Divestitures

9 Months Ended

Sep. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

Sales of Ownership Interests in Fuji Xerox Co., Ltd. and Xerox International Partners

In November 2019, Xerox Holdings completed a series of transactions to restructure its relationship with FUJIFILM Holdings Corporation (FH), including the sale of its indirect 25% equity interest in Fuji Xerox (FX), as well as the sale of its indirect 51% partnership interest in Xerox International Partners (XIP) (collectively the Sales). As a result of the Sales and the related strategic shift in our business, the historical financial results of our equity method investment in FX and our XIP business (which was consolidated) for the periods prior to the Sales are reflected as a discontinued operation and as such, their impact is excluded from continuing operations for all periods presented.

Summarized financial information for our Discontinued operations is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Revenue	$	—	$	21	$	—	$	73

Income from operations(1)	$	—	$	64	$	—	$	159
Gain on disposal	—		—		—		—
Income before income taxes	—		64		—		159
Income tax expense	—		—		—		2
Income from discontinued operations, net of tax	—		64		—		157
Income from discontinued operations attributable to noncontrolling interests, net of tax	—		—		—		4
Income from discontinued operations, attributable to Xerox Holdings, net of tax	$	—	$	64	$	—	$	153

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(1)Includes Equity in net income for FX of $57 and $132 for the three and nine months ended September 30, 2019, respectively.