XML 59 R45.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Debt (Tables)
 6 Months Ended
Jun. 30, 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.
June 30, 2024
Finance Receivables, Net(1)
Equipment on Operating Leases, Net
Secured Debt(2)
Interest Rate(3)
Expected Maturity
Canada(4)
July 2023$66 $— $56 6.14 %2026
France
November 2023180— 1205.28 %2026
Total$246 $— $176 
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(5)
$209 $— $77 6.82 %2024
September 2021(5)
892256.76 %2024
Total U.S.298 2102
Canada(4)
July 202386— 776.74 %2026
France
November 2023235— 1825.42 %2026
Total$619 $2 $361 
_____________
(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 June 30, 2024 and December 31, 2023.
(2)Represents the principal debt balance and excludes debt issuance costs of $0 and $1 as of June 30, 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.
(5)In the second quarter of 2024, we repaid the remaining balances on these secured borrowings.
Schedule of Interest Income and Interest Expense Disclosure
Interest expense and income were as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Interest expense(1)(2)
$60 $46 $113 $96 
Interest income(3)
42 53 87 110 
____________
(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 Income (Loss).
(2)Interest expense of Xerox Corporation included intercompany interest expense associated with the Xerox Holdings Corporation / Xerox Corporation Intercompany Loan of $29 and $19 for the three months ended June 30, 2024 and 2023, respectively, and $51 and $39 for the six months ended June 30, 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 Income (Loss).