Vertiv (VRT) 10-Q 25 Oct 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Oct. 21, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-38518
Entity Registrant Name	Vertiv Holdings Co
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-2376902
Entity Address, Address Line One	505 N. Cleveland Ave.
Entity Address, City or Town	Westerville
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	43082
City Area Code	614
Local Phone Number	888-0246
Title of 12(b) Security	Class A common stock, $0.0001 par value per share
Trading Symbol	VRT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		375,335,992
Entity Central Index Key	0001674101
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Amendment Flag	false

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net sales
Net sales	$ 2,073.5	$ 1,742.6	$ 5,665.4	$ 4,997.8
Costs and expenses
Cost of sales	1,317.1	1,115	3,601.4	3,280.7
Operating expenses
Selling, general and administrative expenses	334.6	327.2	1,012.4	963.5
Amortization of intangibles	45.3	45.5	137.1	136.1
Restructuring costs	6.3	1.3	4.1	23.5
Foreign currency (gain) loss, net	5.3	2.7	8.7	13.3
Other operating expense (income)	(6.7)	0	(8.5)	(6.3)
Operating profit (loss)	371.6	250.9	910.2	587
Interest expense, net	35.9	43.5	119.7	137.2
Loss on extinguishment of debt	0	0	1.1	0
Change in fair value of warrant liabilities	67.2	61.6	269.2	103.4
Income (loss) before income taxes	268.5	145.8	520.2	346.4
Income tax expense (benefit)	91.9	51.7	171.4	118.8
Net income (loss)	$ 176.6	$ 94.1	$ 348.8	$ 227.6
Earnings (loss) per share:
Basic (in dollars per share)	$ 0.47	$ 0.25	$ 0.93	$ 0.60
Diluted (in dollars per share)	$ 0.46	$ 0.24	$ 0.90	$ 0.59
Weighted-average shares outstanding:
Basic (in shares)	375,203,364	380,899,419	376,353,335	379,666,002
Diluted (in shares)	384,316,065	388,240,664	386,106,229	383,832,268
Products
Net sales
Net sales	$ 1,653.7	$ 1,381.3	$ 4,479.2	$ 3,928.2
Costs and expenses
Cost of sales	1,066.3	894.2	2,875.6	2,626.6
Services
Net sales
Net sales	419.8	361.3	1,186.2	1,069.6
Costs and expenses
Cost of sales	$ 250.8	$ 220.8	$ 725.8	$ 654.1

UNAUDITED CONDENSED CONSOLIDA_2

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net income (loss)	$ 176.6	$ 94.1	$ 348.8	$ 227.6
Other comprehensive income (loss), net of tax:
Foreign currency translation	124.9	(63.5)	64.8	(23.5)
Pension	0	(0.2)	(0.1)	(0.5)
Other comprehensive income (loss), net of tax	98.2	(59.6)	37.6	(23.2)
Comprehensive income (loss)	274.8	34.5	386.4	204.4
Interest rate swaps
Other comprehensive income (loss), net of tax:
Interest rate swaps and foreign currency exchange forwards	(22.4)	4.1	(19)	0.8
Foreign currency exchange forwards
Other comprehensive income (loss), net of tax:
Interest rate swaps and foreign currency exchange forwards	$ (4.3)	$ 0	$ (8.1)	$ 0

UNAUDITED CONDENSED CONSOLIDA_3

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 908.7	$ 780.4
Accounts receivable, less allowances of $26.3 and $29.1, respectively	2,328.5	2,118.1
Inventories	1,255.2	884.3
Other current assets	312.2	218.7
Total current assets	4,804.6	4,001.5
Property, plant and equipment, net	593.2	560.1
Other assets:
Goodwill	1,348.9	1,330.3
Other intangible assets, net	1,572.9	1,672.9
Deferred income taxes	296.9	159.8
Right-of-use assets, net	186.6	173.5
Other	88.3	100.4
Total other assets	3,493.6	3,436.9
Total assets	8,891.4	7,998.5
Current liabilities:
Current portion of long-term debt	21.2	21.8
Current portion of warrant liabilities	464.2	0
Accounts payable	1,239.7	986.4
Deferred revenue	1,016.2	638.9
Accrued expenses and other liabilities	623.7	611.8
Income taxes	124.2	46.5
Total current liabilities	3,489.2	2,305.4
Long-term debt, net	2,909.6	2,919.1
Deferred income taxes	240	159.5
Warrant liabilities	0	195
Long-term lease liabilities	155.3	142.6
Other long-term liabilities	283.6	262
Total liabilities	7,077.7	5,983.6
Equity
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, none issued and outstanding	0	0
Common stock, $0.0001 par value, 700,000,000 shares authorized, 375,249,753 and 381,788,876 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	0	0
Additional paid-in capital	2,151.8	2,711.3
Accumulated deficit	(371.2)	(691.9)
Accumulated other comprehensive income (loss)	33.1	(4.5)
Total equity	1,813.7	2,014.9
Total liabilities and equity	$ 8,891.4	$ 7,998.5

UNAUDITED CONDENSED CONSOLIDA_4

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for accounts receivable	$ 26.3	$ 29.1
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	700,000,000	700,000,000
Common stock, shares issued (in shares)	375,249,753	381,788,876
Common stock, shares outstanding (in shares)	375,249,753	381,788,876

UNAUDITED CONDENSED CONSOLIDA_5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income (loss)	$ 348.8	$ 227.6
Adjustments to reconcile net income (loss) to net cash used for operating activities:
Depreciation	60.7	54.6
Amortization	145.3	147.5
Deferred income taxes	(53.1)	(0.7)
Amortization of debt discount and issuance costs	5.5	6.3
Change in fair value of warrant liabilities	269.2	103.4
Changes in operating working capital	69.2	(17.8)
Stock-based compensation	25.8	18.8
Other	22.7	4.6
Net cash provided by (used for) operating activities	894.1	544.3
Cash flows from investing activities:
Capital expenditures	(106.3)	(80.1)
Investments in capitalized software	(14.4)	(3.4)
Proceeds from disposition of property, plant and equipment	0	12.4
Net cash provided by (used for) investing activities	(120.7)	(71.1)
Cash flows from financing activities:
Borrowings from ABL revolving credit facility and short-term borrowings	270	224.6
Repayments of ABL revolving credit facility and short-term borrowings	(270)	(459.6)
Repayment of long-term debt	(15.9)	(21.8)
Dividend payment	(28.1)	0
Repurchase of common stock	(599.9)	0
Exercise of employee stock options	25	22.9
Employee taxes paid from shares withheld	(21.5)	(2.8)
Net cash provided by (used for) financing activities	(640.4)	(236.7)
Effect of exchange rate changes on cash and cash equivalents	(4.2)	(4.7)
Increase (decrease) in cash, cash equivalents and restricted cash	128.8	231.8
Beginning cash, cash equivalents and restricted cash	788.6	273.2
Ending cash, cash equivalents and restricted cash	917.4	505
Changes in operating working capital
Accounts receivable	(190.4)	(143.9)
Inventories	(364.8)	(101.5)
Other current assets	(47.1)	35.7
Accounts payable	258.9	(44.9)
Deferred revenue	371.7	184.6
Accrued expenses and other liabilities	17.2	45.5
Income taxes	23.7	6.7
Total changes in operating working capital	$ 69.2	$ (17.8)

UNAUDITED CONDENSED CONSOLIDA_6

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (DEFICIT) - USD ($) $ in Millions		Total	Common Share Capital	Treasury Share Capital	Additional Paid in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2022			377,368,837
Beginning balance at Dec. 31, 2022		$ 1,441.9	$ 0		$ 2,630.7	$ (1,142.6)	$ (46.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		50.3				50.3
Exercise of employee stock options (in shares)			246,653
Exercise of employee stock options		2.2			2.2
Stock-based compensation, net of withholding for tax (in shares)	[1]		14,730
Stock-based compensation, net of withholding for tax	[1]	5.4			5.4
Employee 401K match with Vertiv stock (in shares)			135,245
Employee 401K match with Vertiv stock		2.1			2.1
Exercise of warrants (in shares)	[2]		1,368,194
Exercise of warrants	[2]	21.6			21.6
Other comprehensive income (loss), net of tax		27.3					27.3
Ending balance (in shares) at Mar. 31, 2023			379,133,659
Ending balance at Mar. 31, 2023		1,550.8	$ 0		2,662	(1,092.3)	(18.9)
Beginning balance (in shares) at Dec. 31, 2022			377,368,837
Beginning balance at Dec. 31, 2022		1,441.9	$ 0		2,630.7	(1,142.6)	(46.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		227.6
Ending balance (in shares) at Sep. 30, 2023			381,349,156
Ending balance at Sep. 30, 2023		1,713.9	$ 0		2,698.3	(915)	(69.4)
Beginning balance (in shares) at Mar. 31, 2023			379,133,659
Beginning balance at Mar. 31, 2023		1,550.8	$ 0		2,662	(1,092.3)	(18.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		83.2				83.2
Exercise of employee stock options (in shares)			649,884
Exercise of employee stock options		7.8			7.8
Stock-based compensation, net of withholding for tax (in shares)	[3]		365,055
Stock-based compensation, net of withholding for tax	[3]	4.4			4.4
Employee 401K match with Vertiv stock (in shares)			217,041
Employee 401K match with Vertiv stock		2.8			2.8
Other comprehensive income (loss), net of tax		9.1					9.1
Ending balance (in shares) at Jun. 30, 2023			380,365,639
Ending balance at Jun. 30, 2023		1,658.1	$ 0		2,677	(1,009.1)	(9.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		94.1				94.1
Exercise of employee stock options (in shares)			892,030
Exercise of employee stock options		12.9			12.9
Stock-based compensation, net of withholding for tax (in shares)	[4]		6,465
Stock-based compensation, net of withholding for tax	[4]	6.2			6.2
Employee 401K match with Vertiv stock (in shares)			85,022
Employee 401K match with Vertiv stock		2.2			2.2
Other comprehensive income (loss), net of tax		(59.6)					(59.6)
Ending balance (in shares) at Sep. 30, 2023			381,349,156
Ending balance at Sep. 30, 2023		$ 1,713.9	$ 0		2,698.3	(915)	(69.4)
Beginning balance (in shares) at Dec. 31, 2023		381,788,876	381,788,876	0
Beginning balance at Dec. 31, 2023		$ 2,014.9	$ 0	$ 0	2,711.3	(691.9)	(4.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		(5.9)				(5.9)
Exercise of employee stock options (in shares)			1,109,113
Exercise of employee stock options		14.4			14.4
Stock-based compensation, net of withholding for tax (in shares)	[5]		102,833
Stock-based compensation, net of withholding for tax	[5]	17.3			17.3
Employee 401K match with Vertiv stock (in shares)			44,968
Employee 401K match with Vertiv stock		2.2			2.2
Dividend		(9.3)				(9.3)
Repurchase of common stock (in shares)			(9,076,444)	(9,076,444)
Repurchase of common stock		(605.9)		$ (605.9)
Other comprehensive income (loss), net of tax		(34.3)					(34.3)
Ending balance (in shares) at Mar. 31, 2024			373,969,346	9,076,444
Ending balance at Mar. 31, 2024		$ 1,393.4	$ 0	$ (605.9)	2,745.2	(707.1)	(38.8)
Beginning balance (in shares) at Dec. 31, 2023		381,788,876	381,788,876	0
Beginning balance at Dec. 31, 2023		$ 2,014.9	$ 0	$ 0	2,711.3	(691.9)	(4.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		$ 348.8
Ending balance (in shares) at Sep. 30, 2024		375,249,753	375,249,753	0
Ending balance at Sep. 30, 2024		$ 1,813.7	$ 0	$ 0	2,151.8	(371.2)	33.1
Beginning balance (in shares) at Mar. 31, 2024			373,969,346	9,076,444
Beginning balance at Mar. 31, 2024		1,393.4	$ 0	$ (605.9)	2,745.2	(707.1)	(38.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		178.1				178.1
Exercise of employee stock options (in shares)			693,261
Exercise of employee stock options		9.2			9.2
Stock-based compensation, net of withholding for tax (in shares)	[6]		412,459
Stock-based compensation, net of withholding for tax	[6]	(10.7)			(10.7)
Employee 401K match with Vertiv stock (in shares)			38,061
Employee 401K match with Vertiv stock		3.2			3.2
Dividend		(9.4)				(9.4)
Retirement of treasury stock (in shares)				(9,076,444)
Retirement of treasury stock		0		$ 605.9	(605.9)
Other comprehensive income (loss), net of tax		(26.3)					(26.3)
Ending balance (in shares) at Jun. 30, 2024			375,113,127	0
Ending balance at Jun. 30, 2024		1,537.5	$ 0	$ 0	2,141	(538.4)	(65.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		176.6				176.6
Exercise of employee stock options (in shares)			100,303
Exercise of employee stock options		1.4			1.4
Stock-based compensation, net of withholding for tax (in shares)	[7]		10,299
Stock-based compensation, net of withholding for tax	[7]	7			7
Employee 401K match with Vertiv stock (in shares)			26,024
Employee 401K match with Vertiv stock		2.4			2.4
Dividend		(9.4)				(9.4)
Other comprehensive income (loss), net of tax		$ 98.2					98.2
Ending balance (in shares) at Sep. 30, 2024		375,249,753	375,249,753	0
Ending balance at Sep. 30, 2024		$ 1,813.7	$ 0	$ 0	$ 2,151.8	$ (371.2)	$ 33.1
[1] Net stock compensation activity includes 14,730 shares withheld for taxes valued at $0.1 and stock-based compensation of $5.5. On February 24, 2023, GS Sponsor LLC elected to exercise 5,266,666 warrants on a cashless basis pursuant to the agreement governing the warrants, in exchange for which the Company issued 1,368,194 shares of Class A common stock. Net stock compensation activity includes 562,320 vested shares offset by 197,265 shares withheld for taxes valued at $2.4 and stock-based compensation of $6.8. Net stock compensation activity includes 10,707 vested shares offset by 4,242 shares withheld for taxes valued at $0.3 and stock-based compensation of $6.5. Net stock compensation activity includes 146,095 vested shares offset by 43,262 shares withheld for taxes valued at $3.0 and stock-based compensation of $9.2. Net stock compensation activity includes 606,060 vested shares offset by 193,601 shares withheld for taxes valued at $18.1 and stock-based compensation of $8.5. Net stock compensation activity includes 15,583 vested shares offset by 5,284 shares withheld for taxes valued at $0.4 and stock-based compensation of $8.1.

UNAUDITED CONDENSED CONSOLIDA_7

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (DEFICIT) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Shares withheld for tax obligation (in shares)	5,284	193,601	43,262	4,242	197,265	14,730
Decrease for tax withholding obligation	$ 0.4	$ 18.1	$ 3	$ 0.3	$ 2.4	$ 0.1
Vested	$ 8.1	$ 8.5	$ 9.2	$ 6.5	$ 6.8	$ 5.5
Vested (in shares)	15,583	606,060	146,095	10,707	562,320

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	(1) DESCRIPTION OF BUSINESS Vertiv Holdings Co (“Holdings Co”, and together with its majority-owned subsidiaries, “Vertiv”, “we”, “our”, or “the Company”), formerly known as GS Acquisition Holdings Corp (“GSAH”), provides mission-critical digital infrastructure technologies and life cycle services primarily for data centers, communication networks, and commercial and industrial environments. Vertiv’s offerings include AC and DC power management products, switchgear and busbar products, thermal management products, integrated rack systems, modular solutions, management systems for monitoring and controlling digital infrastructure, and service. Vertiv manages and reports results of operations for three business segments: Americas; Asia Pacific; and Europe, Middle East & Africa.

BASIS OF PRESENTATION AND SUMMA

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	(2) BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The unaudited condensed consolidated interim financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the U.S. and the rules and regulations of the Securities and Exchange Commission (“SEC”) and include the accounts of the Company and its subsidiaries in which the Company has a controlling interest. Investments in joint ventures and 20% to 50% owned affiliates where Vertiv has the ability to exert significant influence are accounted for under the equity method. Vertiv has no significant equity method investments during the periods presented. These unaudited condensed consolidated interim financial statements do not include all of the information and footnotes required for complete financial statements. In management’s opinion, these financial statements reflect all adjustments of a normal, recurring nature necessary for a fair presentation of the results for the interim periods presented. The presentation of certain prior period amounts have been reclassed to conform with current year presentation. The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from the estimates. On an ongoing basis, management reviews its estimates based on currently available information. Changes in facts and circumstances may result in revised estimates. Results for these interim periods are not necessarily indicative of results to be expected for the full year due to, among other reasons, the continued uncertainty of general economic conditions that have impacted, and may continue to impact, the Company's sales channels, supply chain, manufacturing operations, workforce, or other key aspects of the Company’s operations. The notes included herein should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 23, 2024. Accounting Pronouncements In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07: Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures . This ASU provides amendments by requiring disclosure of incremental segment information on an annual and interim basis. The amendments are effective in fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company does not expect the adoption to have a material impact on its Consolidated Financial Statements. In December 2023, the FASB issued ASU 2023-09: Income Taxes (Topic 740) Improvements to Income Tax Disclosures . This ASU provides amendments that require entities to annually disclose specific rate reconciliation categories, additional details for significant reconciling items exceeding 5%, and comprehensive breakdowns of income taxes paid by jurisdiction. The amendments are effective in fiscal years beginning after December 15, 2024. The Company does not expect the adoption to have a material impact on its Consolidated Financial Statements.

REVENUE

REVENUE	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
REVENUE	(3) REVENUE The Company recognizes revenue from the sale of manufactured products and services when control of promised goods or services are transferred to customers in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those goods or services. Disaggregation of Revenues Prior to 2024, the Company previously reported critical infrastructure & solutions and integrated rack solutions revenue separately. In 2024, the previously reported revenue for those product and service offerings are combined and reported as products as they are now collectively managed together. Prior period amounts have been reclassified to conform with the current year presentation. The following table disaggregates revenue by business segment, product and service offering and timing of transfer of control: Three months ended September 30, 2024 Americas Asia Pacific Europe, Middle East, & Africa Total Sales by Product and Service Offering: Products $ 957.0 $ 313.9 $ 344.7 $ 1,615.6 Services & spares 241.6 118.5 97.8 457.9 Total $ 1,198.6 $ 432.4 $ 442.5 $ 2,073.5 Timing of Revenue Recognition: Products and services transferred at a point in time $ 893.7 $ 283.2 $ 247.5 $ 1,424.4 Products and services transferred over time 304.9 149.2 195.0 649.1 Total $ 1,198.6 $ 432.4 $ 442.5 $ 2,073.5 Three months ended September 30, 2023 Americas Asia Pacific Europe, Middle East, & Africa Total Sales by Product and Service Offering: Products $ 797.0 $ 285.5 $ 266.8 $ 1,349.3 Services & spares 206.2 103.1 84.0 393.3 Total $ 1,003.2 $ 388.6 $ 350.8 $ 1,742.6 Timing of Revenue Recognition: Products and services transferred at a point in time $ 772.8 $ 296.0 $ 210.4 $ 1,279.2 Products and services transferred over time 230.4 92.6 140.4 463.4 Total $ 1,003.2 $ 388.6 $ 350.8 $ 1,742.6 Nine months ended September 30, 2024 Americas Asia Pacific Europe, Middle East, & Africa Total Sales by Product and Service Offering: Products $ 2,565.2 $ 831.0 $ 974.1 $ 4,370.3 Services & spares 679.5 342.8 272.8 1,295.1 Total $ 3,244.7 $ 1,173.8 $ 1,246.9 $ 5,665.4 Timing of Revenue Recognition: Products and services transferred at a point in time $ 2,448.0 $ 836.6 $ 692.4 $ 3,977.0 Products and services transferred over time 796.7 337.2 554.5 1,688.4 Total $ 3,244.7 $ 1,173.8 $ 1,246.9 $ 5,665.4 Nine months ended September 30, 2023 Americas Asia Pacific Europe, Middle East, & Africa Total Sales by Product and Service Offering: Products $ 2,222.4 $ 780.1 $ 827.2 $ 3,829.7 Services & spares 602.5 317.3 248.3 1,168.1 Total $ 2,824.9 $ 1,097.4 $ 1,075.5 $ 4,997.8 Timing of Revenue Recognition: Products and services transferred at a point in time $ 2,164.2 $ 830.6 $ 716.1 $ 3,710.9 Products and services transferred over time 660.7 266.8 359.4 1,286.9 Total $ 2,824.9 $ 1,097.4 $ 1,075.5 $ 4,997.8 The opening and closing balances of current and long-term deferred revenue as of September 30, 2024 and December 31, 2023 were as follows: Balances at September 30, 2024 Balances at December 31, 2023 Deferred revenue - current $ 1,016.2 $ 638.9 Deferred revenue - noncurrent (1) 80.7 61.8 (1) Noncurrent deferred revenue is recorded within “Other long-term liabilities” on the Unaudited Condensed Consolidated Balance Sheets.

RESTRUCTURING COSTS

RESTRUCTURING COSTS	9 Months Ended
	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
RESTRUCTURING COSTS	(4) RESTRUCTURING COSTS Restructuring costs include expenses associated with the Company’s efforts to continually improve operational efficiency and reposition its assets to remain competitive on a worldwide basis. Plant closing and other costs include lease and contract termination costs of moving fixed assets, employee training, relocation, and facility costs. These costs are recorded in "Restructuring costs" on the Unaudited Condensed Consolidated Statement of Earnings (Loss). Restructuring expense by business segment were as follows: Three months ended September 30, 2024 (1) Three months ended September 30, 2023 Nine months ended September 30, 2024 (1) Nine months ended September 30, 2023 Americas $ (6.1) $ 0.6 $ (5.8) $ 1.8 Asia Pacific — 0.6 (2.1) 11.0 Europe, Middle East & Africa 12.8 0.3 13.5 3.9 Corporate (0.4) (0.2) (1.5) 6.8 Total $ 6.3 $ 1.3 $ 4.1 $ 23.5 (1) During the three and nine months ended September 30, 2024 restructuring reserves were adjusted due to new restructuring activities in Europe, Middle East & Africa and slightly offset by a change in restructuring plans previously recorded in Americas. The current liability and non-current liability for estimated restructuring costs is recorded in "Accrued expenses and other liabilities” and "Other long-term liabilities", respectively, on the Unaudited Condensed Consolidated Balance Sheets. As of September 30, 2024, the non-current liability for estimated restructuring costs decreased by $6.5 due to a change in restructuring plans. The change in the current liability for the restructuring costs during the nine months ended September 30, 2024 were as follows: December 31, 2023 Expense Paid/Utilized September 30, 2024 Severance and benefits $ 25.1 $ (2.7) $ (10.3) $ 12.1 Plant closing and other 0.1 13.2 (13.2) 0.1 Total $ 25.2 $ 10.5 $ (23.5) $ 12.2 The change in the current liability for the restructuring costs during the nine months ended September 30, 2023 were as follows: December 31, 2022 Expense Paid/Utilized September 30, 2023 Severance and benefits $ 15.3 $ 22.9 $ (11.9) $ 26.3 Plant closing and other 0.1 0.6 (0.6) 0.1 Total $ 15.4 $ 23.5 $ (12.5) $ 26.4

DEBT

DEBT	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
DEBT	(5) DEBT Long-term debt, net, consisted of the following as of September 30, 2024 and December 31, 2023: September 30, 2024 December 31, 2023 Term Loan due 2027 at 7.20% and 7.97% at September 30, 2024 and December 31, 2023, respectively $ 2,102.2 $ 2,118.1 Senior Secured Notes due 2028 at 4.125% at both September 30, 2024 and December 31, 2023 850.0 850.0 Unamortized discount and issuance costs (21.4) (27.2) 2,930.8 2,940.9 Less: current portion (21.2) (21.8) Total long-term debt, net of current portion $ 2,909.6 $ 2,919.1 Term Loan Amendment On June 13, 2024, pursuant to an amendment ("Amendment No. 4") to our Term Loan Credit Agreement (the "Credit Agreement"), among other modifications, the interest rate margin for the outstanding term loans under the Credit Agreement was reduced by 0.50%, to 2.00% in respect of term loans bearing interest based on the Term SOFR rate (as defined therein) and to 1.00% in respect of term loans bearing interest based on the Base Rate (as defined therein). Additionally, pursuant to Amendment No. 4, the Term SOFR adjustments for all interest periods were removed, reducing the interest rate on term loans bearing interest based on the Term SOFR rate (a) for an interest period of one month by 0.11448%, (b) for an interest period of three months by 0.26161%, (c) for an interest period of six months by 0.42826%, and (d) for an interest period of twelve months by 0.71513%. The maturity date for all term loans under the Credit Agreement remains March 2, 2027, and all other material provisions of the Credit Agreement remain materially unchanged. The Company recognized a loss on the extinguishment of debt of $1.1 related to the interest rate reduction for the nine months ended September 30, 2024. ABL Revolving Credit Facility On February 16, 2024, Vertiv Group Corporation (a wholly-owned subsidiary of the Company), as the borrower, and certain subsidiaries ("Co-Borrowers") entered into Amendment No. 8 (the “Eighth Amendment”) to our Asset Based Revolving Credit Facility (the "ABL Revolving Credit Facility"), which, among other modifications, extended the maturity date of the ABL Revolving Credit Facility to be five years from the date of the Eighth Amendment (subject to an earlier springing maturity date if certain other indebtedness for borrowed money matures earlier), increased the revolving loan commitments tranche by $30.0 to a total loan commitment of $600.0 under the ABL Revolving Credit Facility, modified certain borrowing base reporting requirements and removed the French tranche and the FILO tranches from the ABL Revolving Credit Facility. At September 30, 2024, Borrower and, “Co-Borrowers”, had $584.2 of availability under the Asset Based Revolving Credit Facility (the “ABL Revolving Credit Facility”) (subject to customary conditions, and subject to separate sublimits for letters of credit, swingline borrowings and borrowings made to certain non-U.S. Co-Borrowers), net of letters of credit outstanding in the aggregate principal amount of $15.8, and taking into account the borrowing base limitations set forth in the ABL Revolving Credit Facility. At both September 30, 2024 and December 31, 2023, there was no outstanding balance on the ABL Revolving Credit Facility.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	(6) INCOME TAXES The Company’s effective tax rate was 34.2%, 32.9%, 35.5% and 34.3% for the three and nine months ended September 30, 2024 and 2023, respectively. The effective tax rate in the three and nine months ended September 30, 2024 is primarily influenced by the negative impacts of non-deductible changes in the fair value of the warrant liabilities and discrete tax benefits related to stock compensation activity in the respective periods. The effective rate for the comparative three and nine months ended September 30, 2023 is primarily influenced by the mix of income between the Company’s U.S. and non-U.S. operations, net of changes in valuation allowances reflect the negative impacts of non-deductible changes in the fair value of the warrant liabilities and the impact of changes in our indefinite reinvestment liability. The Company provided U.S. federal income taxes and foreign withholding taxes on all temporary differences attributed to basis differences in foreign subsidiaries that are not considered indefinitely reinvested. As of September 30, 2024, the Company has certain earnings of certain foreign affiliates that continue to be indefinitely reinvested, but it was not practicable to estimate the associated deferred tax liability, due to interaction with other tax laws and regulations in the year of inclusion.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	(7) RELATED PARTY TRANSACTIONS Transactions with Affiliates of Advisors On August 8, 2023 (the "Stock Sale Transaction date"), VPE Holdings, LLC (the "Vertiv Stockholder"), an affiliate of Platinum Equity Advisors, LLC ("Advisors") completed the sale of 20,000,000 shares of Class A common stock of the Company (the "Stock Sale Transaction"). Subsequent to the Stock Sale Transaction, the Vertiv Stockholder held less than 5% of the outstanding Class A common stock of the Company and as such is no longer considered a related person of the Company for purposes of Item 404 of Regulation S-K by virtue of its ownership in the Company. Prior to the Stock Sale Transaction date, the Company purchased and sold goods in the ordinary course of business with affiliates of Advisors. In 2023, purchases from the start of the quarter and year through the Stock Sale Transaction date were $11.6 and $74.1, respectively. Additionally, there were sales from the start of the quarter and year through the Stock Sale Transaction date of $6.7 and $89.5, respectively.

OTHER FINANCIAL INFORMATION

OTHER FINANCIAL INFORMATION	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
OTHER FINANCIAL INFORMATION	(8) OTHER FINANCIAL INFORMATION September 30, 2024 December 31, 2023 Reconciliation of cash, cash equivalents, and restricted cash Cash and cash equivalents $ 908.7 $ 780.4 Restricted cash included in other current assets 8.7 8.2 Total cash, cash equivalents, and restricted cash $ 917.4 $ 788.6 September 30, 2024 December 31, 2023 Inventories Finished products $ 406.5 $ 261.6 Raw materials 577.9 484.3 Work in process 270.8 138.4 Total inventories $ 1,255.2 $ 884.3 September 30, 2024 December 31, 2023 Property, plant and equipment, net Machinery and equipment $ 552.3 $ 479.7 Buildings 361.3 343.6 Land 41.6 41.3 Construction in progress 65.4 67.5 Property, plant and equipment, at cost 1,020.6 932.1 Less: Accumulated depreciation (427.4) (372.0) Property, plant and equipment, net $ 593.2 $ 560.1 September 30, 2024 December 31, 2023 Accrued expenses and other liabilities Accrued payroll and other employee compensation $ 146.6 $ 165.4 Restructuring (see Note 4) 12.2 25.2 Operating lease liabilities 41.2 42.9 Product warranty 27.3 26.1 Other 396.4 352.2 Total $ 623.7 $ 611.8 Nine months ended September 30, 2024 Nine months ended September 30, 2023 Change in product warranty accrual Balance at the beginning of the period $ 26.1 $ 25.6 Provision charge to expense 18.8 15.1 Paid/utilized (17.6) (16.7) Balance at the end of the period $ 27.3 $ 24.0

FINANCIAL INSTRUMENTS AND RISK

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT	(9) FINANCIAL INSTRUMENTS AND RISK MANAGEMENT In accordance with ASC 820, the Company uses a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. Observable inputs are from sources independent of the Company. Unobservable inputs reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available in the circumstances. These tiers include the following: Level 1 — inputs include observable unadjusted quoted prices in active markets for identical assets or liabilities Level 2 — inputs include other than quoted prices in active markets that are either directly or indirectly observable Level 3 — inputs include unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions In determining fair value, the Company uses various valuation techniques and prioritizes the use of observable inputs. The availability of observable inputs varies from instrument to instrument and depends on a variety of factors including the type of instrument, whether the instrument is actively traded, and other characteristics particular to the instrument. For many financial instruments, pricing inputs are readily observable in the market, the valuation methodology used is widely accepted by market participants, and the valuation does not require significant management judgment. For other financial instruments, pricing inputs are less observable in the marketplace and may require management judgment. Recurring fair value measurements A summary of the Company’s financial instruments recognized at fair value, and the fair value measurements used are as follows: As of September 30, 2024 Balance Sheet Location Total Quoted prices in active markets for identical assets (Level 1) Other observable inputs (Level 2) Unobservable inputs (Level 3) Assets: Interest rate swaps Other current assets $ 28.4 $ — $ 28.4 $ — Economic hedges Other current assets 7.8 — 7.8 — Interest rate swaps Other noncurrent assets 27.3 — 27.3 — Total assets $ 63.5 $ — $ 63.5 $ — Liabilities: Foreign currency exchange forwards Accrued expenses and other liabilities $ 7.3 $ — $ 7.3 $ — Private warrants Current portion of warrant liabilities 464.2 — 464.2 — Total liabilities $ 471.5 $ — $ 471.5 $ — As of December 31, 2023 Balance Sheet Location Total Quoted prices in active markets for identical assets (Level 1) Other observable inputs (Level 2) Unobservable inputs (Level 3) Assets: Interest rate swaps Other current assets $ 36.4 $ — $ 36.4 $ — Interest rate swaps Other noncurrent assets 44.5 — 44.5 — Total assets $ 80.9 $ — $ 80.9 $ — Liabilities: Private warrants Warrant liabilities $ 195.0 $ — $ 195.0 $ — Total liabilities $ 195.0 $ — $ 195.0 $ — Interest rate swaps — From time to time the Company may enter into derivative financial instruments designed to hedge the variability in interest expense on floating rate debt. Derivatives are recognized as assets or liabilities in the Unaudited Condensed Consolidated Balance Sheets at their fair value. When the derivative instrument qualifies as a cash flow hedge changes in the fair value are deferred through other comprehensive income depending on the effectiveness of the instrument. The Company uses interest rate swaps to manage the interest rate risk of the Company’s total debt portfolio and related overall cost of borrowing. At both September 30, 2024 and December 31, 2023, interest rate swap agreements designated as cash flow hedges effectively swapped a notional amount of $1,000.0 of SOFR-based floating rate debt for fixed rate debt. The Company’s interest rate swaps mature in March 2027. During the three and nine months ended September 30, 2024 and 2023, the Company recognized $10.8, $32.2, $10.8 and $28.4, respectively, within “Interest expense, net” on the Unaudited Condensed Consolidated Statements of Earnings (Loss). At September 30, 2024, the Company expects that approximately $28.4 of pre-tax net gains on cash flow hedges will be reclassified from accumulated other comprehensive income (loss) into earnings during the next twelve months. The interest rate swaps are valued using the SOFR yield curves at the reporting date. Counterparties to these contracts are highly rated financial institutions. The fair values of the Company’s interest rate swaps are adjusted for nonperformance risk and creditworthiness of the counterparty through the Company’s credit valuation adjustment (“CVA”). The CVA is calculated at the counterparty level utilizing the fair value exposure at each payment date and applying a weighted probability of the appropriate survival and marginal default percentages. Foreign currency exchange forwards - The Company may enter into derivative financial instruments designed to hedge the exposure to changes in foreign currency exchange rates. Derivatives are recognized as assets or liabilities in the Unaudited Condensed Consolidated Balance Sheets at their fair value. The Company values foreign currency exchange swaps using broker quotations or market transactions on the listed or over-the-counter market, as such, these derivative instruments are classified in Level 2. When the derivative instrument qualifies as a cash flow hedge changes in the fair value are deferred through other comprehensive income depending on the effectiveness of the instrument. The Company reclassifies the gain or loss associated with the cash flow hedges into earnings when the underlying exposure is recognized. At September 30, 2024, we have derivative instruments which hedge our exposure to certain foreign currency exchange rates with a notional amount of $163.0. For the three and nine months ended September 30, 2024, there were $1.4 and $0.8 realized losses, respectively, associated with the foreign currency exchange swaps within "Cost of sales - products" on the Unaudited Condensed Consolidated Statements of Earnings (Loss). Economic hedges - At September 30, 2024, we have derivative instruments which hedge our purchases of aluminum and copper with notional amounts of 9,860.0 and 9,030.0 metric tons, respectively. The Company values these instruments using broker quotations, market transactions or option pricing model based on observable market inputs, as such, these derivative instruments are classified in Level 2. These derivative instruments are treated as economic hedges and for the three and nine months ended September 30, 2024, the Company recognized mark-to-market gains of $3.3 and $6.4, respectively, within "Other operating expense (income)" on the Unaudited Condensed Consolidated Statement of Earnings (Loss). Private warrants — The fair value of the private warrants is considered a Level 2 valuation and is determined using the Black-Sholes-Merton valuation model. The Company recognized a loss of $67.2 and $269.2, respectively, for the three and nine months ended September 30, 2024 in "Change in the fair value of warrant liabilities" on the Unaudited Condensed Consolidated Statement of Earnings (Loss) associated with the mark-to-market adjustment on the 5,266,667 outstanding private warrants. On February 24, 2023, GS Sponsor LLC elected to exercise 5,266,666 warrants on a cashless basis pursuant to the agreement governing the warrants, in exchange for which the Company issued 1,368,194 shares of Class A common stock. For the nine months ended September 30, 2023, the Company recognized a gain of $7.7 in "Change in the fair value of warrant liabilities" on the Unaudited Condensed Consolidated Statement of Earnings (Loss) associated with the exercise of these private warrants. Additionally, the Company recognized a loss of $61.6 and $111.1, respectively, for the three and nine months ended September 30, 2023 in "Change in the fair value of warrant liabilities" on the Unaudited Condensed Consolidated Statement of Earnings (Loss) associated with the mark-to-market adjustment on the remaining 5,266,667 outstanding private warrants. The significant assumptions which the Company used in the model are: Warrant valuation inputs September 30, 2024 December 31, 2023 Stock price $ 99.49 $ 48.03 Strike price $ 11.50 $ 11.50 Remaining life 0.36 1.10 Volatility 97.5 % 55.0 % Interest rate (1) 4.65 % 4.73 % Dividend yield (2) 0.10 % 0.21 % (1) Interest rate determined from a constant maturity treasury yield. (2) September 30, 2024 and December 31, 2023 dividend yield assumes $0.10 per share per annum. Net investment hedge — From time to time the Company designates certain intercompany debt to hedge a portion of its investment in foreign subsidiaries and affiliates. The net impact of translation adjustments from these hedges was $(2.8), $20.4, $(1.5) and $19.5, respectively, for the three and nine months ended September 30, 2024 and 2023 and is included in “Foreign currency translation” in the Unaudited Condensed Consolidated Statement of Other Comprehensive Income (Loss). As of September 30, 2024 and December 31, 2023, $78.6 and $225.0, respectively, of the Company’s intercompany debt was designated to hedge investments in certain foreign subsidiaries and affiliates. Other fair value measurements The Company determines the fair value of debt using Level 2 inputs based on quoted market prices. The following table presents the estimated fair value and carrying value of long-term debt, including the current portion of long-term debt as of September 30, 2024 and December 31, 2023. September 30, 2024 December 31, 2023 Fair Value Par Value (1) Fair Value Par Value (1) Term Loan due 2027 $ 2,104.9 $ 2,102.2 $ 2,104.9 $ 2,118.1 Senior Secured Notes due 2028 819.8 850.0 794.0 850.0 (1) See “Note 5 — Debt” for additional information.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	(10) ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Activity in accumulated other comprehensive income (loss) is as follows: Three months ended September 30, 2024 Three months ended September 30, 2023 Nine months ended September 30, 2024 Nine months ended September 30, 2023 Foreign currency translation, beginning $ (149.9) $ (117.0) $ (89.8) $ (157.0) Other comprehensive income (loss) (1) 124.9 (63.5) 64.8 (23.5) Foreign currency translation, ending (25.0) (180.5) (25.0) (180.5) Interest rate swaps, beginning 91.1 106.9 87.7 110.2 Unrealized gain (loss) deferred during the period (2)(3) (22.4) 4.1 (19.0) 0.8 Interest rate swaps, ending 68.7 111.0 68.7 111.0 Pension, beginning (2.5) 0.3 (2.4) 0.6 Actuarial gain (losses) recognized during the period, net of income taxes — (0.2) (0.1) (0.5) Pension, ending (2.5) 0.1 (2.5) 0.1 Foreign currency exchange forwards, beginning (3.8) — — — Unrealized gains deferred during the period (4) (4.3) — (8.1) — Foreign currency exchange forwards, ending (8.1) — (8.1) — Accumulated other comprehensive income (loss) $ 33.1 $ (69.4) $ 33.1 $ (69.4) (1) For the three and nine months ended September 30, 2024 foreign currency translation included tax effects of $1.3 and $0.0. (2) During the three and nine months ended September 30, 2024 and 2023, $10.8, $32.2, $10.8, and $28.4 respectively, was reclassified into earnings. (3) For the three and nine months ended September 30, 2024 interest rate swaps included tax effects of $7.1 and $6.1. (4) For the three and nine months ended September 30, 2024 cash flow hedges included tax effects of $2.4 and $1.2.

SEGMENT INFORMATION

SEGMENT INFORMATION	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
SEGMENT INFORMATION	(11) SEGMENT INFORMATION Operating profit (loss) is the primary income measure the Company uses to assess segment performance and make operating decisions. Segment performance is assessed exclusive of Corporate and other costs, foreign currency gain (loss), and amortization of intangibles. Corporate and other costs primarily include stock-based compensation, other incentive compensation, asset impairments, and costs that support centralized global functions including Finance, Treasury, Risk Management, Strategy & Marketing, and Legal. The Company determines its reportable segments based on how operations are managed internally for the products and services sold to customers, including how the results are reviewed by the chief operating decision maker, which includes determining resource allocation methodologies used for reportable segments. Summarized information about the Company’s results of operations by reportable segment and product and service offering follows: Americas includes products and services sold for applications within the data center, communication networks and commercial and industrial markets in North America and Latin America. This segment’s principal product and service offerings include: • Products include AC and DC power management, thermal management, low/medium voltage switchgear, busbar, integrated modular solutions, racks, rack power, rack power distribution, rack thermal systems, configurable integrated solutions, and hardware for managing I.T. equipment. • Services & spares includes preventative maintenance, acceptance testing, engineering and consulting, performance assessments, remote monitoring, training, spare parts, and critical digital infrastructure software. Asia Pacific includes products and services sold for applications within the data center, communication networks and commercial and industrial markets throughout Greater China, India, and Asia. Products and services offered are similar to the Americas segment. Europe, Middle East & Africa includes products and services sold for applications within the data center, communication networks and commercial and industrial markets in Europe, Middle East & Africa. Products and services offered are similar to the Americas segment. Reportable Business Segments Sales Three months ended September 30, 2024 Three months ended September 30, 2023 Nine months ended September 30, 2024 Nine months ended September 30, 2023 Americas $ 1,210.0 $ 1,014.5 $ 3,270.2 $ 2,854.8 Asia Pacific 479.9 411.3 1,288.4 1,160.3 Europe, Middle East & Africa 597.0 423.3 1,629.7 1,235.9 2,286.9 1,849.1 6,188.3 5,251.0 Eliminations (213.4) (106.5) (522.9) (253.2) Total $ 2,073.5 $ 1,742.6 $ 5,665.4 $ 4,997.8 Intersegment sales (1) Three months ended September 30, 2024 Three months ended September 30, 2023 Nine months ended September 30, 2024 Nine months ended September 30, 2023 Americas $ 11.4 $ 11.3 $ 25.5 $ 29.9 Asia Pacific 47.5 22.7 114.6 62.9 Europe, Middle East & Africa (2) 154.5 72.5 382.8 160.4 Total $ 213.4 $ 106.5 $ 522.9 $ 253.2 (1) Intersegment selling prices approximate market prices. (2) Intersegment sales in Europe, Middle East & Africa increased during the three and nine months ended September 30, 2024 primarily as a result of higher sales volumes in the switchgear and busbar product lines. Operating profit (loss) Three months ended September 30, 2024 Three months ended September 30, 2023 Nine months ended September 30, 2024 Nine months ended September 30, 2023 Americas $ 303.4 $ 206.5 $ 776.3 $ 544.0 Asia Pacific 44.1 49.7 106.8 104.5 Europe, Middle East & Africa 114.4 76.7 294.2 202.7 Total reportable segments 461.9 332.9 1,177.3 851.2 Foreign currency gain (loss) (5.3) (2.7) (8.7) (13.3) Corporate and other (39.7) (33.8) (121.3) (114.8) Total corporate, other and eliminations (45.0) (36.5) (130.0) (128.1) Amortization of intangibles (45.3) (45.5) (137.1) (136.1) Operating profit (loss) $ 371.6 $ 250.9 $ 910.2 $ 587.0

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
EARNINGS (LOSS) PER SHARE	(12) EARNINGS (LOSS) PER SHARE Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share is computed by dividing net income (loss) adjusted for the gain on fair value of warrant liability, if the warrants are in-the-money and the impact is dilutive, by the weighted-average number of common shares outstanding during the period increased by the number of additional shares that would have been outstanding related to potentially dilutive equity-based compensation and warrants. The details of the earnings per share calculations for the three and nine months ended September 30, 2024 and 2023 are as follows: (In millions, except share and per share amounts) Three months ended September 30, 2024 Three months ended September 30, 2023 Nine months ended September 30, 2024 Nine months ended September 30, 2023 Basic earnings (loss) per share computation: Net income (loss) $ 176.6 $ 94.1 $ 348.8 $ 227.6 Weighted-average number of shares outstanding - basic 375,203,364 380,899,419 376,353,335 379,666,002 Basic earnings per share $ 0.47 $ 0.25 $ 0.93 $ 0.60 Diluted earnings (loss) per share computation: Net income (loss) $ 176.6 $ 94.1 $ 348.8 $ 227.6 Weighted-average number of shares outstanding - basic 375,203,364 380,899,419 376,353,335 379,666,002 Dilutive effect of equity-based compensation 9,112,701 7,341,245 9,752,894 4,166,266 Weighted-average number of shares outstanding - diluted 384,316,065 388,240,664 386,106,229 383,832,268 Diluted earnings (loss) per share $ 0.46 $ 0.24 $ 0.90 $ 0.59 The dilutive effect of equity-based compensation awards wa s 9.1 million and 9.8 million sha res, respectively, during the three and nine months ended September 30, 2024. Additional equity-based compensation awards and warrants were also outstanding during the three and nine months ended September 30, 2024, but were not included in the computation of diluted earnings per share because the effect would be anti-dilutive. Such anti-dilutive equity-based compensation awards and warrants represen t of 1.6 million and 4.5 million shares for the three months ended September 30, 2024, respectively, an d 1.2 million and 4.5 million shar es for the nine months ended September 30, 2024, respectively. The dilutive effect of equity-based compensation awards was 7.3 million and 4.1 million shares, respectively, during the three and nine months ended September 30, 2023. Additional equity-based compensation awards and warrants were also outstanding during the three and nine months ended September 30, 2023, but were not included in the computation of diluted earnings per share because the effect would be anti-dilutive. Such anti-dilutive equity-based compensation awards and warrants represent 0.3 million and 3.4 million shares for the three months ended September 30, 2023, respectively, and 4.0 million and 2.7 million shares for the nine months ended September 30, 2023, respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	(13) COMMITMENTS AND CONTINGENCIES The Company is a party to a number of pending legal proceedings and claims, including those involving general and product liability and other matters. The Company accrues for such liabilities when it is probable that future costs will be incurred and such costs can be reasonably estimated. Accruals are based on developments to date; management’s estimates of the outcomes of these matters; the Company’s experience in contesting, litigating and settling similar matters; and any related insurance coverage. While the Company believes that a material adverse impact is unlikely, given the inherent uncertainty of litigation, a future development in these matters could have a material adverse impact on the Company. The Company is unable to estimate any additional loss or range of loss that may result from the ultimate resolution of these matters, other than those described below. On May 3, 2022, a putative securities class action, In re Vertiv Holdings Co Securities Litigation , 22-cv-3572, was filed against Vertiv, certain of the Company’s officers and directors, and other defendants in the Southern District of New York. Plaintiffs filed an amended complaint on September 16, 2022. The amended complaint alleges that certain of the Company’s public statements were materially false and/or misleading with respect to inflationary and supply chain pressures and pricing issues, and asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, and Sections 11, 12(a)(2), and 15 of the Securities Act of 1933, as amended. These claims are asserted on behalf of a putative class of all persons and entities that (i) purchased Vertiv securities between February 24, 2021 and February 22, 2022; and/or (ii) purchased Vertiv securities in or traceable to the November 4, 2021 secondary public offering by a selling stockholder pursuant to a resale registration statement. On January 31, 2024, the Court issued an order dismissing the claims under Sections 11, 12(a)(2), and 15 of the Securities Act. The motion to dismiss the claims under Sections 10(b) and 20(a) of the Exchange Act remains pending. On June 9, 2023, two Vertiv shareholders, Matthew Sullivan and Jose Karlo Ocampo Avenido, brought a derivative lawsuit, Sullivan v. Johnson, et al., C.A. No. 2023-0608, against Vertiv (as nominal defendant only) and certain of the Company’s directors and officers in Delaware Court of Chancery for breach of fiduciary duty. The complaint alleges that certain of the named directors and officers caused the Company to issue materially false and/or misleading public statements with respect to inflationary and supply chain pressures and pricing issues, and that the Company suffered damages as a result. This action has been stayed since August 10, 2023, pending the securities class action. We believe we have meritorious defenses against the allegations made in the aforementioned lawsuits, which are at the preliminary stages. However, we are unable at this time to predict the outcome of these matters or the amount of any cost associated with their resolution. In November 2023, following the filing of the actions described above, the Company received a subpoena from the U.S. Securities and Exchange Commission (the “SEC”) and a parallel request for documents from the U.S. Attorney’s Office for the Southern District of New York, which relate to the allegations made in the class action complaint and derivative action. The Company is actively responding to these matters. In January 2024, the Mexican tax administration service, the Servicio de Administracion Tributaria (the "SAT"), initiated a process to suspend the importer registration of one of the Company's wholly owned Mexico subsidiaries, Tecnología del Pacífico S.A. de C.V. (“TDP”), in connection with a contested customs tax audit for the period April 2016 to February 2018. SAT claimed its basis for the suspension was a failure by TDP to provide sufficient e vidence of the export of goods temporarily imported at required levels under Mexico's Manufacturing, Maquila and Export Services Industries Program ("IMMEX Program"). The Company and TDP has disputed SAT’s position throughout the customs tax audit, through the filing of various petitions and appeals with appropriate documentation evidencing the complete and timely export of the goods temporarily imported during the audit period. TDP accepted a proposal from SAT to close the audit by making payments and fees totaling approximately $10.1 which was recorded in “Accrued expenses and other liabilities” on the Unaudited Condensed Consolidated Balance Sheets as of December 31, 2023 and subsequently paid in the first quarter of 2024. The Company intends to seek reimbursement of this amount as an undue payment in the near future from SAT, for which the outcome is currently unknown and no receivable has been established. We are unable at this time to predict the outcome of these matters, including whether any proceedings may be instituted in connection with the government inquiries, or the amount of any cost associated with their resolution, except as noted above. At September 30, 2024, other than as described above, there were no known contingent liabilities (including guarantees, taxes and other claims) that management believes were or will be material in relation to the Company’s Unaudited Condensed Consolidated Financial Statements, nor were there any material commitments outside the normal course of business.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income (loss)	$ 176.6	$ 178.1	$ (5.9)	$ 94.1	$ 83.2	$ 50.3	$ 348.8	$ 227.6

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
	Sep. 30, 2024 shares	Sep. 30, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
Ms. Washington [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		During the fiscal quarter covered by this Quarterly Report on Form 10-Q, Robin Washington, a member of the Company's board of directors adopted a "Rule 10b5-1 trading arrangement" as such each term is defined in Item 408(a) of Regulation S-K. The Rule 10b5-1 trading arrangement, adopted by Ms. Washington on August 8, 2024, provides for the sale of up to 5,000 shares of Company Class A common stock and will remain in effect until the earlier of (1) November 12, 2025; (2) the first date on which all trades have been executed or all orders relating to such trades have expired; (3) upon written notice by Ms. Washington or the broker to terminate or modify the Rule 10b5-1 trading arrangement.
Name	Ms. Washington
Title	board of directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 8, 2024
Expiration Date	November 12, 2025
Arrangement Duration	461 days
Aggregate Available	5,000	5,000
Karsten Winther [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		During the fiscal quarter covered by this Quarterly Report on Form 10-Q, a Rule 10b5-1 trading arrangement previously adopted on September 7, 2023 for Karsten Winther, President EMEA of the Company (the "Winther 10b5-1 Plan"), terminated pursuant to its terms. The Winther 10b5-1 Plan was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act and provided for the potential sale of up to 44,924 shares of Company Class A common stock.
Name	Karsten Winther
Title	President EMEA of the Company
Rule 10b5-1 Arrangement Terminated	true
Termination Date	September 7, 2023
Arrangement Duration	389 days
Aggregate Available	44,924	44,924

BASIS OF PRESENTATION AND SUM_2

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The unaudited condensed consolidated interim financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the U.S. and the rules and regulations of the Securities and Exchange Commission (“SEC”) and include the accounts of the Company and its subsidiaries in which the Company has a controlling interest. Investments in joint ventures and 20% to 50% owned affiliates where Vertiv has the ability to exert significant influence are accounted for under the equity method. Vertiv has no significant equity method investments during the periods presented. These unaudited condensed consolidated interim financial statements do not include all of the information and footnotes required for complete financial statements. In management’s opinion, these financial statements reflect all adjustments of a normal, recurring nature necessary for a fair presentation of the results for the interim periods presented. The presentation of certain prior period amounts have been reclassed to conform with current year presentation. The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from the estimates. On an ongoing basis, management reviews its estimates based on currently available information. Changes in facts and circumstances may result in revised estimates. Results for these interim periods are not necessarily indicative of results to be expected for the full year due to, among other reasons, the continued uncertainty of general economic conditions that have impacted, and may continue to impact, the Company's sales channels, supply chain, manufacturing operations, workforce, or other key aspects of the Company’s operations. The notes included herein should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 23, 2024.
Accounting Pronouncements	In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07: Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures . This ASU provides amendments by requiring disclosure of incremental segment information on an annual and interim basis. The amendments are effective in fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company does not expect the adoption to have a material impact on its Consolidated Financial Statements. In December 2023, the FASB issued ASU 2023-09: Income Taxes (Topic 740) Improvements to Income Tax Disclosures . This ASU provides amendments that require entities to annually disclose specific rate reconciliation categories, additional details for significant reconciling items exceeding 5%, and comprehensive breakdowns of income taxes paid by jurisdiction. The amendments are effective in fiscal years beginning after December 15, 2024. The Company does not expect the adoption to have a material impact on its Consolidated Financial Statements.
Revenue	The Company recognizes revenue from the sale of manufactured products and services when control of promised goods or services are transferred to customers in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those goods or services.
Fair Value of Financial Instruments	In accordance with ASC 820, the Company uses a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. Observable inputs are from sources independent of the Company. Unobservable inputs reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available in the circumstances. These tiers include the following: Level 1 — inputs include observable unadjusted quoted prices in active markets for identical assets or liabilities Level 2 — inputs include other than quoted prices in active markets that are either directly or indirectly observable Level 3 — inputs include unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions In determining fair value, the Company uses various valuation techniques and prioritizes the use of observable inputs. The availability of observable inputs varies from instrument to instrument and depends on a variety of factors including the type of instrument, whether the instrument is actively traded, and other characteristics particular to the instrument. For many financial instruments, pricing inputs are readily observable in the market, the valuation methodology used is widely accepted by market participants, and the valuation does not require significant management judgment. For other financial instruments, pricing inputs are less observable in the marketplace and may require management judgment.

REVENUE (Tables)

REVENUE (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table disaggregates revenue by business segment, product and service offering and timing of transfer of control: Three months ended September 30, 2024 Americas Asia Pacific Europe, Middle East, & Africa Total Sales by Product and Service Offering: Products $ 957.0 $ 313.9 $ 344.7 $ 1,615.6 Services & spares 241.6 118.5 97.8 457.9 Total $ 1,198.6 $ 432.4 $ 442.5 $ 2,073.5 Timing of Revenue Recognition: Products and services transferred at a point in time $ 893.7 $ 283.2 $ 247.5 $ 1,424.4 Products and services transferred over time 304.9 149.2 195.0 649.1 Total $ 1,198.6 $ 432.4 $ 442.5 $ 2,073.5 Three months ended September 30, 2023 Americas Asia Pacific Europe, Middle East, & Africa Total Sales by Product and Service Offering: Products $ 797.0 $ 285.5 $ 266.8 $ 1,349.3 Services & spares 206.2 103.1 84.0 393.3 Total $ 1,003.2 $ 388.6 $ 350.8 $ 1,742.6 Timing of Revenue Recognition: Products and services transferred at a point in time $ 772.8 $ 296.0 $ 210.4 $ 1,279.2 Products and services transferred over time 230.4 92.6 140.4 463.4 Total $ 1,003.2 $ 388.6 $ 350.8 $ 1,742.6 Nine months ended September 30, 2024 Americas Asia Pacific Europe, Middle East, & Africa Total Sales by Product and Service Offering: Products $ 2,565.2 $ 831.0 $ 974.1 $ 4,370.3 Services & spares 679.5 342.8 272.8 1,295.1 Total $ 3,244.7 $ 1,173.8 $ 1,246.9 $ 5,665.4 Timing of Revenue Recognition: Products and services transferred at a point in time $ 2,448.0 $ 836.6 $ 692.4 $ 3,977.0 Products and services transferred over time 796.7 337.2 554.5 1,688.4 Total $ 3,244.7 $ 1,173.8 $ 1,246.9 $ 5,665.4 Nine months ended September 30, 2023 Americas Asia Pacific Europe, Middle East, & Africa Total Sales by Product and Service Offering: Products $ 2,222.4 $ 780.1 $ 827.2 $ 3,829.7 Services & spares 602.5 317.3 248.3 1,168.1 Total $ 2,824.9 $ 1,097.4 $ 1,075.5 $ 4,997.8 Timing of Revenue Recognition: Products and services transferred at a point in time $ 2,164.2 $ 830.6 $ 716.1 $ 3,710.9 Products and services transferred over time 660.7 266.8 359.4 1,286.9 Total $ 2,824.9 $ 1,097.4 $ 1,075.5 $ 4,997.8
Schedule of Contract Assets, Liabilities and Deferred Revenue	The opening and closing balances of current and long-term deferred revenue as of September 30, 2024 and December 31, 2023 were as follows: Balances at September 30, 2024 Balances at December 31, 2023 Deferred revenue - current $ 1,016.2 $ 638.9 Deferred revenue - noncurrent (1) 80.7 61.8 (1) Noncurrent deferred revenue is recorded within “Other long-term liabilities” on the Unaudited Condensed Consolidated Balance Sheets.

RESTRUCTURING COSTS (Tables)

RESTRUCTURING COSTS (Tables)	9 Months Ended
	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Costs by Business Segment	Restructuring expense by business segment were as follows: Three months ended September 30, 2024 (1) Three months ended September 30, 2023 Nine months ended September 30, 2024 (1) Nine months ended September 30, 2023 Americas $ (6.1) $ 0.6 $ (5.8) $ 1.8 Asia Pacific — 0.6 (2.1) 11.0 Europe, Middle East & Africa 12.8 0.3 13.5 3.9 Corporate (0.4) (0.2) (1.5) 6.8 Total $ 6.3 $ 1.3 $ 4.1 $ 23.5 (1) During the three and nine months ended September 30, 2024 restructuring reserves were adjusted due to new restructuring activities in Europe, Middle East & Africa and slightly offset by a change in restructuring plans previously recorded in Americas.
Schedule of the Change in the Liability for the Restructuring of Operations	The change in the current liability for the restructuring costs during the nine months ended September 30, 2024 were as follows: December 31, 2023 Expense Paid/Utilized September 30, 2024 Severance and benefits $ 25.1 $ (2.7) $ (10.3) $ 12.1 Plant closing and other 0.1 13.2 (13.2) 0.1 Total $ 25.2 $ 10.5 $ (23.5) $ 12.2 The change in the current liability for the restructuring costs during the nine months ended September 30, 2023 were as follows: December 31, 2022 Expense Paid/Utilized September 30, 2023 Severance and benefits $ 15.3 $ 22.9 $ (11.9) $ 26.3 Plant closing and other 0.1 0.6 (0.6) 0.1 Total $ 15.4 $ 23.5 $ (12.5) $ 26.4

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt, Net	Long-term debt, net, consisted of the following as of September 30, 2024 and December 31, 2023: September 30, 2024 December 31, 2023 Term Loan due 2027 at 7.20% and 7.97% at September 30, 2024 and December 31, 2023, respectively $ 2,102.2 $ 2,118.1 Senior Secured Notes due 2028 at 4.125% at both September 30, 2024 and December 31, 2023 850.0 850.0 Unamortized discount and issuance costs (21.4) (27.2) 2,930.8 2,940.9 Less: current portion (21.2) (21.8) Total long-term debt, net of current portion $ 2,909.6 $ 2,919.1

OTHER FINANCIAL INFORMATION (Ta

OTHER FINANCIAL INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Cash, Cash Equivalents, and Restricted Cash	September 30, 2024 December 31, 2023 Reconciliation of cash, cash equivalents, and restricted cash Cash and cash equivalents $ 908.7 $ 780.4 Restricted cash included in other current assets 8.7 8.2 Total cash, cash equivalents, and restricted cash $ 917.4 $ 788.6
Schedule of Other Supplemental Balance Sheet Information	September 30, 2024 December 31, 2023 Inventories Finished products $ 406.5 $ 261.6 Raw materials 577.9 484.3 Work in process 270.8 138.4 Total inventories $ 1,255.2 $ 884.3 September 30, 2024 December 31, 2023 Property, plant and equipment, net Machinery and equipment $ 552.3 $ 479.7 Buildings 361.3 343.6 Land 41.6 41.3 Construction in progress 65.4 67.5 Property, plant and equipment, at cost 1,020.6 932.1 Less: Accumulated depreciation (427.4) (372.0) Property, plant and equipment, net $ 593.2 $ 560.1 September 30, 2024 December 31, 2023 Accrued expenses and other liabilities Accrued payroll and other employee compensation $ 146.6 $ 165.4 Restructuring (see Note 4) 12.2 25.2 Operating lease liabilities 41.2 42.9 Product warranty 27.3 26.1 Other 396.4 352.2 Total $ 623.7 $ 611.8 Nine months ended September 30, 2024 Nine months ended September 30, 2023 Change in product warranty accrual Balance at the beginning of the period $ 26.1 $ 25.6 Provision charge to expense 18.8 15.1 Paid/utilized (17.6) (16.7) Balance at the end of the period $ 27.3 $ 24.0

FINANCIAL INSTRUMENTS AND RIS_2

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Financial Instruments Recognized at Fair Value	A summary of the Company’s financial instruments recognized at fair value, and the fair value measurements used are as follows: As of September 30, 2024 Balance Sheet Location Total Quoted prices in active markets for identical assets (Level 1) Other observable inputs (Level 2) Unobservable inputs (Level 3) Assets: Interest rate swaps Other current assets $ 28.4 $ — $ 28.4 $ — Economic hedges Other current assets 7.8 — 7.8 — Interest rate swaps Other noncurrent assets 27.3 — 27.3 — Total assets $ 63.5 $ — $ 63.5 $ — Liabilities: Foreign currency exchange forwards Accrued expenses and other liabilities $ 7.3 $ — $ 7.3 $ — Private warrants Current portion of warrant liabilities 464.2 — 464.2 — Total liabilities $ 471.5 $ — $ 471.5 $ — As of December 31, 2023 Balance Sheet Location Total Quoted prices in active markets for identical assets (Level 1) Other observable inputs (Level 2) Unobservable inputs (Level 3) Assets: Interest rate swaps Other current assets $ 36.4 $ — $ 36.4 $ — Interest rate swaps Other noncurrent assets 44.5 — 44.5 — Total assets $ 80.9 $ — $ 80.9 $ — Liabilities: Private warrants Warrant liabilities $ 195.0 $ — $ 195.0 $ — Total liabilities $ 195.0 $ — $ 195.0 $ —
Schedule of Fair Value Measurement Inputs and Valuation Techniques	The significant assumptions which the Company used in the model are: Warrant valuation inputs September 30, 2024 December 31, 2023 Stock price $ 99.49 $ 48.03 Strike price $ 11.50 $ 11.50 Remaining life 0.36 1.10 Volatility 97.5 % 55.0 % Interest rate (1) 4.65 % 4.73 % Dividend yield (2) 0.10 % 0.21 % (1) Interest rate determined from a constant maturity treasury yield. (2) September 30, 2024 and December 31, 2023 dividend yield assumes $0.10 per share per annum.
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments	The following table presents the estimated fair value and carrying value of long-term debt, including the current portion of long-term debt as of September 30, 2024 and December 31, 2023. September 30, 2024 December 31, 2023 Fair Value Par Value (1) Fair Value Par Value (1) Term Loan due 2027 $ 2,104.9 $ 2,102.2 $ 2,104.9 $ 2,118.1 Senior Secured Notes due 2028 819.8 850.0 794.0 850.0 (1) See “Note 5 — Debt” for additional information.

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of Activity in Accumulated Other Comprehensive Income (Loss)	Activity in accumulated other comprehensive income (loss) is as follows: Three months ended September 30, 2024 Three months ended September 30, 2023 Nine months ended September 30, 2024 Nine months ended September 30, 2023 Foreign currency translation, beginning $ (149.9) $ (117.0) $ (89.8) $ (157.0) Other comprehensive income (loss) (1) 124.9 (63.5) 64.8 (23.5) Foreign currency translation, ending (25.0) (180.5) (25.0) (180.5) Interest rate swaps, beginning 91.1 106.9 87.7 110.2 Unrealized gain (loss) deferred during the period (2)(3) (22.4) 4.1 (19.0) 0.8 Interest rate swaps, ending 68.7 111.0 68.7 111.0 Pension, beginning (2.5) 0.3 (2.4) 0.6 Actuarial gain (losses) recognized during the period, net of income taxes — (0.2) (0.1) (0.5) Pension, ending (2.5) 0.1 (2.5) 0.1 Foreign currency exchange forwards, beginning (3.8) — — — Unrealized gains deferred during the period (4) (4.3) — (8.1) — Foreign currency exchange forwards, ending (8.1) — (8.1) — Accumulated other comprehensive income (loss) $ 33.1 $ (69.4) $ 33.1 $ (69.4) (1) For the three and nine months ended September 30, 2024 foreign currency translation included tax effects of $1.3 and $0.0. (2) During the three and nine months ended September 30, 2024 and 2023, $10.8, $32.2, $10.8, and $28.4 respectively, was reclassified into earnings. (3) For the three and nine months ended September 30, 2024 interest rate swaps included tax effects of $7.1 and $6.1. (4) For the three and nine months ended September 30, 2024 cash flow hedges included tax effects of $2.4 and $1.2.

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Reportable Business Segments Sales Three months ended September 30, 2024 Three months ended September 30, 2023 Nine months ended September 30, 2024 Nine months ended September 30, 2023 Americas $ 1,210.0 $ 1,014.5 $ 3,270.2 $ 2,854.8 Asia Pacific 479.9 411.3 1,288.4 1,160.3 Europe, Middle East & Africa 597.0 423.3 1,629.7 1,235.9 2,286.9 1,849.1 6,188.3 5,251.0 Eliminations (213.4) (106.5) (522.9) (253.2) Total $ 2,073.5 $ 1,742.6 $ 5,665.4 $ 4,997.8 Intersegment sales (1) Three months ended September 30, 2024 Three months ended September 30, 2023 Nine months ended September 30, 2024 Nine months ended September 30, 2023 Americas $ 11.4 $ 11.3 $ 25.5 $ 29.9 Asia Pacific 47.5 22.7 114.6 62.9 Europe, Middle East & Africa (2) 154.5 72.5 382.8 160.4 Total $ 213.4 $ 106.5 $ 522.9 $ 253.2 (1) Intersegment selling prices approximate market prices. (2) Intersegment sales in Europe, Middle East & Africa increased during the three and nine months ended September 30, 2024 primarily as a result of higher sales volumes in the switchgear and busbar product lines. Operating profit (loss) Three months ended September 30, 2024 Three months ended September 30, 2023 Nine months ended September 30, 2024 Nine months ended September 30, 2023 Americas $ 303.4 $ 206.5 $ 776.3 $ 544.0 Asia Pacific 44.1 49.7 106.8 104.5 Europe, Middle East & Africa 114.4 76.7 294.2 202.7 Total reportable segments 461.9 332.9 1,177.3 851.2 Foreign currency gain (loss) (5.3) (2.7) (8.7) (13.3) Corporate and other (39.7) (33.8) (121.3) (114.8) Total corporate, other and eliminations (45.0) (36.5) (130.0) (128.1) Amortization of intangibles (45.3) (45.5) (137.1) (136.1) Operating profit (loss) $ 371.6 $ 250.9 $ 910.2 $ 587.0

EARNINGS (LOSS) PER SHARE (Tabl

EARNINGS (LOSS) PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The details of the earnings per share calculations for the three and nine months ended September 30, 2024 and 2023 are as follows: (In millions, except share and per share amounts) Three months ended September 30, 2024 Three months ended September 30, 2023 Nine months ended September 30, 2024 Nine months ended September 30, 2023 Basic earnings (loss) per share computation: Net income (loss) $ 176.6 $ 94.1 $ 348.8 $ 227.6 Weighted-average number of shares outstanding - basic 375,203,364 380,899,419 376,353,335 379,666,002 Basic earnings per share $ 0.47 $ 0.25 $ 0.93 $ 0.60 Diluted earnings (loss) per share computation: Net income (loss) $ 176.6 $ 94.1 $ 348.8 $ 227.6 Weighted-average number of shares outstanding - basic 375,203,364 380,899,419 376,353,335 379,666,002 Dilutive effect of equity-based compensation 9,112,701 7,341,245 9,752,894 4,166,266 Weighted-average number of shares outstanding - diluted 384,316,065 388,240,664 386,106,229 383,832,268 Diluted earnings (loss) per share $ 0.46 $ 0.24 $ 0.90 $ 0.59

DESCRIPTION OF BUSINESS (Detail

DESCRIPTION OF BUSINESS (Details)	9 Months Ended
	Sep. 30, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	3
Number of reportable segments	3

REVENUE - Disaggregation of Rev

REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 2,073.5	$ 1,742.6	$ 5,665.4	$ 4,997.8
Products and services transferred at a point in time
Disaggregation of Revenue [Line Items]
Net sales	1,424.4	1,279.2	3,977	3,710.9
Products and services transferred over time
Disaggregation of Revenue [Line Items]
Net sales	649.1	463.4	1,688.4	1,286.9
Products
Disaggregation of Revenue [Line Items]
Net sales	1,615.6	1,349.3	4,370.3	3,829.7
Services & spares
Disaggregation of Revenue [Line Items]
Net sales	457.9	393.3	1,295.1	1,168.1
Americas
Disaggregation of Revenue [Line Items]
Net sales	1,198.6	1,003.2	3,244.7	2,824.9
Americas | Products and services transferred at a point in time
Disaggregation of Revenue [Line Items]
Net sales	893.7	772.8	2,448	2,164.2
Americas | Products and services transferred over time
Disaggregation of Revenue [Line Items]
Net sales	304.9	230.4	796.7	660.7
Americas | Products
Disaggregation of Revenue [Line Items]
Net sales	957	797	2,565.2	2,222.4
Americas | Services & spares
Disaggregation of Revenue [Line Items]
Net sales	241.6	206.2	679.5	602.5
Asia Pacific
Disaggregation of Revenue [Line Items]
Net sales	432.4	388.6	1,173.8	1,097.4
Asia Pacific | Products and services transferred at a point in time
Disaggregation of Revenue [Line Items]
Net sales	283.2	296	836.6	830.6
Asia Pacific | Products and services transferred over time
Disaggregation of Revenue [Line Items]
Net sales	149.2	92.6	337.2	266.8
Asia Pacific | Products
Disaggregation of Revenue [Line Items]
Net sales	313.9	285.5	831	780.1
Asia Pacific | Services & spares
Disaggregation of Revenue [Line Items]
Net sales	118.5	103.1	342.8	317.3
Europe, Middle East, & Africa
Disaggregation of Revenue [Line Items]
Net sales	442.5	350.8	1,246.9	1,075.5
Europe, Middle East, & Africa | Products and services transferred at a point in time
Disaggregation of Revenue [Line Items]
Net sales	247.5	210.4	692.4	716.1
Europe, Middle East, & Africa | Products and services transferred over time
Disaggregation of Revenue [Line Items]
Net sales	195	140.4	554.5	359.4
Europe, Middle East, & Africa | Products
Disaggregation of Revenue [Line Items]
Net sales	344.7	266.8	974.1	827.2
Europe, Middle East, & Africa | Services & spares
Disaggregation of Revenue [Line Items]
Net sales	$ 97.8	$ 84	$ 272.8	$ 248.3

REVENUE - Contract Liabilities

REVENUE - Contract Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Deferred revenue - current	$ 1,016.2	$ 638.9
Deferred revenue - noncurrent	$ 80.7	$ 61.8

REVENUE - Narrative (Details)

REVENUE - Narrative (Details) $ in Millions	Sep. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized over time	$ 40.2
Performance obligation expected timing, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized over time	$ 22.7
Performance obligation expected timing, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized over time	$ 17.8
Performance obligation expected timing, period

RESTRUCTURING COSTS - By Busine

RESTRUCTURING COSTS - By Business Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restructuring Cost and Reserve [Line Items]
Expense	$ 6.3	$ 1.3	$ 4.1	$ 23.5
Operating Segments | Americas
Restructuring Cost and Reserve [Line Items]
Expense	(6.1)	0.6	(5.8)	1.8
Operating Segments | Asia Pacific
Restructuring Cost and Reserve [Line Items]
Expense	0	0.6	(2.1)	11
Operating Segments | Europe, Middle East, & Africa
Restructuring Cost and Reserve [Line Items]
Expense	12.8	0.3	13.5	3.9
Corporate
Restructuring Cost and Reserve [Line Items]
Expense	$ (0.4)	$ (0.2)	$ (1.5)	$ 6.8

RESTRUCTURING COSTS - Narrative

RESTRUCTURING COSTS - Narrative (Details) $ in Millions	3 Months Ended
	Sep. 30, 2024 USD ($)
Restructuring and Related Activities [Abstract]
Restructuring reserve adjustment	$ 6.5

RESTRUCTURING COSTS - Schedule

RESTRUCTURING COSTS - Schedule of Changes in Restructuring Reserve (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	$ 25.2	$ 15.4
Expense	10.5	23.5
Paid/Utilized	(23.5)	(12.5)
Restructuring reserve, ending balance	12.2	26.4
Severance and benefits
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	25.1	15.3
Expense	(2.7)	22.9
Paid/Utilized	(10.3)	(11.9)
Restructuring reserve, ending balance	12.1	26.3
Plant closing and other
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	0.1	0.1
Expense	13.2	0.6
Paid/Utilized	(13.2)	(0.6)
Restructuring reserve, ending balance	$ 0.1	$ 0.1

DEBT - Schedule of Debt (Detail

DEBT - Schedule of Debt (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Unamortized discount and issuance costs	$ (21.4)	$ (27.2)
Long-term debt, gross	2,930.8	2,940.9
Less: current portion	(21.2)	(21.8)
Total long-term debt, net of current portion	$ 2,909.6	$ 2,919.1
Term Loan due 2027 at 7.20% and 7.97% at September 30, 2024 and December 31, 2023, respectively | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Weighted average borrowing rate (as percent)	7.20%	7.97%
Long-term debt, gross	$ 2,102.2	$ 2,118.1
Senior Secured Notes due 2028 at 4.125% at both September 30, 2024 and December 31, 2023
Debt Instrument [Line Items]
Weighted average borrowing rate (as percent)	4.125%	4.125%
Aggregate principal amount	$ 850	$ 850

DEBT - Term Loan Amendment (Det

DEBT - Term Loan Amendment (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Jun. 13, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Instrument [Line Items]
Loss on extinguishment of debt		$ 0	$ 0	$ 1.1	$ 0
Term Loan due 2027 at 7.20% and 7.97% at September 30, 2024 and December 31, 2023, respectively | Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument reduced (as a percent)	0.50%
Term Loan due 2027 at 7.20% and 7.97% at September 30, 2024 and December 31, 2023, respectively | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2%
Term Loan due 2027 at 7.20% and 7.97% at September 30, 2024 and December 31, 2023, respectively | Revolving Credit Facility | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1%
Term Loan due 2027 at 7.20% and 7.97% at September 30, 2024 and December 31, 2023, respectively | Revolving Credit Facility | Secured Overnight Financing Rate, One Month Term
Debt Instrument [Line Items]
Debt instrument reduced (as a percent)	0.11448%
Term Loan due 2027 at 7.20% and 7.97% at September 30, 2024 and December 31, 2023, respectively | Revolving Credit Facility | Secured Overnight Financing Rate, Three Month Term
Debt Instrument [Line Items]
Debt instrument reduced (as a percent)	0.26161%
Term Loan due 2027 at 7.20% and 7.97% at September 30, 2024 and December 31, 2023, respectively | Revolving Credit Facility | Secured Overnight Financing Rate, Six Month Term
Debt Instrument [Line Items]
Debt instrument reduced (as a percent)	0.42826%
Term Loan due 2027 at 7.20% and 7.97% at September 30, 2024 and December 31, 2023, respectively | Revolving Credit Facility | Secured Overnight Financing Rate, Twelve Month Term
Debt Instrument [Line Items]
Debt instrument reduced (as a percent)	0.71513%

DEBT - ABL Revolving Credit Fac

DEBT - ABL Revolving Credit Facility (Details) - Revolving Credit Facility - ABL Revolving Credit Facility - Line of Credit - USD ($)	Feb. 16, 2024	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Debt term	5 years
Line of credit facility, borrowing capacity increase	$ 30,000,000
Line of credit facility, maximum borrowing capacity	$ 600,000,000
Line of credit facility, remaining borrowing capacity		$ 584,200,000
Letters of credit outstanding		15,800,000
Long-term debt, gross		$ 0	$ 0

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	34.20%	35.50%	32.90%	34.30%

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Aug. 08, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Related Party Transaction [Line Items]
Net sales		$ 2,073.5	$ 1,742.6	$ 5,665.4	$ 4,997.8
Affiliated Entity
Related Party Transaction [Line Items]
Purchases from related party			11.6		74.1
Net sales			$ 6.7		$ 89.5
Common Class A | Affiliated Entity
Related Party Transaction [Line Items]
Aggregate sale of shares (in shares)	20,000,000
Common Class A | Platinum Equity Advisors
Related Party Transaction [Line Items]
Sale of stock, percentage of ownership after transaction (as percent)	5%

OTHER FINANCIAL INFORMATION - R

OTHER FINANCIAL INFORMATION - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 908.7	$ 780.4
Restricted cash included in other current assets	8.7	8.2
Total cash, cash equivalents, and restricted cash	$ 917.4	$ 788.6	$ 505	$ 273.2

OTHER FINANCIAL INFORMATION - I

OTHER FINANCIAL INFORMATION - Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Finished products	$ 406.5	$ 261.6
Raw materials	577.9	484.3
Work in process	270.8	138.4
Total inventories	$ 1,255.2	$ 884.3

OTHER FINANCIAL INFORMATION - P

OTHER FINANCIAL INFORMATION - Property, Plant And Equipment, Net (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	$ 1,020.6	$ 932.1
Less: Accumulated depreciation	(427.4)	(372)
Property, plant and equipment, net	593.2	560.1
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	552.3	479.7
Buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	361.3	343.6
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	41.6	41.3
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	$ 65.4	$ 67.5

OTHER FINANCIAL INFORMATION - A

OTHER FINANCIAL INFORMATION - Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued payroll and other employee compensation	$ 146.6	$ 165.4
Restructuring	12.2	25.2	$ 26.4	$ 15.4
Operating lease liabilities	41.2	42.9
Product warranty	27.3	26.1
Other	396.4	352.2
Accrued expenses and other liabilities	$ 623.7	$ 611.8

OTHER FINANCIAL INFORMATION - C

OTHER FINANCIAL INFORMATION - Change in Product Warranty Accrual (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Balance at the beginning of the period	$ 26.1	$ 25.6
Provision charge to expense	18.8	15.1
Paid/utilized	(17.6)	(16.7)
Balance at the end of the period	$ 27.3	$ 24

FINANCIAL INSTRUMENTS AND RIS_3

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT - Schedule of Assets By Fair Value Hierarchy (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	$ 63.5	$ 80.9
Foreign currency exchange forwards	41.2	42.9
Total liabilities	471.5	195
Private warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Private warrants	464.2	195
Interest rate swaps | Other current assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	28.4	36.4
Interest rate swaps | Other noncurrent assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	27.3	44.5
Economic hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	7.8
Foreign currency exchange forwards
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency exchange forwards	7.3
Quoted prices in active markets for identical assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	0
Total liabilities	0	0
Quoted prices in active markets for identical assets (Level 1) | Private warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Private warrants	0	0
Quoted prices in active markets for identical assets (Level 1) | Interest rate swaps | Other current assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	0	0
Quoted prices in active markets for identical assets (Level 1) | Interest rate swaps | Other noncurrent assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	0	0
Quoted prices in active markets for identical assets (Level 1) | Economic hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	0
Quoted prices in active markets for identical assets (Level 1) | Foreign currency exchange forwards
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency exchange forwards	0
Other observable inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	63.5	80.9
Total liabilities	471.5	195
Other observable inputs (Level 2) | Private warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Private warrants	464.2	195
Other observable inputs (Level 2) | Interest rate swaps | Other current assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	28.4	36.4
Other observable inputs (Level 2) | Interest rate swaps | Other noncurrent assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	27.3	44.5
Other observable inputs (Level 2) | Economic hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	7.8
Other observable inputs (Level 2) | Foreign currency exchange forwards
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency exchange forwards	7.3
Unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	0
Total liabilities	0	0
Unobservable inputs (Level 3) | Private warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Private warrants	0	0
Unobservable inputs (Level 3) | Interest rate swaps | Other current assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	0	0
Unobservable inputs (Level 3) | Interest rate swaps | Other noncurrent assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	0	$ 0
Unobservable inputs (Level 3) | Economic hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	0
Unobservable inputs (Level 3) | Foreign currency exchange forwards
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency exchange forwards	$ 0

FINANCIAL INSTRUMENTS AND RIS_4

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT - Narrative (Details) metricTon in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) metricTon shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) metricTon shares	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Feb. 24, 2023 shares
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Recognized earnings	$ 10.8	$ 10.8	$ 32.2	$ 28.4
Cash flow hedge loss expected to be reclassified within twelve months			28.4
Unrealized gain on derivatives	3.3		6.4
Change in fair value of warrant liabilities	67.2	61.6	269.2	103.4
Translation adjustments of hedges	$ (2.8)	(1.5)	$ 20.4	19.5
Private Placement Warrant
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Change in fair value of warrant liabilities		$ 61.6		111.1
Number of outstanding warrants (in shares) | shares	5,266,667		5,266,667
Gain on exercise of warrants				$ 7.7
Private Placement Warrant | Common Class A
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Number of warrants exercised (in shares) | shares						5,266,666
Private Placement Warrant | Common Class A | Common Share Capital
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Number of shares issued upon warrants exercised (in shares) | shares						1,368,194
Interest rate swaps
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative, notional amount	$ 1,000		$ 1,000		$ 1,000
Foreign Exchange Contract
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Realized losses	(1.4)		(0.8)
Foreign Exchange Contract | Economic hedges
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative, notional amount	163		163
Foreign Exchange Contract | Net Investment Hedging | Economic hedges
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative, notional amount	$ 78.6		$ 78.6		$ 225
Economic hedges | Aluminum
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative nonmonetary amounts | metricTon	9,860		9,860
Economic hedges | Copper
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative nonmonetary amounts | metricTon	9,030		9,030

FINANCIAL INSTRUMENTS AND RIS_5

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT - Private Placement Warrants Level 2 Valuations Assumptions (Details)	Sep. 30, 2024 $ / shares	Dec. 31, 2023 $ / shares
Expected dividend payment
Class of Warrant or Right [Line Items]
Warrants outstanding, measurement input	0.10	0.10
Private Placement Warrant | Stock price | Other observable inputs (Level 2)
Class of Warrant or Right [Line Items]
Warrants outstanding, measurement input	99.49	48.03
Private Placement Warrant | Strike price | Other observable inputs (Level 2)
Class of Warrant or Right [Line Items]
Warrants outstanding, measurement input	11.50	11.50
Private Placement Warrant | Remaining life | Other observable inputs (Level 2)
Class of Warrant or Right [Line Items]
Remaining life	4 months 9 days	1 year 1 month 6 days
Private Placement Warrant | Volatility | Other observable inputs (Level 2)
Class of Warrant or Right [Line Items]
Warrants outstanding, measurement input	0.975	0.550
Private Placement Warrant | Interest rate | Other observable inputs (Level 2)
Class of Warrant or Right [Line Items]
Warrants outstanding, measurement input	0.0465	0.0473
Private Placement Warrant | Dividend yield | Other observable inputs (Level 2)
Class of Warrant or Right [Line Items]
Warrants outstanding, measurement input	0.0010	0.0021

FINANCIAL INSTRUMENTS AND RIS_6

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT - Fair Value and Carrying Value of Debt (Details) - Revolving Credit Facility - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Fair Value | Term Loan due 2027
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, fair value disclosure	$ 2,104.9	$ 2,104.9
Fair Value | Senior Secured Notes due 2028
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, fair value disclosure	819.8	794
Par Value | Term Loan due 2027
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, fair value disclosure	2,102.2	2,118.1
Par Value | Senior Secured Notes due 2028
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, fair value disclosure	$ 850	$ 850

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,537.5	$ 1,658.1	$ 2,014.9	$ 1,441.9
Other comprehensive income (loss), net of tax	98.2	(59.6)	37.6	(23.2)
Ending balance	1,813.7	1,713.9	1,813.7	1,713.9
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(65.1)	(9.8)	(4.5)	(46.2)
Ending balance	33.1	(69.4)	33.1	(69.4)
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(149.9)	(117)	(89.8)	(157)
Other comprehensive income (loss), net of tax	124.9	(63.5)	64.8	(23.5)
Ending balance	(25)	(180.5)	(25)	(180.5)
Tax effect	1.3		0
Cash Flow Hedges | Interest rate swaps
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	91.1	106.9	87.7	110.2
Other comprehensive income (loss), net of tax	(22.4)	4.1	(19)	0.8
Ending balance	68.7	111	68.7	111
Tax effect	7.1		6.1
Reclassification of earnings	10.8	10.8	32.2	28.4
Cash Flow Hedges | Foreign currency exchange forwards
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(3.8)	0	0	0
Other comprehensive income (loss), net of tax	(4.3)	0	(8.1)	0
Ending balance	(8.1)	0	(8.1)	0
Tax effect	2.4		1.2
Pension
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(2.5)	0.3	(2.4)	0.6
Other comprehensive income (loss), net of tax	0	(0.2)	(0.1)	(0.5)
Ending balance	$ (2.5)	$ 0.1	$ (2.5)	$ 0.1

SEGMENT INFORMATION - Schedule

SEGMENT INFORMATION - Schedule of Sales By Business Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	$ 2,073.5	$ 1,742.6	$ 5,665.4	$ 4,997.8
Americas
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	1,198.6	1,003.2	3,244.7	2,824.9
Asia Pacific
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	432.4	388.6	1,173.8	1,097.4
Europe, Middle East, & Africa
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	442.5	350.8	1,246.9	1,075.5
Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	2,286.9	1,849.1	6,188.3	5,251
Operating Segments | Americas
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	1,210	1,014.5	3,270.2	2,854.8
Operating Segments | Asia Pacific
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	479.9	411.3	1,288.4	1,160.3
Operating Segments | Europe, Middle East, & Africa
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	597	423.3	1,629.7	1,235.9
Intersegment Eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	213.4	106.5	522.9	253.2
Intersegment Eliminations | Americas
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	11.4	11.3	25.5	29.9
Intersegment Eliminations | Asia Pacific
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	47.5	22.7	114.6	62.9
Intersegment Eliminations | Europe, Middle East, & Africa
Segment Reporting, Revenue Reconciling Item [Line Items]
Net sales	$ 154.5	$ 72.5	$ 382.8	$ 160.4

SEGMENT INFORMATION - Schedul_2

SEGMENT INFORMATION - Schedule of Earnings (Loss) from Continuing Operations before Income Taxes by Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting, Revenue Reconciling Item [Line Items]
Income (loss) before income taxes	$ 268.5	$ 145.8	$ 520.2	$ 346.4
Foreign currency gain (loss)	(5.3)	(2.7)	(8.7)	(13.3)
Amortization of intangibles			(145.3)	(147.5)
Operating profit (loss)	371.6	250.9	910.2	587
Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Income (loss) before income taxes	461.9	332.9	1,177.3	851.2
Operating Segments | Americas
Segment Reporting, Revenue Reconciling Item [Line Items]
Income (loss) before income taxes	303.4	206.5	776.3	544
Operating Segments | Asia Pacific
Segment Reporting, Revenue Reconciling Item [Line Items]
Income (loss) before income taxes	44.1	49.7	106.8	104.5
Operating Segments | Europe, Middle East, & Africa
Segment Reporting, Revenue Reconciling Item [Line Items]
Income (loss) before income taxes	114.4	76.7	294.2	202.7
Corporate and other
Segment Reporting, Revenue Reconciling Item [Line Items]
Income (loss) before income taxes	(39.7)	(33.8)	(121.3)	(114.8)
Total corporate, other and eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Income (loss) before income taxes	(45)	(36.5)	(130)	(128.1)
Amortization of intangibles
Segment Reporting, Revenue Reconciling Item [Line Items]
Amortization of intangibles	$ (45.3)	$ (45.5)	$ (137.1)	$ (136.1)

EARNINGS (LOSS) PER SHARE - Ear

EARNINGS (LOSS) PER SHARE - Earnings Per Share Reconciliation (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Basic earnings (loss) per share computation:
Net income (loss)	$ 176.6	$ 178.1	$ (5.9)	$ 94.1	$ 83.2	$ 50.3	$ 348.8	$ 227.6
Weighted-average number of shares outstanding - basic (in shares)	375,203,364			380,899,419			376,353,335	379,666,002
Basic earnings per share (in dollars per share)	$ 0.47			$ 0.25			$ 0.93	$ 0.60
Diluted earnings (loss) per share computation:
Net income (loss)	$ 176.6	$ 178.1	$ (5.9)	$ 94.1	$ 83.2	$ 50.3	$ 348.8	$ 227.6
Weighted-average number of shares outstanding - basic (in shares)	375,203,364			380,899,419			376,353,335	379,666,002
Dilutive effect of equity-based compensation (in shares)	9,112,701			7,341,245			9,752,894	4,166,266
Weighted-average number of shares outstanding - diluted (in shares)	384,316,065			388,240,664			386,106,229	383,832,268
Diluted earnings (loss) per share (in dollars per share)	$ 0.46			$ 0.24			$ 0.90	$ 0.59

EARNINGS (LOSS) PER SHARE - Nar

EARNINGS (LOSS) PER SHARE - Narrative (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive effect of equity-based compensation (in shares)	9,112,701	7,341,245	9,752,894	4,166,266
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive effect of equity-based compensation (in shares)	9,100,000	7,300,000
Antidilutive securities excluded from computation of earnings per share (in shares)	1,600,000	300,000	1,200,000	4,000,000
Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive effect of equity-based compensation (in shares)			9,800,000	4,100,000
Antidilutive securities excluded from computation of earnings per share (in shares)	4,500,000	3,400,000	4,500,000	2,700,000

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Jun. 09, 2023 Plaintiff	Dec. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Payments and fees accrued | $		$ 10.1
Sullivan v. Johnson, et al.
Loss Contingencies [Line Items]
Loss contingency, number of plaintiffs | Plaintiff	2