In connection with our ongoing Transformation activities, we engage in restructuring actions in order to reduce our cost structure and realign it to the changing nature of our business. Our restructuring actions are currently related to our efforts to integrate and consolidate certain operations of the legacy Xerox and Lexmark businesses following the Lexmark Acquisition in 2025, as well as our prior restructuring programs, including Reinvention (now referred to as Transformation). Our restructuring actions may also include the off-shoring and/or outsourcing of certain operations, services and other functions, exit from certain product lines and geographies, as well as reducing our real estate footprint.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Restructuring charges, net	$	26	$	9	$	71	$	14
Asset impairment charges, net(1)	(5)		2		(6)		(4)
Related costs, net	2		(1)		3		(1)
Total Restructuring and related costs, net	$	23	$	10	$	68	$	9

Restructuring charges, net primarily relate to the Print and Other segment for all restructuring programs, as amounts related to the IT Solutions segment were immaterial for the three and six months ended June 30, 2026. A summary of our restructuring program activity is as follows:


	Severance Costs Prior Actions		Severance Costs Reinvention		Severance Costs Integration		Other Contractual Termination Costs(2)		Total
Balance at December 31, 2025	$	1	$	43	$	77	$	5	$	126
Restructuring provision	—		—		56		—		56
Reversals of prior charges	—		(2)		(9)		—		(11)
Net current period charges(1)	—		(2)		47		—		45
Charges against reserve and currency	—		(1)		(26)		—		(27)
Balance at March 31, 2026	$	1	$	40	$	98	$	5	$	144
Restructuring provision	—		—		31		—		31
Reversals of prior charges	—		—		(5)		—		(5)
Net current period charges(1)	—		—		26		—		26
Charges against reserve and currency	—		(3)		(17)		—		(20)
Balance at June 30, 2026	$	1	$	37	$	107	$	5	$	150

(1)Represents net amount recognized within the Condensed Consolidated Statements of Income (Loss) for the period for restructuring charges. Reversals of prior charges primarily include net changes in estimated reserves from prior period initiatives accrued for in prior periods, including Reinvention (now referred to as Transformation) and Integration.

(2)Primarily includes additional costs incurred upon the exit from our facilities, including decommissioning costs and associated contractual termination costs. We expect that the majority of these costs will be paid upon the exercise of an early termination clause in 2027.


	Six Months Ended June 30,
		2026		2025
Restructuring cash payments		$	(40)	$	(33)

Effects of foreign currency and other non-cash items		(7)		6
Charges against reserve and currency		$	(47)	$	(27)

Charges associated with asset impairments represent the write-down of the related assets to their new cost basis. Impairments are net of any potential sublease income or other recovery amounts. Asset impairment charges incurred during 2025 related to the impairment of an operating lease ROU asset, as well as the sale of a facility. Both the impairment and sale are associated with strategic actions associated with Reinvention.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Lease right of use assets(1)	$	—	$	—	$	—	$	4
Owned assets(2)	—		2		—		11
Asset impairments	—		2		—		15


Less: Proceeds from the sales of owned assets(3)	(5)		—		(6)		(19)
Net asset impairment (credit) charge	$	(5)	$	2	$	(6)	$	(4)

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	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025

Contractual severance costs	$	2	$	(1)	$	3	$	(1)

Total	$	2	$	(1)	$	3	$	(1)

For the six months ended June 30, 2026 and 2025 cash paid for restructuring related costs was $3 and $0, respectively, and the restructuring related costs reserve was $4 and $4 at June 30, 2026 and December 31, 2025, respectively. The balance at June 30, 2026 is expected to be paid over the next twelve months.