Company: VRT
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0001628280-25-005905
Chunk: 44

Company: Vertiv Holdings Co
Filing Date: 2025-02-18
Form: 10-K
Item: Item 16
Chunk 44
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 foreign subsidiaries with earnings that are not indefinitely reinvested.

83

The principal items that gave rise to deferred income tax assets and liabilities follow:December 31, 2024December 31, 2023Deferred tax assetsNet operating losses and capital losses$44.7 $60.8 Capitalized research expenditures106.8 105.7 Accrued liabilities49.2 44.8 Employee compensation and benefits20.3 23.3 Pensions13.1 14.8 Business interest deduction limitation70.1 88.7 Inventory47.6 29.8 Research and development credit carryforward0.3 4.4 Lease liability26.1 22.5 Bad debts8.1 9.2 Intangibles99.4 22.6 Foreign tax credit carryforward26.2 26.8 Non-U.S. tax credits658.9 — Other5.5 6.3 Total deferred tax assets, before valuation allowances$1,176.3 $459.7 Valuation allowances$(733.8)$(146.8)Deferred tax assets, net of valuation allowances$442.5 $312.9 Deferred tax liabilitiesIntangibles and goodwill(179.9)(198.4)Undistributed foreign earnings(33.2)(39.0)Property, plant & equipment(21.2)(27.0)Debt issuance costs(19.1)(24.6)Lease right-of-use asset(24.4)(20.2)Deferred gain(99.6)— Other(2.1)(3.3)Total deferred tax liabilities$(379.5)$(312.5)Net deferred income tax assets$63.0 $0.4 At December 31, 2023, the Company had utilized all available federal net operating losses. At December 31, 2024, the gross amount of the Company’s state net operating losses was $338.7, expiring at various times between 2025 and 2042 with some losses having an unlimited carryforward period. At December 31, 2024, the Company had $31.1 other federal tax credit carryforwards expiring between 2027 and 2038. At December 31, 2024, the Company had other immaterial state tax credit carryforwards expiring between 2029 and 203