Debt (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

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

	March 31, 2023
	Finance Receivables, Net(1)		Equipment on Operating Leases, Net		Secured Debt(2)		Interest Rate(3)		Expected Maturity
United States(4)
December 2022	$	324	$	—	$	232	7.79	%	2025
January 2022	467		—		345		6.33	%	2024
September 2021	155		4		105		6.06	%	2024
Total	946		4		682
Canada(4)
April 2022	55		—		49		5.86	%	2025
France
December 2022	201		—		162		4.14	%	2025
Total	$	1,202	$	4	$	893

	December 31, 2022
	Finance Receivables, Net(1)		Equipment on Operating Leases, Net		Secured Debt(2)		Interest Rate(3)		Expected Maturity
United States(4)
December 2022	$	370	$	—	$	247	7.43	%	2025
January 2022	528		—		407		5.83	%	2024
September 2021	180		5		136		5.65	%	2024
Total	1078		5		790
Canada(4)
Secured Borrowing - April 2022	63		—		57		5.45	%	2025
France
December 2022	235		—		195		3.03	%	2025
Total	$	1,376	$	5	$	1,042

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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 March 31, 2023 and December 31, 2022.

(2)Represents the principal debt balance and excludes debt issuance costs of $4 and $5 as of March 31, 2023 and December 31, 2022, respectively.

(3)Represents the pre-hedged rate. Refer to Note 13 - Financial Instruments for additional information regarding hedging of these borrowings.

(4)Secured assets and obligations held by SPEs.

Schedule of Interest Income and Interest Expense Disclosure

Interest expense and income were as follows:

	Three Months Ended March 31,
	2023		2022
Interest expense(1)(2)	$	50	$	53
Interest income(3)	57		54

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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 (Loss).

(2)Interest expense of Xerox Corporation included intercompany interest expense associated with the Xerox Holdings Corporation / Xerox Corporation Intercompany Loan of $20 and $20 for the three months ended March 31, 2023 and 2022, 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 (Loss).