Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

Selected financial information for our reportable segments was as follows:

	Three Months Ended June 30,
	2024									2023
	Print and Other			XFS			Total			Print and Other			XFS			Total
External revenue	$	1,489		$	89		$	1,578		$	1,653		$	101		$	1,754
Intersegment revenue(1)	19			—			19			21			—			21
Total Segment revenue	$	1,508		$	89		$	1,597		$	1,674		$	101		$	1,775
Segment profit	$	81		$	4		$	85		$	107		$	—		$	107
Segment margin(2)	5.4		%	4.5		%	5.4		%	6.5		%	—		%	6.1		%
Depreciation and amortization	$	49		$	—		$	49		$	52		$	—		$	52
Interest income	—			38			38			—			49			49
Interest expense	—			29			29			—			34			34

	Six Months Ended June 30,
	2024									2023
	Print and Other			XFS			Total			Print and Other			XFS			Total
External revenue	$	2,900		$	180		$	3,080		$	3,266		$	203		$	3,469
Intersegment revenue(1)	38			—			38			44			—			44
Total Segment revenue	$	2,938		$	180		$	3,118		$	3,310		$	203		$	3,513
Segment profit	$	114		$	4		$	118		$	207		$	18		$	225
Segment margin(2)	3.9		%	2.2		%	3.8		%	6.3		%	8.9		%	6.5		%
Depreciation and amortization	$	98		$	—		$	98		$	105		$	—		$	105
Interest income	—			80			80			—			101			101
Interest expense	—			56			56			—			70			70

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

(2)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,
	2024		2023		2024		2023
Pre-tax (Loss) Income
Total reported segments	$	85	$	107	$	118	$	225
Restructuring and related costs, net	(12)		(23)		(51)		(25)
Amortization of intangible assets	(10)		(10)		(20)		(21)
Divestiture	3		—		(51)		—
PARC donation	—		(132)		—		(132)
Inventory-related impact - exit of certain production print manufacturing operations(1)	(8)		—		(44)		—
Other expenses, net	(33)		(31)		(77)		(51)
Total Pre-tax (loss) income	$	25	$	(89)	$	(125)	$	(4)
Depreciation and Amortization
Total reported segments	$	49	$	52	$	98	$	105
Amortization of intangible assets	10		10		20		21
Total Depreciation and amortization	$	59	$	62	$	118	$	126
Interest Expense
Total reported segments	$	29	$	34	$	56	$	70
Corporate	31		12		57		26
Total Interest expense	$	60	$	46	$	113	$	96
Interest Income
Total reported segments	$	38	$	49	$	80	$	101
Corporate	4		4		7		9
Total Interest income	$	42	$	53	$	87	$	110

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(1)Reflects the reduction of inventory of approximately $6 and $38 and the cancellation of related purchase contracts of approximately $2 and $6, as a result of the exit of certain production print manufacturing operations during the three and six months ended June 30, 2024, respectively.