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Financial Instruments and Risk Management (as restated) (Tables)
 12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Summary of Financial Instruments Recognized at Fair Value
We elected to apply fair value option accounting to the Tax receivable agreement. A summary of the Company's financial instruments recognized at fair value, and the fair value measurements used, follows:
TotalQuoted prices in active markets for identical assets (Level 1)Other observable inputs (Level 2)Unobservable inputs (Level 3)
December 31, 2020
Tax Receivable Agreement155.6 — — 155.6 
Interest rate swaps32.8 — 32.8 — 
Public Warrants68.5 68.5 — — 
Private Placement Warrants87.7 — 87.7 — 
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 recorded133.4 
Change in fair value22.2 
Ending liability balance, December 31, 2020$155.6 
Fair Value Measurement Inputs and Valuation Techniques The significant assumptions which the Company used in the model are:
Private Placement Warrant valuation inputsDecember 31, 2020
(as restated)
Stock price$18.67 
Strike price$11.50 
Remaining life4.10
Volatility30.6 %
Interest rate (1)
0.27 %
Dividend yield (2)
0.05 %
1) - Interest rate determined from a constant maturity treasury yield
(2) - March 31, 2021 and December 31, 2020 dividend yield assumes $0.01 per share per annum.
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, 2020 and December 31, 2019.
 
December 31, 2020 (1)
December 31, 2019
 Fair Value
Par Value (2)
Fair Value
Par Value (2)
Term Loan due 2027$2,169.9 $2,183.5 $— $— 
ABL Revolving Credit Facility due 2025— — 145.2 145.2 
Term Loan due 2023— — 2,064.8 2,070.0 
9.25% 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 and pay certain fees and expenses. See Note 5, Debt for additional information.
(2)See Note 5 — Debt for additional information