Company: CNDT
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001677703-25-000029
Chunk: 108

Company: CONDUENT Inc
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 108
---
 328 31 34 Other areas178 80 57 98 109 Total Revenues and Long-Lived Assets$3,356 $3,722 $3,858 $515 $623 __________

(1)Long-lived assets are comprised of (i) Land, buildings and equipment, net, (ii) Internal use software, net, (iii) Product software, net and (iv) Operating lease right-of-use assets.  

Note 4 – Divestitures and Assets/Liabilities Held for Sale

Divestiture of Casualty Claims Solutions BusinessOn May 3, 2024, the Company entered into a definitive agreement to sell the Company’s Casualty Claims Solutions business (collectively referred to as the "Casualty Disposal Group") to MedRisk. On September 1, 2024, the sale was completed and MedRisk paid Conduent $224 million of cash consideration, subject to certain post-closing adjustments. These adjustments were finalized in the first quarter of 2025 and were not material.In 2024, the Company recorded a gain on the sale of $194 million less costs to sell of $8 million, which is recorded in Gain (loss) on divestitures and transaction costs. Additionally, the Company recorded $33 million of income tax expense related to the divestiture.

CNDT 2024 Annual Report68

The Casualty Disposal Group generated revenue and income (loss) before income taxes as follows: Year Ended December 31,(in millions)202420232022Revenue$100 $146 $157 Income (loss) before income taxes6 6 7 Divestiture of Curbside Management and Public Safety Solutions BusinessesIn December 2023, the Company signed a definitive agreement to sell its Curbside Management and Public Safety Solutions businesses to Modaxo, a division of Constellation Software Inc., for $230 million (plus the assumption of certain indebtedness), subject to customary purchase price adjustments. The assets and liabilities of these businesses (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. On April 30, 2024, Conduent completed the sale of this business. The Company received $181 million of cash consideration and a $50 million non-interest bearing note payable to the Company due on April 30,