Company: CNDT
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001677703-25-000126
Chunk: 46

Company: CONDUENT Inc
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 46
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 consolidation of the Company's data centers, which totaled $0 million and $2 million for the three months ended June 30, 2025 and 2024, respectively, and $0 million and $4 million for the six months ended June 30, 2025 and 2024, respectively. Management continues to evaluate the Company's businesses and, in the future, there may be additional provisions for new plan initiatives and/or changes in previously recorded estimates as payments are made, or actions are completed.Costs associated with restructuring, including employee severance and lease termination costs, are generally recognized when it has been determined that a liability has been incurred, which is generally upon communication to the affected employees or exit from the leased facility. 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