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Condensed Consolidated Statements of Income (Unaudited) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Revenues        
Total Revenues $ 1,767 $ 2,179 $ 5,092 $ 6,622
Costs and Expenses        
Cost of financing 29 33 89 98
Research, development and engineering expenses 76 100 236 280
Selling, administrative and general expenses 444 510 1,411 1,573
Restructuring and related costs 20 27 64 176
Amortization of intangible assets 13 9 34 35
Transaction and related costs, net (6) 4 18 8
Other expenses, net (15) (1) 15 76
Total Costs and Expenses 1,648 1,956 4,943 6,136
Income before Income Taxes and Equity Income 119 223 149 486
Income tax expense 29 66 36 106
Equity in net income of unconsolidated affiliates 0 1 2 5
Income from Continuing Operations 90 158 115 385
Income from discontinued operations, net of tax 0 64 0 157
Net Income 90 222 115 542
Less: Income from continuing operations attributable to noncontrolling interests 0 1 0 3
Less: Income from discontinued operations attributable to noncontrolling interests 0 0 0 4
Net Income Attributable to Xerox Holdings/Xerox 90 221 115 535
Income from continuing operations 90 157 115 382
Income from discontinued operations $ 0 $ 64 $ 0 $ 153
Basic Earnings per Share:        
Basic earnings per share, continuing operations (USD per share) $ 0.41 $ 0.70 $ 0.49 $ 1.66
Basic earnings per share, discontinued operations (USD per share) 0 0.29 0 0.68
Basic earnings per share (USD per share) 0.41 0.99 0.49 2.34
Diluted Earnings per Share:        
Diluted earnings per share, continuing operations (USD per share) 0.41 0.68 0.49 1.62
Diluted earnings per share, discontinued operations (USD per share) 0 0.28 0 0.65
Diluted earnings per share (USD per share) $ 0.41 $ 0.96 $ 0.49 $ 2.27
XEROX CORPORATION        
Revenues        
Total Revenues $ 1,767 $ 2,179 $ 5,092 $ 6,622
Costs and Expenses        
Cost of financing 29 33 89 98
Research, development and engineering expenses 76 100 236 280
Selling, administrative and general expenses 444 510 1,411 1,573
Restructuring and related costs 20 27 64 176
Amortization of intangible assets 13 9 34 35
Transaction and related costs, net (6) 4 18 8
Other expenses, net (26) (1) 4 76
Total Costs and Expenses 1,637 1,956 4,932 6,136
Income before Income Taxes and Equity Income 130 223 160 486
Income tax expense 29 66 36 106
Equity in net income of unconsolidated affiliates 0 1 2 5
Income from Continuing Operations 101 158 126 385
Income from discontinued operations, net of tax 0 64 0 157
Net Income 101 222 126 542
Less: Income from continuing operations attributable to noncontrolling interests 0 1 0 3
Less: Income from discontinued operations attributable to noncontrolling interests 0 0 0 4
Net Income Attributable to Xerox Holdings/Xerox 101 221 126 535
Income from continuing operations 101 157 126 382
Income from discontinued operations 0 64 0 153
Sales        
Revenues        
Total Revenues 651 784 1,676 2,308
Costs and Expenses        
Cost of sales and services 476 503 1,201 1,492
Sales | XEROX CORPORATION        
Revenues        
Total Revenues 651 784 1,676 2,308
Costs and Expenses        
Cost of sales and services 476 503 1,201 1,492
Services, maintenance and rentals        
Revenues        
Total Revenues 1,061 1,335 3,246 4,130
Costs and Expenses        
Cost of sales and services 611 771 1,875 2,398
Services, maintenance and rentals | XEROX CORPORATION        
Revenues        
Total Revenues 1,061 1,335 3,246 4,130
Costs and Expenses        
Cost of sales and services 611 771 1,875 2,398
Financing        
Revenues        
Total Revenues 55 60 170 184
Financing | XEROX CORPORATION        
Revenues        
Total Revenues $ 55 $ 60 $ 170 $ 184