Fair Value of Financial Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Fair value of financial assets and liabilities

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

	March 31, 2021		December 31, 2020
Assets
Foreign exchange contracts - forwards	$	4	$	6
Foreign currency options	—		1
Deferred compensation plan investments in mutual funds	17		18
Total	$	21	$	25
Liabilities
Foreign exchange contracts - forwards	$	14	$	5
Deferred compensation plan liabilities	17		17
Total	$	31	$	22

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:

	March 31, 2021				December 31, 2020
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Cash and cash equivalents	$	2,379	$	2,379	$	2,625	$	2,625
Accounts receivable, net	781		781		883		883
Short-term debt and current portion of long-term debt	678		688		394		396
Long-term Debt
Xerox Holdings Corporation	1,494		1,558		1,493		1,596
Xerox Corporation	1,890		1,992		2,187		2,298
Xerox - Other Subsidiaries(1)	290		292		370		372
Long-term debt	$	3,674	$	3,842	$	4,050	$	4,266

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(1)Represents subsidiaries of Xerox Corporation