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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Cash Flows from Operating Activities        
Net Income $ 91 $ 27 $ 130 $ 25
Adjustments required to reconcile Net income to Cash flows from operating activities        
Depreciation and amortization 84 88 170 182
Provisions 14 21 34 101
Net gain on sales of businesses and assets (1) 0 (1) (1)
Stock-based compensation 14 13 30 24
Restructuring and asset impairment charges 4 (2) 25 27
Payments for restructurings (22) (17) (49) (52)
Defined benefit pension cost (2) 13 (2) 37
Contributions to defined benefit pension plans (34) (31) (69) (64)
(Increase) decrease in accounts receivable and billed portion of finance receivables (55) 262 37 428
Decrease (increase) in inventories 22 (99) 4 (225)
Increase in equipment on operating leases (35) (23) (63) (55)
(Increase) decrease in finance receivables (25) 97 12 190
Decrease (increase) in other current and long-term assets 48 1 66 (15)
Decrease in accounts payable (2) (210) (33) (159)
Increase (decrease) in accrued compensation 1 (21) (35) (129)
Increase (decrease) in other current and long-term liabilities 127 (92) 92 (130)
Net change in income tax assets and liabilities (4) 13 2 3
Net change in derivative assets and liabilities (5) (10) (2) (2)
Other operating, net (6) 4 (17) 22
Net cash provided by operating activities 214 34 331 207
Cash Flows from Investing Activities        
Cost of additions to land, buildings, equipment and software (16) (19) (33) (42)
Proceeds from sales of businesses and assets 1 0 1 2
Acquisitions, net of cash acquired (37) 0 (37) (193)
Other investing, net (3) 1 (3) 1
Net cash used in investing activities (55) (18) (72) (232)
Cash Flows from Financing Activities        
Proceeds from issuance of long-term debt 0 3 0 5
Payments on long-term debt (114) (313) (209) (313)
Dividends (54) (57) (108) (115)
Payments to acquire treasury stock, including fees (251) 0 (413) 0
Other financing, net (10) (5) (17) (9)
Net cash used in financing activities (429) (372) (747) (432)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 12 5 0 (24)
Decrease in cash, cash equivalents and restricted cash (258) (351) (488) (481)
Cash, cash equivalents and restricted cash at beginning of period 2,461 2,665 2,691 2,795
Cash, Cash Equivalents and Restricted Cash at End of Period 2,203 2,314 2,203 2,314
XEROX CORPORATION        
Cash Flows from Operating Activities        
Net Income 96 27 137 25
Adjustments required to reconcile Net income to Cash flows from operating activities        
Depreciation and amortization 83 88 168 182
Provisions 14 21 34 101
Net gain on sales of businesses and assets (1) 0 (1) (1)
Stock-based compensation 14 13 30 24
Restructuring and asset impairment charges 4 (2) 25 27
Payments for restructurings (22) (17) (49) (52)
Defined benefit pension cost (2) 13 (2) 37
Contributions to defined benefit pension plans (34) (31) (69) (64)
(Increase) decrease in accounts receivable and billed portion of finance receivables (54) 262 38 428
Decrease (increase) in inventories 22 (99) 4 (225)
Increase in equipment on operating leases (35) (23) (63) (55)
(Increase) decrease in finance receivables (25) 97 12 190
Decrease (increase) in other current and long-term assets 42 1 60 (15)
Decrease in accounts payable (2) (210) (33) (159)
Increase (decrease) in accrued compensation 1 (21) (35) (129)
Increase (decrease) in other current and long-term liabilities 128 (92) 92 (130)
Net change in income tax assets and liabilities (4) 13 2 3
Net change in derivative assets and liabilities (5) (10) (2) (2)
Other operating, net (6) 4 (17) 22
Net cash provided by operating activities 214 34 331 207
Cash Flows from Investing Activities        
Cost of additions to land, buildings, equipment and software (16) (19) (33) (42)
Proceeds from sales of businesses and assets 1 0 1 2
Acquisitions, net of cash acquired (37) 0 (37) (193)
Other investing, net 0 1 0 1
Net cash used in investing activities (52) (18) (69) (232)
Cash Flows from Financing Activities        
Proceeds from issuance of long-term debt 0 3 0 5
Payments on long-term debt (114) (313) (209) (313)
Distributions to parent (322) (67) (542) (125)
Other financing, net 4 5 1 1
Net cash used in financing activities (432) (372) (750) (432)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 12 5 0 (24)
Decrease in cash, cash equivalents and restricted cash (258) (351) (488) (481)
Cash, cash equivalents and restricted cash at beginning of period 2,461 2,665 2,691 2,795
Cash, Cash Equivalents and Restricted Cash at End of Period $ 2,203 $ 2,314 $ 2,203 $ 2,314