Company: VRT
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0001628280-25-019372
Chunk: 58

Company: Vertiv Holdings Co
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 8
Chunk 58
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 service contracts. The Company expects to recognize noncurrent deferred revenue of $45.9, $27.5 and $22.7 in the next 13 to 24 months, the next 25 to 36 months, and thereafter, respectively. 

8

(4) RESTRUCTURING COSTSRestructuring 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 March 31, 2025Three months ended March 31, 2024Americas$0.1 $0.1 Asia Pacific— 0.4 Europe, Middle East & Africa0.6 0.7 Corporate0.4 (0.9)Total$1.1 $0.3 The Company has an on-going multi-year restructuring program to align its cost structure to support margin expansion targets. The program includes workforce reductions and footprint optimization across all segments. 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.The change in the current liability for the restructuring costs during the three months ended March 31, 2025 were as follows:December 31, 2024Paid/UtilizedExpenseMarch 31, 2025Severance and benefits$10.3 $(2.0)$0.4 $8.7 Plant closing and other0.1 (0.7)0.7 0.1 Total$10.4 $(2.7)$1.1 $8.8 The change in the current liability for the restructuring costs during the three months ended March 31, 2024 were as follows:December 31, 2023Paid/UtilizedExpenseMarch 31, 2024Severance and benefits$25.1 $(4.1)$(0.1)$20.9 Plant closing and other0.1 (0.4)0.4 0.1 Total$25.2