Company: ALIT
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001809104-25-000062
Chunk: 141

Company: Alight, Inc. / Delaware
Filing Date: 2025-02-27
Form: 10-K
Item: Item 1B
Chunk 141
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 as Level 2 within the fair value hierarchy and corroborated by observable market data (see Note 8 “Debt”).The carrying amounts of Cash and cash equivalents, Receivables, net and Accounts payable and accrued liabilities approximate their fair values due to the short-term maturities of these instruments.The Seller Note was measured at fair value of $35 million as of July 12, 2024 issued at Closing on a nonrecurring basis using a variation of the income approach and level 3 unobservable inputs. See Note 4 "Discontinued Operations" for additional information. The Seller Note had a carrying value of $37 million as of December 31, 2024. The Company believes the carrying value of the Seller Note approximates its fair value as of December 31, 2024 based on its stated interest rate and maturity date.During each of the years ended December 31, 2024 and 2023, there were no transfers in or out of the Level 1, Level 2 or Level 3 classifications.

17. RestructuringTransformation ProgramOn February 20, 2023, the Company approved a two-year strategic transformation restructuring program (the “Transformation Program”) intended to accelerate the Company’s back-office infrastructure into the cloud and transform its operating model leveraging technology in order to reduce its overall future costs. The Transformation Program includes process and system optimization, third party costs associated with technology infrastructure transformation, and elimination of full-time positions. From the inception of the plan through December 31, 2024, the Company incurred total expenses of $136 million, and the plan is substantially complete. These charges were recorded in Selling, general and administrative expenses in the Consolidated Statements of Comprehensive Income (Loss). 

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The following table summarizes restructuring costs by type (in millions):Year Ended December 31, 2024Year Ended December 31, 2023EstimatedRemainingCostsTotalCostEmployer SolutionsSeverance and Related Benefits$4 $5 $— $9 Other Restructuring Costs(1)27 51 — 78 Total Employer Solutions$31 $56 $— $87 CorporateSeverance and Related Benefits$19 $15 $— $34 Other Restructuring Costs(1)13 2 — 15 Total Corporate$32 $17 $— $49 Total Restructuring Costs$63 $73 $— $136 (1)