Finance Receivables, Net (Tables)

12 Months Ended

Dec. 31, 2025

Financing Receivable, after Allowance for Credit Loss [Abstract]

Finance receivables, net were as follows:


	December 31,
	2025		2024
Gross receivables	$	1,643	$	2,032
Unearned income	(196)		(230)
Subtotal	1,447		1,802
Residual values	—		—
Allowance for doubtful accounts	(45)		(57)
Finance Receivables, Net	1,402		1,745
Less: Billed portion of finance receivables, net	46		48
Less: Current portion of finance receivables not billed, net	510		608
Finance Receivables Due After One Year, Net	$	846	$	1,089

Schedule of Financing Receivables, Minimum Payments

A summary of our gross finance receivables' future contractual maturities, including those previously billed, is as follows:



	December 31, 2025
12 months	$	661
24 months	454
36 months	297
48 months	166
60 months	59
Thereafter	6
Total	$	1,643

Schedule of Allowance for Credit Losses, Financing Receivables

The allowance for credit losses as well as the related investment in finance receivables were as follows:


Allowance for Credit Losses:	United States		Canada		EMEA		Other		Total
Balance at December 31, 2023	$	58	$	7	$	27	$	—	$	92
Provision	(7)		10		14		—		17
Charge-offs, net	(23)		(11)		(17)		—		(51)
Other(1)	1		(1)		(1)		—		(1)

Balance at December 31, 2024	$	29	$	5	$	23	$	—	$	57
Provision	7		2		7		—		16
Charge-offs, net	(12)		(3)		(16)		—		(31)
Other(1)	—		1		2		—		3

Balance at December 31, 2025	$	24	$	5	$	16	$	—	$	45

Finance Receivables Collectively Evaluated for Impairment:
December 31, 2024(2)(3)	$	749	$	144	$	909	$	—	$	1,802
December 31, 2025(2)(3)	$	616	$	151	$	663	$	17	$	1,447

_____________

(1)Includes the impacts of foreign currency translation and adjustments to reserves necessary to reflect events of non-payment such as customer accommodations and contract terminations.

(2)As a result of the Lexmark Acquisition on July 1, 2025, Other includes amounts for Latin America, Asia Pacific and South Africa. Allowance

for doubtful credit losses in Other for the year ended December 31, 2025 was nil. Refer to Note 6 - Acquisitions and Divestitures for additional information regarding the Lexmark acquisition.

(3)Total Finance receivables exclude the allowance for credit losses of $45 and $57 at December 31, 2025 and 2024, respectively.

Schedule of Credit Quality Indicators for Financing Receivables

Details about our finance receivables portfolio based on geography, origination year and credit quality indicators are as follows:


	December 31, 2025
	2025		2024		2023		2022		2021		Prior		Total Finance Receivables
United States (Direct):
Low Credit Risk	$	102	$	66	$	48	$	19	$	7	$	1	$	243
Average Credit Risk	49		31		41		14		13		2		150
High Credit Risk	24		23		18		13		5		2		85
Total	$	175	$	120	$	107	$	46	$	25	$	5	$	478
Charge-offs	$	—	$	1	$	3	$	2	$	1	$	2	$	9

United States (Indirect):
Low Credit Risk	$	2	$	4	$	10	$	15	$	6	$	—	$	37
Average Credit Risk	12		7		25		22		6		1		73
High Credit Risk	—		8		13		5		2		—		28
Total	$	14	$	19	$	48	$	42	$	14	$	1	$	138
Charge-offs	$	—	$	—	$	4	$	4	$	2	$	1	$	11

Canada
Low Credit Risk	$	31	$	20	$	13	$	4	$	1	$	—	$	69
Average Credit Risk	29		20		13		7		2		—		71
High Credit Risk	4		3		2		1		1		—		11
Total	$	64	$	43	$	28	$	12	$	4	$	—	$	151
Charge-offs	$	—	$	1	$	1	$	1	$	—	$	—	$	3

EMEA
Low Credit Risk	$	135	$	76	$	96	$	51	$	14	$	4	$	376
Average Credit Risk	68		45		79		49		13		3		257
High Credit Risk	8		5		10		4		2		1		30
Total	$	211	$	126	$	185	$	104	$	29	$	8	$	663
Charge-offs	$	5	$	3	$	7	$	4	$	1	$	—	$	20

Other(1)
Low Credit Risk	7		4		3		1		—		—		15
Average Credit Risk	—		1		1		—		—		—		2
High Credit Risk	—		—		—		—		—		—		—
Total	$	7	$	5	$	4	$	1	$	—	$	—	$	17
Charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Total Finance Receivables
Low Credit Risk	$	277	$	170	$	170	$	90	$	28	$	5	$	740
Average Credit Risk	158		104		159		92		34		6		553
High Credit Risk	36		39		43		23		10		3		154
Total	$	471	$	313	$	372	$	205	$	72	$	14	$	1,447
Total Charge-offs	$	5	$	5	$	15	$	11	$	4	$	3	$	43

_____________

(1) As a result of the Lexmark Acquisition on July 1, 2025, includes amounts for Latin America, Asia Pacific and South Africa.


	December 31, 2024
	2024		2023		2022		2021		2020		Prior		Total Finance Receivables
United States (Direct):
Low Credit Risk	$	93	$	69	$	34	$	23	$	10	$	1	$	230
Average Credit Risk	51		61		23		27		9		2		173
High Credit Risk	28		24		23		14		7		3		99
Total	$	172	$	154	$	80	$	64	$	26	$	6	$	502
Charge-offs	$	1	$	—	$	1	$	1	$	2	$	2	$	7

United States (Indirect):
Low Credit Risk	$	40	$	48	$	25	$	13	$	3	$	—	$	129
Average Credit Risk	29		42		22		11		3		—		107
High Credit Risk	3		5		2		1		—		—		11
Total	$	72	$	95	$	49	$	25	$	6	$	—	$	247
Charge-offs	$	1	$	7	$	3	$	4	$	2	$	4	$	21

Canada
Low Credit Risk	$	33	$	18	$	7	$	5	$	1	$	—	$	64
Average Credit Risk	32		17		11		5		2		1		68
High Credit Risk	5		2		2		2		1		—		12
Total	$	70	$	37	$	20	$	12	$	4	$	1	$	144
Charge-offs	$	—	$	9	$	1	$	—	$	—	$	1	$	11

EMEA
Low Credit Risk	$	131	$	175	$	116	$	55	$	20	$	3	$	500
Average Credit Risk	75		130		92		45		19		5		366
High Credit Risk	8		14		11		6		3		1		43
Total	$	214	$	319	$	219	$	106	$	42	$	9	$	909
Charge-offs	$	—	$	7	$	6	$	3	$	1	$	—	$	17

Total Finance Receivables
Low Credit Risk	$	297	$	310	$	182	$	96	$	34	$	4	$	923
Average Credit Risk	187		250		148		88		33		8		714
High Credit Risk	44		45		38		23		11		4		165
Total	$	528	$	605	$	368	$	207	$	78	$	16	$	1,802
Total Charge-offs	$	2	$	23	$	11	$	8	$	5	$	7	$	56

Schedule of Aging of Billed Finance Receivables

The aging of our billed finance receivables is as follows:


	December 31, 2025
	Current		31-90 Days Past Due		>90 Days Past Due		Total Billed		Unbilled		Total Finance Receivables		>90 Days and Accruing






Direct	$	18	$	5	$	4	$	27	$	451	$	478	$	35
Indirect	4		2		2		8		130		138		—
Total United States	22		7		6		35		581		616		35
Canada	3		1		—		4		147		151		4





EMEA	8		1		1		10		653		663		17
Other (1)	—		—		—		—		17		17		—
Total	$	33	$	9	$	7	$	49	$	1,398	$	1,447	$	56


	December 31, 2024
	Current		31-90 Days Past Due		>90 Days Past Due		Total Billed		Unbilled		Total Finance Receivables		>90 Days and Accruing






Direct	$	19	$	5	$	4	$	28	$	474	$	502	$	35
Indirect	6		1		1		8		239		247		—
Total United States	25		6		5		36		713		749		35
Canada	5		1		1		7		137		144		5





EMEA	5		1		1		7		902		909		15

Total	$	35	$	8	$	7	$	50	$	1,752	$	1,802	$	55

___________

(1) As a result of the Lexmark Acquisition on July 1, 2025, includes amounts for Latin America, Asia Pacific and South Africa.

Schedule Of Financing Receivable, Sale, Activity

Finance receivable sales activity was as follows:


	Year Ended December 31,
	2025		2024		2023
Finance receivable sales - net proceeds(1)	$	357	$	752	$	1,102
Gain on sale/Commissions(2)	2		30		25

Servicing revenue(2)	$	6	$	17	$	9

_____________

(1)Cash proceeds were reported in Net cash provided by operating activities.

(2)Recorded in Services, maintenance, rentals and other as Other Revenue. Amounts include revenues associated with the sale of the underlying leased equipment.