Fair Value of Financial Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of fair value of financial assets and liabilities

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

	As of December 31,
	2021		2020
Assets
Foreign exchange contracts - forwards	$	4	$	6
Foreign currency options	—		1
Interest rate cap	1		—
Deferred compensation investments in mutual funds	18		18
Total	$	23	$	25
Liabilities
Foreign exchange contracts - forwards	$	11	$	5
Deferred compensation plan liabilities	18		17
Total	$	29	$	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:

	December 31, 2021				December 31, 2020
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Cash and cash equivalents	$	1,840	$	1,840	$	2,625	$	2,625
Accounts receivable, net	818		818		883		883
Short-term debt and current portion of long-term debt	650		653		394		396
Long-term debt
Xerox Holdings Corporation	$	1,494	$	1,579	$	1,493	$	1,596
Xerox Corporation	1,892		1,987		2,187		2,298
Xerox - Other Subsidiaries(1)	210		210		370		372
Total Long-term debt	$	3,596	$	3,776	$	4,050	$	4,266

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(1)Represents subsidiaries of Xerox Corporation.