Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

Selected financial information for our reportable segments was as follows:

	Three Months Ended June 30,
	2023									2022(1)
	Print and Other			FITTLE			Total			Print and Other			FITTLE			Total
External revenue	$	1,653		$	101		$	1,754		$	1,651		$	96		$	1,747
Intersegment revenue(2)	21			—			21			22			—			22
Total Segment revenue	$	1,674		$	101		$	1,775		$	1,673		$	96		$	1,769
Segment profit	$	107		$	—		$	107		$	29		$	6		$	35
Segment margin(3)	6.5		%	—		%	6.1		%	1.8		%	6.3		%	2.0		%
Depreciation and amortization	$	52		$	—		$	52		$	58		$	—		$	58
Interest income	—			49			49			—			52			52
Interest expense	—			34			34			—			26			26

	Six Months Ended June 30,
	2023									2022(1)
	Print and Other			FITTLE			Total			Print and Other			FITTLE			Total
External revenue	$	3,266		$	203		$	3,469		$	3,221		$	194		$	3,415
Intersegment revenue(2)	44			—			44			45			—			45
Total Segment revenue	$	3,310		$	203		$	3,513		$	3,266		$	194		$	3,460
Segment profit	$	207		$	18		$	225		$	18		$	14		$	32
Segment margin(3)	6.3		%	8.9		%	6.5		%	0.6		%	7.2		%	0.9		%
Depreciation and amortization	$	105		$	—		$	105		$	119		$	—		$	119
Interest income	—			101			101			—			105			105
Interest expense	—			70			70			—			50			50

_____________

(1)Amounts for 2022 have been recasted to conform to the current year's reporting presentation. See the Segment Reporting Change section below.

(2)Intersegment revenue is primarily commissions and other payments made by the FITTLE Segment to the Print and Other Segment for the lease of Xerox equipment placements.

(3)Segment margin based on External revenue only.

Selected financial information for our reportable segments was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Revenue:
Total reported segments	$	1,775	$	1,769	$	3,513	$	3,460
Elimination of intersegment revenue	(21)		(22)		(44)		(45)
Total Revenue	$	1,754	$	1,747	$	3,469	$	3,415
Pre-tax Income (Loss)
Total reported segments	$	107	$	35	$	225	$	32
Restructuring and related costs, net	(23)		(1)		(25)		(19)
Amortization of intangible assets	(10)		(10)		(21)		(21)
PARC donation	(132)		—		(132)		—
Accelerated share vesting	—		(21)		—		(21)
Other expenses, net	(31)		(8)		(51)		(65)
Total Pre-tax loss	$	(89)	$	(5)	$	(4)	$	(94)
Depreciation and Amortization
Total reported segments	$	52	$	58	$	105	$	119
Amortization of intangible assets	10		10		21		21
Total Depreciation and amortization	$	62	$	68	$	126	$	140
Interest Expense (1)
Total reported segments	$	34	$	26	$	70	$	50
Corporate	12		23		26		52
Total Interest expense	$	46	$	49	$	96	$	102
Interest Income
Total reported segments	$	49	$	52	$	101	$	105
Corporate	4		3		9		4
Total Interest income	$	53	$	55	$	110	$	109

_____________

(1)Amounts for 2022 have been recasted to conform to the current year's reporting presentation. See the Segment Reporting Change section below.

The following provides the segment revenues and profits for each of the quarters of 2022 and the full-year 2022, and the first quarter 2023 periods, recasted to conform to our new segment measurements:

	2022										2023
	Q1		Q2		Q3		Q4		Full Year		Q1
Segment Revenues:
As Reported:
Print and Other	$	1,550	$	1,633	$	1,641	$	1,843	$	6,667	$	1,613
FITTLE	158		151		150		151		610		154
Intersegment revenue(1)	(40)		(37)		(40)		(53)		(170)		(52)
Total External Revenue	$	1,668	$	1,747	$	1,751	$	1,941	$	7,107	$	1,715
Change:
Print and Other	$	43	$	40	$	35	$	19	$	137	$	23
FITTLE	(60)		(55)		(52)		(50)		(217)		(52)
Intersegment revenue(1)	17		15		17		31		80		29
Total External Revenue	$	—	$	—	$	—	$	—	$	—	$	—
As Recasted:
Print and Other	$	1,593	$	1,673	$	1,676	$	1,862	$	6,804	$	1,636
FITTLE	98		96		98		101		393		102
Intersegment revenue(1)	(23)		(22)		(23)		(22)		(90)		(23)
Total External Revenue	$	1,668	$	1,747	$	1,751	$	1,941	$	7,107	$	1,715

_____________

(1)Intersegment revenue is primarily commissions and other payments made by the FITTLE Segment to the Print and Other Segment for the lease of Xerox equipment placements.

	2022										2023
	Q1		Q2		Q3		Q4		Full Year		Q1
Segment Profit/(Loss):
As Reported:
Print and Other	$	(20)	$	18	$	57	$	183	$	238	$	106
FITTLE	17		17		8		(5)		37		12
Total	$	(3)	$	35	$	65	$	178	$	275	$	118
Change:
Print and Other	$	9	$	11	$	6	$	(6)	$	20	$	(6)
FITTLE	(9)		(11)		(6)		6		(20)		6
Total	$	—	$	—	$	—	$	—	$	—	$	—
As Recasted:
Print and Other	$	(11)	$	29	$	63	$	177	$	258	$	100
FITTLE	8		6		2		1		17		18
Total	$	(3)	$	35	$	65	$	178	$	275	$	118