XML 43 R20.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Restructuring And Other Transformation
 6 Months Ended
Jun. 30, 2024
Restructuring and Related Activities [Abstract]  
Restructuring And Other Transformation 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 of our growth initiatives.
Restructuring and other transformation related to Project Matterhorn included in the accompanying Condensed Consolidated Statement of Operations for the three and six months ended June 30, 2024 and 2023, and from the inception of Project Matterhorn through June 30, 2024, is as follows:
THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
FROM THE INCEPTION
OF PROJECT
MATTERHORN THROUGH
JUNE 30, 2024
2024202320242023
Restructuring$16,336 $16,127 $27,062 $28,084 $97,673 
Other transformation30,177 29,461 60,218 54,417 206,755 
Restructuring and other transformation
$46,513 $45,588 $87,280 $82,501 $304,428 
Restructuring costs for Project Matterhorn, included as a component of Restructuring and other transformation in the accompanying Condensed Consolidated Statement of Operations, by segment for the three and six months ended June 30, 2024 and 2023, and from the inception of Project Matterhorn through June 30, 2024, is as follows:
THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
FROM THE INCEPTION
OF PROJECT
MATTERHORN THROUGH
JUNE 30, 2024
2024202320242023
Global RIM Business$12,643 $15,000 $22,784 $24,525 $82,589 
Global Data Center Business2,572 — 2,576 78 3,096 
Corporate and Other1,121 1,127 1,702 3,481 11,988 
Total restructuring costs
$16,336 $16,127 $27,062 $28,084 $97,673 
Other transformation costs for Project Matterhorn, included as a component of Restructuring and other transformation in the accompanying Condensed Consolidated Statement of Operations, by segment, for the three and six months ended June 30, 2024 and 2023, and from the inception of Project Matterhorn through June 30, 2024, is as follows:
THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
FROM THE INCEPTION
OF PROJECT
MATTERHORN THROUGH
JUNE 30, 2024
2024202320242023
Global RIM Business$10,374 $4,958 $19,344 $8,443 $51,614 
Global Data Center Business1,272 498 2,663 1,368 7,685 
Corporate and Other18,531 24,005 38,211 44,606 147,456 
Total other transformation costs
$30,177 $29,461 $60,218 $54,417 $206,755 
The 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 Condensed Consolidated Balance Sheets, for December 31, 2023 through June 30, 2024, is as follows:
RESTRUCTURINGOTHER TRANSFORMATIONTOTAL RESTRUCTURING AND OTHER TRANSFORMATION
Balance as of December 31, 2023
$10,731 $24,854 $35,585 
Amount accrued27,062 60,218 87,280 
Payments(30,867)(71,734)(102,601)
Balance as of June 30, 2024
$6,926 $13,338 $20,264