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Shareholder's Equity of Xerox
 6 Months Ended
Jun. 30, 2023
Stockholders' Equity Note [Abstract]  
Shareholder's Equity of Xerox Shareholders’ Equity of Xerox Holdings
(shares in thousands)
The shareholders' equity information presented below reflects the consolidated activity of Xerox Holdings.
Common
Stock(1)
Additional Paid-in CapitalTreasury StockRetained Earnings
AOCL(2)
Xerox Holdings Shareholders’ EquityNon-controlling Interests
Total
Equity
Balance at March 31, 2023$157 $1,594 $— $5,162 $(3,454)$3,459 $8 $3,467 
Comprehensive (loss) income, net— — — (61)17 (44)1 (43)
Cash dividends declared - common(3)
— — — (41)— (41)— (41)
Cash dividends declared - preferred(4)
— — — (3)— (3)— (3)
Stock option and incentive plans, net— 13 — — — 13 — 13 
Distributions to noncontrolling interests— — — — — — (1)(1)
Balance at June 30, 2023$157 $1,607 $— $5,057 $(3,437)$3,384 $8 $3,392 
Common
Stock(1)
Additional Paid-in CapitalTreasury StockRetained Earnings
AOCL(2)
Xerox Holdings Shareholders’ EquityNon- controlling Interests
Total
Equity
Balance at March 31, 2022$156 $1,560 $(32)$5,532 $(3,032)$4,184 $5 $4,189 
Comprehensive loss, net— — — (4)(298)(302)(1)(303)
Cash dividends declared - common(3)
— — — (41)— (41)— (41)
Cash dividends declared - preferred(4)
— — — (3)— (3)— (3)
Stock option and incentive plans, net1 34 — — — 35 — 35 
Cancellation of treasury stock(2)(30)32 — — — — — 
Investment from noncontrolling interests— — — — — — 5 5 
Balance at June 30, 2022$155 $1,564 $— $5,484 $(3,330)$3,873 $9 $3,882 
Common
Stock(1)
Additional
Paid-in
Capital
Treasury Stock
Retained
Earnings
AOCL(2)
Xerox Holdings
Shareholders’
Equity
Non-controlling
Interests
Total
Equity
Balance at December 31, 2022$156 $1,588 $— $5,136 $(3,537)$3,343 $10 $3,353 
Comprehensive income, net— — — 10 100 110 — 110 
Cash dividends declared - common(3)
— — — (82)— (82)— (82)
Cash dividends declared - preferred(4)
— — — (7)— (7)— (7)
Stock option and incentive plans, net1 19 — — — 20 — 20 
Distributions to noncontrolling interests— — — — — — (2)(2)
Balance at June 30, 2023
$157 $1,607 $— $5,057 $(3,437)$3,384 $8 $3,392 
Common
Stock(1)
Additional
Paid-in
Capital
Treasury Stock
Retained
Earnings
AOCL(2)
Xerox Holdings
Shareholders’
Equity
Non-
controlling
Interests
Total
Equity
Balance at December 31, 2021$168 $1,802 $(177)$5,631 $(2,988)$4,436 $7 $4,443 
Comprehensive loss, net— — — (60)(342)(402)(2)(404)
Cash dividends declared - common(3)
— — — (80)— (80)— (80)
Cash dividends declared - preferred(4)
— — — (7)— (7)— (7)
Stock option and incentive plans, net1 38 — — — 39 — 39 
Payments to acquire treasury stock, including fees— — (113)— — (113)— (113)
Cancellation of treasury stock(14)(276)290 — — — — — 
Investment from noncontrolling interests— — — — — — 5 5 
Distributions to noncontrolling interests— — — — — — (1)(1)
Balance at June 30, 2022
$155 $1,564 $— $5,484 $(3,330)$3,873 $9 $3,882 
_____________
(1)Common Stock has a par value of $1 per share.
(2)Refer to Note 19 - Other Comprehensive Income (Loss) for the components of AOCL.
(3)Cash dividends declared on common stock for the three and six months ended June 30, 2023 and 2022 were $0.25 per share, respectively, and $0.50 per share, respectively.
(4)Cash dividends declared on preferred stock for the three and six months ended June 30, 2023 and 2022 were $20.00 per share, respectively, and $40.00 per share, respectively.
Common Stock and Treasury Stock
The following is a summary of the changes in Common and Treasury stock shares:
Common Stock SharesTreasury Stock Shares
Balance at December 31, 2022155,781 — 
Stock based compensation plans, net1,177 — 
Balance at March 31, 2023156,958 — 
Stock based compensation plans, net147 — 
Balance at June 30, 2023157,105 — 
Shareholder's Equity of Xerox
The shareholder's equity information presented below reflects the consolidated activity of Xerox.
Additional Paid-in CapitalRetained Earnings
AOCL(1)
Xerox Shareholder's EquityNon- controlling Interests
Total
Equity
Balance at March 31, 2023$3,695 $3,455 $(3,454)$3,696 $8 $3,704 
Comprehensive (loss) income, net— (61)17 (44)1 (43)
Dividends declared to parent— (43)— (43)— (43)
Transfers from parent13 — — 13 — 13 
Investment from noncontrolling interests— — — — (1)(1)
Balance at June 30, 2023$3,708 $3,351 $(3,437)$3,622 $8 $3,630 
Additional Paid-in CapitalRetained Earnings
AOCL(1)
Xerox Shareholder's Equity
Non-
controlling
Interests
Total
Equity
Balance at March 31, 2022$3,592 $3,871 $(3,032)$4,431 $5 $4,436 
Comprehensive loss, net— (4)(298)(302)(1)(303)
Dividends declared to parent— (47)— (47)— (47)
Transfers from parent38 — — 38 — 38 
Investment from noncontrolling interests— — — — 5 5 
Balance at June 30, 2022
$3,630 $3,820 $(3,330)$4,120 $9 $4,129 
Additional Paid-in CapitalRetained Earnings
AOCL(1)
Xerox Shareholder's EquityNon- controlling Interests
Total
Equity
Balance at December 31, 2022$3,693 $3,427 $(3,537)$3,583 $10 $3,593 
Comprehensive income, net— 10 100 110 — 110 
Dividends declared to parent— (86)— (86)— (86)
Transfers from parent15 — — 15 — 15 
Distributions to noncontrolling interests— — — — (2)(2)
Balance at June 30, 2023
$3,708 $3,351 $(3,437)$3,622 $8 $3,630 
Additional Paid-in CapitalRetained Earnings
AOCL(1)
Xerox Shareholder's EquityNon- controlling Interests
Total
Equity
Balance at December 31, 2021$3,202 $4,476 $(2,988)$4,690 $7 $4,697 
Comprehensive loss, net— (60)(342)(402)(2)(404)
Dividends declared to parent— (596)— (596)— (596)
Transfers from parent428 — — 428 — 428 
Investment from noncontrolling interests— — — — 5 5 
Distributions to noncontrolling interests— — — — (1)(1)
Balance at June 30, 2022
$3,630 $3,820 $(3,330)$4,120 $9 $4,129 
_____________
(1)Refer to Note 19 - Other Comprehensive Income (Loss) for the components of AOCL.