Debt (Tables)

3 Months Ended

Mar. 31, 2021

Schedule of assets and liabilities held by SPE

Below are the assets and liabilities held by the consolidated SPEs, which are included in our Condensed Consolidated Balance Sheets. As a result of the above sales, the assets of the SPEs are not available to satisfy any of our other obligations. Conversely, the credit holders of these SPEs borrowings do not have legal recourse to the Company’s general credit or other assets.


	March 31, 2021		December 31, 2020
Assets held by SPEs
Billed portion of finance receivables, net	$	25	$	28
Finance receivables, net	326		350
Finance receivables due after one year, net	440		510
Equipment on operating leases, net	6		8
Restricted cash(1)	43		22
Total Assets	$	840	$	918
Liabilities held by SPEs
Current portion of long-term debt, net(2)	$	380	$	394
Long term debt, net(2)	290		370
Total Liabilities	$	670	$	764

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(1)Restricted cash is included in Other current assets in our Condensed Consolidated Balance Sheet.

(2)Net of debt issuance costs of $3.

Interest income and interest expense disclosure

Interest expense and income were as follows:


	Three Months Ended March 31,
		2021		2020
Interest expense(1)(2)		$	52	$	51
Interest income(3)		56		67

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(1)Includes Cost of financing as well as non-financing interest expense that is included in Other expenses, net in the Condensed Consolidated Statements of Income (Loss).

(2)Interest expense for the three month ended March 31, 2021 for Xerox Corporation includes $20 of intercompany interest expense for the Xerox Holdings Corporation / Xerox Corporation Intercompany Loan.

(3)Includes Financing revenue as well as other interest income that is included in Other expenses, net in the Condensed Consolidated Statements of Income (Loss).