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Debt (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Short-term Borrowings
Short-term borrowings were as follows:
December 31,
 20232022
Short-term debt and current portion of long-term debt
Xerox Holdings Corporation$— $— 
Xerox Corporation323 300 
Xerox - Other Subsidiaries(1)
244 560 
Total$567 $860 
_____________
(1)Represents subsidiaries of Xerox Corporation.
Schedule of Long-term Debt
Long-term debt was as follows:
December 31,
 Stated Rate
Weighted Average Interest Rates at December 31, 2023(1) 
20232022
Xerox Holdings Corporation
Senior Notes due 20255.00 %4.95 %$750 $750 
Senior Notes due 20285.50 %5.40 %750 750 
Subtotal - Xerox Holdings Corporation$1,500 $1,500 
Xerox Corporation
Senior Notes due 2023(2)
4.38 %4.63 %$— $300 
Senior Notes due 20243.80 %3.84 %300 300 
Term Loan B due 2029(3)
9.34 %9.65 %550 — 
Senior Notes due 20354.80 %4.84 %250 250 
Senior Notes due 20396.75 %6.78 %350 350 
Subtotal - Xerox Corporation$1,450 $1,200 
Xerox - Other Subsidiaries(3)
United States$102 $790 
Canada77 57 
France182 195 
Subtotal Xerox - Other Subsidiaries$361 $1,042 
Principal debt balance$3,311 $3,742 
Xerox Holdings Corporation - Debt issuance costs(6)(9)
Xerox Corporation - Debt issuance costs(12)(4)
Xerox - Other subsidiaries - Debt issuance costs(1)(5)
Subtotal - Debt issuance costs$(19)$(18)
Unamortized (discount) premium(15)2 
Less: current maturities (567)(860)
Total Long-term Debt$2,710 $2,866 
_____________
(1)Represents the weighted average effective interest rate, which includes the effect of discounts and premiums on issued debt.
(2)As a result of the downgrade of our debt ratings in February 2022, the coupon rate of 4.375% increased by 0.25% to 4.625% effective March 15, 2022.
(3)Represent secured borrowings of Xerox Corporation and its Other subsidiaries. Refer to the Secured Borrowings and Collateral section below for additional information regarding the secured borrowings of Other subsidiaries, which are secured by finance receivables..
Schedule of Maturities of Long-term Debt
Scheduled principal payments due on our long-term debt for the next five years and thereafter are as follows:
2024(1)
2025202620272028ThereafterTotal 
Xerox Holdings Corporation$— $750 $— $— $750 $— $1,500 
Xerox Corporation328 27 41 55 55 944 1,450 
Xerox - Other Subsidiaries(2)

244 102 15 — — — 361 
Total$572 $879 $56 $55 $805 $944 $3,311 
_____________
(1)Current portion of long-term debt maturities for 2024 are $113, $378, $41 and $40 for the first, second, third and fourth quarters, respectively.
(2)Represents subsidiaries of Xerox Corporation.
Schedule of Secured Assets and Obligations
Below are the secured assets and obligations held by subsidiaries of Xerox, which are included in our Consolidated Balance Sheets.
Balance at December 31, 2023
Finance Receivables, Net(1)
Equipment on Operating Leases, Net
Secured Debt(2)
Interest Rate(3)
Expected Maturity
United States(4)
January 2022209 — 77 6.82 %2024
September 202189 2 25 6.76 %2024
Total U.S.$298 $2 $102 
Canada(4)(5)
July 2023$86 $— $77 6.74 %2026
France(6)
November 2023$235 $— $182 5.42 %2026
Total$619 $2 $361 
Balance at 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(7)
$370 $— $247 7.43 %2025
January 2022528 — 407 5.83 %2024
September 2021180 5 136 5.65 %2024
Total U.S.$1,078 $5 $790 
Canada(4)
April 2022$63 $— $57 5.45 %2025
France
December 2022$235 $— $195 3.03 %2025
Total$1,376 $5 $1,042 
_____________
(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 Consolidated Balance Sheets as of December 31, 2023 and 2022.
(2)Represents principal debt balance and excludes debt issuance costs of $1 and $5 as of December 31, 2023 and 2022, respectively.
(3)Represents the pre-hedged rate - refer to Note 16 - Financial Instruments for additional information regarding hedging of these borrowings.
(4)Secured assets and obligations held by SPEs.
(5)In July 2023, the outstanding balance from the April 2022 loan, was refinanced into a new loan, resulting in additional net proceeds of approximately $52.
(6)In November 2023, the outstanding balance from the December 2022 loan, was refinanced into a new loan, resulting in additional net proceeds of approximately $107.
(7)In the second quarter of 2023, we repaid the remaining balance of $185 early, and incurred a $2 loss on extinguishment.
Schedule of Interest Income and Interest Expense Disclosure Interest expense and interest income was as follows:
Year Ended December 31,
 202320222021
Interest expense(1) (2)
$198 $199 $207 
Interest income(3)
207 218 225 
_____________
(1)Includes Equipment financing interest as well as non-financing interest expense included in Other expenses, net in the Consolidated Statements of Income (Loss).
(2)Interest expense of Xerox Corporation included intercompany expense associated with the Xerox Holdings Corporation/Xerox Corporation Intercompany Loan of $80, $80 and $80 for the three years ended December 31, 2023, 2022 and 2021, respectively.
(3)Includes Finance income, as well as other interest income that is included in Other expenses, net in the Consolidated Statements of Income (Loss).