Fair Value of Financial Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Schedule of fair value of financial assets and liabilities

The following table represents assets and liabilities' fair value measured on a recurring basis. The basis for the measurement at fair value in all cases is Level 2 – Significant Other Observable Inputs.

	As of December 31,
	2020		2019
Assets
Foreign exchange contracts - forwards	$	6	$	2
Foreign currency options	1		—
Interest rate swaps	—		1
Deferred compensation investments in mutual funds	18		19
Total	$	25	$	22
Liabilities
Foreign exchange contracts - forwards	$	5	$	8
Deferred compensation plan liabilities	17		18
Total	$	22	$	26

Schedule of estimated fair values of financial assets and liabilities not measured at fair value on a recurring basis

The estimated fair values of our other financial assets and liabilities were as follows:

	December 31, 2020				December 31, 2019
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Cash and cash equivalents	$	2,625	$	2,625	$	2,740	$	2,740
Accounts receivable, net	883		883		1,236		1,236
Short-term debt and current portion of long-term debt	394		396		1,049		1,054
Long-term debt
Xerox Holdings Corporation	$	1,493	$	1,596	$	—	$	—
Xerox Corporation	2,187		2,298		3,233		3,331
Xerox - Other Subsidiaries(1)	370		372		—		—
Total Long-term debt	$	4,050	$	4,266	$	3,233	$	3,331

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(1)Represents subsidiaries of Xerox Corporation.