10-Q 1 xrx-20220930.htm 10-Q xrx-20220930
0001770450000010877212/312022Q3FALSEhttp://fasb.org/us-gaap/2022#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2022#OtherAssetsNoncurrenthttp://www.xerox.com/20220930#AccruedAndOtherLiabilitiesCurrenthttp://www.xerox.com/20220930#AccruedAndOtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2022#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2022#OtherLiabilitiesNoncurrent00017704502022-01-012022-09-300001770450xrx:XeroxCorporationMember2022-01-012022-09-3000017704502022-10-31xbrli:shares0001770450us-gaap:ProductMember2022-07-012022-09-30iso4217:USD0001770450us-gaap:ProductMember2021-07-012021-09-300001770450us-gaap:ProductMember2022-01-012022-09-300001770450us-gaap:ProductMember2021-01-012021-09-300001770450us-gaap:ServiceMember2022-07-012022-09-300001770450us-gaap:ServiceMember2021-07-012021-09-300001770450us-gaap:ServiceMember2022-01-012022-09-300001770450us-gaap:ServiceMember2021-01-012021-09-300001770450us-gaap:FinancialServiceMember2022-07-012022-09-300001770450us-gaap:FinancialServiceMember2021-07-012021-09-300001770450us-gaap:FinancialServiceMember2022-01-012022-09-300001770450us-gaap:FinancialServiceMember2021-01-012021-09-3000017704502022-07-012022-09-3000017704502021-07-012021-09-3000017704502021-01-012021-09-30iso4217:USDxbrli:shares00017704502022-09-3000017704502021-12-3100017704502020-12-3100017704502021-09-300001770450us-gaap:ProductMemberxrx:XeroxCorporationMember2022-07-012022-09-300001770450us-gaap:ProductMemberxrx:XeroxCorporationMember2021-07-012021-09-300001770450us-gaap:ProductMemberxrx:XeroxCorporationMember2022-01-012022-09-300001770450us-gaap:ProductMemberxrx:XeroxCorporationMember2021-01-012021-09-300001770450us-gaap:ServiceMemberxrx:XeroxCorporationMember2022-07-012022-09-300001770450us-gaap:ServiceMemberxrx:XeroxCorporationMember2021-07-012021-09-300001770450us-gaap:ServiceMemberxrx:XeroxCorporationMember2022-01-012022-09-300001770450us-gaap:ServiceMemberxrx:XeroxCorporationMember2021-01-012021-09-300001770450xrx:XeroxCorporationMemberus-gaap:FinancialServiceMember2022-07-012022-09-300001770450xrx:XeroxCorporationMemberus-gaap:FinancialServiceMember2021-07-012021-09-300001770450xrx:XeroxCorporationMemberus-gaap:FinancialServiceMember2022-01-012022-09-300001770450xrx:XeroxCorporationMemberus-gaap:FinancialServiceMember2021-01-012021-09-300001770450xrx:XeroxCorporationMember2022-07-012022-09-300001770450xrx:XeroxCorporationMember2021-07-012021-09-300001770450xrx:XeroxCorporationMember2021-01-012021-09-300001770450xrx:XeroxCorporationMember2022-09-300001770450xrx:XeroxCorporationMember2021-12-310001770450xrx:XeroxCorporationMember2020-12-310001770450xrx:XeroxCorporationMember2021-09-3000017704502021-01-012021-12-31xrx:segmentxrx:unit0001770450xrx:PrintAndOtherMember2022-01-012022-09-300001770450country:US2022-07-012022-09-300001770450country:US2021-07-012021-09-300001770450country:US2022-01-012022-09-300001770450country:US2021-01-012021-09-300001770450srt:EuropeMember2022-07-012022-09-300001770450srt:EuropeMember2021-07-012021-09-300001770450srt:EuropeMember2022-01-012022-09-300001770450srt:EuropeMember2021-01-012021-09-300001770450country:CA2022-07-012022-09-300001770450country:CA2021-07-012021-09-300001770450country:CA2022-01-012022-09-300001770450country:CA2021-01-012021-09-300001770450xrx:OtherGeographicalMarketsMember2022-07-012022-09-300001770450xrx:OtherGeographicalMarketsMember2021-07-012021-09-300001770450xrx:OtherGeographicalMarketsMember2022-01-012022-09-300001770450xrx:OtherGeographicalMarketsMember2021-01-012021-09-300001770450us-gaap:ManufacturedProductOtherMember2022-07-012022-09-300001770450us-gaap:ManufacturedProductOtherMember2021-07-012021-09-300001770450us-gaap:ManufacturedProductOtherMember2022-01-012022-09-300001770450us-gaap:ManufacturedProductOtherMember2021-01-012021-09-300001770450xrx:SuppliesPaperAndOtherSalesMember2022-07-012022-09-300001770450xrx:SuppliesPaperAndOtherSalesMember2021-07-012021-09-300001770450xrx:SuppliesPaperAndOtherSalesMember2022-01-012022-09-300001770450xrx:SuppliesPaperAndOtherSalesMember2021-01-012021-09-300001770450us-gaap:MaintenanceMember2022-07-012022-09-300001770450us-gaap:MaintenanceMember2021-07-012021-09-300001770450us-gaap:MaintenanceMember2022-01-012022-09-300001770450us-gaap:MaintenanceMember2021-01-012021-09-300001770450xrx:ServiceArrangementsMember2022-07-012022-09-300001770450xrx:ServiceArrangementsMember2021-07-012021-09-300001770450xrx:ServiceArrangementsMember2022-01-012022-09-300001770450xrx:ServiceArrangementsMember2021-01-012021-09-300001770450xrx:RentalAndOtherMember2022-07-012022-09-300001770450xrx:RentalAndOtherMember2021-07-012021-09-300001770450xrx:RentalAndOtherMember2022-01-012022-09-300001770450xrx:RentalAndOtherMember2021-01-012021-09-300001770450us-gaap:ProductMemberxrx:SalesChannelDirectEquipmentLeaseMember2022-07-012022-09-300001770450us-gaap:ProductMemberxrx:SalesChannelDirectEquipmentLeaseMember2021-07-012021-09-300001770450us-gaap:ProductMemberxrx:SalesChannelDirectEquipmentLeaseMember2022-01-012022-09-300001770450us-gaap:ProductMemberxrx:SalesChannelDirectEquipmentLeaseMember2021-01-012021-09-300001770450us-gaap:SalesChannelThroughIntermediaryMemberus-gaap:ProductMember2022-07-012022-09-300001770450us-gaap:SalesChannelThroughIntermediaryMemberus-gaap:ProductMember2021-07-012021-09-300001770450us-gaap:SalesChannelThroughIntermediaryMemberus-gaap:ProductMember2022-01-012022-09-300001770450us-gaap:SalesChannelThroughIntermediaryMemberus-gaap:ProductMember2021-01-012021-09-300001770450us-gaap:ProductMemberus-gaap:SalesChannelDirectlyToConsumerMember2022-07-012022-09-300001770450us-gaap:ProductMemberus-gaap:SalesChannelDirectlyToConsumerMember2021-07-012021-09-300001770450us-gaap:ProductMemberus-gaap:SalesChannelDirectlyToConsumerMember2022-01-012022-09-300001770450us-gaap:ProductMemberus-gaap:SalesChannelDirectlyToConsumerMember2021-01-012021-09-300001770450xrx:ContractFulfillmentCostsandInducementsMember2022-09-300001770450xrx:ContractFulfillmentCostsandInducementsMember2021-12-310001770450xrx:ContractFulfillmentCostsandInducementsMember2022-07-012022-09-300001770450xrx:ContractFulfillmentCostsandInducementsMember2021-07-012021-09-300001770450xrx:ContractFulfillmentCostsandInducementsMember2022-01-012022-09-300001770450xrx:ContractFulfillmentCostsandInducementsMember2021-01-012021-09-3000017704502022-01-012022-03-31xrx:business0001770450xrx:PrintAndOtherMember2022-07-012022-09-300001770450xrx:FinancingFITTLEMember2022-07-012022-09-300001770450xrx:PrintAndOtherMember2021-07-012021-09-300001770450xrx:FinancingFITTLEMember2021-07-012021-09-300001770450xrx:PrintAndOtherMemberus-gaap:IntersegmentEliminationMember2022-07-012022-09-300001770450us-gaap:IntersegmentEliminationMemberxrx:FinancingFITTLEMember2022-07-012022-09-300001770450us-gaap:IntersegmentEliminationMember2022-07-012022-09-300001770450xrx:PrintAndOtherMemberus-gaap:IntersegmentEliminationMember2021-07-012021-09-300001770450us-gaap:IntersegmentEliminationMemberxrx:FinancingFITTLEMember2021-07-012021-09-300001770450us-gaap:IntersegmentEliminationMember2021-07-012021-09-300001770450xrx:PrintAndOtherMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300001770450us-gaap:OperatingSegmentsMemberxrx:FinancingFITTLEMember2022-07-012022-09-300001770450us-gaap:OperatingSegmentsMember2022-07-012022-09-300001770450xrx:PrintAndOtherMemberus-gaap:OperatingSegmentsMember2021-07-012021-09-300001770450us-gaap:OperatingSegmentsMemberxrx:FinancingFITTLEMember2021-07-012021-09-300001770450us-gaap:OperatingSegmentsMember2021-07-012021-09-30xbrli:pure0001770450xrx:FinancingFITTLEMember2022-01-012022-09-300001770450xrx:PrintAndOtherMember2021-01-012021-09-300001770450xrx:FinancingFITTLEMember2021-01-012021-09-300001770450xrx:PrintAndOtherMemberus-gaap:IntersegmentEliminationMember2022-01-012022-09-300001770450us-gaap:IntersegmentEliminationMemberxrx:FinancingFITTLEMember2022-01-012022-09-300001770450us-gaap:IntersegmentEliminationMember2022-01-012022-09-300001770450xrx:PrintAndOtherMemberus-gaap:IntersegmentEliminationMember2021-01-012021-09-300001770450us-gaap:IntersegmentEliminationMemberxrx:FinancingFITTLEMember2021-01-012021-09-300001770450us-gaap:IntersegmentEliminationMember2021-01-012021-09-300001770450xrx:PrintAndOtherMemberus-gaap:OperatingSegmentsMember2022-01-012022-09-300001770450us-gaap:OperatingSegmentsMemberxrx:FinancingFITTLEMember2022-01-012022-09-300001770450us-gaap:OperatingSegmentsMember2022-01-012022-09-300001770450xrx:PrintAndOtherMemberus-gaap:OperatingSegmentsMember2021-01-012021-09-300001770450us-gaap:OperatingSegmentsMemberxrx:FinancingFITTLEMember2021-01-012021-09-300001770450us-gaap:OperatingSegmentsMember2021-01-012021-09-300001770450us-gaap:CorporateNonSegmentMember2022-07-012022-09-300001770450us-gaap:CorporateNonSegmentMember2021-07-012021-09-300001770450us-gaap:CorporateNonSegmentMember2022-01-012022-09-300001770450us-gaap:CorporateNonSegmentMember2021-01-012021-09-300001770450xrx:PowerlandMember2022-01-012022-03-31iso4217:CAD0001770450xrx:PowerlandMember2022-03-310001770450xrx:GoInspireMember2022-07-012022-07-31iso4217:GBP0001770450us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember2022-09-300001770450xrx:COVID19PandemicAidAndEconomicStimulusSavingsMember2022-07-012022-09-300001770450xrx:COVID19PandemicAidAndEconomicStimulusSavingsMember2021-07-012021-09-300001770450xrx:COVID19PandemicAidAndEconomicStimulusSavingsMember2022-01-012022-09-300001770450xrx:COVID19PandemicAidAndEconomicStimulusSavingsMember2021-01-012021-09-300001770450us-gaap:OtherCurrentAssetsMember2022-09-300001770450us-gaap:OtherCurrentAssetsMember2021-12-310001770450us-gaap:OtherNoncurrentAssetsMember2022-09-300001770450us-gaap:OtherNoncurrentAssetsMember2021-12-310001770450us-gaap:AccountsReceivableMember2022-09-300001770450us-gaap:AccountsReceivableMember2021-12-310001770450us-gaap:AccountsReceivableMember2020-12-310001770450us-gaap:AccountsReceivableMember2022-01-012022-03-310001770450us-gaap:AccountsReceivableMember2021-01-012021-03-310001770450us-gaap:AccountsReceivableMember2022-03-310001770450us-gaap:AccountsReceivableMember2021-03-310001770450us-gaap:AccountsReceivableMember2022-04-012022-06-300001770450us-gaap:AccountsReceivableMember2021-04-012021-06-300001770450us-gaap:AccountsReceivableMember2022-06-300001770450us-gaap:AccountsReceivableMember2021-06-300001770450us-gaap:AccountsReceivableMember2022-07-012022-09-300001770450us-gaap:AccountsReceivableMember2021-07-012021-09-300001770450us-gaap:AccountsReceivableMember2021-09-300001770450us-gaap:CreditConcentrationRiskMemberxrx:CustomersMemberus-gaap:AccountsReceivableMember2022-01-012022-09-300001770450us-gaap:CreditConcentrationRiskMemberxrx:CustomersMemberus-gaap:AccountsReceivableMember2021-01-012021-12-31xrx:facility0001770450us-gaap:AccountsReceivableMember2022-01-012022-09-300001770450us-gaap:AccountsReceivableMember2021-01-012021-09-300001770450us-gaap:CreditConcentrationRiskMemberus-gaap:FinanceReceivablesMemberxrx:UnitedStatesCanadaAndEMEAMember2022-01-012022-09-300001770450us-gaap:CreditConcentrationRiskMemberus-gaap:FinanceReceivablesMemberxrx:UnitedStatesCanadaAndEMEAMember2021-01-012021-12-310001770450us-gaap:CreditConcentrationRiskMemberus-gaap:FinanceReceivablesMemberxrx:UnitedStatesCanadaAndEMEAMember2020-01-012020-12-310001770450country:US2021-12-310001770450country:CA2021-12-310001770450srt:EuropeMember2021-12-310001770450country:US2022-01-012022-03-310001770450country:CA2022-01-012022-03-310001770450srt:EuropeMember2022-01-012022-03-310001770450country:US2022-03-310001770450country:CA2022-03-310001770450srt:EuropeMember2022-03-3100017704502022-03-310001770450country:US2022-04-012022-06-300001770450country:CA2022-04-012022-06-300001770450srt:EuropeMember2022-04-012022-06-3000017704502022-04-012022-06-300001770450country:US2022-06-300001770450country:CA2022-06-300001770450srt:EuropeMember2022-06-3000017704502022-06-300001770450country:US2022-09-300001770450country:CA2022-09-300001770450srt:EuropeMember2022-09-300001770450country:US2020-12-310001770450country:CA2020-12-310001770450srt:EuropeMember2020-12-310001770450country:US2021-01-012021-03-310001770450country:CA2021-01-012021-03-310001770450srt:EuropeMember2021-01-012021-03-3100017704502021-01-012021-03-310001770450country:US2021-03-310001770450country:CA2021-03-310001770450srt:EuropeMember2021-03-3100017704502021-03-310001770450country:US2021-04-012021-06-300001770450country:CA2021-04-012021-06-300001770450srt:EuropeMember2021-04-012021-06-3000017704502021-04-012021-06-300001770450country:US2021-06-300001770450country:CA2021-06-300001770450srt:EuropeMember2021-06-3000017704502021-06-300001770450country:US2021-09-300001770450country:CA2021-09-300001770450srt:EuropeMember2021-09-300001770450xrx:UnitedStatesDirectMemberus-gaap:RiskLevelLowMember2022-09-300001770450xrx:UnitedStatesDirectMemberus-gaap:RiskLevelMediumMember2022-09-300001770450us-gaap:RiskLevelHighMemberxrx:UnitedStatesDirectMember2022-09-300001770450xrx:UnitedStatesDirectMember2022-09-300001770450xrx:UnitedStatesIndirectMemberus-gaap:RiskLevelLowMember2022-09-300001770450us-gaap:RiskLevelMediumMemberxrx:UnitedStatesIndirectMember2022-09-300001770450us-gaap:RiskLevelHighMemberxrx:UnitedStatesIndirectMember2022-09-300001770450xrx:UnitedStatesIndirectMember2022-09-300001770450country:CAus-gaap:RiskLevelLowMember2022-09-300001770450country:CAus-gaap:RiskLevelMediumMember2022-09-300001770450country:CAus-gaap:RiskLevelHighMember2022-09-300001770450srt:EuropeMemberus-gaap:RiskLevelLowMember2022-09-300001770450srt:EuropeMemberus-gaap:RiskLevelMediumMember2022-09-300001770450us-gaap:RiskLevelHighMembersrt:EuropeMember2022-09-300001770450us-gaap:RiskLevelLowMember2022-09-300001770450us-gaap:RiskLevelMediumMember2022-09-300001770450us-gaap:RiskLevelHighMember2022-09-300001770450xrx:UnitedStatesDirectMemberus-gaap:RiskLevelLowMember2021-12-310001770450xrx:UnitedStatesDirectMemberus-gaap:RiskLevelMediumMember2021-12-310001770450us-gaap:RiskLevelHighMemberxrx:UnitedStatesDirectMember2021-12-310001770450xrx:UnitedStatesDirectMember2021-12-310001770450xrx:UnitedStatesIndirectMemberus-gaap:RiskLevelLowMember2021-12-310001770450us-gaap:RiskLevelMediumMemberxrx:UnitedStatesIndirectMember2021-12-310001770450us-gaap:RiskLevelHighMemberxrx:UnitedStatesIndirectMember2021-12-310001770450xrx:UnitedStatesIndirectMember2021-12-310001770450country:CAus-gaap:RiskLevelLowMember2021-12-310001770450country:CAus-gaap:RiskLevelMediumMember2021-12-310001770450country:CAus-gaap:RiskLevelHighMember2021-12-310001770450srt:EuropeMemberus-gaap:RiskLevelLowMember2021-12-310001770450srt:EuropeMemberus-gaap:RiskLevelMediumMember2021-12-310001770450us-gaap:RiskLevelHighMembersrt:EuropeMember2021-12-310001770450us-gaap:RiskLevelLowMember2021-12-310001770450us-gaap:RiskLevelMediumMember2021-12-310001770450us-gaap:RiskLevelHighMember2021-12-310001770450xrx:DirectMemberus-gaap:BilledRevenuesMemberxrx:FinanceReceivableRecordedInvestmentCurrent1to30DaysPastInvoiceDateMember2022-09-300001770450xrx:DirectMemberus-gaap:BilledRevenuesMemberxrx:FinanceReceivablesRecordedInvestment1to60DaysPastDueMember2022-09-300001770450xrx:DirectMemberus-gaap:BilledRevenuesMemberxrx:FinanceReceivablesRecordedInvestmentGreaterthan60DaysPastDueMember2022-09-300001770450xrx:DirectMemberus-gaap:BilledRevenuesMember2022-09-300001770450xrx:DirectMemberus-gaap:UnbilledRevenuesMember2022-09-300001770450xrx:DirectMember2022-09-300001770450xrx:DirectMemberxrx:FinanceReceivablesRecordedInvestmentGreaterthan60DaysPastDueandStillAccruingMember2022-09-300001770450us-gaap:BilledRevenuesMemberxrx:FinanceReceivableRecordedInvestmentCurrent1to30DaysPastInvoiceDateMemberxrx:IndirectMember2022-09-300001770450us-gaap:BilledRevenuesMemberxrx:FinanceReceivablesRecordedInvestment1to60DaysPastDueMemberxrx:IndirectMember2022-09-300001770450us-gaap:BilledRevenuesMemberxrx:FinanceReceivablesRecordedInvestmentGreaterthan60DaysPastDueMemberxrx:IndirectMember2022-09-300001770450us-gaap:BilledRevenuesMemberxrx:IndirectMember2022-09-300001770450us-gaap:UnbilledRevenuesMemberxrx:IndirectMember2022-09-300001770450xrx:IndirectMember2022-09-300001770450xrx:FinanceReceivablesRecordedInvestmentGreaterthan60DaysPastDueandStillAccruingMemberxrx:IndirectMember2022-09-300001770450us-gaap:BilledRevenuesMemberxrx:FinanceReceivableRecordedInvestmentCurrent1to30DaysPastInvoiceDateMembercountry:US2022-09-300001770450us-gaap:BilledRevenuesMemberxrx:FinanceReceivablesRecordedInvestment1to60DaysPastDueMembercountry:US2022-09-300001770450us-gaap:BilledRevenuesMemberxrx:FinanceReceivablesRecordedInvestmentGreaterthan60DaysPastDueMembercountry:US2022-09-300001770450us-gaap:BilledRevenuesMembercountry:US2022-09-300001770450us-gaap:UnbilledRevenuesMembercountry:US2022-09-300001770450xrx:FinanceReceivablesRecordedInvestmentGreaterthan60DaysPastDueandStillAccruingMembercountry:US2022-09-300001770450us-gaap:BilledRevenuesMembercountry:CAxrx:FinanceReceivableRecordedInvestmentCurrent1to30DaysPastInvoiceDateMember2022-09-300001770450us-gaap:BilledRevenuesMembercountry:CAxrx:FinanceReceivablesRecordedInvestment1to60DaysPastDueMember2022-09-300001770450us-gaap:BilledRevenuesMembercountry:CAxrx:FinanceReceivablesRecordedInvestmentGreaterthan60DaysPastDueMember2022-09-300001770450us-gaap:BilledRevenuesMembercountry:CA2022-09-300001770450country:CAus-gaap:UnbilledRevenuesMember2022-09-300001770450country:CAxrx:FinanceReceivablesRecordedInvestmentGreaterthan60DaysPastDueandStillAccruingMember2022-09-300001770450us-gaap:BilledRevenuesMembersrt:EuropeMemberxrx:FinanceReceivableRecordedInvestmentCurrent1to30DaysPastInvoiceDateMember2022-09-300001770450us-gaap:BilledRevenuesMembersrt:EuropeMemberxrx:FinanceReceivablesRecordedInvestment1to60DaysPastDueMember2022-09-300001770450us-gaap:BilledRevenuesMemberxrx:FinanceReceivablesRecordedInvestmentGreaterthan60DaysPastDueMembersrt:EuropeMember2022-09-300001770450us-gaap:BilledRevenuesMembersrt:EuropeMember2022-09-300001770450srt:EuropeMemberus-gaap:UnbilledRevenuesMember2022-09-300001770450srt:EuropeMemberxrx:FinanceReceivablesRecordedInvestmentGreaterthan60DaysPastDueandStillAccruingMember2022-09-300001770450us-gaap:BilledRevenuesMemberxrx:FinanceReceivableRecordedInvestmentCurrent1to30DaysPastInvoiceDateMember2022-09-300001770450us-gaap:BilledRevenuesMemberxrx:FinanceReceivablesRecordedInvestment1to60DaysPastDueMember2022-09-300001770450us-gaap:BilledRevenuesMemberxrx:FinanceReceivablesRecordedInvestmentGreaterthan60DaysPastDueMember2022-09-300001770450us-gaap:BilledRevenuesMember2022-09-300001770450us-gaap:UnbilledRevenuesMember2022-09-300001770450xrx:FinanceReceivablesRecordedInvestmentGreaterthan60DaysPastDueandStillAccruingMember2022-09-300001770450xrx:DirectMemberus-gaap:BilledRevenuesMemberxrx:FinanceReceivableRecordedInvestmentCurrent1to30DaysPastInvoiceDateMember2021-12-310001770450xrx:DirectMemberus-gaap:BilledRevenuesMemberxrx:FinanceReceivablesRecordedInvestment1to60DaysPastDueMember2021-12-310001770450xrx:DirectMemberus-gaap:BilledRevenuesMemberxrx:FinanceReceivablesRecordedInvestmentGreaterthan60DaysPastDueMember2021-12-310001770450xrx:DirectMemberus-gaap:BilledRevenuesMember2021-12-310001770450xrx:DirectMemberus-gaap:UnbilledRevenuesMember2021-12-310001770450xrx:DirectMember2021-12-310001770450xrx:DirectMemberxrx:FinanceReceivablesRecordedInvestmentGreaterthan60DaysPastDueandStillAccruingMember2021-12-310001770450us-gaap:BilledRevenuesMemberxrx:FinanceReceivableRecordedInvestmentCurrent1to30DaysPastInvoiceDateMemberxrx:IndirectMember2021-12-310001770450us-gaap:BilledRevenuesMemberxrx:FinanceReceivablesRecordedInvestment1to60DaysPastDueMemberxrx:IndirectMember2021-12-310001770450us-gaap:BilledRevenuesMemberxrx:FinanceReceivablesRecordedInvestmentGreaterthan60DaysPastDueMemberxrx:IndirectMember2021-12-310001770450us-gaap:BilledRevenuesMemberxrx:IndirectMember2021-12-310001770450us-gaap:UnbilledRevenuesMemberxrx:IndirectMember2021-12-310001770450xrx:IndirectMember2021-12-310001770450xrx:FinanceReceivablesRecordedInvestmentGreaterthan60DaysPastDueandStillAccruingMemberxrx:IndirectMember2021-12-310001770450us-gaap:BilledRevenuesMemberxrx:FinanceReceivableRecordedInvestmentCurrent1to30DaysPastInvoiceDateMembercountry:US2021-12-310001770450us-gaap:BilledRevenuesMemberxrx:FinanceReceivablesRecordedInvestment1to60DaysPastDueMembercountry:US2021-12-310001770450us-gaap:BilledRevenuesMemberxrx:FinanceReceivablesRecordedInvestmentGreaterthan60DaysPastDueMembercountry:US2021-12-310001770450us-gaap:BilledRevenuesMembercountry:US2021-12-310001770450us-gaap:UnbilledRevenuesMembercountry:US2021-12-310001770450xrx:FinanceReceivablesRecordedInvestmentGreaterthan60DaysPastDueandStillAccruingMembercountry:US2021-12-310001770450us-gaap:BilledRevenuesMembercountry:CAxrx:FinanceReceivableRecordedInvestmentCurrent1to30DaysPastInvoiceDateMember2021-12-310001770450us-gaap:BilledRevenuesMembercountry:CAxrx:FinanceReceivablesRecordedInvestment1to60DaysPastDueMember2021-12-310001770450us-gaap:BilledRevenuesMembercountry:CAxrx:FinanceReceivablesRecordedInvestmentGreaterthan60DaysPastDueMember2021-12-310001770450us-gaap:BilledRevenuesMembercountry:CA2021-12-310001770450country:CAus-gaap:UnbilledRevenuesMember2021-12-310001770450country:CAxrx:FinanceReceivablesRecordedInvestmentGreaterthan60DaysPastDueandStillAccruingMember2021-12-310001770450us-gaap:BilledRevenuesMembersrt:EuropeMemberxrx:FinanceReceivableRecordedInvestmentCurrent1to30DaysPastInvoiceDateMember2021-12-310001770450us-gaap:BilledRevenuesMembersrt:EuropeMemberxrx:FinanceReceivablesRecordedInvestment1to60DaysPastDueMember2021-12-310001770450us-gaap:BilledRevenuesMemberxrx:FinanceReceivablesRecordedInvestmentGreaterthan60DaysPastDueMembersrt:EuropeMember2021-12-310001770450us-gaap:BilledRevenuesMembersrt:EuropeMember2021-12-310001770450srt:EuropeMemberus-gaap:UnbilledRevenuesMember2021-12-310001770450srt:EuropeMemberxrx:FinanceReceivablesRecordedInvestmentGreaterthan60DaysPastDueandStillAccruingMember2021-12-310001770450us-gaap:BilledRevenuesMemberxrx:FinanceReceivableRecordedInvestmentCurrent1to30DaysPastInvoiceDateMember2021-12-310001770450us-gaap:BilledRevenuesMemberxrx:FinanceReceivablesRecordedInvestment1to60DaysPastDueMember2021-12-310001770450us-gaap:BilledRevenuesMemberxrx:FinanceReceivablesRecordedInvestmentGreaterthan60DaysPastDueMember2021-12-310001770450us-gaap:BilledRevenuesMember2021-12-310001770450us-gaap:UnbilledRevenuesMember2021-12-310001770450xrx:FinanceReceivablesRecordedInvestmentGreaterthan60DaysPastDueandStillAccruingMember2021-12-310001770450us-gaap:EmployeeSeveranceMember2022-01-012022-09-30xrx:employee0001770450us-gaap:ContractTerminationMember2022-01-012022-09-300001770450us-gaap:EmployeeSeveranceMember2021-12-310001770450us-gaap:ContractTerminationMember2021-12-310001770450us-gaap:EmployeeSeveranceMember2022-01-012022-03-310001770450us-gaap:ContractTerminationMember2022-01-012022-03-310001770450us-gaap:EmployeeSeveranceMember2022-03-310001770450us-gaap:ContractTerminationMember2022-03-310001770450us-gaap:EmployeeSeveranceMember2022-04-012022-06-300001770450us-gaap:ContractTerminationMember2022-04-012022-06-300001770450us-gaap:EmployeeSeveranceMember2022-06-300001770450us-gaap:ContractTerminationMember2022-06-300001770450us-gaap:EmployeeSeveranceMember2022-07-012022-09-300001770450us-gaap:ContractTerminationMember2022-07-012022-09-300001770450us-gaap:EmployeeSeveranceMember2022-09-300001770450us-gaap:ContractTerminationMember2022-09-300001770450xrx:RetentionRelatedSeveranceBonusesMember2022-07-012022-09-300001770450xrx:RetentionRelatedSeveranceBonusesMember2021-07-012021-09-300001770450xrx:RetentionRelatedSeveranceBonusesMember2022-01-012022-09-300001770450xrx:RetentionRelatedSeveranceBonusesMember2021-01-012021-09-300001770450xrx:ContractualSeveranceCostsMember2022-07-012022-09-300001770450xrx:ContractualSeveranceCostsMember2021-07-012021-09-300001770450xrx:ContractualSeveranceCostsMember2022-01-012022-09-300001770450xrx:ContractualSeveranceCostsMember2021-01-012021-09-300001770450xrx:ConsultingAndOtherCostsMember2022-07-012022-09-300001770450xrx:ConsultingAndOtherCostsMember2021-07-012021-09-300001770450xrx:ConsultingAndOtherCostsMember2022-01-012022-09-300001770450xrx:ConsultingAndOtherCostsMember2021-01-012021-09-300001770450xrx:HCLTechnologiesMember2022-01-012022-09-300001770450xrx:HCLTechnologiesMember2021-01-012021-09-300001770450xrx:FourPointSixTwentyFivePercentSeniorNotesMemberus-gaap:SeniorNotesMember2022-06-012022-06-300001770450xrx:FourPointSixTwentyFivePercentSeniorNotesMemberus-gaap:SeniorNotesMember2022-06-300001770450xrx:A2025And2028SeniorNotesMemberxrx:XeroxHoldingsCorporationMemberus-gaap:SeniorNotesMember2021-02-012021-02-280001770450xrx:A2025And2028SeniorNotesMemberxrx:XeroxCorporationMemberus-gaap:SeniorNotesMember2022-09-300001770450xrx:A2025And2028SeniorNotesMemberxrx:XeroxCorporationMemberus-gaap:SeniorNotesMember2021-12-310001770450xrx:A2025And2028SeniorNotesMemberxrx:XeroxCorporationMemberus-gaap:SeniorNotesMember2022-07-012022-09-300001770450xrx:A2025And2028SeniorNotesMemberxrx:XeroxCorporationMemberus-gaap:SeniorNotesMember2021-07-012021-09-300001770450xrx:A2025And2028SeniorNotesMemberxrx:XeroxCorporationMemberus-gaap:SeniorNotesMember2022-01-012022-09-300001770450xrx:A2025And2028SeniorNotesMemberxrx:XeroxCorporationMemberus-gaap:SeniorNotesMember2021-01-012021-09-300001770450xrx:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2022-07-310001770450xrx:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2022-07-012022-07-310001770450xrx:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2022-06-300001770450xrx:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2022-09-300001770450xrx:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:FederalFundsEffectiveSwapRateMember2022-07-012022-07-310001770450xrx:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2022-07-012022-07-310001770450xrx:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2022-07-012022-09-300001770450xrx:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMembersrt:MinimumMember2022-07-012022-09-300001770450xrx:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMembersrt:MaximumMember2022-07-012022-09-300001770450xrx:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2022-07-012022-09-300001770450xrx:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMembersrt:MinimumMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2022-07-012022-09-300001770450xrx:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMembersrt:MaximumMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2022-07-012022-09-300001770450xrx:CreditAgreementMemberxrx:NetLeverageRatioSeptember2022Memberus-gaap:RevolvingCreditFacilityMember2022-09-300001770450xrx:NetLeverageRatioDecember2022Memberxrx:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2022-09-300001770450xrx:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMemberxrx:NetLeverageRatioMarch2023Member2022-09-300001770450xrx:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMemberxrx:NetLeverageRatioJune2023Member2022-09-300001770450xrx:NetLeverageRatioJune2023AndThereafterMemberxrx:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2022-09-300001770450xrx:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMemberxrx:InterestCoverageRatioSeptember2022Member2022-09-300001770450xrx:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMemberxrx:InterestCoverageRatioDecember2022Member2022-09-300001770450xrx:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMemberxrx:InterestCoverageRatioDecember2022AndThereafterMember2022-09-300001770450us-gaap:RevolvingCreditFacilityMemberxrx:A2023SeniorNotesMember2022-07-310001770450xrx:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMembersrt:MaximumMember2022-07-012022-07-310001770450xrx:SpecialPurposeEntitySPEMember2022-01-012022-09-300001770450xrx:SpecialPurposeEntitySPEMemberxrx:SecuredBorrowingJanuary2022Membercountry:US2022-09-300001770450xrx:SpecialPurposeEntitySPEMemberxrx:SecuredBorrowingSeptember2021Membercountry:US2022-09-300001770450xrx:SpecialPurposeEntitySPEMembercountry:US2022-09-300001770450xrx:SpecialPurposeEntitySPEMemberxrx:SecuredBorrowingApril2022Membercountry:CA2022-09-300001770450xrx:SpecialPurposeEntitySPEMember2022-09-300001770450xrx:SpecialPurposeEntitySPEMemberxrx:SecuredBorrowingSeptember2021Membercountry:US2021-12-310001770450xrx:SpecialPurposeEntitySPEMemberxrx:SecuredBorrowingDecember2020Membercountry:US2021-12-310001770450xrx:SpecialPurposeEntitySPEMembercountry:US2021-12-310001770450xrx:SpecialPurposeEntitySPEMember2021-12-310001770450us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2022-09-300001770450us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2021-12-310001770450us-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentAssetsMember2022-09-300001770450us-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentAssetsMember2021-12-310001770450us-gaap:OtherCurrentLiabilitiesMemberus-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-09-300001770450us-gaap:OtherCurrentLiabilitiesMemberus-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-12-310001770450us-gaap:InterestRateCapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherNoncurrentAssetsMember2022-09-300001770450us-gaap:InterestRateCapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherNoncurrentAssetsMember2021-12-310001770450us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherNoncurrentAssetsMember2022-09-300001770450us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherNoncurrentAssetsMember2021-12-310001770450us-gaap:DesignatedAsHedgingInstrumentMember2022-09-300001770450us-gaap:DesignatedAsHedgingInstrumentMember2021-12-310001770450us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMemberus-gaap:OtherCurrentAssetsMember2022-09-300001770450us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMemberus-gaap:OtherCurrentAssetsMember2021-12-310001770450us-gaap:OtherCurrentLiabilitiesMemberus-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2022-09-300001770450us-gaap:OtherCurrentLiabilitiesMemberus-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2021-12-310001770450us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2022-09-300001770450us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2021-12-310001770450us-gaap:ForeignExchangeForwardMemberus-gaap:CashFlowHedgingMember2022-07-012022-09-300001770450us-gaap:ForeignExchangeForwardMemberus-gaap:CashFlowHedgingMember2021-07-012021-09-300001770450us-gaap:ForeignExchangeForwardMemberus-gaap:CashFlowHedgingMember2022-01-012022-09-300001770450us-gaap:ForeignExchangeForwardMemberus-gaap:CashFlowHedgingMember2021-01-012021-09-300001770450us-gaap:ForeignExchangeForwardMemberus-gaap:CostOfSalesMemberus-gaap:CashFlowHedgingMember2022-07-012022-09-300001770450us-gaap:ForeignExchangeForwardMemberus-gaap:CostOfSalesMemberus-gaap:CashFlowHedgingMember2021-07-012021-09-300001770450us-gaap:ForeignExchangeForwardMemberus-gaap:CostOfSalesMemberus-gaap:CashFlowHedgingMember2022-01-012022-09-300001770450us-gaap:ForeignExchangeForwardMemberus-gaap:CostOfSalesMemberus-gaap:CashFlowHedgingMember2021-01-012021-09-300001770450us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMemberus-gaap:ForeignCurrencyGainLossMember2022-07-012022-09-300001770450us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMemberus-gaap:ForeignCurrencyGainLossMember2021-07-012021-09-300001770450us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMemberus-gaap:ForeignCurrencyGainLossMember2022-01-012022-09-300001770450us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMemberus-gaap:ForeignCurrencyGainLossMember2021-01-012021-09-300001770450us-gaap:ForeignExchangeForwardMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001770450us-gaap:ForeignExchangeForwardMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001770450us-gaap:InterestRateCapMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001770450us-gaap:InterestRateCapMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001770450us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001770450us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001770450us-gaap:FairValueInputsLevel2Memberus-gaap:DeferredCompensationExcludingShareBasedPaymentsAndRetirementBenefitsMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001770450us-gaap:FairValueInputsLevel2Memberus-gaap:DeferredCompensationExcludingShareBasedPaymentsAndRetirementBenefitsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001770450us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001770450us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001770450us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2022-09-300001770450us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2022-09-300001770450us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2021-12-310001770450us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2021-12-310001770450us-gaap:CarryingReportedAmountFairValueDisclosureMemberxrx:XeroxHoldingsCorporationMemberus-gaap:FairValueMeasurementsNonrecurringMember2022-09-300001770450us-gaap:EstimateOfFairValueFairValueDisclosureMemberxrx:XeroxHoldingsCorporationMemberus-gaap:FairValueMeasurementsNonrecurringMember2022-09-300001770450us-gaap:CarryingReportedAmountFairValueDisclosureMemberxrx:XeroxHoldingsCorporationMemberus-gaap:FairValueMeasurementsNonrecurringMember2021-12-310001770450us-gaap:EstimateOfFairValueFairValueDisclosureMemberxrx:XeroxHoldingsCorporationMemberus-gaap:FairValueMeasurementsNonrecurringMember2021-12-310001770450us-gaap:CarryingReportedAmountFairValueDisclosureMemberxrx:XeroxCorporationMemberus-gaap:FairValueMeasurementsNonrecurringMember2022-09-300001770450xrx:XeroxCorporationMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2022-09-300001770450us-gaap:CarryingReportedAmountFairValueDisclosureMemberxrx:XeroxCorporationMemberus-gaap:FairValueMeasurementsNonrecurringMember2021-12-310001770450xrx:XeroxCorporationMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsNonrecurringMember2021-12-310001770450us-gaap:CarryingReportedAmountFairValueDisclosureMemberxrx:OtherSubsidiariesMemberus-gaap:FairValueMeasurementsNonrecurringMember2022-09-300001770450us-gaap:EstimateOfFairValueFairValueDisclosureMemberxrx:OtherSubsidiariesMemberus-gaap:FairValueMeasurementsNonrecurringMember2022-09-300001770450us-gaap:CarryingReportedAmountFairValueDisclosureMemberxrx:OtherSubsidiariesMemberus-gaap:FairValueMeasurementsNonrecurringMember2021-12-310001770450us-gaap:EstimateOfFairValueFairValueDisclosureMemberxrx:OtherSubsidiariesMemberus-gaap:FairValueMeasurementsNonrecurringMember2021-12-310001770450us-gaap:PensionPlansDefinedBenefitMembercountry:US2022-07-012022-09-300001770450us-gaap:PensionPlansDefinedBenefitMembercountry:US2021-07-012021-09-300001770450us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2022-07-012022-09-300001770450us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2021-07-012021-09-300001770450us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-07-012022-09-300001770450us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-07-012021-09-300001770450us-gaap:PensionPlansDefinedBenefitMembercountry:US2022-01-012022-09-300001770450us-gaap:PensionPlansDefinedBenefitMembercountry:US2021-01-012021-09-300001770450us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2022-01-012022-09-300001770450us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2021-01-012021-09-300001770450us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-01-012022-09-300001770450us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-01-012021-09-300001770450us-gaap:PensionPlansDefinedBenefitMembercountry:US2022-09-300001770450us-gaap:PensionPlansDefinedBenefitMembercountry:US2021-01-012021-12-310001770450us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2022-09-300001770450us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2021-01-012021-12-310001770450us-gaap:PensionPlansDefinedBenefitMember2022-01-012022-09-300001770450us-gaap:PensionPlansDefinedBenefitMember2021-01-012021-09-300001770450us-gaap:PensionPlansDefinedBenefitMember2022-09-300001770450us-gaap:PensionPlansDefinedBenefitMember2021-01-012021-12-310001770450us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-09-300001770450us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-01-012021-12-310001770450us-gaap:PensionPlansDefinedBenefitMembercountry:USus-gaap:QualifiedPlanMember2022-09-300001770450us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-01-012022-03-3100017704502022-04-012022-04-300001770450us-gaap:CommonStockMember2022-06-300001770450us-gaap:AdditionalPaidInCapitalMember2022-06-300001770450us-gaap:TreasuryStockCommonMember2022-06-300001770450us-gaap:RetainedEarningsMember2022-06-300001770450us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300001770450us-gaap:ParentMember2022-06-300001770450us-gaap:NoncontrollingInterestMember2022-06-300001770450us-gaap:RetainedEarningsMember2022-07-012022-09-300001770450us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-012022-09-300001770450us-gaap:ParentMember2022-07-012022-09-300001770450us-gaap:NoncontrollingInterestMember2022-07-012022-09-300001770450us-gaap:CommonStockMember2022-07-012022-09-300001770450us-gaap:AdditionalPaidInCapitalMember2022-07-012022-09-300001770450us-gaap:CommonStockMember2022-09-300001770450us-gaap:AdditionalPaidInCapitalMember2022-09-300001770450us-gaap:TreasuryStockCommonMember2022-09-300001770450us-gaap:RetainedEarningsMember2022-09-300001770450us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-09-300001770450us-gaap:ParentMember2022-09-300001770450us-gaap:NoncontrollingInterestMember2022-09-300001770450us-gaap:CommonStockMember2021-06-300001770450us-gaap:AdditionalPaidInCapitalMember2021-06-300001770450us-gaap:TreasuryStockCommonMember2021-06-300001770450us-gaap:RetainedEarningsMember2021-06-300001770450us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300001770450us-gaap:ParentMember2021-06-300001770450us-gaap:NoncontrollingInterestMember2021-06-300001770450us-gaap:RetainedEarningsMember2021-07-012021-09-300001770450us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-07-012021-09-300001770450us-gaap:ParentMember2021-07-012021-09-300001770450us-gaap:NoncontrollingInterestMember2021-07-012021-09-300001770450us-gaap:CommonStockMember2021-07-012021-09-300001770450us-gaap:AdditionalPaidInCapitalMember2021-07-012021-09-300001770450us-gaap:TreasuryStockCommonMember2021-07-012021-09-300001770450us-gaap:CommonStockMember2021-09-300001770450us-gaap:AdditionalPaidInCapitalMember2021-09-300001770450us-gaap:TreasuryStockCommonMember2021-09-300001770450us-gaap:RetainedEarningsMember2021-09-300001770450us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-09-300001770450us-gaap:ParentMember2021-09-300001770450us-gaap:NoncontrollingInterestMember2021-09-300001770450us-gaap:CommonStockMember2021-12-310001770450us-gaap:AdditionalPaidInCapitalMember2021-12-310001770450us-gaap:TreasuryStockCommonMember2021-12-310001770450us-gaap:RetainedEarningsMember2021-12-310001770450us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001770450us-gaap:ParentMember2021-12-310001770450us-gaap:NoncontrollingInterestMember2021-12-310001770450us-gaap:RetainedEarningsMember2022-01-012022-09-300001770450us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-09-300001770450us-gaap:ParentMember2022-01-012022-09-300001770450us-gaap:NoncontrollingInterestMember2022-01-012022-09-300001770450us-gaap:CommonStockMember2022-01-012022-09-300001770450us-gaap:AdditionalPaidInCapitalMember2022-01-012022-09-300001770450us-gaap:TreasuryStockCommonMember2022-01-012022-09-300001770450us-gaap:CommonStockMember2020-12-310001770450us-gaap:AdditionalPaidInCapitalMember2020-12-310001770450us-gaap:TreasuryStockCommonMember2020-12-310001770450us-gaap:RetainedEarningsMember2020-12-310001770450us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001770450us-gaap:ParentMember2020-12-310001770450us-gaap:NoncontrollingInterestMember2020-12-310001770450us-gaap:RetainedEarningsMember2021-01-012021-09-300001770450us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-09-300001770450us-gaap:ParentMember2021-01-012021-09-300001770450us-gaap:NoncontrollingInterestMember2021-01-012021-09-300001770450us-gaap:CommonStockMember2021-01-012021-09-300001770450us-gaap:AdditionalPaidInCapitalMember2021-01-012021-09-300001770450us-gaap:TreasuryStockCommonMember2021-01-012021-09-300001770450us-gaap:TreasuryStockMember2021-12-310001770450us-gaap:CommonStockMember2022-01-012022-03-310001770450us-gaap:TreasuryStockMember2022-01-012022-03-310001770450us-gaap:CommonStockMember2022-03-310001770450us-gaap:TreasuryStockMember2022-03-310001770450us-gaap:CommonStockMember2022-04-012022-06-300001770450us-gaap:TreasuryStockMember2022-04-012022-06-300001770450us-gaap:TreasuryStockMember2022-06-300001770450us-gaap:TreasuryStockMember2022-07-012022-09-300001770450us-gaap:TreasuryStockMember2022-09-300001770450us-gaap:AdditionalPaidInCapitalMemberxrx:XeroxCorporationMember2022-06-300001770450xrx:XeroxCorporationMemberus-gaap:RetainedEarningsMember2022-06-300001770450us-gaap:AccumulatedOtherComprehensiveIncomeMemberxrx:XeroxCorporationMember2022-06-300001770450us-gaap:ParentMemberxrx:XeroxCorporationMember2022-06-300001770450us-gaap:NoncontrollingInterestMemberxrx:XeroxCorporationMember2022-06-300001770450xrx:XeroxCorporationMember2022-06-300001770450xrx:XeroxCorporationMemberus-gaap:RetainedEarningsMember2022-07-012022-09-300001770450us-gaap:AccumulatedOtherComprehensiveIncomeMemberxrx:XeroxCorporationMember2022-07-012022-09-300001770450us-gaap:ParentMemberxrx:XeroxCorporationMember2022-07-012022-09-300001770450us-gaap:NoncontrollingInterestMemberxrx:XeroxCorporationMember2022-07-012022-09-300001770450us-gaap:AdditionalPaidInCapitalMemberxrx:XeroxCorporationMember2022-07-012022-09-300001770450us-gaap:AdditionalPaidInCapitalMemberxrx:XeroxCorporationMember2022-09-300001770450xrx:XeroxCorporationMemberus-gaap:RetainedEarningsMember2022-09-300001770450us-gaap:AccumulatedOtherComprehensiveIncomeMemberxrx:XeroxCorporationMember2022-09-300001770450us-gaap:ParentMemberxrx:XeroxCorporationMember2022-09-300001770450us-gaap:NoncontrollingInterestMemberxrx:XeroxCorporationMember2022-09-300001770450us-gaap:AdditionalPaidInCapitalMemberxrx:XeroxCorporationMember2021-06-300001770450xrx:XeroxCorporationMemberus-gaap:RetainedEarningsMember2021-06-300001770450us-gaap:AccumulatedOtherComprehensiveIncomeMemberxrx:XeroxCorporationMember2021-06-300001770450us-gaap:ParentMemberxrx:XeroxCorporationMember2021-06-300001770450us-gaap:NoncontrollingInterestMemberxrx:XeroxCorporationMember2021-06-300001770450xrx:XeroxCorporationMember2021-06-300001770450xrx:XeroxCorporationMemberus-gaap:RetainedEarningsMember2021-07-012021-09-300001770450us-gaap:AccumulatedOtherComprehensiveIncomeMemberxrx:XeroxCorporationMember2021-07-012021-09-300001770450us-gaap:ParentMemberxrx:XeroxCorporationMember2021-07-012021-09-300001770450us-gaap:NoncontrollingInterestMemberxrx:XeroxCorporationMember2021-07-012021-09-300001770450us-gaap:AdditionalPaidInCapitalMemberxrx:XeroxCorporationMember2021-07-012021-09-300001770450us-gaap:AdditionalPaidInCapitalMemberxrx:XeroxCorporationMember2021-09-300001770450xrx:XeroxCorporationMemberus-gaap:RetainedEarningsMember2021-09-300001770450us-gaap:AccumulatedOtherComprehensiveIncomeMemberxrx:XeroxCorporationMember2021-09-300001770450us-gaap:ParentMemberxrx:XeroxCorporationMember2021-09-300001770450us-gaap:NoncontrollingInterestMemberxrx:XeroxCorporationMember2021-09-300001770450us-gaap:AdditionalPaidInCapitalMemberxrx:XeroxCorporationMember2021-12-310001770450xrx:XeroxCorporationMemberus-gaap:RetainedEarningsMember2021-12-310001770450us-gaap:AccumulatedOtherComprehensiveIncomeMemberxrx:XeroxCorporationMember2021-12-310001770450us-gaap:ParentMemberxrx:XeroxCorporationMember2021-12-310001770450us-gaap:NoncontrollingInterestMemberxrx:XeroxCorporationMember2021-12-310001770450xrx:XeroxCorporationMemberus-gaap:RetainedEarningsMember2022-01-012022-09-300001770450us-gaap:AccumulatedOtherComprehensiveIncomeMemberxrx:XeroxCorporationMember2022-01-012022-09-300001770450us-gaap:ParentMemberxrx:XeroxCorporationMember2022-01-012022-09-300001770450us-gaap:NoncontrollingInterestMemberxrx:XeroxCorporationMember2022-01-012022-09-300001770450us-gaap:AdditionalPaidInCapitalMemberxrx:XeroxCorporationMember2022-01-012022-09-300001770450us-gaap:AdditionalPaidInCapitalMemberxrx:XeroxCorporationMember2020-12-310001770450xrx:XeroxCorporationMemberus-gaap:RetainedEarningsMember2020-12-310001770450us-gaap:AccumulatedOtherComprehensiveIncomeMemberxrx:XeroxCorporationMember2020-12-310001770450us-gaap:ParentMemberxrx:XeroxCorporationMember2020-12-310001770450us-gaap:NoncontrollingInterestMemberxrx:XeroxCorporationMember2020-12-310001770450xrx:XeroxCorporationMemberus-gaap:RetainedEarningsMember2021-01-012021-09-300001770450us-gaap:AccumulatedOtherComprehensiveIncomeMemberxrx:XeroxCorporationMember2021-01-012021-09-300001770450us-gaap:ParentMemberxrx:XeroxCorporationMember2021-01-012021-09-300001770450us-gaap:NoncontrollingInterestMemberxrx:XeroxCorporationMember2021-01-012021-09-300001770450us-gaap:AdditionalPaidInCapitalMemberxrx:XeroxCorporationMember2021-01-012021-09-300001770450us-gaap:EmployeeStockOptionMemberxrx:CareARHoldingsLLCMember2022-03-310001770450us-gaap:EmployeeStockOptionMemberxrx:CareARHoldingsLLCMember2022-03-012022-03-310001770450us-gaap:ShareBasedCompensationAwardTrancheOneMemberus-gaap:EmployeeStockOptionMemberxrx:CareARHoldingsLLCMember2022-03-012022-03-310001770450us-gaap:ShareBasedCompensationAwardTrancheTwoMemberus-gaap:EmployeeStockOptionMemberxrx:CareARHoldingsLLCMember2022-03-012022-03-310001770450us-gaap:EmployeeStockOptionMemberxrx:CareARHoldingsLLCMemberus-gaap:ShareBasedCompensationAwardTrancheThreeMember2022-03-012022-03-310001770450srt:MinimumMemberus-gaap:EmployeeStockOptionMemberxrx:CareARHoldingsLLCMember2022-03-012022-03-310001770450srt:MaximumMemberus-gaap:EmployeeStockOptionMemberxrx:CareARHoldingsLLCMember2022-03-012022-03-310001770450us-gaap:AccumulatedTranslationAdjustmentMember2022-07-012022-09-300001770450us-gaap:AccumulatedTranslationAdjustmentMember2021-07-012021-09-300001770450us-gaap:AccumulatedTranslationAdjustmentMember2022-01-012022-09-300001770450us-gaap:AccumulatedTranslationAdjustmentMember2021-01-012021-09-300001770450us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-07-012022-09-300001770450us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-07-012021-09-300001770450us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-01-012022-09-300001770450us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-01-012021-09-300001770450us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2022-07-012022-09-300001770450us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2021-07-012021-09-300001770450us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2022-01-012022-09-300001770450us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2021-01-012021-09-300001770450us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2022-07-012022-09-300001770450us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2021-07-012021-09-300001770450us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2022-01-012022-09-300001770450us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2021-01-012021-09-300001770450xrx:AccumulatedDefinedBenefitPlansAdjustmentActuarialLossAmortizationAndSettlementAttributableToParentMember2022-07-012022-09-300001770450xrx:AccumulatedDefinedBenefitPlansAdjustmentActuarialLossAmortizationAndSettlementAttributableToParentMember2021-07-012021-09-300001770450xrx:AccumulatedDefinedBenefitPlansAdjustmentActuarialLossAmortizationAndSettlementAttributableToParentMember2022-01-012022-09-300001770450xrx:AccumulatedDefinedBenefitPlansAdjustmentActuarialLossAmortizationAndSettlementAttributableToParentMember2021-01-012021-09-300001770450xrx:AccumulatedDefinedBenefitPlansAdjustmentOtherAttributableToParentMember2022-07-012022-09-300001770450xrx:AccumulatedDefinedBenefitPlansAdjustmentOtherAttributableToParentMember2021-07-012021-09-300001770450xrx:AccumulatedDefinedBenefitPlansAdjustmentOtherAttributableToParentMember2022-01-012022-09-300001770450xrx:AccumulatedDefinedBenefitPlansAdjustmentOtherAttributableToParentMember2021-01-012021-09-300001770450us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-07-012022-09-300001770450us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-07-012021-09-300001770450us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-01-012022-09-300001770450us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-01-012021-09-300001770450us-gaap:AccumulatedTranslationAdjustmentMember2022-09-300001770450us-gaap:AccumulatedTranslationAdjustmentMember2021-12-310001770450xrx:OtherAccumulatedGainLossAttributableToParentMember2022-09-300001770450xrx:OtherAccumulatedGainLossAttributableToParentMember2021-12-310001770450us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-09-300001770450us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-12-310001770450us-gaap:EmployeeStockOptionMember2022-07-012022-09-300001770450us-gaap:EmployeeStockOptionMember2021-07-012021-09-300001770450us-gaap:EmployeeStockOptionMember2022-01-012022-09-300001770450us-gaap:EmployeeStockOptionMember2021-01-012021-09-300001770450xrx:RestrictedStockAndPerformanceSharesMember2022-07-012022-09-300001770450xrx:RestrictedStockAndPerformanceSharesMember2021-07-012021-09-300001770450xrx:RestrictedStockAndPerformanceSharesMember2022-01-012022-09-300001770450xrx:RestrictedStockAndPerformanceSharesMember2021-01-012021-09-300001770450us-gaap:ConvertiblePreferredStockMember2022-07-012022-09-300001770450us-gaap:ConvertiblePreferredStockMember2021-07-012021-09-300001770450us-gaap:ConvertiblePreferredStockMember2022-01-012022-09-300001770450us-gaap:ConvertiblePreferredStockMember2021-01-012021-09-300001770450us-gaap:EmployeeStockOptionMember2022-07-012022-09-300001770450us-gaap:EmployeeStockOptionMember2021-07-012021-09-300001770450us-gaap:EmployeeStockOptionMember2022-01-012022-09-300001770450us-gaap:EmployeeStockOptionMember2021-01-012021-09-300001770450xrx:RestrictedStockAndPerformanceSharesMember2022-07-012022-09-300001770450xrx:RestrictedStockAndPerformanceSharesMember2021-07-012021-09-300001770450xrx:RestrictedStockAndPerformanceSharesMember2022-01-012022-09-300001770450xrx:RestrictedStockAndPerformanceSharesMember2021-01-012021-09-300001770450us-gaap:ConvertiblePreferredStockMember2022-07-012022-09-300001770450us-gaap:ConvertiblePreferredStockMember2021-07-012021-09-300001770450us-gaap:ConvertiblePreferredStockMember2022-01-012022-09-300001770450us-gaap:ConvertiblePreferredStockMember2021-01-012021-09-300001770450xrx:BrazilContingenciesMember2022-09-300001770450xrx:BrazilContingenciesMember2021-12-310001770450xrx:MiamiFirefightersReliefPensionFundVIcahnEtAlMemberxrx:HPInc.Member2019-12-132019-12-130001770450xrx:MiamiFirefightersReliefPensionFundVIcahnEtAlMember2022-04-042022-04-040001770450xrx:XeroxHoldingsCorporationMember2021-03-100001770450xrx:XeroxHoldingsCorporationMember2021-03-102021-03-100001770450us-gaap:PerformanceGuaranteeMember2022-09-30

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: September 30, 2022
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                        to
xrx-20220930_g1.jpg
XEROX HOLDINGS CORPORATION
XEROX CORPORATION
 (Exact Name of Registrant as specified in its charter)
New York001-3901383-3933743
New York001-0447116-0468020
(State or other jurisdiction of incorporation or organization)(Commission File Number)(IRS Employer Identification No.)
P.O. Box 4505, 201 Merritt 7
Norwalk, Connecticut 06851-1056
(Address of principal executive offices)
(203) 849-5216
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Xerox Holdings Corporation
Common Stock, $1 par valueXRXNasdaq Global Select Market
(Title of each class)(Trading Symbol)(Name of each exchange on which registered)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. 
Xerox Holdings Corporation Yes  No               Xerox Corporation Yes  No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). 
Xerox Holdings Corporation Yes  No               Xerox Corporation Yes  No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.            
Xerox Holdings CorporationXerox Corporation
Large accelerated filerLarge accelerated filer
Accelerated filerAccelerated filer
Non-accelerated filerNon-accelerated filer
Smaller reporting companySmaller reporting company
Emerging growth companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Xerox Holdings Corporation o      Xerox Corporation o
Indicate by a check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Xerox Holdings Corporation Yes  No               Xerox Corporation Yes  No 
Class Outstanding at October 31, 2022
Xerox Holdings Corporation Common Stock, $1 par value 155,602,637 shares



Forward-Looking Statements
This document and other written or oral statements made from time to time by management contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “will,” “should,” “targeting," “projecting,” “driving,” and similar expressions, as they relate to us, our performance and/or our technology, are intended to identify forward-looking statements. These statements reflect management’s current beliefs, assumptions and expectations and are subject to a number of factors that may cause actual results to differ materially.
Such factors include but are not limited to: the effects of pandemics, such as the COVID-19 pandemic, on our and our customers' businesses and the duration and extent to which this will impact our future results of operations and overall financial performance; our ability to address our business challenges in order to reverse revenue declines, reduce costs and increase productivity so that we can invest in and grow our business; our ability to successfully develop new products, technologies and service offerings and to protect our intellectual property rights; reliance on third parties, including subcontractors, for manufacturing of products and provision of services and the shared service arrangements entered into by us as part of Project Own It; our ability to attract and retain key personnel; the severity and persistence of global supply chain disruptions and inflation; the risk that confidential and/or individually identifiable information of ours, our customers, clients and employees could be inadvertently disclosed or disclosed as a result of a breach of our security systems due to cyberattacks or other intentional acts or that cyberattacks could result in a shutdown of our systems; the risk that partners, subcontractors and software vendors will not perform in a timely, quality manner; actions of competitors and our ability to promptly and effectively react to changing technologies and customer expectations; our ability to obtain adequate pricing for our products and services and to maintain and improve cost efficiency of operations, including savings from restructuring and transformation actions; our ability to manage changes in the printing environment like the decline in the volume of printed pages and extension of equipment placements; changes in economic and political conditions, trade protection measures, licensing requirements and tax laws in the United States and in the foreign countries in which we do business; the risk that multi-year contracts with governmental entities could be terminated prior to the end of the contract term and that civil or criminal penalties and administrative sanctions could be imposed on us if we fail to comply with the terms of such contracts and applicable law; interest rates, cost of borrowing and access to credit markets; the imposition of new or incremental trade protection measures such as tariffs and import or export restrictions; funding requirements associated with our employee pension and retiree health benefit plans; changes in foreign currency exchange rates; the risk that our operations and products may not comply with applicable worldwide regulatory requirements, particularly environmental regulations and directives and anti-corruption laws; the outcome of litigation and regulatory proceedings to which we may be a party; and any impacts resulting from the restructuring of our relationship with Fujifilm Holdings Corporation.
Additional risks that may affect Xerox’s operations are set forth in the “Risk Factors” section, the “Legal Proceedings” section, the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section and other sections of this combined Quarterly Report on Form 10-Q, Xerox Holdings Corporation’s and Xerox Corporation’s combined Quarterly Report on Form 10-Q for the quarters ended March 31, 2022 and June 30, 2022, and Xerox Holdings Corporation’s and Xerox Corporation’s combined Annual Report on Form 10-K for the year ended December 31, 2021, as well as in Xerox Holdings Corporation’s and Xerox Corporation’s Current Reports on Form 8-K filed with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this document or as of the date to which they refer, and we assume no obligation to update any forward-looking statements as a result of new information or future events or developments, except as required by law.


Xerox 2022 Form 10-Q 1


XEROX HOLDINGS CORPORATION
XEROX CORPORATION
FORM 10-Q
September 30, 2022
TABLE OF CONTENTS
 
 Page
For additional information about Xerox Holdings Corporation and Xerox Corporation and access to our Annual Reports to Shareholders and SEC filings, free of charge, please visit our website at www.xerox.com/investor. The content of our website is not incorporated by reference into this combined Form 10-Q unless expressly noted.
 
Xerox 2022 Form 10-Q 2


ITEM 1 — FINANCIAL STATEMENTS

XEROX HOLDINGS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF (LOSS) INCOME (UNAUDITED)

 Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions, except per-share data)2022202120222021
Revenues
Sales$690 $657 $1,949 $1,929 
Services, maintenance and rentals1,010 1,046 3,061 3,166 
Financing51 55 156 166 
Total Revenues1,751 1,758 5,166 5,261 
Costs and Expenses
Cost of sales508 498 1,430 1,386 
Cost of services, maintenance and rentals659 662 2,015 1,971 
Cost of financing28 29 78 85 
Research, development and engineering expenses73 82 235 235 
Selling, administrative and general expenses418 413 1,332 1,295 
Goodwill impairment412  412  
Restructuring and related costs, net22 10 41 39 
Amortization of intangible assets10 13 31 42 
Other expenses, net1 (33)66 (28)
Total Costs and Expenses2,131 1,674 5,640 5,025 
(Loss) Income before Income Taxes and Equity Income(380)84 (474)236 
Income tax expense (benefit)3 (4)(27)19 
Equity in net income of unconsolidated affiliates1 1 3 2 
Net (Loss) Income(382)89 (444)219 
Less: Net income (loss) attributable to noncontrolling interests1 (1)(1)(1)
Net (Loss) Income Attributable to Xerox Holdings$(383)$90 $(443)$220 
Basic (Loss) Earnings per Share$(2.48)$0.48 $(2.91)$1.12 
Diluted (Loss) Earnings per Share$(2.48)$0.48 $(2.91)$1.10 



The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
Xerox 2022 Form 10-Q 3


XEROX HOLDINGS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (UNAUDITED)

 Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions)2022202120222021
Net (Loss) Income$(382)$89 $(444)$219 
Less: Net income (loss) attributable to noncontrolling interests1 (1)(1)(1)
Net (Loss) Income Attributable to Xerox Holdings(383)90 (443)220 
Other Comprehensive (Loss) Income, Net(1)
Translation adjustments, net(277)(125)(636)(122)
Unrealized gains (losses), net6 4 (19)(3)
Changes in defined benefit plans, net54 51 96 122 
Other Comprehensive Loss, Net Attributable to Xerox Holdings(217)(70)(559)(3)
Comprehensive (Loss) Income, Net(599)19 (1,003)216 
Less: Comprehensive income (loss), net attributable to noncontrolling interests1 (1)(1)(1)
Comprehensive (Loss) Income, Net Attributable to Xerox Holdings$(600)$20 $(1,002)$217 
_____________
(1) Refer to Note 20 - Other Comprehensive (Loss) Income for gross components of Other comprehensive loss, net, reclassification adjustments out of Accumulated other comprehensive loss and related tax effects.




The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

Xerox 2022 Form 10-Q 4


XEROX HOLDINGS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in millions, except share data in thousands)September 30,
2022
December 31,
2021
Assets
Cash and cash equivalents$932 $1,840 
Accounts receivable (net of allowance of $51 and $58, respectively)
835 818 
Billed portion of finance receivables (net of allowance of $4 and $4, respectively)
91 94 
Finance receivables, net995 1,042 
Inventories777 696 
Other current assets265 211 
Total current assets3,895 4,701 
Finance receivables due after one year (net of allowance of $113 and $114, respectively)
1,814 1,934 
Equipment on operating leases, net216 253 
Land, buildings and equipment, net315 358 
Intangible assets, net216 211 
Goodwill2,753 3,287 
Deferred tax assets496 519 
Other long-term assets1,715 1,960 
Total Assets$11,420 $13,223 
Liabilities and Equity
Short-term debt and current portion of long-term debt$1,070 $650 
Accounts payable1,213 1,069 
Accrued compensation and benefits costs250 239 
Accrued expenses and other current liabilities810 871 
Total current liabilities3,343 2,829 
Long-term debt2,676 3,596 
Pension and other benefit liabilities1,298 1,373 
Post-retirement medical benefits209 277 
Other long-term liabilities416 481 
Total Liabilities7,942 8,556 
Commitments and Contingencies (See Note 22)
Noncontrolling Interests10 10 
Convertible Preferred Stock214 214 
Common stock156 168 
Additional paid-in capital1,577 1,802 
Treasury stock, at cost (177)
Retained earnings5,057 5,631 
Accumulated other comprehensive loss(3,547)(2,988)
Xerox Holdings shareholders’ equity3,243 4,436 
Noncontrolling interests11 7 
Total Equity3,254 4,443 
Total Liabilities and Equity$11,420 $13,223 
Shares of common stock issued155,570 168,069 
Treasury stock (8,675)
Shares of Common Stock Outstanding155,570 159,394 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
Xerox 2022 Form 10-Q 5


XEROX HOLDINGS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

 Nine Months Ended
September 30,
(in millions)20222021
Cash Flows from Operating Activities
Net (Loss) Income$(444)$219 
Adjustments required to reconcile Net (loss) income to Cash flows (used in) provided by operating activities
Depreciation and amortization205 249 
Provisions48 38 
Net gain on sales of businesses and assets(17)(40)
Stock-based compensation63 44 
Goodwill impairment412  
Restructuring and asset impairment charges44 28 
Payments for restructurings(38)(61)
Non-service retirement-related costs(1)
(18)(64)
Contributions to retirement plans(1)
(106)(119)
Increase in accounts receivable and billed portion of finance receivables(48)(30)
(Increase) decrease in inventories(136)10 
Increase in equipment on operating leases(74)(92)
(Increase) decrease in finance receivables(10)33 
Decrease in other current and long-term assets36 64 
Increase in accounts payable198 74 
Increase in accrued compensation(1)
29 20 
(Decrease) increase in other current and long-term liabilities(73)80 
Net change in income tax assets and liabilities(81)(11)
Net change in derivative assets and liabilities(10)(1)
Other operating, net(7)(10)
Net cash (used in) provided by operating activities(27)431 
Cash Flows from Investing Activities
Cost of additions to land, buildings, equipment and software(39)(52)
Proceeds from sales of businesses and assets49 39 
Acquisitions, net of cash acquired(93)(38)
Other investing, net(12)(3)
Net cash used in investing activities(95)(54)
Cash Flows from Financing Activities
Net proceeds from short-term debt 1 
Proceeds from issuance of long-term debt754 311 
Payments on long-term debt(1,259)(445)
Dividends(131)(157)
Payments to acquire treasury stock, including fees(113)(500)
Other financing, net(6)(3)
Net cash used in financing activities(755)(793)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(31)(13)
Decrease in cash, cash equivalents and restricted cash(908)(429)
Cash, cash equivalents and restricted cash at beginning of period1,909 2,691 
Cash, Cash Equivalents and Restricted Cash at End of Period$1,001 $2,262 
_____________
(1)Captions were changed in 2022 to reflect the inclusion of expense and contributions for our Retiree Health plans, which were previously reported as part of the Increase in accrued compensation. There was no change to Net cash (used in) provided by operating activities as a result of the reclassification. Prior year amounts have been revised to conform to this presentation. Refer to Note 16 - Employee Benefit Plans for additional information.


The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
Xerox 2022 Form 10-Q 6


XEROX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF (LOSS) INCOME (UNAUDITED)

 Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions)2022202120222021
Revenues
Sales$690 $657 $1,949 $1,929 
Services, maintenance and rentals1,010 1,046 3,061 3,166 
Financing51 55 156 166 
Total Revenues1,751 1,758 5,166 5,261 
Costs and Expenses
Cost of sales508 498 1,430 1,386 
Cost of services, maintenance and rentals659 662 2,015 1,971 
Cost of financing28 29 78 85 
Research, development and engineering expenses73 82 235 235 
Selling, administrative and general expenses418 413 1,332 1,295 
Goodwill impairment412  412  
Restructuring and related costs, net22 10 41 39 
Amortization of intangible assets10 13 31 42 
Other expenses, net1 (33)66 (28)
Total Costs and Expenses2,131 1,674 5,640 5,025 
(Loss) Income before Income Taxes and Equity Income(380)84 (474)236 
Income tax expense (benefit)3 (4)(27)19 
Equity in net income of unconsolidated affiliates1 1 3 2 
Net (Loss) Income(382)89 (444)219 
Less: Net income (loss) attributable to noncontrolling interests1 (1)(1)(1)
Net (Loss) Income Attributable to Xerox$(383)$90 $(443)$220 









The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

Xerox 2022 Form 10-Q 7


XEROX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (UNAUDITED)

 Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions)2022202120222021
Net (Loss) Income$(382)$89 $(444)$219 
Less: Net income (loss) attributable to noncontrolling interests1 (1)(1)(1)
Net (Loss) Income Attributable to Xerox(383)90 (443)220 
Other Comprehensive (Loss) Income, Net(1)
Translation adjustments, net(277)(125)(636)(122)
Unrealized gains (losses), net6 4 (19)(3)
Changes in defined benefit plans, net54 51 96 122 
Other Comprehensive Loss, Net Attributable to Xerox(217)(70)(559)(3)
Comprehensive (Loss) Income, Net(599)19 (1,003)216 
Less: Comprehensive income (loss), net attributable to noncontrolling interests1 (1)(1)(1)
Comprehensive (Loss) Income, Net Attributable to Xerox$(600)$20 $(1,002)$217 
_____________
(1) Refer to Note 20 - Other Comprehensive (Loss) Income for gross components of Other comprehensive loss, net, reclassification adjustments out of Accumulated other comprehensive loss and related tax effects.



The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

Xerox 2022 Form 10-Q 8


XEROX CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in millions)September 30,
2022
December 31,
2021
Assets
Cash and cash equivalents$932 $1,840 
Accounts receivable (net of allowance of $51 and $58, respectively)
835 818 
Billed portion of finance receivables (net of allowance of $4 and $4, respectively)
91 94 
Finance receivables, net995 1,042 
Inventories777 696 
Other current assets265 211 
Total current assets3,895 4,701 
Finance receivables due after one year (net of allowance of $113 and $114, respectively)
1,814 1,934 
Equipment on operating leases, net216 253 
Land, buildings and equipment, net315 358 
Intangible assets, net216 211 
Goodwill2,753 3,287 
Deferred tax assets496 519 
Other long-term assets1,694 1,952 
Total Assets$11,399 $13,215 
Liabilities and Equity
Short-term debt and current portion of long-term debt$1,070 $650 
Accounts payable1,213 1,069 
Accrued compensation and benefits costs250 239 
Accrued expenses and other current liabilities762 823 
Total current liabilities3,295