Company: VRT
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0001674101-25-000008
Chunk: 69

Company: Vertiv Holdings Co
Filing Date: 2025-07-30
Form: 10-Q
Item: Part I, Item 8
Chunk 69
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8

Six months ended June 30, 2024AmericasAsia PacificEurope, Middle East, & AfricaTotalSales by Product and Service Offering:Products$1,608.2 $517.1 $629.4 $2,754.7 Services & spares437.9 224.3 175.0 837.2 Total$2,046.1 $741.4 $804.4 $3,591.9 Timing of Revenue Recognition:Products and services transferred at a point in time$1,554.3 $513.2 $444.9 $2,512.4 Products and services transferred over time491.8 228.2 359.5 1,079.5 Total$2,046.1 $741.4 $804.4 $3,591.9 The opening and closing balances of current and long-term deferred revenue as of June 30, 2025 and December 31, 2024 were as follows:Balances at June 30, 2025Balances at December 31, 2024Deferred revenue - current$1,257.3 $1,063.3 Deferred revenue - noncurrent(1)106.4 91.3 (1)    Noncurrent deferred revenue is recorded within “Other long-term liabilities” on the Unaudited Condensed Consolidated Balance Sheets.The amount of deferred revenue - current recognized for the three and six months ended June 30, 2025 was $361.3 and $564.5. Deferred revenue - noncurrent consists primarily of maintenance, extended warranty and other service contracts. The Company expects to recognize noncurrent deferred revenue of $54.5, $30.6 and $21.3 in the next 13 to 24 months, the next 25 to 36 months, and thereafter, respectively.

(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 June 30,