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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Schedule of stock-based compensation expense, tax effect
Stock-based compensation expense was as follows:
Year Ended December 31,
202120202019
Stock-based compensation expense, pre-tax$54 $42 $50 
Income tax benefit recognized in earnings13 11 13 
Schedule of stock-based payment award valuation assumptions, performance shares, market-based component table
A summary of Xerox Holdings key valuation input assumptions used in the Monte Carlo simulation relative to awards granted were as follows:
2021 Award2020 Award2019 Award2018 Award
Term3 years3 years3 years3 years
Risk-free interest rate(1)
0.20 %1.60 %2.51 %2.39 %
Dividend yield(2)
4.66 %2.80 %3.97 %3.24 %
Volatility(3)
44.76 %29.49 %32.95 %29.12 %
Weighted average fair value(4)
$25.80 $41.28 $16.27 $32.01 
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(1)The risk-free interest rate was based on the zero-coupon U.S. Treasury yield curve on the valuation date, with a maturity matched to the performance period.
(2)The dividend yield was calculated as the expected quarterly dividend divided by our three-month average stock price as of the valuation date, annualized and continuously compounded.
(3)Volatility is derived from historical stock prices as well as implied volatility when appropriate and available.
(4)The weighted average of fair values used to record compensation expense as determined by the Monte Carlo simulation.
Schedule of Absolute Share Price and TSR Payout, as a Percentage, Comparison to Targets
Our Absolute Share Price metric is compared against total return targets to determine the payout as follows:
Payout as a Percent of Target
2021 Total Return Targets(1)
2020 Total Return Targets(1)
2019 Total Return Targets(1)
200%
$33.00 and above
$45.00 and above
$40.00 and above
100%$30.00 $40.00 $35.00 
50%$27.00 $37.00 $30.00 
0%
Below $27.00
Below $37.00
Below $30.00

Our 2018 TSR metric compared to the peer group TSR will determine the payout as follows:
Payout as a Percent of Target
Percentile(1)
200%80th and above
100%50th
35%25th
0%Below 25th
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(1)For performance between the levels described above, the degree of vesting is interpolated on a linear basis.
Schedule of share-based payment award, stock options, valuation assumptions
Xerox Holdings weighted average assumptions used in the BS option-pricing model relative to SO awards were as follows:
2018 Award
Expected term(1)
6.13 years
Expected volatility(2)
27.25 %
Expected dividend yield(3)
3.25 %
Risk-free interest rate(4)
2.63 %
Weighted average fair value(5)
$5.71
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(1)Since these SO grants were effectively part of a new program, the expected term was calculated using the "Simplified Method” under the SEC guidance based on the SOs vesting schedule and contractual term. We did not have sufficient historical exercise data to provide a reasonable basis to estimate an expected term.
(2)The expected volatility was calculated based on a combination of term-matched historical volatility and implied volatility from traded options.
(3)The dividend yield was calculated as the expected quarterly dividend divided by our three-month average stock price as of the grant date.
(4)The risk-free interest rate was based on the zero-coupon U.S. Treasury yield curve with a maturity matched to the expected term of the SOs.
(5)The weighted average of fair values used to record compensation expense as determined by the BS option-pricing model.
Schedule of share-based compensation arrangements by share-based payment award
Summary of Stock-based Compensation Activity
 202120202019
SharesWeighted Average Grant Date Fair ValueShares
Weighted Average Grant Date Fair Value(1)
Shares
Weighted Average Grant Date Fair Value(1)
Restricted Stock Units (2)
Outstanding at January 13,187 $26.48 2,845 $26.87 3,559 $29.51 
Granted1,513 23.37 2,028 27.85 1,366 23.22 
Vested(1,327)26.07 (1,473)28.85 (1,666)29.28 
Forfeited(212)25.06 (213)28.39 (414)27.85 
Outstanding at December 313,161 25.26 3,187 26.48 2,845 26.87 
Performance Shares
Outstanding at January 12,425 $26.67 2,830 $24.99 2,462 $29.83 
Granted(3)
1,195 24.67 901 37.59 1,433 19.46 
Vested(672)28.08 (993)31.94 (633)29.56 
Forfeited/Expired(130)26.92 (313)26.22 (432)27.50 
Outstanding at December 312,818 25.47 2,425 26.67 2,830 24.99 
Stock Options
Outstanding at January 1799 $27.81 861 $27.83 1,022 $27.84 
Granted— — — — — — 
Forfeited/Expired(187)27.97 (60)27.98 (92)27.92 
Exercised— — (2)27.98 (69)27.98 
Outstanding at December 31612 27.77 799 27.81 861 27.83 
Exercisable at December 31612 27.77 470 27.84 233 27.83 
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(1)Weighted average exercise price for stock options.
(2)Includes a 2018 Restricted Stock Award (RSA) grant of 351 shares with a corresponding grant date fair value of $28.51, which vested in 2019.
(3)Includes 60 shares associated with the over-performance of our 2018 PSU grant.
Schedule of unrecognized compensation cost, nonvested awards Unrecognized compensation cost related to non-vested stock-based awards at December 31, 2021 was as follows:
AwardsUnrecognized CompensationRemaining Weighted-Average Vesting Period (Years)
Restricted Stock Units$40 1.47
Performance Shares13 1.7
Total$53 
Schedule of aggregate intrinsic value restricted stock and performance shares compensation awards
The aggregate intrinsic value of outstanding stock-based awards was as follows:
AwardsDecember 31, 2021
Restricted Stock Units$72 
Performance Shares64 
Stock Options(1)
— 
____________
(1)Strike price greater than Xerox Holdings Corporation Stock price at December 31, 2021, therefore, intrinsic value is considered to be $0.
Schedule of vested and exercised stock based awards total intrinsic value and tax benefit realized
The intrinsic value and actual tax benefit realized for all vested and exercised stock-based awards was as follows:
 December 31, 2021December 31, 2020December 31, 2019
AwardsTotal Intrinsic ValueCash ReceivedTax BenefitTotal Intrinsic ValueCash ReceivedTax Benefit
Total Intrinsic Value(1)
Cash ReceivedTax Benefit
Restricted Stock Units$30 $— $5 $33 $— $5 $55 $— $11 
Performance Share Units17 — 2 18 — 4 23 — 6 
Stock Options— — — — — — 1 2 — 
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(1)RSUs include a RSA grant of 351 shares, which vested in 2019.