Company: CNDT
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001677703-25-000029
Chunk: 110

Company: CONDUENT Inc
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 110
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 approximately $62 million of income taxes in connection with the divestiture. 

CNDT 2024 Annual Report69

The Midas business generated revenue and income (loss) before income taxes as follows: Year Ended December 31,(in millions)202420232022Revenue$— $— $7 Income (loss) before income taxes— — — Assets/Liabilities Held for SaleAs of December 31, 2023, the sale of the Curbside Management and Public Safety Solutions businesses had not yet closed. Accordingly, the assets and liabilities of this portfolio, collectively referred to as the Curbside Disposal Group, were reclassified as held for sale and measured at the lower of carrying value or fair value less costs to sell. As described above, the sale closed in the second quarter of 2024 and the assets and liabilities held for sale have been removed from the Company's Consolidated Balance Sheets.The following is a summary of the major categories of assets and liabilities that were classified as held for sale as of December 31, 2023:(in millions)December 31, 2023Accounts Receivable, net$49 Other current assets3 Land, building and equipment, net52 Operating lease right-of-use assets6 Goodwill35 Other long-term assets35 Total Assets held for sale$180 Current portion of long-term debt$5 Accounts payable11 Accrued compensation and benefits costs2 Unearned income4 Other current liabilities9 Long-term debt19 Operating lease liabilities4 Other long-term liabilities4 Total Liabilities held for sale$58 

CNDT 2024 Annual Report70

Note 5 - Land, Buildings, Equipment and Software, Net

Land, buildings and equipment, net was as follows:Estimated Useful LivesDecember 31,(in millions except as noted)(Years)20242023Land$1 $1 Building and building equipment25 to 506 6 Leasehold improvementsVaries214 221 IT, other equipment and office furniture3 to 15831 844 Other4 to 202 2 Construction in progress12 27 Subtotal1,066 1,101 Accumulated depreciation(899)(904)Land, Buildings and Equipment, Net$167 $197 Depreciation expense for the years ended December 31, 2024, 2023 and 2022 was $80 million,