Company: VRT
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0001628280-25-005905
Chunk: 24

Company: Vertiv Holdings Co
Filing Date: 2025-02-18
Form: 10-K
Item: Item 16
Chunk 24
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 point in time$1,925.0 $1,242.6 $985.7 $4,153.3 Products and services transferred over time803.6 358.7 375.9 1,538.2 Total$2,728.6 $1,601.3 $1,361.6 $5,691.5 The opening and closing balances of current and long-term deferred revenue are as follows:Balances at December 31, 2024Balances at December 31, 2023Deferred revenue - current$1,063.3 $638.9 Deferred revenue - noncurrent (1)91.3 61.8 (1) Noncurrent deferred revenue is recorded within “Other long-term liabilities” on the Consolidated Balance Sheets.

Deferred revenue - noncurrent consists primarily of maintenance, extended warranty and other service contracts. The Company expects to recognize revenue of $43.5, $26.6 and $21.2 in the years ending December 31, 2026, 2027, and thereafter, respectively. 

(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 Consolidated Statements of Earnings (Loss). Restructuring costs by business segment were as follows:December 31, 2024(1)December 31, 2023December 31, 2022Americas$(7.3)$6.0 $1.9 Asia Pacific1.2 14.1 (1.7)Europe, Middle East & Africa14.1 3.7 0.7 Corporate(2.7)4.8 (0.2)Total$5.3 $28.6 $0.7 (1)    During the year ended December 31, 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.

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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