Adoption of New Leasing Standard - Xerox as a Lessee (Tables)

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Schedule of components of lease expense

The components of lease expense are as follows:

	Three Months Ended			Six Months Ended
	June 30, 2019
Operating lease expense	$	33		$	66
Short-term lease expense	5			10
Variable lease expense(1)	12			25
Sublease income	(1		)	(1		)
Total Lease expense	$	49		$	100

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(1)

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

Schedule of operating leases assets and liabilities

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

	June 30, 2019
Other long-term assets	$	319
Accrued expenses and other current liabilities	$	92
Other long-term liabilities	254
Total Operating lease liabilities	$	346

Schedule of supplemental information related to operating leases

Supplemental information related to operating leases is as follows:

	Three Months Ended		Six Months Ended
	June 30, 2019
Cash paid for amounts included in the measurement of lease liabilities - Operating cash flows	$	32	$	64
Right-of-use assets obtained in exchange for new lease liabilities (1)	$	14	$	23
Weighted-average remaining lease term			4 years
Weighted-average discount rate			5.63		%

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(1)

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

Schedule of maturities and additional information related to operating lease liabilities

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

	June 30, 2019
2019(1)	$	61
2020	103
2021	80
2022	66
2023	49
Thereafter	36
Total Lease payments	395
Less: Imputed interest	49
Total Operating lease liabilities	$	346

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(1)

Represents the future minimum operating lease payments expected to be made over the remaining balance of the year.

Schedule of future minimum rental payments for operating leases

Future minimum operating lease commitments that have initial or remaining non-cancelable lease terms in excess of one year at December 31, 2018 were as follows:

	December 31, 2018
2019	$	114
2020	88
2021	64
2022	50
2023	36
Thereafter	27
Total Operating lease commitments	$	379