XML 41 R19.htm IDEA: XBRL DOCUMENT v3.25.1
Restructuring And Other Transformation
 3 Months Ended
Mar. 31, 2025
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 have incurred approximately $433,300 in Restructuring and other transformation costs from the inception of Project Matterhorn through March 31, 2025. We expect to incur approximately $150,000 in costs related to Project Matterhorn during the year ended December 31, 2025, at which point the program is expected to be completed. 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 Statements of Operations for the three months ended March 31, 2025 and 2024, and from the inception of Project Matterhorn through March 31, 2025, is as follows:
THREE MONTHS ENDED MARCH 31, 2025THREE MONTHS ENDED MARCH 31, 2024FROM INCEPTION
THROUGH
MARCH 31, 2025
Restructuring$21,856 $10,726 $143,549 
Other transformation32,890 30,041 289,704 
Restructuring and other transformation
$54,746 $40,767 $433,253 
Restructuring costs for Project Matterhorn, included as a component of Restructuring and other transformation in the accompanying Condensed Consolidated Statements of Operations, by segment, for the three months ended March 31, 2025 and 2024, and from the inception of Project Matterhorn through March 31, 2025, is as follows:
THREE MONTHS ENDED MARCH 31, 2025THREE MONTHS ENDED MARCH 31, 2024FROM INCEPTION
THROUGH
MARCH 31, 2025
Global RIM Business$20,726 $10,141 $122,661 
Global Data Center Business— 4 3,576 
Corporate and Other1,130 581 17,312 
Total restructuring costs
$21,856 $10,726 $143,549 
Other transformation costs for Project Matterhorn, included as a component of Restructuring and other transformation in the accompanying Condensed Consolidated Statements of Operations, by segment, for the three months ended March 31, 2025 and 2024, and from the inception of Project Matterhorn through March 31, 2025, is as follows:
THREE MONTHS ENDED MARCH 31, 2025THREE MONTHS ENDED MARCH 31, 2024FROM INCEPTION
THROUGH
MARCH 31, 2025
Global RIM Business$11,063 $8,970 $81,670 
Global Data Center Business1,283 1,391 11,103 
Corporate and Other20,544 19,680 196,931 
Total other transformation costs
$32,890 $30,041 $289,704 
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, 2024 through March 31, 2025 is as follows:
RESTRUCTURINGOTHER TRANSFORMATIONTOTAL RESTRUCTURING AND OTHER TRANSFORMATION
Balance as of December 31, 2024
$6,974 $13,004 $19,978 
Amount accrued21,856 32,890 54,746 
Payments(13,013)(25,537)(38,550)
Balance as of March 31, 2025
$15,817 $20,357 $36,174