Company: ALIT
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001809104-25-000175
Chunk: 24

Company: Alight, Inc. / Delaware
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 24
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380 — 172 1,552 Total amortization expense$2,396 $87 $301 $2,784 

7. Income TaxesThe Company's effective tax rates for the three months ended March 31, 2025 and 2024 were 15% and 18%, respectively. The effective tax rates for the three months ended March 31, 2025 was lower than the 21% U.S. statutory corporate income tax rate and primarily driven by the Company’s non-deductible expenses, tax credits, and changes in valuation allowance. The effective tax rates for the three months ended March 31, 2024 was lower than the 21% U.S. statutory corporate income tax rate. This difference was primarily due to the Company’s non-deductible expenses, tax credits, and changes in valuation allowance.

8. DebtDebt outstanding consisted of the following (in millions):Maturity DateMarch 31,2025December 31,2024Seventh Incremental Term Loans(1)August 31, 2028$2,019 $— Sixth Incremental Term Loans(2)August 31, 2028— 2,025 $300 million Revolving Credit Facility, AmendedAugust 31, 2026— — Total debt, net2,019 2,025 Less: current portion of long-term debt, net(20)(25)Total long-term debt, net$1,999 $2,000 _______________________________________________________(1)The net balance for the Seventh Incremental Term Loans included unamortized debt issuance costs at March 31, 2025 of approximately $6 million. (2)The net balance for the Sixth Incremental Term Loans included unamortized debt issuance costs at December 31, 2024 of approximately $6 million. 

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Term Loan In June 2024, the Company entered into Amendment No. 10 to its credit agreement, dated as of May 1, 2017 (as amended from time to time, the “Credit Agreement”), with a syndicate of lenders to establish a new class of Sixth Incremental Term Loans (the “Sixth Incremental Term Loans”) with an aggregate principal amount of $2,489 million to reprice the outstanding Fifth Incremental Term Loans due August 31, 2028 by reducing the applicable rate from SOFR + 2.75% to SOFR +