Company: VRT
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0001628280-25-005905
Chunk: 43

Company: Vertiv Holdings Co
Filing Date: 2025-02-18
Form: 10-K
Item: Item 16
Chunk 43
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:Year Ended December 31, 202420232022Taxes at U.S. statutory rate (21%)$160.8 $112.1 $35.1 State and local taxes, net of federal tax benefit19.4 13.5 (0.5)Non-U.S. rate differential23.6 6.1 14.2 Non-U.S. tax holidays and incentives(682.1)(13.1)(0.7)Uncertain tax positions13.7 5.7 7.5 U.S. tax impact of non-U.S. operations(2.2)10.0 6.5 Change in valuation allowances633.4 (100.5)33.6 Taxes on undistributed foreign earnings and withholding/dividend taxes26.1 13.2 17.1 Foreign derived intangible income(8.9)(3.0)(1.1)Research and development deduction/credit(9.7)(15.0)(11.9)Impact of non-tax litigation and other settlements— 5.5 — Change in fair value of warrant liabilities94.3 33.2 (19.1)Other permanent differences4.0 1.0 (1.3)Impact of rate changes in non-U.S. jurisdictions— 1.4 8.9 Impact of transaction costs— — (0.4)Capital loss expiration12.2 — — Equity and non-deductible compensation(23.2)1.0 2.1 Other(1)8.2 2.4 0.4 Total income tax expense (benefit)$269.6 $73.5 $90.4 (1)Represents several adjustments, none of which are significant for separate disclosure.The Company has tax holiday agreements in place in China, which expire in between 2024 and 2025. It is the Company’s intention to reapply for these holidays as they expire. We anticipate that we will continue to qualify for these holidays, but we will assess based on business conditions at the time of renewal.As of December 31, 2024 and 2023, the Company has recognized $33.2 and $39.0, respectively, of net deferred income tax liabilities for U.S. income taxes, non-U.S. income taxes and foreign withholding taxes on outside basis differences for certain