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Stock-Based Compensation - Summary of Key Valuation Input Assumptions (Details) - Performance Shares
9 Months Ended
Sep. 30, 2019
$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Term 3 years
Market-Based  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Term 3 years
Risk-free interest rate 2.51% [1]
Dividend yield 3.97% [2]
Blended volatility 32.95% [3]
Weighted-average fair value (in dollars per share) $ 16.25 [4]
Historical volatility look back 3 years
Daily Stock Returns | Market-Based  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Blended volatility 50.00%
Implied Volatility | Market-Based  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Blended volatility 50.00%
[1]
The risk-free interest rate was based on the zero-coupon U.S. Treasury yield curve on the valuation date, with a maturity matched to the performance period.
[2]
The dividend yield was calculated as the expected quarterly dividend divided by Xerox’s three-month average stock price as of the valuation date, annualized and continuously compounded.
[3]
Xerox’s volatility is calculated using a blended volatility approach, with 50% weight on Xerox's historical volatility calculated from daily stock returns over a three-year look-back term from the valuation date, and 50% weight on Xerox's implied volatility.
[4]
The weighted-average of fair values used to record compensation expense as determined by the Monte Carlo simulation.