Company: CNDT
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001677703-25-000029
Chunk: 122

Company: CONDUENT Inc
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 122
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 were $13 million and $0 million, respectively.Defined Contribution PlansThe Company has post-retirement savings and investment plans in several countries, including the U.S., U.K. and Canada. In many instances, employees from those defined benefit pension plans that have been amended to freeze future service accruals were transitioned to an enhanced defined contribution plan. In these plans employees are allowed to contribute a portion of their salaries and bonuses to the plans, and the Company matches a portion of the employee contributions.  

The Company recorded expenses related to its defined contribution plans of $5 million in 2024, $11 million in 2023 and $10 million in 2022. 

Note 14 - Income Taxes

Income (loss) before income taxes was as follows: Year Ended December 31,(in millions)202420232022Domestic income (loss)$461 $(349)$(149)Foreign income43 17 22 Income (Loss) Before Income Taxes$504 $(332)$(127)Provision (benefit) for income taxes were as follows:Year Ended December 31,(in millions)202420232022Federal Income TaxesCurrent$45 $6 $30 Deferred(5)(41)14 Foreign Income TaxesCurrent23 12 9 Deferred(7)(2)(2)State Income TaxesCurrent15 — 8 Deferred7 (11)(4)Total Provision (Benefit)$78 $(36)$55 

CNDT 2024 Annual Report80

A reconciliation of the U.S. federal statutory income tax rate to the consolidated effective income tax rate was as follows: Year Ended December 31, 202420232022U.S. federal statutory income tax rate21.0 %21.0 %21.0 %Nondeductible expenses1.8 %(1.2)%(3.5)%Change in valuation allowance for deferred tax assets1.7 %0.8 %(8.0)%State taxes, net of federal benefit3.6 %3.1 %(2.4)%Tax-exempt income, credits and incentives(0.8)%0.8 %3.0 %Foreign rate differential adjusted for U.S. taxation of foreign profits(1)0.1 %(0.4)%(1.9)%Divestitures(1.7)%— %(17.9)%Internal reorganization(13.4