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Project Summit

9 Months Ended

Sep. 30, 2021

Restructuring and Related Activities [Abstract]

Project Summit

In October 2019, we announced our global program designed to better position us for future growth and achievement of our strategic objectives (“Project Summit”). As a result of the program, we expect to reduce the number of positions at vice president and above by approximately 45%. The total program is expected to reduce our total managerial and administrative workforce by approximately 700 positions by the end of 2021. We have also reduced our services and operations workforce. As of September 30, 2021, we have completed approximately 95% of our planned workforce reductions. The activities associated with Project Summit began in the fourth quarter of 2019 and are expected to be substantially complete by the end of 2021.

We estimate that the implementation of Project Summit will result in total operating expenditures (“Restructuring Charges”) of approximately $450,000 that primarily consist of: (1) employee severance costs; (2) internal costs associated with the development and implementation of Project Summit initiatives; (3) professional fees, primarily related to third party consultants who are assisting with the design and execution of various initiatives as well as project management activities and (4) system implementation and data conversion costs.

Restructuring Charges included in the accompanying Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2021 and 2020, and from the inception of Project Summit through September 30, 2021, are as follows:

			THREE MONTHS ENDED SEPTEMBER 30,												NINE MONTHS ENDED SEPTEMBER 30,												FROM THE INCEPTION OF PROJECT SUMMIT THROUGH SEPTEMBER 30, 2021
			2021						2020						2021						2020
Employee severance costs			$	6,797					$	13,579					$	14,526					$	31,229					$	82,725
Professional fees and other costs			43,635						34,792						115,160						97,486						289,954
Restructuring Charges			$	50,432					$	48,371					$	129,686					$	128,715					$	372,679

Restructuring Charges by segment for the three and nine months ended September 30, 2021 and 2020, and from the inception of Project Summit through September 30, 2021, are as follows:

			THREE MONTHS ENDED SEPTEMBER 30,												NINE MONTHS ENDED SEPTEMBER 30,												FROM THE INCEPTION OF PROJECT SUMMIT THROUGH SEPTEMBER 30, 2021
			2021						2020						2021						2020
Global RIM Business			$	11,362					$	16,183					$	27,528					$	37,245					$	116,568
Global Data Center Business			1,285						296						2,922						986						4,860
Corporate and Other Business			37,785						31,892						99,236						90,484						251,251
Restructuring Charges			$	50,432					$	48,371					$	129,686					$	128,715					$	372,679

A rollforward of the accrued Restructuring Charges, which is included as a component of Accrued expenses and other current liabilities in our Condensed Consolidated Balance Sheets, from December 31, 2019 through September 30, 2021, is as follows:

						EMPLOYEE SEVERANCE COSTS						PROFESSIONAL FEES AND OTHER						TOTAL ACCRUED RESTRUCTURING CHARGES
Balance as of December 31, 2019						$	4,823					$	12,954					$	17,777
Amounts accrued						47,349						147,047						194,396
Payments						(32,455)						(136,222)						(168,677)
Other, including currency translation adjustments						(3,439)						(4)						(3,443)
Balance as of December 31, 2020						16,278						23,775						40,053
Amounts accrued						14,525						115,161						129,686
Payments						(20,771)						(112,714)						(133,485)
Other, including currency translation adjustments						(939)						—						(939)
Balance as of September 30, 2021						$	9,093					$	26,222					$	35,315

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- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 5.P.4(e))
-URI http://asc.fasb.org/extlink&oid=115931487&loc=d3e140904-122747

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-URI http://asc.fasb.org/topic&trid=2175745

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869

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