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Debt (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Short-term Borrowings
Short-term borrowings were as follows:
December 31,
 20222021
Short-term debt and current portion of long-term debt
Xerox Holdings Corporation$— $— 
Xerox Corporation300 300 
Xerox - Other Subsidiaries(1)
560 350 
Total$860 $650 
_____________
(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, 2022(1) 
20222021
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 $1,500 
Xerox Corporation
Senior Notes due 20224.07 %— %$— $300 
Senior Notes due 2023(2)
4.38 %4.63 %300 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$1,200 $2,200 
Xerox - Other Subsidiaries(3)
United States$790 $561 
Canada57 — 
France195 — 
Subtotal Secured Borrowings$1,042 $561 
Principal debt balance$3,742 $4,261 
Xerox Holdings Corporation - Debt issuance costs(9)(11)
Xerox Corporation - Debt issuance costs(4)(6)
Xerox - Other subsidiaries - Debt issuance costs(5)(1)
Subtotal - Debt issuance costs$(18)$(18)
Unamortized premium2 3 
Less: current maturities (860)(650)
Total Long-term Debt$2,866 $3,596 
_____________
(1)Represents the weighted average effective interest rate, which includes the effect of discounts and premiums on issued debt.
(2)As a result of the downgrade of our debt ratings in February 2022, the coupon rate of 4.375% increased by 0.25% to 4.625% effective March 15, 2022.
(3)Refer to the Secured Borrowings and Collateral section below for additional information.
Schedule of Maturities of Long-term Debt
Scheduled principal payments due on our long-term debt for the next five years and thereafter are as follows:
2023(1)
2024202520262027ThereafterTotal 
Xerox Holdings Corporation$— $— $750 $— $— $750 $1,500 
Xerox Corporation300 300 — — — 600 1,200 
Xerox - Other Subsidiaries(2)

562 368 112 — — — 1,042 
Total$862 $668 $862 $— $— $1,350 $3,742 
_____________
(1)Current portion of long-term debt maturities for 2023 are $447, $146, $139 and $130 for the first, second, third and fourth quarters, respectively.
(2)Represents subsidiaries of Xerox Corporation.
Schedule of Secured Assets and Obligations
Below are the secured assets and obligations held by subsidiaries of Xerox, which are included in our Consolidated Balance Sheets.
Balance at December 31, 2022
Finance Receivables, Net(1)
Equipment on Operating Leases, Net
Secured Debt(2)
Interest Rate(4)
Expected Maturity
United States(3)
December 2022$370 $— $247 7.43 %2025
January 2022528 — 407 5.83 %2024
September 2021180 5 136 5.65 %2024
Total U.S.$1,078 $5 $790 
Canada(3)
April 2022$63 $— $57 5.45 %2025
France
December 2022$235 $— $195 3.03 %2025
Total$1,376 $5 $1,042 
Balance at December 31, 2021
Finance Receivables, Net(1)
Equipment on Operating Leases, Net
Secured Debt(2)
Interest Rate(4)
Expected Maturity
United States(3)
September 2021$308 $8 $293 1.40 %2024
December 2020380 — 268 1.74 %2023
Total U.S.$688 $8 $561 
_____________
(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 consolidated balance sheets as of December 31, 2022 and 2021.
(2)Represents Principal Balance and excludes debt issuance costs of $5 and $1 as of December 31, 2022 and 2021, respectively.
(3)Secured assets and obligations held by SPEs.
(4)Represents the pre-hedged rate - refer to Note 16 - Financial Instruments for details regarding hedging of these borrowings.
Schedule of Interest Income and Interest Expense Disclosure
Interest expense and interest income was as follows:
Year Ended December 31,
 202220212020
Interest expense(1) (2)
$199 $207 $215 
Interest income(3)
218 225 240 
_____________
(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, $80 and $32 for the three years ended December 31, 2022, 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.