Company: CNDT
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001677703-25-000076
Chunk: 86

Company: CONDUENT Inc
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 8
Chunk 86
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 consistently providing severance benefits representing a substantive plan, it recognizes employee severance costs when they are both probable and reasonably estimable. Asset impairment costs related to the reduction of the Company's real estate footprint include impairment of operating lease ROU assets and associated leasehold improvements.

CNDT Q1 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