Shareholders' Equity of Xerox

6 Months Ended

Jun. 30, 2020

Shareholders’ Equity of Xerox Holdings

(shares in thousands)

The shareholders' equity information presented below reflects the consolidated activity of Xerox Holdings.


	Common Stock		Additional Paid-in Capital		Treasury Stock		Retained Earnings		AOCL⁽¹⁾		Xerox Holdings Shareholders’ Equity		Non-controlling Interests		Total Equity
Balance at March 31, 2020	$	213	$	2,712	$	—	$	6,252	$	(3,784)	$	5,393	$	7	$	5,400

Comprehensive income, net	—		—		—		27		103		130		—		130
Cash dividends declared - common⁽²⁾	—		—		—		(53)		—		(53)		—		(53)
Cash dividends declared - preferred⁽³⁾	—		—		—		(3)		—		(3)		—		(3)


Stock option and incentive plans, net	—		10		—		—		—		10		—		10



Distributions to noncontrolling interests	—		—		—		—		—		—		(3)		(3)

Balance at June 30, 2020	$	213	$	2,722	$	—	$	6,223	$	(3,681)	$	5,477	$	4	$	5,481


	Common Stock		Additional Paid-in Capital		Treasury Stock		Retained Earnings		AOCL⁽¹⁾		Xerox Holdings Shareholders’ Equity		Non- controlling Interests		Total Equity
Balance at March 31, 2019	$	230	$	3,282	$	(103)	$	5,270	$	(3,652)	$	5,027	$	36	$	5,063

Comprehensive income, net	—		—		—		181		5		186		3		189
Cash dividends declared - common⁽²⁾	—		—		—		(57)		—		(57)		—		(57)
Cash dividends declared - preferred⁽³⁾	—		—		—		(3)		—		(3)		—		(3)


Stock option and incentive plans, net	—		6		—		—		—		6		—		6

Payments to acquire treasury stock, including fees	—		—		(197)		—		—		(197)		—		(197)
Cancellation of treasury stock	(5)		(164)		169		—		—		—		—		—
Distributions to noncontrolling interests	—		—		—		—		—		—		(9)		(9)

Balance at June 30, 2019	$	225	$	3,124	$	(131)	$	5,391	$	(3,647)	$	4,962	$	30	$	4,992


	Common Stock		Additional Paid-in Capital		Treasury Stock		Retained Earnings		AOCL⁽¹⁾		Xerox Holdings Shareholders’ Equity		Non-controlling Interests		Total Equity
Balance at December 31, 2019	$	215	$	2,782	$	(76)	$	6,312	$	(3,646)	$	5,587	$	7	$	5,594

Comprehensive income (loss), net	—		—		—		25		(35)		(10)		—		(10)
Cash dividends declared - common⁽²⁾	—		—		—		(107)		—		(107)		—		(107)
Cash dividends declared - preferred⁽³⁾	—		—		—		(7)		—		(7)		—		(7)


Stock option and incentive plans, net	—		14		—		—		—		14		—		14


Cancellation of treasury stock	(2)		(74)		76		—		—		—		—		—
Distributions to noncontrolling interests	—		—		—		—		—		—		(3)		(3)

Balance at June 30, 2020	$	213	$	2,722	$	—	$	6,223	$	(3,681)	$	5,477	$	4	$	5,481


	Common Stock		Additional Paid-in Capital		Treasury Stock		Retained Earnings		AOCL⁽¹⁾		Xerox Holdings Shareholders’ Equity		Non- controlling Interests		Total Equity
Balance at December 31, 2018	$	232	$	3,321	$	(55)	$	5,072	$	(3,565)	$	5,005	$	34	$	5,039
Cumulative effect of change in accounting principle	—		—		—		127		(127)		—		—		—
Comprehensive income, net	—		—		—		314		45		359		6		365
Cash dividends declared - common⁽²⁾	—		—		—		(115)		—		(115)		—		(115)
Cash dividends declared - preferred⁽³⁾	—		—		—		(7)		—		(7)		—		(7)


Stock option and incentive plans, net	—		20		—		—		—		20		—		20

Payments to acquire treasury stock, including fees	—		—		(300)		—		—		(300)		—		(300)
Cancellation of treasury stock	(7)		(217)		224		—		—		—		—		—
Distributions to noncontrolling interests	—		—		—		—		—		—		(10)		(10)

Balance at June 30, 2019	$	225	$	3,124	$	(131)	$	5,391	$	(3,647)	$	4,962	$	30	$	4,992

_____________

(1)Refer to Note 19 - Other Comprehensive Income (Loss) for the components of AOCL.

(2)Cash dividends declared on common stock for the three and six months ended June 30, 2020 and 2019 were $0.25 per share and $0.50 per share, respectively.

(3)Cash dividends declared on preferred stock for the three and six months ended June 30, 2020 and 2019 were $20.00 per share and $40.00 per share, respectively.

Treasury Stock

The following is a summary of the purchases of common stock during 2020:


	Shares	Amount
Balance at December 31, 2019	2,031	$	76
Purchases⁽¹⁾	—	—
Cancellations	(2,031)	(76)
Balance at June 30, 2020	—	$	—

_____________

(1)Includes associated fees.

XEROX CORPORATION

Shareholders' Equity of Xerox

Shareholders’ Equity of Xerox

The shareholders' equity information presented below reflects the consolidated activity of Xerox.


	Common Stock		Additional Paid-in Capital		Treasury Stock		Retained Earnings		AOCL⁽¹⁾		Xerox Shareholders’ Equity		Non-controlling Interests		Total Equity
Balance at March 31, 2020	$	—	$	3,504	$	—	$	5,955	$	(3,784)	$	5,675	$	7	$	5,682
Comprehensive income, net	—		—		—		27		103		130		—		130


Dividends declared to parent	—		—		—		(57)		—		(57)		—		(57)
Transfers from parent	—		11		—		—		—		11		—		11






Distributions to noncontrolling interests	—		—		—		—		—		—		(3)		(3)

Balance at June 30, 2020	$	—	$	3,515	$	—	$	5,925	$	(3,681)	$	5,759	$	4	$	5,763


	Common Stock		Additional Paid-in Capital		Treasury Stock		Retained Earnings		AOCL⁽¹⁾		Xerox Shareholders’ Equity		Non- controlling Interests		Total Equity
Balance at March 31, 2019	$	230	$	3,282	$	(103)	$	5,270	$	(3,652)	$	5,027	$	36	$	5,063

Comprehensive income, net	—		—		—		181		5		186		3		189
Cash dividends declared - common	—		—		—		(57)		—		(57)		—		(57)
Cash dividends declared - preferred	—		—		—		(3)		—		(3)		—		(3)

Stock option and incentive plans, net	—		6		—		—		—		6		—		6

Payments to acquire treasury stock, including fees	—		—		(197)		—		—		(197)		—		(197)
Cancellation of treasury stock	(5)		(164)		169		—		—		—		—		—
Distributions to noncontrolling interests	—		—		—		—		—		—		(9)		(9)

Balance at June 30, 2019	$	225	$	3,124	$	(131)	$	5,391	$	(3,647)	$	4,962	$	30	$	4,992


	Common Stock		Additional Paid-in Capital		Treasury Stock		Retained Earnings		AOCL⁽¹⁾		Xerox Shareholders’ Equity		Non-controlling Interests		Total Equity
Balance at December 31, 2019	$	—	$	3,266	$	—	$	6,247	$	(3,646)	$	5,867	$	7	$	5,874

Comprehensive income (loss), net	—		—		—		25		(35)		(10)		—		(10)


Dividends declared to parent	—		—		—		(347)		—		(347)		—		(347)
Transfers from parent	—		249		—		—		—		249		—		249






Distributions to noncontrolling interests	—		—		—		—		—		—		(3)		(3)


Balance at June 30, 2020	$	—	$	3,515	$	—	$	5,925	$	(3,681)	$	5,759	$	4	$	5,763


	Common Stock		Additional Paid-in Capital		Treasury Stock		Retained Earnings		AOCL⁽¹⁾		Xerox Shareholders’ Equity		Non- controlling Interests		Total Equity
Balance at December 31, 2018	$	232	$	3,321	$	(55)	$	5,072	$	(3,565)	$	5,005	$	34	$	5,039
Cumulative effect of change in accounting principle	—		—		—		127		(127)		—		—		—
Comprehensive income, net	—		—		—		314		45		359		6		365
Cash dividends declared - common	—		—		—		(115)		—		(115)		—		(115)
Cash dividends declared - preferred	—		—		—		(7)		—		(7)		—		(7)


Stock option and incentive plans, net	—		20		—		—		—		20		—		20

Payments to acquire treasury stock, including fees	—		—		(300)		—		—		(300)		—		(300)
Cancellation of treasury stock	(7)		(217)		224		—		—		—		—		—
Distributions to noncontrolling interests	—		—		—		—		—		—		(10)		(10)

Balance at June 30, 2019	$	225	$	3,124	$	(131)	$	5,391	$	(3,647)	$	4,962	$	30	$	4,992

_____________

(1)Refer to Note 19 - Other Comprehensive Income (Loss) for the components of AOCL.