Company: VRT
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0001628280-25-005905
Chunk: 38

Company: Vertiv Holdings Co
Filing Date: 2025-02-18
Form: 10-K
Item: Item 16
Chunk 38
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72.6)Present value of lease liabilities$212.4 

(8) PENSION PLANS 

Most of the Company’s employees participate in defined contribution plans, including 401(k), profit sharing, and other savings plans that provide retirement benefits.Certain U.S. and non-U.S. employees participate in company-specific or statutorily required defined benefit plans. In general, the Company’s policy is to fund these plans based on legal requirements, required benefit payments, and other factors.Net periodic pension expense and projected benefit obligations for the Company’s U.S. defined benefit plans are not significant for disclosure. Total defined contribution plan expense for the Company’s U.S. plans was $14.4, $14.9, and $11.9 for the years ended December 31, 2024, 2023, and 2022, respectively.Retirement plan expense for our non-U.S. plans includes the following components: Non-U.S. PlansDecember 31, 2024December 31, 2023December 31, 2022Company defined benefit plans:Service cost$3.1 $2.9 $2.9 Interest cost3.8 3.6 2.4 Expected return on plan assets(0.7)(0.9)(0.7)Net amortization(0.2)(0.4)0.3 Net periodic pension expense6.0 5.2 4.9 Settlement0.7 1.2 (0.1)Defined contribution plans1.7 2.4 2.6 Total$8.4 $8.8 $7.4 

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Details of the changes in the actuarial present value of the projected benefit obligation and the fair value of plan assets for our non-U.S. defined benefit pension plans follow:Non-U.S. PlansDecember 31, 2024December 31, 2023Projected benefit obligation, beginning$76.9 $67.9 Service cost3.1 2.9 Interest cost3.8 3.6 Actuarial (gain) loss4.6 6.3 Benefits paid(3.4)(2.7)Participant contributions0.2 0.2 Settlements(2.8)(5.7)Foreign currency translation and other(6.7)4.4 Projected benefit obligation, ending$75.7