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Fair Value of Financial Assets and Liabilities
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value of Financial Assets and Liabilities Fair Value of Financial Assets and Liabilities
The following table represents assets and liabilities measured at fair value on a recurring basis. The basis for the measurement at fair value in all cases is Level 2 – Significant Other Observable Inputs. 
June 30,
2024		December 31,
2023
Assets
Derivatives$3 $11 
Deferred compensation plan investments in mutual funds14 14 
Total$17 $25 
Liabilities
Derivatives$8 $8 
Deferred compensation plan liabilities13 13 
Total$21 $21 
We utilize the income approach to measure the fair value for our derivative assets and liabilities. The income approach uses pricing models that rely on market observable inputs such as yield curves, currency exchange rates and forward prices, and therefore are classified as Level 2.
Fair value for our deferred compensation plan investments in mutual funds is based on quoted market prices for those funds. Fair value for deferred compensation plan liabilities is based on the fair value of investments corresponding to employees’ investment selections.
Summary of Other Financial Assets and Liabilities
The estimated fair values of our other financial assets and liabilities were as follows:
 June 30, 2024December 31, 2023
 
Carrying
Amount
Fair
Value
Carrying
Amount
Fair
Value
Cash and cash equivalents(1)
$485 $485 $519 $519 
Accounts receivable, net847 847 850 850 
Short-term debt and current portion of long-term debt129 135 567 567 
Long-term Debt
Xerox Holdings Corporation2,020 1,830 1,497 1,410 
Xerox Corporation1,085 963 1,096 1,023 
Xerox - Other Subsidiaries(2)
69 69 117 117 
Long-term debt$3,174 $2,862 $2,710 $2,550 
____________
(1)Xerox Corporation Cash and cash equivalents of $483 excludes $2 of cash held by Myriad Ventures Fund I LP.
(2)Represents subsidiaries of Xerox Corporation
The fair value amounts for Cash and cash equivalents and Accounts receivable, net, approximate carrying amounts due to the short maturities of these instruments. The fair value of Short-term debt, including the current portion of long-term debt, and Long-term debt was estimated based on the current rates offered to us for debt of similar maturities (Level 2). The difference between the fair value and the carrying value represents the theoretical net premium or discount we would pay or receive to retire all debt at such date.