IRMIron Mountain

In September 2022, 2025, we announced completed our investments in Project Matterhorn, a global program designed to accelerate the growth of our business. business, which we announced in September 2022. Project Matterhorn investments focus focused on transforming our operating model to a global operating model. Project Matterhorn focuses on enabled the formation development of a solution-based sales approach that is designed to allow allowed us to optimize our shared services and best practices to better serve our customers' needs. We are investing As part of this, we invested to accelerate growth and to capture a greater share of the large, global addressable markets in which we operate. We have incurred approximately $378.5 $574.4 million in Restructuring and other transformation costs from the inception of related to Project Matterhorn through since its inception. During the years ended December 31, 2024. We expect to incur 2025 and 2024, we incurred approximately $150.0 $195.9 million and $161.4 million, respectively, in Restructuring and other transformation costs related to Project Matterhorn during the year ending December 31, 2025, at which point the program is expected to be completed. Matterhorn. Costs are were comprised of (1) restructuring costs, which include included (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 included professional fees such as project management costs and costs for third party consultants who are assisting assisted in the enablement of our growth initiatives. The following chart presents (in thousands) total Restructuring and other transformation costs related to Project Matterhorn from the inception of Project Matterhorn through December 31, 2024 and for the years ended December 31, 2024 and 2023:

(4) Other, net for the year ended December 31, 2022 2023 consists primarily of (i) a gain of approximately $ 93,600 associated with the remeasurement of the deferred purchase obligation associated with the ITRenew Transaction to the present value of our best estimate of fair value and (ii) a gain of approximately $ 35,800 associated with the Clutter Transaction (as defined in Note 3), partially offset by (iii) a loss of approximately $ 105,800 38,000 associated with the OSG Deconsolidation (as defined remeasurement to fair value of our previously held equity interest in Note 4) and (iv) the joint venture we had formed with Clutter Intermediate, Inc. (the "Clutter JV"), as well as losses on our equity method investments. investments and the change in value of our deferred purchase obligations.

Our reputation for providing secure information storage to customers is critical to the success of our business. Our reputation or brand, and specifically, the trust our customers place in us, could be negatively impacted in the event of perceived or actual failures by us to store information securely. Although we seek to prevent and detect attempts by unauthorized users to gain access to our IT systems, and incur significant costs to do so, our IT and network infrastructure has in the past been and may in the future be vulnerable to attacks cyberattacks and security incidents, including by hackers, including state-sponsored organizations with significant financial and technological resources, breaches due to employee or contractor error, fraud or malice or other disruptions (including, but not limited to, computer viruses and other malware, denial of service and ransomware), which may involve a breach requiring us to notify regulators, clients or employees and enlist identity theft protection. Recent developments in the cybersecurity threat landscape include the use of AI and machine learning, as well as an increased number of cyber extortion and ransomware attacks. As techniques used to breach security change frequently and are generally not recognized until launched against a target, we may not be able to promptly detect that a cyber breach has occurred, or implement security measures in a timely manner or, if and when implemented, we may not be able to determine the extent to which these measures could be circumvented. Moreover, until we have migrated businesses we acquire onto our IT systems or ensured compliance with our information technology security standards, we have in the past and may in the future face additional risks because of the continued use of predecessor IT systems. We utilize remote work arrangements and outsource certain support services, including cloud storage systems and cloud computing services, to third parties, which has in the past and may in the future subject our IT and other sensitive information to additional risk. A successful breach of the security of our IT systems could lead to theft or misuse of our customers’ proprietary or confidential information or our employees’ personal information and result in third party claims against us, regulatory penalties and reputational harm. Although we maintain insurance coverage for various cybersecurity risks, there is no guarantee that all costs or losses incurred will be fully insured. Damage to our reputation could make us less competitive, which could negatively impact our business, financial condition and results of operations.

We are involved in litigation from time to time in the ordinary course of business, including litigation arising from damage to customer assets in our facilities caused by fires and other natural disasters. A portion of the defense and/or settlement costs associated with such litigation is covered by various commercial liability insurance policies purchased by us and, in limited cases, indemnification from third parties. Our policy is to establish reserves for loss contingencies when the losses are both probable and reasonably estimable. We record legal costs associated with loss contingencies as expenses in the period in which they are incurred. While the outcome of litigation is inherently uncertain, we do not believe any current litigation will have a material adverse effect on our consolidated financial condition, results of operations or cash flows. We have estimated a reasonably possible range for all loss contingencies and believe it is reasonably possible that we could incur aggregate losses in addition to amounts currently accrued for all matters up to an additional $11,000 over the next several years.