Company: CNDT
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001677703-25-000076
Chunk: 41

Company: CONDUENT Inc
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 41
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 2025 Form 10-Q14

A summary of the Company's restructuring program activity during the three months ended March 31, 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 Provision1 1 2 4 Changes in estimates— — — — Total Net Current Period Charges(1)1 1 2 4 Charges against reserve and currency(8)(1)(2)(11)Accrued Balance at March 31, 2025$6 $2 $— $8 (in millions)Severance and Related CostsTermination and Other Costs(2)Asset ImpairmentsTotalAccrued Balance at December 31, 2023$9 $1 $— $10 Provision4 4 1 9 Changes in estimates— — — — Total Net Current Period Charges(1)4 4 1 9 Charges against reserve and currency(7)(3)(1)(11)Accrued Balance at March 31, 2024$6 $2 $— $8 __________(1)Represents amounts recognized within the Condensed Consolidated Statements of Income (Loss) for the years shown.(2)During the three months ended March 31, 2024, the Company incurred $1 million of costs for bringing certain technology functions in-house. There were no such costs incurred in the three months ended March 31, 2025. These costs are included in the above table in Termination and other costs.No restructuring and related costs are allocated to the segments.

Note 7 – Debt

Long-term debt was as follows:(in millions)March 31, 2025December 31, 2024Term loan A due 2026$85 $88 Senior notes due 2029520 520 Finance lease obligations41 26 Other11 12 Principal debt balance657 646 Debt issuance costs and unamortized discounts(6)(7)Less: current maturities(26)(24)Total Long-term Debt$625 $615 As of March 31, 2025, the Company had no outstanding borrowings under its $550