Debt (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

Below are the secured assets and obligations held by the SPEs, which are included in our Condensed Consolidated Balance Sheets.

	September 30, 2022
	Finance Receivables, Net(1)		Equipment on Operating Leases, Net		Secured Debt(2)		Interest Rate		Expected Maturity
U.S.
January 2022	$	595	$	—	$	474	4.30	%	2024
September 2021	209		5		168		1.78	%	2024
Total	804		5		642
Canada
April 2022	73		0		65		3.32	%	2025
Total	$	877	$	5	$	707

	December 31, 2021
	Finance Receivables, Net(1)		Equipment on Operating Leases, Net		Secured Debt(2)		Interest Rate		Expected Maturity
U.S.
September 2021	$	308	$	8	$	293	1.40	%	2024
December 2020	380		—		267		1.74	%	2023
Total	$	688	$	8	$	560

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(1)Includes (i) Billed portion of finance receivables, net (ii) Finance receivables, net and (iii) Finance receivables due after one year, net as included in the condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021.

(2)Net of debt issuance costs of $2 and $1 as of September 30, 2022 and December 31, 2021, respectively.

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,
	2022		2021		2022		2021
Interest expense(1)(2)	$	49	$	52	$	151	$	156
Interest income(3)	55		56		164		169

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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 (Loss) Income.

(2)Interest expense of Xerox Corporation included intercompany interest expense associated with the Xerox Holdings Corporation / Xerox Corporation Intercompany Loan of $20 and $21 for the three months ended September 30, 2022 and 2021, respectively, and $59 and $60 for the nine months ended September 30, 2022 and 2021, respectively.

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