VERTIV HOLDINGS CO, 10-K filed on 2/13/2026
Annual Report
v3.25.4
Cover - USD ($)
 12 Months Ended
Dec. 31, 2025
Feb. 09, 2026
Jun. 30, 2025
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-38518    
Entity Registrant Name Vertiv Holdings Co    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 81-2376902    
Entity Address, Address Line One 505 N. Cleveland Ave.    
Entity Address, City or Town Westerville    
Entity Address, State or Province OH    
Entity Address, Postal Zip Code 43082    
City Area Code 614    
Local Phone Number 888-0246    
Title of 12(b) Security Class A common stock, $0.0001 par value per share    
Trading Symbol VRT    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction Flag false    
Entity Shell Company false    
Entity Public Float     $ 48,225,235,174
Entity Common Stock, Shares Outstanding   382,598,464  
Documents Incorporated by Reference
Portions of the registrant’s definitive proxy statement for use in connection with its 2026 Annual Meeting of Shareholders, which is to be filed no later than 120 days after December 31, 2025, are incorporated by reference into Part III of this Annual Report on Form 10-K.
    
Central Index Key 0001674101    
Document Fiscal Period Focus FY    
Document Fiscal Year Focus 2025    
Amendment Flag false    
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Auditor Information [Abstract]  
Auditor Firm ID 42
Auditor Name Ernst & Young LLP
Auditor Location Grandview Heights, Ohio
v3.25.4
CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Net sales      
Net sales $ 10,229.9 $ 8,011.8 $ 6,863.2
Costs and expenses      
Cost of sales 6,514.7 5,077.6 4,462.7
Operating expenses      
Selling, general and administrative expenses 1,617.8 1,374.0 1,312.3
Amortization of intangibles 200.4 184.2 181.3
Restructuring costs 54.5 5.3 28.6
Foreign currency (gain) loss, net 12.0 9.3 16.0
Other operating expense (income) 0.8 (6.0) (9.9)
Operating profit (loss) 1,829.7 1,367.4 872.2
Interest expense, net 86.1 150.4 180.1
Loss on extinguishment of debt 1.7 2.4 0.5
Change in fair value of warrant liabilities 0.0 449.2 157.9
Income (loss) before income taxes 1,741.9 765.4 533.7
Income tax expense 409.1 269.6 73.5
Net income (loss) $ 1,332.8 $ 495.8 $ 460.2
Earnings (loss) per share:      
Basic (USD per share) $ 3.49 $ 1.32 $ 1.21
Diluted (USD per share) $ 3.41 $ 1.28 $ 1.19
Weighted-average shares outstanding      
Basic (in shares) 381,712,181 376,418,933 380,144,059
Diluted (in shares) 390,652,824 386,325,058 386,226,267
Products      
Net sales      
Net sales $ 8,390.6 $ 6,393.5 $ 5,406.1
Costs and expenses      
Cost of sales 5,447.2 4,099.4 3,575.7
Services      
Net sales      
Net sales 1,839.3 1,618.3 1,457.1
Costs and expenses      
Cost of sales $ 1,067.5 $ 978.2 $ 887.0
v3.25.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Net income (loss) $ 1,332.8 $ 495.8 $ 460.2
Other comprehensive income (loss), net of tax:      
Foreign currency translation 174.8 (114.1) 67.2
Pension (3.5) (4.5) (3.0)
Other comprehensive income (loss), net of tax 167.0 (144.3) 41.7
Comprehensive income (loss) 1,499.8 351.5 501.9
Interest rate swaps      
Other comprehensive income (loss), net of tax:      
Interest rate swaps and foreign currency exchange forwards (27.4) (13.1) (22.5)
Foreign currency exchange forwards      
Other comprehensive income (loss), net of tax:      
Interest rate swaps and foreign currency exchange forwards $ 23.1 $ (12.6) $ 0.0
v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 1,728.4 $ 1,227.6
Short-term investments 99.5 0.0
Accounts receivable, less allowances of $25.6 and $22.4, respectively 3,109.0 2,362.7
Inventories 1,456.5 1,244.4
Other current assets 426.1 267.1
Total current assets 6,819.5 5,101.8
Property, plant and equipment, net 921.8 625.1
Other assets:    
Goodwill 2,033.7 1,321.1
Other intangible assets, net 1,894.8 1,487.1
Deferred income taxes 179.6 303.3
Right-of-use assets, net 303.0 202.1
Other 60.0 92.0
Total other assets 4,471.1 3,405.6
Total assets 12,212.4 9,132.5
Current liabilities:    
Current portion of long-term debt 20.9 21.0
Accounts payable 1,756.4 1,316.4
Deferred revenue 1,814.7 1,063.3
Accrued expenses and other liabilities 771.6 612.6
Income taxes 43.4 83.7
Total current liabilities 4,407.0 3,097.0
Long-term debt, net 2,892.1 2,907.2
Deferred income taxes 232.8 240.3
Long-term lease liabilities 245.2 171.4
Other long-term liabilities 494.0 282.3
Total liabilities 8,271.1 6,698.2
Equity    
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, none issued and outstanding 0.0 0.0
Common stock, $0.0001 par value, 700,000,000 shares authorized, 382,553,680 and 380,703,974 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively 0.0 0.0
Additional paid-in capital 2,895.2 2,821.4
Retained earnings 1,027.9 (238.3)
Accumulated other comprehensive (loss) income 18.2 (148.8)
Total equity 3,941.3 2,434.3
Total liabilities and equity $ 12,212.4 $ 9,132.5
v3.25.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Allowance for accounts receivable $ 25.6 $ 22.4
Preferred stock, par value (USD per share) $ 0.0001 $ 0.0001
Preferred stock shares authorized (in shares) 5,000,000 5,000,000
Preferred stock shares issued (in shares) 0 0
Preferred stock shares outstanding (in shares) 0 0
Common stock, par value (USD per share) $ 0.0001 $ 0.0001
Common stock shares authorized (in shares) 700,000,000 700,000,000
Common stock shares issued (in shares) 382,553,680 380,703,974
Common stock shares outstanding (in shares) 382,553,680 380,703,974
v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income (loss) $ 1,332.8 $ 495.8 $ 460.2
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:      
Depreciation 97.1 81.6 74.3
Amortization 211.5 195.4 196.7
Deferred income taxes 22.6 (54.5) (131.6)
Amortization of debt discount and issuance costs 5.9 7.0 7.9
Change in fair value of warrant liabilities 0.0 449.2 157.9
Stock-based compensation 45.9 34.6 25.0
Changes in operating working capital 339.3 114.1 66.7
Other 58.7 (3.9) 43.4
Net cash provided by (used for) operating activities 2,113.8 1,319.3 900.5
Cash flows from investing activities:      
Capital expenditures (220.0) (167.0) (127.9)
Investments in capitalized software (6.4) (17.1) (6.7)
Purchase of short-term investments (539.6) 0.0 0.0
Proceeds from maturities of short-term investments 450.0 0.0 0.0
Proceeds from disposition of property, plant and equipment 0.0 0.0 12.4
Acquisition of businesses, net of cash acquired (1,184.8) (17.6) (28.8)
Proceeds from sale of business 0.0 0.0 11.9
Net cash provided by (used for) investing activities (1,500.8) (201.7) (139.1)
Cash flows from financing activities:      
Borrowings from ABL revolving credit facility and short-term borrowings 0.0 270.0 224.9
Repayments of ABL revolving credit facility and short-term borrowings 0.0 (270.0) (459.9)
Repayment of long-term debt (20.9) (21.1) (27.1)
Dividend payment (66.6) (42.2) (9.5)
Repurchase of common stock 0.0 (599.9) 0.0
Exercise of employee stock options 26.4 33.0 27.4
Employee taxes paid from shares withheld (11.2) (21.9) (3.3)
Net cash provided by (used for) financing activities (72.3) (652.1) (247.5)
Effect of exchange rate changes on cash and cash equivalents 16.9 (21.9) 1.5
Increase (decrease) in cash, cash equivalents and restricted cash 557.6 443.6 515.4
Beginning cash, cash equivalents and restricted cash 1,232.2 788.6 273.2
Ending cash, cash equivalents and restricted cash 1,789.8 1,232.2 788.6
Changes in operating working capital      
Accounts receivable (547.5) (280.3) (277.2)
Inventories (164.7) (369.3) (54.0)
Other current assets (72.9) (63.7) 4.7
Accounts payable 381.2 343.1 (17.7)
Deferred revenue 717.5 434.5 274.2
Accrued expenses and other liabilities 93.1 7.0 91.5
Income taxes (67.4) 42.8 45.2
Total changes in operating working capital 339.3 114.1 66.7
Supplemental Disclosures      
Cash paid during the year for interest $ 126.7 $ 155.5 $ 176.7
v3.25.4
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (DEFICIT) - USD ($)
$ in Millions
Total
Common Share Capital
Common Share Capital
Treasury Share Capital
Additional Paid in Capital
Retained Earnings
Accumulated Other Comprehensive (Loss) Income
Beginning balance (in shares) at Dec. 31, 2022     377,368,837 0      
Beginning balance at Dec. 31, 2022 $ 1,441.9   $ 0.0 $ 0.0 $ 2,630.7 $ (1,142.6) $ (46.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) 460.2         460.2  
Exercise of employee stock options (in shares)     2,122,710        
Exercise of employee stock options 27.4       27.4    
Stock-based compensation activity, net of withholdings for tax (in shares) [1]     420,170        
Stock-based compensation activity, net of withholdings for tax [1] 21.7       21.7    
Employee 401K match with Vertiv stock (in shares)     508,965        
Employee 401K match with Vertiv stock 9.9       9.9    
Exercise of warrants (in shares) [2]     1,368,194        
Exercise of warrants [2] 21.6       21.6    
Dividend payment (9.5)         (9.5)  
Other comprehensive income (loss), net of tax 41.7           41.7
Ending balance (in shares) at Dec. 31, 2023     381,788,876 0      
Ending balance at Dec. 31, 2023 2,014.9   $ 0.0 $ 0.0 2,711.3 (691.9) (4.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) 495.8         495.8  
Exercise of employee stock options (in shares)     2,509,946        
Exercise of employee stock options 33.0       33.0    
Stock-based compensation activity, net of withholdings for tax (in shares) [3]     532,821        
Stock-based compensation activity, net of withholdings for tax [3] 22.1       22.1    
Employee 401K match with Vertiv stock (in shares)     136,254        
Employee 401K match with Vertiv stock 10.7       10.7    
Repurchase of common stock (in shares) [4]     (9,076,444) 9,076,444      
Repurchase of common stock (599.9) [4] $ (599.9)   $ (605.9) [4] 6.0 [4]    
Retirement of common stock (in shares)       (9,076,444)      
Retirement of common stock 0.0     $ 605.9 (605.9)    
Exercise of warrants (in shares) [5]     4,812,521        
Exercise of warrants [5] 644.2       644.2    
Dividend payment (42.2)         (42.2)  
Other comprehensive income (loss), net of tax $ (144.3)           (144.3)
Ending balance (in shares) at Dec. 31, 2024 380,703,974   380,703,974 0      
Ending balance at Dec. 31, 2024 $ 2,434.3   $ 0.0 $ 0.0 2,821.4 (238.3) (148.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) $ 1,332.8         1,332.8  
Exercise of employee stock options (in shares) 1,501,222   1,494,424        
Exercise of employee stock options $ 26.4       26.4    
Stock-based compensation activity, net of withholdings for tax (in shares) [6]     231,379        
Stock-based compensation activity, net of withholdings for tax [6] 34.7       34.7    
Employee 401K match with Vertiv stock (in shares)     123,903        
Employee 401K match with Vertiv stock 12.7       12.7    
Dividend payment (66.6)         (66.6)  
Other comprehensive income (loss), net of tax $ 167.0           167.0
Ending balance (in shares) at Dec. 31, 2025 382,553,680   382,553,680 0      
Ending balance at Dec. 31, 2025 $ 3,941.3   $ 0.0 $ 0.0 $ 2,895.2 $ 1,027.9 $ 18.2
[1] Net stock compensation activity includes 635,663 vested shares offset by 215,493 shares withheld for taxes valued at $3.3 and stock-based compensation of $25.0.
[2] On February 24, 2023, GS Sponsor LLC elected to exercise 5,266,666 warrants on a cashless basis pursuant to the agreement governing the warrants, in exchange for which the Company issued 1,368,194 shares of Class A common stock.
[3] Net stock compensation activity includes 778,510 of vested shares offset by 245,689 shares withheld for taxes valued at $21.9, and stock-based compensation of $34.6 and employee incentive compensation of $9.4 awarded in fully vested shares.
[4] Repurchase of common stock activity includes common stock valued at $599.9 and a 1% excise tax accrual of $6.0. Accrual was subsequently reversed due to fair value of common stock issued in 2024 exceeding the value of common stock repurchased.
[5] On December 6, 2024, Cote SPAC I LLC elected to exercise 5,266,667 warrants on a cashless basis pursuant to the agreement governing the warrants, in exchange for which the Company issued 4,812,521 shares of Class A common stock.
[6] Net stock compensation activity includes 330,510 of vested shared offset by 99,131 shares withheld for taxes valued at $11.2, and stock-based compensation of $45.9.
v3.25.4
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (DEFICIT) (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 06, 2024
Feb. 24, 2023
Vested (in shares)   778,510 635,663    
Shares withheld for tax obligation (in shares)   245,689 215,493    
Decrease for tax withholding obligation   $ 21.9 $ 3.3    
Incentive compensation expense   9.4      
Repurchase of common stock [1]   $ (599.9)      
Percentage of excise tax on share repurchases   1.00%      
Share repurchase program, excise tax   $ 6.0      
Common Stock          
Repurchase of common stock   (599.9)      
Private Placement Warrant | Common Class A          
Number of warrants exercised (in shares)       5,266,667 5,266,666
Additional Paid in Capital          
Vested (in shares) 330,510        
Shares withheld for tax obligation (in shares) 99,131        
Decrease for tax withholding obligation $ 11.2        
Stock-based compensation $ 45.9 34.6 $ 25.0    
Repurchase of common stock [1]   $ 6.0      
Common Stock | Private Placement Warrant | Common Class A          
Number of shares issued upon warrants exercised (in shares)       4,812,521 1,368,194
[1] Repurchase of common stock activity includes common stock valued at $599.9 and a 1% excise tax accrual of $6.0. Accrual was subsequently reversed due to fair value of common stock issued in 2024 exceeding the value of common stock repurchased.
v3.25.4
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(1) DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Dollars in millions except for per share data and as otherwise noted)
Description of Business
Vertiv Holdings Co (“Holdings Co”, and together with its majority-owned subsidiaries, “Vertiv”, “we”, “our”, or “the Company”), formerly known as GS Acquisition Holdings Corp (“GSAH”), provides mission-critical digital infrastructure technologies and life cycle services primarily for data centers, communication networks, and commercial and industrial environments. Vertiv’s offerings include AC and DC power management, thermal management, low/medium voltage switchgear, busbar, air cooled and liquid cooled thermal management products, integrated modular solutions, racks, single phase UPS, rack power distribution, rack thermal systems, configurable integrated solutions, energy storage solutions, hardware, software for managing IT equipment, management systems for monitoring and controlling digital infrastructure, and services. Vertiv manages and reports results of operations for three business segments: Americas; Asia Pacific; and Europe, Middle East & Africa.
Holdings Co was originally incorporated in Delaware on April 25, 2016 as GSAH, a special purpose acquisition company which consummated its initial public offering (the “IPO”) in June of 2018. On February 7, 2020, Vertiv Holdings, LLC, a Delaware limited liability company and predecessor of Vertiv, consummated a business combination pursuant to a merger agreement with GSAH, among other parties (the “Business Combination”).
In connection with the Business Combination, GSAH changed its name to Vertiv Holdings Co and changed the trading symbols for its common stock and units, each unit (other than those separated at the request of a holder) representing one share of Class A common stock and one-third of one redeemable warrant to acquire one share of Class A common stock, that were issued in GSAH’s initial public offering . The Class A common stock listed on the NYSE was changed from “GSAH” to “VRT”. As a result of the Business Combination, Vertiv Holdings Co became the new parent entity, directly and indirectly, of all of the assets and business it now operates.
The Business Combination was accounted for as a reverse recapitalization, with no goodwill or other intangible assets recorded, in accordance with U.S. GAAP. This determination was primarily based on post Business Combination relative voting rights, composition of the governing board, management, and intent of the Business Combination. Under this method of accounting, GSAH was treated as the “acquired” company for financial reporting purposes. Accordingly, for accounting purposes, the Business Combination was treated as the equivalent of Vertiv issuing stock for the net assets of GSAH, which primarily consisted of cash held in its trust account, accompanied by a recapitalization. The net assets of the Company were stated at historical cost, with no goodwill or other intangible assets recorded. Reported amounts from operations included herein prior to the Business Combination are those of Vertiv.
Basis of Presentation
The Consolidated Financial Statements include the accounts of the Company and its subsidiaries in which it has a controlling interest. All intercompany accounts and transactions have been eliminated in consolidation. In addition certain prior year amounts have been reclassed to conform with current year presentation. The Company’s Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, net sales and expenses as well as related disclosures. On an ongoing basis, the Company evaluates its estimates and assumptions based on historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions due to among other reasons, the continued uncertainty of general economic conditions that have impacted, and may continue to impact, our sales channels, supply chain, manufacturing operations, workforce, or other key aspects of our operations.
Revenue Recognition
The Company recognizes revenue from the sale of manufactured products and services when control of promised goods or services are transferred to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Control is transferred when the customer has the ability to direct the use of and obtain benefits from the goods or services. The majority of the Company’s sales agreements contain performance obligations satisfied at a point in time when control is transferred to the customer. Sales for service contracts, including installation, inventory with no alternative use and an enforceable right of payment upon customer termination and other discrete services, generally are recognized over time as the services are provided. Payments received in advance for service arrangements or product delivery are recorded as deferred revenue and recognized in net sales when the revenue
recognition criteria are met. Unbilled revenue is recorded when performance obligations have been satisfied, but the Company does not have present right to payment.
For agreements with multiple performance obligations, the Company is required to determine whether performance obligations specified in these agreements are distinct and should be accounted for as separate revenue transactions for recognition purposes. In these types of agreements we allocate sales price to each distinct obligation on a relative stand-alone selling price basis. The majority of revenue from arrangements with multiple performance obligations is recognized when tangible products are delivered, with smaller portions for associated installation and commissioning recognized shortly thereafter. Generally, contract duration is short term, and cancellation, termination or refund provisions apply only in the event of contract breach. These provisions have historically not been invoked.
Payment terms vary by the type and location of the customer and the products or services offered. Revenue from our sales have not been adjusted for the effects of a financing component as we expect that the period between when we transfer control of the product and when we receive payment to be one year or less. Sales, value add, and other taxes collected concurrent with revenue are excluded from sales. The Company records amounts billed to customers for shipping and handling in a sales transaction as revenue. Shipping and handling costs are treated as fulfillment costs and are included in costs of sales.
The Company records reductions to sales for prompt payment discounts, customer and distributor incentives including rebates, and returns at the time of the initial sale. Rebates are estimated based on sales terms, historical experience, trend analysis, and projected market conditions in the various markets served. Returns are estimated at the time of the sale primarily based on historical experience and recorded gross on the consolidated balance sheet.
Sales commissions are expensed when the amortization period is less than a year and are generally not capitalized as they are typically earned at the completion of the contract when the customer is invoiced or when the customer pays Vertiv. The Company typically offer warranties that are consistent with standard warranties in the jurisdictions where it sells goods and services. The warranties are generally assurance type warranties for which they promise goods and services meet contract specifications. In limited circumstances, the Company sells warranties that extend the warranty coverage beyond the standard coverage offered on specific products. Sales for these separately-priced warranties are recorded based on their stand-alone selling price and are recognized as revenue over the length of the warranty period.
Foreign Currency Translation
The functional currency for substantially all of the Company’s non-U.S. subsidiaries is the local currency. Adjustments resulting from translating local currency financial statements into U.S. dollars are reflected in accumulated other comprehensive (loss) income. Transactions denominated in currencies other than the subsidiaries’ functional currencies are subject to changes in exchange rates with resulting gains/losses recorded in net earnings (loss).
Cash and Cash Equivalents
Cash and cash equivalents are reflected on the Consolidated Balance Sheets and consist of highly liquid investments with original maturities of three months or less.
The following table provides a reconciliation of the amount of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets. Restricted cash represents cash collateral for bank guarantees and funds held in escrow related to acquisitions. Refer to "Note 2 - Acquisitions" for additional information.
December 31, 2025December 31, 2024December 31, 2023
Cash and cash equivalents$1,728.4 $1,227.6 $780.4 
Restricted cash included in other current assets61.4 4.6 8.2 
Total cash, cash equivalents, and restricted cash$1,789.8 $1,232.2 $788.6 
Marketable Securities
The Company classifies marketable securities with maturities in excess of three months and less than one year at acquisition as held-to-maturity. These investments primarily consist of U.S. Treasury bills. The Company does not purchase and hold securities principally for the purpose of selling them in the near future, and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases. At December 31, 2025, the Company recorded "Short-term investments" on the Consolidated Balance Sheets at amortized cost of $99.5. At December 31, 2025, the short-term investments had a fair value of $99.6. The Company values these investments by reference to quoted prices of similar assets in active markets, adjusted for any terms specific to that asset, which are classified within level 2. The Company held no short-term investments at December 31, 2024.
Accounts Receivable and Allowance for Credit Losses
The Company’s accounts receivable are derived from customers located in the U.S. and numerous foreign jurisdictions. The Company performs ongoing credit evaluations of its customers’ financial condition and generally requires no collateral from its customers. The Company establishes an allowance for credit losses on receivable based on historical experience, current market conditions, and any specific customer collection issues that the Company has identified. Market conditions as of December 31, 2025 are assumed to continue over the remaining lives of accounts receivables. Write-offs are recorded against the allowance for credit losses when all reasonable efforts for collection have been exhausted.
The change in allowance for credit losses is as follows:
Year Ended December 31,
202520242023
Beginning balance$22.4 $29.1 $18.4 
Provision charged to expense7.8 1.6 11.3 
Deductions(4.6)(8.3)(0.6)
Ending balance$25.6 $22.4 $29.1 
Inventories
Inventories are stated at the lower of cost, using the first-in, first-out method, or net realizable value and the majority is valued based on standard costs. The remainder is valued based on average actual costs. Standard costs are revised at the beginning of each fiscal year. The impact from annually resetting standards, as well as operating variances incurred throughout the year, are allocated to inventories and recognized in cost of sales as product is sold.
The following are the components of inventory:
December 31, 2025December 31, 2024
Inventories
Finished products$555.4 $400.8 
Raw materials680.6 564.7 
Work in process220.5 278.9 
Total inventories$1,456.5 $1,244.4 
The change in inventory obsolescence is as follows:
December 31, 2025December 31, 2024December 31, 2023
Beginning balance$73.8 $59.0 $56.0 
Provision charged to expense68.9 46.7 28.8 
Write-offs and other(48.3)(31.9)(25.8)
Ending balance$94.4 $73.8 $59.0 
Fair Value Measurement
Accounting Standards Codification (“ASC”) 820, Fair Value Measurement, establishes a formal hierarchy and framework for measuring certain financial statement items at fair value, and requires disclosures about fair value measurements and the reliability of valuation inputs. Under ASC 820, measurement assumes the transaction to sell an asset or transfer a liability occurs in the principal or at least the most advantageous market for that asset or liability. Within the hierarchy, Level 1 instruments use observable market prices for the identical item in active markets and have the most reliable valuations. Level 2 instruments are valued through broker/dealer quotation or through market-observable inputs for similar items in active markets, including forward and spot prices, interest rates and volatilities. Level 3 instruments are valued using inputs not observable in an active market, such as company-developed future cash flow estimates, and are considered the least reliable. The carrying value approximates fair value for cash and cash equivalents, accounts receivable and accounts payable because of the relatively short-term maturity of these instruments.
Debt Issuance Costs, Premiums and Discounts
Debt issuance costs, premiums and discounts are amortized into interest expense over the terms of the related loan agreements using the effective interest method or other methods which approximate the effective interest method. Debt issuance costs related to a recognized debt liability are presented on the balance sheets as a direct deduction from the carrying amount of that debt liability, consistent with discounts.
Property, Plant and Equipment and Definite Lived Intangible Assets
The Company records investments in land, buildings, and machinery and equipment at cost, which includes the then fair values of assets acquired in business combinations. Depreciation is computed principally using the straight-line method over estimated service lives, which are 30 to 40 years for buildings and 7 to 10 years for machinery and equipment. The Company’s definite lived identifiable intangible assets that are subject to amortization are amortized on a straight-line basis over their estimated useful lives. Definite lived identifiable intangibles consist of intellectual property such as patented and unpatented technology and trademarks, customer relationships and capitalized software. Definite lived identifiable intangible assets are also subject to evaluation for potential impairment if events or circumstances indicate the carrying value may not be recoverable. Long-lived tangible and intangible assets are reviewed for impairment whenever events or changes in business circumstances indicate the carrying value of the assets may not be recoverable. Impairment losses are recognized based on estimated fair values if the sum of expected future undiscounted cash flows of the related assets is less than the carrying values.
Following are the components of property, plant and equipment:
December 31, 2025December 31, 2024
Property, plant and equipment, net(1)
Machinery and equipment$874.1 $570.1 
Buildings408.7 362.1 
Land42.1 39.4 
Construction in progress123.3 87.5 
Property, plant and equipment, at cost1,448.2 1,059.1 
Less: Accumulated depreciation(526.3)(434.0)
Property, plant and equipment, net$921.8 $625.1 
(1)    Property, plant and equipment, net in the United States was $176.5 and $148.8 as of December 31, 2025 and 2024, respectively.
Goodwill
Assets and liabilities acquired in business combinations are accounted for using the acquisition method and recorded at their respective fair values. Goodwill represents the excess of consideration paid over the net assets acquired and is assigned to the reporting unit that acquires the business. A reporting unit is an operating segment as defined in ASC 280, Segment Reporting, or a business one level below an operating segment if discrete financial information for that business is prepared and regularly reviewed by segment management. The Company conducts annual impairment tests of goodwill in the fourth quarter or more frequently if events or circumstances indicate a reporting unit’s fair value may be less than its carrying value. The Company may assess goodwill for impairment initially using a qualitative approach to determine whether it is more likely than not that the fair value of the reporting unit is greater than it’s carrying value. If an initial qualitative assessment indicates it is more likely than not goodwill may be impaired, a quantitative impairment analysis is performed to evaluate the reporting unit’s estimated fair value compared to its carrying value. If its carrying value exceeds its estimated fair value, goodwill impairment is recognized to the extent that the carrying value exceeds the fair value of the reporting unit. Estimated fair values of the reporting unit are Level 3 measures and are developed using a weighting of the discounted cash flow approach, the comparable public company approach and the comparable acquisition approach. The Company performed our annual goodwill impairment using the qualitative approach for each reporting unit for the year ended December 31, 2025 and no impairment charges were reported, see “Note 5 – Goodwill and Other Intangibles” for additional information.
Finite-lived Intangible Assets
Finite-lived intangible assets principally consist of certain customer relationships, developed technology, capitalized software and trademarks. These intangible assets are amortized on a straight-line basis over their estimated useful lives. The cost of customer relationships is amortized principally over 10 to 13 years, developed technology over 5 to 10 years, capitalized software over 5 years, and trademarks over 5 to 10 years. The Company reviews finite-lived intangible assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. The Company monitors these changes and events on at least a quarterly basis.
Other Indefinite-lived Intangible Asset
Indefinite lived intangible assets consist of a trademark which is also evaluated annually in the fourth quarter for impairment or upon the occurrence of a triggering event. If the carrying value of an individual indefinite-lived intangible asset exceeds its fair value, the asset is written down to its fair value and the amount of the write down is the impairment charge. When a quantitative analysis is performed, the Company tests these assets using a “relief-from-royalty” valuation method to determine the fair value. Significant assumptions inherent in the valuation methodologies include, but are not
limited to, future projected business results, growth rates, the discount rate for a market participant, and royalty rates. Similar to its annual assessment for goodwill, the Company performed a qualitative test for impairment in the current year resulting in no impairment charges for the year ended December 31, 2025.
Product Warranties
Warranties generally extend for one to two years from the date of sale. Provisions for warranty are determined primarily based on historical warranty cost as a percentage of sales, adjusted for specific issues that may arise.
Product warranty expense is approximately one percent of product sales and the product warranty accrual is reflected in "Accrued expenses and other liabilities" on the Consolidated Balance Sheets.
The change in product warranty accrual is as follows:
December 31, 2025December 31, 2024December 31, 2023
Beginning balance$27.5 $26.1 $25.6 
Provision charge to expense43.4 25.7 22.7 
Paid/utilized(27.7)(24.3)(22.2)
Ending balance$43.2 $27.5 $26.1 
Derivative Instruments and Hedging Activities
In the normal course of business, the Company is exposed to changes in interest rates, foreign currency exchange rates and commodity prices due to its worldwide presence, business profile and long-term debt agreements. The Company’s foreign currency exposures relate to transactions denominated in currencies that differ from the functional currencies of its subsidiaries. Primary commodity exposures are price fluctuations on forecasted purchases of copper and aluminum and related products. As part of the Company’s risk management strategy, derivative instruments can be selectively used in an effort to minimize the impact of these exposures. All derivatives are associated with specific underlying exposures and the Company does not hold derivatives for trading or speculative purposes. The duration of hedge positions is generally less than one year.
All derivatives are accounted for under ASC 815, Derivatives and Hedging, and recognized at fair value as assets or liabilities in the Consolidated Balance Sheets. For derivatives hedging variability in future cash flows, the gain or loss is deferred in equity as a component of accumulated other comprehensive (loss) income and recognized when the underlying transaction impacts earnings. For derivatives hedging the fair value of existing assets or liabilities, both the gain or loss on the derivative and the offsetting loss or gain on the hedged item are recognized in earnings each period. The Company also uses derivatives to hedge economic exposures that are not designated as accounting hedges under ASC 815. The underlying exposures for these hedges relate primarily to the revaluation of certain foreign-currency denominated assets and liabilities. Gains or losses of these economic hedges, as well as any gains or losses on derivative instruments not designated as hedges, are recognized in the Consolidated Statements of Earnings (Loss) immediately.
The Company may enter into net investment hedges of their foreign subsidiaries. The Company utilizes intercompany foreign currency denominated debt to hedge its investment in certain foreign subsidiaries and affiliates. Realized and unrealized translation adjustments from these hedges are included in the Consolidated Statements of Shareholders’ Equity (Deficit) in the foreign currency translation adjustment of “Foreign currency (gain) loss, net” which offsets the translation adjustments on the underlying net assets of foreign subsidiaries also recorded in “Other Comprehensive income (loss), net of tax”.
The Company designated certain interest rate swaps with a notional amount of $1,000.0 as cash flow hedges. These swaps hedge our Term Loan Credit Agreement due 2032 until they mature in March 2027. The Company uses interest rate swaps to manage the interest rate mix of our total debt portfolio and related overall cost of borrowing. The interest rate swaps are valued using the secured overnight financing rate ("SOFR") yield curves at the reporting date and are classified in Level 2. Counterparties to these contracts are highly rated financial institutions. At December 31, 2025 and 2024 interest rate swap agreements designated as cash flow hedges effectively swapped a notional amount of $1,000.0, of SOFR based floating rate debt for fixed rate debt. See “Note 11 – Financial Instruments and Risk Management” for additional information.
The Company may enter into derivative financial instruments designed to hedge the exposure to changes in foreign currency exchange rates. The Company values foreign currency exchange swaps using broker quotations or market transactions on the listed or over-the-counter market, as such, these derivative instruments are classified in Level 2. When the derivative instrument qualifies as a cash flow hedge, changes in the fair value are deferred through other comprehensive income. The Company reclassifies the gain or loss associated with the cash flow hedges into earnings when the underlying exposure affects earnings. See “Note 11 – Financial Instruments and Risk Management” for additional information.
The Company enters into derivative instruments designed to hedge anticipated purchases of aluminum and copper. The Company values these instruments using broker quotations, market transactions or option pricing model based on observable market inputs, as such, these derivative instruments are classified in Level 2. See “Note 11 – Financial Instruments and Risk Management” for additional information.
As of December 31, 2025 and 2024 there are some currency hedges not designated in hedge accounting relationships. Accordingly, the Company recognized mark-to-market losses of $2.9, $2.5, and $0.8 for the years ended December 31, 2025, 2024, and 2023, respectively, within “Other operating expense (income)” in the Consolidated Statements of Earnings (Loss). The fair values of the outstanding risk management derivatives were measured using valuations based upon quoted prices for similar assets and liabilities in active markets (Level 2) and are valued by reference to similar financial instruments, adjusted for terms specific to the contracts.
Income Taxes
The provision for income taxes is determined using the asset and liability approach of ASC 740 by jurisdiction on a legal entity by legal entity basis. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. Deferred taxes result from differences between the financial and tax basis of the Company’s assets and liabilities and are measured using enacted rates in effect for the year in which the temporary differences are expected to be recovered or settled. The impact of a change in income tax rates on deferred tax assets and liabilities is recognized in earnings in the period that includes the enactment date. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. The tax carryforwards reflected in the Company’s Consolidated Financial Statements have been determined using the separate return method. The tax carryforwards include net operating losses and tax credits. The company recognizes interest and penalties related to all income taxes in the provision for income tax expense.
The Company’s extensive operations and the complexity of global tax regulations require assessments of uncertainties in estimating the taxes the Company will ultimately pay. The Company recognizes liabilities for anticipated tax uncertainties in the U.S. and other tax jurisdictions based on its estimate of whether, and the extent to which, additional taxes will be due.
The global intangible low-taxed income ("GILTI") provisions of the Tax Cuts and Jobs Act require the Company to include in its U.S. income tax return foreign subsidiary earnings in excess of an allowable return on the foreign subsidiary’s tangible assets. The Company has made the policy election to record any liability associated with GILTI in the period in which it is incurred.
As of December 31, 2025 and 2024, the Company has provided for U.S. federal income taxes, foreign withholding and other taxes on outside basis differences in certain foreign subsidiaries that are not indefinitely reinvested.
Commitments and Contingencies
Certain conditions may exist as of the date of the financial statements which may result in a loss to the Company, but will only be resolved when one or more future events occur or fail to occur. Such liabilities for loss contingencies arising from claims, assessments, litigation, fines, penalties, and other sources are recorded when the Company assesses that it is probable that a future liability has been incurred and the amount can be reasonably estimated. Recoveries of costs from third parties, which the Company assesses as being probable of realization, are recorded to the extent of related contingent liabilities accrued. Legal costs incurred in connection with matters relating to contingencies are expensed in the period incurred. The Company records gain contingencies when realized.
Newly Adopted Accounting Standards
In December 2023, the FASB issued ASU 2023-09: Income Taxes (Topic 740) Improvements to Income Tax Disclosures. This ASU provides amendments by requiring entities to annually disclose specific rate reconciliation categories, additional details for significant reconciling items exceeding 5%, and comprehensive breakdowns of income taxes paid by jurisdiction. The Company adopted this standard in the fourth quarter of 2025 on a prospective basis and it did not have a material effect on the Consolidated Financial Statements. See "Note 8 – Income Taxes" for additional information.
In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This ASU provides amendments that provide all entities with a practical expedient when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. The Company adopted this standard in the fourth quarter of 2025 on a prospective basis and it did not have a material effect on the Consolidated Financial Statements.
Recently Issued Accounting Standards
In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosure (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU provides amendments that require entities to disclose additional information about specific expense categories in the notes to the financial statements on an annual and interim basis. The amendments are effective in fiscal years beginning after December 15, 2026 and for interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact on its Consolidated Financial Statements.
In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill & Other—Internal-use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. This ASU provides amendments that remove all references to prescriptive and sequential software development stages, and require entities to start capitalizing software costs when both of the following occur: 1) management has authorized and committed to funding the software project, and 2) it is probable that the project will be completed and the software will be used to perform the function intended. The amendments are effective in fiscal years beginning after December 15, 2027 and for interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. The Company is currently evaluating the impact of adoption of this guidance on its Consolidated Financial Statements.
v3.25.4
ACQUISITIONS
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
ACQUISITION
(2) ACQUISITIONS
PurgeRite
On October 31, 2025, the Company entered into a sale and purchase agreement ("Acquisition Agreement") to acquire Purge Rite Intermediate, LLC ("PurgeRite"). The transaction ("Acquisition") closed on December 4, 2025. Under the terms of the Acquisition Agreement, total consideration transferred was $1,138.3, net of cash acquired of $14.4. The gross consideration was $1,152.7, consisting of $1,003.5 in cash, $139.2 of contingent consideration and $10.0 other. The Company is required to pay up to $250.0 of additional cash consideration if PurgeRite achieves certain post-closing performance metrics, pursuant to the terms and conditions of the Acquisition Agreement.
The Company incurred $5.2 of acquisition-related costs related to PurgeRite. Those costs, primarily related to third-party transaction and advisory fees, and are included within "Selling, general and administrative expenses" on the Consolidated Statements of Earnings(Loss).
Headquartered in Houston, Texas, PurgeRite has established itself as an industry leader in mechanical flushing, purging, and filtration for mission-critical data center applications, including strong relationships with hyperscalers and Tier 1 colocation providers. It brings engineering expertise, proprietary technologies and the ability to scale to meet the needs of challenging data center schedules, enabling complex liquid cooling applications across the thermal chain from chillers to coolant distribution units. PurgeRite's services will join forces with Vertiv's existing liquid cooling offerings to deliver end-to-end thermal management solutions from facility to room and row to rack.
The Company accounted for the acquisition of PurgeRite using the acquisition method of accounting. Assets acquired and liabilities assumed have been recorded based on their preliminary fair values, and as a result, the estimates and assumptions are subject to change. The Company is still in the process of finalizing the valuation estimates to determine the final purchase price allocation including the final working capital adjustments and amounts allocated to intangible assets. The Company expects to complete this process no later than twelve months after the closing of the Acquisition.
The following is a preliminary purchase price allocation of assets acquired and liabilities assumed related to the acquisition:
Accounts receivable$69.5 
Other current assets7.2 
Property, plant and equipment150.0 
Goodwill588.4 
Other intangible assets445.2 
Right-of-use assets, net3.5 
Accounts payable11.3 
Deferred revenue12.0 
Accrued expenses and other liabilities4.7 
Deferred income taxes95.0 
Other long-term liabilities2.5 
Net assets acquired and liabilities assumed$1,138.3 
The following table represents the definite lived intangible assets acquired, the preliminary fair values and respective useful lives:
Useful LifePreliminary Fair Value
Customer relationships9.5$372.6 
Trademarks8.039.8 
Other0.532.3 
Capitalized software5.00.5 
Total intangible assets$445.2 
The Company used the multi-period excess earnings method to value the customer relationship intangible assets and the relief from royalty method to value the trademark intangible assets. The significant assumptions used to estimate the fair value of customer relationships included forecasted earnings before interest, taxes, depreciation, and amortization, customer attrition rates and a discount rate. The significant assumptions used to estimate the fair value of trademark included the forecasted revenues, royalty rates and a discount rate. These significant assumptions are forward-looking and could be affected by future economic and market conditions. The estimated weighted-average useful lives were 8.71 years for finite lived intangible assets.
Goodwill was calculated as the difference between the acquisition date fair value of the consideration transferred and the fair value of net assets recognized by PurgeRite, and represents the future economic benefits, including synergies, and assembled workforce, that are expected to be achieved as a result of the consummation of the Acquisition. The goodwill arising from the Acquisition is not expected to be deductible for tax purposes. All of the goodwill has been allocated to the Americas segment, refer to "Note 5 - Goodwill and Other Intangibles" for additional information about goodwill and other intangible assets.
Great Lakes
On July 17, 2025, the Company entered into a sale and purchase agreement to acquire Great Lakes Data Racks & Cabinets family of companies ("Great Lakes"). The transaction closed on August 20, 2025. Great Lake's portfolio includes standard and custom racks, integrated cabinets, seismic cabinets, and enhanced cable management access options for both retrofit and greenfield applications. Total consideration transferred was $203.5. The preliminary valuation of the net assets acquired include $107.6 of finite-lived identifiable intangible assets, $30.7 of all other net assets acquired consisting primarily of accounts receivable and inventory, and $65.2 of tax-deductible goodwill. In the fourth quarter of 2025, the Company adjusted the preliminary valuation of the all other net assets by $(1.1) and goodwill by $1.1. Goodwill was allocated to the America's segment. Identifiable intangible assets have initial useful lives of 5 to 10 years and include customer relationships, developed technology, and trademarks. The estimated weighted-average useful lives was 9.82 years. The estimated fair values of the identifiable intangible assets were determined using an income-based approach, which includes market participant expectations of cash flows that the asset will generate over the remaining useful life discounted to present value using an appropriate discount rate. The Company is still in the process of finalizing the valuation estimates to determine the final purchase price allocation including the final working capital adjustments and amounts allocated to intangible assets. The Company expects to complete this process no later than twelve months after the closing of this acquisition.
v3.25.4
REVENUE
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE
(3) REVENUE
The Company recognizes revenue from the sale of manufactured products and services when control of promised goods or services are transferred to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services.
Products
The Company identifies delivery of products as performance obligations. Such products include AC and DC power management, thermal management, low/medium voltage switchgear, busbar, air cooled and liquid cooled thermal management products, integrated modular solutions, racks, single phase UPS, rack power distribution, rack thermal systems, configurable integrated solutions, energy storage solutions, hardware, and software for managing IT equipment. The Company generally satisfies these performance obligations and recognizes revenue for these products at a point in time when control has transferred to the customer. The transfer of control generally occurs when the product has been shipped or delivery has occurred, depending on shipping terms.
For customized products that the customer controls at the customer’s site while the Company builds and customizes the product, the Company recognizes revenue over time because the customer obtains control of the asset as it is built. For these products, the Company uses an input method to recognize revenue based on costs incurred relative to total estimated project costs as this represents the most faithful measure of the goods transferred to the customer.
Services & spares
Services include preventative maintenance, acceptance testing, engineering and consulting, performance assessments, remote monitoring, specialized fluid management, training, spare parts, and critical digital infrastructure software. Services are generally recognized as the services are provided, or straight-line for stand-ready contracts, because the customer simultaneously receives and consumes the benefit as we perform the services. The Company recognizes revenue for software applications at a point in time upon transfer of the software and monitoring services are recognized over time.
Disaggregation of Revenues
The following table disaggregates revenue by business segment, product and service offering and timing of transfer of control:
Year Ended December 31, 2025
AmericasAsia PacificEurope, Middle East, & AfricaTotal
Sales by Product and Service Offering:
Products$5,270.1 $1,510.9 $1,426.0 $8,207.0 
Services & spares1,116.2 508.3 398.4 2,022.9 
Total$6,386.3 $2,019.2 $1,824.4 $10,229.9 
Timing of revenue recognition:
Products and services transferred at a point in time$5,387.8 $1,518.1 $1,135.9 $8,041.8 
Products and services transferred over time998.5 501.1 688.5 2,188.1 
Total$6,386.3 $2,019.2 $1,824.4 $10,229.9 
Year Ended December 31, 2024
AmericasAsia PacificEurope, Middle East, & AfricaTotal
Sales by Product and Service Offering:
Products$3,579.1 $1,248.5 $1,417.6 $6,245.2 
Services & spares921.5 469.3 375.8 1,766.6 
Total$4,500.6 $1,717.8 $1,793.4 $8,011.8 
Timing of revenue recognition:
Products and services transferred at a point in time$3,474.6 $1,252.1 $1,021.6 $5,748.3 
Products and services transferred over time1,026.0 465.7 771.8 2,263.5 
Total$4,500.6 $1,717.8 $1,793.4 $8,011.8 
Year Ended December 31, 2023
AmericasAsia PacificEurope, Middle East, & AfricaTotal
Sales by Product and Service Offering:
Products$3,021.2 $1,098.1 $1,151.9 $5,271.2 
Services & spares823.3 429.7 339.0 1,592.0 
Total$3,844.5 $1,527.8 $1,490.9 $6,863.2 
Timing of revenue recognition:
Products and services transferred at a point in time$2,932.3 $1,163.9 $942.4 $5,038.6 
Products and services transferred over time912.2 363.9 548.5 1,824.6 
Total$3,844.5 $1,527.8 $1,490.9 $6,863.2 
The opening and closing balances of current and long-term deferred revenue are as follows:
Balances at
December 31, 2025
Balances at
December 31, 2024
Deferred revenue - current
$1,814.7 $1,063.3 
Deferred revenue - noncurrent (1)
107.6 91.3 
(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 $55.2, $27.9 and $24.5 in the years ending December 31, 2027, 2028, and thereafter, respectively.
v3.25.4
RESTRUCTURING COSTS
 12 Months Ended
Dec. 31, 2025
Restructuring and Related Activities [Abstract]  
RESTRUCTURING COSTS
(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. Severance and benefit costs make up a majority of the restructuring costs. Plant closing and other costs primarily 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, 2025
December 31, 2024(1)
December 31, 2023
Americas$2.2 $(7.3)$6.0 
Asia Pacific0.9 1.2 14.1 
Europe, Middle East & Africa1.3 14.1 3.7 
Corporate50.1 (2.7)4.8 
Total$54.5 $5.3 $28.6 
(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.

The Company has an on-going multi-year restructuring program in place to align its cost structure to support margin expansion targets. The program includes workforce reductions and footprint optimization across all segments. During the year ended December 31, 2025 the Company initiated an additional global restructuring program to streamline operations, optimize our cost structure and improve operational efficiencies. This program was initiated at the global level, and as such, these costs are captured within the Corporate category above. The current liability and non-current liability for estimated restructuring costs is recorded in "Accrued expenses and other liabilities” and "Other long-term liabilities", respectively, on the Consolidated Balance Sheets. As of December 31, 2024, the non-current liability for estimated restructuring costs decreased by $6.5 due to a change in restructuring plans.
The change in the current liability for restructuring costs for the year ended December 31, 2025 were as follows:
December 31, 2024 Paid/Utilized  ExpenseDecember 31, 2025
Severance and benefits$10.3 $(17.4)$51.2 $44.1 
Plant closing and other0.1 (3.3)3.3 0.1 
Total$10.4 $(20.7)$54.5 $44.2 

The change in the current liability for restructuring costs for the year ended December 31, 2024 were as follows:
December 31, 2023Paid/Utilized ExpenseDecember 31, 2024
Severance and benefits$25.1 $(12.8)$(2.0)$10.3 
Plant closing and other0.1 (13.8)13.8 0.1 
Total$25.2 $(26.6)$11.8 $10.4 
v3.25.4
GOODWILL AND OTHER INTANGIBLES
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLES
(5) GOODWILL AND OTHER INTANGIBLES

The change in the carrying value of goodwill by segment follows:
 Americas Asia Pacific Europe, Middle East & Africa Total
Balance, December 31, 2023
$635.3 $46.4 $648.6 $1,330.3 
Acquisition(1)
— 8.7 — 8.7 
Foreign currency translation and other(1.6)(1.2)(15.1)(17.9)
Balance, December 31, 2024
$633.7 $53.9 $633.5 $1,321.1 
Acquisitions(2)
654.8 0.7 10.5 666.0 
Foreign currency translation and other1.1 0.6 44.9 46.6 
Balance, December 31, 2025
$1,289.6 $55.2 $688.9 $2,033.7 
(1)    Represents the goodwill acquired through an insignificant acquisition during 2024.
(2)    Represents the goodwill acquired through the acquisition of PurgeRite, Great Lakes, and other insignificant acquisitions during 2025.
The gross carrying amount and accumulated amortization of identifiable intangible assets by major class follow:
As of December 31, 2025
GrossAccumulated AmortizationNet
Customer relationships$2,234.7 $(992.9)$1,241.8 
Developed technology557.0 (355.1)201.9 
Capitalized software125.5 (95.1)30.4 
Trademarks143.3 (50.1)93.2 
Other78.3 (46.1)32.2 
Total finite-lived identifiable intangible assets$3,138.8 $(1,539.3)$1,599.5 
Indefinite-lived trademarks295.3 — 295.3 
Total intangible assets$3,434.1 $(1,539.3)$1,894.8 
As of December 31, 2024
GrossAccumulated AmortizationNet
Customer relationships$1,740.1 $(829.6)$910.5 
Developed technology492.3 (302.9)189.4 
Capitalized software121.0 (86.9)34.1 
Trademarks96.9 (41.7)55.2 
Other43.7 (36.9)6.8 
Total finite-lived identifiable intangible assets$2,494.0 $(1,298.0)$1,196.0 
Indefinite-lived trademarks291.1 — 291.1 
Total intangible assets$2,785.1 $(1,298.0)$1,487.1 
Total intangible asset amortization expense for the years ended December 31, 2025, 2024 and 2023 was $211.5, $195.4, and $196.7, respectively.
Based on intangible asset balances as of December 31, 2025, expected amortization expense is as follows:
20262027202820292030
$277.9 $218.5 $206.1 $154.7 $127.3 
Annual Goodwill Impairment Analysis
The Company performed a qualitative impairment test for all of its reporting units during the fourth quarter of 2025. Based on the results of our qualitative impairment assessment, we concluded that it is more likely than not that the fair value of each reporting unit exceeded their carrying value and, therefore, our goodwill was not impaired as of December 31, 2025.
v3.25.4
DEBT
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
DEBT
(6) DEBT
Long-term debt, net of current portion, consisted of the following as of December 31, 2025 and 2024:
December 31, 2025December 31, 2024
Term Loan due 2032 at 5.61% and 6.19% at December 31, 2025 and 2024, respectively
$2,076.1 $2,097.0 
Senior Secured Notes due 2028 at 4.125% at both December 31, 2025 and 2024, respectively
850.0 850.0 
Unamortized discount and issuance costs(13.1)(18.8)
2,913.0 2,928.2 
Less: Current portion(20.9)(21.0)
Total long-term debt, net of current portion$2,892.1 $2,907.2 
Contractual maturities of the Company’s debt obligations as of December 31, 2025 are shown below:
2026$20.9 
202720.9 
2028870.9 
202920.9 
203020.9 
Total$954.5 
Term Loan Due 2032
Subject to certain conditions and without consent of the then-existing Term Lenders (but subject to the receipt of commitments), Vertiv Group Corporation (the "Borrower"), a wholly-owned subsidiary of Vertiv Holdings Co ("Holdings Co"), may incur additional loans under the Term Loan Credit Agreement (as an increase to the Term Loan or as one or more new tranches of term loans) (“Incremental Term Loans”) in an aggregate principal amount of up to the sum of (a) the greater of $325.0 and 60.0% of Consolidated EBITDA (as defined in the Term Loan Credit Agreement), plus (b) an amount equal to the sum of all voluntary prepayments, repurchases and redemptions of pari passu term loans borrowed under the Term Loan Credit Agreement and of certain other pari passu indebtedness incurred outside the Term Loan Credit Agreement utilizing capacity that would otherwise be available for Incremental Term Loans, in each case, to the extent not financed with the incurrence of certain additional long-term indebtedness, plus (c) an unlimited amount, so long as on a pro forma basis, (i) with respect to indebtedness secured by the Collateral (as defined below) on a pari passu basis with the Term Loan, the Consolidated First Lien Net Leverage Ratio (as defined in the Term Loan Credit Agreement) would not exceed 3.75:1.00 and (ii) with respect to indebtedness incurred outside of the Term Loan Credit Agreement and secured by the Collateral on a junior basis with the Term Loan or that is unsecured, the Consolidated Total Net Leverage Ratio (as defined in the Term Loan Credit Agreement) would not exceed either (A) 5.25:1.00 or (B) if such indebtedness is incurred in connection with a permitted acquisition or other permitted investment, the Consolidated Total Net Leverage Ratio in effect immediately prior to the consummation of such transaction (the amounts referred to in clauses (a), (b) and (c), collectively, the “Incremental Amount”). Subject to certain conditions, the Borrower may incur additional indebtedness outside of the Term Loan Credit Agreement using the then-available Incremental Amount in lieu of Incremental Term Loans.
The Term Loan amortizes in equal quarterly installments in an amount equal to 1.00% per annum of the initial principal amount, which amortization payments commenced on June 30, 2020. Prior to the amendments discussed below, the interest rate applicable to the Term Loan was, at the Borrower’s option, either (a) the base rate (which is the highest of (i) the prime rate of Citibank, N.A. on such day, (ii) the greater of the then-current (A) federal funds rate set by the Federal Reserve Bank of New York and (B) rate comprised of both overnight federal funds and overnight LIBOR, in each case, plus 0.50%, (iii) LIBOR for a one month interest period, plus 1.00% and (iv) 1.00%), plus 2.00% or (b) one-, three- or six-month LIBOR or, if agreed by all Term Lenders, 12-month LIBOR or, if agreed to by the Term Agent, any shorter period (selected at the option of the Borrower), plus 3.00%. Additionally, concurrent with entering into the Term Loan Credit Agreement, Vertiv Group entered into interest rate swap agreements with a notional amount of $1,000.0. The swap transactions exchange floating rate interest payments for fixed rate interest payments on the notional amount to reduce interest rate volatility.
The Borrower may voluntarily prepay the Term Loan, in whole or in part, subject to minimum amounts, with prior notice but without premium or penalty. The Borrower is required to repay the Term Loan with 50% of Excess Cash Flow (as defined in the Term Loan Credit Agreement), 100% of the net cash proceeds of certain asset sales and casualty and condemnation events and the incurrence of certain other indebtedness, in each case, subject to certain step-downs, reinvestment rights, thresholds and other exceptions. Any Term Loan prepaid or repaid may not be re-borrowed. Unless accelerated subject to the terms of the Term Loan Credit Agreement, any amounts not otherwise prepaid or repaid shall mature on the seven year anniversary of entry into the Term Loan Credit Agreement.
The Borrower’s obligations under the Term Loan Credit Agreement are guaranteed by Holdings Co and all of the Borrower’s direct and indirect wholly-owned U.S. subsidiaries (subject to certain permitted exceptions) (collectively, the “Guarantors”). Subject to certain exceptions, the obligations of the Borrower and the Guarantors under the Term Loan Credit Agreement and related documents are secured by a lien on substantially all of the assets of the Borrower and the Guarantors (the “Collateral”).
The Term Loan Credit Agreement contains customary representations and warranties, affirmative, reporting and negative covenants, and events of default. The negative covenants include, among other things, restrictions on (subject to certain exceptions) our ability to incur additional indebtedness; pay dividends or other payments on capital stock; guarantee other obligations; grant liens on assets; make loans, acquisitions or other investments; transfer or dispose of assets; make optional payments of, or otherwise modify, certain debt instruments; engage in transactions with affiliates; amend organizational documents; engage in mergers or consolidations; enter into arrangements that restrict certain of our subsidiaries’ ability to pay dividends; change the nature of the business conducted by Vertiv Group and its restricted subsidiaries; and designate our subsidiaries as unrestricted subsidiaries. Additionally, the activities which may be carried out by Holdings Co are subject to limitations.
Term Loan Amendments
On June 22, 2023, pursuant to Amendment No. 2, the interest rate under the Term Loan Credit Agreement transitioned, effective July 1, 2023, from the LIBOR available for borrowings under the credit agreement and related LIBOR-based mechanics to an interest rate based on the SOFR and related SOFR-based mechanics.
On December 13, 2023, pursuant to Amendment No. 3, among other modifications, the interest rate margin for the Borrower’s outstanding term loans under the Credit Agreement was reduced by 0.25%, to 2.50% in respect of term loans bearing interest based on the Term SOFR rate and to 1.50% in respect of term loans bearing interest based on the base rate described above. The maturity date for such term loans remained March 2, 2027, and all other material provisions of the Credit Agreement remain materially unchanged. The Company recognized a loss on the extinguishment of debt of $0.5 related to the interest rate decrease for the year ended December 31, 2023.
On June 13, 2024, pursuant to Amendment No. 4, among other modifications, the interest rate margin for the Borrower’s outstanding term loans under the Credit Agreement was reduced by 0.50%, to 2.00% in respect of term loans bearing interest based on the Term SOFR rate and to 1.00% in respect of term loans bearing interest based on the base rate described above. Additionally, pursuant to Amendment No. 4, the Term SOFR adjustments for all interest periods were removed, reducing the interest rate on term loans bearing interest based on the Term SOFR rate (a) for an interest period of one month by 0.11448%, (b) for an interest period of three months by 0.26161%, (c) for an interest period of six months by 0.42826%, and (d) for an interest period of twelve months by 0.71513%. The maturity date for such term loans remained March 2, 2027, and all other material provisions of the Credit Agreement remain materially unchanged. The Company recognized a loss on the extinguishment of debt of $1.1 related to the interest rate reduction for the year ended December 31, 2024.
On December 13, 2024, pursuant to Amendment No. 5, among other modifications, the interest rate margin for the Borrower’s outstanding term loans under the Credit Agreement was reduced by 0.25%, to 1.75% in respect of term loans bearing interest based on the Term SOFR rate and to 0.75% in respect of term loans bearing interest based on a base rate defined in the Credit Agreement. The maturity date for such term loans remained March 2, 2027, and all other material provisions of the Credit Agreement remain materially unchanged. The Company recognized a loss on the extinguishment of debt of $1.3 related to the interest rate decrease for the year ended December 31, 2024.
On August 12, 2025, pursuant to Amendment No. 6, the Borrower entered into an amendment to the Term Loan credit facility, which, among other things, (i) extended the maturity of the Term Loan by creating a new single 7-year term loan tranche with a maturity date of August 12, 2032 and (ii) increased the size of the debt basket for the ABL Revolving Credit Facility. All other material provisions of the Credit Agreement remain materially unchanged, including but not limited to the pricing. The Company recognized a loss on the extinguishment of debt of $1.7 related to the extension for the year ended December 31, 2025.
ABL Revolving Credit Facility
On March 2, 2020, the Company entered into the Fifth Amendment to its ABL Revolving Credit Agreement, which extended the maturity of, and made certain other modifications to, the ABL Revolving Credit Agreement, by and among Holdings Co, the Borrower, certain subsidiaries of the Borrower, as co-borrowers (the “Co-Borrowers”), various financial institutions from time to time party thereto, as lenders (the “ABL Lenders”), the ABL Agent and certain other institutions from time to time party thereto as collateral agents and letter of credit issuers. The revolving facility provided by the ABL Revolving Credit Agreement (the "ABL Revolving Credit Facility") is available to the Borrower and the Co-Borrowers and provides for, prior to the amendments discussed below, revolving loans in various currencies and under U.S. and foreign subfacilities, in an aggregate amount up to $570.0 with a letter of credit subfacility of $200.0 and a swingline subfacility of $75.0, in each case, subject to various borrowing bases. Borrowings under the ABL Revolving Credit Facility are limited by borrowing base calculations based on the sum of specified percentages of eligible accounts receivable, certain eligible inventory and certain unrestricted cash, minus the amount of any applicable reserves.
Prior to the amendments discussed below and subject to certain conditions and without the consent of the then-existing ABL Lenders (but subject to the receipt of commitments), commitments under the ABL Revolving Credit Facility may be increased to up to $600.0. Prior to the amendments discussed below, the maturity date of the ABL Revolving Credit Facility was March 2, 2025.
On September 20, 2022, Holdings Co, the Borrower and certain subsidiaries entered into Amendment No. 6 (“Sixth Amendment”) and Amendment No. 7 (“Seventh Amendment”) to the ABL Revolving Credit Facility. Among other modifications, the Sixth Amendment converted the interest rate benchmark for currently outstanding and future revolving loans based on LIBOR to SOFR, with a 10 basis point credit spread adjustment for all available tenors, EURIBOR, and SONIA, as applicable. Under the Seventh Amendment, the U.S. revolving loan commitments under the U.S. tranche was increased by $115.0 to a total loan commitment of $570.0 under the ABL Revolving Credit Facility. All other material provisions of the ABL Revolving Credit Facility were unchanged, including the March 2, 2025 maturity date. Prior to the Sixth Amendment, the interest rate benchmark was LIBOR.
The interest rate applicable to loans denominated in U.S. dollars under the ABL Revolving Credit Facility prior to the Sixth Amendment is, at the Borrower’s option, either (a) the base rate (which is the highest of (i) the prime rate of JPMorgan Chase Bank, N.A. on such date, (ii) the greater of the then-current (A) federal funds rate set by the Federal Reserve Bank of New York and (B) rate comprised of both overnight federal and overnight LIBOR, in each case, plus 0.50%, (iii) LIBOR for a one month interest period, plus 1.00% and (iv) 1.00%), plus an applicable margin (the “LIBOR Base Rate Margin”) ranging from 0.25% to 0.75%, depending on average excess availability or (b) one-, three- or six-month LIBOR or, if available to all ABL Lenders, 12-month LIBOR or any shorter period (selected at the option of the Borrower), plus an applicable margin (the “LIBOR Margin”) ranging from 1.25% to 1.75%, depending on average excess availability.
The interest rate applicable to loans denominated in U.S. dollars under the ABL Revolving Credit Facility after the Sixth Amendment is, at the Borrower’s option, either (a) the base rate (which is the highest of (i) the prime rate of JPMorgan Chase Bank, N.A. on such date, (ii) the greater of the then-current (A) federal funds rate set by the Federal Reserve Bank of New York and (B) rate comprised of both overnight federal and overnight SOFR, in each case, plus 0.50%, (iii) the Adjusted Term SOFR Rate (as defined in the ABL Revolving Credit Agreement) for a one month interest period, plus 1.00% and (iv) 1.00%), plus an applicable margin (the “SOFR Base Rate Margin”) ranging from 0.25% to 0.75%, depending on average excess availability or (b) one-, three- or six-month Adjusted Term SOFR Rate (selected at the option of the Borrower), plus an applicable margin (the “SOFR Margin” and collectively, with the SOFR Base Rate Margin, the LIBOR Margin, and the LIBOR Base Rate Margin, the “Applicable Margins”) ranging from 1.25% to 1.75%, depending on average excess availability.
Certain “FILO” denominated loans have margins equal to the Applicable Margins, plus an additional 1.00%. Loans denominated in currencies other than U.S. dollars are subject to customary interest rate conventions and indexes, but in each case, with the same Applicable Margins. In addition, the following fees are applicable under the ABL Revolving Credit Facility: (a) an unused line fee of 0.25% per annum on the unused portion of the commitments under the ABL Revolving Credit Facility, (b) letter of credit participation fees on the aggregate stated amount of each letter of credit equal to the SOFR Margin and (c) certain other customary fees and expenses of the lenders, letter of credit issuers and agents thereunder.
The Borrower and Co-Borrowers may voluntarily repay loans under the ABL Revolving Credit Facility, in whole or in part, subject to minimum amounts, with prior notice but without premium or penalty. The Borrower and Co-Borrowers are required to make prepayments under the ABL Revolving Credit Facility at any time when, and to the extent that, the aggregate amount of outstanding loans and letters of credit under the ABL Revolving Credit Facility exceeds the lesser of the then-applicable aggregate commitments and the then-applicable borrowing base. Subject to the satisfaction of certain customary conditions and the then-applicable borrowing base, any amounts repaid may be re-borrowed.
The Borrower’s and Co-Borrowers’ obligations under the ABL Revolving Credit Facility are guaranteed by the Guarantors (including certain Co-Borrowers as to the obligations of other Co-Borrowers) and, subject to certain exclusions, certain non-U.S. restricted subsidiaries of the Borrower (the “Foreign Guarantors”). No Foreign Guarantor guarantees the obligations of the Borrower or any Co-Borrower that is a U.S. subsidiary of the Borrower. Subject to certain exceptions, the obligations of the Borrower, Co-Borrowers, Guarantors and Foreign Guarantors under the ABL Revolving Credit Facility and related documents are secured by a lien on the Collateral and, subject to certain exceptions and exclusions, certain assets of the Co-Borrowers that are non-U.S. subsidiaries of the Borrower and certain assets of the Foreign Guarantors (collectively, the “Foreign Collateral”). None of the Foreign Collateral secures the obligations of the Borrower or any Co-Borrower that is a U.S. subsidiary of the Borrower.
The ABL Revolving Credit Facility contains customary representations and warranties, affirmative, reporting (including as to borrowing base-related matters) and negative covenants, and events of default. The negative covenants include, among other things, restrictions on (subject to certain exceptions) our ability to incur additional indebtedness; pay dividends or other payments on capital stock; guarantee other obligations; grant liens on assets; make loans, acquisitions or other investments; transfer or dispose of assets; make optional payments of, or otherwise modify, certain debt instruments; engage in transactions with affiliates; amend organizational documents; engage in mergers or consolidations; enter into arrangements that restrict certain of our subsidiaries’ ability to pay dividends; change the nature of the business
conducted by Vertiv Group and its restricted subsidiaries; and designate our subsidiaries as unrestricted subsidiaries. Additionally, the activities which may be carried out by Holdings Co are subject to limitations. In addition, the ABL Revolving Credit Facility requires the maintenance of a minimum Consolidated Fixed Charge Coverage Ratio (as defined in the ABL Revolving Credit Facility) on any date when Global Availability (as defined in the ABL Revolving Credit Facility) was, prior to the amendments discussed below which changed the FCCR Dollar Test Amount (as defined below), less than the greater of (a) 10.0% of the aggregate commitments and (b) $30.0 (the "FCCR Dollar Test Amount") of at least 1.00 to 1.00, tested for the four fiscal quarter period ended on the last day of the most recently ended fiscal quarter for which financials have been delivered, and at the end of each succeeding fiscal quarter thereafter until the date on which Global Availability had exceeded the greater of (a) 10.0% of the aggregate commitments and (b) the FCCR Dollar Test Amount for 30 consecutive calendar days.
On February 16, 2024, Holdings Co, the Borrower, and certain subsidiaries entered into Amendment No. 8 (the “Eighth Amendment”), which, among other modifications, extended the maturity date of the ABL Revolving Credit Facility to be five years from the date of the Eighth Amendment (subject to an earlier springing maturity date if certain other indebtedness for borrowed money matures earlier), increased the revolving loan commitments tranche by $30.0 to a total loan commitment of $600.0 under the ABL Revolving Credit Facility, modified certain borrowing base reporting requirements, changed the FCCR Dollar Test Amount to $40.0 and removed the French tranche and the FILO tranches from the ABL Revolving Credit Facility.
On November 12, 2024, Holdings Co, the Borrower, and certain subsidiaries entered into Amendment No. 9 (the “Ninth Amendment”), which, among other modifications, increased the U.S. tranche of the ABL Revolving Credit Facility by $200.0 to a total loan commitment under such tranche of $737.0, and the swingline commitment from $100.0 to $125.0 under the ABL Revolving Credit Agreement (including for borrowing base reporting requirements). The Ninth Amendment also allows for an increase of the ABL revolving commitments under any subfacility in an aggregate amount of up to $200.0, subject to lender commitments and the satisfaction of certain other conditions and changed the FCCR Dollar Test Amount to $54.0. No changes were made to non-U.S. tranches. Additionally, the Ninth Amendment amended the inspection and credit appraisal rights of the Administrative Agent under the ABL Revolving Credit Agreement.
At December 31, 2025, there was $784.0 of availability under the ABL Revolving Credit Facility (subject to customary borrowing base and other conditions, and subject to separate sublimits for letters of credit, swingline borrowings and borrowings made to certain non-U.S. Co-Borrowers), net of letters of credit outstanding in the aggregate principal amount of $16.0, and taking into account the borrowing base limitations set forth in the ABL Revolving Credit Facility. At both December 31, 2025 and December 31, 2024, there was no outstanding balance on the ABL Revolving Credit Facility. The Global Availability of the ABL Revolving Credit Facility exceeds the minimum requirements for covenant compliance at December 31, 2025.
Senior Secured Notes due 2028
On October 22, 2021, the Borrower completed its offering of $850.0 aggregate principal amount of its Senior Secured Notes due 2028 (the “Notes”) in a private placement at par. The Notes bear interest at 4.125% per annum and mature on November 15, 2028. The Indenture governing the Notes contains customary representations and warranties, affirmative, reporting and negative covenants, and events of default. The negative covenants include, among other things, restrictions on the ability of the Borrower and certain subsidiaries to grant liens or security interests on assets, undertake mergers and consolidations, sell or otherwise transfer assets, pay dividends or make other distributions and restricted payments, incur indebtedness, make acquisitions, loans, advances or other investments, optionally prepay or modify terms of certain junior indebtedness, enter into transactions with affiliates or change lines of business, in each case, subject to certain thresholds and exceptions.
v3.25.4
LEASES
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
LEASES
(7) LEASES
The Company leases office space, warehouses, vehicles, and equipment. Leases have remaining lease terms of 1 year to 20 years, some of which have renewal and termination options. Termination options where applicable are exercisable at the Company’s discretion. Lease terms used to recognize right-of-use assets and lease liabilities include periods covered by options to extend the lease where the Company is reasonably certain to exercise that option and periods covered by an option to terminate the lease if the Company is reasonably certain not to exercise that option. The majority of the Company’s leases are operating leases. Finance leases are immaterial to the Company's Consolidated Financial Statements.
The Company determines if an arrangement is an operating lease at inception. Leases with an initial term of 12 months or less are not recorded on the balance sheet. All other operating leases are recorded on the balance sheet with a corresponding operating lease asset, net, representing the right to use the underlying asset for the lease term and the
operating lease liabilities representing the obligation to make lease payments arising from the lease. The Company’s lease agreements do not contain any material residual value guarantees or restrictive covenants.
Operating lease assets and operating lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term and include options to extend or terminate the lease when they are reasonably certain to be exercised. The present value of lease payments is determined primarily using the incremental borrowing rate, adjusted for lease term and foreign currency, based on the information available at lease commencement date. Lease agreements with lease and non-lease components are generally accounted for as a single lease component. The Company’s operating lease expense is recognized on a straight-line basis over the lease term.
Refer to the below table for a summary of operating lease expenses:
Year Ended December 31, 2025Year Ended December 31, 2024
Operating lease cost$83.7 $67.1 
Short-term and variable lease cost41.8 35.8 
Total lease cost$125.5 $102.9 
Supplemental cash flow information related to operating leases is as follows:
Year Ended December 31, 2025Year Ended December 31, 2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows - payments on operating leases$83.4 $66.4 
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases$139.8 $82.5 
Supplemental balance sheet information related to operating leases is as follows:
Balance Sheet LocationDecember 31, 2025December 31, 2024
Operating lease right-of-use assetsRight-of-use assets, net$303.0 $202.1 
Operating lease liabilities Accrued expenses and other liabilities$69.7 $45.7 
Operating lease liabilities Long-term lease liabilities244.8 166.7 
Total lease liabilities$314.5 $212.4 

Weighted average remaining lease terms and discount rates for operating leases are as follows:
December 31, 2025December 31, 2024
Weighted average remaining lease term5.8 years6.4 years
Weighted average discount rate9.1 %9.2 %
Maturities of lease liabilities at December 31, 2025 are as follows:
December 31, 2025
Operating Leases
2026$92.9 
202780.6 
202866.4 
202950.1 
203031.2 
Thereafter82.1 
Total lease payments403.3 
Less: Imputed interest(88.8)
Present value of lease liabilities$314.5 
v3.25.4
INCOME TAXES
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES
(8) INCOME TAXES
The Company's effective tax rate was 23.5%, 35.2%, and 13.8%, for the years ended December 31, 2025, 2024, and 2023, respectively. The effective rate in 2025 was primarily influenced by the mix of income between our U.S. and non-U.S. operations and net changes in valuation allowance and uncertain tax benefits offset by discrete tax benefits related to stock compensation. The effective rate in 2024 was primarily influenced by changes in tax incentives, offset by the net change in valuation allowance and the non-tax deductibility of the change in fair value of warrant liabilities. The effective rate in 2023 was primarily influenced by the net valuation allowance release offset by the non-tax deductibility of the change in fair value of warrant liabilities.
Provision for (Benefit from) Taxes
Earnings (loss) before income taxes from continuing operations consists of the following:
Year Ended December 31,
202520242023
U.S.$1,095.1 $189.5 $49.1 
Non-U.S.(1)
646.8 575.9 484.6 
Total earnings (loss) before income taxes$1,741.9 $765.4 $533.7 
(1)Certain of the Company’s Non-U.S. entities generate losses for which a valuation allowance is provided for and accordingly do not create a tax benefit.
The principal components of income tax expense (benefit) from continuing operations consists of the following:
Year Ended December 31,
202520242023
Current:
Federal$160.2 $66.7 $45.5 
State and local35.5 21.8 16.9 
Non-U.S.190.3 235.5 142.5 
Deferred:
Federal18.0 (6.0)(94.0)
State and local3.8 (0.4)(23.5)
Non-U.S.1.3 (48.0)(13.9)
Income tax expense (benefit)$409.1 $269.6 $73.5 
Reconciliation of U.S. federal statutory taxes to the Company’s total income tax expense (benefit) from continuing operations consists of the following:
Year Ended December 31, 2025
AmountPercentage
Taxes at U.S. statutory rate (21%)
$365.8 21.0 %
State and local taxes, net of federal tax benefit(1)
31.2 1.8 %
Foreign Tax Effects
Switzerland
Changes in Valuation Allowance42.7 2.5 %
Other(13.7)(0.8)%
Other Foreign Jurisdictions(2.0)(0.1)%
Effect of Cross-Border Tax Laws(13.9)(0.8)%
Tax Credits(1.9)(0.1)%
Changes in Valuation Allowances(1.6)(0.1)%
Nontaxable or Nondeductible Items
Share-based Compensation(26.1)(1.5)%
Other6.7 0.3 %
Changes in Unrecognized Tax Benefits15.2 0.9 %
Other Reconciling Items(2)
6.7 0.4 %
Income Tax Expense$409.1 23.5 %
(1)    The states and local jurisdictions that contribute to the majority (greater than 50%) of the tax effect in this category include California, Illinois, New Jersey, Oregon, and Texas.
(2)    Represents several adjustments, none of which are significant for separate disclosure.
Year Ended December 31,
20242023
Taxes at U.S. statutory rate (21%)
$160.8 $112.1 
State and local taxes, net of federal tax benefit19.4 13.5 
Non-U.S. rate differential23.6 6.1 
Non-U.S. tax holidays and incentives(682.1)(13.1)
Uncertain tax positions13.7 5.7 
U.S. tax impact of non-U.S. operations(2.2)10.0 
Change in valuation allowances633.4 (100.5)
Taxes on undistributed foreign earnings and withholding/dividend taxes26.1 13.2 
Foreign derived intangible income(8.9)(3.0)
Research and development deduction/credit(9.7)(15.0)
Impact of non-tax litigation and other settlements— 5.5 
Change in fair value of warrant liabilities94.3 33.2 
Other permanent differences4.0 1.0 
Impact of rate changes in non-U.S. jurisdictions— 1.4 
Capital loss expiration12.2 — 
Equity and non-deductible compensation(23.2)1.0 
Other(1)
8.2 2.4 
Total income tax expense (benefit)$269.6 $73.5 
(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 2025 and 2027. 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.
Deferred Income Taxes
As of December 31, 2025 and 2024, the Company has recognized $36.2 and $33.2, 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 foreign subsidiaries with earnings that are not indefinitely reinvested.
The principal items that gave rise to deferred income tax assets and liabilities follow:
December 31, 2025December 31, 2024
Deferred tax assets
Net operating losses and capital losses$82.6 $44.7 
Capitalized research expenditures83.1 106.8 
Accrued liabilities71.6 49.2 
Employee compensation and benefits27.2 20.3 
Pensions15.1 13.1 
Business interest deduction limitation67.5 70.1 
Inventory45.5 47.6 
Research and development credit carryforward— 0.3 
Lease liability44.0 26.1 
Bad debts9.3 8.1 
Intangibles103.0 99.4 
Foreign tax credit carryforward25.1 26.2 
Non-U.S. tax credits633.1 636.1 
Other2.0 5.4 
Total deferred tax assets, before valuation allowances$1,209.1 $1,153.4 
Valuation allowances$(756.3)$(710.9)
Deferred tax assets, net of valuation allowances$452.8 $442.5 
Deferred tax liabilities
Intangibles and goodwill(273.7)(179.9)
Undistributed foreign earnings(36.2)(33.2)
Property, plant & equipment(61.1)(21.2)
Debt issuance costs(7.2)(19.1)
Lease right-of-use asset(40.6)(24.4)
Deferred gain(84.6)(99.6)
Other(2.6)(2.1)
Total deferred tax liabilities$(506.0)$(379.5)
Net deferred income tax assets$(53.2)$63.0 
At December 31, 2025, the gross amount of the Company's federal net operating losses was $175.3, acquired through the PurgeRite acquisition. Refer to "Note 2 - Acquisitions" for additional information on this acquisition. At December 31, 2024, the Company had utilized all available federal net operating losses. At December 31, 2025, the gross amount of the Company’s state net operating losses was $296.8, expiring at various times between 2025 and 2042 with some losses having an unlimited carryforward period. At December 31, 2025, the Company had $25.4 other federal tax credit carryforwards expiring between 2027 and 2035. At December 31, 2025, the Company had other immaterial state tax credit carryforwards expiring between 2029 and 2038.
The use of certain U.S. tax attributes as of December 31, 2025 are subject to an annual limitation from acquisitions. Refer to "Note 2 - Acquisitions" for additional information on the Company's acquisitions. 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, 2025, the Company’s foreign net operating losses that are available to offset future taxable income were $205.9. These foreign loss carryforwards will expire at various times beginning in 2026 with some losses having an unlimited carryforward period.
At December 31, 2025, the Company’s foreign capital loss carryforwards were $12.7. These foreign capital loss carryforwards have an unlimited carryforward period.
At December 31, 2025, 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 $633.1 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.
Uncertain Tax Positions

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, 2025December 31, 2024December 31, 2023
Beginning balance$149.1 $102.5 $97.0 
Additions for the current year tax positions23.5 83.2 20.6 
Additions for prior year tax positions17.7 0.4 5.8 
Reductions for prior year tax positions(3.0)(24.4)(0.5)
Reductions for settlements with tax authorities— — (4.1)
Reductions for expirations of statute of limitations(8.9)(12.6)(16.3)
Ending balance$178.4 $149.1 $102.5 
The total amount of net unrecognized tax benefits that would affect income tax expense, if recognized in the Consolidated Financial Statements, is $128.2. In addition, an adjustment of $7.4 would result to other expense for reversal of the indemnification receivable. The Company accrues interest and penalties related to income taxes in income tax expense. As of December 31, 2025, 2024, and 2023, total accrued interest and penalties were $22.8, $19.2, and $19.0, respectively.
Eligible domestic subsidiaries file a consolidated U.S. Federal income tax return. U.S. Tax Returns through December 31, 2021 are no longer subject to examination. The Internal Revenue Service is currently reviewing the 2022 tax return. The status of state and non-U.S. tax examinations varies due to the numerous legal entities and jurisdictions in which the Company operates. As noted above, pursuant to the terms of the transactions, Emerson will indemnify the Company for certain tax assessments for periods prior to closing.
Valuation Allowances
The change in the income tax valuation allowance is as follows:
December 31, 2025December 31, 2024December 31, 2023
Beginning balance$710.9 $146.8 $250.4 
Additions (reductions) charged to expense43.3 633.4 (100.4)
Additions (reductions) charged to other accounts2.1 (69.3)(3.2)
Ending balance$756.3 $710.9 $146.8 
For the year ended December 31, 2025, the Company recorded a net valuation allowance change primarily related to the establishment of a valuation allowance on certain non-U.S. tax credits and certain non-U.S. tax losses that was partially offset by a valuation allowance release related to certain U.S. federal foreign tax credits. Of the total $45.4 total movement, $41.5 was charged to income tax expense, with the remaining $2.1 reduction related to foreign currency translation recorded through Other Comprehensive Income. For the year ended December 31, 2024, the Company recorded a net valuation allowance change of $564.1 primarily related to the establishment of a valuation allowance on certain non-U.S. tax credits that was partially offset by a valuation allowance release related to certain U.S. federal foreign tax credits and certain non-U.S. tax losses. At each reporting date, management considers new evidence, both positive and negative, that could affect its view of the future realization of deferred tax assets.
Cash Taxes Paid
We adopted ASU 2023-09 on a prospective basis for the year ended December 31, 2025 and have included the following table as a result of the adoption, which presents income taxes paid (net of refunds received):
Year Ended December 31, 2025
Federal taxes$164.1 
State and local taxes36.3 
Foreign taxes:
Italy46.6 
Ireland33.8 
Other foreign jurisdictions147.4 
Total cash taxes paid$428.2 
Below is a summary of income taxes paid for the years ended December 31, 2024 and 2023:
December 31, 2024December 31, 2023
Cash paid during the year for:
Income taxes, net of refunds$272.5 $153.0 
v3.25.4
RELATED PARTY TRANSACTIONS
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS
(9) RELATED PARTY TRANSACTIONS
Transactions with Affiliates of Advisors
On August 8, 2023 (the “Stock Sale Transaction date”), VPE Holdings, LLC (the “Vertiv Stockholder”), an affiliate of Platinum Equity Advisors, LLC (“Advisors”) completed the sale of 20,000,000 shares of Class A common stock of the Company (the “Stock Sale Transaction”). Subsequent to the Stock Sale Transaction, the Vertiv Stockholder held less than 5% of the outstanding Class A common stock of the Company and as such was no longer considered a related person of the Company for purposes of Item 404 of Regulation S-K by virtue of its ownership in the Company.
The Company has historically purchased and sold goods in the ordinary course of business with affiliates of Advisors. Purchases from the start of 2023 through the Stock Sale Transaction date were $74.1. Sales from the start of 2023 through the Stock Sale Transaction date were $89.5.
v3.25.4
OTHER FINANCIAL INFORMATION
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
OTHER FINANCIAL INFORMATION
(10) OTHER FINANCIAL INFORMATION
Items reported in earnings include the following:
Year Ended December 31,
202520242023
Engineering, research and development expense441.7 $367.6 $303.5 
Depreciation expense97.1 81.6 74.3 
Advertising expense16.8 19.4 20.1 
Items reported in accrued expenses and other liabilities include the following:
December 31, 2025December 31, 2024
Accrued payroll and other employee compensation$173.2 $147.8 
Restructuring (see Note 4)
44.2 10.4 
Operating lease liabilities (see Note 7)
69.7 45.7 
Product warranty (see Note 1)
43.2 27.5 
Other 441.3 381.2 
Total$771.6 $612.6 
v3.25.4
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
(11) FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
In accordance with ASC 820, the Company uses a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. Observable inputs are from sources independent of the Company. Unobservable inputs reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available in the circumstances. These tiers include the following:
Level 1 — inputs include observable unadjusted quoted prices in active markets for identical assets or liabilities
Level 2 — inputs include other than quoted prices in active markets that are either directly or indirectly observable
Level 3 — inputs include unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions
In determining fair value, the Company uses various valuation techniques and prioritizes the use of observable inputs. The availability of observable inputs varies from instrument to instrument and depends on a variety of factors including the type of instrument, whether the instrument is actively traded and other characteristics particular to the instrument. For many financial instruments, pricing inputs are readily observable in the market, the valuation methodology used is widely accepted by market participants and the valuation does not require significant management judgment. For other financial instruments, pricing inputs are less observable in the marketplace and may require management judgment.
Recurring Fair Value Measurements

A summary of the Company’s financial instruments recognized at fair value, and the fair value measurements used, are as follows:
As of December 31, 2025
Balance Sheet LocationTotalQuoted prices in active markets for identical assets (Level 1)Other observable inputs (Level 2)Unobservable inputs (Level 3)
Assets:
CashCash and cash equivalents$1,728.4 $1,728.4 $— $— 
Interest rate swapsOther current assets23.4 — 23.4 — 
Foreign currency exchange forwardsOther current assets9.7 — 9.7 — 
Economic hedgesOther current assets26.1 — 26.1 — 
Interest rate swapsOther noncurrent assets4.8 — 4.8 — 
Total assets$1,792.4 $1,728.4 $64.0 $— 
Liabilities:
Contingent considerationOther long-term liabilities$144.1 $— $— $144.1 
Total liabilities$144.1 $— $— $144.1 
As of December 31, 2024
Balance Sheet LocationTotalQuoted prices in active markets for identical assets (Level 1)Other observable inputs (Level 2)Unobservable inputs (Level 3)
Assets:
CashCash and cash equivalents$1,227.6 $1,227.6 $— $— 
Interest rate swapsOther current assets30.3 — 30.3 — 
Economic hedgesOther current assets9.8 — 9.8 — 
Interest rate swapsOther noncurrent assets33.3 — 33.3 — 
Total assets$1,301.0 $1,227.6 $73.4 $— 
Liabilities:
Foreign currency exchange forwardsAccrued expenses and other liabilities$8.8 $— $8.8 $— 
Total liabilities$8.8 $— $8.8 $— 
Contingent consideration — In conjunction with the PurgeRite acquisition, the Company records contingent consideration at fair value based on the estimated discounted contingent payments expected to be made, and may increase or decrease based on the financial performance of PurgeRite for the year ended December 31, 2026. The Company estimates the fair value of contingent consideration utilizing Monte Carlo simulations in a risk-neutral framework. Key assumptions include certain projected post-closing performance metrics, discount rate and volatility associated with the relevant metric. Contingent consideration is classified as Level 3 due to the reliance on unobservable inputs. For the year ended December 31, 2025, the Company recognized a loss of $4.9 within "Other operating expense (income)" of the Consolidated Statement of Earnings (Loss). Refer to "Note 2 - Acquisitions" for additional information on this acquisition.
Interest rate swaps — From time to time the Company may enter into derivative financial instruments designed to hedge the variability in interest expense on floating rate debt. Derivatives are recognized as assets or liabilities in the Consolidated Balance Sheets at their fair value. When the derivative instrument qualifies as a cash flow hedge, changes in the fair value are deferred through other comprehensive income, depending on the nature and effectiveness of the offset.
The Company uses interest rate swaps to manage the interest rate mix of its total debt portfolio and related overall cost of borrowing. At December 31, 2025 and December 31, 2024, interest rate swap agreements designated as cash flow hedges effectively swapped a notional amount of $1,000.0 of SOFR based floating rate debt for fixed rate debt. Our interest rate swaps mature in March 2027. The Company recognized $32.4, $41.7, and $38.9 in earnings for the years ended December 31, 2025, 2024 and 2023, respectively, within “Interest expense, net” on the Consolidated Statement of Earnings (Loss). At December 31, 2025, the Company expects that approximately $23.4 of pre-tax net gains on cash flow hedges will be reclassified from accumulated other comprehensive (loss) income into earnings during the next twelve months.
The interest rate swaps are valued using the SOFR yield curves at the reporting date and are classified in Level 2. Counterparties to these contracts are highly rated financial institutions. The fair values of the Company’s interest rate swaps are adjusted for nonperformance risk and creditworthiness of the counterparty through the Company’s credit valuation adjustment (“CVA”). The CVA is calculated at the counterparty level utilizing the fair value exposure at each payment date and applying a weighted probability of the appropriate survival and marginal default percentages.
Foreign currency exchange forwards — The Company may enter into derivative financial instruments designed to hedge the exposure to changes in foreign currency exchange rates. Derivatives are recognized as assets or liabilities in the Consolidated Balance Sheets at their fair value. The duration of the derivatives are generally less than one year. The Company values foreign currency exchange swaps using broker quotations or market transactions on the listed or over-the-counter market; as such, these derivative instruments are classified in Level 2. When the derivative instrument qualifies as a cash flow hedge changes in the fair value are deferred through other comprehensive income depending on the effectiveness of the instrument. The Company reclassifies the gain or loss associated with the cash flow hedges into earnings when the underlying exposure is recognized. At December 31, 2025 and 2024, we had derivative instruments which hedge our exposure to certain foreign currency exchange rates with notional amounts of $149.8 and $129.0. For the years ended December 31, 2025 and 2024, there were $2.0 and $2.8 realized losses associated with the foreign currency exchange swaps within "Cost of sales - products" on the Consolidated Statements of Earnings (Loss).
Economic hedges — At December 31, 2025 and 2024, we had derivative instruments which hedge our purchases of aluminum and copper with notional amounts of 10,310.0, 8,754.8 and 10,730.0, 7,330.0 metric tons, respectively. The Company values these instruments using broker quotations, market transactions or option pricing model based on observable market inputs, as such, these derivative instruments are classified in Level 2. These derivative instruments were treated as economic hedges and for the year ended December 31, 2025 and 2024, the Company recognized a mark-to-market gain of $9.5 and $0.8 within "Other operating expense (income)" on the Consolidated Statement of Earnings (Loss).

Net investment hedge — During the years ended December 31, 2025, 2024, and 2023, the Company designated certain intercompany debt to hedge a portion of its investment in foreign subsidiaries and affiliates. Realized and unrealized translation adjustments from these hedges were $(2.6), $5.1 and $6.8, and are included in “Foreign currency translation” in the Consolidated Statements of Comprehensive Income (Loss). As of December 31, 2025 and 2024 approximately $104.7 and $24.0 of the Company’s intercompany debt was designated to hedge investments in certain foreign subsidiaries and affiliates.
Other Fair Value Measurements
The Company determines the fair value of debt using Level 2 inputs based on quoted market prices. The following table presents the estimated fair value and carrying value of long-term debt, including the current portion of long-term debt as of December 31, 2025 and 2024.
 December 31, 2025December 31, 2024
 Fair Value
Par Value(1)
Fair Value
Par Value(1)
Term Loan due 2032
$2,089.1 $2,076.1 $2,097.0 $2,097.0 
Senior Secured Notes due 2028840.9 850.0 802.4 850.0 
(1)See “Note 6 — Debt” for additional information
v3.25.4
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
(12) ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME
Activity in accumulated other comprehensive (loss) income is as follows:
Year Ended December 31,
202520242023
Foreign currency translation, beginning$(203.9)$(89.8)$(157.0)
Other comprehensive income (loss)(1)
174.8 (114.1)67.2 
Foreign currency translation, ending(29.1)(203.9)(89.8)
Interest rate swaps, beginning74.6 87.7 110.2 
Unrealized gain (loss) deferred during the period(2)(3)
(27.4)(13.1)(22.5)
Interest rate swaps, ending47.2 74.6 87.7 
Pension, beginning(6.9)(2.4)0.6 
Actuarial gain (loss), net of income taxes(4)
(3.5)(4.5)(3.0)
Pension, ending(10.4)(6.9)(2.4)
Foreign currency exchange forwards, beginning(12.6)— — 
Unrealized gain (loss) deferred during the period(5)
23.1 (12.6)— 
Foreign currency exchange forwards, ending10.5 (12.6)— 
Accumulated other comprehensive (loss) income$18.2 $(148.8)$(4.5)
(1)For the year ended December 31, 2025 and 2024 foreign currency translation included tax effects of $2.0 and $2.0, respectively, refer to "Note 8 - Income Taxes" for additional information.
(2)During the year ended December 31, 2025, 2024, and 2023, $32.4, $41.7, and $38.9 respectively, was reclassified into earnings.
(3)For the year ended December 31, 2025 and 2024 interest rate swaps included tax effects of $8.2 and $4.0, respectively.
(4)For the year ended December 31, 2025 and 2024 pension included tax effects of $0.9 and $0.3, respectively.
(5)For the year ended December 31, 2025 and 2024 foreign currency exchange forwards included tax effects of $3.8 and $3.8, respectively.
v3.25.4
SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION
(13) SEGMENT INFORMATION
Operating profit (loss) is the primary income measure used by the chief operating decision maker (“CODM”), our Chief Executive Officer, to assess segment performance and make operating decisions. Segment performance is assessed exclusive of Corporate and other costs, foreign currency gain (loss), and amortization of intangibles. Corporate and other costs primarily include headquarter management costs, asset impairments and costs that support centralized global functions including Finance, Treasury, Risk Management, Strategy & Marketing, Legal, and global product platform development and offering management.
The Company determines its reportable segments based on how operations are managed internally for the products and services sold to customers, including how the results are reviewed by the CODM, which includes determining resource allocation methodologies used for reportable segments. The segment performance measure excludes corporate and other costs, as described herein. Intersegment selling prices approximate market prices. Summarized information about the Company’s results of operations by reportable business segment and product and service offering follows:
Americas includes products and services sold for applications within the data center, communication networks and commercial and industrial markets in North America and Latin America. This segment’s principal product and service offerings include:
•Products: AC and DC power management, thermal management, low/medium voltage switchgear, busbar, air cooled and liquid cooled thermal management products, integrated modular solutions, racks, single phase UPS, rack power distribution, rack thermal systems, configurable integrated solutions, energy storage solutions, hardware, software for managing IT equipment.
•Services & spares: Preventative maintenance, acceptance testing, engineering and consulting, performance assessments, remote monitoring, training, spare parts, specialized fluid management, and critical digital infrastructure software.
Asia Pacific includes products and services sold for applications within the data center, communication networks and commercial and industrial markets throughout Greater China, Asia, and India. Due to the similarities of economic characteristics and other qualitative factors, we aggregate Greater China, India and Asia operating segments and we report this as our Asia Pacific reportable segment. Products and services offered are similar to the Americas segment.
Europe, Middle East & Africa includes products and services sold for applications within the data center, communication networks and commercial and industrial markets in Europe, Middle East & Africa. Products and services offered are similar to the Americas segment.
Reportable Business Segments
Year Ended December 31, 2025
AmericasAsia PacificEurope, Middle East & AfricaTotal
Sales$6,423.9 $2,274.7 $2,382.2 $11,080.8 
Intersegment sales37.6 255.5 557.8 850.9 
Net Sales6,386.3 2,019.2 1,824.4 10,229.9 
Significant segment expenses
Cost of sales(1)
3,838.7 1,465.1 1,165.2 6,469.0 
Marketing, sales and service costs356.9 128.9 99.6 585.4 
Engineering, research and development costs229.3 112.2 100.2 441.7 
Information technology costs88.7 60.3 37.3 186.3 
Restructuring costs2.2 0.9 1.3 4.4 
Other segment items(2)
156.2 29.7 43.4 229.3 
Operating profit (loss)1,714.3 222.1 377.4 2,313.8 
Foreign currency gain (loss)(12.0)
Corporate and other(271.7)
Total corporate, other and eliminations(283.7)
Amortization of intangibles(200.4)
Operating profit (loss)$1,829.7 
(1)    Cost of sales exclusive of engineering, research and development costs.
(2)    Other segment expenses mostly consists of general and administrative expenses such as Finance, HR, Treasury and Legal costs.
Year Ended December 31, 2024
AmericasAsia PacificEurope, Middle East & AfricaTotal
Sales$4,561.8 $1,878.0 $2,317.3 $8,757.1 
Intersegment sales61.2 160.2 523.9 745.3 
Net Sales4,500.6 1,717.8 1,793.4 8,011.8 
Significant segment expenses
Cost of sales(1)
2,726.5 1,216.1 1,092.4 5,035.0 
Marketing, sales and service costs294.2 120.9 95.7 510.8 
Engineering, research and development costs188.9 97.7 81.0 367.6 
Information technology costs79.8 58.3 35.7 173.8 
Restructuring costs(7.3)1.2 14.1 8.0 
Other segment items(2)
120.7 48.4 35.1 204.2 
Operating profit (loss)1,097.8 175.2 439.4 1,712.4 
Foreign currency gain (loss)(9.3)
Corporate and other(151.5)
Total corporate, other and eliminations(160.8)
Amortization of intangibles(184.2)
Operating profit (loss)$1,367.4 
(1)    Cost of sales exclusive of engineering, research and development costs.
(2)    Other segment expenses mostly consists of general and administrative expenses such as Finance, HR, Treasury and Legal costs.
Year Ended December 31, 2023
AmericasAsia PacificEurope, Middle East & AfricaTotal
Sales$3,885.2 $1,615.6 $1,732.3 $7,233.1 
Intersegment sales40.7 87.8 241.4 369.9 
Net Sales3,844.5 1,527.8 1,490.9 6,863.2 
Significant segment expenses
Cost of sales(1)
2,435.7 1,078.6 914.8 4,429.1 
Marketing, sales and service costs320.1 117.3 95.3 532.7 
Engineering, research and development costs138.1 89.4 76.0 303.5 
Information technology costs74.5 57.2 34.5 166.2 
Restructuring costs6.0 14.1 3.7 23.8 
Other segment items(2)
107.7 23.8 68.9 200.4 
Operating profit (loss)762.4 147.4 297.7 1,207.5 
Foreign currency gain (loss)(16.0)
Corporate and other(138.0)
Total corporate, other and eliminations(154.0)
Amortization of intangibles(181.3)
Operating profit (loss)$872.2 
(1)    Cost of sales exclusive of engineering, research and development costs.
(2)    Other segment expenses mostly consists of general and administrative expenses such as Finance, HR, Treasury and Legal costs.
Total AssetsDecember 31, 2025December 31, 2024
Americas$5,864.3 $3,728.9 
Asia Pacific1,810.7 1,631.6 
Europe, Middle East & Africa2,918.0 2,654.8 
10,593.0 8,015.3 
Corporate and other 1,619.4 1,117.2 
Total$12,212.4 $9,132.5 
Year Ended December 31,
Depreciation and Amortization202520242023
Americas$146.5 $125.9 $121.1 
Asia Pacific37.2 34.3 34.7 
Europe, Middle East & Africa88.4 83.7 80.9 
Corporate and other36.5 33.1 34.3 
Total$308.6 $277.0 $271.0 
Year Ended December 31,
Capital Expenditures202520242023
Americas$110.9 $71.9 $65.7 
Asia Pacific40.2 39.0 25.2 
Europe, Middle East & Africa54.2 48.8 25.7 
Corporate and other14.7 7.3 11.3 
Total$220.0 $167.0 $127.9 
Year Ended December 31,
Sales by Destination
202520242023
United States$6,013.6 $4,085.8 $3,430.3 
Europe1,474.6 1,523.5 1,307.1 
Asia Pacific2,020.3 1,701.5 1,480.3 
Latin America and Canada436.9 426.9 448.9 
Middle East/Africa284.5 274.1 196.6 
$10,229.9 $8,011.8 $6,863.2 
v3.25.4
EMPLOYEE BENEFIT PLANS
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
EMPLOYEE BENEFIT PLANS
(14) EMPLOYEE BENEFIT 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.
Pension Plans
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. The accumulated benefit obligation for all plans was $78.8 and $63.0 at December 31, 2025 and 2024, respectively. The projected benefit obligation for all plans was $93.4 and $74.0 at December 31, 2025 and 2024, respectively, and the net liability recognized to the balance sheet was $76.5 and $62.3 at December 31, 2025 and 2024, respectively. The net periodic pension expense for the Company’s defined benefit plans for the years ended December 31, 2025, 2024, and 2023 are not significant.
Stock-Based Compensation Plans
The Company’s stock incentive plan permits the granting of incentive stock options or nonqualified stock options; stock appreciation rights; performance awards, which may be cash-or share-based; restricted stock units; restricted stock; and other stock-based awards. We measure and record compensation expense based on the fair value of the Company's common stock on the date of grant for restricted stock and restricted stock units ("RSUs") and the grant date fair value, determined utilizing the Black-Scholes-Merton formula, for stock options. We record compensation cost for service-based awards, including graded-vesting awards, on a straight-line basis over the entire vesting period, or for retirement eligible employees over the requisite service period. We account for the forfeiture of awards as they occur.
In connection with the Business Combination, GSAH’s Board adopted the Vertiv Holdings Co 2020 Stock Incentive Plan (the “2020 Plan”) on December 9, 2019, which was approved by GSAH’s stockholders on February 6, 2020, immediately preceding the Business Combination. Under the 2020 Plan, a total aggregate of 33.5 million share awards issuable were authorized and reserved for issuance for the purpose of better motivating our employees, consultants and directors to achieve superior performance measured by both our key financial and operating metrics as well as relative stock price appreciation. The 2020 Plan is administered by the Compensation Committee of our Board and permits the granting of incentive stock options or nonqualified stock options; stock appreciation rights; performance awards, which may be cash-or share-based; restricted stock units; restricted stock; and other stock-based awards. Beginning with the first business day of each calendar year beginning in 2021, the number of shares will increase by the least of (a) 10.5 million shares, (b) 3% of the number of shares outstanding as of the last day of the immediately preceding calendar year, or (c) a lesser number of shares determined by the Compensation Committee.
Stock Options - Stock options are generally granted to certain employees and directors to purchase common shares at an exercise price equal to the market price of the Company’s stock at the date of the grant. Option awards generally vest 25% per year over 4 years of continuous service and have 10-year contractual terms.
The Company uses a Black-Scholes-Merton option pricing model to estimate the fair value of stock options. The principal significant assumptions utilized in valuing stock options include the expected stock price volatility (based on the most recent historical period equal to the expected life of the option); the expected option life (an estimate based on historical experience); the expected dividend yield; and the risk-free interest rate (an estimate based on the yield of United States Treasury zero coupon with a maturity equal to the expected life of the option). The Company does not have sufficient historical information on which to base expected volatility. As such, our volatility assumption is based on the historical and implied volatility of similar public companies, which were identified considering factors such as industry, stage of life cycle, size, and financial leverage. Because the Company does not have sufficient historical option exercise experience upon which we can estimate the expected term we estimate the expected term using the average of the vesting period and the contractual period of the award.
A summary of the weighted average assumptions used in determining the fair value of stock options follows:
Year Ended December 31,
202520242023
Expected volatility30.65 %30.19 %37.09 %
Expected option life in years6.256.256.25
Expected dividend yield0.18 %0.14 %0.06 %
Risk-free interest rate4.15 %4.08 %4.23 %
Weighted-average fair value of stock options$32.95 $27.29 $7.26 
A summary of the 2025 stock option activity follows:
OptionsWeighted-average exercise price per optionWeighted-average remaining contractual life in years
Aggregate intrinsic value (1)
Outstanding at January 1, 2025
9,699,430 $22.20 
Granted1,472,299 85.96 
Exercised(1,501,222)18.06 
Forfeited and canceled(292,254)38.67 
Outstanding at December 31, 2025
9,378,253 $32.36 6.23$1,215.9 
Exercisable at December 31, 2025
4,720,520 $17.20 5.27$683.6 
(1)The aggregate intrinsic value in the table above represents the difference between the Company’s stock price on the last trading day of 2025 and the exercise price of each in-the-money option on the last day of the period presented.
For the years ended December 31, 2025, 2024, and 2023 total compensation expense relating to stock options was $26.5, $19.6, and $14.3, respectively. As of December 31, 2025, there was $63.3 of total unrecognized compensation cost related to unvested options. That cost is expected to be recognized over a weighted-average period of 1.93 years.
Restricted Stock Units - RSUs have been issued to certain employees and directors as of December 31, 2025 and entitle the holder to receive one common share for each RSU upon vesting. RSU shares are accounted for at fair value based upon the closing stock price on the date of grant. The corresponding expense is amortized over the vesting period, generally over seven years. A summary of the 2025 RSU activity follows:
Restricted stock unitsWeighted-average fair value per unit
Outstanding at January 1, 2025
2,206,641 $25.24 
Granted402,494 112.54 
Vested(329,968)17.05 
Forfeited and canceled(196,444)37.22 
Outstanding at December 31, 2025
2,082,723 $42.23 
For the year ended December 31, 2025, 2024 and 2023 total compensation expense relating to RSUs was $10.6 and $7.3, and $7.8, respectively. As of December 31, 2025, there was $74.1 of total unrecognized compensation cost related to unvested RSUs. That cost is expected to be recognized over a weighted-average period of 4.14 years.
Performance Awards - On November 18, 2022, the Company granted long-term performance awards as a part of its 2020 stock incentive plan to certain executive officers. The performance awards are contingent upon the Company meeting internal company-based metrics, and to the extent earned will be settled in RSUs that must be held until January 1, 2027 to vest into shares of the Company’s common stock.
The performance awards vest after a four-year period and are based on achieving a company-based metric in fiscal year 2023, 2024 and 2025, respectively. To the extent awards are earned based on achieving a company-based metric, the dollar value will convert into RSUs. The RSUs, to the extent earned, vest on January 1, 2027 as shares of the Company’s common stock. The amount of stock distributed will vary based on the company-based metric achieved in each fiscal year and the future price of the shares.
The fair value for all internal company-based metric performance awards is monitored quarterly and if it becomes probable that such goals will not be achieved or will be exceeded, compensation expense recognized will be adjusted and previous surplus compensation expense recognized will be reversed or additional expense will be recognized. For the year ended December 31, 2025, 2024 and 2023, total compensation expense relating to the performance awards was $8.8, $7.7, and $2.9 respectively. For the year ended December 31, 2025, 2024, 2023 and the company-based metrics were achieved.
v3.25.4
EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
(15) EARNINGS (LOSS) PER SHARE
Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the period increased by the number of additional shares that would have been outstanding related to potentially dilutive equity-based compensation and warrants.
The details of the earnings (loss) per share calculations for the years ended December 31, 2025, 2024, and 2023 are as follows:
Year Ended December 31,
(in millions, except per share and per share amounts)2025
2024
2023
Net income (loss)$1,332.8 $495.8 $460.2 
Weighted-average number of shares outstanding - basic381,712,181 376,418,933 380,144,059 
Dilutive effect of equity-based compensation$8,940,643 $9,906,125 $6,082,208 
Weighted-average number of shares outstanding - diluted390,652,824 386,325,058 386,226,267 
Earnings (loss) per share
Basic3.49 1.32 1.21 
Diluted3.41 1.28 1.19 

The dilutive effect of stock awards was 8.9 million for the year ended December 31, 2025. Anti-dilutive outstanding stock awards were insignificant for the year ended December 31, 2025.
The dilutive effect of stock awards was 9.9 million shares for the year ended December 31, 2024. Additionally, 1.1 million stock awards and 4.3 million warrants were also outstanding during the year ended December 31, 2024, but were not included in the computation of diluted earnings per common share because the effect would be anti-dilutive.
The dilutive effect of stock awards was 6.1 million for the year ended December 31, 2023. Additionally, 0.3 million stock awards and 3.2 million warrants were also outstanding during the year ended December 31, 2023, but were not included in the computation of diluted earnings per common share because the effect would be anti-dilutive.
v3.25.4
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES
(16) COMMITMENTS AND CONTINGENCIES
The Company is a party to a number of pending legal proceedings and claims, including those involving general and product liability and other matters. The Company accrues for such liabilities when it is probable that future costs will be incurred and such costs can be reasonably estimated. Accruals are based on developments to date; management’s estimates of the outcomes of these matters; the Company’s experience in contesting, litigating and settling similar matters; and any related insurance coverage. While the Company believes that a material adverse impact is unlikely, given the inherent uncertainty of litigation, a future development in these matters could have a material adverse impact on the Company. The Company is unable to estimate any additional loss or range of loss that may result from the ultimate resolution of these matters, other than those described below.
On August 3, 2021, an American Arbitration Association arbitration hearing commenced with respect to a 2018 claim filed by Vertiv against SVO Building One, LLC (“SVO”) alleging damages of approximately $12.0 with respect to (i) unremitted payment for work and materials in connection with, the design, engineering, procurement, installation, construction, and commissioning of a data center located in Sacramento, California and (ii) damages and injunctive relief relating to SVO’s unauthorized use of Vertiv’s intellectual property and work product. SVO filed a counterclaim in 2018 alleging damages of approximately $18.0 relating to (i) allegations that Vertiv was not a duly licensed contractor at all times during the project in violation of California’s contractor license regulations, (ii) breach of warranty, and (iii) gross negligence. On September 3, 2021, the arbitrator issued an interim phase one ruling finding (1) that Vertiv was in violation of California contractor license regulations and was barred from recovery of approximately $9.0 for work performed and equipment delivered in connection with the project, as well as requiring disgorgement plus interest of $10.0, (2) SVO was not in violation of California’s contractor license regulations, and (3) Vertiv and SVO agreed to a traditional baseball arbitration provision under the terms and conditions for the project, wherein each party is required to submit a proposed final award to the arbitrator for consideration, and the arbitrator is required to select one of the proposed awards submitted by the parties as the final award in the arbitration and is prohibited from issuing an alternative award. On December 31, 2021, the parties entered into a settlement agreement on ordinary and customary terms, settling all of the disputes between them. As of December 31, 2022, the settlement was recorded in “Accrued expenses and other liabilities” on the Consolidated Balance Sheet. The settlement was paid in the third quarter of 2023.
On May 3, 2022, a putative securities class action, In re Vertiv Holdings Co Securities Litigation, 22-cv-3572, was filed against Vertiv, certain of the Company’s officers and directors, and other defendants in the Southern District of New York. Plaintiffs filed an amended complaint on September 16, 2022. The amended complaint alleges that certain of the Company’s public statements were materially false and/or misleading with respect to inflationary and supply chain pressures and pricing issues, and asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, and Sections 11, 12(a)(2), and 15 of the Securities Act of 1933, as amended. These claims are asserted on behalf of a putative class of all persons and entities that (i) purchased Vertiv securities between February 24, 2021 and February 22, 2022; and/or (ii) purchased Vertiv securities in or traceable to the November 4, 2021 secondary public offering by a selling stockholder pursuant to a resale registration statement. On January 31, 2024, the Court issued an order dismissing the claims under Sections 11, 12(a)(2), and 15 of the Securities Act. The motion to dismiss the claims under Sections 10(b) and 20(a) of the Exchange Act remains pending.
On June 9, 2023, two Vertiv shareholders, Matthew Sullivan and Jose Karlo Ocampo Avenido, brought a derivative lawsuit, Sullivan v. Johnson, et al., C.A. No. 2023-0608 (the "Sullivan Action"), against Vertiv (as nominal defendant only) and certain of the Company’s directors and officers in Delaware Court of Chancery for breach of fiduciary duty. Further, on November 19, 2024, another Vertiv shareholder, Laura Hanna, brought a derivative lawsuit, Hanna v. Johnson, et al. (the "Hanna Action"), against Vertiv (as nominal defendant only) and certain of Company’s directors and officers in Delaware Court of Chancery for breach of fiduciary duty. The complaints allege that certain of the named directors and officers caused the Company to issue materially false and/or misleading public statements with respect to inflationary and supply chain pressures and pricing issues, and that the Company suffered damages as a result. The Sullivan Action has been stayed since August 10, 2023 pending the outcome of the motion to dismiss in the securities class action. On February 13, 2025, the Delaware Court of Chancery entered an order that (i) consolidated the Sullivan Action and Hanna Action into a single consolidated derivative lawsuit, In re Vertiv Holdings Co Stockholder Derivative Litigation, Consolidated C.A. No. 2023-0608-NAC (the “Consolidated Derivative Action”), (ii) designated the complaint in the Hanna Action as the operative complaint in the Consolidated Derivative Action, and (iii) stayed the Consolidated Derivative Action on terms identical to those of the existing stay of the Sullivan Action.
The Company believes it has meritorious defenses against the allegations made in the aforementioned lawsuits, which are at the preliminary stages. However, the Company is unable at this time to predict the outcome of these matters or the amount of any cost associated with their resolution.
In November 2023, following the filing of the putative securities class action and the Sullivan Action described above, the Company received a subpoena from the U.S. Securities and Exchange Commission (the “SEC”) and a parallel request for documents from the U.S. Attorney’s Office for the Southern District of New York, which relate to the allegations made in those actions. The Company responded to these requests. Since 2024, the Company has not received any further requests from the U.S. Attorney’s Office for the Southern District of New York relating to this matter. On December 30, 2025, the SEC’s Division of Enforcement informed the Company that it had concluded its investigation as to the Company and did not intend to recommend any enforcement action against the Company at this time.
In January 2024, the Mexican tax administration service, the Servicio de Administracion Tributaria (the "SAT"), initiated a process to suspend the importer registration of one of the Company's wholly owned Mexico subsidiaries, Tecnología del Pacífico S.A. de C.V. (“TDP”), in connection with a contested customs tax audit for the period April 2016 to February 2018. After further investigation and discussion with SAT, TDP agreed to make payments and fees totaling approximately payments and fees totaling approximately $10.1 were recorded in “Accrued expenses and other liabilities” on the Consolidated Balance Sheets as of December 31, 2023 and subsequently paid in the first quarter of 2024. The Company intends to seek reimbursement of this amount as an undue payment from SAT, for which the outcome is currently unknown and no receivable has been established.
The Company is unable at this time to predict the outcome of these matters, including whether any proceedings may be instituted in connection with the government inquiries, or the amount of any cost associated with their resolution.
Bank Guarantees and Bonds
In the ordinary course of business, we are required to commit to bank guarantees and bonds that require payments to our customers for any non-performance. The outstanding face value of these instruments fluctuates with the value of our projects in progress. As of December 31, 2025 the outstanding value of bank guarantees and bonds totaled $184.0.
As of December 31, 2025, other than as described above, there were no known contingent liabilities (including guarantees, taxes and other claims) that management believes were or will be material in relation to the Company’s Consolidated Financial Statements, nor were there any material commitments outside the normal course of business.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Edward Monser [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
During the fourth quarter of 2025, Edward Monser, a member of the Company's Board, adopted a "Rule 10b5-1 trading arrangement" as such each term is defined in Item 408(a) of Regulation S-K. The Rule 10b5-1 trading arrangement, adopted by Mr. Monser on December 5, 2025, is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act, provides for the exercise of options and same day sale of up to 77,294 shares of Company Class A common stock and will remain in effect until the earlier of (1) December 20, 2026; (2) the first date on which all trades have been executed or all orders relating to such trades have expired; or (3) upon written notice by Mr. Monser or the broker to terminate or modify the Rule 10b5-1 trading arrangement subject to and in compliance with the Company's insider trading policy and applicable securities laws.
Name Edward Monser
Title Board
Rule 10b5-1 Arrangement Adopted true
Adoption Date December 5, 2025
Expiration Date December 20, 2026
Arrangement Duration 386 days
Aggregate Available 77,294
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Processes for Assessing, Identifying, and Managing Cybersecurity Threats: The Company maintains a fully-defined set of documentation for assessing, identifying, and managing material risks from cybersecurity threats. We recognize the risk that cybersecurity threats pose to our operations, and cybersecurity is an integral component of our overall enterprise risk management ("ERM") strategy. Our cybersecurity framework is aligned with the National Institute of Standards and Technology’s special publication 800-53 and ISO 27001 and is comprised of the following four main pillars:
Risk Governance: The Company’s cybersecurity program utilizes a cross-functional approach to address cybersecurity risks and engage in discussions with the Board (or a committee thereof) and our management on an as-needed basis. The Company’s cybersecurity processes are implemented to help ensure that the Company’s cybersecurity practices are aligned with the Company’s overall ERM standards and practices. The Company has formed a Cyber Risk Oversight Committee ("CROC") to oversee the Company’s cybersecurity program. Our CROC, in turn, communicates material risks to the Company’s Enterprise Risk Committee ("ERC") and the ERC interacts with the Board, the Audit Committee and executive management on a regular interval, or more frequently (if necessary) in regard to such risks. Currently, the CROC is comprised of representatives of our IT department as well as senior leadership, including a majority of the direct reports to our Chief Executive Officer ("CEO"). The ERC is comprised of our Chief Legal Counsel, Senior Director of Global Risk Oversight and various heads of regional or global business units and corporate functions, including but not limited to, IT, finance, accounting, legal, and human resources.
Risk Identification: We have developed risk identification and vulnerability management procedures that address the identification, prioritization, and remediation of cybersecurity vulnerabilities. To facilitate this program, the Company has created cyber risk and incident management procedures and a related risk register to document and monitor potential risks. As discussed below, the Company uses certain third-party tools to identify and manage cybersecurity vulnerabilities. Each risk in the risk register is monitored by one of our cybersecurity members and updates are reported to the CROC as needed.
Risk Assessment: The Company generally evaluates risks, including cybersecurity risks, based on probability, impact and proximity. As part of its program, the Company conducts formal cybersecurity risk assessment exercises on an annual basis. The Company has documented processes and protocols in order to delineate unacceptable levels of risk and assess such risks based on a number of factors.
Risk Response: We have developed various playbooks that comprise a comprehensive written incident response plan (collectively, our IRP). This IRP describes the procedures for handling a variety of cybersecurity incidents; categorizes the
types of potential cybersecurity incidents and the timeframe for reporting each; establishes cybersecurity incident response levels; provides for the conducting of legally privileged investigations to enable us to meet applicable legal obligations, including possible notification requirements; and outlines the roles and responsibilities for various personnel in the event of a cybersecurity incident, including but not limited to, the process to escalate risks to our Board, Audit Committee and our executive management, as necessary. Incidents with respect to third parties are managed internally using the same basic processes as managing internal cybersecurity incidents.
Third-Party Risk Management: The Company’s comprehensive approach to cybersecurity and its associated risk management framework requires, when applicable, the engagement of certain third parties, which could include law enforcement, vendors, and other software or service providers. The Company leverages substantial technological tools and partners to augment and enable the efforts of its internal cybersecurity team. These third parties assist with various cybersecurity functions including monitoring, threat detection, vulnerability management, network segmentation, mobile device management, data protection, tabletop exercises, semi-annual penetration testing, multi-factor authentication, and threat intelligence.
Education and Awareness: In consultation with our cybersecurity team, we mandate annual cybersecurity awareness training for Company personnel, and regularly conduct simulated phishing attacks as a means to equip them with effective tools to detect and address cybersecurity threats as well as to communicate our evolving cybersecurity policies, standards, processes, and practices in the context of its information systems.
Impact of Cybersecurity Threats: To date, there have been no risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, that have materially affected, or have been reasonably likely to materially affect, the Company, including our business strategy, results of operations or financial condition.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
Processes for Assessing, Identifying, and Managing Cybersecurity Threats: The Company maintains a fully-defined set of documentation for assessing, identifying, and managing material risks from cybersecurity threats. We recognize the risk that cybersecurity threats pose to our operations, and cybersecurity is an integral component of our overall enterprise risk management ("ERM") strategy. Our cybersecurity framework is aligned with the National Institute of Standards and Technology’s special publication 800-53 and ISO 27001 and is comprised of the following four main pillars:
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Board Oversight of Risks from Cybersecurity Threats: The Board is ultimately responsible for the oversight of risks from cybersecurity threats and collaborates with the Audit Committee of the Board and the ERC in these oversight responsibilities. The responsibilities of the ERC include participating and collaboration with the CROC to oversee policies and management systems for cybersecurity matters, overseeing the identification, assessment and response to cybersecurity risks, maintaining and implementing our IRP, and communicating on a regular interval, or more frequently (if necessary) with the Board, the Audit Committee and executive management in regard to such risks. The Company's processes call for prompt and timely notifications and updates to the Board and the Audit Committee, as applicable, depending on the nature and severity of any potential cybersecurity incidents that occur. In addition, the Board, the Audit Committee, and the ERC receive regular presentations and reports on cybersecurity matters that address the full range of cybersecurity topics discussed herein. Further, on a periodic basis, the Board and/or Audit Committee and the ERC also discuss our cybersecurity programs and processes with our CEO, Chief Information Officer ("CIO"), and Chief Information Security Officer ("CISO").
Management’s Role in Assessing and Managing Cybersecurity Threats: Management’s role in assessing and managing our material risks from cybersecurity threats is documented in the Company’s IT and Cybersecurity Risk Management Strategy Plan (our Cybersecurity Plan), and our processes for identifying, assessing, prioritizing, and remediating vulnerabilities are documented via our Cybersecurity Plan (and the documents referenced therein) and our IRP. Our management cybersecurity team consists of a majority of the direct reports to our CEO, including our CIO, as well as dedicated cybersecurity personnel – including without limitation, our CISO, multiple cybersecurity engineers and other business level stakeholders. Although there is overlap between the CROC and our management cybersecurity team, the CROC is intended to function as a proactive group to assess and treat risks prior to an incident occurring and the cybersecurity management team is tasked with responding to threats or incidents. In connection with and pursuant to our ERM plan, our cybersecurity team, the CROC and our ERC work collaboratively across the Company to implement programs and processes designed to protect our information system from cybersecurity threats, assess and manage risks arising from any such threats, and to promptly respond to cybersecurity incidents.
Upon the discovery of a potential or actual cybersecurity incident, the detecting party is obligated to inform the CISO, or deputy CISO if the CISO is unavailable, as an initial step. We also employ the services of an outside vendor that is tasked with contacting the CISO, or the CISO’s delegee, upon learning of an incident. Subsequently, our CISO will guide the initial analysis of the cybersecurity incident, and depending on the nature of the incident, these cybersecurity incidents may be escalated to our CIO and above according to the guidelines set forth in the IRP. Analysis of the potential impact of the cybersecurity incident is one of the primary objectives of our initial response. Once the severity level and appropriate management protocol for responding to the cybersecurity incident have been determined in accordance with our Cybersecurity Plan and IRP, the CIO, or the CIO's delegee, may elevate the incident to the CEO, Chief Legal Counsel, Board, and Audit Committee as needed (depending on the nature and severity of the incident) for further investigation and
response, including for an assessment of materiality. Depending on the nature of the incident, the CIO or Chief Legal Counsel will coordinate a notification and communications plan and event analysis across the appropriate teams, which may involve updates to our cybersecurity management team, the Board, the Audit Committee, the ERC and the CROC.
Relevant Expertise of Management: Our CISO has more than 20 years of intelligence, information technology and cybersecurity experience, and holds a Masters degree in the area of Cybersecurity and Information Sciences from The Pennsylvania State University as well as a Graduate Certificate from The Pennsylvania State University in Information Systems Cybersecurity and a current Certified Information Security Manager certification from ISACA. His prior roles include senior level positions in Defense, Financial Services and High Technology industries. Our CIO has experience leading technology and digital organizations for 30 years at multiple multi-national, back-to-business, and direct to consumer businesses, including Chief Digital Officer for Molex, a wholly owned subsidiary of Koch Industries, Chief Digital & Technology Officer for Aramark and Chief Information Officer for Royal Caribbean Cruise Lines. He holds an Executive MBA from Saint Joseph’s University and a Bachelors of Art from Seton Hall University.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Board is ultimately responsible for the oversight of risks from cybersecurity threats and collaborates with the Audit Committee of the Board and the ERC in these oversight responsibilities. The responsibilities of the ERC include participating and collaboration with the CROC to oversee policies and management systems for cybersecurity matters, overseeing the identification, assessment and response to cybersecurity risks, maintaining and implementing our IRP, and communicating on a regular interval, or more frequently (if necessary) with the Board, the Audit Committee and executive management in regard to such risks.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
Management’s Role in Assessing and Managing Cybersecurity Threats: Management’s role in assessing and managing our material risks from cybersecurity threats is documented in the Company’s IT and Cybersecurity Risk Management Strategy Plan (our Cybersecurity Plan), and our processes for identifying, assessing, prioritizing, and remediating vulnerabilities are documented via our Cybersecurity Plan (and the documents referenced therein) and our IRP. Our management cybersecurity team consists of a majority of the direct reports to our CEO, including our CIO, as well as dedicated cybersecurity personnel – including without limitation, our CISO, multiple cybersecurity engineers and other business level stakeholders. Although there is overlap between the CROC and our management cybersecurity team, the CROC is intended to function as a proactive group to assess and treat risks prior to an incident occurring and the cybersecurity management team is tasked with responding to threats or incidents. In connection with and pursuant to our ERM plan, our cybersecurity team, the CROC and our ERC work collaboratively across the Company to implement programs and processes designed to protect our information system from cybersecurity threats, assess and manage risks arising from any such threats, and to promptly respond to cybersecurity incidents.
Upon the discovery of a potential or actual cybersecurity incident, the detecting party is obligated to inform the CISO, or deputy CISO if the CISO is unavailable, as an initial step. We also employ the services of an outside vendor that is tasked with contacting the CISO, or the CISO’s delegee, upon learning of an incident. Subsequently, our CISO will guide the initial analysis of the cybersecurity incident, and depending on the nature of the incident, these cybersecurity incidents may be escalated to our CIO and above according to the guidelines set forth in the IRP. Analysis of the potential impact of the cybersecurity incident is one of the primary objectives of our initial response. Once the severity level and appropriate management protocol for responding to the cybersecurity incident have been determined in accordance with our Cybersecurity Plan and IRP, the CIO, or the CIO's delegee, may elevate the incident to the CEO, Chief Legal Counsel, Board, and Audit Committee as needed (depending on the nature and severity of the incident) for further investigation and
response, including for an assessment of materiality. Depending on the nature of the incident, the CIO or Chief Legal Counsel will coordinate a notification and communications plan and event analysis across the appropriate teams, which may involve updates to our cybersecurity management team, the Board, the Audit Committee, the ERC and the CROC.
Cybersecurity Risk Role of Management [Text Block]
Management’s Role in Assessing and Managing Cybersecurity Threats: Management’s role in assessing and managing our material risks from cybersecurity threats is documented in the Company’s IT and Cybersecurity Risk Management Strategy Plan (our Cybersecurity Plan), and our processes for identifying, assessing, prioritizing, and remediating vulnerabilities are documented via our Cybersecurity Plan (and the documents referenced therein) and our IRP. Our management cybersecurity team consists of a majority of the direct reports to our CEO, including our CIO, as well as dedicated cybersecurity personnel – including without limitation, our CISO, multiple cybersecurity engineers and other business level stakeholders. Although there is overlap between the CROC and our management cybersecurity team, the CROC is intended to function as a proactive group to assess and treat risks prior to an incident occurring and the cybersecurity management team is tasked with responding to threats or incidents. In connection with and pursuant to our ERM plan, our cybersecurity team, the CROC and our ERC work collaboratively across the Company to implement programs and processes designed to protect our information system from cybersecurity threats, assess and manage risks arising from any such threats, and to promptly respond to cybersecurity incidents.
Upon the discovery of a potential or actual cybersecurity incident, the detecting party is obligated to inform the CISO, or deputy CISO if the CISO is unavailable, as an initial step. We also employ the services of an outside vendor that is tasked with contacting the CISO, or the CISO’s delegee, upon learning of an incident. Subsequently, our CISO will guide the initial analysis of the cybersecurity incident, and depending on the nature of the incident, these cybersecurity incidents may be escalated to our CIO and above according to the guidelines set forth in the IRP. Analysis of the potential impact of the cybersecurity incident is one of the primary objectives of our initial response. Once the severity level and appropriate management protocol for responding to the cybersecurity incident have been determined in accordance with our Cybersecurity Plan and IRP, the CIO, or the CIO's delegee, may elevate the incident to the CEO, Chief Legal Counsel, Board, and Audit Committee as needed (depending on the nature and severity of the incident) for further investigation and
response, including for an assessment of materiality. Depending on the nature of the incident, the CIO or Chief Legal Counsel will coordinate a notification and communications plan and event analysis across the appropriate teams, which may involve updates to our cybersecurity management team, the Board, the Audit Committee, the ERC and the CROC.
Relevant Expertise of Management: Our CISO has more than 20 years of intelligence, information technology and cybersecurity experience, and holds a Masters degree in the area of Cybersecurity and Information Sciences from The Pennsylvania State University as well as a Graduate Certificate from The Pennsylvania State University in Information Systems Cybersecurity and a current Certified Information Security Manager certification from ISACA. His prior roles include senior level positions in Defense, Financial Services and High Technology industries. Our CIO has experience leading technology and digital organizations for 30 years at multiple multi-national, back-to-business, and direct to consumer businesses, including Chief Digital Officer for Molex, a wholly owned subsidiary of Koch Industries, Chief Digital & Technology Officer for Aramark and Chief Information Officer for Royal Caribbean Cruise Lines. He holds an Executive MBA from Saint Joseph’s University and a Bachelors of Art from Seton Hall University.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] The Company's processes call for prompt and timely notifications and updates to the Board and the Audit Committee, as applicable, depending on the nature and severity of any potential cybersecurity incidents that occur. In addition, the Board, the Audit Committee, and the ERC receive regular presentations and reports on cybersecurity matters that address the full range of cybersecurity topics discussed herein. Further, on a periodic basis, the Board and/or Audit Committee and the ERC also discuss our cybersecurity programs and processes with our CEO, Chief Information Officer ("CIO"), and Chief Information Security Officer ("CISO").
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our CISO has more than 20 years of intelligence, information technology and cybersecurity experience, and holds a Masters degree in the area of Cybersecurity and Information Sciences from The Pennsylvania State University as well as a Graduate Certificate from The Pennsylvania State University in Information Systems Cybersecurity and a current Certified Information Security Manager certification from ISACA.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] His prior roles include senior level positions in Defense, Financial Services and High Technology industries. Our CIO has experience leading technology and digital organizations for 30 years at multiple multi-national, back-to-business, and direct to consumer businesses, including Chief Digital Officer for Molex, a wholly owned subsidiary of Koch Industries, Chief Digital & Technology Officer for Aramark and Chief Information Officer for Royal Caribbean Cruise Lines. He holds an Executive MBA from Saint Joseph’s University and a Bachelors of Art from Seton Hall University.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation The Consolidated Financial Statements include the accounts of the Company and its subsidiaries in which it has a controlling interest. All intercompany accounts and transactions have been eliminated in consolidation. In addition certain prior year amounts have been reclassed to conform with current year presentation. The Company’s Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, net sales and expenses as well as related disclosures. On an ongoing basis, the Company evaluates its estimates and assumptions based on historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions due to among other reasons, the continued uncertainty of general economic conditions that have impacted, and may continue to impact, our sales channels, supply chain, manufacturing operations, workforce, or other key aspects of our operations.
Revenue recognition
The Company recognizes revenue from the sale of manufactured products and services when control of promised goods or services are transferred to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Control is transferred when the customer has the ability to direct the use of and obtain benefits from the goods or services. The majority of the Company’s sales agreements contain performance obligations satisfied at a point in time when control is transferred to the customer. Sales for service contracts, including installation, inventory with no alternative use and an enforceable right of payment upon customer termination and other discrete services, generally are recognized over time as the services are provided. Payments received in advance for service arrangements or product delivery are recorded as deferred revenue and recognized in net sales when the revenue
recognition criteria are met. Unbilled revenue is recorded when performance obligations have been satisfied, but the Company does not have present right to payment.
For agreements with multiple performance obligations, the Company is required to determine whether performance obligations specified in these agreements are distinct and should be accounted for as separate revenue transactions for recognition purposes. In these types of agreements we allocate sales price to each distinct obligation on a relative stand-alone selling price basis. The majority of revenue from arrangements with multiple performance obligations is recognized when tangible products are delivered, with smaller portions for associated installation and commissioning recognized shortly thereafter. Generally, contract duration is short term, and cancellation, termination or refund provisions apply only in the event of contract breach. These provisions have historically not been invoked.
Payment terms vary by the type and location of the customer and the products or services offered. Revenue from our sales have not been adjusted for the effects of a financing component as we expect that the period between when we transfer control of the product and when we receive payment to be one year or less. Sales, value add, and other taxes collected concurrent with revenue are excluded from sales. The Company records amounts billed to customers for shipping and handling in a sales transaction as revenue. Shipping and handling costs are treated as fulfillment costs and are included in costs of sales.
The Company records reductions to sales for prompt payment discounts, customer and distributor incentives including rebates, and returns at the time of the initial sale. Rebates are estimated based on sales terms, historical experience, trend analysis, and projected market conditions in the various markets served. Returns are estimated at the time of the sale primarily based on historical experience and recorded gross on the consolidated balance sheet.
Sales commissions are expensed when the amortization period is less than a year and are generally not capitalized as they are typically earned at the completion of the contract when the customer is invoiced or when the customer pays Vertiv. The Company typically offer warranties that are consistent with standard warranties in the jurisdictions where it sells goods and services. The warranties are generally assurance type warranties for which they promise goods and services meet contract specifications. In limited circumstances, the Company sells warranties that extend the warranty coverage beyond the standard coverage offered on specific products. Sales for these separately-priced warranties are recorded based on their stand-alone selling price and are recognized as revenue over the length of the warranty period.
The Company recognizes revenue from the sale of manufactured products and services when control of promised goods or services are transferred to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services.
Foreign Currency Translation The functional currency for substantially all of the Company’s non-U.S. subsidiaries is the local currency. Adjustments resulting from translating local currency financial statements into U.S. dollars are reflected in accumulated other comprehensive (loss) income. Transactions denominated in currencies other than the subsidiaries’ functional currencies are subject to changes in exchange rates with resulting gains/losses recorded in net earnings (loss).
Cash and Cash Equivalents Cash and cash equivalents are reflected on the Consolidated Balance Sheets and consist of highly liquid investments with original maturities of three months or less.
Marketable securities The Company classifies marketable securities with maturities in excess of three months and less than one year at acquisition as held-to-maturity. These investments primarily consist of U.S. Treasury bills. The Company does not purchase and hold securities principally for the purpose of selling them in the near future, and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases.
Accounts Receivable and Allowance for Credit Losses The Company’s accounts receivable are derived from customers located in the U.S. and numerous foreign jurisdictions. The Company performs ongoing credit evaluations of its customers’ financial condition and generally requires no collateral from its customers. The Company establishes an allowance for credit losses on receivable based on historical experience, current market conditions, and any specific customer collection issues that the Company has identified. Market conditions as of December 31, 2025 are assumed to continue over the remaining lives of accounts receivables. Write-offs are recorded against the allowance for credit losses when all reasonable efforts for collection have been exhausted.
Inventories Inventories are stated at the lower of cost, using the first-in, first-out method, or net realizable value and the majority is valued based on standard costs. The remainder is valued based on average actual costs. Standard costs are revised at the beginning of each fiscal year. The impact from annually resetting standards, as well as operating variances incurred throughout the year, are allocated to inventories and recognized in cost of sales as product is sold.
Fair Value Measurement
Accounting Standards Codification (“ASC”) 820, Fair Value Measurement, establishes a formal hierarchy and framework for measuring certain financial statement items at fair value, and requires disclosures about fair value measurements and the reliability of valuation inputs. Under ASC 820, measurement assumes the transaction to sell an asset or transfer a liability occurs in the principal or at least the most advantageous market for that asset or liability. Within the hierarchy, Level 1 instruments use observable market prices for the identical item in active markets and have the most reliable valuations. Level 2 instruments are valued through broker/dealer quotation or through market-observable inputs for similar items in active markets, including forward and spot prices, interest rates and volatilities. Level 3 instruments are valued using inputs not observable in an active market, such as company-developed future cash flow estimates, and are considered the least reliable. The carrying value approximates fair value for cash and cash equivalents, accounts receivable and accounts payable because of the relatively short-term maturity of these instruments.
Debt Issuance Costs, Premiums and Discounts
Debt issuance costs, premiums and discounts are amortized into interest expense over the terms of the related loan agreements using the effective interest method or other methods which approximate the effective interest method. Debt issuance costs related to a recognized debt liability are presented on the balance sheets as a direct deduction from the carrying amount of that debt liability, consistent with discounts.
Property, Plant and Equipment The Company records investments in land, buildings, and machinery and equipment at cost, which includes the then fair values of assets acquired in business combinations. Depreciation is computed principally using the straight-line method over estimated service lives, which are 30 to 40 years for buildings and 7 to 10 years for machinery and equipment.
Definite Lived Intangible Assets The Company’s definite lived identifiable intangible assets that are subject to amortization are amortized on a straight-line basis over their estimated useful lives. Definite lived identifiable intangibles consist of intellectual property such as patented and unpatented technology and trademarks, customer relationships and capitalized software. Definite lived identifiable intangible assets are also subject to evaluation for potential impairment if events or circumstances indicate the carrying value may not be recoverable.
Impairment of Property, Plant and Equipment and Definite Lived Intangible Assets Long-lived tangible and intangible assets are reviewed for impairment whenever events or changes in business circumstances indicate the carrying value of the assets may not be recoverable. Impairment losses are recognized based on estimated fair values if the sum of expected future undiscounted cash flows of the related assets is less than the carrying values.
Goodwill and Intangible Assets
Assets and liabilities acquired in business combinations are accounted for using the acquisition method and recorded at their respective fair values. Goodwill represents the excess of consideration paid over the net assets acquired and is assigned to the reporting unit that acquires the business. A reporting unit is an operating segment as defined in ASC 280, Segment Reporting, or a business one level below an operating segment if discrete financial information for that business is prepared and regularly reviewed by segment management. The Company conducts annual impairment tests of goodwill in the fourth quarter or more frequently if events or circumstances indicate a reporting unit’s fair value may be less than its carrying value. The Company may assess goodwill for impairment initially using a qualitative approach to determine whether it is more likely than not that the fair value of the reporting unit is greater than it’s carrying value. If an initial qualitative assessment indicates it is more likely than not goodwill may be impaired, a quantitative impairment analysis is performed to evaluate the reporting unit’s estimated fair value compared to its carrying value. If its carrying value exceeds its estimated fair value, goodwill impairment is recognized to the extent that the carrying value exceeds the fair value of the reporting unit. Estimated fair values of the reporting unit are Level 3 measures and are developed using a weighting of the discounted cash flow approach, the comparable public company approach and the comparable acquisition approach. The Company performed our annual goodwill impairment using the qualitative approach for each reporting unit for the year ended December 31, 2025 and no impairment charges were reported, see “Note 5 – Goodwill and Other Intangibles” for additional information.
Finite-lived Intangible Assets
Finite-lived intangible assets principally consist of certain customer relationships, developed technology, capitalized software and trademarks. These intangible assets are amortized on a straight-line basis over their estimated useful lives. The cost of customer relationships is amortized principally over 10 to 13 years, developed technology over 5 to 10 years, capitalized software over 5 years, and trademarks over 5 to 10 years. The Company reviews finite-lived intangible assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. The Company monitors these changes and events on at least a quarterly basis.
Other Indefinite-lived Intangible Asset
Indefinite lived intangible assets consist of a trademark which is also evaluated annually in the fourth quarter for impairment or upon the occurrence of a triggering event. If the carrying value of an individual indefinite-lived intangible asset exceeds its fair value, the asset is written down to its fair value and the amount of the write down is the impairment charge. When a quantitative analysis is performed, the Company tests these assets using a “relief-from-royalty” valuation method to determine the fair value. Significant assumptions inherent in the valuation methodologies include, but are not
limited to, future projected business results, growth rates, the discount rate for a market participant, and royalty rates.
Product Warranties
Warranties generally extend for one to two years from the date of sale. Provisions for warranty are determined primarily based on historical warranty cost as a percentage of sales, adjusted for specific issues that may arise.
Product warranty expense is approximately one percent of product sales and the product warranty accrual is reflected in "Accrued expenses and other liabilities" on the Consolidated Balance Sheets.
Derivatives Instruments and Hedging Activities
In the normal course of business, the Company is exposed to changes in interest rates, foreign currency exchange rates and commodity prices due to its worldwide presence, business profile and long-term debt agreements. The Company’s foreign currency exposures relate to transactions denominated in currencies that differ from the functional currencies of its subsidiaries. Primary commodity exposures are price fluctuations on forecasted purchases of copper and aluminum and related products. As part of the Company’s risk management strategy, derivative instruments can be selectively used in an effort to minimize the impact of these exposures. All derivatives are associated with specific underlying exposures and the Company does not hold derivatives for trading or speculative purposes. The duration of hedge positions is generally less than one year.
All derivatives are accounted for under ASC 815, Derivatives and Hedging, and recognized at fair value as assets or liabilities in the Consolidated Balance Sheets. For derivatives hedging variability in future cash flows, the gain or loss is deferred in equity as a component of accumulated other comprehensive (loss) income and recognized when the underlying transaction impacts earnings. For derivatives hedging the fair value of existing assets or liabilities, both the gain or loss on the derivative and the offsetting loss or gain on the hedged item are recognized in earnings each period. The Company also uses derivatives to hedge economic exposures that are not designated as accounting hedges under ASC 815. The underlying exposures for these hedges relate primarily to the revaluation of certain foreign-currency denominated assets and liabilities. Gains or losses of these economic hedges, as well as any gains or losses on derivative instruments not designated as hedges, are recognized in the Consolidated Statements of Earnings (Loss) immediately.
The Company may enter into net investment hedges of their foreign subsidiaries. The Company utilizes intercompany foreign currency denominated debt to hedge its investment in certain foreign subsidiaries and affiliates. Realized and unrealized translation adjustments from these hedges are included in the Consolidated Statements of Shareholders’ Equity (Deficit) in the foreign currency translation adjustment of “Foreign currency (gain) loss, net” which offsets the translation adjustments on the underlying net assets of foreign subsidiaries also recorded in “Other Comprehensive income (loss), net of tax”.
The Company designated certain interest rate swaps with a notional amount of $1,000.0 as cash flow hedges. These swaps hedge our Term Loan Credit Agreement due 2032 until they mature in March 2027. The Company uses interest rate swaps to manage the interest rate mix of our total debt portfolio and related overall cost of borrowing. The interest rate swaps are valued using the secured overnight financing rate ("SOFR") yield curves at the reporting date and are classified in Level 2. Counterparties to these contracts are highly rated financial institutions. At December 31, 2025 and 2024 interest rate swap agreements designated as cash flow hedges effectively swapped a notional amount of $1,000.0, of SOFR based floating rate debt for fixed rate debt. See “Note 11 – Financial Instruments and Risk Management” for additional information.
The Company may enter into derivative financial instruments designed to hedge the exposure to changes in foreign currency exchange rates. The Company values foreign currency exchange swaps using broker quotations or market transactions on the listed or over-the-counter market, as such, these derivative instruments are classified in Level 2. When the derivative instrument qualifies as a cash flow hedge, changes in the fair value are deferred through other comprehensive income. The Company reclassifies the gain or loss associated with the cash flow hedges into earnings when the underlying exposure affects earnings. See “Note 11 – Financial Instruments and Risk Management” for additional information.
The Company enters into derivative instruments designed to hedge anticipated purchases of aluminum and copper. The Company values these instruments using broker quotations, market transactions or option pricing model based on observable market inputs, as such, these derivative instruments are classified in Level 2. See “Note 11 – Financial Instruments and Risk Management” for additional information.
As of December 31, 2025 and 2024 there are some currency hedges not designated in hedge accounting relationships. Accordingly, the Company recognized mark-to-market losses of $2.9, $2.5, and $0.8 for the years ended December 31, 2025, 2024, and 2023, respectively, within “Other operating expense (income)” in the Consolidated Statements of Earnings (Loss). The fair values of the outstanding risk management derivatives were measured using valuations based upon quoted prices for similar assets and liabilities in active markets (Level 2) and are valued by reference to similar financial instruments, adjusted for terms specific to the contracts.
Income Taxes
The provision for income taxes is determined using the asset and liability approach of ASC 740 by jurisdiction on a legal entity by legal entity basis. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. Deferred taxes result from differences between the financial and tax basis of the Company’s assets and liabilities and are measured using enacted rates in effect for the year in which the temporary differences are expected to be recovered or settled. The impact of a change in income tax rates on deferred tax assets and liabilities is recognized in earnings in the period that includes the enactment date. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. The tax carryforwards reflected in the Company’s Consolidated Financial Statements have been determined using the separate return method. The tax carryforwards include net operating losses and tax credits. The company recognizes interest and penalties related to all income taxes in the provision for income tax expense.
The Company’s extensive operations and the complexity of global tax regulations require assessments of uncertainties in estimating the taxes the Company will ultimately pay. The Company recognizes liabilities for anticipated tax uncertainties in the U.S. and other tax jurisdictions based on its estimate of whether, and the extent to which, additional taxes will be due.
The global intangible low-taxed income ("GILTI") provisions of the Tax Cuts and Jobs Act require the Company to include in its U.S. income tax return foreign subsidiary earnings in excess of an allowable return on the foreign subsidiary’s tangible assets. The Company has made the policy election to record any liability associated with GILTI in the period in which it is incurred.
As of December 31, 2025 and 2024, the Company has provided for U.S. federal income taxes, foreign withholding and other taxes on outside basis differences in certain foreign subsidiaries that are not indefinitely reinvested.
Commitments and Contingencies
Certain conditions may exist as of the date of the financial statements which may result in a loss to the Company, but will only be resolved when one or more future events occur or fail to occur. Such liabilities for loss contingencies arising from claims, assessments, litigation, fines, penalties, and other sources are recorded when the Company assesses that it is probable that a future liability has been incurred and the amount can be reasonably estimated. Recoveries of costs from third parties, which the Company assesses as being probable of realization, are recorded to the extent of related contingent liabilities accrued. Legal costs incurred in connection with matters relating to contingencies are expensed in the period incurred. The Company records gain contingencies when realized.
Newly Adopted Accounting Standards and Recently Issued Accounting Standards
In December 2023, the FASB issued ASU 2023-09: Income Taxes (Topic 740) Improvements to Income Tax Disclosures. This ASU provides amendments by requiring entities to annually disclose specific rate reconciliation categories, additional details for significant reconciling items exceeding 5%, and comprehensive breakdowns of income taxes paid by jurisdiction. The Company adopted this standard in the fourth quarter of 2025 on a prospective basis and it did not have a material effect on the Consolidated Financial Statements. See "Note 8 – Income Taxes" for additional information.
In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This ASU provides amendments that provide all entities with a practical expedient when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. The Company adopted this standard in the fourth quarter of 2025 on a prospective basis and it did not have a material effect on the Consolidated Financial Statements.
Recently Issued Accounting Standards
In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosure (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU provides amendments that require entities to disclose additional information about specific expense categories in the notes to the financial statements on an annual and interim basis. The amendments are effective in fiscal years beginning after December 15, 2026 and for interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact on its Consolidated Financial Statements.
In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill & Other—Internal-use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. This ASU provides amendments that remove all references to prescriptive and sequential software development stages, and require entities to start capitalizing software costs when both of the following occur: 1) management has authorized and committed to funding the software project, and 2) it is probable that the project will be completed and the software will be used to perform the function intended. The amendments are effective in fiscal years beginning after December 15, 2027 and for interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. The Company is currently evaluating the impact of adoption of this guidance on its Consolidated Financial Statements.
v3.25.4
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash
The following table provides a reconciliation of the amount of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets. Restricted cash represents cash collateral for bank guarantees and funds held in escrow related to acquisitions. Refer to "Note 2 - Acquisitions" for additional information.
December 31, 2025December 31, 2024December 31, 2023
Cash and cash equivalents$1,728.4 $1,227.6 $780.4 
Restricted cash included in other current assets61.4 4.6 8.2 
Total cash, cash equivalents, and restricted cash$1,789.8 $1,232.2 $788.6 
Schedule of Change in the Allowance for Credit Losses
The change in allowance for credit losses is as follows:
Year Ended December 31,
202520242023
Beginning balance$22.4 $29.1 $18.4 
Provision charged to expense7.8 1.6 11.3 
Deductions(4.6)(8.3)(0.6)
Ending balance$25.6 $22.4 $29.1 
Schedule of Inventory
The following are the components of inventory:
December 31, 2025December 31, 2024
Inventories
Finished products$555.4 $400.8 
Raw materials680.6 564.7 
Work in process220.5 278.9 
Total inventories$1,456.5 $1,244.4 
The change in inventory obsolescence is as follows:
December 31, 2025December 31, 2024December 31, 2023
Beginning balance$73.8 $59.0 $56.0 
Provision charged to expense68.9 46.7 28.8 
Write-offs and other(48.3)(31.9)(25.8)
Ending balance$94.4 $73.8 $59.0 
Schedule of Property, Plant and Equipment
Following are the components of property, plant and equipment:
December 31, 2025December 31, 2024
Property, plant and equipment, net(1)
Machinery and equipment$874.1 $570.1 
Buildings408.7 362.1 
Land42.1 39.4 
Construction in progress123.3 87.5 
Property, plant and equipment, at cost1,448.2 1,059.1 
Less: Accumulated depreciation(526.3)(434.0)
Property, plant and equipment, net$921.8 $625.1 
(1)    Property, plant and equipment, net in the United States was $176.5 and $148.8 as of December 31, 2025 and 2024, respectively.
Schedule of Product Warranty Liability
The change in product warranty accrual is as follows:
December 31, 2025December 31, 2024December 31, 2023
Beginning balance$27.5 $26.1 $25.6 
Provision charge to expense43.4 25.7 22.7 
Paid/utilized(27.7)(24.3)(22.2)
Ending balance$43.2 $27.5 $26.1 
v3.25.4
ACQUISITIONS (Tables)
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Business Combination, Recognized Asset Acquired and Liability Assumed
The following is a preliminary purchase price allocation of assets acquired and liabilities assumed related to the acquisition:
Accounts receivable$69.5 
Other current assets7.2 
Property, plant and equipment150.0 
Goodwill588.4 
Other intangible assets445.2 
Right-of-use assets, net3.5 
Accounts payable11.3 
Deferred revenue12.0 
Accrued expenses and other liabilities4.7 
Deferred income taxes95.0 
Other long-term liabilities2.5 
Net assets acquired and liabilities assumed$1,138.3 
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination
The following table represents the definite lived intangible assets acquired, the preliminary fair values and respective useful lives:
Useful LifePreliminary Fair Value
Customer relationships9.5$372.6 
Trademarks8.039.8 
Other0.532.3 
Capitalized software5.00.5 
Total intangible assets$445.2 
v3.25.4
REVENUE (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following table disaggregates revenue by business segment, product and service offering and timing of transfer of control:
Year Ended December 31, 2025
AmericasAsia PacificEurope, Middle East, & AfricaTotal
Sales by Product and Service Offering:
Products$5,270.1 $1,510.9 $1,426.0 $8,207.0 
Services & spares1,116.2 508.3 398.4 2,022.9 
Total$6,386.3 $2,019.2 $1,824.4 $10,229.9 
Timing of revenue recognition:
Products and services transferred at a point in time$5,387.8 $1,518.1 $1,135.9 $8,041.8 
Products and services transferred over time998.5 501.1 688.5 2,188.1 
Total$6,386.3 $2,019.2 $1,824.4 $10,229.9 
Year Ended December 31, 2024
AmericasAsia PacificEurope, Middle East, & AfricaTotal
Sales by Product and Service Offering:
Products$3,579.1 $1,248.5 $1,417.6 $6,245.2 
Services & spares921.5 469.3 375.8 1,766.6 
Total$4,500.6 $1,717.8 $1,793.4 $8,011.8 
Timing of revenue recognition:
Products and services transferred at a point in time$3,474.6 $1,252.1 $1,021.6 $5,748.3 
Products and services transferred over time1,026.0 465.7 771.8 2,263.5 
Total$4,500.6 $1,717.8 $1,793.4 $8,011.8 
Year Ended December 31, 2023
AmericasAsia PacificEurope, Middle East, & AfricaTotal
Sales by Product and Service Offering:
Products$3,021.2 $1,098.1 $1,151.9 $5,271.2 
Services & spares823.3 429.7 339.0 1,592.0 
Total$3,844.5 $1,527.8 $1,490.9 $6,863.2 
Timing of revenue recognition:
Products and services transferred at a point in time$2,932.3 $1,163.9 $942.4 $5,038.6 
Products and services transferred over time912.2 363.9 548.5 1,824.6 
Total$3,844.5 $1,527.8 $1,490.9 $6,863.2 
Schedule of Contract Assets, Liabilities and Deferred Revenue
The opening and closing balances of current and long-term deferred revenue are as follows:
Balances at
December 31, 2025
Balances at
December 31, 2024
Deferred revenue - current
$1,814.7 $1,063.3 
Deferred revenue - noncurrent (1)
107.6 91.3 
(1)    Noncurrent deferred revenue is recorded within “Other long-term liabilities” on the Consolidated Balance Sheets.
v3.25.4
RESTRUCTURING COSTS (Tables)
 12 Months Ended
Dec. 31, 2025
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring Costs by Segment
Restructuring costs by business segment were as follows:
December 31, 2025
December 31, 2024(1)
December 31, 2023
Americas$2.2 $(7.3)$6.0 
Asia Pacific0.9 1.2 14.1 
Europe, Middle East & Africa1.3 14.1 3.7 
Corporate50.1 (2.7)4.8 
Total$54.5 $5.3 $28.6 
(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.
Schedule of the Change in the Liability for the Restructuring of Operations
The change in the current liability for restructuring costs for the year ended December 31, 2025 were as follows:
December 31, 2024 Paid/Utilized  ExpenseDecember 31, 2025
Severance and benefits$10.3 $(17.4)$51.2 $44.1 
Plant closing and other0.1 (3.3)3.3 0.1 
Total$10.4 $(20.7)$54.5 $44.2 

The change in the current liability for restructuring costs for the year ended December 31, 2024 were as follows:
December 31, 2023Paid/Utilized ExpenseDecember 31, 2024
Severance and benefits$25.1 $(12.8)$(2.0)$10.3 
Plant closing and other0.1 (13.8)13.8 0.1 
Total$25.2 $(26.6)$11.8 $10.4 
v3.25.4
GOODWILL AND OTHER INTANGIBLES (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill by Business Segment
The change in the carrying value of goodwill by segment follows:
 Americas Asia Pacific Europe, Middle East & Africa Total
Balance, December 31, 2023
$635.3 $46.4 $648.6 $1,330.3 
Acquisition(1)
— 8.7 — 8.7 
Foreign currency translation and other(1.6)(1.2)(15.1)(17.9)
Balance, December 31, 2024
$633.7 $53.9 $633.5 $1,321.1 
Acquisitions(2)
654.8 0.7 10.5 666.0 
Foreign currency translation and other1.1 0.6 44.9 46.6 
Balance, December 31, 2025
$1,289.6 $55.2 $688.9 $2,033.7 
(1)    Represents the goodwill acquired through an insignificant acquisition during 2024.
(2)    Represents the goodwill acquired through the acquisition of PurgeRite, Great Lakes, and other insignificant acquisitions during 2025.
Schedule of Indefinite-Lived Intangible Assets
The gross carrying amount and accumulated amortization of identifiable intangible assets by major class follow:
As of December 31, 2025
GrossAccumulated AmortizationNet
Customer relationships$2,234.7 $(992.9)$1,241.8 
Developed technology557.0 (355.1)201.9 
Capitalized software125.5 (95.1)30.4 
Trademarks143.3 (50.1)93.2 
Other78.3 (46.1)32.2 
Total finite-lived identifiable intangible assets$3,138.8 $(1,539.3)$1,599.5 
Indefinite-lived trademarks295.3 — 295.3 
Total intangible assets$3,434.1 $(1,539.3)$1,894.8 
As of December 31, 2024
GrossAccumulated AmortizationNet
Customer relationships$1,740.1 $(829.6)$910.5 
Developed technology492.3 (302.9)189.4 
Capitalized software121.0 (86.9)34.1 
Trademarks96.9 (41.7)55.2 
Other43.7 (36.9)6.8 
Total finite-lived identifiable intangible assets$2,494.0 $(1,298.0)$1,196.0 
Indefinite-lived trademarks291.1 — 291.1 
Total intangible assets$2,785.1 $(1,298.0)$1,487.1 
Schedule of Finite-Lived Intangible Assets
The gross carrying amount and accumulated amortization of identifiable intangible assets by major class follow:
As of December 31, 2025
GrossAccumulated AmortizationNet
Customer relationships$2,234.7 $(992.9)$1,241.8 
Developed technology557.0 (355.1)201.9 
Capitalized software125.5 (95.1)30.4 
Trademarks143.3 (50.1)93.2 
Other78.3 (46.1)32.2 
Total finite-lived identifiable intangible assets$3,138.8 $(1,539.3)$1,599.5 
Indefinite-lived trademarks295.3 — 295.3 
Total intangible assets$3,434.1 $(1,539.3)$1,894.8 
As of December 31, 2024
GrossAccumulated AmortizationNet
Customer relationships$1,740.1 $(829.6)$910.5 
Developed technology492.3 (302.9)189.4 
Capitalized software121.0 (86.9)34.1 
Trademarks96.9 (41.7)55.2 
Other43.7 (36.9)6.8 
Total finite-lived identifiable intangible assets$2,494.0 $(1,298.0)$1,196.0 
Indefinite-lived trademarks291.1 — 291.1 
Total intangible assets$2,785.1 $(1,298.0)$1,487.1 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
Based on intangible asset balances as of December 31, 2025, expected amortization expense is as follows:
20262027202820292030
$277.9 $218.5 $206.1 $154.7 $127.3 
v3.25.4
DEBT (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Long-term Debt, Net
Long-term debt, net of current portion, consisted of the following as of December 31, 2025 and 2024:
December 31, 2025December 31, 2024
Term Loan due 2032 at 5.61% and 6.19% at December 31, 2025 and 2024, respectively
$2,076.1 $2,097.0 
Senior Secured Notes due 2028 at 4.125% at both December 31, 2025 and 2024, respectively
850.0 850.0 
Unamortized discount and issuance costs(13.1)(18.8)
2,913.0 2,928.2 
Less: Current portion(20.9)(21.0)
Total long-term debt, net of current portion$2,892.1 $2,907.2 
Schedule of Maturities of Long-term Debt
Contractual maturities of the Company’s debt obligations as of December 31, 2025 are shown below:
2026$20.9 
202720.9 
2028870.9 
202920.9 
203020.9 
Total$954.5 
v3.25.4
LEASES (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Operating Lease Expense, Cash Flow Information, And Weighted Average Remaining Lease Terms and Discount Rates
Refer to the below table for a summary of operating lease expenses:
Year Ended December 31, 2025Year Ended December 31, 2024
Operating lease cost$83.7 $67.1 
Short-term and variable lease cost41.8 35.8 
Total lease cost$125.5 $102.9 
Supplemental cash flow information related to operating leases is as follows:
Year Ended December 31, 2025Year Ended December 31, 2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows - payments on operating leases$83.4 $66.4 
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases$139.8 $82.5 
Weighted average remaining lease terms and discount rates for operating leases are as follows:
December 31, 2025December 31, 2024
Weighted average remaining lease term5.8 years6.4 years
Weighted average discount rate9.1 %9.2 %
Schedule of Supplemental Balance Sheet Information Related to Operating Leases
Supplemental balance sheet information related to operating leases is as follows:
Balance Sheet LocationDecember 31, 2025December 31, 2024
Operating lease right-of-use assetsRight-of-use assets, net$303.0 $202.1 
Operating lease liabilities Accrued expenses and other liabilities$69.7 $45.7 
Operating lease liabilities Long-term lease liabilities244.8 166.7 
Total lease liabilities$314.5 $212.4 
Schedule of Maturities of Lease Liabilities
Maturities of lease liabilities at December 31, 2025 are as follows:
December 31, 2025
Operating Leases
2026$92.9 
202780.6 
202866.4 
202950.1 
203031.2 
Thereafter82.1 
Total lease payments403.3 
Less: Imputed interest(88.8)
Present value of lease liabilities$314.5 
v3.25.4
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income (Loss) before Income Tax, Domestic and Foreign
Earnings (loss) before income taxes from continuing operations consists of the following:
Year Ended December 31,
202520242023
U.S.$1,095.1 $189.5 $49.1 
Non-U.S.(1)
646.8 575.9 484.6 
Total earnings (loss) before income taxes$1,741.9 $765.4 $533.7 
(1)Certain of the Company’s Non-U.S. entities generate losses for which a valuation allowance is provided for and accordingly do not create a tax benefit.
Schedule of Components of Income Tax Expense (Benefit)
The principal components of income tax expense (benefit) from continuing operations consists of the following:
Year Ended December 31,
202520242023
Current:
Federal$160.2 $66.7 $45.5 
State and local35.5 21.8 16.9 
Non-U.S.190.3 235.5 142.5 
Deferred:
Federal18.0 (6.0)(94.0)
State and local3.8 (0.4)(23.5)
Non-U.S.1.3 (48.0)(13.9)
Income tax expense (benefit)$409.1 $269.6 $73.5 
Schedule of Effective Income Tax Rate Reconciliation
Reconciliation of U.S. federal statutory taxes to the Company’s total income tax expense (benefit) from continuing operations consists of the following:
Year Ended December 31, 2025
AmountPercentage
Taxes at U.S. statutory rate (21%)
$365.8 21.0 %
State and local taxes, net of federal tax benefit(1)
31.2 1.8 %
Foreign Tax Effects
Switzerland
Changes in Valuation Allowance42.7 2.5 %
Other(13.7)(0.8)%
Other Foreign Jurisdictions(2.0)(0.1)%
Effect of Cross-Border Tax Laws(13.9)(0.8)%
Tax Credits(1.9)(0.1)%
Changes in Valuation Allowances(1.6)(0.1)%
Nontaxable or Nondeductible Items
Share-based Compensation(26.1)(1.5)%
Other6.7 0.3 %
Changes in Unrecognized Tax Benefits15.2 0.9 %
Other Reconciling Items(2)
6.7 0.4 %
Income Tax Expense$409.1 23.5 %
(1)    The states and local jurisdictions that contribute to the majority (greater than 50%) of the tax effect in this category include California, Illinois, New Jersey, Oregon, and Texas.
(2)    Represents several adjustments, none of which are significant for separate disclosure.
Year Ended December 31,
20242023
Taxes at U.S. statutory rate (21%)
$160.8 $112.1 
State and local taxes, net of federal tax benefit19.4 13.5 
Non-U.S. rate differential23.6 6.1 
Non-U.S. tax holidays and incentives(682.1)(13.1)
Uncertain tax positions13.7 5.7 
U.S. tax impact of non-U.S. operations(2.2)10.0 
Change in valuation allowances633.4 (100.5)
Taxes on undistributed foreign earnings and withholding/dividend taxes26.1 13.2 
Foreign derived intangible income(8.9)(3.0)
Research and development deduction/credit(9.7)(15.0)
Impact of non-tax litigation and other settlements— 5.5 
Change in fair value of warrant liabilities94.3 33.2 
Other permanent differences4.0 1.0 
Impact of rate changes in non-U.S. jurisdictions— 1.4 
Capital loss expiration12.2 — 
Equity and non-deductible compensation(23.2)1.0 
Other(1)
8.2 2.4 
Total income tax expense (benefit)$269.6 $73.5 
(1)Represents several adjustments, none of which are significant for separate disclosure.
Schedule of Deferred Tax Assets and Liabilities
The principal items that gave rise to deferred income tax assets and liabilities follow:
December 31, 2025December 31, 2024
Deferred tax assets
Net operating losses and capital losses$82.6 $44.7 
Capitalized research expenditures83.1 106.8 
Accrued liabilities71.6 49.2 
Employee compensation and benefits27.2 20.3 
Pensions15.1 13.1 
Business interest deduction limitation67.5 70.1 
Inventory45.5 47.6 
Research and development credit carryforward— 0.3 
Lease liability44.0 26.1 
Bad debts9.3 8.1 
Intangibles103.0 99.4 
Foreign tax credit carryforward25.1 26.2 
Non-U.S. tax credits633.1 636.1 
Other2.0 5.4 
Total deferred tax assets, before valuation allowances$1,209.1 $1,153.4 
Valuation allowances$(756.3)$(710.9)
Deferred tax assets, net of valuation allowances$452.8 $442.5 
Deferred tax liabilities
Intangibles and goodwill(273.7)(179.9)
Undistributed foreign earnings(36.2)(33.2)
Property, plant & equipment(61.1)(21.2)
Debt issuance costs(7.2)(19.1)
Lease right-of-use asset(40.6)(24.4)
Deferred gain(84.6)(99.6)
Other(2.6)(2.1)
Total deferred tax liabilities$(506.0)$(379.5)
Net deferred income tax assets$(53.2)$63.0 
Schedule of Unrecognized Tax Benefits Roll Forward
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, 2025December 31, 2024December 31, 2023
Beginning balance$149.1 $102.5 $97.0 
Additions for the current year tax positions23.5 83.2 20.6 
Additions for prior year tax positions17.7 0.4 5.8 
Reductions for prior year tax positions(3.0)(24.4)(0.5)
Reductions for settlements with tax authorities— — (4.1)
Reductions for expirations of statute of limitations(8.9)(12.6)(16.3)
Ending balance$178.4 $149.1 $102.5 
Schedule of Change in Income Tax Valuation Allowance
The change in the income tax valuation allowance is as follows:
December 31, 2025December 31, 2024December 31, 2023
Beginning balance$710.9 $146.8 $250.4 
Additions (reductions) charged to expense43.3 633.4 (100.4)
Additions (reductions) charged to other accounts2.1 (69.3)(3.2)
Ending balance$756.3 $710.9 $146.8 
Schedule of Income Taxes Paid Net of Refunds Received
We adopted ASU 2023-09 on a prospective basis for the year ended December 31, 2025 and have included the following table as a result of the adoption, which presents income taxes paid (net of refunds received):
Year Ended December 31, 2025
Federal taxes$164.1 
State and local taxes36.3 
Foreign taxes:
Italy46.6 
Ireland33.8 
Other foreign jurisdictions147.4 
Total cash taxes paid$428.2 
Below is a summary of income taxes paid for the years ended December 31, 2024 and 2023:
December 31, 2024December 31, 2023
Cash paid during the year for:
Income taxes, net of refunds$272.5 $153.0 
v3.25.4
OTHER FINANCIAL INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Other Income and Expense
Items reported in earnings include the following:
Year Ended December 31,
202520242023
Engineering, research and development expense441.7 $367.6 $303.5 
Depreciation expense97.1 81.6 74.3 
Advertising expense16.8 19.4 20.1 
Schedule of Accrued Liabilities
Items reported in accrued expenses and other liabilities include the following:
December 31, 2025December 31, 2024
Accrued payroll and other employee compensation$173.2 $147.8 
Restructuring (see Note 4)
44.2 10.4 
Operating lease liabilities (see Note 7)
69.7 45.7 
Product warranty (see Note 1)
43.2 27.5 
Other 441.3 381.2 
Total$771.6 $612.6 
v3.25.4
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Financial Instruments Recognized at Fair Value
A summary of the Company’s financial instruments recognized at fair value, and the fair value measurements used, are as follows:
As of December 31, 2025
Balance Sheet LocationTotalQuoted prices in active markets for identical assets (Level 1)Other observable inputs (Level 2)Unobservable inputs (Level 3)
Assets:
CashCash and cash equivalents$1,728.4 $1,728.4 $— $— 
Interest rate swapsOther current assets23.4 — 23.4 — 
Foreign currency exchange forwardsOther current assets9.7 — 9.7 — 
Economic hedgesOther current assets26.1 — 26.1 — 
Interest rate swapsOther noncurrent assets4.8 — 4.8 — 
Total assets$1,792.4 $1,728.4 $64.0 $— 
Liabilities:
Contingent considerationOther long-term liabilities$144.1 $— $— $144.1 
Total liabilities$144.1 $— $— $144.1 
As of December 31, 2024
Balance Sheet LocationTotalQuoted prices in active markets for identical assets (Level 1)Other observable inputs (Level 2)Unobservable inputs (Level 3)
Assets:
CashCash and cash equivalents$1,227.6 $1,227.6 $— $— 
Interest rate swapsOther current assets30.3 — 30.3 — 
Economic hedgesOther current assets9.8 — 9.8 — 
Interest rate swapsOther noncurrent assets33.3 — 33.3 — 
Total assets$1,301.0 $1,227.6 $73.4 $— 
Liabilities:
Foreign currency exchange forwardsAccrued expenses and other liabilities$8.8 $— $8.8 $— 
Total liabilities$8.8 $— $8.8 $— 
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments The following table presents the estimated fair value and carrying value of long-term debt, including the current portion of long-term debt as of December 31, 2025 and 2024.
 December 31, 2025December 31, 2024
 Fair Value
Par Value(1)
Fair Value
Par Value(1)
Term Loan due 2032
$2,089.1 $2,076.1 $2,097.0 $2,097.0 
Senior Secured Notes due 2028840.9 850.0 802.4 850.0 
(1)See “Note 6 — Debt” for additional information
v3.25.4
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Schedule of Activity in Accumulated Other Comprehensive Income (Loss)
Activity in accumulated other comprehensive (loss) income is as follows:
Year Ended December 31,
202520242023
Foreign currency translation, beginning$(203.9)$(89.8)$(157.0)
Other comprehensive income (loss)(1)
174.8 (114.1)67.2 
Foreign currency translation, ending(29.1)(203.9)(89.8)
Interest rate swaps, beginning74.6 87.7 110.2 
Unrealized gain (loss) deferred during the period(2)(3)
(27.4)(13.1)(22.5)
Interest rate swaps, ending47.2 74.6 87.7 
Pension, beginning(6.9)(2.4)0.6 
Actuarial gain (loss), net of income taxes(4)
(3.5)(4.5)(3.0)
Pension, ending(10.4)(6.9)(2.4)
Foreign currency exchange forwards, beginning(12.6)— — 
Unrealized gain (loss) deferred during the period(5)
23.1 (12.6)— 
Foreign currency exchange forwards, ending10.5 (12.6)— 
Accumulated other comprehensive (loss) income$18.2 $(148.8)$(4.5)
(1)For the year ended December 31, 2025 and 2024 foreign currency translation included tax effects of $2.0 and $2.0, respectively, refer to "Note 8 - Income Taxes" for additional information.
(2)During the year ended December 31, 2025, 2024, and 2023, $32.4, $41.7, and $38.9 respectively, was reclassified into earnings.
(3)For the year ended December 31, 2025 and 2024 interest rate swaps included tax effects of $8.2 and $4.0, respectively.
(4)For the year ended December 31, 2025 and 2024 pension included tax effects of $0.9 and $0.3, respectively.
(5)For the year ended December 31, 2025 and 2024 foreign currency exchange forwards included tax effects of $3.8 and $3.8, respectively.
v3.25.4
SEGMENT INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
Reportable Business Segments
Year Ended December 31, 2025
AmericasAsia PacificEurope, Middle East & AfricaTotal
Sales$6,423.9 $2,274.7 $2,382.2 $11,080.8 
Intersegment sales37.6 255.5 557.8 850.9 
Net Sales6,386.3 2,019.2 1,824.4 10,229.9 
Significant segment expenses
Cost of sales(1)
3,838.7 1,465.1 1,165.2 6,469.0 
Marketing, sales and service costs356.9 128.9 99.6 585.4 
Engineering, research and development costs229.3 112.2 100.2 441.7 
Information technology costs88.7 60.3 37.3 186.3 
Restructuring costs2.2 0.9 1.3 4.4 
Other segment items(2)
156.2 29.7 43.4 229.3 
Operating profit (loss)1,714.3 222.1 377.4 2,313.8 
Foreign currency gain (loss)(12.0)
Corporate and other(271.7)
Total corporate, other and eliminations(283.7)
Amortization of intangibles(200.4)
Operating profit (loss)$1,829.7 
(1)    Cost of sales exclusive of engineering, research and development costs.
(2)    Other segment expenses mostly consists of general and administrative expenses such as Finance, HR, Treasury and Legal costs.
Year Ended December 31, 2024
AmericasAsia PacificEurope, Middle East & AfricaTotal
Sales$4,561.8 $1,878.0 $2,317.3 $8,757.1 
Intersegment sales61.2 160.2 523.9 745.3 
Net Sales4,500.6 1,717.8 1,793.4 8,011.8 
Significant segment expenses
Cost of sales(1)
2,726.5 1,216.1 1,092.4 5,035.0 
Marketing, sales and service costs294.2 120.9 95.7 510.8 
Engineering, research and development costs188.9 97.7 81.0 367.6 
Information technology costs79.8 58.3 35.7 173.8 
Restructuring costs(7.3)1.2 14.1 8.0 
Other segment items(2)
120.7 48.4 35.1 204.2 
Operating profit (loss)1,097.8 175.2 439.4 1,712.4 
Foreign currency gain (loss)(9.3)
Corporate and other(151.5)
Total corporate, other and eliminations(160.8)
Amortization of intangibles(184.2)
Operating profit (loss)$1,367.4 
(1)    Cost of sales exclusive of engineering, research and development costs.
(2)    Other segment expenses mostly consists of general and administrative expenses such as Finance, HR, Treasury and Legal costs.
Year Ended December 31, 2023
AmericasAsia PacificEurope, Middle East & AfricaTotal
Sales$3,885.2 $1,615.6 $1,732.3 $7,233.1 
Intersegment sales40.7 87.8 241.4 369.9 
Net Sales3,844.5 1,527.8 1,490.9 6,863.2 
Significant segment expenses
Cost of sales(1)
2,435.7 1,078.6 914.8 4,429.1 
Marketing, sales and service costs320.1 117.3 95.3 532.7 
Engineering, research and development costs138.1 89.4 76.0 303.5 
Information technology costs74.5 57.2 34.5 166.2 
Restructuring costs6.0 14.1 3.7 23.8 
Other segment items(2)
107.7 23.8 68.9 200.4 
Operating profit (loss)762.4 147.4 297.7 1,207.5 
Foreign currency gain (loss)(16.0)
Corporate and other(138.0)
Total corporate, other and eliminations(154.0)
Amortization of intangibles(181.3)
Operating profit (loss)$872.2 
(1)    Cost of sales exclusive of engineering, research and development costs.
(2)    Other segment expenses mostly consists of general and administrative expenses such as Finance, HR, Treasury and Legal costs.
Total AssetsDecember 31, 2025December 31, 2024
Americas$5,864.3 $3,728.9 
Asia Pacific1,810.7 1,631.6 
Europe, Middle East & Africa2,918.0 2,654.8 
10,593.0 8,015.3 
Corporate and other 1,619.4 1,117.2 
Total$12,212.4 $9,132.5 
Year Ended December 31,
Depreciation and Amortization202520242023
Americas$146.5 $125.9 $121.1 
Asia Pacific37.2 34.3 34.7 
Europe, Middle East & Africa88.4 83.7 80.9 
Corporate and other36.5 33.1 34.3 
Total$308.6 $277.0 $271.0 
Year Ended December 31,
Capital Expenditures202520242023
Americas$110.9 $71.9 $65.7 
Asia Pacific40.2 39.0 25.2 
Europe, Middle East & Africa54.2 48.8 25.7 
Corporate and other14.7 7.3 11.3 
Total$220.0 $167.0 $127.9 
Year Ended December 31,
Sales by Destination
202520242023
United States$6,013.6 $4,085.8 $3,430.3 
Europe1,474.6 1,523.5 1,307.1 
Asia Pacific2,020.3 1,701.5 1,480.3 
Latin America and Canada436.9 426.9 448.9 
Middle East/Africa284.5 274.1 196.6 
$10,229.9 $8,011.8 $6,863.2 
v3.25.4
EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of the Assumption Used in Determining the Fair Value of Stock Options
A summary of the weighted average assumptions used in determining the fair value of stock options follows:
Year Ended December 31,
202520242023
Expected volatility30.65 %30.19 %37.09 %
Expected option life in years6.256.256.25
Expected dividend yield0.18 %0.14 %0.06 %
Risk-free interest rate4.15 %4.08 %4.23 %
Weighted-average fair value of stock options$32.95 $27.29 $7.26 
Schedule of Stock Option Activity
A summary of the 2025 stock option activity follows:
OptionsWeighted-average exercise price per optionWeighted-average remaining contractual life in years
Aggregate intrinsic value (1)
Outstanding at January 1, 2025
9,699,430 $22.20 
Granted1,472,299 85.96 
Exercised(1,501,222)18.06 
Forfeited and canceled(292,254)38.67 
Outstanding at December 31, 2025
9,378,253 $32.36 6.23$1,215.9 
Exercisable at December 31, 2025
4,720,520 $17.20 5.27$683.6 
(1)The aggregate intrinsic value in the table above represents the difference between the Company’s stock price on the last trading day of 2025 and the exercise price of each in-the-money option on the last day of the period presented.
Schedule of Summary of RSU Activity A summary of the 2025 RSU activity follows:
Restricted stock unitsWeighted-average fair value per unit
Outstanding at January 1, 2025
2,206,641 $25.24 
Granted402,494 112.54 
Vested(329,968)17.05 
Forfeited and canceled(196,444)37.22 
Outstanding at December 31, 2025
2,082,723 $42.23 
v3.25.4
EARNINGS PER SHARE (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The details of the earnings (loss) per share calculations for the years ended December 31, 2025, 2024, and 2023 are as follows:
Year Ended December 31,
(in millions, except per share and per share amounts)2025
2024
2023
Net income (loss)$1,332.8 $495.8 $460.2 
Weighted-average number of shares outstanding - basic381,712,181 376,418,933 380,144,059 
Dilutive effect of equity-based compensation$8,940,643 $9,906,125 $6,082,208 
Weighted-average number of shares outstanding - diluted390,652,824 386,325,058 386,226,267 
Earnings (loss) per share
Basic3.49 1.32 1.21 
Diluted3.41 1.28 1.19 
v3.25.4
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Description of Business Narrative (Details)
 12 Months Ended
Dec. 31, 2025
segment
Jun. 12, 2018
shares
Subsidiary, Sale of Stock [Line Items]    
Number of operating segments 3  
Number of reportable segments 3  
IPO    
Subsidiary, Sale of Stock [Line Items]    
Number of units per one redeemable warrant (in shares) | shares   3
v3.25.4
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Marketable Securities Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Accounting Policies [Abstract]    
Short-term investments $ 99.5 $ 0.0
Short term investments, fair value $ 99.6 $ 0.0
v3.25.4
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accounting Policies [Abstract]        
Cash and cash equivalents $ 1,728.4 $ 1,227.6 $ 780.4  
Restricted cash included in other current assets 61.4 4.6 8.2  
Total cash, cash equivalents, and restricted cash $ 1,789.8 $ 1,232.2 $ 788.6 $ 273.2
v3.25.4
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Change in the Allowance for Credit Losses (Details) - SEC Schedule, 12-09, Allowance, Credit Loss - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Beginning balance $ 22.4 $ 29.1 $ 18.4
Provision charged to expense 7.8 1.6 11.3
Deductions (4.6) (8.3) (0.6)
Ending balance $ 25.6 $ 22.4 $ 29.1
v3.25.4
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Inventory (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accounting Policies [Abstract]      
Finished products $ 555.4 $ 400.8  
Raw materials 680.6 564.7  
Work in process 220.5 278.9  
Total inventories 1,456.5 1,244.4  
SEC Schedule, 12-09, Reserve, Inventory      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Beginning balance 73.8 59.0 $ 56.0
Provision charged to expense 68.9 46.7 28.8
Write-offs and other (48.3) (31.9) (25.8)
Ending balance $ 94.4 $ 73.8 $ 59.0
v3.25.4
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property, Plant and Equipment, Goodwill and Intangible Assets Narrative (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Property, Plant and Equipment [Line Items]  
Impairment charges $ 0.0
Capitalized software  
Property, Plant and Equipment [Line Items]  
Finite-lived intangible asset, useful lives (in years) 5 years
Minimum | Customer relationships  
Property, Plant and Equipment [Line Items]  
Finite-lived intangible asset, useful lives (in years) 10 years
Minimum | Developed technology  
Property, Plant and Equipment [Line Items]  
Finite-lived intangible asset, useful lives (in years) 5 years
Minimum | Trademarks  
Property, Plant and Equipment [Line Items]  
Finite-lived intangible asset, useful lives (in years) 5 years
Maximum | Customer relationships  
Property, Plant and Equipment [Line Items]  
Finite-lived intangible asset, useful lives (in years) 13 years
Maximum | Developed technology  
Property, Plant and Equipment [Line Items]  
Finite-lived intangible asset, useful lives (in years) 10 years
Maximum | Trademarks  
Property, Plant and Equipment [Line Items]  
Finite-lived intangible asset, useful lives (in years) 10 years
Buildings | Minimum  
Property, Plant and Equipment [Line Items]  
Property, plant and equipment, useful lives (in years) 30 years
Buildings | Maximum  
Property, Plant and Equipment [Line Items]  
Property, plant and equipment, useful lives (in years) 40 years
Machinery and equipment | Minimum  
Property, Plant and Equipment [Line Items]  
Property, plant and equipment, useful lives (in years) 7 years
Machinery and equipment | Maximum  
Property, Plant and Equipment [Line Items]  
Property, plant and equipment, useful lives (in years) 10 years
v3.25.4
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Property, Plant and Equipment (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, at cost $ 1,448.2 $ 1,059.1
Less: Accumulated depreciation (526.3) (434.0)
Property, plant and equipment, net 921.8 625.1
United States    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, at cost 176.5 148.8
Machinery and equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, at cost 874.1 570.1
Buildings    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, at cost 408.7 362.1
Land    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, at cost 42.1 39.4
Construction in progress    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, at cost $ 123.3 $ 87.5
v3.25.4
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Product Warranties Narrative (Details)
 12 Months Ended
Dec. 31, 2025
Minimum  
Product Warranty Liability [Line Items]  
Standard product warranty period (in years) 1 year
Maximum  
Product Warranty Liability [Line Items]  
Standard product warranty period (in years) 2 years
v3.25.4
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Product Warranties (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]      
Beginning balance $ 27.5 $ 26.1 $ 25.6
Provision charge to expense 43.4 25.7 22.7
Paid/utilized (27.7) (24.3) (22.2)
Ending balance $ 43.2 $ 27.5 $ 26.1
v3.25.4
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Derivative Instruments and Hedging Activities Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Mar. 02, 2020
Derivative [Line Items]        
Mark-to-market gains/(losses) for derivatives $ (2,900,000) $ (2,500,000) $ (800,000)  
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other Operating Income (Expense), Net Other Operating Income (Expense), Net Other Operating Income (Expense), Net  
Interest rate swaps        
Derivative [Line Items]        
Derivative, notional amount $ 1,000,000,000 $ 1,000,000,000   $ 1,000,000,000
v3.25.4
ACQUISITIONS - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 04, 2025
Jul. 17, 2025
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Business Combination [Line Items]            
Acquisition of businesses, net of cash acquired       $ 1,184,800 $ 17,600 $ 28,800
Customer relationships            
Business Combination [Line Items]            
Weighted average useful life (in years) 8 years 8 months 15 days          
Customer relationships | Minimum            
Business Combination [Line Items]            
Finite-lived intangible asset, useful lives (in years)     10 years 10 years    
Customer relationships | Maximum            
Business Combination [Line Items]            
Finite-lived intangible asset, useful lives (in years)     13 years 13 years    
Purge Rite Intermediate, LLC            
Business Combination [Line Items]            
Consideration transferred $ 1,138,300          
Cash acquired from acquisition 14,400          
Payments to acquire businesses 1,152,700          
Acquisition of businesses, net of cash acquired 1,003,500          
Contingent consideration transferred 139,200          
Other adjustments 10,000          
Additional cash consideration 250,000          
Acquisition-related costs 5,200          
Other intangible assets $ 445,200          
Purge Rite Intermediate, LLC | Customer relationships            
Business Combination [Line Items]            
Weighted average useful life (in years) 9 years 6 months          
Great Lakes            
Business Combination [Line Items]            
Consideration transferred   $ 203,500        
Other intangible assets   107,600        
Accounts receivable and inventory acquired   30,700        
Tax-deductible goodwill   $ 65,200        
Prelimiary valuation adjustment, other net assets     $ (1,100)      
Goodwill period adjustment     $ 1,100      
Finite-lived intangible asset, useful lives (in years)   9 years 9 months 25 days        
Great Lakes | Minimum            
Business Combination [Line Items]            
Finite-lived intangible asset, useful lives (in years)   5 years        
Great Lakes | Maximum            
Business Combination [Line Items]            
Finite-lived intangible asset, useful lives (in years)   10 years        
v3.25.4
ACQUISITIONS - Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 04, 2025
Dec. 31, 2024
Dec. 31, 2023
Business Combination [Line Items]        
Goodwill $ 2,033.7   $ 1,321.1 $ 1,330.3
Purge Rite Intermediate, LLC        
Business Combination [Line Items]        
Accounts receivable   $ 69.5    
Other current assets   7.2    
Property, plant and equipment   150.0    
Goodwill   588.4    
Other intangible assets   445.2    
Right-of-use assets, net   3.5    
Accounts payable   11.3    
Deferred revenue   12.0    
Accrued expenses and other liabilities   4.7    
Deferred income taxes   95.0    
Other long-term liabilities   2.5    
Net assets acquired and liabilities assumed   $ 1,138.3    
v3.25.4
ACQUISITIONS - Indefinite Lived Intangible Assets Acquired (Details)
$ in Millions
Dec. 04, 2025
USD ($)
Customer relationships  
Business Combination [Line Items]  
Weighted average useful life (in years) 8 years 8 months 15 days
Purge Rite Intermediate, LLC  
Business Combination [Line Items]  
Total intangible assets $ 445.2
Purge Rite Intermediate, LLC | Customer relationships  
Business Combination [Line Items]  
Weighted average useful life (in years) 9 years 6 months
Total intangible assets $ 372.6
Purge Rite Intermediate, LLC | Trademarks  
Business Combination [Line Items]  
Weighted average useful life (in years) 8 years
Total intangible assets $ 39.8
Purge Rite Intermediate, LLC | Other  
Business Combination [Line Items]  
Weighted average useful life (in years) 6 months
Total intangible assets $ 32.3
Purge Rite Intermediate, LLC | Capitalized software  
Business Combination [Line Items]  
Weighted average useful life (in years) 5 years
Total intangible assets $ 0.5
v3.25.4
REVENUE - Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Net sales $ 10,229.9 $ 8,011.8 $ 6,863.2
Products and services transferred at a point in time      
Disaggregation of Revenue [Line Items]      
Net sales 8,041.8 5,748.3 5,038.6
Products and services transferred over time      
Disaggregation of Revenue [Line Items]      
Net sales 2,188.1 2,263.5 1,824.6
Products      
Disaggregation of Revenue [Line Items]      
Net sales 8,207.0 6,245.2 5,271.2
Services & spares      
Disaggregation of Revenue [Line Items]      
Net sales 2,022.9 1,766.6 1,592.0
Americas      
Disaggregation of Revenue [Line Items]      
Net sales 6,386.3 4,500.6 3,844.5
Americas | Products and services transferred at a point in time      
Disaggregation of Revenue [Line Items]      
Net sales 5,387.8 3,474.6 2,932.3
Americas | Products and services transferred over time      
Disaggregation of Revenue [Line Items]      
Net sales 998.5 1,026.0 912.2
Americas | Products      
Disaggregation of Revenue [Line Items]      
Net sales 5,270.1 3,579.1 3,021.2
Americas | Services & spares      
Disaggregation of Revenue [Line Items]      
Net sales 1,116.2 921.5 823.3
Asia Pacific      
Disaggregation of Revenue [Line Items]      
Net sales 2,019.2 1,717.8 1,527.8
Asia Pacific | Products and services transferred at a point in time      
Disaggregation of Revenue [Line Items]      
Net sales 1,518.1 1,252.1 1,163.9
Asia Pacific | Products and services transferred over time      
Disaggregation of Revenue [Line Items]      
Net sales 501.1 465.7 363.9
Asia Pacific | Products      
Disaggregation of Revenue [Line Items]      
Net sales 1,510.9 1,248.5 1,098.1
Asia Pacific | Services & spares      
Disaggregation of Revenue [Line Items]      
Net sales 508.3 469.3 429.7
Europe, Middle East, & Africa      
Disaggregation of Revenue [Line Items]      
Net sales 1,824.4 1,793.4 1,490.9
Europe, Middle East, & Africa | Products and services transferred at a point in time      
Disaggregation of Revenue [Line Items]      
Net sales 1,135.9 1,021.6 942.4
Europe, Middle East, & Africa | Products and services transferred over time      
Disaggregation of Revenue [Line Items]      
Net sales 688.5 771.8 548.5
Europe, Middle East, & Africa | Products      
Disaggregation of Revenue [Line Items]      
Net sales 1,426.0 1,417.6 1,151.9
Europe, Middle East, & Africa | Services & spares      
Disaggregation of Revenue [Line Items]      
Net sales $ 398.4 $ 375.8 $ 339.0
v3.25.4
REVENUE - Contract Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]    
Deferred revenue - current $ 1,814.7 $ 1,063.3
Deferred revenue - noncurrent $ 107.6 $ 91.3
v3.25.4
REVENUE - Narrative (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue expected to be recognized over time $ 55.2
Performance obligation expected timing, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue expected to be recognized over time $ 27.9
Performance obligation expected timing, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue expected to be recognized over time $ 24.5
Performance obligation expected timing, period
v3.25.4
RESTRUCTURING COSTS - Restructuring Costs by Segment (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]      
Restructuring costs $ 54.5 $ 5.3 $ 28.6
Operating Segments      
Restructuring Cost and Reserve [Line Items]      
Restructuring costs 4.4 8.0 23.8
Operating Segments | Americas      
Restructuring Cost and Reserve [Line Items]      
Restructuring costs 2.2 (7.3) 6.0
Operating Segments | Asia Pacific      
Restructuring Cost and Reserve [Line Items]      
Restructuring costs 0.9 1.2 14.1
Operating Segments | Europe, Middle East, & Africa      
Restructuring Cost and Reserve [Line Items]      
Restructuring costs 1.3 14.1 3.7
Corporate and other      
Restructuring Cost and Reserve [Line Items]      
Restructuring costs $ 50.1 $ (2.7) $ 4.8
v3.25.4
RESTRUCTURING COSTS - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Restructuring and Related Activities [Abstract]  
Restructuring reserve adjustment $ 6.5
v3.25.4
RESTRUCTURING COSTS - Changes in Restructuring Reserve (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Restructuring Reserve [Roll Forward]    
Restructuring reserve, beginning balance $ 10.4 $ 25.2
Paid/Utilized (20.7) (26.6)
Expense 54.5 11.8
Restructuring reserve, ending balance 44.2 10.4
Severance and benefits    
Restructuring Reserve [Roll Forward]    
Restructuring reserve, beginning balance 10.3 25.1
Paid/Utilized (17.4) (12.8)
Expense 51.2 (2.0)
Restructuring reserve, ending balance 44.1 10.3
Plant closing and other    
Restructuring Reserve [Roll Forward]    
Restructuring reserve, beginning balance 0.1 0.1
Paid/Utilized (3.3) (13.8)
Expense 3.3 13.8
Restructuring reserve, ending balance $ 0.1 $ 0.1
v3.25.4
GOODWILL AND OTHER INTANGIBLES - Goodwill by Business Segment (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Goodwill [Roll Forward]    
Beginning balance $ 1,321.1 $ 1,330.3
Acquisition 666.0 8.7
Foreign currency translation and other 46.6 (17.9)
Ending balance 2,033.7 1,321.1
Americas    
Goodwill [Roll Forward]    
Beginning balance 633.7 635.3
Acquisition 654.8 0.0
Foreign currency translation and other 1.1 (1.6)
Ending balance 1,289.6 633.7
Asia Pacific    
Goodwill [Roll Forward]    
Beginning balance 53.9 46.4
Acquisition 0.7 8.7
Foreign currency translation and other 0.6 (1.2)
Ending balance 55.2 53.9
Europe, Middle East, & Africa    
Goodwill [Roll Forward]    
Beginning balance 633.5 648.6
Acquisition 10.5 0.0
Foreign currency translation and other 44.9 (15.1)
Ending balance $ 688.9 $ 633.5
v3.25.4
GOODWILL AND OTHER INTANGIBLES - Summary of Finite-Lived and Indefinite Intangibles Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Gross $ 3,138.8 $ 2,494.0
Accumulated Amortization (1,539.3) (1,298.0)
Net 1,599.5 1,196.0
Indefinite-lived trademarks 295.3 291.1
Intangible assets, gross 3,434.1 2,785.1
Intangible assets, net 1,894.8 1,487.1
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross 2,234.7 1,740.1
Accumulated Amortization (992.9) (829.6)
Net 1,241.8 910.5
Developed technology    
Finite-Lived Intangible Assets [Line Items]    
Gross 557.0 492.3
Accumulated Amortization (355.1) (302.9)
Net 201.9 189.4
Capitalized software    
Finite-Lived Intangible Assets [Line Items]    
Gross 125.5 121.0
Accumulated Amortization (95.1) (86.9)
Net 30.4 34.1
Trademarks    
Finite-Lived Intangible Assets [Line Items]    
Gross 143.3 96.9
Accumulated Amortization (50.1) (41.7)
Net 93.2 55.2
Other    
Finite-Lived Intangible Assets [Line Items]    
Gross 78.3 43.7
Accumulated Amortization (46.1) (36.9)
Net $ 32.2 $ 6.8
v3.25.4
GOODWILL AND OTHER INTANGIBLES - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]      
Amortization $ 211.5 $ 195.4 $ 196.7
Impairment charges $ 0.0    
v3.25.4
GOODWILL AND OTHER INTANGIBLES - Schedule of Intangible Asset Expected Amortization (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2026 $ 277.9
2027 218.5
2028 206.1
2029 154.7
2030 $ 127.3
v3.25.4
DEBT - Long-term debt (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Oct. 22, 2021
Debt Instrument [Line Items]      
Long-term debt, gross $ 954.5    
Unamortized discount and issuance costs (13.1) $ (18.8)  
Long-term debt, gross 2,913.0 2,928.2  
Less: Current portion (20.9) (21.0)  
Total long-term debt, net of current portion $ 2,892.1 $ 2,907.2  
Term Loan due 2032 at 5.61% and 6.19% at December 31, 2025 and 2024, respectively | Line of Credit | Revolving Credit Facility      
Debt Instrument [Line Items]      
Weighted average borrowing rate (as percent) 5.61% 6.19%  
Long-term debt, gross $ 2,076.1 $ 2,097.0  
Senior Secured Notes due 2028 at 4.125% at both December 31, 2025 and 2024, respectively      
Debt Instrument [Line Items]      
Weighted average borrowing rate (as percent) 4.125% 4.125%  
Aggregate principal amount $ 850.0 $ 850.0 $ 850.0
v3.25.4
DEBT - Maturity of Long Term Debt (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Debt Disclosure [Abstract]  
2026 $ 20.9
2027 20.9
2028 870.9
2029 20.9
2030 20.9
Total $ 954.5
v3.25.4
DEBT - Term Loan due 2032 (Details) - USD ($)
 12 Months Ended
Dec. 13, 2024
Jun. 13, 2024
Dec. 13, 2023
Mar. 02, 2020
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]              
Loss on extinguishment of debt         $ 1,700,000 $ 2,400,000 $ 500,000
Interest rate swaps              
Debt Instrument [Line Items]              
Derivative, notional amount       $ 1,000,000,000 $ 1,000,000,000 1,000,000,000  
Term Loan due 2032 at 5.61% and 6.19% at December 31, 2025 and 2024, respectively | Revolving Credit Facility              
Debt Instrument [Line Items]              
Line of credit facility, accordion feature, increase limit       $ 325,000,000.0      
Line of credit facility, accordion feature, increase limit as a percent of consolidated EBITDA (as percent)       60.00%      
Debt covenant, maximum consolidated first lien net leverage ratio       375.00%      
Debt covenant, maximum consolidated total net leverage ratio       525.00%      
Term loan amortization rate (as percent)       1.00%      
Stated interest rate (as percent)       1.00%      
Prepayment, percent of excess cash flow (as percent)       50.00%      
Prepayment, net cash proceeds of certain asset sales and casualty and condemnation events and the incurrence of certain other indebtedness, percent (as percent)       100.00%      
Debt term       7 years      
Interest rate decrease 0.25% 0.50% 0.25%        
Loss on extinguishment of debt           1,100,000  
Term Loan due 2032 at 5.61% and 6.19% at December 31, 2025 and 2024, respectively | Revolving Credit Facility | Fed Funds Effective Rate Overnight Index Swap Rate              
Debt Instrument [Line Items]              
Basis spread on variable rate (as percent)       0.50%      
Term Loan due 2032 at 5.61% and 6.19% at December 31, 2025 and 2024, respectively | Revolving Credit Facility | London Interbank Offered Rate (LIBOR)              
Debt Instrument [Line Items]              
Basis spread on variable rate (as percent)       0.50%      
Term Loan due 2032 at 5.61% and 6.19% at December 31, 2025 and 2024, respectively | Revolving Credit Facility | One Month London Interbank Offered Rate (LIBOR)              
Debt Instrument [Line Items]              
Basis spread on variable rate (as percent)       1.00%      
Term Loan due 2032 at 5.61% and 6.19% at December 31, 2025 and 2024, respectively | Revolving Credit Facility | Stated Percentage              
Debt Instrument [Line Items]              
Basis spread on variable rate (as percent)       2.00%      
Term Loan due 2032 at 5.61% and 6.19% at December 31, 2025 and 2024, respectively | Revolving Credit Facility | One-, Two-, Three- Or Six-Month LIBOR Or, If Agreed By All Term Lenders, 12-month LIBOR Or, If Agreed To By The Term Agent, Any Shorter Period Selected At The Option Of The Borrower              
Debt Instrument [Line Items]              
Basis spread on variable rate (as percent)       3.00%      
Term Loan due 2032 at 5.61% and 6.19% at December 31, 2025 and 2024, respectively | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate              
Debt Instrument [Line Items]              
Basis spread on variable rate (as percent) 1.75% 2.00% 2.50%        
Term Loan due 2032 at 5.61% and 6.19% at December 31, 2025 and 2024, respectively | Revolving Credit Facility | Base Rate              
Debt Instrument [Line Items]              
Basis spread on variable rate (as percent) 0.75% 1.00% 1.50%        
Term Loan due 2032 at 5.61% and 6.19% at December 31, 2025 and 2024, respectively | Revolving Credit Facility | Secured Overnight Financing Rate, One Month Term              
Debt Instrument [Line Items]              
Interest rate decrease   0.11448%          
Term Loan due 2032 at 5.61% and 6.19% at December 31, 2025 and 2024, respectively | Revolving Credit Facility | Secured Overnight Financing Rate, Three Month Term              
Debt Instrument [Line Items]              
Interest rate decrease   0.26161%          
Term Loan due 2032 at 5.61% and 6.19% at December 31, 2025 and 2024, respectively | Revolving Credit Facility | Secured Overnight Financing Rate, Six Month Term              
Debt Instrument [Line Items]              
Interest rate decrease   0.42826%          
Term Loan due 2032 at 5.61% and 6.19% at December 31, 2025 and 2024, respectively | Revolving Credit Facility | Secured Overnight Financing Rate, Twelve Month Term              
Debt Instrument [Line Items]              
Interest rate decrease   0.71513%          
Term Loan Due 2027 Member 2 | Revolving Credit Facility              
Debt Instrument [Line Items]              
Loss on extinguishment of debt           $ (1,300,000)  
v3.25.4
DEBT - ABL Revolving Credit Facility (Details) - USD ($)
Feb. 16, 2024
Sep. 20, 2022
Dec. 31, 2025
Dec. 31, 2024
Nov. 12, 2024
Mar. 02, 2020
Debt Instrument [Line Items]            
Long-term debt, gross     $ 954,500,000      
Line of Credit | Euro Interbank Offered Rate (EURIBOR) And Sterling Overnight Indexed Average (SONIA)            
Debt Instrument [Line Items]            
Basis spread on variable rate (as percent)   0.10%        
Revolving Credit Facility | Line of Credit            
Debt Instrument [Line Items]            
Line of credit facility, borrowing capacity increase   $ 115,000,000.0        
Revolving Credit Facility | ABL Revolving Credit Facility due 2025 | Line of Credit            
Debt Instrument [Line Items]            
Line of credit facility, maximum borrowing capacity $ 600,000,000.0 $ 570,000,000.0     $ 737,000,000.0 $ 570,000,000.0
Line of credit facility, accordion feature           600,000,000.0
Line of credit facility, borrowing capacity increase $ 30,000,000.0       200,000,000.0  
Line of credit facility, unused capacity, commitment fee percentage (as percent)   0.25%        
Global availability as a percent of aggregate commitments, subject to minimum consolidated fixed charge coverage ratio (as percent)   10.00%        
Global availability of aggregate commitments, subject to minimum consolidated fixed charge coverage ratio   $ 30,000,000.0        
Ratio of global availability of aggregate commitments   100.00%        
Debt instrument, global availability of aggregate commitments subject to minimum consolidated fixed charge coverage ratio, period   30 days        
Debt term 5 years          
Changes in dollar test amount $ 40,000,000.0       54,000,000.0  
Line of credit facility, remaining borrowing capacity     784,000,000.0      
Letters of credit outstanding     16,000,000.0      
Long-term debt, gross     $ 0 $ 0    
Revolving Credit Facility | ABL Revolving Credit Facility due 2025 | Line of Credit | Minimum            
Debt Instrument [Line Items]            
Debt instrument, base rate (as percent)   0.25%        
Line of credit facility, remaining borrowing capacity         100,000,000.0  
Revolving Credit Facility | ABL Revolving Credit Facility due 2025 | Line of Credit | Maximum            
Debt Instrument [Line Items]            
Debt instrument, base rate (as percent)   0.75%        
Line of credit facility, remaining borrowing capacity         $ 125,000,000.0  
Revolving Credit Facility | ABL Revolving Credit Facility due 2025 | Line of Credit | London Interbank Offered Rate (LIBOR)            
Debt Instrument [Line Items]            
Basis spread on variable rate (as percent)   0.50%        
Revolving Credit Facility | ABL Revolving Credit Facility due 2025 | Line of Credit | Fed Funds Effective Rate Overnight Index Swap Rate            
Debt Instrument [Line Items]            
Basis spread on variable rate (as percent)   0.50%        
Revolving Credit Facility | ABL Revolving Credit Facility due 2025 | Line of Credit | One Month London Interbank Offered Rate (LIBOR)            
Debt Instrument [Line Items]            
Basis spread on variable rate (as percent)   1.00%        
Revolving Credit Facility | ABL Revolving Credit Facility due 2025 | Line of Credit | LIBOR Base Rate Margin            
Debt Instrument [Line Items]            
Basis spread on variable rate (as percent)   1.00%        
Revolving Credit Facility | ABL Revolving Credit Facility due 2025 | Line of Credit | One-, Two-, Three- Or Six-Month LIBOR Or, If Agreed By All Term Lenders, 12-month LIBOR Or, If Agreed To By The Term Agent, Any Shorter Period Selected At The Option Of The Borrower | Minimum            
Debt Instrument [Line Items]            
Basis spread on variable rate (as percent)   1.25%        
Revolving Credit Facility | ABL Revolving Credit Facility due 2025 | Line of Credit | One-, Two-, Three- Or Six-Month LIBOR Or, If Agreed By All Term Lenders, 12-month LIBOR Or, If Agreed To By The Term Agent, Any Shorter Period Selected At The Option Of The Borrower | Maximum            
Debt Instrument [Line Items]            
Basis spread on variable rate (as percent)   1.75%        
Revolving Credit Facility | ABL Revolving Credit Facility due 2025 | Line of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate            
Debt Instrument [Line Items]            
Basis spread on variable rate (as percent)   0.50%        
Revolving Credit Facility | ABL Revolving Credit Facility due 2025 | Line of Credit | One Month London Interbank Offered Rate (SOFR)            
Debt Instrument [Line Items]            
Basis spread on variable rate (as percent)   1.00%        
Revolving Credit Facility | ABL Revolving Credit Facility due 2025 | Line of Credit | SOFR Base Rate Margin            
Debt Instrument [Line Items]            
Basis spread on variable rate (as percent)   1.00%        
Revolving Credit Facility | ABL Revolving Credit Facility due 2025 | Line of Credit | One-, Two-, Three- Or Six-Month SOFR Or, If Agreed By All Term Lenders, 12-month SOFR Or, If Agreed To By The Term Agent, Any Shorter Period Selected At The Option Of The Borrower | Minimum            
Debt Instrument [Line Items]            
Basis spread on variable rate (as percent)   1.25%        
Revolving Credit Facility | ABL Revolving Credit Facility due 2025 | Line of Credit | One-, Two-, Three- Or Six-Month SOFR Or, If Agreed By All Term Lenders, 12-month SOFR Or, If Agreed To By The Term Agent, Any Shorter Period Selected At The Option Of The Borrower | Maximum            
Debt Instrument [Line Items]            
Basis spread on variable rate (as percent)   1.75%        
Revolving Credit Facility | ABL Revolving Credit Facility due 2025 | Line of Credit | Applicable Margins | Minimum            
Debt Instrument [Line Items]            
Basis spread on variable rate (as percent)   1.00%        
Letter of Credit | ABL Revolving Credit Facility due 2025 | Line of Credit            
Debt Instrument [Line Items]            
Line of credit facility, maximum borrowing capacity           200,000,000.0
Bridge Loan | ABL Revolving Credit Facility due 2025 | Line of Credit            
Debt Instrument [Line Items]            
Line of credit facility, maximum borrowing capacity           $ 75,000,000.0
v3.25.4
DEBT - Senior Secured Notes due 2028 (Details) - Senior Secured Notes due 2028 - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Oct. 22, 2021
Debt Instrument [Line Items]      
Aggregate principal amount $ 850.0 $ 850.0 $ 850.0
Stated interest rate (as percent)     4.125%
v3.25.4
LEASES - Narrative (Details)
Dec. 31, 2025
Minimum  
Lessee, Lease, Description [Line Items]  
Remaining lease term (in years) 1 year
Maximum  
Lessee, Lease, Description [Line Items]  
Remaining lease term (in years) 20 years
v3.25.4
LEASES - Operating Lease Costs, and Cash Flow Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Operating lease cost $ 83.7 $ 67.1
Short-term and variable lease cost 41.8 35.8
Total lease cost 125.5 102.9
Cash paid for amounts included in the measurement of lease liabilities:    
Operating cash outflows - payments on operating leases 83.4 66.4
Right-of-use assets obtained in exchange for new lease obligations:    
Operating leases $ 139.8 $ 82.5
v3.25.4
LEASES - Supplemental Balance Sheet Information (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Operating lease right-of-use assets $ 303.0 $ 202.1
Operating lease liabilities $ 69.7 $ 45.7
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Accrued expenses and other liabilities Accrued expenses and other liabilities
Operating lease liabilities $ 244.8 $ 166.7
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Long-term lease liabilities Long-term lease liabilities
Total lease liabilities $ 314.5 $ 212.4
v3.25.4
LEASES - Assumption Used in Calculating Operating Lease Liability (Details)
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Weighted average remaining lease term 5 years 9 months 18 days 6 years 4 months 24 days
Weighted average discount rate 9.10% 9.20%
v3.25.4
LEASES - Operating Lease Liability Maturity Schedule (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
2026 $ 92.9  
2027 80.6  
2028 66.4  
2029 50.1  
2030 31.2  
Thereafter 82.1  
Total lease payments 403.3  
Less: Imputed interest (88.8)  
Present value of lease liabilities $ 314.5 $ 212.4
v3.25.4
INCOME TAXES - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Contingency [Line Items]      
Effective tax rate 23.50% 35.20% 13.80%
Deferred tax liability, foreign $ 36.2 $ 33.2  
Non-U.S. tax credits 633.1 636.1  
Indemnification receivable for income taxes incurred prior to separation 7.0    
Unrecognized tax benefits that would impact effective tax rate 128.2    
Unrecognized tax benefits, amount that would be charged to other expense upon reversal of indemnification receivable 7.4    
Unrecognized tax benefits, income tax penalties and interest accrued 22.8 19.2 $ 19.0
Change in valuation allowances   633.4 (100.5)
Foreign currency translation 174.8 (114.1) $ 67.2
Non-US      
Income Tax Contingency [Line Items]      
Valuation allowance 45.4    
Change in valuation allowances 41.5    
Foreign currency translation 2.1    
Domestic Tax Jurisdiction      
Income Tax Contingency [Line Items]      
Operating loss carryforwards 175.3    
Tax credit carryforward 25.4    
State and Local Jurisdiction      
Income Tax Contingency [Line Items]      
Operating loss carryforwards 296.8    
Tax credit carryforward 0.0    
Valuation allowance   $ 564.1  
Foreign Tax Jurisdiction      
Income Tax Contingency [Line Items]      
Operating loss carryforwards 205.9    
Tax credit carryforward $ 12.7    
v3.25.4
INCOME TAXES - Schedule of Earnings (Loss) Before Income Taxes by Geography (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
U.S. $ 1,095.1 $ 189.5 $ 49.1
Non-U.S. 646.8 575.9 484.6
Income (loss) before income taxes $ 1,741.9 $ 765.4 $ 533.7
v3.25.4
INCOME TAXES - Schedule of Current and Deferred Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current:      
Federal $ 160.2 $ 66.7 $ 45.5
State and local 35.5 21.8 16.9
Non-U.S. 190.3 235.5 142.5
Deferred:      
Federal 18.0 (6.0) (94.0)
State and local 3.8 (0.4) (23.5)
Non-U.S. 1.3 (48.0) (13.9)
Total income tax expense (benefit) $ 409.1 $ 269.6 $ 73.5
v3.25.4
INCOME TAXES - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amount      
Taxes at U.S. statutory rate (21%) $ 365.8 $ 160.8 $ 112.1
State and local taxes, net of federal tax benefit 31.2 19.4 13.5
Non-U.S. rate differential   23.6 6.1
Change in valuation allowances   633.4 (100.5)
Other   8.2 2.4
Effect of Cross-Border Tax Laws (13.9)    
Tax Credits (1.9)    
Equity and non-deductible compensation (26.1) (23.2) 1.0
Other permanent differences 6.7 4.0 1.0
Changes in Unrecognized Tax Benefits 15.2 13.7 5.7
Other Reconciling Items 6.7    
Non-U.S. tax holidays and incentives   (682.1) (13.1)
U.S. tax impact of non-U.S. operations   (2.2) 10.0
Taxes on undistributed foreign earnings and withholding/dividend taxes   26.1 13.2
Foreign derived intangible income   (8.9) (3.0)
Research and development deduction/credit   (9.7) (15.0)
Impact of non-tax litigation and other settlements   0.0 5.5
Change in fair value of warrant liabilities   94.3 33.2
Impact of rate changes in non-U.S. jurisdictions   0.0 1.4
Capital loss expiration   12.2 0.0
Total income tax expense (benefit) $ 409.1 $ 269.6 $ 73.5
Percentage      
Taxes at U.S. statutory rate (21%) 21.00%    
State and local taxes, net of federal tax benefit 1.80%    
Share-based Compensation (1.50%)    
Other 0.30%    
Effect of Cross-Border Tax Laws (0.80%)    
Tax Credits (0.10%)    
Changes in Unrecognized Tax Benefits 0.90%    
Other Reconciling Items 0.40%    
Income Tax Expense 23.50% 35.20% 13.80%
Switzerland      
Amount      
Change in valuation allowances $ 42.7    
Other $ (13.7)    
Percentage      
Changes in Valuation Allowance 2.50%    
Other (0.80%)    
Other Foreign Jurisdictions      
Amount      
Non-U.S. rate differential $ (2.0)    
Percentage      
Other Foreign Jurisdictions (0.10%)    
United States      
Amount      
Change in valuation allowances $ (1.6)    
Percentage      
Changes in Valuation Allowance (0.10%)    
v3.25.4
INCOME TAXES - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Deferred tax assets    
Net operating losses and capital losses $ 82.6 $ 44.7
Capitalized research expenditures 83.1 106.8
Accrued liabilities 71.6 49.2
Employee compensation and benefits 27.2 20.3
Pensions 15.1 13.1
Business interest deduction limitation 67.5 70.1
Inventory 45.5 47.6
Research and development credit carryforward 0.0 0.3
Lease liability 44.0 26.1
Bad debts 9.3 8.1
Intangibles 103.0 99.4
Foreign tax credit carryforward 25.1 26.2
Non-U.S. tax credits 633.1 636.1
Other 2.0 5.4
Total deferred tax assets, before valuation allowances 1,209.1 1,153.4
Valuation allowances (756.3) (710.9)
Deferred tax assets, net of valuation allowances 452.8 442.5
Deferred tax liabilities    
Intangibles and goodwill (273.7) (179.9)
Undistributed foreign earnings (36.2) (33.2)
Property, plant & equipment (61.1) (21.2)
Debt issuance costs (7.2) (19.1)
Lease right-of-use asset (40.6) (24.4)
Deferred gain (84.6) (99.6)
Other (2.6) (2.1)
Total deferred tax liabilities (506.0) (379.5)
Deferred income taxes $ (53.2)  
Net deferred income tax assets   $ 63.0
v3.25.4
INCOME TAXES - Schedule of Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]      
Beginning balance $ 149.1 $ 102.5 $ 97.0
Additions for the current year tax positions 23.5 83.2 20.6
Additions for prior year tax positions 17.7 0.4 5.8
Reductions for prior year tax positions (3.0) (24.4) (0.5)
Reductions for settlements with tax authorities 0.0 0.0 (4.1)
Reductions for expirations of statute of limitations (8.9) (12.6) (16.3)
Ending balance $ 178.4 $ 149.1 $ 102.5
v3.25.4
INCOME TAXES - Schedule of Change in Income Tax Valuation Allowance (Details) - SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Beginning balance $ 710.9 $ 146.8 $ 250.4
Additions (reductions) charged to expense 43.3 633.4 (100.4)
Additions (reductions) charged to other accounts 2.1 (69.3) (3.2)
Ending balance $ 756.3 $ 710.9 $ 146.8
v3.25.4
INCOME TAXES - Schedule of Income Taxes Paid Net of Refunds Received (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Federal taxes $ 164.1    
State and local taxes 36.3    
Total cash taxes paid 428.2 $ 272.5 $ 153.0
Italy      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign taxes: 46.6    
Ireland      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign taxes: 33.8    
Other foreign jurisdictions      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign taxes: $ 147.4    
v3.25.4
RELATED PARTY TRANSACTIONS (Details) - USD ($)
$ in Millions
 12 Months Ended
Aug. 08, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Related Party Transaction [Line Items]        
Net sales   $ 10,229.9 $ 8,011.8 $ 6,863.2
Common Class A | Platinum Equity Advisors        
Related Party Transaction [Line Items]        
Sale of stock, percentage of ownership after transaction (as percent) 5.00%      
Related Party        
Related Party Transaction [Line Items]        
Purchases from related party       74.1
Net sales       $ 89.5
Related Party | Common Class A        
Related Party Transaction [Line Items]        
Stock issued (in shares) 20,000,000      
v3.25.4
OTHER FINANCIAL INFORMATION - Schedule of Expense in Earnings (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]      
Engineering, research and development expense $ 441.7 $ 367.6 $ 303.5
Depreciation expense 97.1 81.6 74.3
Advertising expense $ 16.8 $ 19.4 $ 20.1
v3.25.4
OTHER FINANCIAL INFORMATION - Accrued Expenses and Other Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Accrued payroll and other employee compensation $ 173.2 $ 147.8
Restructuring 44.2 10.4
Operating lease liabilities 69.7 45.7
Product warranty 43.2 27.5
Other 441.3 381.2
Total $ 771.6 $ 612.6
v3.25.4
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT - Assets By Fair Value Hierarchy (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash $ 1,728.4 $ 1,227.6
Total assets 1,792.4 1,301.0
Contingent consideration   144.1
Total liabilities 144.1 8.8
Interest rate swaps    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other current assets 23.4 30.3
Other noncurrent assets 4.8 33.3
Foreign currency exchange forwards    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other current assets 9.7  
Accrued expenses and other liabilities   8.8
Economic hedges    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other current assets 26.1 9.8
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash 1,728.4 1,227.6
Total assets 1,728.4 1,227.6
Contingent consideration   0.0
Total liabilities 0.0 0.0
Level 1 | Interest rate swaps    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other current assets 0.0 0.0
Other noncurrent assets 0.0 0.0
Level 1 | Foreign currency exchange forwards    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other current assets 0.0  
Accrued expenses and other liabilities   0.0
Level 1 | Economic hedges    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other current assets 0.0 0.0
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash 0.0 0.0
Total assets 64.0 73.4
Contingent consideration   0.0
Total liabilities 0.0 8.8
Level 2 | Interest rate swaps    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other current assets 23.4 30.3
Other noncurrent assets 4.8 33.3
Level 2 | Foreign currency exchange forwards    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other current assets 9.7  
Accrued expenses and other liabilities   8.8
Level 2 | Economic hedges    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other current assets 26.1 9.8
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash 0.0 0.0
Total assets 0.0 0.0
Contingent consideration   144.1
Total liabilities 144.1 0.0
Level 3 | Interest rate swaps    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other current assets 0.0 0.0
Other noncurrent assets 0.0 0.0
Level 3 | Foreign currency exchange forwards    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other current assets 0.0  
Accrued expenses and other liabilities   0.0
Level 3 | Economic hedges    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other current assets $ 0.0 $ 0.0
v3.25.4
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT - Narrative (Details)
metricTon in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
metricTon
Dec. 31, 2024
USD ($)
metricTon
Dec. 31, 2023
USD ($)
Mar. 02, 2020
USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Other operating expense (income) $ 800,000 $ (6,000,000.0) $ (9,900,000)  
Recognized (loss) earnings 32,400,000 41,700,000 38,900,000  
Mark-to-market gains for derivatives $ 9,500,000 800,000    
Derivative, Gain, Statement of Income or Comprehensive Income [Extensible Enumeration] Other operating expense (income)      
Translation adjustments of hedges $ (2,600,000) $ 5,100,000 $ 6,800,000  
Designated as Hedging Instrument | Aluminum        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Derivative nonmonetary amounts | metricTon 10,310.0 10,730.0    
Designated as Hedging Instrument | Copper        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Derivative nonmonetary amounts | metricTon 8,754.8 7,330.0    
Interest rate swaps        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Derivative, notional amount $ 1,000,000,000 $ 1,000,000,000   $ 1,000,000,000
Cash flow hedge gain expected to be reclassified within twelve months 23,400,000      
Foreign Exchange Contract        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Realized losses 2,000,000.0 2,800,000    
Foreign Exchange Contract | Designated as Hedging Instrument        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Derivative, notional amount 149,800,000 129,000,000.0    
Foreign Exchange Contract | Designated as Hedging Instrument | Net Investment Hedging        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Derivative, notional amount 104,700,000 $ 24,000,000.0    
Purge Rite Intermediate, LLC        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Other operating expense (income) $ 4,900,000      
v3.25.4
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT - Fair Value and Carrying Value of Debt (Details) - Revolving Credit Facility - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Fair Value | Term Loan due 2032    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt, fair value disclosure $ 2,089.1 $ 2,097.0
Fair Value | Senior Secured Notes due 2028    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt, fair value disclosure 840.9 802.4
Par Value | Term Loan due 2032    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt, fair value disclosure 2,076.1 2,097.0
Par Value | Senior Secured Notes due 2028    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt, fair value disclosure $ 850.0 $ 850.0
v3.25.4
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance $ 2,434.3 $ 2,014.9 $ 1,441.9
Other comprehensive income (loss), net of tax 167.0 (144.3) 41.7
Ending balance 3,941.3 2,434.3 2,014.9
Reclassified to earnings 32.4 41.7 38.9
Foreign currency exchange forwards      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Tax effect 3.8 3.8  
Accumulated Other Comprehensive (Loss) Income      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (148.8) (4.5) (46.2)
Ending balance 18.2 (148.8) (4.5)
Foreign Currency Translation      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (203.9) (89.8) (157.0)
Other comprehensive income (loss), net of tax 174.8 (114.1) 67.2
Ending balance (29.1) (203.9) (89.8)
Tax effect 2.0 2.0  
Interest Rate Swap      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Tax effect 8.2 4.0  
Interest Rate Swap | Interest rate swaps      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance 74.6 87.7 110.2
Other comprehensive income (loss), net of tax (27.4) (13.1) (22.5)
Ending balance 47.2 74.6 87.7
Interest Rate Swap | Foreign currency exchange forwards      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (12.6) 0.0 0.0
Other comprehensive income (loss), net of tax 23.1 (12.6) 0.0
Ending balance 10.5 (12.6) 0.0
Pension      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (6.9) (2.4) 0.6
Other comprehensive income (loss), net of tax (3.5) (4.5) (3.0)
Ending balance (10.4) (6.9) $ (2.4)
Tax effect $ 0.9 $ 0.3  
v3.25.4
SEGMENT INFORMATION - Schedule of Income (loss) before income taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting, Revenue Reconciling Item [Line Items]      
Net sales $ 10,229.9 $ 8,011.8 $ 6,863.2
Marketing, sales and service costs 1,617.8 1,374.0 1,312.3
Engineering, research and development expense 441.7 367.6 303.5
Restructuring costs 54.5 5.3 28.6
Operating profit (loss) 1,829.7 1,367.4 872.2
Foreign currency gain (loss) (12.0) (9.3) (16.0)
Income (loss) before income taxes 1,741.9 765.4 533.7
Amortization of intangibles 211.5 195.4 196.7
Americas      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Net sales 6,386.3 4,500.6 3,844.5
Asia Pacific      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Net sales 2,019.2 1,717.8 1,527.8
Europe, Middle East, & Africa      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Net sales 1,824.4 1,793.4 1,490.9
Operating Segments      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Net sales 11,080.8 8,757.1 7,233.1
Cost of sales 6,469.0 5,035.0 4,429.1
Marketing, sales and service costs 585.4 510.8 532.7
Engineering, research and development expense 441.7 367.6 303.5
Information technology costs 186.3 173.8 166.2
Restructuring costs 4.4 8.0 23.8
Other segment items 229.3 204.2 200.4
Operating profit (loss) 2,313.8 1,712.4 1,207.5
Operating Segments | Americas      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Net sales 6,423.9 4,561.8 3,885.2
Cost of sales 3,838.7 2,726.5 2,435.7
Marketing, sales and service costs 356.9 294.2 320.1
Engineering, research and development expense 229.3 188.9 138.1
Information technology costs 88.7 79.8 74.5
Restructuring costs 2.2 (7.3) 6.0
Other segment items 156.2 120.7 107.7
Operating profit (loss) 1,714.3 1,097.8 762.4
Operating Segments | Asia Pacific      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Net sales 2,274.7 1,878.0 1,615.6
Cost of sales 1,465.1 1,216.1 1,078.6
Marketing, sales and service costs 128.9 120.9 117.3
Engineering, research and development expense 112.2 97.7 89.4
Information technology costs 60.3 58.3 57.2
Restructuring costs 0.9 1.2 14.1
Other segment items 29.7 48.4 23.8
Operating profit (loss) 222.1 175.2 147.4
Operating Segments | Europe, Middle East, & Africa      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Net sales 2,382.2 2,317.3 1,732.3
Cost of sales 1,165.2 1,092.4 914.8
Marketing, sales and service costs 99.6 95.7 95.3
Engineering, research and development expense 100.2 81.0 76.0
Information technology costs 37.3 35.7 34.5
Restructuring costs 1.3 14.1 3.7
Other segment items 43.4 35.1 68.9
Operating profit (loss) 377.4 439.4 297.7
Intersegment Eliminations      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Net sales 850.9 745.3 369.9
Intersegment Eliminations | Americas      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Net sales 37.6 61.2 40.7
Intersegment Eliminations | Asia Pacific      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Net sales 255.5 160.2 87.8
Intersegment Eliminations | Europe, Middle East, & Africa      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Net sales 557.8 523.9 241.4
Corporate And Reconciling Items      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Income (loss) before income taxes (271.7) (151.5) (138.0)
Corporate Reconciling Items And Eliminations      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Income (loss) before income taxes (283.7) (160.8) (154.0)
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Amortization of intangibles $ (200.4) $ (184.2) $ (181.3)
v3.25.4
SEGMENT INFORMATION - Schedule of Total Assets by Segment (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Segment Reporting, Asset Reconciling Item [Line Items]    
Total Assets $ 12,212.4 $ 9,132.5
Operating Segments    
Segment Reporting, Asset Reconciling Item [Line Items]    
Total Assets 10,593.0 8,015.3
Operating Segments | Americas    
Segment Reporting, Asset Reconciling Item [Line Items]    
Total Assets 5,864.3 3,728.9
Operating Segments | Asia Pacific    
Segment Reporting, Asset Reconciling Item [Line Items]    
Total Assets 1,810.7 1,631.6
Operating Segments | Europe, Middle East, & Africa    
Segment Reporting, Asset Reconciling Item [Line Items]    
Total Assets 2,918.0 2,654.8
Corporate and other    
Segment Reporting, Asset Reconciling Item [Line Items]    
Total Assets $ 1,619.4 $ 1,117.2
v3.25.4
SEGMENT INFORMATION - Schedule of Depreciation and Amortization (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting, Revenue Reconciling Item [Line Items]      
Depreciation and Amortization $ 308.6 $ 277.0 $ 271.0
Operating Segments | Americas      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Depreciation and Amortization 146.5 125.9 121.1
Operating Segments | Asia Pacific      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Depreciation and Amortization 37.2 34.3 34.7
Operating Segments | Europe, Middle East, & Africa      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Depreciation and Amortization 88.4 83.7 80.9
Corporate and other      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Depreciation and Amortization $ 36.5 $ 33.1 $ 34.3
v3.25.4
SEGMENT INFORMATION - Schedule of Capital Expenditures (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting, Revenue Reconciling Item [Line Items]      
Capital Expenditures $ 220.0 $ 167.0 $ 127.9
Operating Segments | Americas      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Capital Expenditures 110.9 71.9 65.7
Operating Segments | Asia Pacific      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Capital Expenditures 40.2 39.0 25.2
Operating Segments | Europe, Middle East, & Africa      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Capital Expenditures 54.2 48.8 25.7
Corporate and other      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Capital Expenditures $ 14.7 $ 7.3 $ 11.3
v3.25.4
SEGMENT INFORMATION - Schedule of Sales by Destination (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting, Revenue Reconciling Item [Line Items]      
Net sales $ 10,229.9 $ 8,011.8 $ 6,863.2
United States      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Net sales 6,013.6 4,085.8 3,430.3
Europe      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Net sales 1,474.6 1,523.5 1,307.1
Asia Pacific      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Net sales 2,020.3 1,701.5 1,480.3
Latin America and Canada      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Net sales 436.9 426.9 448.9
Middle East/Africa      
Segment Reporting, Revenue Reconciling Item [Line Items]      
Net sales $ 284.5 $ 274.1 $ 196.6
v3.25.4
EMPLOYEE BENEFIT PLANS - Narrative (Details) - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Feb. 06, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Accumulated benefit obligation $ 78.8 $ 63.0    
Projected benefit obligation 93.4 74.0    
Net amount recognized in the balance sheet $ 76.5 62.3    
Stock options        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting percentage per year (as percent) 25.00%      
Vesting period (in years) 4 years      
Contractual term (in years) 10 years      
Compensation expense for stock options $ 26.5 19.6 $ 14.3  
Unrecognized compensation cost related to unvested options $ 63.3      
Unrecognized compensation cost related to unvested options, weighted-average period of recognition (in years) 1 year 11 months 4 days      
Restricted Stock Units (RSUs)        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period (in years) 7 years      
Compensation expense for stock options $ 10.6 $ 7.3 $ 7.8  
Unrecognized compensation cost related to unvested options $ 74.1      
Unrecognized compensation cost related to unvested options, weighted-average period of recognition (in years) 4 years 1 month 20 days      
Performance Shares        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period (in years) 4 years 4 years 4 years  
Compensation expense for stock options $ 8.8 $ 7.7 $ 2.9  
2020 Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Shares reserved for future issuance (in shares)       33.5
Share repurchase program, incremental annual increase to number of shares authorized (in shares)       10.5
Share repurchase program, incremental annual increase to number of shares authorized, percent of shares outstanding (as percent)       3.00%
v3.25.4
EMPLOYEE BENEFIT PLANS - Stock Option Valuation Assumptions (Details) - Stock options - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected volatility 30.65% 30.19% 37.09%
Expected option life in years 6 years 3 months 6 years 3 months 6 years 3 months
Expected dividend yield 0.18% 0.14% 0.06%
Risk-free interest rate 4.15% 4.08% 4.23%
Weighted-average fair value of stock options (USD per share) $ 32.95 $ 27.29 $ 7.26
v3.25.4
EMPLOYEE BENEFIT PLANS - Stock Option Activity (Details)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
$ / shares
shares
Options  
Beginning balance (in shares) | shares 9,699,430
Granted (in shares) | shares 1,472,299
Exercised (in shares) | shares (1,501,222)
Forfeited and canceled (in shares) | shares (292,254)
Ending balance (in shares) | shares 9,378,253
Exercisable (in shares) | shares 4,720,520
Weighted-average exercise price per option  
Beginning balance (USD per share) | $ / shares $ 22.20
Granted (USD per share) | $ / shares 85.96
Exercised (USD per share) | $ / shares 18.06
Forfeited and canceled (USD per share) | $ / shares 38.67
Ending balance (USD per share) | $ / shares 32.36
Exercisable (USD per share) | $ / shares $ 17.20
Weighted-average remaining contractual life in years  
Weighted-average remaining contractual life, outstanding, end of period (in years) 6 years 2 months 23 days
Weighted-average remaining contractual life, exercisable, end of period (in years) 5 years 3 months 7 days
Outstanding intrinsic value, end of period | $ $ 1,215.9
Exercisable intrinsic value, end of period | $ $ 683.6
v3.25.4
EMPLOYEE BENEFIT PLANS - Summary of RSU Activity (Details) - Restricted Stock Units (RSUs)
 12 Months Ended
Dec. 31, 2025
$ / shares
shares
Restricted stock units  
Beginning balance (in shares) | shares 2,206,641
Granted (in shares) | shares 402,494
Vested (in shares) | shares (329,968)
Forfeited and canceled (in shares) | shares (196,444)
Ending balance (in shares) | shares 2,082,723
Weighted-average fair value per unit  
Beginning balance (USD per share) | $ / shares $ 25.24
Granted (USD per share) | $ / shares 112.54
Vested (USD per share) | $ / shares 17.05
Forfeited and canceled (USD per share) | $ / shares 37.22
Ending balance (USD per share) | $ / shares $ 42.23
v3.25.4
EARNINGS PER SHARE - Earnings Per Share Reconciliation (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Earnings Per Share [Abstract]      
Net income (loss) $ 1,332.8 $ 495.8 $ 460.2
Weighted-average number of shares outstanding - basic (in shares) 381,712,181 376,418,933 380,144,059
Dilutive effect of equity-based compensation (in shares) 8,940,643 9,906,125 6,082,208
Weighted-average number of shares outstanding - diluted (in shares) 390,652,824 386,325,058 386,226,267
Earnings (loss) per share      
Basic (USD per share) $ 3.49 $ 1.32 $ 1.21
Diluted (USD per share) $ 3.41 $ 1.28 $ 1.19
v3.25.4
EARNINGS PER SHARE - Narrative (Details) - shares
shares in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Stock options      
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]      
Dilutive effect of private warrants (in shares) 8.9 9.9 6.1
Antidilutive securities excluded from computation of earnings per share (in shares)   1.1 0.3
Warrant      
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]      
Antidilutive securities excluded from computation of earnings per share (in shares)   4.3 3.2
v3.25.4
COMMITMENTS AND CONTINGENCIES (Details)
$ in Millions
 1 Months Ended 12 Months Ended
Jun. 09, 2023
Plaintiff
Sep. 03, 2021
USD ($)
Aug. 03, 2021
USD ($)
Jan. 31, 2024
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2025
USD ($)
Loss Contingencies [Line Items]            
Loss contingency, barred from recovery, value   $ 9.0        
Loss contingency, disgorgement, value   $ 10.0        
Payments paid in period       $ 10.1    
Payment Guarantee            
Loss Contingencies [Line Items]            
Guarantor obligations outstanding           $ 184.0
Sullivan v. Johnson, et al.            
Loss Contingencies [Line Items]            
Loss contingency, number of plaintiffs | Plaintiff 2          
Unremitted Payment            
Loss Contingencies [Line Items]            
Loss contingency, damages sought     $ 12.0      
Damages and Injunctive Relief            
Loss Contingencies [Line Items]            
Loss contingency, damages sought         $ 18.0