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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash Flows from Operating Activities      
Net income $ 1,361 $ 374 $ 207
Income from discontinued operations, net of tax (710) (64) (137)
Income from continuing operations 651 310 70
Adjustments required to reconcile Net income to Cash flows from operating activities      
Depreciation and amortization 430 526 527
Provisions 73 70 73
Deferred tax expense 124 135 399
Net gain on sales of businesses and assets (21) (35) (15)
Stock-based compensation 50 57 52
Restructuring and asset impairment charges 127 156 197
Payments for restructurings (93) (169) (220)
Defined benefit pension cost 109 175 194
Contributions to defined benefit pension plans (141) (144) (836)
Decrease (increase) in accounts receivable and billed portion of finance receivables 10 31 (531)
Decrease (increase) in inventories 109 17 (73)
Increase in equipment on operating leases (153) (248) (217)
Decrease in finance receivables 101 166 162
(Increase) decrease in other current and long-term assets (14) 29 (20)
(Decrease) increase in accounts payable (47) 1 1
Decrease in accrued compensation (94) (111) (28)
Increase (decrease) in other current and long-term liabilities 40 52 (79)
Net change in income tax assets and liabilities (34) 41 11
Net change in derivative assets and liabilities 11 (14) 75
Other operating, net 6 37 9
Net cash provided by (used in) operating activities of continuing operations 1,244 1,082 (249)
Net cash provided by (used in) operating activities of discontinued operations 89 58 (18)
Net cash provided by (used in) operating activities 1,333 1,140 (267)
Cash Flows from Investing Activities      
Cost of additions to land, buildings, equipment and software (65) (90) (105)
Proceeds from sales of businesses and assets 21 59 23
Acquisitions, net of cash acquired (42) 0 (87)
Collections of deferred proceeds from sales of receivables 0 0 213
Collections on beneficial interest from sales of finance receivables 0 0 21
Other investing, net 1 2 100
Net cash (used in) provided by investing activities of continuing operations (85) (29) 165
Net cash provided by investing activities of discontinued operations 2,233 0 0
Net cash provided by (used in) investing activities 2,148 (29) 165
Cash Flows from Financing Activities      
Net (payments) proceeds on short-term debt 0 (5) 2
Proceeds from issuance of long-term debt 10 9 1,008
Payments on long-term debt (960) (311) (1,832)
Dividends (243) (269) (291)
Payments to acquire treasury stock, including fees (600) (700) 0
Other financing, net (41) (25) 128
Net cash used in financing activities (1,834) (1,301) (985)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 0 (30) 53
Increase (decrease) in cash, cash equivalents and restricted cash 1,647 (220) (1,034)
Cash, cash equivalents and restricted cash at beginning of year 1,148 1,368 2,402
Cash, Cash Equivalents and Restricted Cash at End of Year 2,795 1,148 1,368
Xerox Corporation      
Cash Flows from Operating Activities      
Net income 1,361 374 207
Income from discontinued operations, net of tax (710) (64) (137)
Income from continuing operations 651 310 70
Adjustments required to reconcile Net income to Cash flows from operating activities      
Depreciation and amortization 430 526 527
Provisions 73 70 73
Deferred tax expense 124 135 399
Net gain on sales of businesses and assets (21) (35) (15)
Stock-based compensation 50 57 52
Restructuring and asset impairment charges 127 156 197
Payments for restructurings (93) (169) (220)
Defined benefit pension cost 109 175 194
Contributions to defined benefit pension plans (141) (144) (836)
Decrease (increase) in accounts receivable and billed portion of finance receivables 10 31 (531)
Decrease (increase) in inventories 109 17 (73)
Increase in equipment on operating leases (153) (248) (217)
Decrease in finance receivables 101 166 162
(Increase) decrease in other current and long-term assets (14) 29 (20)
(Decrease) increase in accounts payable (47) 1 1
Decrease in accrued compensation (94) (111) (28)
Increase (decrease) in other current and long-term liabilities 40 52 (79)
Net change in income tax assets and liabilities (34) 41 11
Net change in derivative assets and liabilities 11 (14) 75
Other operating, net 6 37 9
Net cash provided by (used in) operating activities of continuing operations 1,244 1,082 (249)
Net cash provided by (used in) operating activities of discontinued operations 89 58 (18)
Net cash provided by (used in) operating activities 1,333 1,140 (267)
Cash Flows from Investing Activities      
Cost of additions to land, buildings, equipment and software (65) (90) (105)
Proceeds from sales of businesses and assets 21 59 23
Acquisitions, net of cash acquired (42) 0 (87)
Collections of deferred proceeds from sales of receivables 0 0 213
Collections on beneficial interest from sales of finance receivables 0 0 21
Other investing, net 1 2 100
Net cash (used in) provided by investing activities of continuing operations (85) (29) 165
Net cash provided by investing activities of discontinued operations 2,233 0 0
Net cash provided by (used in) investing activities 2,148 (29) 165
Cash Flows from Financing Activities      
Net (payments) proceeds on short-term debt 0 (5) 2
Proceeds from issuance of long-term debt 10 9 1,008
Payments on long-term debt (960) (311) (1,832)
Dividends (181) (269) (291)
Payments to acquire treasury stock, including fees (300) (700) 0
Distributions to parent (373) 0 0
Other financing, net (30) (25) 128
Net cash used in financing activities (1,834) (1,301) (985)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 0 (30) 53
Increase (decrease) in cash, cash equivalents and restricted cash 1,647 (220) (1,034)
Cash, cash equivalents and restricted cash at beginning of year 1,148 1,368 2,402
Cash, Cash Equivalents and Restricted Cash at End of Year $ 2,795 $ 1,148 $ 1,368