On January 1, 2025, we reassessed our operating and reportable segments and determined that the Company's operations had two operating and reportable segments - Print and Other and IT Solutions. We also determined that there were no other businesses that met the requirements to be considered separate operating or reportable segments. As a result of this change, the carrying amount of Goodwill, net was reassessed and was allocated to our two reporting units - Print and Other and IT Solutions, based on the relative fair value of each reporting unit. As part of the reassessment it was determined that Goodwill was not impaired either before or after the resegmentation. Prior to this reassessment, all Goodwill was allocated to our Print and Other reporting unit. The following presents the changes in the carrying amount of Goodwill, net:


Print and Other	2025








Gross Goodwill - January 1st	$	3,808





Foreign currency translation	91

Lexmark(1)	246





Other	1

Gross Goodwill - December 31st	$	4,146

Accumulated impairment - January 1st	$	(2,245)
Impairment loss	—
Currency	(57)
Accumulated impairment - December 31st	$	(2,302)

Goodwill, net - December 31st	$	1,844


IT Solutions	2025








Gross Goodwill - January 1st	$	374





Foreign currency translation	2

ITsavvy(1)	2







Gross Goodwill - December 31st	$	378

Accumulated impairment - January 1st	$	—
Impairment loss	—
Accumulated impairment - December 31st	$	—

Goodwill, net - December 31st	$	378


Total Xerox	2025		2024		2023








Gross Goodwill - January 1st	$	4,182	$	3,940	$	4,013




Foreign currency translation - Gross	93		(29)		47
Acquisitions(1):
Lexmark	246		—		—
ITsavvy	2		286		—
U.K. Acquisitions	—		—		5

Other	1		1		—
Dispositions(2)	—		(16)		(125)
Gross Goodwill - December 31st	$	4,524	$	4,182	$	3,940

Accumulated impairment - January 1st	$	(2,245)	$	(1,193)	$	(1,193)
Impairment loss	—		(1,058)		—
Foreign currency translation - Impairment	(57)		6		—
Accumulated impairment - December 31st	$	(2,302)	$	(2,245)	$	(1,193)

Goodwill, net - December 31st	$	2,222	$	1,937	$	2,747

_____________

(1)2025 activity reflects the acquisition of Lexmark, as well as measurement period adjustments for ITsavvy. Refer to Note 6 - Acquisitions and Divestitures for additional information related to acquisitions of Lexmark and ITsavvy.

(2)Reflects the write off of $10 of Goodwill associated with the sales of our business operations in Argentina and Chile, as well as other immaterial dispositions during 2024, and the write-off of $115 of Goodwill associated with the donation of our Palo Alto Research Center (PARC) during 2023. Refer to Note 6 - Acquisitions and Divestitures for additional information related to these dispositions.

During 2024, we concluded that a quantitative test of Goodwill was required. Based on that test, we determined that the estimated fair value of the Print and Other reporting unit (the only reporting unit with Goodwill) had declined below its carrying value and, as a result, we recognized an after-tax non-cash impairment charge of $1,015 ($1,058 pre-tax) related to our Goodwill for the year ended December 31, 2024.

The estimated fair value of the Print and Other and IT Solutions reporting units, for all periods discussed above, is based on estimates and assumptions that are considered Level 3 inputs under the fair value hierarchy.

Intangible assets, net were $921 at December 31, 2025. Approximately, $778 related to our Print and Other segment and $143 related to our IT Solutions segment. Approximately $163 of Intangible assets, net were allocated to the IT Solutions segment on January 1, 2025, the date that we reassessed our operating and reportable segments.


		December 31, 2025						December 31, 2024
	Weighted Average Amortization	Gross Carrying Amount		Accumulated Amortization		Net Amount		Gross Carrying Amount		Accumulated Amortization		Net Amount
Customer relationships(1)	10 years	$	856	$	163	$	693	$	324	$	106	$	218
Distribution network(1)	25 years	123		123		—		123		123		—
Trademarks(1)	8 years	142		28		114		38		20		18
Technology and non-compete	7 years	135		21		114		12		12		—
Total Intangible Assets		$	1,256	$	335	$	921	$	497	$	261	$	236

(1)2025 and 2024 balances reflect the acquisitions of Lexmark and ITsavvy, respectively. Refer to Note 6 - Acquisitions and Divestitures for additional information related to acquisitions of Lexmark and ITsavvy.