Related Party Transactions and Former Parent Company Investment

6 Months Ended

Jun. 30, 2017

Related Party Transactions [Abstract]

Related Party Transactions and Parent Company Investment

Related Party Transaction

In January 2017, in connection with the Separation, we paid Xerox $161 million for final settlement per the Separation agreement.

The Condensed Consolidated Statements of Income (Loss), Condensed Consolidated Statements of Comprehensive Loss and Condensed Consolidated Statements of Cash Flows for the three and six months ended June 30, 2016 included an allocation of general corporate expenses from Xerox, the Company's former parent. Management considered these allocations to be a reasonable reflection of the utilization of services by, or the benefits provided by Xerox. Allocations for management costs and corporate support services provided totaled $39 million and $84 million for the three and six months ended June 30, 2016, respectively. These amounts included costs for corporate functions including, but not limited to, senior management, legal, human resources, finance and accounting, treasury, information technology and other shared services. Where possible, these costs were allocated based on direct usage, with the remainder allocated on a basis of costs, headcount or other measures we have determined as reasonable.