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Financial Instruments and Risk Management (Tables)

9 Months Ended

Sep. 30, 2020

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)
September 30, 2020
Tax Receivable Agreement	147.1	—	—	147.1
Interest rate swaps	37.8	—	37.8	—

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	13.7
Ending liability balance, September 30, 2020	$	147.1

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 September 30, 2020 and December 31, 2019.


	September 30, 2020 (1)				December 31, 2019
	Fair Value		Par Value (2)		Fair Value		Par Value (2)
Term Loan due 2027	$	2,134.3	$	2,189.0	$	—	$	—
ABL Revolving Credit Facility due 2025	100.0		100.0		145.2		145.2
Short-term borrowings	19.1		19.1		—		—
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