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Debt (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of short-term borrowings
Short-term borrowings were as follows:
December 31,
 20212020
Short-term debt and current portion of long-term debt
Xerox Holdings Corporation$— $— 
Xerox Corporation300 — 
Xerox - Other Subsidiaries(1)
350 394 
Total$650 $394 
_____________
(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, 2021(1) 
20212020
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 20224.07 %4.07 %$300 $300 
Senior Notes due 2023(2)
4.38 %3.68 %1,000 1,000 
Senior Notes due 20243.80 %3.84 %300 300 
Senior Notes due 20354.80 %4.84 %250 250 
Senior Notes due 20396.75 %6.78 %350 350 
Subtotal - Xerox Corporation$2,200 $2,200 
Xerox - Other Subsidiaries(3)
Secured Borrowing - July 20201.76 %— %$— $267 
Secured Borrowing - December 20201.74 %1.74 %268 500 
Secured Borrowing - September 20211.40 %1.40 %293 — 
Subtotal - Xerox - Other Subsidiaries$561 $767 
Principal debt balance$4,261 $4,467 
Xerox Holdings Corporation - Debt issuance costs(11)(13)
Xerox Corporation - Debt issuance costs(6)(11)
Xerox - Other subsidiaries - Debt issuance costs(1)(3)
Subtotal - Debt issuance costs(18)(27)
Unamortized premium3 3 
Fair value adjustments(4)
   Terminated swaps— 1 
   Current swaps— — 
Less: current maturities (650)(394)
Total Long-term Debt$3,596 $4,050 
_____________
(1)Represents the weighted average effective interest rate, which includes the effect of discounts and premiums on issued debt.
(2)As a result of the downgrade of our debt ratings in August 2020, the coupon rate of 4.125% increased by 0.25% to 4.375% effective September 15, 2020.
(3)The rates disclosed for Other Subsidiaries of Xerox Corporation are variable interest rates. Refer to the Secured Borrowings and Collateral section below for additional information.
(4)Fair value adjustments include the following: (i) fair value adjustments to debt associated with terminated interest rate swaps, which are being amortized to interest expense over the remaining term of the related notes; and (ii) changes in fair value of hedged debt obligations attributable to movements in benchmark interest rates. Hedge accounting requires hedged debt instruments to be reported inclusive of any fair value adjustment.
Schedule of maturities of long-term debt
Scheduled principal payments due on our long-term debt for the next five years and thereafter are as follows:
2022(1)
2023202420252026ThereafterTotal 
Xerox Holdings Corporation$— $— $— $750 $— $750 $1,500 
Xerox Corporation300 1,000 300 — — 600 2,200 
Xerox - Other Subsidiaries(2)

351 185 25 — — — 561 
Total$651 $1,185 $325 $750 $— $1,350 $4,261 
_____________
(1)Current portion of long-term debt maturities for 2022 are $396, $92, $85 and $78 for the first, second, third and fourth quarters, respectively.
(2)Represents subsidiaries of Xerox Corporation.
Schedule of assets and liabilities held by SPE
Below are the assets and liabilities held by the consolidated SPEs, which are included in our Consolidated Balance Sheet:
December 31,
2021		December 31,
2020
Assets held by SPEs
Billed portion of finance receivables, net$27 $28 
Finance receivables, net299350
Finance receivables due after one year, net362510
Equipment on operating leases, net88
Restricted cash(1)
3222
Total Assets
$728 $918 
Liabilities held by SPEs
Current portion of long-term debt, net(2)
$350 $394 
Long term debt, net210370
Total Liabilities $560 $764 
_____________
(1)Restricted cash is included in Other current assets in our Consolidated Balance Sheet.
(2)Amounts net of unamortized debt issuance costs of $1.
Interest income and interest expense disclosure
Interest expense and interest income was as follows:
Year Ended December 31,
 202120202019
Interest expense(1) (2)
$207 $215 $236 
Interest income(3)
225 240 260 
_____________
(1)Includes Equipment financing interest as well as non-financing interest expense included in Other expenses, net in the Consolidated Statements of (Loss) Income.
(2)Interest expense of Xerox Corporation included intercompany expense associated with the Xerox Holdings Corporation/Xerox Corporation Intercompany Loan of $80 and $32 for the years ended December 31, 2021 and 2020, respectively.
(3)Includes Finance income, as well as other interest income that is included in Other expenses, net in the Consolidated Statements of (Loss) Income.