Financial Instruments and Risk Management (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Summary 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, follows:

	Total	Quoted prices in active markets for identical assets (Level 1)	Other observable inputs (Level 2)	Unobservable inputs (Level 3)
March 31, 2020
Tax Receivable Agreement	116.5	—	—	116.5
Interest rate swaps	24.0	—	24.0	—

Summary of the Change in Value for the Tax Receivable Agreement

Details of the changes in value for the Tax receivable agreement are as follows:

Beginning liability balance, January 1, 2020	$	—
Tax receivable agreement, initially recorded	133.4
Change in fair value	(16.9)
Ending liability balance, March 31, 2020	$	116.5

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 March 31, 2020 and December 31, 2019.

	March 31, 2020 (1)				December 31, 2019
	Fair Value		Par Value (2)		Fair Value		Par Value (2)
Term Loan due 2027	$	1,969.0	$	2,200.0	$	—	$	—
ABL Revolving Credit Facility due 2025	275.3		275.3		145.2		145.2
Term Loan due 2023	—		—		2,064.8		2,070.0
9.250% Notes due 2024	—		—		805.3		750.0
12.00%/13.00% Senior PIK Toggle Notes due 2022	—		—		517.5		500.0
10.00% Notes due 2024	—		—		127.5		120.0

(1)On March 2, 2020, certain subsidiaries of Vertiv Holdings Co entered into a Term Loan Credit Agreement with various financial institutions for $2,200.0 of senior secured term loans. The proceeds of the Term Loan were used to repay or redeem in full certain outstanding indebtedness. See Note 6, Debt for additional information.

(2)See Note 6 — Debt for additional information