Segment and Geographic Area Reporting (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Segment Reporting Information, by Segment

Segment revenue, significant segment expenses, segment profit, and other selected financial information for our reportable segments was as follows:


	Year Ended December 31, 2025
	Print and Other		IT Solutions		Corporate Other(1)		Total
External revenue	$	6,272	$	750	$	—	$	7,022
Intersegment net revenue(2)	—		11		—		11
Total Segment net revenue	$	6,272	$	761	$	—	$	7,033

Reconciliation to Segment Profit
Cost of sales(3)(4)	$	1,820	$	421	$	—	$	2,241
Cost of services, maintenance, rentals and other(4)(5)(6)	2,540		189		—		2,729

Research, development and engineering expenses	228		—		—		228
Selling, administrative and general expenses(7)(8)	1,402		101		73		1,576
Intersegment expense(9)	3		8		—		$	11
Segment profit	$	279	$	42	$	(73)	$	248



Interest income(10)	$	126	$	—	$	—	$	126
Interest expense(4)	86		—		—		86
Depreciation and amortization	246		2		—		248

Capital expenditures	90		1		—		91
Total Assets	9,132		691		—		9,823


	Year Ended December 31, 2024
	Print and Other		IT Solutions		Corporate Other(1)		Total
External revenue	$	5,864	$	357	$	—	$	6,221
Intersegment net revenue(2)	—		1		—		1
Total Segment net revenue	$	5,864	$	358	$	—	$	6,222

Reconciliation to Segment Profit
Cost of sales(3)(4)	$	1,357	$	197	$	—	$	1,554
Cost of services, maintenance, rentals and other(4)(5)(6)	2,553		103		—		2,656

Research, development and engineering expenses	191		—		—		191
Selling, administrative and general expenses(7)(8)	1,366		58		94		1,518
Intersegment expense(9)	1		—		—		1
Segment profit	$	396	$	—	$	(94)	$	302



Interest income(10)	$	151	$	—	$	—	$	151
Interest expense(4)	106		—		—		106
Depreciation and amortization	201		—		—		201

Capital expenditures	44		—		—		44
Total Assets	$	7,649	$	716	$	—	$	8,365


	Year Ended December 31, 2023
	Print and Other		IT Solutions		Corporate Other(1)		Total
External net revenue	$	6,523	$	363	$	—	$	6,886
Intersegment revenue	—		—		—		—
Total Segment net revenue	$	6,523	$	363	$	—	$	6,886

Reconciliation to Segment Profit
Cost of sales	$	1,556	$	222	$	—	$	1,778
Cost of services, maintenance, rentals and other	2,706		88		—		2,794

Research, development and engineering expenses	229		—		—		229
Selling, administrative and general expenses(7)	1,547		48		101		1,696
Intersegment expense	—		—		—		—
Segment profit	$	485	$	5	$	(101)	$	389



Interest income(10)	$	191	$	—	$	—	$	191
Interest expense(6)	130		—		—		130
Depreciation and amortization	208		—		—		208

Capital expenditures	37		—		—		37
Total Assets	$	9,782	$	226	$	—	$	10,008

_____________

(1)Certain administrative and general expenses, which primarily relate to corporate functions, are not allocated to either of our operating/reportable segments.

(2)Intersegment revenue is primarily revenue from IT hardware, software solutions and services, sold by the IT Solutions segment to the Print and Other segment.

(3)Excludes the impact of a charge made for inventory purchase accounting adjustments related to the Lexmark Acquisition of $102 year ended December 31, 2025. Refer to Note 6 - Acquisition and Divestitures for additional information regarding the Lexmark Acquisition.

(4)As a result of the exit of certain production print manufacturing operations, Cost of sales and Cost of services, maintenance, rentals and other for the Print and Other Segment excludes inventory-related charges of $24 and $8 for the years ended December 31, 2025 and 2024, respectively, as well as the cancellation of related purchase contracts $— and $43 for the years ended December 31, 2025 and 2024, respectively.

(5)Excludes the impact of fixed asset purchase accounting adjustments related to the Lexmark Acquisition of $29 for year ended December 31, 2025. Refer to Note 6 - Acquisition and Divestitures for additional information regarding the Lexmark Acquisition

(6)Includes equipment financing interest expense associated with Company's financing debt, which is fully allocated to the Print and Other segment in support of its Finance assets. No interest expense is allocated to the IT Solutions segment, as the segment has no financing debt.

(7)Includes bad debt expense for the Print and Other segment of $39, $42, $28 for the three years ended December 31, 2025, 2024 and 2023, respectively. Bad debt expense for the IT Solutions segment was nil for the three years ended December 31, 2025, 2024 and 2023, respectively.

(8)The Print and Other segment excludes Reinvention Costs of $17 and $12, and Transaction and related costs, net of $33 and $5, for the years ended December 31, 2025 and 2024, respectively. Additionally, the Print and Other segment excludes $25 for the year ended December 31, 2025 related to the settlement of pre-existing employment agreements as a result of the Lexmark Acquisition. The IT Solutions segment excludes Transaction and related costs, net of $1 and $2, for the years ended December 31, 2025 and 2024, respectively. Refer to Note 6 - Acquisition and Divestitures for additional information regarding the Lexmark Acquisition and ITsavvy.

(9)Intersegment expense primarily consists of costs related to the sale of IT hardware, software solutions and services by the IT Solutions segment, to the Print and Other segment.

(10)Reflects financing income, which is included in Services, maintenance, rentals and other in the Consolidated Statements of (Loss) Income. No interest income is allocated to the IT Solutions segment, as the segment has no finance assets.

Selected financial information for our reportable segments was as follows:


	Year Ended December 31,
	2025		2024		2023





Pre-tax (Loss)
Total Segment profit	$	248	$	302	$	389
Goodwill impairment(1)	—		(1,058)		—
Restructuring and related costs, net	(66)		(112)		(167)
Amortization of intangible assets	(83)		(73)		(43)
Reinvention-related costs	(17)		(12)		—
Purchase Accounting Adjustment - Fixed Assets	(29)		—		—
Purchase Accounting Adjustment - Inventory	(102)		—		—
Settlement of pre-existing employment agreements	(25)		—		—
Transaction-related costs	(34)		(7)		—
Inventory-related impact - exit of certain production print manufacturing operations(2)	(24)		(51)		—
Divestitures	4		(47)		—
PARC Donation	—		—		(132)
Other expenses, net	(360)		(158)		(75)
Total Pre-tax loss	$	(488)	$	(1,216)	$	(28)

Depreciation and Amortization
Total reported segments	$	248	$	201	$	208
Amortization of intangible assets	83		73		43
Total Depreciation and amortization	$	331	$	274	$	251

Interest Expense
Total reported segments	$	86	$	106	$	130
Corporate	248		119		68
Total Interest expense	$	334	$	225	$	198

Interest Income
Total reported segments	$	126	$	151	$	191
Corporate	14		14		16
Total Interest income	$	140	$	165	$	207

__________

(1)For the year ended December 31, 2024 we recognized an after-tax non-cash impairment charge of $1,015 ($1,058 pre-tax) related to our Print and Other reporting unit.

(2)Includes certain charges resulting from the exit of certain production print manufacturing operations, including inventory-related charges of approximately $24 and $8 for the years ended December 31, 2025 and 2024 respectively, as well as charges for the cancellation of related purchase contracts of $— and $43 for the years ended December 31, 2025 and 2024, respectively.

Schedule of Revenue and Long-lived Assets by Geography

Geographic Area Data

Geographic area data is based upon the location of the subsidiary reporting the revenue or long-lived assets and is as follows:


	Revenues						Long-Lived Assets (1)
	Year Ended December 31,						As of December 31,
	2025		2024		2023		2025		2024
United States	$	3,985	$	3,437	$	3,826	$	761	$	488
Europe	1,952		1,843		1,951		178		194
Canada	464		487		554		49		39
Latin America	274		199		246		106		10
Asia Pacific	154		54		55		51		2
Other areas	193		201		254		2		2
Total	$	7,022	$	6,221	$	6,886	$	1,147	$	735

_____________

(1)Long-lived assets are comprised of (i) Land, buildings and equipment, net, (ii) Equipment on operating leases, net, (iii) Leased right-of-use (ROU) assets, net, (iv) Internal use software, net, and (v) Capitalized product software, net.