Xerox Corporation /'z??r?ks/ is an American global corporation that sells document solutions[clarification needed] and services, and document technology products in more than 160 countries. Xerox is headquartered in Norwalk, Connecticut, though its largest population of employees is based around Rochester, New York, the area in which the company was founded. The company purchased Affiliated Computer Services for $6.4 billion in early 2010. As a large developed company, it is consistently placed in the list of Fortune 500 companies. On Jan. 29, 2016, Xerox announced its plans to separate into two independent, publicly traded companies – Xerox Corporation, which will comprise the company’s Document Technology and Document Outsourcing businesses, and Conduent Incorporated, a business process services company. Xerox completed the separation of Conduent Incorporated effective on Dec. 31, 2016, creating two market-leading, publicly- traded companies. Under the terms of the separation, on the distribution date of Dec. 31, 2016, Xerox shareholders received one share of Conduent common stock for every five shares of Xerox common stock they held as of the close of business on Dec. 15, 2016, the record date for the distribution. In connection with the spin-off, Xerox received a cash transfer from Conduent of $1.8 billion, which it intends to use, along with cash on hand, to retire approximately $2.0 billion in debt. Xerox continues to trade on the NYSE under the ticker symbol “XRX”.