Debt (Tables)

9 Months Ended

Sep. 30, 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.


	September 30, 2021		December 31, 2020
Assets held by SPEs
Billed portion of finance receivables, net	$	15	$	28
Finance receivables, net	320		350
Finance receivables due after one year, net	428		510
Equipment on operating leases, net	9		8
Restricted cash(1)	17		22
Total Assets	$	789	$	918
Liabilities held by SPEs
Current portion of long-term debt, net(2)	$	346	$	394
Long term debt, net(2)	287		370
Total Liabilities	$	633	$	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 $2.

Schedule of Interest Income and Interest Expense Disclosure

Interest expense and income were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Interest expense(1)(2)	$	52	$	59	$	156	$	158
Interest income(3)	56		56		169		182

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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.

(2)Interest expense of Xerox Corporation included intercompany interest expense associated with the Xerox Holdings Corporation / Xerox Corporation Intercompany Loan of $21 and $11 for the three months ended September 30, 2021 and 2020, respectively, and $60 and $11 for the nine months ended September 30, 2021 and 2020, respectively.

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