Company: CNDT
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001677703-25-000126
Chunk: 98

Company: CONDUENT Inc
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 8
Chunk 98
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. In those geographies where the Company has either a formal severance plan or a history of consistently providing severance benefits representing a substantive plan, it recognizes employee severance costs when they are both probable and reasonably estimable. Asset impairment costs related to the reduction of the Company's real estate footprint include impairment of operating lease ROU assets and associated leasehold improvements.A summary of the Company's restructuring program activity during the six months ended June 30, 2025 and 2024 is as follows:(in millions)Severance and Related CostsTermination and Other Costs(2)Asset ImpairmentsTotalAccrued Balance at December 31, 2024$13 $2 $— $15 Provision7 4 1 12 Changes in estimates— — — — Total Net Current Period Charges(1)7 4 1 12 Charges against reserve and currency(12)(4)(1)(17)Accrued Balance at June 30, 2025$8 $2 $— $10 (in millions)Severance and Related CostsTermination and Other Costs(2)Asset ImpairmentsTotalAccrued Balance at December 31, 2023$9 $1 $— $10 Provision7 8 2 17 Changes in estimates— — — — Total Net Current Period Charges(1)7 8 2 17 Charges against reserve and currency(11)(7)(2)(20)Accrued Balance at June 30, 2024$5 $2 $— $7 __________(1)Represents amounts recognized within the Condensed Consolidated Statements of Income (Loss) for the years shown.(2)During the six months ended June 30, 2024, the Company incurred $2 million of costs for bringing certain technology functions in-house. There were no such costs incurred in the six months ended June 30, 2025. These costs are included in the above table in Termination and other costs.No restructuring and related costs are allocated to the segments.

CNDT Q2 2025 Form 10-Q15

Note 7 – Debt

Long-term debt was as follows:(in millions)June 30, 2025December 31, 2024Term loan A due 2026$82 $88 Senior notes due 2029520 520