Fair Value of Financial Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of 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. 

	September 30, 2021		December 31, 2020
Assets
Foreign exchange contracts - forwards	$	8	$	6
Foreign currency options	—		1
Deferred compensation plan investments in mutual funds	18		18
Total	$	26	$	25
Liabilities
Foreign exchange contracts - forwards	$	9	$	5
Deferred compensation plan liabilities	18		17
Total	$	27	$	22

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:

	September 30, 2021				December 31, 2020
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Cash and cash equivalents	$	2,209	$	2,209	$	2,625	$	2,625
Accounts receivable, net	891		891		883		883
Short-term debt and current portion of long-term debt	646		652		394		396
Long-term Debt
Xerox Holdings Corporation	1,494		1,565		1,493		1,596
Xerox Corporation	1,892		1,993		2,187		2,298
Xerox - Other Subsidiaries(1)	287		288		370		372
Long-term debt	$	3,673	$	3,846	$	4,050	$	4,266

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(1)Represents subsidiaries of Xerox Corporation