Company: CNDT
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001677703-25-000126
Chunk: 47

Company: CONDUENT Inc
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 47
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) 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 Finance lease obligations44 26 Other15 12 Principal debt balance661 646 Debt issuance costs and unamortized discounts(5)(7)Less: current maturities(28)(24)Total Long-term Debt$628 $615 As of June 30, 2025, the Company had no outstanding borrowings under its $550 million revolving credit facility (the "Revolver"). Additionally, the Company utilized $10 million of the Revolver to issue letters of credit as of June 30, 2025. The net Revolver available to be drawn upon as of June 30, 2025 was $540 million.In connection with voluntary prepayments of the Term Loan B made in 2024, the Company wrote-off related debt issuance costs of $3 million and $5 million, which is included in Loss on extinguishment of debt in the Condensed Consolidated Statements of Income (Loss) for the three and six months ended June 30, 2024, respectively.

At June 30, 2025, the Company was in compliance with all debt covenants related to the borrowings in the table above. 

Note 8 – Financial Instruments

The Company is a global company that is exposed to foreign currency exchange rate fluctuations in the normal course of its business. As a part of the Company's foreign exchange risk management strategy, the Company uses derivative instruments, primarily forward contracts, to hedge the funding of foreign entities which have a non-dollar functional currency, thereby reducing volatility of earnings or protecting fair values of assets and liabilities.  At June 30, 2025 and December 31, 2024, the Company had outstanding forward exchange contracts with gross notional values of $208 million and $203 million, respectively