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Debt (Tables)
 3 Months Ended
Mar. 31, 2024
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, 2024
Finance Receivables, Net(1)
Equipment on Operating Leases, Net
Secured Debt(2)
Interest Rate(3)
Expected Maturity
U.S.(4)
January 2022$183 $2 $35 6.71 %2024
September 202173— 46.73 %2024
Total U.S.256239
Canada(4)
July 202376— 666.39 %2026
France
November 2023205— 1485.39 %2025
Total$537 $2 $253 
December 31, 2023
Finance Receivables, Net(1)
Equipment on Operating Leases, Net
Secured Debt(2)
Interest Rate(3)
Expected Maturity
U.S.(4)
January 2022$209 $— $77 6.82 %2024
September 2021892256.76 %2024
Total U.S.298 2102
Canada(4)
July 202386— 776.74 %2026
France
November 2023235— 1825.42 %2026
Total$619 $2 $361 
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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, 2024 and December 31, 2023.
(2)Represents the principal debt balance and excludes debt issuance costs of $1 and $1 as of March 31, 2024 and December 31, 2023, respectively.
(3)Represents the pre-hedged rate. Refer to Note 14 - 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,
20242023
Interest expense(1)(2)
$53 $50 
Interest income(3)
45 57 
____________
(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 $22 and $20 for the three months ended March 31, 2024 and 2023, respectively.
(3)Includes Financing income as well as other interest income that is included in Other expenses, net in the Condensed Consolidated Statements of (Loss) Income.