Xerox Taps Tariffs Refund Claim to Help Address Looming Debt

Xerox Taps Tariffs Refund Claim to Help Address Looming Debt Xerox Holdings Corp. sold tariff refund claims at a discount to raise cash and reduce its debt load last quarter, as it looks to address its hefty maturities over the next three years. The company recognized $105 million of tariff refund receivables in gross profit during the second quarter and sold the receivable to a third party for $80 million in cash, management disclosed on Thursday’s earnings call. It then “put a meaningful portion of that cash to work immediately” by repurchasing debt at a discount, chief financial officer Chuck Butler said.