable to noncontrolling interests | 0 | (1) | 1 | (1) | ||||||||||||||||||
Other Comprehensive Income (Loss), Net Attributable to Xerox | 161 | 166 | (37) | 327 | 49 | (233) | (474) | (1,374) | ||||||||||||||
Comprehensive Income, Net | ||||||||||||||||||||||
Comprehensive Income, Net | 331 | 209 | 123 | 540 | 242 | (696) | (9) | (357) | ||||||||||||||
Less: Comprehensive income, net attributable to noncontrolling interests | 4 | 2 | 7 | 4 | ||||||||||||||||||
Comprehensive Income, Net Attributable to Xerox | $ 327 | $ 206 | $ 121 | $ 533 | $ 238 | $ (704) | $ (26) | $ (379) | ||||||||||||||
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Condensed Consolidated Balance Sheets - USD ($) shares in Thousands, $ in Millions |
Jun. 30, 2017 |
Dec. 31, 2016 |
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Assets | ||
Cash and cash equivalents | $ 1,246 | $ 2,223 |
Accounts receivable, net | 1,037 | 961 |
Billed portion of finance receivables, net | 84 | 90 |
Finance receivables, net | 1,278 | 1,256 |
Inventories | 944 | 841 |
Assets of discontinued operations | 0 | 1,002 |
Other current assets | 389 | 619 |
Total current assets | 4,978 | 6,992 |
Finance receivables due after one year, net | 2,341 | 2,398 |
Equipment on operating leases, net | 464 | 475 |
Land, buildings and equipment, net | 636 | 660 |
Investments in affiliates, at equity | 1,398 | 1,294 |
Intangible assets, net | 286 | 290 |
Goodwill | 3,893 | 3,787 |
Deferred tax assets, long-term | 1,481 | 1,472 |
Other long-term assets | 690 | 683 |
Total Assets | 16,167 | 18,051 |
Liabilities and Equity | ||
Short-term debt and current portion of long-term debt | 765 | 1,011 |
Accounts payable | 1,202 | 1,126 |
Accrued compensation and benefits costs | 373 | 420 |
Unearned income | 191 | 187 |
Liabilities of discontinued operations | 0 | 1,002 |
Other current liabilities | 883 | 908 |
Total current liabilities | 3,414 | 4,654 |
Long-term debt | 4,236 | 5,305 |
Pension and other benefit liabilities | 2,281 | 2,240 |
Post-retirement medical benefits | 676 | 698 |
Other long-term liabilities | 188 | 193 |
Total Liabilities | 10,795 | 13,090 |
Commitments and Contingencies (See Note 18) | ||
Convertible Preferred Stock | 214 | 214 |
Common stock | 254 | 254 |
Additional paid-in capital | 3,875 | 3,858 |
Retained earnings | 5,004 | 4,934 |
Accumulated other comprehensive loss | (4,010) | (4,337) |
Xerox shareholders’ equity | 5,123 | 4,709 |
Noncontrolling interests | 35 | 38 |
Total Equity | 5,158 | 4,747 |
Total Liabilities and Equity | $ 16,167 | $ 18,051 |
Shares of common stock issued and outstanding (in shares) | 254,170 | 253,594 |
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
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Cash Flows from Operating Activities: | ||||
Net income | $ 170 | $ 161 | $ 212 | $ 194 |
Loss from discontinued operations, net of tax | 0 | 38 | 6 | 73 |
Income from continuing operations | 170 | 199 | 218 | 267 |
Adjustments required to reconcile net income to cash flows from operating activities: | ||||
Depreciation and amortization | 135 | 144 | 268 | 286 |
Provision for receivables | 10 | 11 | 23 | 24 |
Provision for inventory | 7 | 6 | 12 | 15 |
Net (gain) loss on sales of businesses and assets | (1) | 3 | (1) | (17) |
Undistributed equity in net income of unconsolidated affiliates | 10 | 5 | (30) | (29) |
Stock-based compensation | 12 | 7 | 25 | 17 |
Restructuring and asset impairment charges | 33 | 43 | 143 | 141 |
Payments for restructurings | (67) | (24) | (127) | (45) |
Defined benefit pension cost | 37 | 33 | 99 | 76 |
Contributions to defined benefit pension plans | (23) | (34) | (46) | (68) |
Increase in accounts receivable and billed portion of finance receivables | (63) | (111) | (140) | (160) |
Collections of deferred proceeds from sales of receivables | 51 | 74 | 99 | 133 |
(Increase) decrease in inventories | (30) | 7 | (88) | (92) |
Increase in equipment on operating leases | (50) | (68) | (102) | (130) |
Decrease in finance receivables | 69 | 21 | 134 | 85 |
Collections on beneficial interest from sales of finance receivables | 5 | 7 | 11 | 15 |
Decrease (increase) in other current and long-term assets | 14 | 46 | (43) | 9 |
Decrease in accounts payable and accrued compensation | (21) | (90) | 0 | (166) |
(Decrease) increase in other current and long-term liabilities | 0 | (50) | 3 | (114) |
Net change in income tax assets and liabilities | 5 | 10 | (36) | (22) |
Net change in derivative assets and liabilities | 44 | (66) | 99 | (49) |
Other operating, net | (4) | 86 | 12 | 170 |
Net cash provided by operating activities of continuing operations | 343 | 259 | 533 | 346 |
Net cash used in operating activities of discontinued operations | (15) | (82) | (95) | (194) |
Net cash provided by operating activities | 328 | 177 | 438 | 152 |
Cash Flows from Investing Activities: | ||||
Cost of additions to land, buildings and equipment | (13) | (27) | (30) | (46) |
Proceeds from sales of land, buildings and equipment | 0 | 1 | 1 | 20 |
Cost of additions to internal use software | (8) | (11) | (17) | (24) |
Acquisitions, net of cash acquired | (65) | 0 | (76) | (18) |
Other investing, net | 9 | 3 | 10 | 4 |
Net cash used in investing activities of continuing operations | (77) | (34) | (112) | (64) |
Net cash used in investing activities of discontinued operations | 0 | (33) | 0 | (128) |
Net cash used in investing activities | (77) | (67) | (112) | (192) |
Cash Flows from Financing Activities: | ||||
Net proceeds on short-term debt | 0 | 249 | 1 | 998 |
Proceeds from issuance of long-term debt | 2 | 5 | 5 | 9 |
Payments on long-term debt | (2) | (257) | (1,330) | (965) |
Common stock dividends | (64) | (78) | (145) | (149) |
Preferred stock dividends | (4) | (6) | (10) | (12) |
Proceeds from issuances of common stock | 0 | 2 | 0 | 3 |
Repurchases related to stock-based compensation | (1) | 0 | (8) | 0 |
Distributions to noncontrolling interests | (11) | (1) | (12) | (12) |
Proceeds from Conduent | 0 | 0 | 161 | 0 |
Other financing | 0 | (1) | 0 | (1) |
Net cash used in financing activities | (80) | (87) | (1,338) | (129) |
Effect of exchange rate changes on cash and cash equivalents | 30 | (8) | 35 | 4 |
Increase in cash of discontinued operations | 0 | (18) | 0 | (20) |
Increase (decrease) in cash and cash equivalents | 201 | (3) | (977) | (185) |
Cash and cash equivalents at beginning of period | 1,045 | 1,046 | 2,223 | 1,228 |
Cash and Cash Equivalents at End of Period | $ 1,246 | $ 1,043 | $ 1,246 | $ 1,043 |
Basis of Presentation |
6 Months Ended |
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Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation References herein to “we,” “us,” “our,” the “company” and “Xerox” refer to Xerox Corporation and its consolidated subsidiaries unless the context suggests otherwise. We have prepared the accompanying unaudited Condensed Consolidated Financial Statements in accordance with the accounting policies described in our 2016 Annual Report on Form 10-K (2016 Annual Report), 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 have been condensed or omitted. You should read these Condensed Consolidated Financial Statements in conjunction with the Consolidated Financial Statements included in our 2016 Annual Report. In our opinion, all adjustments which are 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 before Income Taxes and Equity Income” as “pre-tax income.” Overview On December 31, 2016, Xerox Corporation completed the Separation of its Business Process Outsourcing (BPO) business from its Document Technology and Document Outsourcing (DT/DO) business (the “Separation”). The Separation was accomplished through the transfer of the BPO business into a new legal entity, Conduent Incorporated ("Conduent"), and then distributing one hundred percent (100%) of the outstanding common stock of Conduent to Xerox Corporation stockholders (the “Distribution”). The Separation and Distribution were structured to be tax-free for Xerox Corporation stockholders for federal income tax purposes. Conduent is now an independent public company trading on the New York Stock Exchange (“NYSE”) under the symbol “CNDT”. After the Separation, Xerox retained the DT/DO businesses and Xerox does not beneficially own any shares of Conduent common stock. As a result of the Separation and Distribution, the financial position and results of operations of the BPO business are presented as discontinued operations and, as such, have been excluded from continuing operations for all periods presented. The accompanying Notes to the Condensed Consolidated Financial Statements have all been revised to reflect the effect of the Separation and Distribution and all prior year balances have been revised accordingly to reflect continuing operations only. The historical statements of Comprehensive Income (Loss) and Shareholders' Equity have not been revised to reflect the Separation and instead reflect the Separation and Distribution as a final adjustment to the balances at December 31, 2016. Refer to Note 5 - Divestitures for additional information regarding discontinued operations. In connection with the Separation, Xerox entered into several agreements with Conduent to (1) effect the legal and structural separation of Xerox and Conduent, (2) govern the relationship between Xerox and Conduent up to and after the completion of the Separation and (3) allocate between Xerox and Conduent various assets, liabilities and obligations, including, among other things, employee benefits and tax-related assets and liabilities. The agreements entered into included a separation and distribution agreement, a transition service agreement, a tax matters agreement, an employee matters agreement, an intellectual property agreement and a trademark license agreement. Segment Discussion Following the separation of the BPO business, we realigned our operations to better manage the business and serve our customers and the markets in which we operate. In 2017 we transitioned to a geographic focus and are primarily organized from a sales perspective on the basis of “go-to-market” sales channels. These sales channels are structured to serve a range of customers for our products and services. As a result of this transition and change in structure, we concluded that we have one operating and reportable segment - the design, development and sale of document management systems and solutions. Our chief executive officer was identified as the chief operating decision maker (“CODM”). All of the company’s activities are interrelated, and each activity is dependent upon and supportive of the other, including product development, supply chain and back-office support services. In addition, all significant operating decisions are largely based upon an analysis of Xerox at the consolidated level, including assessments related to the company’s incentive compensation plan, as well as operating decisions at the Board level. Reverse Stock Split On May 23, 2017, the Board of Directors authorized a reverse stock split of the issued and outstanding Xerox common stock at a ratio of one-for-four shares, together with the proportionate reduction in the authorized shares of its common stock from 1,750,000,000 shares to 437,500,000 shares. Shareholder approval for the reverse stock split was obtained at the company's Annual Shareholder Meeting on May 23, 2017 and the reverse stock split became effective on June 14, 2017. At the effective time, every four shares of the company’s common stock that were issued and outstanding were automatically combined into one issued and outstanding share, without any change in par value of such shares. Accordingly, we reclassified $760 from Common stock to Additional paid-in capital. The reverse stock split also correspondingly affected all outstanding Xerox equity awards and outstanding convertible securities. All authorized, issued and outstanding stock and per share amounts contained in the accompanying Condensed Consolidated Financial Statements have been adjusted to reflect this reverse stock split for all prior periods presented. |
Correction of Fuji Xerox Misstatement in Prior Period Financial Statements Correction of Fuji Xerox Misstatement in Prior Period Financial Statements |
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Accounting Changes and Error Corrections [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Correction of Fuji Xerox Misstatement in Prior Period Financial Statements [Text Block] | Correction of Fuji Xerox Misstatement in Prior Period Financial Statements Fuji Xerox is a joint venture between Xerox Corporation and Fujifilm Holdings Corporation (“Fujifilm”) in which Xerox holds a noncontrolling 25% equity interest and Fujifilm holds the remaining equity interest. On April 20, 2017, Fujifilm publicly announced it had formed an independent investigation committee (IIC) to conduct a review of the appropriateness of the accounting practices at Fuji Xerox’s New Zealand subsidiary related to the recovery of receivables associated with certain bundled leasing transactions that occurred in, or prior to, Fuji Xerox’s fiscal year ending March 31, 2016. In first quarter 2017, Xerox's Equity in net income of unconsolidated affiliates included an out-of-period charge of approximately $301, which represented our estimated share at that time of the cumulative Fujifilm adjustments from this initial review of JPY 22 billion (approximately $200 based on the Yen/U.S. Dollar spot exchange rate at March 31, 2017 of 111.89), as publicly disclosed by Fujifilm. In the first quarter 2017, the impact of this adjustment was not considered to be material to any of our previously issued financial statements nor was it considered to be material to Xerox's anticipated full year 2017 results. The IIC’s review, completed during the second quarter 2017, subsequently identified additional adjustments from the amount initially disclosed by Fujifilm and recorded by Xerox in the first quarter 2017, bringing the total aggregate adjustments to approximately JPY 40 billion (approximately $360 based on the Yen/U.S. Dollar spot exchange rate at March 31, 2017 of 111.89). The additional adjustments identified by the IIC during the second quarter 2017, primarily related to misstatements at Fuji Xerox's Australian subsidiary, as well as certain other adjustments. We determined that our cumulative share of the revised amount of total adjustments identified as part of the investigation was approximately $902 and impacted our fiscal years 2009 through 2017. Accordingly, in the second quarter 2017, we updated our previous materiality evaluation with the additional adjustments identified by the IIC during the second quarter 2017 and determined that the misstatements to our Equity in net income of unconsolidated affiliates in prior years and the first quarter of 2017 continued to be immaterial to our previously issued financial statements. However, based on this updated evaluation, we concluded that the cumulative correction of these misstatements would have had a material effect on our current year consolidated financial statements. Accordingly, we will revise our previously issued annual and interim consolidated financial statements for 2014, 2015 and 2016 and the first quarter of 2017 the next time they are filed. Certain of the corrections discussed above affected periods prior to fiscal year 2014, and this effect has been reflected as a cumulative, net of tax adjustment to reduce retained earnings as of January 1, 2014 by $69. The effect of the revision on our previously issued financial statements is provided in the tables below. Amounts throughout the consolidated financial statements and notes thereto have been adjusted to incorporate the revised amounts, where applicable. _____________
Revised Annual Consolidated Statements of Income The following tables reconcile selected lines from the company’s first quarter of 2017 and fiscal years of 2016, 2015 and 2014 Consolidated Statements of Income (Loss) from the previously reported amounts to the revised amounts:
_____________ Note: The sum of quarterly earnings per share may differ from the full-year amounts due to rounding, or in the case of diluted earnings per share, because securities that are anti-dilutive in certain quarters may not be anti-dilutive on a full-year basis. Revised Consolidated Statements of Comprehensive Income (Loss) The following tables reconcile selected lines from the company’s first quarter of 2017 and fiscal years of 2016, 2015 and 2014 Consolidated Statements of Comprehensive Income (Loss) from the previously reported amounts to the revised amounts:
Revised Consolidated Balance Sheets The following table reconciles selected lines from the company’s Consolidated Balance Sheet at March 31, 2017 and December 31, 2016 and 2015 from the previously reported amounts to the revised amounts:
Revised Consolidated Statements of Cash Flows from Operations The revision did not have an impact on the company’s operating cash flows. The following table reconciles selected lines from the company’s first quarter of 2017 and fiscal years of 2016, 2015 and 2014 Consolidated Statements of Cash Flows from the previously reported amounts to the revised amounts:
Revised Quarterly Results of Operations The following tables reconcile selected lines from the company’s 2016 and 2015 quarterly Consolidated Statements of Income (Loss) from the previously reported amounts to the revised amounts:
_____________ Note: The sum of quarterly earnings per share may differ from the full-year amounts due to rounding, or in the case of diluted earnings per share, because securities that are anti-dilutive in certain quarters may not be anti-dilutive on a full-year basis. |
Recent Accounting Pronouncements |
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |||||||||||||||||||||||||||||||||
Recent Accounting Pronouncements | Recent Accounting Pronouncements Revenue Recognition In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), to supersede nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, it is possible more judgment and estimates may be required within the revenue recognition process than required under existing U.S. GAAP, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. ASU 2014-09 is effective for our fiscal year beginning January 1, 2018. Subsequent to the issuance of ASU 2014-09, the FASB issued the following ASU’s which amend or provide additional guidance on topics addressed in ASU 2014-09. In March 2016, the FASB issued ASU 2016-08, Revenue Recognition - Principal versus Agent (reporting revenue gross versus net). In April 2016, the FASB issued ASU 2016-10, Revenue Recognition - Identifying Performance Obligations and Licenses. In May 2016, the FASB issued ASU 2016-12, Revenue Recognition - Narrow Scope Improvements and Practical Expedients. We will adopt this standard beginning January 1, 2018 and expect to use the permitted modified retrospective method. Under current revenue recognition guidance, a significant majority of our revenue is recorded when we invoice customers, as that is normally the point at which all the revenue recognition criteria are met. Under ASU 2014-09, we expect the unit of accounting, that is, the identification of performance obligations, will be consistent with current revenue guidance. Additionally, based on the nature of our contracts, we expect to continue to recognize revenue upon invoicing the customer for the large majority of our revenue when we adopt ASU 2014-09. Accordingly, the adoption of this standard is not expected to have a material impact for the large majority of our revenues. Lastly, a significant portion of our equipment sales are either recorded as sales-type leases or through direct sales to distributors and resellers and these sales are not expected to be impacted by the adoption of ASU 2014-09. We are continuing to evaluate certain contracts, which are more complex or where revenue recognition criteria are not currently met when invoicing occurs, to determine their treatment under ASU 2014-09. Although at this time we do not expect a material change in our revenue recognition, we expect to continue to evaluate the impact of our pending adoption of ASU 2014-09 on our consolidated financial statements throughout the remainder of 2017. Additionally, we are also assessing the impacts of the additional disclosures required by ASU 2014-09 and cost deferral guidance required by ASU 2014-09. Our deferral of costs are minimal under our current practice and therefore the new guidance is expected to require more cost deferrals upon adoption. We are currently assessing the types and amounts of costs that may be eligible for deferral under the new standard. Leases In February 2016, the FASB issued ASU 2016-02, Leases. This update requires the recognition of leased assets and lease obligations by lessees for those leases currently classified as operating leases under existing lease guidance. Short term leases with a term of 12 months or less are not required to be recognized. The update also requires disclosure of key information about leasing arrangements to increase transparency and comparability among organizations. The accounting for lessors does not fundamentally change except for changes to conform and align guidance to the lessee guidance as well as to the new revenue recognition guidance in ASU 2014-09. This update is effective for our fiscal year beginning January 1, 2019. We are currently evaluating the impact of the adoption of ASU 2016-02 on our consolidated financial statements. The aggregate undiscounted value of our operating lease commitments at December 31, 2016 was approximately $450. Cash Flows In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments. This update provides specific guidance on eight cash flow classification issues where current GAAP is either unclear or does not include specific guidance. This update is effective for our fiscal year beginning January 1, 2018. This update includes specific guidance which requires cash collected on beneficial interests received in a sale of receivables be classified as inflows from investing activities. Currently, those collections are reported in operating cash flows. We reported $270 and $305 of collections on beneficial interests as operating cash inflows on the Statement of Cash Flows for the years ended December 31, 2016 and 2015, respectively. The other seven issues noted in this update are not expected to have a material impact on our financial condition, results of operations or cash flows. Additionally, in November 2016 the FASB issued ASU 2016-18, Statement of Cash Flows - Restricted Cash. The update requires that amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. We held $131 and $179 of restricted cash, currently reported in other current or long-term assets at June 30, 2017 and December 31, 2016, respectively. This update is effective for our fiscal year beginning January 1, 2018. We are currently evaluating the impact, if any, that the adoption of ASU 2016-18 may have on our statements of cash flows in future reporting periods. Stock Compensation In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation, Improvements to Employee Share-Based Payment Accounting (Topic 718). This update includes provisions to simplify certain aspects related to the accounting for share-based awards and the related financial statement presentation. The update also requires that excess tax benefits and deficiencies be recorded in the income statement when the awards vest or are settled as compared to equity as allowed under certain conditions by current US GAAP. This change is required to be adopted prospectively in the period of adoption. In addition, the ASU modifies the classification of certain share-based payment activities within the statements of cash flows and these changes are required to be applied retrospectively to all periods presented. We adopted ASU 2016-09 effective for our fiscal year beginning January 1, 2017. The adoption of ASU No. 2016-09 did not have a material impact on our financial condition, results of operations or cash flows. However, the impacts may vary and may add volatility to our income tax expense in future periods depending upon, among other things, the level of tax expense and the price of the company's common stock at the date of vesting for share-based awards. For the three and six months ended June 30, 2017, we recognized $0 and $2, respectively, of additional tax expense related to the application of this update. Income Taxes In October 2016, the FASB issued ASU 2016-16, Income Taxes - Intra-Entity Transfers of Assets Other than Inventory. This update requires recognition of the income-tax consequences of an intra-entity transfer of assets other than inventory when the transfer occurs. Under current GAAP, recognition of the income tax consequences for asset transfers other than inventory could not be recognized until the asset was sold to a third party. This update is effective for our fiscal year beginning January 1, 2018 and should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. We are currently evaluating the impact of the adoption of ASU 2016-16 on our consolidated financial statements. Financial Instruments - Credit Losses In June 2016, the FASB issued ASU 2016-13, Financial Instruments Credit Losses - Measurement of Credit Losses on Financial Instruments, which requires measurement and recognition of expected credit losses for financial assets. The update impacts financial assets and net investment in leases that are not accounted for at fair value through net income. This update is effective for our fiscal year beginning January 1, 2020, with early adoption permitted as of January 1, 2019. We are currently evaluating the impact of the adoption of ASU 2016-13 on our consolidated financial statements. Retirement Benefits In March 2017, the FASB issued ASU 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. This update changes how employers that sponsor defined benefit pension plans and other postretirement plans present the net periodic benefit cost in the income statement. An employer is required to report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. Other components of net retirement benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if one is presented. The amendment also allows only the service cost component to be eligible for capitalization, when applicable. This update is effective for us beginning January 1, 2018. The amendment will be applied retrospectively for the presentation requirements and prospectively for the capitalization of the service cost component requirements. The adoption of this update is not expected to have a material impact on our financial condition, results of operations or cash flows. Refer to Note 14 - Employee Benefit Plans for the service cost component and other components of net retirement benefit cost. Other Updates In 2017, 2016 and 2015, the FASB also issued the following Accounting Standards Updates which did not have or are not expected to have a material impact on our financial condition, results of operations or cash flows upon adoption. Those updates are as follows:
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Acquisitions |
6 Months Ended |
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Jun. 30, 2017 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Xerox is focused on increasing its Small and Mid-sized (SMB) coverage through resellers and partners (including multi-brand dealers) and continued distribution acquisitions. During 2017, distribution acquisitions totaled $76 and included the acquisition of MT Business Technologies, Inc. (MT Business), an Ohio-based multi-brand dealer, and one smaller multi-brand dealer in Iowa. MT Business provides office equipment, productivity solutions and managed print services to organizations throughout Ohio and South Eastern Michigan. The acquisition of MT Business opens new market opportunities in Ohio, including large metropolitan areas such as Cleveland and Columbus. The operating results of these acquisitions are not material to our financial statements and are included within our results from the acquisition dates. The purchase prices were all cash and were primarily allocated to intangible assets and goodwill based on management’s estimates which included, in certain situations, third-party valuations. |
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Divestitures | Divestitures Business Process Outsourcing (BPO) As previously disclosed, on December 31, 2016, Xerox completed the Separation of its BPO business through the Distribution of all of the issued and outstanding stock of Conduent to Xerox Corporation stockholders. As a result of the Separation and Distribution, the financial position and results of operations of the BPO Business are presented as discontinued operations and, as such, have been excluded from continuing operations for all periods presented. Separation costs are included in Loss from discontinued operations, net of tax, in the accompanying Condensed Consolidated Statements of Income.
Separation costs are primarily for third-party investment banking, accounting, legal, consulting and other similar types of services related to the Separation transaction as well as costs associated with the operational separation of the two companies, such as those related to human resources, brand management, real estate and information management to the extent they were not capitalized. Separation costs also include the costs associated with bonuses and restricted stock grants awarded to employees for retention through the Separation. Summarized financial information for our Discontinued Operations is as follows:
_____________ (1) The three and six months ended June 30, 2016 include $6 and $7, respectively, of interest on the $1.0 billion Senior Unsecured Term Facility, which was required to be repaid upon completion of the Separation and therefore was reported in the Loss from discontinued operations. Refer to Note 11 - Debt for additional information regarding the Separation Debt Activity. In January 2017, as provided for in the Separation Agreement, we received a distribution from Conduent of $161 representing the final adjustment required to set Conduent's cash balance at $225 as of the Separation. This amount was recorded as a receivable from Conduent included in Other Current Assets at December 31, 2016. The cash receipt was reported in Cash Flows from Financing Activities in the Condensed Consolidated Statement of Cash Flows as it represented an adjustment to our Distribution of Conduent. |
Accounts Receivable, Net |
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Accounts Receivable, Net | Accounts Receivable, Net Accounts receivable, net were as follows:
We perform ongoing credit evaluations of our customers and adjust credit limits based upon customer payment history and current creditworthiness. The allowance for uncollectible accounts receivable is determined principally on the basis of past collection experience as well as consideration of current economic conditions and changes in our customer collection trends. Accounts Receivable Sales Arrangements Accounts receivable sales arrangements are utilized in the normal course of business as part of our cash and liquidity management. We have facilities in the U.S., Canada and several countries in Europe that enable us to sell certain accounts receivable, without recourse, to third-parties. The accounts receivables sold are generally short-term trade receivables with payment due dates of less than 60 days. All of our arrangements involve the sale of our entire interest in groups of accounts receivable for cash. In most instances, a portion of the sales proceeds are held back by the purchaser and payment is deferred until collection of the related receivables sold. Such holdbacks are not considered legal securities nor are they certificated. We report collections on such receivables as operating cash flows in the Condensed Consolidated Statements of Cash Flows because such receivables are the result of an operating activity and the associated interest rate risk is de minimis due to their short-term nature. Our risk of loss following the sales of accounts receivable is limited to the outstanding deferred purchase price receivable. These receivables are included in Other current assets in the accompanying Consolidated Balance Sheets and were $57 and $48 at June 30, 2017 and December 31, 2016, respectively. Under most of the arrangements, we continue to service the sold accounts receivable. When applicable, a servicing liability is recorded for the estimated fair value of the servicing. The amounts associated with the servicing liability were not material. Of the accounts receivable sold and derecognized from our balance sheet, $548 and $531 remained uncollected as of June 30, 2017 and December 31, 2016, respectively. Accounts receivable sales were as follows:
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Finance Receivables, Net Finance Receivables – Allowance for Credit Losses and Credit Quality Finance receivables include sales-type leases, direct financing leases and installment loans arising from the marketing of our equipment. Our finance receivable portfolios are primarily in the U.S., Canada and Europe. We generally establish customer credit limits and estimate the allowance for credit losses on a country or geographic basis. Our policy and methodology used to establish our allowance for doubtful accounts has been consistently applied over all periods presented. The following table is a rollforward of the allowance for doubtful finance receivables as well as the related investment in finance receivables:
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We evaluate our customers based on the following credit quality indicators:
Credit quality indicators are updated at least annually and the credit quality of any given customer can change during the life of the portfolio. Details about our finance receivables portfolio based on industry and credit quality indicators are as follows:
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The aging of our billed finance receivables is based upon the number of days an invoice is past due and is as follows:
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Finance Receivables, Net |
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing Receivable, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance Receivables, Net | Accounts Receivable, Net Accounts receivable, net were as follows:
We perform ongoing credit evaluations of our customers and adjust credit limits based upon customer payment history and current creditworthiness. The allowance for uncollectible accounts receivable is determined principally on the basis of past collection experience as well as consideration of current economic conditions and changes in our customer collection trends. Accounts Receivable Sales Arrangements Accounts receivable sales arrangements are utilized in the normal course of business as part of our cash and liquidity management. We have facilities in the U.S., Canada and several countries in Europe that enable us to sell certain accounts receivable, without recourse, to third-parties. The accounts receivables sold are generally short-term trade receivables with payment due dates of less than 60 days. All of our arrangements involve the sale of our entire interest in groups of accounts receivable for cash. In most instances, a portion of the sales proceeds are held back by the purchaser and payment is deferred until collection of the related receivables sold. Such holdbacks are not considered legal securities nor are they certificated. We report collections on such receivables as operating cash flows in the Condensed Consolidated Statements of Cash Flows because such receivables are the result of an operating activity and the associated interest rate risk is de minimis due to their short-term nature. Our risk of loss following the sales of accounts receivable is limited to the outstanding deferred purchase price receivable. These receivables are included in Other current assets in the accompanying Consolidated Balance Sheets and were $57 and $48 at June 30, 2017 and December 31, 2016, respectively. Under most of the arrangements, we continue to service the sold accounts receivable. When applicable, a servicing liability is recorded for the estimated fair value of the servicing. The amounts associated with the servicing liability were not material. Of the accounts receivable sold and derecognized from our balance sheet, $548 and $531 remained uncollected as of June 30, 2017 and December 31, 2016, respectively. Accounts receivable sales were as follows:
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Finance Receivables, Net Finance Receivables – Allowance for Credit Losses and Credit Quality Finance receivables include sales-type leases, direct financing leases and installment loans arising from the marketing of our equipment. Our finance receivable portfolios are primarily in the U.S., Canada and Europe. We generally establish customer credit limits and estimate the allowance for credit losses on a country or geographic basis. Our policy and methodology used to establish our allowance for doubtful accounts has been consistently applied over all periods presented. The following table is a rollforward of the allowance for doubtful finance receivables as well as the related investment in finance receivables:
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We evaluate our customers based on the following credit quality indicators:
Credit quality indicators are updated at least annually and the credit quality of any given customer can change during the life of the portfolio. Details about our finance receivables portfolio based on industry and credit quality indicators are as follows:
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The aging of our billed finance receivables is based upon the number of days an invoice is past due and is as follows:
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Inventories |
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories The following is a summary of Inventories by major category:
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Investment in Affiliates, at Equity |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in Affiliates, at Equity | Investment in Affiliates, at Equity Our Equity in net income of unconsolidated affiliates was as follows:
Fuji Xerox Equity in net income of Fuji Xerox is affected by certain adjustments required to reflect the deferral of profit associated with intercompany sales. These adjustments may result in recorded equity income that is different from that implied by our 25% ownership interest. Refer to Note 2 - Correction of Fuji Xerox Misstatement in Prior Period Financial Statements for additional information regarding the results of a review of accounting practices at Fuji Xerox and the associated impact of adjustments from that review on previously reported Equity in net income of unconsolidated affiliates. The summarized financial data below for Fuji Xerox has likewise been revised accordingly to reflect the impact of those adjustments:
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Restructuring Programs |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Programs | Restructuring Programs During the six months ended June 30, 2017, we recorded net restructuring and asset impairment charges of $143, which included approximately $160 of severance costs related to headcount reductions of approximately 1,500 employees worldwide and $3 of lease cancellation costs. These costs were partially offset by $20 of net reversals, primarily resulting from changes in estimated reserves from prior period initiatives. We also recorded $17 of costs during the six months ended June 30, 2017, primarily related to professional support services associated with the implementation of the Strategic Transformation program. Information related to restructuring program activity is outlined below:
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The following table summarizes the reconciliation to the Condensed Consolidated Statements of Cash Flows:
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Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt Debt Exchange In March 2017, we completed a private offering to exchange portions of certain outstanding Senior Notes due 2018 through 2020 (collectively, the old notes), listed below, for $300 of new Senior Notes due 2022 and $322 in cash consideration, which includes a $22 exchange premium. The following principal amounts of each series of old notes were validly tendered and subsequently cancelled:
The new Senior Notes bear a fixed coupon rate of 4.07% and are due in March 2022. There were no other significant changes to the terms between the old and new Senior Notes. We recorded a loss of approximately $9 for the exchange premium and other carrying value adjustments related to the portion of the old notes exchanged for cash. However, the old notes exchanged for the new Senior Notes were accounted for as a debt modification and therefore approximately $9 related to the exchange premium and other carrying value adjustments for that portion was carried over as an adjustment to the carrying value of new Senior Notes and is expected to be accreted over the term of the new Senior Notes. Transaction costs incurred on the exchange and paid to third parties of $4 were expensed as part of the loss. Separation Debt Activity In connection with the Separation, Conduent made a cash distribution of approximately $1.8 billion to Xerox in the fourth quarter 2016. Xerox used a portion of the cash distribution proceeds to repay its $1.0 billion Senior Unsecured Term Facility in January 2017, which was required to be repaid upon completion of the Separation. This $1.0 billion of cash and debt was excluded from the Cash and cash equivalents and Total Debt at December 31, 2016, respectively, and was reported in Current Assets and Current Liabilities of discontinued operations at December 31, 2016, respectively. In addition, due to the segregation of this cash at year-end, the payment was treated as a non-cash activity for the quarter ended March 31, 2017. Interest expense associated with this borrowing incurred during 2016 was included in Loss from discontinued operations, net of tax. Xerox used the balance of the proceeds received as well as cash on hand to repay its $500 6.75% Senior Notes and $500 2.95% Senior Notes that came due in first quarter 2017. Interest Expense and Income Interest expense and interest income were as follows:
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Financial Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments | Financial Instruments Interest Rate Risk Management We use interest rate swap agreements to manage our interest rate exposure and to achieve a desired proportion of variable and fixed rate debt. These derivatives may be designated as fair value hedges or cash flow hedges depending on the nature of the risk being hedged. Fair Value Hedges As of June 30, 2017, pay variable/receive fixed interest rate swaps with notional amounts of $300 and net asset fair value of $5 were designated and accounted for as fair value hedges. The swaps were structured to hedge the fair value of related debt by converting them from fixed rate instruments to variable rate instruments. The following is a summary of our fair value hedges at June 30, 2017:
Foreign Exchange Risk Management We are a global company that is 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
At June 30, 2017 and December 31, 2016, we had outstanding forward exchange and purchased option contracts with gross notional values of $2,665 and $3,149 respectively, with terms of less than 12 months. The associated currency exposures being hedged at June 30, 2017 were materially consistent with our year-end currency exposures, with the exception of our Euro/U.K. Pound Sterling exposure, which decreased by approximately $580 (currencies hedged - buy/sell). There has not been any material change in our hedging strategy. Foreign Currency Cash Flow Hedges We designate a portion of our foreign currency derivative contracts as cash flow hedges of our foreign currency-denominated expenses. The net liability fair value of these contracts were $26 and $20 as of June 30, 2017 and December 31, 2016, respectively. Summary of Derivative Instruments Fair Value The following table provides a summary of the fair value amounts of our derivative instruments:
Summary of Derivative Instruments Gains (Losses) Derivative gains (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:
During the three and six months ended June 30, 2017 and 2016 no amount of ineffectiveness was recorded in earnings for these designated cash flow hedges and all components of each derivative’s gain (loss) was included in the assessment of hedge effectiveness. In addition, no amount was recorded for an underlying exposure that did not occur or was not expected to occur. As of June 30, 2017, a net after-tax loss of $19 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 (Losses) Gains 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 re-measurement of the underlying foreign currency-denominated asset or liability. The following table provides a summary of (losses) gains on non-designated derivative instruments:
Net currency gains and losses are included in Other expenses, net and 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 re-measurement of foreign currency-denominated assets and liabilities. For the three and six months ended June 30, 2017, currency losses, net were $(1) and $(4), respectively. For the three and six months ended June 30, 2016, currency gains (losses), net were $1 and $(3), respectively. |
Fair Value of Financial Assets and Liabilities |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Assets and Liabilities | Fair Value of Financial Assets and Liabilities The following table represents assets and liabilities measured at fair value on a recurring basis. The basis for the measurement at fair value in all cases is Level 2 – Significant Other Observable Inputs.
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:
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 and Long-term debt was estimated based on the current rates offered to us for debt of similar maturities (Level 2). The difference between the fair value and the carrying value represents the theoretical net premium or discount we would pay or receive to retire all debt at such date. |
Employee Benefit Plans |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans | Employee Benefit Plans The components of Net periodic benefit cost and other changes in plan assets and benefit obligations were as follows:
Contributions The following table summarizes cash contributions to our defined benefit pension plans and retiree health benefit plans.
The estimated 2017 U.S. pension plan contributions of $174 include $150 for our domestic tax-qualified defined benefit plans, comprised of $15 to meet the minimum funding requirements and $135 of additional voluntary contributions. |
Shareholders' Equity |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity | Shareholders’ Equity As previously disclosed in Note 1 - Basis of Presentation, a one-for-four reverse stock split became effective on June 14, 2017 for all authorized, issued and outstanding shares of Xerox common stock. Accordingly, all share and per share amounts have been adjusted to reflect this reverse stock split for all prior periods presented. The historical statements of Shareholders' Equity were not revised to reflect the effect of the Separation and instead reflect the Separation as a final adjustment to the balances at December 31, 2016. Refer to Note 5 - Divestitures for additional information regarding the Separation.
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Treasury Stock There were no repurchases of Xerox Common Stock pursuant to Board authorized share repurchase programs during first or second quarter 2017. |
Other Comprehensive Income (Loss) |
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Other Comprehensive Income (Loss) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) As previously disclosed in Note 1 - Basis of Presentation, the historical statements of Other Comprehensive Income (Loss) have not been revised to reflect the effect of the Separation. Refer to Note 5 - Divestitures for additional information regarding the Separation. Other Comprehensive Income (Loss) is comprised of the following:
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Accumulated Other Comprehensive Loss (AOCL) AOCL is comprised of the following:
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Earnings per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per Share | Earnings per Share As previously disclosed in Note 1 - Basis of Presentation, a one-for-four reverse stock split became effective on June 14, 2017 for all authorized, issued and outstanding shares of Xerox common stock. Accordingly, all share and per share amounts have been adjusted to reflect this reverse stock split for all prior periods presented. The following table sets forth the computation of basic and diluted earnings per share of common stock (shares in thousands):
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Contingencies and Litigation |
6 Months Ended |
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Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies and Litigation | Contingencies and Litigation Legal Matters We are involved in a variety of claims, lawsuits, investigations and proceedings concerning: securities law; governmental entity contracting; servicing and procurement law; intellectual property law; environmental law; employment law; the Employee Retirement Income Security Act (ERISA); and other laws and regulations. We determine whether an estimated loss from a contingency should be accrued by assessing whether a loss is deemed probable and can be reasonably estimated. We assess our potential liability by analyzing our litigation and regulatory matters using available information. We develop our views on estimated losses in consultation with outside counsel handling our defense in these matters, which involves an analysis of potential results, assuming a combination of litigation and settlement strategies. Should developments in any of these matters cause a change in our determination as to an unfavorable outcome and result in the need to recognize a material accrual, or should any of these matters result in a final adverse judgment or be settled for significant amounts, they could have a material adverse effect on our results of operations, cash flows and financial position in the period or periods in which such change in determination, judgment or settlement occurs. Brazil Tax and Labor Contingencies Our Brazilian operations are involved in various litigation matters and have received or been the subject of numerous governmental assessments related to indirect and other taxes, as well as disputes associated with former employees and contract labor. The tax matters, which comprise a significant portion of the total contingencies, 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. The labor matters principally relate to claims made by former employees and contract labor for the equivalent payment of all social security and other related labor benefits, as well as consequential tax claims, as if they were regular employees. As of June 30, 2017, the total amounts related to the unreserved portion of the tax and labor contingencies, inclusive of any related interest, amounted to approximately $600, with the decrease from our December 31, 2016 balance of approximately $750, primarily related to closed cases, partially offset by interest. With respect to the unreserved balance of $600, 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 of June 30, 2017, we had $76 of escrow cash deposits for matters we are disputing and additional letters of credit and surety bonds of approximately $142 and $94, respectively, which include associated indexation. There were no liens on any of our Brazilian assets as of June 30, 2017. Generally, any escrowed amounts would be refundable and any liens would be removed to the extent the matters are resolved in our favor. We routinely assess all these matters as to probability of ultimately incurring a liability against our Brazilian operations and record our best estimate of the ultimate loss in situations where we assess the likelihood of an ultimate loss as probable. Litigation Against the Company State of Texas v. Xerox Corporation, Xerox State Healthcare, LLC, and ACS State Healthcare, LLC: On May 9, 2014, the State of Texas, via the Texas Office of Attorney General (the “State”), filed a lawsuit in the 53rd Judicial District Court of Travis County, Texas. The lawsuit alleges that Xerox Corporation, Xerox State Healthcare, LLC and ACS State Healthcare (collectively “the Defendants”) violated the Texas Medicaid Fraud Prevention Act in the administration of ACS’s contract with the Texas Department of Health and Human Services (“HHSC”). Xerox Corporation provided a guaranty of contractual performance with respect to the ACS contract. The State alleges that the Defendants made false representations of material facts regarding the processes, procedures, implementation and results regarding the prior authorization of orthodontic claims. The State seeks recovery of actual damages, two times the amount of any overpayments made as a result of unlawful acts, civil penalties, pre- and post-judgment interest and all costs and attorneys’ fees. The State references the amount in controversy as exceeding hundreds of millions of dollars. The Defendants filed their Answer in June 2014 denying all allegations. On August 4, 2017, the State of Texas filed a Second Amended Petition, which makes substantially similar allegations and seeks similar remedies as the original lawsuit. The defendants will continue to vigorously defend themselves in this matter. This matter is a “Conduent Liability”, as defined in the Separation and Distribution Agreement dated as of December 31, 2016 between Xerox Corporation and Conduent Incorporated, for which Conduent is required to indemnify Xerox. Conduent is entitled to direct the defense of this matter. Oklahoma Firefighters Pension and Retirement System v. Xerox Corporation, Ursula M. Burns, Luca Maestri, Kathryn A. Mikells, Lynn R. Blodgett, Robert K. Zapfel, David H. Bywater and Mary Scanlon: On October 21, 2016, the Oklahoma Firefighters Pension and Retirement System (“plaintiff”) filed a purported securities class action complaint against Xerox Corporation, Ursula Burns, Luca Maestri, Kathryn Mikells, Lynn Blodgett and Robert Zapfel (collectively, “defendants”) in the U.S. District Court for the Southern District of New York on behalf of the plaintiff and certain purchasers or acquirers of Xerox common stock. The complaint alleged that defendants made false and misleading statements, in violation of Sections 10(b) and 20(a) of the Securities Exchange Act and SEC Rule 10b-5, relating to the operations and prospects of Xerox’s Health Enterprise business. Plaintiff sought, among other things, unspecified monetary damages and attorneys’ fees. Other, similar lawsuits may follow. On December 28, 2016, the Court entered a stipulated order setting out a schedule for amendment of the complaint and for defendants’ response to that complaint following the Court’s appointment of lead plaintiff under the Private Securities Litigation Reform Act. On February 28, 2017, the Court issued an opinion and order appointing the Arkansas Public Employees Retirement System ("APERS") as lead plaintiff. On May 1, 2017, APERS filed an amended complaint, alleging substantially similar claims and seeking substantially similar relief, but adding David Bywater and Mary Scanlon as defendants. On June 30, 2017, defendants moved to dismiss the amended complaint. Xerox will vigorously defend against this matter. At this time, it is premature to make any conclusion regarding the probability of incurring material losses in this litigation. Should developments cause a change in our determination as to an unfavorable outcome, or result in a final adverse judgment or settlement, there could be a material adverse effect on our results of operations, cash flows and financial position in the period in which such change in determination, judgment, or settlement occurs. Other Contingencies We have issued or provided approximately $386 of guarantees as of June 30, 2017 in the form of letters of credit or surety bonds issued to i) support certain insurance programs; ii) support our obligations related to the Brazil tax and labor contingencies; and iii) 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 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. Indemnifications We have indemnified, subject to certain deductibles and limits, the purchasers of businesses or divested assets for the occurrence of specified events under certain of our divestiture agreements. Where appropriate, an obligation for such indemnifications is recorded as a liability. Since the obligated amounts of these types of indemnifications are often not explicitly stated and/or are contingent on the occurrence of future events, the overall maximum amount of the obligation under such indemnifications cannot be reasonably estimated. Other than obligations recorded as liabilities at the time of divestiture, we have not historically made significant payments for these indemnifications. Additionally, under certain of our acquisition agreements, we have provided for additional consideration to be paid to the sellers if established financial targets are achieved post-closing. We have recognized liabilities for these contingent obligations based on an estimate of the fair value of these contingencies at the time of acquisition. Contingent obligations related to indemnifications arising from our divestitures and contingent consideration provided for by our acquisitions are not expected to be material to our financial position, results of operations or cash flows. |
Correction of Fuji Xerox Misstatement in Prior Period Financial Statements Correction of Fuji Xerox Misstatement in Prior Period Financial Statements(Tables) |
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Impact of Revisions [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impact of Revisions [Table Text Block] | Revised Annual Consolidated Statements of Income The following tables reconcile selected lines from the company’s first quarter of 2017 and fiscal years of 2016, 2015 and 2014 Consolidated Statements of Income (Loss) from the previously reported amounts to the revised amounts:
_____________ Note: The sum of quarterly earnings per share may differ from the full-year amounts due to rounding, or in the case of diluted earnings per share, because securities that are anti-dilutive in certain quarters may not be anti-dilutive on a full-year basis. Revised Consolidated Statements of Comprehensive Income (Loss) The following tables reconcile selected lines from the company’s first quarter of 2017 and fiscal years of 2016, 2015 and 2014 Consolidated Statements of Comprehensive Income (Loss) from the previously reported amounts to the revised amounts:
Revised Consolidated Balance Sheets The following table reconciles selected lines from the company’s Consolidated Balance Sheet at March 31, 2017 and December 31, 2016 and 2015 from the previously reported amounts to the revised amounts:
Revised Consolidated Statements of Cash Flows from Operations The revision did not have an impact on the company’s operating cash flows. The following table reconciles selected lines from the company’s first quarter of 2017 and fiscal years of 2016, 2015 and 2014 Consolidated Statements of Cash Flows from the previously reported amounts to the revised amounts:
Revised Quarterly Results of Operations The following tables reconcile selected lines from the company’s 2016 and 2015 quarterly Consolidated Statements of Income (Loss) from the previously reported amounts to the revised amounts:
_____________ Note: The sum of quarterly earnings per share may differ from the full-year amounts due to rounding, or in the case of diluted earnings per share, because securities that are anti-dilutive in certain quarters may not be anti-dilutive on a full-year basis. |
Divestitures (Tables) |
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Jun. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summarized Financial Information - Discontinued Operations | Summarized financial information for our Discontinued Operations is as follows:
_____________ (1) The three and six months ended June 30, 2016 include $6 and $7, respectively, of interest on the $1.0 billion Senior Unsecured Term Facility, which was required to be repaid upon completion of the Separation and therefore was reported in the Loss from discontinued operations. |
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Separation Costs [Table Text Block] | Separation costs are included in Loss from discontinued operations, net of tax, in the accompanying Condensed Consolidated Statements of Income.
Separation costs are primarily for third-party investment banking, accounting, legal, consulting and other similar types of services related to the Separation transaction as well as costs associated with the operational separation of the two companies, such as those related to human resources, brand management, real estate and information management to the extent they were not capitalized. Separation costs also include the costs associated with bonuses and restricted stock grants awarded to employees for retention through the Separation. |
Accounts Receivable, Net (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of accounts receivable, net | Accounts receivable, net were as follows:
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Schedule of accounts receivables sales | Accounts receivable sales were as follows:
__________________________
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Finance Receivables, Net (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Financing Receivable, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses on Financing Receivables | The following table is a rollforward of the allowance for doubtful finance receivables as well as the related investment in finance receivables:
__________________
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Financing Receivable Credit Quality Indicators | Details about our finance receivables portfolio based on industry and credit quality indicators are as follows:
_____________________________
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Finance Receivables Aging | The aging of our billed finance receivables is based upon the number of days an invoice is past due and is as follows:
_____________________________
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Inventories (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | The following is a summary of Inventories by major category:
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Investment in Affiliates, at Equity (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in net income of unconsolidated affiliates | Our Equity in net income of unconsolidated affiliates was as follows:
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Summarized Financial Information Of Equity Investment - Fuji Xerox | The summarized financial data below for Fuji Xerox has likewise been revised accordingly to reflect the impact of those adjustments:
_____________________________
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Restructuring Programs (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Program Activity | Information related to restructuring program activity is outlined below:
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Reconciliation to the Condensed Consolidated Statements Of Cash Flows | The following table summarizes the reconciliation to the Condensed Consolidated Statements of Cash Flows:
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Debt (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt Exchange | The following principal amounts of each series of old notes were validly tendered and subsequently cancelled:
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Schedule Of Interest Expense And Interest Income | Interest expense and interest income were as follows:
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Financial Instruments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Interest Rate Derivatives | The following is a summary of our fair value hedges at June 30, 2017:
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Summary of Derivative Instruments Fair Value | The following table provides a summary of the fair value amounts of our derivative instruments:
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Derivative Instruments, Gain (Loss) | The following table provides a summary of gains (losses) on derivative instruments:
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Summary of Derivatives Not Designated as Hedging Instruments Gains (Losses) | The following table provides a summary of (losses) gains on non-designated derivative instruments:
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Fair Value of Financial Assets and Liabilities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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.
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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:
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Employee Benefit Plans (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
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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.
The estimated 2017 U.S. pension plan contributions of $174 include $150 for our domestic tax-qualified defined benefit plans, comprised of $15 to meet the minimum funding requirements and $135 of additional voluntary contributions. |
Shareholders' Equity (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stockholders Equity |
_____________________________
|
Other Comprehensive Income (Loss) (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income (Loss) [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) is comprised of the following:
_____________________________
|
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Schedule of Accumulated Other Comprehensive Loss | AOCL is comprised of the following:
_____________________________
|
Earnings per Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic and Diluted Earnings per Share | The following table sets forth the computation of basic and diluted earnings per share of common stock (shares in thousands):
|
Basis of Presentation - Planned Company Separation (Details) |
Dec. 31, 2016 |
---|---|
Conduent [Member] | |
Discontinued Operation, percentage of business divested | 100.00% |
Basis of Presentation - Segment Change (Details) |
6 Months Ended |
---|---|
Jun. 30, 2017
service_offering
| |
Segment Change [Abstract] | |
Number of Reportable Segments | 1 |
Basis of Presentation Reverse Stock Split (Details) $ in Millions |
Jun. 14, 2017
shares
|
Jun. 30, 2017
USD ($)
|
---|---|---|
Class of Stock [Line Items] | ||
Stock Split, Conversion Ratio | 0.25 | |
Common Stock | ||
Class of Stock [Line Items] | ||
Common Stock Shares Authorized Prior to Reverse Split | 1,750,000,000 | |
Common Stock | Reverse Stock Split [Member] | ||
Class of Stock [Line Items] | ||
Common Stock, Shares Authorized | 437,500,000 | |
Common Stock Reclassed to Additional Paid-in Capital | $ | $ 760 |
Correction of Fuji Xerox Misstatement in Prior Period Financial Statements (Details) $ / shares in Units, $ in Millions, ¥ in Billions |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 01, 2014
USD ($)
|
Jun. 30, 2017
USD ($)
$ / shares
|
Mar. 31, 2017
JPY (¥)
|
Mar. 31, 2017
USD ($)
$ / shares
¥ / $
|
Dec. 31, 2016
USD ($)
$ / shares
|
Sep. 30, 2016
USD ($)
$ / shares
|
Jun. 30, 2016
USD ($)
$ / shares
|
Mar. 31, 2016
USD ($)
$ / shares
|
Dec. 31, 2015
USD ($)
$ / shares
|
Sep. 30, 2015
USD ($)
$ / shares
|
Jun. 30, 2015
USD ($)
$ / shares
|
Mar. 31, 2015
USD ($)
$ / shares
|
Jun. 30, 2017
JPY (¥)
|
Jun. 30, 2017
USD ($)
$ / shares
|
Jun. 30, 2016
USD ($)
$ / shares
|
Dec. 31, 2016
USD ($)
$ / shares
|
Dec. 31, 2015
USD ($)
$ / shares
|
Dec. 31, 2014
USD ($)
$ / shares
|
|||||||||||||||
Impact of Revisions [Line Items] | ||||||||||||||||||||||||||||||||
Yen/U.S. Dollar Spot Exchange Rate | ¥ / $ | 111.89 | |||||||||||||||||||||||||||||||
Total Equity in Net Income of Unconsolidated Affiliates | $ 20 | $ 40 | $ 27 | $ 40 | $ 26 | $ 34 | $ 28 | $ 40 | $ 25 | $ 16 | $ 60 | $ 60 | $ 127 | $ 109 | $ 142 | |||||||||||||||||
Income from Continuing Operations | 170 | 48 | 188 | 178 | 199 | 68 | 257 | 206 | 206 | 171 | 218 | 267 | 633 | 840 | 1,034 | |||||||||||||||||
Net income (Loss) | 170 | 42 | (840) | 186 | 161 | 33 | 272 | (31) | 13 | 212 | 212 | 194 | (460) | 466 | 1,018 | |||||||||||||||||
Net Income Attributable to Xerox | 166 | 40 | $ (843) | $ 183 | 158 | $ 31 | $ 267 | $ (34) | $ 8 | $ 207 | 206 | 189 | (471) | 448 | 995 | |||||||||||||||||
Net income from continuing operations attributable to Xerox | $ 166 | $ 46 | $ 196 | $ 212 | $ 262 | $ 622 | $ 822 | $ 1,011 | ||||||||||||||||||||||||
Earnings per share from Continuing operations, Basic | $ / shares | $ 0.64 | $ 0.17 | $ 0.71 | $ 0.66 | $ 0.75 | [1] | $ 0.24 | $ 0.97 | $ 0.75 | $ 0.72 | $ 0.58 | $ 0.81 | $ 0.99 | [1] | $ 2.36 | $ 3.00 | $ 3.42 | |||||||||||||||
Basic Earnings (Loss) per Share | $ / shares | 0.64 | 0.14 | (3.35) | 0.69 | 0.60 | [1] | 0.10 | 1.03 | (0.16) | 0.01 | 0.72 | 0.78 | 0.70 | [1] | (1.95) | 1.59 | 3.37 | |||||||||||||||
Earnings per share from continuing operations, Diluted | $ / shares | 0.63 | 0.16 | 0.70 | 0.66 | 0.75 | [1] | 0.23 | 0.96 | 0.75 | 0.71 | 0.57 | 0.80 | 0.98 | [1] | 2.33 | 2.97 | 3.37 | |||||||||||||||
Diluted Earnings (Loss) per Share | $ / shares | $ 0.63 | $ 0.14 | $ (3.30) | $ 0.69 | $ 0.60 | [1] | $ 0.10 | $ 1.02 | $ (0.16) | $ 0.01 | $ 0.71 | $ 0.78 | $ 0.70 | [1] | $ (1.93) | $ 1.58 | $ 3.32 | |||||||||||||||
Translation adjustments, net | $ 204 | [2] | $ 133 | $ (82) | [2] | $ 337 | [2] | $ 107 | [2] | $ (347) | $ (651) | $ (728) | ||||||||||||||||||||
Other Comprehensive Income (Loss), Net | 161 | [2] | 167 | (38) | [2] | 328 | [2] | 48 | [2] | (236) | (475) | (1,375) | ||||||||||||||||||||
Other Comprehensive Income (Loss), Net Attributable to Xerox | 161 | 166 | (37) | 327 | 49 | (233) | (474) | (1,374) | ||||||||||||||||||||||||
Comprehensive income (loss), net including portion attributable to noncontrolling interests | 331 | 209 | 123 | 540 | 242 | (696) | (9) | (357) | ||||||||||||||||||||||||
Comprehensive Income, Net Attributable to Xerox | 327 | 206 | 121 | 533 | 238 | (704) | (26) | (379) | ||||||||||||||||||||||||
Investments in affiliates, at equity | 1,398 | 1,404 | $ 1,294 | $ 1,283 | 1,398 | 1,294 | 1,283 | |||||||||||||||||||||||||
Total Assets | 16,167 | 15,843 | 18,051 | 25,442 | 16,167 | 18,051 | 25,442 | |||||||||||||||||||||||||
Retained earnings | 5,004 | 4,906 | 4,934 | 9,575 | 5,004 | 4,934 | 9,575 | |||||||||||||||||||||||||
Accumulated other comprehensive loss | (4,010) | (4,171) | (4,337) | (4,630) | (4,010) | (4,337) | (4,630) | |||||||||||||||||||||||||
Xerox shareholders’ equity | 5,123 | 4,853 | 4,709 | 8,975 | 5,123 | 4,709 | 8,975 | |||||||||||||||||||||||||
Total Equity | 5,158 | 4,893 | 4,747 | 9,110 | 9,018 | 5,158 | 9,110 | 4,747 | 9,018 | |||||||||||||||||||||||
Total Liabilities and Equity | 16,167 | 15,843 | 18,051 | 25,442 | 16,167 | 18,051 | 25,442 | |||||||||||||||||||||||||
Undistributed equity in net income of unconsolidated affiliates | $ (10) | (40) | (5) | $ 30 | 29 | (75) | (53) | (73) | ||||||||||||||||||||||||
Fuji Xerox | ||||||||||||||||||||||||||||||||
Impact of Revisions [Line Items] | ||||||||||||||||||||||||||||||||
Ownership percentage | 25.00% | 25.00% | ||||||||||||||||||||||||||||||
Total Equity in Net Income of Unconsolidated Affiliates | $ 18 | 23 | $ 55 | $ 53 | ||||||||||||||||||||||||||||
Adjustment [Member] | ||||||||||||||||||||||||||||||||
Impact of Revisions [Line Items] | ||||||||||||||||||||||||||||||||
Total Equity in Net Income of Unconsolidated Affiliates | 24 | [3] | 4 | $ 1 | 4 | $ (3) | (4) | $ 0 | $ (4) | $ (18) | 6 | (26) | (18) | |||||||||||||||||||
Income from Continuing Operations | 24 | [3] | 4 | 1 | 4 | (3) | (4) | 0 | (4) | (18) | 6 | (26) | (18) | |||||||||||||||||||
Net income (Loss) | 24 | [3] | 4 | 1 | 4 | (3) | (4) | 0 | (4) | (18) | 6 | (26) | (18) | |||||||||||||||||||
Net Income Attributable to Xerox | 24 | [3] | $ 4 | $ 1 | $ 4 | $ (3) | $ (4) | $ 0 | $ (4) | $ (18) | 6 | (26) | (18) | |||||||||||||||||||
Net income from continuing operations attributable to Xerox | $ 24 | [3] | $ 6 | $ (26) | $ (18) | |||||||||||||||||||||||||||
Earnings per share from Continuing operations, Basic | $ / shares | $ 0.10 | $ 0.02 | $ 0.00 | $ 0.01 | $ (0.01) | $ (0.02) | $ 0.00 | $ (0.01) | $ (0.06) | $ 0.03 | $ (0.10) | $ (0.06) | ||||||||||||||||||||
Basic Earnings (Loss) per Share | $ / shares | 0.09 | 0.02 | 0.00 | 0.01 | (0.01) | (0.02) | 0.00 | (0.01) | (0.07) | 0.03 | (0.10) | (0.06) | ||||||||||||||||||||
Earnings per share from continuing operations, Diluted | $ / shares | 0.09 | 0.02 | 0.01 | 0.02 | (0.01) | (0.02) | 0.00 | (0.01) | (0.06) | 0.02 | (0.09) | (0.06) | ||||||||||||||||||||
Diluted Earnings (Loss) per Share | $ / shares | $ 0.09 | $ 0.02 | $ 0.01 | $ 0.02 | $ (0.01) | $ (0.02) | $ 0.00 | $ (0.01) | $ (0.07) | $ 0.03 | $ (0.09) | $ (0.06) | ||||||||||||||||||||
Translation adjustments, net | $ (3) | $ (1) | $ 9 | $ 6 | ||||||||||||||||||||||||||||
Other Comprehensive Income (Loss), Net | (3) | (1) | 9 | 6 | ||||||||||||||||||||||||||||
Other Comprehensive Income (Loss), Net Attributable to Xerox | (3) | (1) | 9 | 6 | ||||||||||||||||||||||||||||
Comprehensive income (loss), net including portion attributable to noncontrolling interests | 21 | 5 | (17) | (12) | ||||||||||||||||||||||||||||
Comprehensive Income, Net Attributable to Xerox | 21 | 5 | (17) | (12) | ||||||||||||||||||||||||||||
Investments in affiliates, at equity | (73) | $ (94) | $ (99) | (94) | (99) | |||||||||||||||||||||||||||
Total Assets | (73) | (94) | (99) | (94) | (99) | |||||||||||||||||||||||||||
Retained earnings | (81) | (105) | (111) | (105) | (111) | |||||||||||||||||||||||||||
Accumulated other comprehensive loss | 8 | 11 | 12 | 11 | 12 | |||||||||||||||||||||||||||
Xerox shareholders’ equity | (73) | (94) | (99) | (94) | (99) | |||||||||||||||||||||||||||
Total Equity | (73) | (94) | (99) | (94) | (99) | |||||||||||||||||||||||||||
Total Liabilities and Equity | (73) | (94) | (99) | (94) | (99) | |||||||||||||||||||||||||||
Undistributed equity in net income of unconsolidated affiliates | (24) | (6) | 26 | 18 | ||||||||||||||||||||||||||||
Adjustment [Member] | Fuji Xerox | ||||||||||||||||||||||||||||||||
Impact of Revisions [Line Items] | ||||||||||||||||||||||||||||||||
Cumulative Effect on Retained Earnings, Net of Tax | $ 69 | |||||||||||||||||||||||||||||||
As Reported [Member] | ||||||||||||||||||||||||||||||||
Impact of Revisions [Line Items] | ||||||||||||||||||||||||||||||||
Total Equity in Net Income of Unconsolidated Affiliates | 16 | 23 | $ 39 | $ 22 | $ 37 | 32 | $ 40 | $ 29 | $ 34 | 121 | 135 | 160 | ||||||||||||||||||||
Income from Continuing Operations | 24 | 184 | 177 | 195 | 71 | 261 | 206 | 210 | 189 | 627 | 866 | 1,052 | ||||||||||||||||||||
Net income (Loss) | 18 | (844) | 185 | 157 | 36 | 276 | (31) | 17 | 230 | (466) | 492 | 1,036 | ||||||||||||||||||||
Net Income Attributable to Xerox | 16 | $ (847) | $ 182 | $ 154 | $ 34 | $ 271 | $ (34) | $ 12 | $ 225 | (477) | 474 | 1,013 | ||||||||||||||||||||
Net income from continuing operations attributable to Xerox | $ 22 | $ 616 | $ 848 | $ 1,029 | ||||||||||||||||||||||||||||
Earnings per share from Continuing operations, Basic | $ / shares | $ 0.07 | $ 0.69 | $ 0.66 | $ 0.74 | $ 0.25 | $ 0.99 | $ 0.75 | $ 0.73 | $ 0.64 | $ 2.33 | $ 3.10 | $ 3.48 | ||||||||||||||||||||
Basic Earnings (Loss) per Share | $ / shares | 0.05 | (3.37) | 0.69 | 0.59 | 0.11 | 1.05 | (0.16) | 0.02 | 0.79 | (1.98) | 1.69 | 3.43 | ||||||||||||||||||||
Earnings per share from continuing operations, Diluted | $ / shares | 0.07 | 0.68 | 0.65 | 0.73 | 0.24 | 0.98 | 0.75 | 0.72 | 0.63 | 2.31 | 3.06 | 3.43 | ||||||||||||||||||||
Diluted Earnings (Loss) per Share | $ / shares | $ 0.05 | $ (3.32) | $ 0.68 | $ 0.58 | $ 0.11 | $ 1.04 | $ (0.16) | $ 0.02 | $ 0.78 | $ (1.96) | $ 1.67 | $ 3.38 | ||||||||||||||||||||
Translation adjustments, net | $ 136 | $ (346) | $ (660) | $ (734) | ||||||||||||||||||||||||||||
Other Comprehensive Income (Loss), Net | 170 | (235) | (484) | (1,381) | ||||||||||||||||||||||||||||
Other Comprehensive Income (Loss), Net Attributable to Xerox | 169 | (232) | (483) | (1,380) | ||||||||||||||||||||||||||||
Comprehensive income (loss), net including portion attributable to noncontrolling interests | 188 | (701) | 8 | (345) | ||||||||||||||||||||||||||||
Comprehensive Income, Net Attributable to Xerox | 185 | (709) | (9) | (367) | ||||||||||||||||||||||||||||
Investments in affiliates, at equity | 1,477 | $ 1,388 | $ 1,382 | 1,388 | 1,382 | |||||||||||||||||||||||||||
Total Assets | 15,916 | 18,145 | 25,541 | 18,145 | 25,541 | |||||||||||||||||||||||||||
Retained earnings | 4,987 | 5,039 | 9,686 | 5,039 | 9,686 | |||||||||||||||||||||||||||
Accumulated other comprehensive loss | (4,179) | (4,348) | (4,642) | (4,348) | (4,642) | |||||||||||||||||||||||||||
Xerox shareholders’ equity | 4,926 | 4,803 | 9,074 | 4,803 | 9,074 | |||||||||||||||||||||||||||
Total Equity | 4,966 | 4,841 | 9,117 | 4,841 | 9,117 | |||||||||||||||||||||||||||
Total Liabilities and Equity | 15,916 | $ 18,145 | $ 25,541 | 18,145 | 25,541 | |||||||||||||||||||||||||||
Undistributed equity in net income of unconsolidated affiliates | (16) | $ (69) | $ (79) | $ (91) | ||||||||||||||||||||||||||||
Parent Company - Fujifilm Holdings Corporation[Member] | Adjustment [Member] | Fuji Xerox | ||||||||||||||||||||||||||||||||
Impact of Revisions [Line Items] | ||||||||||||||||||||||||||||||||
Out-of-Period Adjustment - Fuji Xerox | ¥ 40 | 360 | ||||||||||||||||||||||||||||||
Parent Company - Fujifilm Holdings Corporation[Member] | Original Estimated Adjustment [Member] | Fuji Xerox | ||||||||||||||||||||||||||||||||
Impact of Revisions [Line Items] | ||||||||||||||||||||||||||||||||
Out-of-Period Adjustment - Fuji Xerox | ¥ 22 | 200 | ||||||||||||||||||||||||||||||
Non Parent Equity Investment Owner - Xerox Corporation[Member] | Adjustment [Member] | Fuji Xerox | ||||||||||||||||||||||||||||||||
Impact of Revisions [Line Items] | ||||||||||||||||||||||||||||||||
Out-of-Period Adjustment - Fuji Xerox | [4] | $ 90 | ||||||||||||||||||||||||||||||
Non Parent Equity Investment Owner - Xerox Corporation[Member] | Original Estimated Adjustment [Member] | Fuji Xerox | ||||||||||||||||||||||||||||||||
Impact of Revisions [Line Items] | ||||||||||||||||||||||||||||||||
Out-of-Period Adjustment - Fuji Xerox | [3] | $ 30 | ||||||||||||||||||||||||||||||
|
Recent Accounting Pronouncements (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 12 Months Ended | |
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
ASU 2016-02 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Operating Leases, Future Minimum Payments Due | $ 450 | |||
ASU 2016-15 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Collections on Beneficial Interests Received in sales of Accounts Receivable and Finance Receivables | 270 | $ 305 | ||
ASU 2016-18 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Restricted Cash and Cash Equivalents | $ 131 | $ 131 | $ 179 | |
ASU 2016-09 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Employee Service Share-based Compensation, Tax Benefit from Exercise of Stock Options | $ 0 | $ 2 |
Acquisitions (Details) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2017
USD ($)
|
Mar. 31, 2017
business
|
Jun. 30, 2016
USD ($)
|
Jun. 30, 2017
USD ($)
|
Jun. 30, 2016
USD ($)
|
|
Business Acquisition [Line Items] | |||||
Payments to Acquire Businesses, Net of Cash Acquired | $ | $ 65 | $ 0 | $ 76 | $ 18 | |
Multi-Brand Business Acquisitions [Member] | |||||
Business Acquisition [Line Items] | |||||
Number of Businesses Acquired | business | 1 |
Divestitures (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 |
Mar. 31, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
Dec. 31, 2016 |
Mar. 04, 2016 |
||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Separation costs | $ 0 | $ 28 | $ 8 | $ 36 | ||||||||
Total Costs and Expenses | 2,374 | 2,602 | 4,844 | 5,185 | ||||||||
Loss from discontinued operations, net of tax | 0 | (38) | (6) | (73) | ||||||||
Interest expense | [1] | 57 | 74 | 126 | 161 | |||||||
Proceeds from Conduent | 0 | 0 | 161 | 0 | ||||||||
Conduent [Domain] | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Revenues | 0 | 1,597 | 0 | 3,268 | ||||||||
Cost of services | 0 | 1,343 | 0 | 2,752 | ||||||||
Other expenses(1) | [2] | 0 | 300 | 8 | 611 | |||||||
Total Costs and Expenses | 0 | 1,643 | 8 | 3,363 | ||||||||
Net loss before income taxes | 0 | (46) | (8) | (95) | ||||||||
Income tax benefit | 0 | 8 | 2 | 22 | ||||||||
Loss from discontinued operations, net of tax | $ 0 | (38) | $ (6) | (73) | ||||||||
Interest expense | $ 6 | $ 7 | ||||||||||
Proceeds from Conduent | $ 161 | |||||||||||
Conduent Cash Balance at Separation | $ 225 | |||||||||||
Senior Debt Obligations [Member] | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Unsecured Debt | $ 1,000 | |||||||||||
|
Accounts Receivable, Net (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
Dec. 31, 2016 |
|||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Accounts Receivable, Net | $ 1,037 | $ 1,037 | $ 961 | ||||
Accounts Receivable Sales Arrangements [Abstract] | |||||||
Uncollected accounts receivable sold and derecognized | 548 | 548 | 531 | ||||
Accounts Receivable [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Invoiced | 713 | 713 | 651 | ||||
Accrued | 380 | 380 | 374 | ||||
Allowance for doubtful accounts | (56) | (56) | (64) | ||||
Accounts receivable sales | 567 | $ 582 | 1,078 | $ 1,174 | |||
Deferred proceeds | 56 | 59 | 108 | 130 | |||
Loss on sales of accounts receivable | 3 | 4 | 6 | 8 | |||
Estimated increase (decrease) to operating cash flows(1) | [1] | 54 | $ (11) | (11) | $ 15 | ||
Other Current Assets [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Deferred purchase price receivable | $ 57 | $ 57 | $ 48 | ||||
|
Finance Receivables, Net (Details) - USD ($) $ in Millions |
3 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 |
Mar. 31, 2017 |
Jun. 30, 2016 |
Mar. 31, 2016 |
|||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||||||||||
Beginning Balance | $ 111 | $ 110 | $ 126 | $ 118 | [1] | |||||||||
Provision | 6 | 9 | 8 | 10 | ||||||||||
Charge-offs | (14) | (10) | (8) | (6) | ||||||||||
Recoveries and other | [2] | 5 | 2 | (1) | 4 | |||||||||
Ending Balance | 108 | 111 | 125 | 126 | ||||||||||
Financing Receivable, Collectively Evaluated for Impairment | [3] | 3,811 | 4,026 | |||||||||||
Allowance for credit losses not included in the impairment evaluation | 108 | 125 | ||||||||||||
United States | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||||||||||
Beginning Balance | 53 | 55 | 57 | 54 | [1] | |||||||||
Provision | 4 | 4 | 0 | 4 | ||||||||||
Charge-offs | (10) | (6) | (3) | (2) | ||||||||||
Recoveries and other | [2] | 1 | 0 | 0 | 1 | |||||||||
Ending Balance | 48 | 53 | 54 | 57 | ||||||||||
Financing Receivable, Collectively Evaluated for Impairment | [3] | 2,028 | 2,149 | |||||||||||
Canada | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||||||||||
Beginning Balance | 16 | 16 | 18 | 17 | [1] | |||||||||
Provision | 1 | 0 | 1 | 1 | ||||||||||
Charge-offs | (1) | (2) | (2) | (2) | ||||||||||
Recoveries and other | [2] | 0 | 2 | 1 | 2 | |||||||||
Ending Balance | 16 | 16 | 18 | 18 | ||||||||||
Financing Receivable, Collectively Evaluated for Impairment | [3] | 383 | 389 | |||||||||||
Europe | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||||||||||
Beginning Balance | 40 | 37 | 49 | 45 | [1] | |||||||||
Provision | 1 | 5 | 7 | 5 | ||||||||||
Charge-offs | (3) | (2) | (3) | (2) | ||||||||||
Recoveries and other | [2] | 4 | 0 | (2) | 1 | |||||||||
Ending Balance | 42 | 40 | 51 | 49 | ||||||||||
Financing Receivable, Collectively Evaluated for Impairment | [3] | 1,336 | 1,424 | |||||||||||
Other | ||||||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||||||||||||
Beginning Balance | [4] | 2 | 2 | 2 | 2 | [1] | ||||||||
Provision | [4] | 0 | 0 | 0 | 0 | |||||||||
Charge-offs | [4] | 0 | 0 | 0 | 0 | |||||||||
Recoveries and other | [2],[4] | 0 | 0 | 0 | 0 | |||||||||
Ending Balance | [4] | 2 | $ 2 | 2 | $ 2 | |||||||||
Financing Receivable, Collectively Evaluated for Impairment | [3],[4] | $ 64 | $ 64 | |||||||||||
|
Finance Receivables, Net - Credit Quality Indicators (Details) - USD ($) $ in Millions |
6 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 |
Dec. 31, 2016 |
|||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Loss Rates Of Customers With Investment Grade Credit Quality | 1.00% | |||||||||||
Loss Rates Of Customers With Non Investment Grade Credit Quality Low Range | 2.00% | |||||||||||
Loss Rates Of Customers With Non Investment Grade Credit Quality High Range | 4.00% | |||||||||||
Loss Rates Of Customers With Substandard Doubtful Credit Quality | 10.00% | |||||||||||
Financing Receivable, Net | $ 3,811 | $ 3,854 | ||||||||||
United States | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 2,028 | 2,138 | ||||||||||
United States | Finance and other services | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 601 | 618 | ||||||||||
United States | Government and education | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 558 | 608 | ||||||||||
United States | Graphic arts | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 326 | 347 | ||||||||||
United States | Industrial | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 182 | 184 | ||||||||||
United States | Healthcare | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 144 | 143 | ||||||||||
United States | Other | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 217 | 238 | ||||||||||
Canada | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 383 | 378 | ||||||||||
Canada | Finance and other services | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 117 | 112 | ||||||||||
Canada | Government and education | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 56 | 60 | ||||||||||
Canada | Graphic arts | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 99 | 100 | ||||||||||
Canada | Industrial | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 41 | 40 | ||||||||||
Canada | Other | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 70 | 66 | ||||||||||
Europe | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 1,336 | 1,286 | ||||||||||
France | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 472 | 454 | ||||||||||
U.K./Ireland(4) | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 262 | 253 | [1] | |||||||||
Central | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | [2] | 350 | 349 | |||||||||
Southern | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | [3] | 201 | 181 | |||||||||
Nordics | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | [4] | 51 | 49 | |||||||||
Other | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 64 | 52 | ||||||||||
Investment Grade | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 1,765 | 1,859 | ||||||||||
Investment Grade | United States | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 999 | 1,105 | ||||||||||
Investment Grade | United States | Finance and other services | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 162 | 181 | ||||||||||
Investment Grade | United States | Government and education | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 490 | 543 | ||||||||||
Investment Grade | United States | Graphic arts | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 116 | 138 | ||||||||||
Investment Grade | United States | Industrial | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 81 | 82 | ||||||||||
Investment Grade | United States | Healthcare | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 81 | 79 | ||||||||||
Investment Grade | United States | Other | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 69 | 82 | ||||||||||
Investment Grade | Canada | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 189 | 199 | ||||||||||
Investment Grade | Canada | Finance and other services | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 53 | 54 | ||||||||||
Investment Grade | Canada | Government and education | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 48 | 52 | ||||||||||
Investment Grade | Canada | Graphic arts | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 36 | 39 | ||||||||||
Investment Grade | Canada | Industrial | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 20 | 21 | ||||||||||
Investment Grade | Canada | Other | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 32 | 33 | ||||||||||
Investment Grade | Europe | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 540 | 520 | ||||||||||
Investment Grade | France | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 191 | 181 | ||||||||||
Investment Grade | U.K./Ireland(4) | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 96 | 95 | [1] | |||||||||
Investment Grade | Central | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | [2] | 187 | 182 | |||||||||
Investment Grade | Southern | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | [3] | 38 | 36 | |||||||||
Investment Grade | Nordics | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | [4] | 28 | 26 | |||||||||
Investment Grade | Other | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 37 | 35 | ||||||||||
Non-investment Grade | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 1,580 | 1,539 | ||||||||||
Non-investment Grade | United States | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 735 | 729 | ||||||||||
Non-investment Grade | United States | Finance and other services | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 341 | 342 | ||||||||||
Non-investment Grade | United States | Government and education | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 60 | 57 | ||||||||||
Non-investment Grade | United States | Graphic arts | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 115 | 102 | ||||||||||
Non-investment Grade | United States | Industrial | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 77 | 78 | ||||||||||
Non-investment Grade | United States | Healthcare | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 47 | 47 | ||||||||||
Non-investment Grade | United States | Other | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 95 | 103 | ||||||||||
Non-investment Grade | Canada | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 119 | 124 | ||||||||||
Non-investment Grade | Canada | Finance and other services | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 43 | 43 | ||||||||||
Non-investment Grade | Canada | Government and education | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 5 | 6 | ||||||||||
Non-investment Grade | Canada | Graphic arts | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 33 | 37 | ||||||||||
Non-investment Grade | Canada | Industrial | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 12 | 13 | ||||||||||
Non-investment Grade | Canada | Other | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 26 | 25 | ||||||||||
Non-investment Grade | Europe | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 703 | 671 | ||||||||||
Non-investment Grade | France | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 231 | 222 | ||||||||||
Non-investment Grade | U.K./Ireland(4) | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 155 | 148 | [1] | |||||||||
Non-investment Grade | Central | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | [2] | 145 | 148 | |||||||||
Non-investment Grade | Southern | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | [3] | 150 | 131 | |||||||||
Non-investment Grade | Nordics | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | [4] | 22 | 22 | |||||||||
Non-investment Grade | Other | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 23 | 15 | ||||||||||
Substandard | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 466 | 456 | ||||||||||
Substandard | United States | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 294 | 304 | ||||||||||
Substandard | United States | Finance and other services | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 98 | 95 | ||||||||||
Substandard | United States | Government and education | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 8 | 8 | ||||||||||
Substandard | United States | Graphic arts | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 95 | 107 | ||||||||||
Substandard | United States | Industrial | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 24 | 24 | ||||||||||
Substandard | United States | Healthcare | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 16 | 17 | ||||||||||
Substandard | United States | Other | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 53 | 53 | ||||||||||
Substandard | Canada | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 75 | 55 | ||||||||||
Substandard | Canada | Finance and other services | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 21 | 15 | ||||||||||
Substandard | Canada | Government and education | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 3 | 2 | ||||||||||
Substandard | Canada | Graphic arts | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 30 | 24 | ||||||||||
Substandard | Canada | Industrial | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 9 | 6 | ||||||||||
Substandard | Canada | Other | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 12 | 8 | ||||||||||
Substandard | Europe | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 93 | 95 | ||||||||||
Substandard | France | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 50 | 51 | ||||||||||
Substandard | U.K./Ireland(4) | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | 11 | 10 | [1] | |||||||||
Substandard | Central | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | [2] | 18 | 19 | |||||||||
Substandard | Southern | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | [3] | 13 | 14 | |||||||||
Substandard | Nordics | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | [4] | 1 | 1 | |||||||||
Substandard | Other | ||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||
Financing Receivable, Net | $ 4 | $ 2 | ||||||||||
|
Finance Receivables, Net - Aging (Details) - USD ($) $ in Millions |
Jun. 30, 2017 |
Dec. 31, 2016 |
||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | $ 3,811 | $ 3,854 | ||||||||||||
Total Finance Receivables | 3,811 | 3,854 | ||||||||||||
Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Total Billed | 88 | 94 | ||||||||||||
Unbilled Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Unbilled | 3,723 | 3,760 | ||||||||||||
United States | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 2,028 | 2,138 | ||||||||||||
Total Finance Receivables | 2,028 | 2,138 | ||||||||||||
United States | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Total Billed | 64 | 71 | ||||||||||||
United States | Unbilled Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Unbilled | 1,964 | 2,067 | ||||||||||||
United States | Finance and other services | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 601 | 618 | ||||||||||||
Total Finance Receivables | 601 | 618 | ||||||||||||
United States | Finance and other services | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Total Billed | 14 | 17 | ||||||||||||
United States | Finance and other services | Unbilled Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Unbilled | 587 | 601 | ||||||||||||
United States | Government and education | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 558 | 608 | ||||||||||||
Total Finance Receivables | 558 | 608 | ||||||||||||
United States | Government and education | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Total Billed | 17 | 17 | ||||||||||||
United States | Government and education | Unbilled Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Unbilled | 541 | 591 | ||||||||||||
United States | Graphic arts | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 326 | 347 | ||||||||||||
Total Finance Receivables | 326 | 347 | ||||||||||||
United States | Graphic arts | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Total Billed | 15 | 14 | ||||||||||||
United States | Graphic arts | Unbilled Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Unbilled | 311 | 333 | ||||||||||||
United States | Industrial | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 182 | 184 | ||||||||||||
Total Finance Receivables | 182 | 184 | ||||||||||||
United States | Industrial | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Total Billed | 5 | 6 | ||||||||||||
United States | Industrial | Unbilled Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Unbilled | 177 | 178 | ||||||||||||
United States | Healthcare | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 144 | 143 | ||||||||||||
Total Finance Receivables | 144 | 143 | ||||||||||||
United States | Healthcare | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Total Billed | 5 | 5 | ||||||||||||
United States | Healthcare | Unbilled Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Unbilled | 139 | 138 | ||||||||||||
United States | Other | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 217 | 238 | ||||||||||||
Total Finance Receivables | 217 | 238 | ||||||||||||
United States | Other | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Total Billed | 8 | 12 | ||||||||||||
United States | Other | Unbilled Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Unbilled | 209 | 226 | ||||||||||||
Canada | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 383 | 378 | ||||||||||||
Total Finance Receivables | 383 | 378 | ||||||||||||
Canada | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Total Billed | 3 | 3 | ||||||||||||
Canada | Unbilled Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Unbilled | 380 | 375 | ||||||||||||
Canada | Finance and other services | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 117 | 112 | ||||||||||||
Canada | Government and education | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 56 | 60 | ||||||||||||
Canada | Graphic arts | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 99 | 100 | ||||||||||||
Canada | Industrial | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 41 | 40 | ||||||||||||
Canada | Other | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 70 | 66 | ||||||||||||
Europe | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 1,336 | 1,286 | ||||||||||||
Total Finance Receivables | 1,336 | 1,286 | ||||||||||||
Europe | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Total Billed | 18 | 17 | ||||||||||||
Europe | Unbilled Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Unbilled | 1,318 | 1,269 | ||||||||||||
France | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 472 | 454 | ||||||||||||
Total Finance Receivables | 472 | 454 | ||||||||||||
France | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Total Billed | 3 | 3 | ||||||||||||
France | Unbilled Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Unbilled | 469 | 451 | ||||||||||||
U.K./Ireland(4) | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 262 | 253 | [1] | |||||||||||
Total Finance Receivables | 262 | 253 | ||||||||||||
U.K./Ireland(4) | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Total Billed | 3 | 3 | ||||||||||||
U.K./Ireland(4) | Unbilled Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Unbilled | 259 | 250 | ||||||||||||
Central | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | [2] | 350 | 349 | |||||||||||
Total Finance Receivables | [3] | 350 | 349 | |||||||||||
Central | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Total Billed | [3] | 4 | 3 | |||||||||||
Central | Unbilled Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Unbilled | [3] | 346 | 346 | |||||||||||
Southern | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | [4] | 201 | 181 | |||||||||||
Total Finance Receivables | [4] | 201 | 181 | |||||||||||
Southern | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Total Billed | [4] | 8 | 7 | |||||||||||
Southern | Unbilled Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Unbilled | [4] | 193 | 174 | |||||||||||
Nordics | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | [5] | 51 | 49 | |||||||||||
Total Finance Receivables | [5] | 51 | 49 | |||||||||||
Nordics | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Total Billed | [5] | 0 | 1 | |||||||||||
Nordics | Unbilled Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Unbilled | [5] | 51 | 48 | |||||||||||
Other | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 64 | 52 | ||||||||||||
Total Finance Receivables | 64 | 52 | ||||||||||||
Other | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Total Billed | 3 | 3 | ||||||||||||
Other | Unbilled Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Unbilled | 61 | 49 | ||||||||||||
Current | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 74 | 71 | ||||||||||||
Current | United States | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 54 | 52 | ||||||||||||
Current | United States | Finance and other services | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 12 | 13 | ||||||||||||
Current | United States | Government and education | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 14 | 10 | ||||||||||||
Current | United States | Graphic arts | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 14 | 13 | ||||||||||||
Current | United States | Industrial | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 4 | 4 | ||||||||||||
Current | United States | Healthcare | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 4 | 3 | ||||||||||||
Current | United States | Other | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 6 | 9 | ||||||||||||
Current | Canada | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 3 | 3 | ||||||||||||
Current | Europe | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 14 | 13 | ||||||||||||
Current | France | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 3 | 3 | ||||||||||||
Current | U.K./Ireland(4) | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 3 | 2 | ||||||||||||
Current | Central | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | [3] | 2 | 2 | |||||||||||
Current | Southern | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | [4] | 6 | 5 | |||||||||||
Current | Nordics | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | [5] | 0 | 1 | |||||||||||
Current | Other | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 3 | 3 | ||||||||||||
31-90 Days Past Due | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 5 | 15 | ||||||||||||
31-90 Days Past Due | United States | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 3 | 12 | ||||||||||||
31-90 Days Past Due | United States | Finance and other services | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 1 | 3 | ||||||||||||
31-90 Days Past Due | United States | Government and education | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 0 | 4 | ||||||||||||
31-90 Days Past Due | United States | Graphic arts | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 1 | 1 | ||||||||||||
31-90 Days Past Due | United States | Industrial | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 0 | 1 | ||||||||||||
31-90 Days Past Due | United States | Healthcare | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 0 | 1 | ||||||||||||
31-90 Days Past Due | United States | Other | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 1 | 2 | ||||||||||||
31-90 Days Past Due | Canada | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 0 | 0 | ||||||||||||
31-90 Days Past Due | Europe | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 2 | 3 | ||||||||||||
31-90 Days Past Due | France | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 0 | 0 | ||||||||||||
31-90 Days Past Due | U.K./Ireland(4) | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 0 | 1 | ||||||||||||
31-90 Days Past Due | Central | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | [3] | 1 | 1 | |||||||||||
31-90 Days Past Due | Southern | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | [4] | 1 | 1 | |||||||||||
31-90 Days Past Due | Nordics | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | [5] | 0 | 0 | |||||||||||
31-90 Days Past Due | Other | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 0 | 0 | ||||||||||||
90 Days Past Due | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 9 | 8 | ||||||||||||
90 Days Past Due | United States | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 7 | 7 | ||||||||||||
90 Days Past Due | United States | Finance and other services | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 1 | 1 | ||||||||||||
90 Days Past Due | United States | Government and education | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 3 | 3 | ||||||||||||
90 Days Past Due | United States | Graphic arts | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 0 | 0 | ||||||||||||
90 Days Past Due | United States | Industrial | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 1 | 1 | ||||||||||||
90 Days Past Due | United States | Healthcare | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 1 | 1 | ||||||||||||
90 Days Past Due | United States | Other | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 1 | 1 | ||||||||||||
90 Days Past Due | Canada | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 0 | 0 | ||||||||||||
90 Days Past Due | Europe | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 2 | 1 | ||||||||||||
90 Days Past Due | France | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 0 | 0 | ||||||||||||
90 Days Past Due | U.K./Ireland(4) | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 0 | 0 | ||||||||||||
90 Days Past Due | Central | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | [3] | 1 | 0 | |||||||||||
90 Days Past Due | Southern | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | [4] | 1 | 1 | |||||||||||
90 Days Past Due | Nordics | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | [5] | 0 | 0 | |||||||||||
90 Days Past Due | Other | Billed Revenues | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 0 | 0 | ||||||||||||
90 Days and Accruing | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 84 | 97 | ||||||||||||
90 Days and Accruing | United States | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 49 | 56 | ||||||||||||
90 Days and Accruing | United States | Finance and other services | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 10 | 11 | ||||||||||||
90 Days and Accruing | United States | Government and education | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 19 | 25 | ||||||||||||
90 Days and Accruing | United States | Graphic arts | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 6 | 5 | ||||||||||||
90 Days and Accruing | United States | Industrial | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 5 | 5 | ||||||||||||
90 Days and Accruing | United States | Healthcare | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 5 | 5 | ||||||||||||
90 Days and Accruing | United States | Other | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 4 | 5 | ||||||||||||
90 Days and Accruing | Canada | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 9 | 8 | ||||||||||||
90 Days and Accruing | Europe | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 26 | 33 | ||||||||||||
90 Days and Accruing | France | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 14 | 20 | ||||||||||||
90 Days and Accruing | U.K./Ireland(4) | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | 0 | 1 | ||||||||||||
90 Days and Accruing | Central | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | [3] | 6 | 5 | |||||||||||
90 Days and Accruing | Southern | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | [4] | 6 | 6 | |||||||||||
90 Days and Accruing | Nordics | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | [5] | 0 | 1 | |||||||||||
90 Days and Accruing | Other | ||||||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||||||
Financing Receivable, Net | $ 0 | $ 0 | ||||||||||||
|
Inventories (Details) - USD ($) $ in Millions |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Inventories, net [Abstract] | ||
Finished goods | $ 783 | $ 713 |
Work-in-process | 59 | 47 |
Raw materials | 102 | 81 |
Total Inventories | $ 944 | $ 841 |
Investment in Affiliates, at Equity (Details) $ in Millions |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017
USD ($)
|
Mar. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
Sep. 30, 2016
USD ($)
|
Jun. 30, 2016
USD ($)
|
Mar. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
Sep. 30, 2015
USD ($)
|
Jun. 30, 2015
USD ($)
|
Mar. 31, 2015
USD ($)
|
Jun. 30, 2017
USD ($)
|
Jun. 30, 2016
USD ($)
|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
|||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Total Equity in Net Income of Unconsolidated Affiliates | $ 20 | $ 40 | $ 27 | $ 40 | $ 26 | $ 34 | $ 28 | $ 40 | $ 25 | $ 16 | $ 60 | $ 60 | $ 127 | $ 109 | $ 142 | ||
Fuji Xerox | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Total Equity in Net Income of Unconsolidated Affiliates | $ 18 | 23 | $ 55 | 53 | |||||||||||||
Ownership percentage | 25.00% | 25.00% | |||||||||||||||
Summary of Operations: | |||||||||||||||||
Revenues | $ 2,325 | 2,450 | $ 4,884 | 5,092 | |||||||||||||
Costs and expenses | 2,191 | 2,316 | 4,543 | 4,772 | |||||||||||||
Income before income taxes | 134 | 134 | 341 | 320 | |||||||||||||
Income tax expense | 32 | 42 | 76 | 91 | |||||||||||||
Net Income | 102 | 92 | 265 | 229 | |||||||||||||
Less: Net income – noncontrolling interests | 1 | 2 | 2 | 4 | |||||||||||||
Net Income – Fuji Xerox | $ 101 | $ 90 | $ 263 | $ 225 | |||||||||||||
Weighted Average Exchange Rate | [1] | 111.01 | 108.05 | 112.42 | 111.93 | ||||||||||||
Other investments | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Total Equity in Net Income of Unconsolidated Affiliates | $ 2 | $ 3 | $ 5 | $ 7 | |||||||||||||
|
Restructuring Programs (Details) $ in Millions |
3 Months Ended | 6 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017
USD ($)
|
Mar. 31, 2017
USD ($)
|
Jun. 30, 2016
USD ($)
|
Jun. 30, 2017
USD ($)
Employees
|
Jun. 30, 2016
USD ($)
|
||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring, Net Current Period Charges | [1] | $ 33 | $ 110 | $ 143 | ||||||
Restructuring and Related Cost, Expected Number of Positions Eliminated (approximately) | Employees | 1,500 | |||||||||
Three-Year Strategic Transformation Program - Professional Support Services | $ 17 | |||||||||
Reversals | (18) | (2) | (20) | |||||||
Restructuring Charges | 51 | 112 | ||||||||
Restructuring Reserve [Roll Forward] | ||||||||||
Balance at beginning of period | 178 | 127 | 127 | |||||||
Provision | 51 | 112 | ||||||||
Reversals | (18) | (2) | (20) | |||||||
Net Current Period Charges | [1] | 33 | 110 | 143 | ||||||
Charges against reserve and currency | (60) | (59) | $ (25) | (119) | $ (44) | |||||
Balance at end of period | 151 | 178 | 151 | |||||||
Reconciliation To Consolidated Statements Of Cash Flows [Abstract] | ||||||||||
Charges against reserve and currency | (60) | (59) | (25) | (119) | (44) | |||||
Asset impairments | 0 | 0 | 0 | 0 | ||||||
Effects of foreign currency and other non-cash items | (7) | 1 | (8) | (1) | ||||||
Restructuring Cash Payments | (67) | $ (24) | (127) | $ (45) | ||||||
Severance and Related Costs [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring, Net Current Period Charges | [1] | 37 | 108 | |||||||
Reversals | (13) | (2) | ||||||||
Restructuring Charges | 50 | 110 | 160 | |||||||
Restructuring Reserve [Roll Forward] | ||||||||||
Balance at beginning of period | 154 | 104 | 104 | |||||||
Provision | 50 | 110 | 160 | |||||||
Reversals | (13) | (2) | ||||||||
Net Current Period Charges | [1] | 37 | 108 | |||||||
Charges against reserve and currency | (43) | (58) | ||||||||
Balance at end of period | 148 | 154 | 148 | |||||||
Reconciliation To Consolidated Statements Of Cash Flows [Abstract] | ||||||||||
Charges against reserve and currency | (43) | (58) | ||||||||
Lease Cancellation and Other Costs [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring, Net Current Period Charges | [1] | (4) | 2 | |||||||
Reversals | (5) | 0 | ||||||||
Restructuring Charges | 1 | 2 | 3 | |||||||
Restructuring Reserve [Roll Forward] | ||||||||||
Balance at beginning of period | 24 | 23 | 23 | |||||||
Provision | 1 | 2 | 3 | |||||||
Reversals | (5) | 0 | ||||||||
Net Current Period Charges | [1] | (4) | 2 | |||||||
Charges against reserve and currency | (17) | (1) | ||||||||
Balance at end of period | 3 | 24 | 3 | |||||||
Reconciliation To Consolidated Statements Of Cash Flows [Abstract] | ||||||||||
Charges against reserve and currency | (17) | (1) | ||||||||
Asset Impairments [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring, Net Current Period Charges | [1],[2] | 0 | 0 | |||||||
Reversals | [2] | 0 | 0 | |||||||
Restructuring Charges | [2] | 0 | 0 | |||||||
Restructuring Reserve [Roll Forward] | ||||||||||
Balance at beginning of period | [2] | 0 | 0 | 0 | ||||||
Provision | [2] | 0 | 0 | |||||||
Reversals | [2] | 0 | 0 | |||||||
Net Current Period Charges | [1],[2] | 0 | 0 | |||||||
Charges against reserve and currency | [2] | 0 | 0 | |||||||
Balance at end of period | [2] | 0 | 0 | $ 0 | ||||||
Reconciliation To Consolidated Statements Of Cash Flows [Abstract] | ||||||||||
Charges against reserve and currency | [2] | $ 0 | $ 0 | |||||||
|
Debt - Exchange (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2017
USD ($)
| |
Debt Conversion [Line Items] | |
Principal Amount Exchanged | $ 600 |
4.07% Senior Notes Due March 2022 | 300 |
Cash Consideration | $ 322 |
Debt Exchange, New Senior Notes Coupon | 4.07% |
Debt Exchange, Conversion Premium | $ 22 |
Debt Exchange, New Senior Notes, Maturity Date | March 2022 |
Loss on Extinguishment of Debt Exchanged for Cash | $ 9 |
Debt Exchange, Exchange Premium and Other Carrying Value Adjustments on Old Notes | 9 |
Debt Issuance Costs Incurred During Noncash or Partial Noncash Transaction | $ 4 |
4.07% Senior Notes due March 17, 2022 [Member] | |
Debt Conversion [Line Items] | |
Debt Conversion, Converted Instrument, Issuance Date, Month and Year | March 2017 |
4.07% Senior Notes Due March 2022 | $ 300 |
Senior Notes due May 2018 [Member] | |
Debt Conversion [Line Items] | |
Coupon | 6.35% |
Principal Amount Exchanged | $ 260 |
4.07% Senior Notes Due March 2022 | 130 |
Cash Consideration | $ 143 |
Senior Notes due March 2019 [Member] | |
Debt Conversion [Line Items] | |
Coupon | 2.75% |
Principal Amount Exchanged | $ 94 |
4.07% Senior Notes Due March 2022 | 47 |
Cash Consideration | $ 48 |
Senior Notes due December 2019 [Member] | |
Debt Conversion [Line Items] | |
Coupon | 5.625% |
Principal Amount Exchanged | $ 96 |
4.07% Senior Notes Due March 2022 | 48 |
Cash Consideration | $ 56 |
Senior Notes due May 2020 [Member] | |
Debt Conversion [Line Items] | |
Coupon | 2.80% |
Principal Amount Exchanged | $ 87 |
4.07% Senior Notes Due March 2022 | 44 |
Cash Consideration | $ 43 |
Senior Notes due August 2020 [Member] | |
Debt Conversion [Line Items] | |
Coupon | 3.50% |
Principal Amount Exchanged | $ 38 |
4.07% Senior Notes Due March 2022 | 19 |
Cash Consideration | $ 20 |
Senior Notes due September 2020 [Member] | |
Debt Conversion [Line Items] | |
Coupon | 2.75% |
Principal Amount Exchanged | $ 25 |
4.07% Senior Notes Due March 2022 | 12 |
Cash Consideration | $ 12 |
Debt - Debt Issuances (Details) - USD ($) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2016 |
Mar. 15, 2017 |
Feb. 01, 2017 |
Mar. 04, 2016 |
|
Debt Instrument [Line Items] | ||||
Cash Distribution, Conduent to Xerox - prior to distribution date | $ 1,800 | |||
Senior Notes due 2017 6.75% [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 500 | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.75% | |||
Senior Notes due 2017 2.95% [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 500 | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.95% | |||
Senior Debt Obligations [Member] | ||||
Debt Instrument [Line Items] | ||||
Unsecured Debt | $ 1,000 | |||
Conduent cash paid to Xerox, for Xerox debt repayment [Member] | ||||
Debt Instrument [Line Items] | ||||
Cash Distribution, Conduent to Xerox - prior to distribution date | $ 1,000 |
Debt - Interest Income and Expense (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
||||||
Debt Disclosure [Abstract] | |||||||||
Interest expense | [1] | $ 57 | $ 74 | $ 126 | $ 161 | ||||
Interest income | [2] | $ 76 | $ 84 | $ 154 | $ 168 | ||||
|
Financial Instruments - Fair Value Hedges (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2017 |
Dec. 31, 2016 |
|
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 2,665 | $ 3,149 |
Senior Notes Due 2021 [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 300 | |
Derivative Asset, Fair Value, Gross Asset | $ 5 | |
Weighted Average Interest Rate Paid | 2.69% | |
Interest Rate Received | 4.50% | |
Euro U K Pound Sterling [Member] | ||
Derivative [Line Items] | ||
Change in Notional Value | $ (580) |
Financial Instruments - Summary of Derivative Instruments Fair Value (Details) - USD ($) $ in Millions |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Summary Of Derivative Instruments By Hedge Designation [Abstract] | ||
Net Derivative Asset (Liability) | $ (51) | $ 53 |
Assets [Member] | ||
Summary Of Derivative Instruments By Hedge Designation [Abstract] | ||
Total Derivative Assets | 8 | 92 |
Liabilities [Member] | ||
Summary Of Derivative Instruments By Hedge Designation [Abstract] | ||
Total Derivative Liabilities | (59) | (39) |
Senior Notes Due 2021 [Member] | ||
Summary Of Derivative Instruments By Hedge Designation [Abstract] | ||
Total Derivative Assets | 5 | |
Derivatives Designated as Hedging Instruments [Member] | ||
Summary Of Derivative Instruments By Hedge Designation [Abstract] | ||
Net Derivative Asset (Liability) | (26) | (20) |
Derivatives Designated as Hedging Instruments [Member] | Liabilities [Member] | ||
Summary Of Derivative Instruments By Hedge Designation [Abstract] | ||
Net Derivative Asset (Liability) | (21) | (16) |
Derivatives Designated as Hedging Instruments [Member] | Foreign exchange contracts - forwards [Member] | Other current assets [Member] | ||
Summary Of Derivative Instruments By Hedge Designation [Abstract] | ||
Total Derivative Assets | 0 | 6 |
Derivatives Designated as Hedging Instruments [Member] | Foreign exchange contracts - forwards [Member] | Other current liabilities [Member] | ||
Summary Of Derivative Instruments By Hedge Designation [Abstract] | ||
Total Derivative Liabilities | (26) | (26) |
Derivatives Designated as Hedging Instruments [Member] | Interest Rate Swap [Member] | Other long-term assets | ||
Summary Of Derivative Instruments By Hedge Designation [Abstract] | ||
Total Derivative Assets | 5 | 4 |
Derivatives Designated as Hedging Instruments [Member] | Interest Rate Swap [Member] | Other long-term liabilities | ||
Summary Of Derivative Instruments By Hedge Designation [Abstract] | ||
Total Derivative Liabilities | 0 | 0 |
Not Designated as Hedging Instrument [Member] | Foreign exchange contracts - forwards [Member] | ||
Summary Of Derivative Instruments By Hedge Designation [Abstract] | ||
Net Derivative Asset (Liability) | (30) | 69 |
Not Designated as Hedging Instrument [Member] | Foreign exchange contracts - forwards [Member] | Other current assets [Member] | ||
Summary Of Derivative Instruments By Hedge Designation [Abstract] | ||
Total Derivative Assets | 3 | 82 |
Not Designated as Hedging Instrument [Member] | Foreign exchange contracts - forwards [Member] | Other current liabilities [Member] | ||
Summary Of Derivative Instruments By Hedge Designation [Abstract] | ||
Total Derivative Liabilities | $ (33) | $ (13) |
Financial Instruments - Summary of Derivative Instruments Gain (Losses) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Summary of Derivative Instruments Gains (Losses) [Abstract] | ||||
Net losses recorded in AOCL expected to be reclassified to net income in the future | $ 19 | |||
Foreign Currency Transaction Loss, before Tax | $ (1) | $ 1 | (4) | $ (3) |
Cash Flow Hedging [Member] | Foreign Exchange Forward [Member] | ||||
Summary of Derivative Instruments Gains (Losses) [Abstract] | ||||
Derivative (loss) gain recognized in OCI (effective portion) | (22) | 41 | (13) | 57 |
Interest Expense [Member] | Fair Value Hedging [Member] | Interest Rate Contract [Member] | ||||
Summary of Derivative Instruments Gains (Losses) [Abstract] | ||||
Derivative gain recognized in interest expense | 2 | 2 | 1 | 11 |
Hedged item loss recognized in interest expense | (2) | (2) | (1) | (11) |
Cost of Sales [Member] | Cash Flow Hedging [Member] | Foreign Exchange Forward [Member] | ||||
Summary of Derivative Instruments Gains (Losses) [Abstract] | ||||
Derivative (loss) gain reclassified from AOCL to income - Cost of sales (effective portion) | (4) | 8 | (8) | 7 |
Derivative loss reclassified from AOCL to income - Cost of Sales (ineffective) | 0 | 0 | 0 | 0 |
Underlying, Derivative | 0 | 0 | 0 | 0 |
Foreign Currency Gain (Loss) [Member] | Foreign Exchange Forward [Member] | Derivatives Not Designated as Hedging Instruments [Member] | ||||
Summary of Derivative Instruments Gains (Losses) [Abstract] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (14) | $ 78 | $ (10) | $ 149 |
Fair Value of Financial Assets and Liabilities - Recurring (Details) - Fair Value, Measurements, Recurring [Member] - Significant Other Observable Inputs (Level 2) [Member] - USD ($) $ in Millions |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Assets: | ||
Interest rate swaps | $ 5 | $ 4 |
Deferred compensation investments in mutual funds | 16 | 15 |
Total | 24 | 107 |
Liabilities: | ||
Deferred compensation plan liabilities | 18 | 17 |
Total | 77 | 56 |
Foreign Exchange Forward [Member] | ||
Assets: | ||
Foreign exchange contracts | 3 | 88 |
Liabilities: | ||
Foreign exchange contracts | $ 59 | $ 39 |
Fair Value of Financial Assets and Liabilities - Nonrecurring (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Millions |
Jun. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 1,246 | $ 2,223 |
Accounts receivable, net | 1,037 | 961 |
Short-term debt | 765 | 1,011 |
Long-term debt | 4,236 | 5,305 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 1,246 | 2,223 |
Accounts receivable, net | 1,037 | 961 |
Short-term debt | 781 | 1,015 |
Long-term debt | $ 4,407 | $ 5,438 |
Employee Benefit Plans (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
Dec. 31, 2016 |
Dec. 31, 2017 |
||||||||
Components of Net Periodic Benefit Costs: | |||||||||||||
Defined Benefit Plans | $ 37 | $ 33 | $ 99 | $ 76 | |||||||||
Other changes in plan assets and benefit obligations recognized in Other Comprehensive Income (Loss): | |||||||||||||
Net actuarial loss (gain)(1) | (1) | (100) | (9) | (223) | |||||||||
Amortization of prior service credit | [1] | (3) | (3) | (5) | (5) | ||||||||
Amortization of net actuarial loss | [1] | 44 | 41 | 110 | 93 | ||||||||
Pension Plan [Member] | |||||||||||||
Contributions [Abstract] | |||||||||||||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 46 | 68 | $ 178 | ||||||||||
Pension Plan [Member] | Forecast | |||||||||||||
Contributions [Abstract] | |||||||||||||
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year | $ 350 | ||||||||||||
Pension Plan [Member] | Domestic Plan [Member] | |||||||||||||
Components of Net Periodic Benefit Costs: | |||||||||||||
Service cost | 1 | 1 | 2 | 2 | |||||||||
Interest cost | 32 | 34 | 66 | 71 | |||||||||
Expected return on plan assets | (30) | (35) | (61) | (74) | |||||||||
Recognized net actuarial loss | 6 | 7 | 11 | 12 | |||||||||
Amortization of prior service credit | (1) | (1) | (1) | (1) | |||||||||
Recognized settlement loss | 19 | 17 | 61 | 46 | |||||||||
Defined Benefit Plans | 27 | 23 | 78 | 56 | |||||||||
Defined contribution plans | 7 | 8 | 13 | 15 | |||||||||
Net Periodic Benefit Cost | 34 | 31 | 91 | 71 | |||||||||
Other changes in plan assets and benefit obligations recognized in Other Comprehensive Income (Loss): | |||||||||||||
Net actuarial loss (gain)(1) | [2] | 12 | 134 | 20 | 257 | ||||||||
Amortization of prior service credit | 1 | 1 | 1 | 1 | |||||||||
Amortization of net actuarial loss | (25) | (24) | (72) | (58) | |||||||||
Total Recognized in Other Comprehensive Income (Loss)(2) | [3] | (12) | 111 | (51) | 200 | ||||||||
Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Income (Loss) | 22 | 142 | 40 | 271 | |||||||||
Contributions [Abstract] | |||||||||||||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 12 | 11 | 24 | ||||||||||
Pension Plan [Member] | Domestic Plan [Member] | Forecast | |||||||||||||
Contributions [Abstract] | |||||||||||||
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year | 174 | ||||||||||||
Pension Plan [Member] | Domestic Plan [Member] | Qualified Plan [Member] | Forecast | |||||||||||||
Contributions [Abstract] | |||||||||||||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 150 | ||||||||||||
Pension Plan [Member] | Domestic Plan [Member] | Minimum Funding Requirement [Member] | Forecast | |||||||||||||
Contributions [Abstract] | |||||||||||||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 15 | ||||||||||||
Pension Plan [Member] | Domestic Plan [Member] | Voluntary Contributions [Member] | Forecast | |||||||||||||
Contributions [Abstract] | |||||||||||||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 135 | ||||||||||||
Pension Plan [Member] | Foreign Plan [Member] | |||||||||||||
Components of Net Periodic Benefit Costs: | |||||||||||||
Service cost | 8 | 10 | 15 | 16 | |||||||||
Interest cost | 38 | 51 | 77 | 101 | |||||||||
Expected return on plan assets | (54) | (67) | (107) | (129) | |||||||||
Recognized net actuarial loss | 19 | 17 | 38 | 34 | |||||||||
Amortization of prior service credit | (1) | (1) | (2) | (2) | |||||||||
Recognized settlement loss | 0 | 0 | 0 | 0 | |||||||||
Defined Benefit Plans | 10 | 10 | 21 | 20 | |||||||||
Defined contribution plans | 7 | 7 | 14 | 16 | |||||||||
Net Periodic Benefit Cost | 17 | 17 | 35 | 36 | |||||||||
Other changes in plan assets and benefit obligations recognized in Other Comprehensive Income (Loss): | |||||||||||||
Net actuarial loss (gain)(1) | [2] | 0 | 0 | 0 | 0 | ||||||||
Amortization of prior service credit | 1 | 1 | 2 | 2 | |||||||||
Amortization of net actuarial loss | (19) | (17) | (38) | (34) | |||||||||
Total Recognized in Other Comprehensive Income (Loss)(2) | [3] | (18) | (16) | (36) | (32) | ||||||||
Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Income (Loss) | (1) | 1 | (1) | 4 | |||||||||
Contributions [Abstract] | |||||||||||||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 34 | 57 | 154 | ||||||||||
Pension Plan [Member] | Foreign Plan [Member] | Forecast | |||||||||||||
Contributions [Abstract] | |||||||||||||
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year | 176 | ||||||||||||
Retiree Health [Member] | |||||||||||||
Components of Net Periodic Benefit Costs: | |||||||||||||
Service cost | 1 | 2 | 2 | 3 | |||||||||
Interest cost | 7 | 8 | 14 | 16 | |||||||||
Expected return on plan assets | 0 | 0 | 0 | 0 | |||||||||
Recognized net actuarial loss | 0 | 0 | 0 | 1 | |||||||||
Amortization of prior service credit | (1) | (1) | (2) | (2) | |||||||||
Recognized settlement loss | 0 | 0 | 0 | 0 | |||||||||
Defined Benefit Plans | 7 | 9 | 14 | 18 | |||||||||
Net Periodic Benefit Cost | 7 | 9 | 14 | 18 | |||||||||
Other changes in plan assets and benefit obligations recognized in Other Comprehensive Income (Loss): | |||||||||||||
Net actuarial loss (gain)(1) | [2] | (11) | (34) | (11) | (34) | ||||||||
Amortization of prior service credit | 1 | 1 | 2 | 2 | |||||||||
Amortization of net actuarial loss | 0 | 0 | 0 | (1) | |||||||||
Total Recognized in Other Comprehensive Income (Loss)(2) | [3] | (10) | (33) | (9) | (33) | ||||||||
Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Income (Loss) | $ (3) | $ (24) | 5 | (15) | |||||||||
Contributions [Abstract] | |||||||||||||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 32 | $ 30 | $ 61 | ||||||||||
Retiree Health [Member] | Forecast | |||||||||||||
Contributions [Abstract] | |||||||||||||
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year | $ 63 | ||||||||||||
|
Shareholders' Equity (Details) $ / shares in Units, $ in Millions |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 14, 2017 |
Jun. 30, 2017
USD ($)
$ / shares
shares
|
Mar. 31, 2017
USD ($)
$ / shares
shares
|
Jun. 30, 2016
USD ($)
$ / shares
|
Mar. 31, 2016
USD ($)
$ / shares
|
Jun. 30, 2017
USD ($)
$ / shares
|
Jun. 30, 2016
USD ($)
$ / shares
|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
||||||||
Stock Split, Conversion Ratio | 0.25 | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
Xerox Shareholder's Equity, Beginning Balance | $ 4,853 | $ 4,709 | $ 8,975 | $ 4,709 | $ 8,975 | $ 8,975 | |||||||||||
Noncontrolling Interests, Beginning Balance | 38 | 38 | |||||||||||||||
Total Equity, Beginning Balance | 4,893 | 4,747 | $ 9,018 | 4,747 | 9,018 | 9,018 | |||||||||||
Comprehensive income, net attributable to Xerox | 327 | 206 | $ 121 | 533 | 238 | (704) | $ (26) | $ (379) | |||||||||
Comprehensive income, net attributable to noncontrolling interests | 4 | 2 | 7 | 4 | |||||||||||||
Comprehensive Income, Net | 331 | 209 | 123 | 540 | 242 | (696) | (9) | $ (357) | |||||||||
Cash dividends declared - common | [1] | (129) | (159) | ||||||||||||||
Cash dividends declared - preferred | [2] | (7) | (12) | ||||||||||||||
Stock option and incentive plans, net | 17 | 30 | |||||||||||||||
Distributions to noncontrolling interests | (10) | (9) | |||||||||||||||
Xerox Shareholder's Equity, Ending Balance | 5,123 | 4,853 | 5,123 | 4,709 | 8,975 | ||||||||||||
Noncontrolling Interests, Ending Balance | 35 | 35 | 38 | ||||||||||||||
Total Equity, Ending Balance | $ 5,158 | $ 4,893 | $ 9,110 | $ 5,158 | $ 9,110 | 4,747 | 9,018 | ||||||||||
Dividends per common share (in dollars per share) | $ / shares | $ 0.25 | $ 0.25 | $ 0.31 | $ 0.31 | $ 0.50 | $ 0.62 | |||||||||||
Treasury Stock, Shares, Acquired (in shares) | shares | 0 | 0 | |||||||||||||||
Series A Preferred Stock [Member] | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
Dividends per preferred share (in dollars per share) | $ / shares | $ 20.00 | $ 20.00 | |||||||||||||||
Series B Preferred Stock [Member] | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
Dividends per preferred share (in dollars per share) | $ / shares | $ 20.00 | $ 20.00 | |||||||||||||||
Xerox Shareholders’ Equity | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
Xerox Shareholder's Equity, Beginning Balance | $ 4,709 | $ 8,975 | $ 4,709 | $ 8,975 | 8,975 | ||||||||||||
Comprehensive income, net attributable to Xerox | 533 | 238 | |||||||||||||||
Cash dividends declared - common | [1] | (129) | (159) | ||||||||||||||
Cash dividends declared - preferred | [2] | (7) | (12) | ||||||||||||||
Stock option and incentive plans, net | 17 | 30 | |||||||||||||||
Distributions to noncontrolling interests | 0 | 0 | |||||||||||||||
Xerox Shareholder's Equity, Ending Balance | $ 5,123 | $ 9,072 | 5,123 | 9,072 | 4,709 | 8,975 | |||||||||||
Common Stock | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
Xerox Shareholder's Equity, Beginning Balance | 254 | 253 | 254 | 253 | 253 | ||||||||||||
Comprehensive income, net attributable to Xerox | 0 | 0 | |||||||||||||||
Cash dividends declared - common | [1] | 0 | 0 | ||||||||||||||
Cash dividends declared - preferred | [2] | 0 | 0 | ||||||||||||||
Stock option and incentive plans, net | 0 | 0 | |||||||||||||||
Distributions to noncontrolling interests | 0 | 0 | |||||||||||||||
Xerox Shareholder's Equity, Ending Balance | 254 | 253 | 254 | 253 | 254 | 253 | |||||||||||
Additional Paid-in Capital | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
Xerox Shareholder's Equity, Beginning Balance | 3,858 | 3,777 | 3,858 | 3,777 | 3,777 | ||||||||||||
Comprehensive income, net attributable to Xerox | 0 | 0 | |||||||||||||||
Cash dividends declared - common | [1] | 0 | 0 | ||||||||||||||
Cash dividends declared - preferred | [2] | 0 | 0 | ||||||||||||||
Stock option and incentive plans, net | 17 | 30 | |||||||||||||||
Distributions to noncontrolling interests | 0 | 0 | |||||||||||||||
Xerox Shareholder's Equity, Ending Balance | 3,875 | 3,807 | 3,875 | 3,807 | 3,858 | 3,777 | |||||||||||
Retained Earnings | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
Xerox Shareholder's Equity, Beginning Balance | 4,934 | 9,575 | 4,934 | 9,575 | 9,575 | ||||||||||||
Comprehensive income, net attributable to Xerox | 206 | 189 | |||||||||||||||
Cash dividends declared - common | [1] | (129) | (159) | ||||||||||||||
Cash dividends declared - preferred | [2] | (7) | (12) | ||||||||||||||
Stock option and incentive plans, net | 0 | 0 | |||||||||||||||
Distributions to noncontrolling interests | 0 | 0 | |||||||||||||||
Xerox Shareholder's Equity, Ending Balance | 5,004 | 9,593 | 5,004 | 9,593 | 4,934 | 9,575 | |||||||||||
AOCL | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
Xerox Shareholder's Equity, Beginning Balance | [3] | (4,337) | (4,630) | (4,337) | (4,630) | (4,630) | |||||||||||
Comprehensive income, net attributable to Xerox | [3] | 327 | 49 | ||||||||||||||
Cash dividends declared - common | [1],[3] | 0 | 0 | ||||||||||||||
Cash dividends declared - preferred | [2],[3] | 0 | 0 | ||||||||||||||
Stock option and incentive plans, net | [3] | 0 | 0 | ||||||||||||||
Distributions to noncontrolling interests | [3] | 0 | 0 | ||||||||||||||
Xerox Shareholder's Equity, Ending Balance | [3] | (4,010) | (4,581) | (4,010) | (4,581) | (4,337) | (4,630) | ||||||||||
Non-controlling Interests | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
Noncontrolling Interests, Beginning Balance | $ 38 | $ 43 | 38 | 43 | 43 | ||||||||||||
Comprehensive income, net attributable to noncontrolling interests | 7 | 4 | |||||||||||||||
Cash dividends declared - common | [1] | 0 | 0 | ||||||||||||||
Cash dividends declared - preferred | [2] | 0 | 0 | ||||||||||||||
Stock option and incentive plans, net | 0 | 0 | |||||||||||||||
Distributions to noncontrolling interests | (10) | (9) | |||||||||||||||
Noncontrolling Interests, Ending Balance | $ 35 | $ 38 | $ 35 | $ 38 | $ 38 | $ 43 | |||||||||||
|
Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 |
Mar. 31, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
||||||||||||||||||
Other Comprehensive Income (Loss) [Abstract] | |||||||||||||||||||||||||
Translation Adjustments Gains (Losses), pre-tax | $ 204 | $ (80) | $ 338 | $ 111 | |||||||||||||||||||||
Translation Adjustments Gains (Losses), net of tax | 204 | [1] | $ 133 | (82) | [1] | 337 | [1] | 107 | [1] | $ (347) | $ (651) | $ (728) | |||||||||||||
Changes in fair value of cash flow hedges - (losses) gains, pre-tax | (22) | 41 | (13) | 57 | |||||||||||||||||||||
Changes in fair value of cash flow hedges - (losses) gains, net of tax | (17) | 30 | (11) | 39 | |||||||||||||||||||||
Changes in cash flow hedges reclassed to earnings, pre-tax | [2] | 4 | (8) | 8 | (7) | ||||||||||||||||||||
Changes in cash flow hedges reclassed to earnings, net of tax | [2] | 2 | (5) | 4 | (5) | ||||||||||||||||||||
Other gains (losses), pre-tax | 1 | (1) | 1 | (1) | |||||||||||||||||||||
Other gains (losses), net of tax | 1 | (1) | 1 | (1) | |||||||||||||||||||||
Net Unrealized (Losses) Gains, pre-tax | (17) | 32 | (4) | 49 | |||||||||||||||||||||
Net Unrealized (Losses) Gains, net of tax | [1] | (14) | 24 | (6) | 33 | ||||||||||||||||||||
Net actuarial losses, pre-tax | (1) | (100) | (9) | (223) | |||||||||||||||||||||
Net actuarial losses, net of tax | (1) | (62) | (6) | (138) | |||||||||||||||||||||
Prior service amortization, pre-tax | [3] | (3) | (3) | (5) | (5) | ||||||||||||||||||||
Prior service amortization, net of tax | [3] | (2) | (2) | (3) | (3) | ||||||||||||||||||||
Actuarial loss amortization/settlement, pre-tax | [3] | 44 | 41 | 110 | 93 | ||||||||||||||||||||
Actuarial loss amortization/settlement, net of tax | [3] | 30 | 28 | 74 | 63 | ||||||||||||||||||||
Fuji Xerox changes in defined benefit plans, net, pre-tax | [4] | 8 | (25) | 21 | (100) | ||||||||||||||||||||
Fuji Xerox changes in defined benefit plans, net, net of tax | [4] | 8 | (25) | 21 | (100) | ||||||||||||||||||||
Other (losses) gains, pre-tax | [5] | (64) | 81 | (89) | 86 | ||||||||||||||||||||
Other (losses) gains, net of tax | [5] | (64) | 81 | (89) | 86 | ||||||||||||||||||||
Change in Defined Benefit Plans (Losses) Gains, Pre-tax | (16) | (6) | 28 | (149) | |||||||||||||||||||||
Change in Defined Benefit Plans (Losses) Gains, Net of Tax | [1] | (29) | 20 | (3) | (92) | ||||||||||||||||||||
Other Comprehensive Income (loss), pre-tax | 171 | (54) | 362 | 11 | |||||||||||||||||||||
Other Comprehensive Income (loss), net of tax | 161 | [1] | 167 | (38) | [1] | 328 | [1] | 48 | [1] | (236) | (475) | (1,375) | |||||||||||||
Other comprehensive (loss) income attributable to noncontrolling interest, pre-tax | 0 | (1) | 1 | (1) | |||||||||||||||||||||
Other comprehensive (loss) income attributable to noncontrolling interest, net of tax | 0 | (1) | 1 | (1) | |||||||||||||||||||||
Other Comprehensive Income (Loss) Attributable to Xerox, pre-tax | 171 | (53) | 361 | 12 | |||||||||||||||||||||
Other Comprehensive Income (Loss), Attributable to Xerox, net of tax | 161 | 166 | $ (37) | 327 | $ 49 | (233) | (474) | $ (1,374) | |||||||||||||||||
Cumulative translation adjustments | (1,927) | (1,927) | (2,263) | ||||||||||||||||||||||
Other unrealized losses, net | (19) | (19) | (13) | ||||||||||||||||||||||
Benefit plans net actuarial losses and prior service credits | [6] | (2,064) | (2,064) | (2,061) | |||||||||||||||||||||
Total Accumulated Other Comprehensive Loss Attributable to Xerox | $ (4,010) | $ (4,171) | $ (4,010) | $ (4,337) | $ (4,630) | ||||||||||||||||||||
|
Earnings per Share - Reconciliation (Details) $ / shares in Units, shares in Thousands, $ in Millions |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 14, 2017 |
Jun. 30, 2017
USD ($)
$ / shares
shares
|
Mar. 31, 2017
USD ($)
$ / shares
|
Dec. 31, 2016
$ / shares
|
Sep. 30, 2016
$ / shares
|
Jun. 30, 2016
USD ($)
$ / shares
shares
|
Mar. 31, 2016
$ / shares
|
Dec. 31, 2015
$ / shares
|
Sep. 30, 2015
$ / shares
|
Jun. 30, 2015
$ / shares
|
Mar. 31, 2015
$ / shares
|
Jun. 30, 2017
USD ($)
$ / shares
shares
|
Jun. 30, 2016
USD ($)
$ / shares
shares
|
Dec. 31, 2016
USD ($)
$ / shares
|
Dec. 31, 2015
USD ($)
$ / shares
|
Dec. 31, 2014
USD ($)
$ / shares
|
|||||
Schedule of Basic And Diluted Earnings [Line Items] | ||||||||||||||||||||
Stock Split, Conversion Ratio | 0.25 | |||||||||||||||||||
Basic Earnings (Loss) per Share: | ||||||||||||||||||||
Net income from continuing operations attributable to Xerox | $ 166 | $ 46 | $ 196 | $ 212 | $ 262 | $ 622 | $ 822 | $ 1,011 | ||||||||||||
Adjusted Net income from continuing operations available to common shareholders | 163 | 190 | 205 | 250 | ||||||||||||||||
Net loss from discontinued operations attributable to Xerox | 0 | (38) | (6) | (73) | ||||||||||||||||
Adjusted Net income available to common shareholders | $ 163 | $ 152 | $ 199 | $ 177 | ||||||||||||||||
Weighted average common shares outstanding (in shares) | shares | 254,193 | 253,321 | 254,107 | 253,291 | ||||||||||||||||
Continuing operations (dollars per share) | $ / shares | $ 0.64 | $ 0.17 | $ 0.71 | $ 0.66 | $ 0.75 | [1] | $ 0.24 | $ 0.97 | $ 0.75 | $ 0.72 | $ 0.58 | $ 0.81 | $ 0.99 | [1] | $ 2.36 | $ 3.00 | $ 3.42 | |||
Discontinued operations (dollars per share) | $ / shares | 0.00 | (0.15) | [1] | (0.03) | (0.29) | [1] | ||||||||||||||
Total Basic Earnings per Share | $ / shares | $ 0.64 | $ 0.14 | (3.35) | 0.69 | $ 0.60 | [1] | 0.10 | 1.03 | (0.16) | 0.01 | 0.72 | $ 0.78 | $ 0.70 | [1] | $ (1.95) | $ 1.59 | $ 3.37 | |||
Diluted Earnings (Loss) per Share: | ||||||||||||||||||||
Net income from continuing operations attributable to Xerox | $ 166 | $ 46 | $ 196 | $ 212 | $ 262 | $ 622 | $ 822 | $ 1,011 | ||||||||||||
Adjusted Net income from continuing operations available to common shareholders | 166 | 190 | 205 | 250 | ||||||||||||||||
Net loss from discontinued operations attributable to Xerox | 0 | (38) | (6) | (73) | ||||||||||||||||
Adjusted Net income available to common shareholders | $ 166 | $ 152 | $ 199 | $ 177 | ||||||||||||||||
Weighted average common shares outstanding (in shares) | shares | 254,193 | 253,321 | 254,107 | 253,291 | ||||||||||||||||
Common shares issuable with respect to: | ||||||||||||||||||||
Adjusted Weighted Average Common Shares Outstanding - Diluted (in shares) | shares | 263,210 | 255,505 | 256,297 | 255,289 | ||||||||||||||||
Continuing operations (dollars per share) | $ / shares | $ 0.63 | $ 0.16 | 0.70 | 0.66 | $ 0.75 | [1] | 0.23 | 0.96 | 0.75 | 0.71 | 0.57 | $ 0.80 | $ 0.98 | [1] | $ 2.33 | $ 2.97 | $ 3.37 | |||
Discontinued operations (dollars per share) | $ / shares | 0.00 | (0.15) | [1] | (0.02) | (0.28) | [1] | ||||||||||||||
Total Diluted Earnings per Share | $ / shares | $ 0.63 | $ 0.14 | $ (3.30) | $ 0.69 | $ 0.60 | [1] | $ 0.10 | $ 1.02 | $ (0.16) | $ 0.01 | $ 0.71 | $ 0.78 | $ 0.70 | [1] | $ (1.93) | $ 1.58 | $ 3.32 | |||
Stock options [Member] | ||||||||||||||||||||
Common shares issuable with respect to: | ||||||||||||||||||||
Stock options and Restricted stock and performance shares (in shares) | shares | 0 | 205 | 0 | 209 | ||||||||||||||||
Restricted Stock and Performance Shares [Member] | ||||||||||||||||||||
Common shares issuable with respect to: | ||||||||||||||||||||
Stock options and Restricted stock and performance shares (in shares) | shares | 2,275 | 1,979 | 2,190 | 1,789 | ||||||||||||||||
Convertible Preferred Stock [Member] | ||||||||||||||||||||
Common shares issuable with respect to: | ||||||||||||||||||||
Convertible preferred stock (in shares) | shares | 6,742 | 0 | 0 | 0 | ||||||||||||||||
Earnings (loss) per share, basic [Member] | ||||||||||||||||||||
Basic Earnings (Loss) per Share: | ||||||||||||||||||||
Accrued dividends on preferred stock | $ (3) | $ (6) | $ (7) | $ (12) | ||||||||||||||||
Earnings (loss) per share, diluted [Member] | ||||||||||||||||||||
Basic Earnings (Loss) per Share: | ||||||||||||||||||||
Accrued dividends on preferred stock | $ 0 | $ (6) | $ (7) | $ (12) | ||||||||||||||||
|
Earnings per Share - Anti Dilutive Securities (Details) - $ / shares shares in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2017 |
Mar. 31, 2017 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Total anti-dilutive securities (in shares) | 2,375 | 11,205 | 9,202 | 11,392 | ||
Dividends per common share (in dollars per share) | $ 0.25 | $ 0.25 | $ 0.31 | $ 0.31 | $ 0.50 | $ 0.62 |
Stock options [Member] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Total anti-dilutive securities (in shares) | 0 | 486 | 0 | 483 | ||
Restricted Stock and Performance Shares [Member] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Total anti-dilutive securities (in shares) | 2,375 | 3,977 | 2,460 | 4,167 | ||
Convertible preferred stock [Member] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Total anti-dilutive securities (in shares) | 0 | 6,742 | 6,742 | 6,742 |
Contingencies and Litigation (Details) $ in Millions |
May 09, 2014 |
Jun. 30, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
---|---|---|---|
Loss Contingencies [Line Items] | |||
Loss Contingency, Damages Sought, Multiplier Of Overpayment Amounts | 2 | ||
Brazil Tax And Labor Contingencies [Member] | |||
Loss Contingencies [Line Items] | |||
Unreserved tax and labor contingencies | $ 600 | $ 750 | |
Escrow cash deposits | 76 | ||
Letters of Credit Outstanding, Amount | 142 | ||
Surety Bonds Outstanding, Amount | $ 94 |
Contingencies and Litigation - Other Contingencies (Details) $ in Millions |
Jun. 30, 2017
USD ($)
|
---|---|
Performance Guarantee [Member] | |
Guarantor Obligations [Line Items] | |
Maximum exposure, undiscounted | $ 386 |
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