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Restructuring and Other Transformation Charges | 12 Months Ended
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Dec. 31, 2023
Restructuring and Related Activities [Abstract] |
Restructuring and Other Transformation Charges | RESTRUCTURING AND OTHER TRANSFORMATION PROJECT MATTERHORN In September 2022, we announced Project Matterhorn. Project Matterhorn investments focus on transforming our operating model to a global operating model. Project Matterhorn focuses on the formation of a solution-based sales approach that is designed to allow us to optimize our shared services and best practices to better serve our customers' needs. We are investing to accelerate growth and to capture a greater share of the large, global addressable markets in which we operate. We expect to incur approximately $150,000 in costs annually related to Project Matterhorn from 2023 through 2025. Costs are comprised of (1) restructuring costs, which include (i) site consolidation and other related exit costs, (ii) employee severance costs and (iii) certain professional fees associated with these activities and (2) other transformation costs, which include professional fees such as project management costs and costs for third party consultants who are assisting in the enablement our growth initiatives. Restructuring and other transformation related to Project Matterhorn included in the accompanying Consolidated Statements of Operations for the years ended December 31, 2023 and 2022 and from the inception of Project Matterhorn through December 31, 2023 is as follows:
| YEAR ENDED DECEMBER 31, 2023 | YEAR ENDED DECEMBER 31, 2022 | FROM INCEPTION THROUGH DECEMBER 31, 2023
Restructuring | $ | 57,319 |  | $ | 13,292 |  | $ | 70,611 |
Other transformation | 117,896 |  | 28,641 |  | 146,537 |
Restructuring and other transformation | $ | 175,215 |  | $ | 41,933 |  | $ | 217,148 |
There were no Restructuring and other transformation costs related to Project Matterhorn for the year ended December 31, 2021. Restructuring costs for Project Matterhorn, included as a component of Restructuring and other transformation in the accompanying Consolidated Statements of Operations, by segment, for the years ended December 31, 2023 and 2022 and from the inception of Project Matterhorn through December 31, 2023 are as follows:
| YEAR ENDED DECEMBER 31, 2023 | YEAR ENDED DECEMBER 31, 2022 | FROM INCEPTION THROUGH DECEMBER 31, 2023
Global RIM Business | $ | 46,722 |  | $ | 13,083 |  | $ | 59,805 |
Global Data Center Business | 520 |  | — |  | 520 |
Corporate and Other | 10,077 |  | 209 |  | 10,286 |
Total restructuring costs | $ | 57,319 |  | $ | 13,292 |  | $ | 70,611 |
Other transformation costs for Project Matterhorn, included as a component of Restructuring and other transformation in the accompanying Consolidated Statements of Operations, by segment, for the years ended December 31, 2023 and 2022 and from the inception of Project Matterhorn through December 31, 2023 are as follows:
| YEAR ENDED DECEMBER 31, 2023 | YEAR ENDED DECEMBER 31, 2022 | FROM INCEPTION THROUGH DECEMBER 31, 2023
Global RIM Business | $ | 28,369 |  | $ | 3,901 |  | $ | 32,270 |
Global Data Center Business | 4,964 |  | 58 |  | 5,022 |
Corporate and Other | 84,563 |  | 24,682 |  | 109,245 |
Total other transformation costs | $ | 117,896 |  | $ | 28,641 |  | $ | 146,537 |
A rollforward of the accrued restructuring costs and accrued other transformation costs, which are included as components of Accrued expenses and other current liabilities in our Consolidated Balance Sheets for December 31, 2022 through December 31, 2023 is as follows:
|  | RESTRUCTURING |  | OTHER TRANSFORMATION |  | TOTAL RESTRUCTURING AND OTHER TRANSFORMATION
Balance as of December 31, 2022 |  | $ | 1,058 |  |  | $ | 7,029 |  |  | $ | 8,087 |
Amounts accrued |  | 57,319 |  |  | 117,895 |  |  | 175,214 |
Payments |  | (47,646) |  |  | (100,070) |  |  | (147,716) |
Balance as of December 31, 2023 |  | $ | 10,731 |  |  | $ | 24,854 |  |  | $ | 35,585 |
PROJECT SUMMIT In October 2019, we announced Project Summit, our global program designed to better position us for future growth and achievement of our strategic objectives. We expanded Project Summit during the first quarter of 2020 to include additional opportunities to streamline our business and operations, as well as accelerated the timing of certain opportunities previously identified. As of December 31, 2021, we completed Project Summit. The implementation of Project Summit resulted in total restructuring costs of approximately $450,000 that primarily consisted of: (i) employee severance costs, (ii) internal costs associated with the development and implementation of Project Summit initiatives, (iii) professional fees, primarily related to third party consultants who assisted with the design and execution of various initiatives as well as project management activities and (iv) system implementation and data conversion costs. Restructuring costs for Project Summit, included as a component of Restructuring and other transformation in the accompanying Consolidated Statement of Operations, for the year ended December 31, 2021 and from the inception of Project Summit through December 31, 2021, are as follows:
|  | YEAR ENDED DECEMBER 31, 2021 |  | FROM INCEPTION OF PROJECT SUMMIT THROUGH DECEMBER 31, 2021
Employee severance |  | $ | 22,809 |  |  | $ | 91,008 |
Professional fees and other |  | 183,617 |  |  | 358,411 |
Total restructuring costs |  | $ | 206,426 |  |  | $ | 449,419 |
As Project Summit was completed as of December 31, 2021, there were no restructuring costs for Project Summit for the years ended December 31, 2023 and 2022. Restructuring costs for Project Summit included in the accompanying Consolidated Statement of Operations by segment for the year ended December 31, 2021 and from the inception of Project Summit through December 31, 2021 are as follows:
|  | YEAR ENDED DECEMBER 31, 2021 |  | FROM INCEPTION OF PROJECT SUMMIT THROUGH DECEMBER 31, 2021
Global RIM Business |  | $ | 59,033 |  |  | $ | 148,073 |
Global Data Center Business |  | 3,062 |  |  | 5,000 |
Corporate and Other |  | 144,331 |  |  | 296,346 |
Total restructuring costs |  | $ | 206,426 |  |  | $ | 449,419 |

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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 -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//420/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(e)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479823/420-10-S99-2 + Details
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