Company: VRT
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0001628280-25-005905
Chunk: 45

Company: Vertiv Holdings Co
Filing Date: 2025-02-18
Form: 10-K
Item: Item 16
Chunk 45
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8.The use of certain U.S. tax attributes as of December 31, 2024 is subject to an annual limitation due to the change in ownership of our stock in February 2020 as described in “Note 1 - Summary of Significant Accounting Policies”. There can be no assurance that trading in our shares will not affect another change in ownership under the Internal Revenue Code which could impose an additional limit on the use of our tax attributes.At December 31, 2024, the Company’s foreign net operating losses that are available to offset future taxable income were $180.7. These foreign loss carryforwards will expire at various times beginning in 2025 with some losses having an unlimited carryforward period.At December 31, 2024, the Company’s foreign capital loss carryforwards were $16.9. These foreign capital loss carryforwards have an unlimited carryforward period.At December 31, 2024, the Company has non-U.S. tax credits generated in 2024 as a result of an internal restructuring within the Europe, Middle East & Africa region in the amount of $658.9 that are available until 2034.Pursuant to the terms of the separation, Emerson agreed to indemnify the Company for all U.S. federal, state or local income taxes, as well as non-U.S. income taxes, that are attributable to any period prior to the separation. An indemnification receivable of $7.0 has been recorded in noncurrent other assets for the uncertain tax positions related to periods prior to the separation. The impact on the Company’s tax expense for changes in uncertain tax positions for periods prior to the separation (discussed below) will be offset by the Emerson indemnification, resulting in no net effect on the Company’s net income.

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Following are changes in unrecognized tax benefits before considering recoverability of cross-jurisdictional tax credits (federal, state, and non-U.S.) and temporary differences. The amount of unrecognized tax benefits is not expected to significantly increase or decrease within the next 12 months.December 31, 2024December 31, 2023December 31, 2022Beginning balance$102.5 $97.0 $98.6 Additions for the current year tax positions83.2 20.6 11.9 Additions for prior year tax positions0.4 5.8 — Reductions for prior year tax positions(24.4)(0.5)(11.