UNITED STATES | ||||||||||||||
SECURITIES AND EXCHANGE COMMISSION | ||||||||||||||
Washington, D. C. 20549 | ||||||||||||||
FORM | ||||||||||||||
For the Quarterly period ended | ||||||||||||||
or | ||||||||||||||
For the transition period from __to__ | ||||||||||||||
Commission File No. | ||||||||||||||
(Exact name of registrant as specified in its charter) | ||||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S Employer Identification No.) | |||||||||||||
(Address of principal executive offices including zip code) | ||||||||||||||
(Registrant's telephone number, including area code) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
☒ | Accelerated filer | ☐ | ||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||
Emerging growth company |
TABLE OF CONTENTS | |||||||||||||||||
Page | |||||||||||||||||
Three months ended June 30, 2021 | Three months ended June 30, 2020 | Six months ended June 30, 2021 | Six months ended June 30, 2020 | ||||||||||||||||||||
Net sales | |||||||||||||||||||||||
Net sales - products | $ | $ | $ | $ | |||||||||||||||||||
Net sales - services | |||||||||||||||||||||||
Net sales | |||||||||||||||||||||||
Costs and expenses | |||||||||||||||||||||||
Cost of sales - products | |||||||||||||||||||||||
Cost of sales - services | |||||||||||||||||||||||
Cost of sales | |||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Selling, general and administrative expenses | |||||||||||||||||||||||
Amortization of intangibles | |||||||||||||||||||||||
Restructuring costs | |||||||||||||||||||||||
Foreign currency (gain) loss, net | ( | ||||||||||||||||||||||
Asset impairments | |||||||||||||||||||||||
Other operating expense (income) | ( | ( | ( | ||||||||||||||||||||
Operating profit (loss) | |||||||||||||||||||||||
Interest expense, net | |||||||||||||||||||||||
Loss on extinguishment of debt | |||||||||||||||||||||||
Change in fair value of warrant liabilities | |||||||||||||||||||||||
Income (loss) before income taxes | ( | ( | |||||||||||||||||||||
Income tax expense | |||||||||||||||||||||||
Net income (loss) | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Earnings (loss) per share: | |||||||||||||||||||||||
Basic | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Diluted | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Weighted-average shares outstanding: | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted |
Three months ended June 30, 2021 | Three months ended June 30, 2020 | Six months ended June 30, 2021 | Six months ended June 30, 2020 | ||||||||||||||||||||
Net income (loss) | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
Foreign currency translation | ( | ( | |||||||||||||||||||||
Interest rate swaps | ( | ( | ( | ||||||||||||||||||||
Tax receivable agreement | ( | ( | ( | ||||||||||||||||||||
Pension | ( | ( | |||||||||||||||||||||
Other comprehensive income (loss), net of tax | ( | ( | |||||||||||||||||||||
Comprehensive income (loss) | $ | $ | ( | $ | $ | ( |
June 30, 2021 | December 31, 2020 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable, less allowances of $ | |||||||||||
Inventories | |||||||||||
Other current assets | |||||||||||
Total current assets | |||||||||||
Property, plant and equipment, net | |||||||||||
Other assets: | |||||||||||
Goodwill | |||||||||||
Other intangible assets, net | |||||||||||
Deferred income taxes | |||||||||||
Other | |||||||||||
Total other assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities: | |||||||||||
Current portion of long-term debt | $ | $ | |||||||||
Current portion of warrant liabilities | |||||||||||
Accounts payable | |||||||||||
Accrued expenses and other liabilities | |||||||||||
Income taxes | |||||||||||
Total current liabilities | |||||||||||
Long-term debt, net | |||||||||||
Deferred income taxes | |||||||||||
Warrant liabilities | |||||||||||
Other long-term liabilities | |||||||||||
Total liabilities | |||||||||||
Equity | |||||||||||
Preferred stock, $ | |||||||||||
Common stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated deficit | ( | ( | |||||||||
Accumulated other comprehensive (loss) income | |||||||||||
Total equity | |||||||||||
Total liabilities and equity | $ | $ |
Six months ended June 30, 2021 | Six months ended June 30, 2020 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income (loss) | $ | $ | ( | ||||||||
Adjustments to reconcile net income (loss) to net cash used for operating activities: | |||||||||||
Depreciation | |||||||||||
Amortization | |||||||||||
Deferred income taxes | ( | ( | |||||||||
Amortization of debt discount and issuance costs | |||||||||||
Loss on extinguishment of debt | |||||||||||
Change in fair value of warrant liabilities | |||||||||||
Capitalized software write-off | |||||||||||
Changes in operating working capital | ( | ( | |||||||||
Stock based compensation | |||||||||||
Changes in tax receivable agreement | |||||||||||
Other | ( | ||||||||||
Net cash provided by (used for) operating activities | ( | ||||||||||
Cash flows from investing activities: | |||||||||||
Capital expenditures | ( | ( | |||||||||
Investments in capitalized software | ( | ( | |||||||||
Net cash used for investing activities | ( | ( | |||||||||
Cash flows from financing activities: | |||||||||||
Borrowings from ABL revolving credit facility | |||||||||||
Repayments of ABL revolving credit facility | ( | ||||||||||
Proceeds from short-term borrowings | |||||||||||
Borrowing on Term Loan, net of discount | |||||||||||
Repayment on Term Loan | ( | ( | |||||||||
Repayment on Prior Term Loan | ( | ||||||||||
Repayment of Prior Notes | ( | ||||||||||
Payment of redemption premiums | ( | ||||||||||
Payment of debt issuance costs | ( | ||||||||||
Proceeds from reverse recapitalization, net | |||||||||||
Payment to Vertiv Stockholder | ( | ||||||||||
Proceeds from the exercise of warrants | |||||||||||
Exercise of employee stock options | |||||||||||
Employee taxes paid from shares withheld | ( | ||||||||||
Net cash provided by financing activities | |||||||||||
Effect of exchange rate changes on cash and cash equivalents | ( | ( | |||||||||
Increase (decrease) in cash, cash equivalents and restricted cash | |||||||||||
Beginning cash, cash equivalents and restricted cash | |||||||||||
Ending cash, cash equivalents and restricted cash | $ | $ | |||||||||
Changes in operating working capital | |||||||||||
Accounts receivable | $ | ( | $ | ||||||||
Inventories | ( | ( | |||||||||
Other current assets | ( | ( | |||||||||
Accounts payable | ( | ||||||||||
Accrued expenses and other liabilities | ( | ( | |||||||||
Income taxes | ( | ||||||||||
Total changes in operating working capital | $ | ( | $ | ( |
Share Capital | ||||||||||||||||||||||||||||||||||||||
Shares | Amount | Additional Paid in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||||||||||||||||||||
Balance at December 31, 2019, as originally reported | $ | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||||
Conversion of units of share capital | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Balance at December 31, 2019, as recasted (1) | ( | ( | ||||||||||||||||||||||||||||||||||||
Tax Receivable Agreement | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||
Net income (loss) | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||
Stock issuance | — | — | — | |||||||||||||||||||||||||||||||||||
Merger recapitalization (2) | — | — | — | |||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | ||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | ||||||||||||||||||||||||||||||||||
Other merger adjustment | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | ||||||||||||||||||||||||||||||||||
Exercise of employee stock options | — | — | — | |||||||||||||||||||||||||||||||||||
Employee 401K match with Vertiv stock | — | — | — | |||||||||||||||||||||||||||||||||||
Exercise of warrants (3) | — | — | — | |||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | ||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | ||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | ||||||||||||||||||||||||||||||||||
Exercise of employee stock options | — | — | — | |||||||||||||||||||||||||||||||||||
Stock comp activity, net of withholdings for tax (4) | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||
Employee 401K match with Vertiv stock | — | — | — | |||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | ||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | $ | $ | ( | $ | $ |
Three Months Ended June 30, 2021 | |||||||||||||||||||||||
Americas | Asia Pacific | Europe, Middle East, & Africa | Total | ||||||||||||||||||||
Sales by Product and Service Offering: | |||||||||||||||||||||||
Critical infrastructure & solutions | $ | $ | $ | $ | |||||||||||||||||||
Services & spares | |||||||||||||||||||||||
Integrated rack solutions | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Timing of revenue recognition: | |||||||||||||||||||||||
Products and services transferred at a point in time | $ | $ | $ | $ | |||||||||||||||||||
Products and services transferred over time | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Three Months Ended June 30, 2020 | |||||||||||||||||||||||
Americas | Asia Pacific | Europe, Middle East, & Africa | Total | ||||||||||||||||||||
Sales by Product and Service Offering: (1) | |||||||||||||||||||||||
Critical infrastructure & solutions | $ | $ | $ | $ | |||||||||||||||||||
Services & spares | |||||||||||||||||||||||
Integrated rack solutions | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Timing of revenue recognition: | |||||||||||||||||||||||
Products and services transferred at a point in time | $ | $ | $ | $ | |||||||||||||||||||
Products and services transferred over time | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Six Months Ended June 30, 2021 | |||||||||||||||||||||||
Americas | Asia Pacific | Europe, Middle East, & Africa | Total | ||||||||||||||||||||
Sales by Product and Service Offering: | |||||||||||||||||||||||
Critical infrastructure & solutions | $ | $ | $ | $ | |||||||||||||||||||
Services & spares | |||||||||||||||||||||||
Integrated rack solutions | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Timing of revenue recognition: | |||||||||||||||||||||||
Products and services transferred at a point in time | $ | $ | $ | $ | |||||||||||||||||||
Products and services transferred over time | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Six Months Ended June 30, 2020 | |||||||||||||||||||||||
Americas | Asia Pacific | Europe, Middle East, & Africa | Total | ||||||||||||||||||||
Sales by Product and Service Offering: (1) | |||||||||||||||||||||||
Critical infrastructure & solutions | $ | $ | $ | $ | |||||||||||||||||||
Services & spares | |||||||||||||||||||||||
Integrated rack solutions | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Timing of revenue recognition: | |||||||||||||||||||||||
Products and services transferred at a point in time | $ | $ | $ | $ | |||||||||||||||||||
Products and services transferred over time | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Balances at June 30, 2021 | Balances at December 31, 2020 | ||||||||||
Deferred revenue - current (1) | $ | $ | |||||||||
Deferred revenue - noncurrent (2) | |||||||||||
Other contract liabilities - current (1) |
Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | ||||||||||||||||||||
Americas | $ | $ | $ | $ | |||||||||||||||||||
Asia Pacific | |||||||||||||||||||||||
Europe, Middle East & Africa | ( | ( | |||||||||||||||||||||
Corporate | ( | ||||||||||||||||||||||
Total | $ | $ | $ | $ |
December 31, 2020 | Expense | Paid/Utilized | June 30, 2021 | ||||||||||||||||||||
Severance and benefits | $ | $ | ( | $ | ( | $ | |||||||||||||||||
Plant closing and other | ( | ||||||||||||||||||||||
Total | $ | $ | $ | ( | $ |
December 31, 2019 | Expense | Paid/Utilized | June 30, 2020 | ||||||||||||||||||||
Severance and benefits | $ | $ | $ | ( | $ | ||||||||||||||||||
Plant closing and other | ( | ||||||||||||||||||||||
Total | $ | $ | $ | ( | $ |
June 30, 2021 | December 31, 2020 | ||||||||||
Term Loan due 2027 at | $ | $ | |||||||||
Unamortized discount and issuance costs | ( | ( | |||||||||
Less: Current Portion | ( | ( | |||||||||
Total long-term debt, net of current portion | $ | $ |
Term Loan | |||||
Remainder of 2021 | $ | ||||
2022 | |||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 | |||||
Thereafter | |||||
Total | $ |
Three months ended June 30, 2021 | Three months ended June 30, 2020 | Six months ended June 30, 2021 | Six months ended June 30, 2020 | ||||||||||||||||||||
Operating lease cost | $ | $ | $ | $ | |||||||||||||||||||
Short-term and variable lease cost | |||||||||||||||||||||||
Total lease cost | $ | $ | $ | $ |
Six months ended June 30, 2021 | Six months ended June 30, 2020 | ||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||
Operating cash outflows - Payments on operating leases | $ | $ | |||||||||
Right-of-use assets obtained in exchange for new lease obligations: | |||||||||||
Operating leases | $ | $ | |||||||||
Financial statement line item | June 30, 2021 | December 31, 2020 | ||||||||||||
Operating lease right-of-use assets | $ | $ | ||||||||||||
Operating lease liabilities | ||||||||||||||
Operating lease liabilities | ||||||||||||||
Total lease liabilities | $ | $ |
June 30, 2021 | December 31, 2020 | ||||||||||
Weighted Average Remaining Lease Term | |||||||||||
Weighted Average Discount Rate | % | % | |||||||||
June 30, 2021 | December 31, 2020 | ||||||||||
Operating Leases | |||||||||||
2021 | $ | $ | |||||||||
2022 | |||||||||||
2023 | |||||||||||
2024 | |||||||||||
2025 | |||||||||||
Thereafter | |||||||||||
Total Lease Payments | |||||||||||
Less: Imputed Interest | ( | ( | |||||||||
Present value of lease liabilities | $ | $ |
June 30, 2021 | December 31, 2020 | ||||||||||
Reconciliation of cash, cash equivalents, and restricted cash | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash included in other current assets | |||||||||||
Total cash, cash equivalents, and restricted cash | $ | $ |
June 30, 2021 | December 31, 2020 | ||||||||||
Inventories | |||||||||||
Finished products | $ | $ | |||||||||
Raw materials | |||||||||||
Work in process | |||||||||||
Total inventories | $ | $ | |||||||||
June 30, 2021 | December 31, 2020 | ||||||||||
Property, plant and equipment, net | |||||||||||
Machinery and equipment | $ | $ | |||||||||
Buildings | |||||||||||
Land | |||||||||||
Construction in progress | |||||||||||
Property, plant and equipment, at cost | |||||||||||
Less: Accumulated depreciation | ( | ( | |||||||||
Property, plant and equipment, net | $ | $ | |||||||||
June 30, 2021 | December 31, 2020 | ||||||||||
Accrued expenses and other liabilities | |||||||||||
Deferred revenue | $ | $ | |||||||||
Accrued payroll and other employee compensation | |||||||||||
Litigation reserve (see note 14) | |||||||||||
Contract liabilities (see note 3) | |||||||||||
Operating lease liabilities | |||||||||||
Product warranty | |||||||||||
Restructuring (see note 4) | |||||||||||
Other | |||||||||||
Total | $ | $ |
2021 | 2020 | ||||||||||
Change in product warranty accrual | |||||||||||
Beginning balance, January 1 | $ | $ | |||||||||
Provision charge to expense | |||||||||||
Paid/utilized | ( | ( | |||||||||
Ending balance, June 30, | $ | $ |
Balance Sheet Location | Total | Quoted prices in active markets for identical assets (Level 1) | Other observable inputs (Level 2) | Unobservable inputs (Level 3) | ||||||||||||||||||||||
June 30, 2021 | ||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Interest rate swaps | Other noncurrent assets | $ | $ | $ | $ | |||||||||||||||||||||
Total assets | $ | $ | $ | $ | ||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Interest rate swaps | Accrued expenses and other liabilities | $ | $ | $ | $ | |||||||||||||||||||||
Tax Receivable Agreement | Other long-term liabilities | |||||||||||||||||||||||||
Private warrants | Warrant liabilities | |||||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ |
Balance Sheet Location | Total | Quoted prices in active markets for identical assets (Level 1) | Other observable inputs (Level 2) | Unobservable inputs (Level 3) | ||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Tax Receivable Agreement | Other long-term liabilities | $ | $ | $ | $ | |||||||||||||||||||||
Interest rate swaps | Accrued expenses and other liabilities | |||||||||||||||||||||||||
Interest rate swaps | Other long-term liabilities | |||||||||||||||||||||||||
Public warrants | Current portion of warrant liabilities | |||||||||||||||||||||||||
Private warrants | Warrant liabilities | |||||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ |
2021 | 2020 | ||||||||||
Beginning liability balance, January 1 | $ | $ | |||||||||
Tax receivable agreement, initially recorded | |||||||||||
Change in fair value | ( | ||||||||||
Ending liability balance, June 30, | $ | $ |
Warrant valuation inputs | June 30, 2021 | December 31, 2020 | ||||||||||||
Stock price | $ | $ | ||||||||||||
Strike price | $ | $ | ||||||||||||
Remaining life | ||||||||||||||
Volatility | % | % | ||||||||||||
Interest rate (1) | % | % | ||||||||||||
Dividend yield (2) | % | % |
June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
Fair Value | Par Value (1) | Fair Value | Par Value (1) | ||||||||||||||||||||
Term Loan due 2027 | $ | $ | $ | $ | |||||||||||||||||||
Three months ended June 30, 2021 | Three months ended June 30, 2020 | Six months ended June 30, 2021 | Six months ended June 30, 2020 | ||||||||||||||||||||
Foreign currency translation, beginning | $ | $ | ( | $ | $ | ||||||||||||||||||
Other comprehensive income (loss) | ( | ( | |||||||||||||||||||||
Foreign currency translation, ending | ( | ( | |||||||||||||||||||||
Interest rate swaps, beginning | ( | ( | |||||||||||||||||||||
Unrealized gain (loss) deferred during the period (1) | ( | ( | ( | ||||||||||||||||||||
Interest rate swaps, ending | ( | ( | ( | ( | |||||||||||||||||||
Pension, beginning | ( | ( | ( | ( | |||||||||||||||||||
Actuarial gains (losses) recognized during the period, net of income taxes | ( | ( | |||||||||||||||||||||
Pension, ending | ( | ( | ( | ( | |||||||||||||||||||
Tax receivable agreement, beginning | ( | ||||||||||||||||||||||
Unrealized gain (loss) during the period (2) | ( | ( | ( | ||||||||||||||||||||
Tax receivable agreement, ending | ( | ( | |||||||||||||||||||||
Accumulated other comprehensive income (loss) | $ | $ | ( | $ | $ | ( |
Sales | Three months ended June 30, 2021 | Three months ended June 30, 2020 | Six months ended June 30, 2021 | Six months ended June 30, 2020 | |||||||||||||||||||
Americas | $ | $ | $ | $ | |||||||||||||||||||
Asia Pacific | |||||||||||||||||||||||
Europe, Middle East & Africa | |||||||||||||||||||||||
Eliminations | ( | ( | ( | ( | |||||||||||||||||||
Total | $ | $ | $ | $ |
Intersegment sales (1) | Three months ended June 30, 2021 | Three months ended June 30, 2020 | Six months ended June 30, 2021 | Six months ended June 30, 2020 | |||||||||||||||||||
Americas | $ | $ | $ | $ | |||||||||||||||||||
Asia Pacific | |||||||||||||||||||||||
Europe, Middle East & Africa | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Operating profit (loss) (1) | Three months ended June 30, 2021 | Three months ended June 30, 2020 | Six months ended June 30, 2021 | Six months ended June 30, 2020 | |||||||||||||||||||
Americas | $ | $ | $ | $ | |||||||||||||||||||
Asia Pacific | |||||||||||||||||||||||
Europe, Middle East & Africa | |||||||||||||||||||||||
Total reportable segments | |||||||||||||||||||||||
Foreign currency gain (loss) | ( | ( | ( | ||||||||||||||||||||
Corporate and other | ( | ( | ( | ( | |||||||||||||||||||
Total corporate, other and eliminations | ( | ( | ( | ( | |||||||||||||||||||
Amortization of intangibles | ( | ( | ( | ( | |||||||||||||||||||
Operating profit (loss) | $ | $ | $ | $ |
Three months ended June 30, 2021 | Three months ended June 30, 2020 | Six months ended June 30, 2021 | Six months ended June 30, 2020 | ||||||||||||||||||||
Net income (loss) attributable to common shareholders | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Weighted-average number of ordinary shares outstanding - basic | |||||||||||||||||||||||
Dilutive effect of equity-based compensation and warrants | |||||||||||||||||||||||
Weighted-average number of ordinary shares outstanding - diluted | |||||||||||||||||||||||
Net income per share attributable to common shareholders | |||||||||||||||||||||||
Basic | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Diluted | ( | ( |
(Dollars in millions) | Three months ended June 30, 2021 | Three months ended June 30, 2020 | $ Change | % Change | |||||||||||||||||||
Net sales | $ | 1,260.3 | $ | 1,005.7 | $ | 254.6 | 25.3 | % | |||||||||||||||
Cost of sales | 851.0 | 659.3 | 191.7 | 29.1 | % | ||||||||||||||||||
Gross profit | 409.3 | 346.4 | 62.9 | 18.2 | % | ||||||||||||||||||
Selling, general and administrative expenses | 271.7 | 226.3 | 45.4 | (20.1) | % | ||||||||||||||||||
Amortization of intangibles | 31.9 | 32.2 | (0.3) | 0.9 | % | ||||||||||||||||||
Restructuring costs | 1.1 | 2.4 | (1.3) | 54.2 | % | ||||||||||||||||||
Foreign currency (gain) loss, net | 4.1 | 2.8 | 1.3 | (46.4) | % | ||||||||||||||||||
Asset impairments | — | 12.3 | (12.3) | 100.0 | % | ||||||||||||||||||
Other operating expense (income) | (1.7) | (0.2) | (1.5) | (750.0) | % | ||||||||||||||||||
Operating profit (loss) | 102.2 | 70.6 | 31.6 | (44.8) | % | ||||||||||||||||||
Interest expense, net | 20.0 | 30.1 | (10.1) | 33.6 | % | ||||||||||||||||||
Change in fair value of warrant liabilities | 71.2 | 82.2 | (11.0) | 13.4 | % | ||||||||||||||||||
Income tax expense (benefit) | 1.3 | 14.3 | (13.0) | 90.9 | % | ||||||||||||||||||
Net income (loss) | $ | 9.7 | $ | (56.0) | $ | 65.7 | 117.3 | % |
(Dollars in millions) | Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | $ Change | % Change | |||||||||||||||||||
Net sales | $ | 564.9 | $ | 484.7 | $ | 80.2 | 16.5 | % | |||||||||||||||
Operating profit (loss) | 128.6 | 130.0 | (1.4) | (1.1) | % | ||||||||||||||||||
Margin | 22.8 | % | 26.8 | % |
(Dollars in millions) | Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | $ Change | % Change | |||||||||||||||||||
Net sales | $ | 398.0 | $ | 322.8 | $ | 75.2 | 23.3 | % | |||||||||||||||
Operating profit (loss) | 62.8 | 56.1 | 6.7 | 11.9 | % | ||||||||||||||||||
Margin | 15.8 | % | 17.4 | % |
(Dollars in millions) | Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | $ Change | % Change | |||||||||||||||||||
Net sales | $ | 297.4 | $ | 198.2 | $ | 99.2 | 50.1 | % | |||||||||||||||
Operating profit (loss) | 62.4 | 27.5 | 34.9 | 126.9 | % | ||||||||||||||||||
Margin | 21.0 | % | 13.9 | % |
(Dollars in millions) | Six months ended June 30, 2021 | Six months ended June 30, 2020 | $ Change | % Change | |||||||||||||||||||
Net sales | $ | 2,358.7 | $ | 1,903.0 | $ | 455.7 | 23.9 | % | |||||||||||||||
Cost of sales | 1,591.4 | 1,269.6 | 321.8 | 25.3 | % | ||||||||||||||||||
Gross profit | 767.3 | 633.4 | 133.9 | 21.1 | % | ||||||||||||||||||
Selling, general and administrative expenses | 521.8 | 491.1 | 30.7 | (6.3) | % | ||||||||||||||||||
Amortization of intangibles | 63.7 | 64.6 | (0.9) | 1.4 | % | ||||||||||||||||||
Restructuring costs | 3.1 | 1.3 | 1.8 | (138.5) | % | ||||||||||||||||||
Foreign currency (gain) loss, net | (2.8) | 4.6 | (7.4) | 160.9 | % | ||||||||||||||||||
Asset impairments | — | 12.3 | (12.3) | 100.0 | % | ||||||||||||||||||
Other operating expense (income) | (0.5) | 1.1 | (1.6) | 145.5 | % | ||||||||||||||||||
Operating profit (loss) | 182.0 | 58.4 | 123.6 | (211.6) | % | ||||||||||||||||||
Interest expense, net | 44.1 | 99.0 | (54.9) | 55.5 | % | ||||||||||||||||||
Loss on extinguishment of debt | 0.4 | 174.0 | (173.6) | 99.8 | % | ||||||||||||||||||
Change in fair value of warrant liabilities | 84.8 | 21.6 | 63.2 | (292.6) | % | ||||||||||||||||||
Income tax expense (benefit) | 11.3 | 28.1 | (16.8) | 59.8 | % | ||||||||||||||||||
Net income (loss) | $ | 41.4 | $ | (264.3) | $ | 305.7 | 115.7 | % |
(Dollars in millions) | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | $ Change | % Change | |||||||||||||||||||
Net sales | $ | 1,066.4 | $ | 951.4 | $ | 115.0 | 12.1 | % | |||||||||||||||
Operating profit (loss) | 255.0 | 221.5 | 33.5 | 15.1 | % | ||||||||||||||||||
Margin | 23.9 | % | 23.3 | % |
(Dollars in millions) | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | $ Change | % Change | |||||||||||||||||||
Net sales | $ | 755.4 | $ | 546.7 | $ | 208.7 | 38.2 | % | |||||||||||||||
Operating profit (loss) | 115.9 | 77.0 | 38.9 | 50.5 | % | ||||||||||||||||||
Margin | 15.3 | % | 14.1 | % |
(Dollars in millions) | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | $ Change | % Change | |||||||||||||||||||
Net sales | $ | 536.9 | $ | 404.9 | $ | 132.0 | 32.6 | % | |||||||||||||||
Operating profit (loss) | 95.8 | 48.3 | 47.5 | 98.3 | % | ||||||||||||||||||
Margin | 17.8 | % | 11.9 | % |
(Dollars in millions) | 2021 | 2020 | $ Change | % Change | |||||||||||||||||||
Net cash provided by (used for) operating activities | $ | 120.0 | $ | (121.7) | $ | 241.7 | (198.6) | % | |||||||||||||||
Net cash used for investing activities | (35.8) | (19.4) | (16.4) | 84.5 | |||||||||||||||||||
Net cash provided by financing activities | 91.7 | 293.5 | (201.8) | (68.8) | |||||||||||||||||||
Capital expenditures | (30.4) | (13.2) | (17.2) | 130.3 | |||||||||||||||||||
Investments in capitalized software | (5.4) | (6.2) | 0.8 | (12.9) |
EXHIBIT INDEX | ||||||||||||||
Exhibit No. | Description | |||||||||||||
3.1 | ||||||||||||||
10.1 | ||||||||||||||
31.1 | ||||||||||||||
31.2 | ||||||||||||||
32.1 | ||||||||||||||
32.2 | ||||||||||||||
101.INS | The following financial statements from the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2021, formatted in Inline XBRL: (i) Consolidated Statements of Cash Flows, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Balance Sheets, and (v) Notes to Consolidated Financial Statements, tagged as blocks of text and including detailed tags. | |||||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema (filed herewith) | |||||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase (filed herewith) | |||||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase (filed herewith) | |||||||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase (filed herewith) | |||||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase (filed herewith) | |||||||||||||
104 | Cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2021, formatted in Inline XBRL (and contained in Exhibit 101) |
Date: August 2, 2021 | Vertiv Holdings Co | ||||
/s/ Rob Johnson | |||||
Name: Rob Johnson | |||||
Title: Chief Executive Officer | |||||
/s/ David Fallon | |||||
Name: David Fallon | |||||
Title: Chief Financial Officer |
VERTIV HOLDINGS CO | |||||
By: | /s/ Stephanie Gill | ||||
Name: Stephanie Gill | |||||
Title: Corporate Secretary |
Position Appointed | : Chief Technology Officer | ||||
Organization | : Vertiv Holdings Co | ||||
Reporting Line | : Rob Johnson, Chief Executive Officer or any company authorized delegate | ||||
Legal entity Employed | : Vertiv Holdings Co | ||||
Base location | : Hong Kong | ||||
Effective Date of Transfer | : March 29, 2021 |
Date: August 2, 2021 | Vertiv Holdings Co | ||||
/s/ Rob Johnson | |||||
Name: Rob Johnson | |||||
Title: Chief Executive Officer |
Date: August 2, 2021 | Vertiv Holdings Co | ||||
/s/ David Fallon | |||||
Name: David Fallon | |||||
Title: Chief Financial Officer |
Date: August 2, 2021 | Vertiv Holdings Co | ||||
/s/ Rob Johnson | |||||
Name: Rob Johnson | |||||
Title: Chief Executive Officer |
Date: August 2, 2021 | Vertiv Holdings Co | ||||
/s/ David Fallon | |||||
Name: David Fallon | |||||
Title: Chief Financial Officer |
Unaudited Condensed Consolidated Statements of Earnings (Loss) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Net sales | ||||
Net sales | $ 1,260.3 | $ 1,005.7 | $ 2,358.7 | $ 1,903.0 |
Costs and expenses | ||||
Cost of sales | 851.0 | 659.3 | 1,591.4 | 1,269.6 |
Operating expenses | ||||
Selling, general and administrative expenses | 271.7 | 226.3 | 521.8 | 491.1 |
Amortization of intangibles | 31.9 | 32.2 | 63.7 | 64.6 |
Restructuring costs | 1.1 | 2.4 | 3.1 | 1.3 |
Foreign currency (gain) loss, net | 4.1 | 2.8 | (2.8) | 4.6 |
Asset impairment | 0.0 | 12.3 | 0.0 | 12.3 |
Other operating expense (income) | (1.7) | (0.2) | (0.5) | 1.1 |
Operating profit (loss) | 102.2 | 70.6 | 182.0 | 58.4 |
Interest expense, net | 20.0 | 30.1 | 44.1 | 99.0 |
Loss on extinguishment of debt | 0.0 | 0.0 | 0.4 | 174.0 |
Change in fair value of warrant liabilities | 71.2 | 82.2 | 84.8 | 21.6 |
Income (loss) before income taxes | 11.0 | (41.7) | 52.7 | (236.2) |
Income tax expense | 1.3 | 14.3 | 11.3 | 28.1 |
Net income (loss) | $ 9.7 | $ (56.0) | $ 41.4 | $ (264.3) |
Earnings (loss) per share: | ||||
Basic (USD per share) | $ 0.03 | $ (0.17) | $ 0.12 | $ (0.93) |
Diluted (USD per share) | $ 0.03 | $ (0.17) | $ 0.12 | $ (0.93) |
Weighted-average shares outstanding: | ||||
Basic (in shares) | 352,199,184 | 328,411,705 | 350,908,612 | 284,534,285 |
Diluted (in shares) | 356,652,811 | 328,411,705 | 354,883,869 | 284,534,285 |
Products | ||||
Net sales | ||||
Net sales | $ 976.5 | $ 750.2 | $ 1,820.5 | $ 1,397.4 |
Costs and expenses | ||||
Cost of sales | 686.2 | 515.3 | 1,279.6 | 978.5 |
Services | ||||
Net sales | ||||
Net sales | 283.8 | 255.5 | 538.2 | 505.6 |
Costs and expenses | ||||
Cost of sales | $ 164.8 | $ 144.0 | $ 311.8 | $ 291.1 |
Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 9.7 | $ (56.0) | $ 41.4 | $ (264.3) |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation | 20.2 | 11.9 | (15.9) | (42.4) |
Interest rate swaps | (8.6) | (11.5) | 25.3 | (35.5) |
Tax receivable agreement | (9.4) | (9.7) | (5.3) | 16.2 |
Pension | 0.2 | 0.0 | (0.6) | (0.2) |
Other comprehensive income (loss), net of tax | 2.4 | (9.3) | 3.5 | (61.9) |
Comprehensive income (loss) | $ 12.1 | $ (65.3) | $ 44.9 | $ (326.2) |
Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Allowance for accounts receivable | $ 21.9 | $ 22.3 |
Preferred stock, par value (in dollars 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 (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 700,000,000 | 700,000,000 |
Common stock, shares issued (in shares) | 352,331,540 | 342,024,612 |
Common stock, shares outstanding (in shares) | 352,331,540 | 342,024,612 |
Unaudited Condensed Consolidated Statements of Equity (Deficit) (Parenthetical) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Feb. 07, 2020
USD ($)
|
Jun. 30, 2021
USD ($)
shares
|
Mar. 31, 2021
USD ($)
shares
|
|
Common stock, shares outstanding (in shares) | shares | 352,331,540 | ||
Change in fair value of warrant liabilities | $ 71.2 | ||
Vested (in shares) | shares | 906,197 | ||
Shares withheld for tax obligation (in shares) | shares | 320,058 | ||
Decrease for tax withholding obligation | $ 7.0 | ||
Share Capital | |||
Common stock, shares outstanding (in shares) | shares | 352,331,540 | 351,516,790 | |
Additional Paid in Capital | |||
Vested | $ 6.2 | ||
Revision of Prior Period, Error Correction, Adjustment | |||
Change in fair value of warrant liabilities | $ 116.3 | ||
Proceeds from the exercise of warrants | $ 107.5 |
Description of Business |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | DESCRIPTION OF BUSINESSVertiv 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 infrastructure technologies and life cycle services for data centers, communication networks, and commercial and industrial environments. Vertiv’s offerings include power conditioning and uninterruptible power systems, thermal management, integrated data center control devices, software, monitoring, and service. Vertiv manages and reports results of operations for three reportable segments: Americas; Asia Pacific; and Europe, Middle East & Africa. |
Basis of Presentation and Summary of Significant Accounting Policies |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Significant Accounting Policies | BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The unaudited condensed consolidated interim financial statements have been prepared in accordance with generally accepted accounting principles ("GAAP") in the United States of America and the rules and regulations of the Securities and Exchange Commission ("SEC") and include the accounts of the Company and its subsidiaries in which the Company has a controlling interest. These condensed consolidated interim financial statements do not include all of the information and footnotes required for complete financial statements. In management’s opinion, these financial statements reflect all adjustments of a normal, recurring nature necessary for a fair presentation of the results for the interim periods presented. The presentation of certain prior period amounts includes the reclassification of intangible amortization expense, restructuring costs and net foreign currency (gain) loss into separate components within operating expenses to conform to the current period presentation. In addition certain prior period amounts have been reclassed to confirm with current year presentation. The preparation of financial statements in conformity with GAAP in the United States requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from the estimates. On an ongoing basis, management reviews its estimates based on currently available information. Changes in facts and circumstances may result in revised estimates. Results for these interim periods are not necessarily indicative of results to be expected for the full year due to, among other reasons, the continued uncertainty of general economic conditions due to the COVID-19 pandemic that has impacted, and may continue to impact, our sales channels, supply chain, manufacturing operations, workforce, or other key aspects of our operations. The notes included herein should be read in conjunction with the Company's audited consolidated financial statements included in the Company's Annual Report on Form 10-K/A filed with the SEC on April 30, 2021 (the "2020 Form 10-K/A").
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Revenue |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | 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. Disaggregation of Revenues Beginning in the second quarter of 2020, sales were moved within product and service offering categories to reflect a strategic realignment within the Company's matrix organizational structure. Comparative results for the three and six months ended June 30, 2020 have been adjusted to reflect this modification. Additionally, product and service offering category names were revised as follows: Services & software solutions changed to Service & spares, and I.T. edge & infrastructure changed to Integrated rack solutions. There was no change in the description of the Critical infrastructure & solutions offering. The following table disaggregates our revenue by business segment, product and service offering and timing of transfer of control:
(1)Comparative results for Critical infrastructure & solutions, Services & spares and Integrated rack solutions for the three months ended June 30, 2020 have been adjusted by $4.9, $(8.7), and $3.8, respectively, to reflect the strategic realignment described above.
(1)Comparative results for Critical infrastructure & solutions, Services & spares and Integrated rack solutions for the six months ended June 30, 2020 have been adjusted by $7.0, $(11.4), and $4.4, respectively, to reflect the strategic realignment described above. The opening and closing balances of our current and long-term contract assets and current and long-term deferred revenue are as follows:
(1) Current deferred revenue and contract liabilities are included within accrued expenses and other liabilities. (2) Noncurrent deferred revenue is recorded within other long-term liabilities. Deferred revenue - noncurrent consists primarily of maintenance, extended warranty and other service contracts. We expect to recognize revenue of $13.2, $15.0 and $14.1 in fiscal year 2022, fiscal year 2023, and thereafter, respectively.
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Restructuring Costs |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Costs | 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. Plant closing and other costs include costs of moving fixed assets, employee training, relocation, and facility costs. Restructuring costs by business segment are as follows:
The change in the liability for the restructuring of operations during the six months ended June 30, 2021 are as follows:
The change in the liability for the restructuring of operations during the six months ended June 30, 2020 are as follows:
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Debt |
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Debt | DEBT Long-term debt, net, consists of the following as of June 30, 2021 and December 31, 2020:
Contractual maturities of the Company’s debt obligations as of June 30, 2021 are shown below:
Amendment to the Term Loan due 2027 As previously disclosed, on March 10, 2021, Vertiv Group Corporation, a Delaware corporation and an indirect wholly owned subsidiary of the Company ("Vertiv Group" or the "Borrower"), Vertiv Intermediate Holding II Corporation, a Delaware corporation and the direct parent of Vertiv Group ("Holdings"), and certain direct and indirect subsidiaries of the Borrower, as guarantors, entered into an Amendment No. 1 to Term Loan Credit Agreement (the "Term Loan Amendment" and, the Original Term Loan Credit Agreement as amended by the Term Loan Amendment, the "Credit Agreement") with Citibank, N.A., as administrative agent (in such capacity, the “Term Agent”) and various financial institutions from time to time party thereto ("Term Lenders"), which Term Loan Amendment made certain modifications to the Term Loan Credit Agreement entered into by Borrower and the other parties on March 2, 2020 (the "Original Term Loan Credit Agreement"), including reducing the interest rate margins. Pursuant to the Term Loan Amendment, among other modifications, the interest rate margin for the Borrower’s outstanding term loans under the Credit Agreement was reduced by 0.25%, to 2.75% in respect of term loans bearing interest based on the LIBOR rate and to 1.75% in respect of term loans bearing interest based on a base rate defined in the Credit Agreement. The Company recognized a "loss on the extinguishment of debt of $0.4 related to the Amendment for the six months ended June 30, 2021. The maturity date for such term loans remains March 2, 2027, and all other material provisions of the Credit Agreement remain materially unchanged. ABL Revolving Credit Facility At June 30, 2021, Vertiv Group as the Borrower and certain subsidiaries of the Borrower as co-borrowers (the "Co-Borrowers") had $434.9 of availability under the Asset Based Revolving Credit Facility (the "ABL Revolving Credit Facility") (subject to customary 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 $20.1, and taking into account the borrowing base limitations set forth in the ABL Revolving Credit Facility. At June 30, 2021, there was no borrowing balance on the ABL Revolving Credit Facility.
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Leases |
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Leases | LEASESThe 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 are exercisable at the Company's option. Terms and conditions to extend or terminate are recognized as part of the right-of-use assets and lease liabilities where prescribed by the guidance. The majority of our leases are operating leases. Finance leases, which are recorded in "Property, Plant, and Equipment", are immaterial to our condensed consolidated financial statements. Operating lease expenses are recorded in "Cost of sales" and "Selling, general and administrative expenses" on the Unaudited Condensed Consolidated Statements of Earnings (Loss). Refer to the below table for a summary of these lease expenses:
Supplemental cash flow information related to operating leases is as follows:
Maturities of lease liabilities are as follows:
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Income Taxes |
6 Months Ended |
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Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The Company's effective tax rate was 11.8%, 21.4%, (34.3)% and (11.9)% for the three and six months ended June 30, 2021 and 2020, respectively. The effective rate in the current three and six month periods are influenced by the mix of income between our U.S. and non-U.S. operations, net of changes in valuation allowances, and reflect the negative impact of non-deductible changes in fair value of the warrant liabilities, as well as a discrete tax adjustment related to legislative changes enacted in the quarter. This negative impact is partially offset by the benefit of certain internal reorganizations and tax elections outside the U.S. The effective rates for the comparative three and six month periods were primarily influenced by the mix of income between our U.S. and non-U.S. operations, net of changes in valuation allowances. The prior periods also reflect a discrete tax benefit related to a change in our indefinite reinvestment liability caused by legislative changes enacted during the periods and movement in foreign currencies. The Company has provided for U.S. federal income taxes and foreign withholding taxes on all temporary differences attributed to basis differences in foreign subsidiaries that are not considered indefinitely reinvested. As of June 30, 2021, the Company has certain earnings of certain foreign affiliates that continue to be indefinitely reinvested, but it was not practicable to determine the impact.
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Related Party Transactions |
6 Months Ended |
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Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS Services Agreement The Company received certain corporate and advisory services from Platinum Equity Advisors, LLC ("Advisors"), and affiliates of Advisors. These services were provided pursuant to a corporate advisory services agreement ("the "CASA") between Advisors and the Company. During the three months ended March 31, 2020, the Company recorded $0.5 in charges related to the CASA. This agreement was terminated on February 7, 2020. During the three months ended March 31, 2020, the Company recorded $25.0 in charges relating to services performed in connection with the business combination. These charges were recorded as a reduction of the cash acquired from GSAH within additional paid-in capital. During the three months ended March 31, 2020, the Company recorded $5.5 of cash related to a true-up of merger consideration in connection with the business combination. Transactions with Affiliates of Advisors The Company also purchased and sold goods in the ordinary course of business with affiliates of Advisors. For the three and six months ended June 30, 2021 and 2020 purchases were $19.1, $33.7, $12.9 and $24.4, respectively. Accounts payable from affiliates of Advisors were insignificant as of June 30, 2021 and December 31, 2020. Tax Receivable Agreement See Note 10 — Financial Instruments and Risk Management for additional information.
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Other Financial Information |
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Other Financial Information | OTHER FINANCIAL INFORMATION
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Financial Instruments and Risk Management |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments and Risk Management | 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 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:
Tax Receivable Agreement — The Company has estimated total payments of approximately $191.5 on an undiscounted basis. The initial fair value of the estimated liability resulting from the business combination of $133.4 was included as an adjustment to Additional paid in capital. Subsequent measurements are recorded in "Interest expense, net" in the Unaudited Condensed Consolidated Statements of Earnings (Loss) and "Accumulated other comprehensive income" in the Unaudited Condensed Consolidated Balance Sheets, as appropriate based on the passage of time, change in risk-free rate and implied credit spread. Cash flows of the Tax Receivable Agreement are discounted at an appropriate rate for the applicable duration of the instrument adjusted for our own credit spread. The fair value movement on the tax receivable agreement attributable to our own credit risk spread is recorded in "Accumulated other comprehensive income" in the Unaudited Condensed Consolidated Balance Sheets. These estimates and assumptions are subject to change, which may materially affect the measurement of the liability. We have recorded $(0.1), $1.6, $7.1 and $16.2 of accretion expense in "Interest expense, net" for the three and six months ended June 30, 2021 and 2020, respectively, in the Unaudited Condensed Consolidated Statement of Earnings (Loss). An unrealized gain (loss) of $(9.4), $(5.3), $(9.7) and $16.2 was recorded in "Accumulated other comprehensive income" in the Unaudited Condensed Consolidated Balance Sheets, related to the change in fair value of the tax receivable liability for the three and six months ended June 30, 2021 and 2020, respectively. The value of the Tax Receivable Agreement is determined using Level 3 inputs. The measurement is calculated using unobservable inputs based on the Company’s own assumptions including the timing and amount of future taxable income and realizability of tax attributes. When valuing the tax receivable liability at June 30, 2021, we utilized a discount rate of 2.9%. The discount rate was determined based on the risk-free rate and Vertiv's implied credit spread. A one percentage point change in the discount rate would result in a change in value of approximately $11.0 at June 30, 2021. Significant changes in unobservable inputs could result in material changes to the tax receivable liability. Details of the changes in value for the Tax Receivable Agreement are as follows:
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 earnings, depending on the nature and effectiveness of the offset. Concurrent with the refinancing on March 2, 2020, the Company designated certain interest rate swaps with an initial notional amount of $1,200.0 as cash flow hedges effectively swapping such amount in LIBOR based floating rate debt for fixed rate debt. The Company uses interest rate swaps to manage the interest rate mix of our total debt portfolio and related overall cost of borrowing. At June 30, 2021 interest rate swap agreements designated as cash flow hedges effectively swapped a notional amount of $1,000.0 of LIBOR based floating rate debt for fixed rate debt. Our interest rate swaps mature in March 2027. As of June 30, 2021 the fair value of interest rate swaps was $7.5 and was recorded in "Accumulated other comprehensive (loss) income" on the Unaudited Condensed Consolidated Balance Sheets . The total fair value at June 30, 2021 consisted of $10.2 current portion recorded in "Accrued expenses and other liabilities" in the Unaudited Condensed Consolidated Balance Sheets and a $2.7 non-current portion recorded in "Other assets". The Company recognized $2.6, $5.3, $0.5 and $0.5 in earnings for the three and six months ended June 30, 2021 and 2020, respectively. At June 30, 2021, the Company expects that approximately $10.2 of pre-tax net losses on cash flow hedges will be reclassified from Accumulated other comprehensive income (loss) into earnings during the next twelve months. The interest rate swaps are valued using the LIBOR yield curves at the reporting date. 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. Public warrants — as the Public warrants were traded in active markets, their value was derived using quoted market prices and are classified as Level 1 financial instruments. Private warrants — the fair value of the Private warrants is considered a Level 2 valuation and is determined using the Black-Sholes-Merton valuation model. The significant assumptions which the Company used in the model are:
(1) Interest rate determined from a constant maturity treasury yield (2) June 30, 2021 and December 31, 2020 dividend yield assumes $0.01 per share per annum. Foreign currency exchange rate risk management We conduct business in several major international currencies and are, therefore, subject to risks associated with changing foreign currency exchange rates. We enter into various contracts that change in value as foreign currency exchange rates change to manage this exposure. Such contracts limit exposure to both favorable and unfavorable currency exchange rate fluctuations. Other fair value measurements We determine 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 June 30, 2021 and December 31, 2020.
(1)See Note 5 — Debt for additional information
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Accumulated Other Comprehensive Income (Loss) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Activity in accumulated other comprehensive income (loss) is as follows:
(1)During the three and six months ended June 30, 2021 and 2020, $2.6, $5.3, $0.5 and $0.5, respectively, was reclassified into earnings. (2)The fair value movement on the Tax Receivable Agreement attributable to our own credit risk spread is recorded in other comprehensive (loss) income.
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Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | SEGMENT INFORMATION Beginning in 2021, the primary income measure used for assessing segment performance and making operating decisions is operating profit (loss). Segment performance is assessed exclusive of Corporate and other costs, foreign currency gain (loss), and amortization of intangibles. Corporate and other costs primarily include headquarters management costs, stock-based compensation, other incentive compensation, global IT costs, change in warrant liabilities, asset impairments, and costs that support global product platform development and offering management. Vertiv 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 chief operating decision maker (CODM), which includes determining resource allocation methodologies used for reportable segments. At the beginning of 2021 we reorganized our internal reporting and realigned our operating segment structure to how our CODM, our Chief Executive Officer, now allocates resources and makes decisions. The changes resulted in the identification of two new operating segments, 1) North Asia and 2) Australia & New Zealand, South East Asia and India (ASI) which previously were reported as our legacy Asia Pacific operating segment. Given the similarities of economic characteristics and other qualitative factors, we aggregate these operating segments, such that our reportable segments are unchanged. In conjunction with the realignment, the Company concluded the new operating segments also comprised reporting units and the company tested goodwill for impairment for each reporting unit both immediately before and immediately after the business realignment. The Company allocated goodwill to the two new reporting units based on their relative fair value. The goodwill impairment tests under both the legacy and new reporting unit structures concluded that no impairment existed during the first half of fiscal 2021. Summarized information about the Company’s results of operations by reportable segment and product and service offering follows: Americas includes products and services sold for applications within the data center, communication networks and commercial/industrial markets in North America and Latin America. This segment’s principal product and service offerings include: •Critical infrastructure & solutions includes AC and DC power management, thermal management, and modular hyperscale type data center sites. •Integrated rack solutions includes racks, rack power, rack power distribution, rack thermal systems, and configurable integrated solutions; and hardware for managing I.T. equipment. •Services & spares includes preventative maintenance, acceptance testing, engineering and consulting, performance assessments, remote monitoring, training, spare parts, and digital critical infrastructure software. Asia Pacific includes products and services sold for applications within the data center, communication networks and commercial/industrial markets throughout North Asia and ASI. 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/industrial markets in Europe, Middle East & Africa. Products and services offered are similar to the Americas segment. Reportable Segments
(1)Intersegment selling prices approximate market prices.
(1)Beginning in the first quarter of 2021, operating profit (loss) is the primary income measure used for assessing segment performance and making operating decisions. Comparative results for the three and six months ended June 30, 2020 have been presented in conformity with the updated format.
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Earnings (Loss) Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings (Loss) Per Share | EARNINGS (LOSS) PER SHARE Basic earnings per ordinary share is computed by dividing net earnings attributable to holders of the Company's Class A common shares by the weighted average number of common shares outstanding during the period. Diluted earnings per ordinary share is computed by dividing net earnings attributable to holders of the Company's Class A common shares 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 securities or instruments, if the impact is dilutive. The details of the earnings per share calculations for the three and six months ended June 30, 2021 and 2020 are as follows (in millions, except per share and per share amounts):
The dilutive effect of stock awards was 4.5 million and 4.0 million shares during the three and six months ended June 30, 2021. Additional stock awards and warrants were also outstanding during the three and six months ended June 30, 2021, but were not included in the computation of diluted earnings per common share because the effect would be anti-dilutive. Such anti-dilutive stock awards and warrants represented 0.5 million and 5.5 million shares for the three months ended June 30, 2021, and 1.0 million and 6.5 million shares for the six months ended June 30, 2021, respectively. The dilutive effect of stock awards was zero during the three and six months ended June 30, 2020. Additional stock awards and warrants were also outstanding during the three and six months ended June 30, 2020, but were not included in the computation of diluted earnings per common share because the effect would be anti-dilutive. Such anti-dilutive stock awards and warrants represented 1.5 million and 33.5 million shares for the three months ended June 30, 2020, and 3.1 million and 33.5 million shares for the six months ended June 30, 2020.
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Commitments and Contingencies |
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Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 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 May 10, 2018, the jury in the case of Bladeroom Group Limited, et al. v. Facebook, Inc., Emerson Electric Co., Emerson Network Power Solutions, Inc. (now known as Vertiv Solutions, Inc.) and Liebert Corporation returned a verdict in favor of the plaintiff in the amount of $30.0. The jury found the defendants breached a confidentiality agreement with Bladeroom, were unjustly enriched by such breach, improperly disclosed or used certain of the plaintiff’s trade secrets and the misappropriation of such trade secrets was willful and malicious. On March 11, 2019, the court entered orders in the case affirming the original award of $30.0 and imposing an additional award for punitive damages of $30.0 as well as attorney fees and interest. Under the terms of the purchase agreement with Emerson, the Company is indemnified for damages arising out of or relating to this case, including the above amounts. On August 12, 2019, judgment was entered, confirming the award entered on March 11, 2019. Emerson has submitted an appeal, and in connection with the appeal has submitted a surety bond underwritten by a third-party insurance company in the amount of $120.1. As of June 30, 2021, the Company had accrued $96.2 in accrued expenses, the full amount of the judgment, and recorded an offsetting indemnification receivable of $96.2 in other current assets related to this matter. On December 28, 2017, Vertiv acquired Energy Labs, Inc. (“Energy Labs”). The purchase agreement contained a provision for contingent consideration in the form of an earn-out payment based on the achievement of 2018 operating results. The range of outcomes was zero to $34.5. On June 4, 2019, Vertiv notified the selling shareholders of Energy Labs of Vertiv’s determination that the applicable 2018 operating results had not been achieved and that no contingent consideration was due to the selling shareholders. On September 6, 2019, the selling shareholders of Energy Labs notified Vertiv of their dispute regarding the contingent consideration due to them. The selling shareholders assert that the applicable 2018 operating results were exceeded and that Vertiv owes $34.5 in earn-out, the highest amount of earn-out possible under the agreement. As of June 30, 2021 and December 31, 2020, the Company had accrued $2.8 in accrued expenses. Discovery is underway and a trial has been scheduled for February 2022. While Vertiv believes it has meritorious defenses against the assertions of the selling shareholders of Energy Labs, Vertiv is unable at this time to predict the outcome of this dispute. If Vertiv is unsuccessful, the ultimate resolution of this dispute could result in a loss of up to $31.7 in excess of the $2.8 accrued as well as costs and legal fees. At June 30, 2021, there were no known contingent liabilities (including guarantees, taxes and other claims) that management believes will be material in relation to the Company’s consolidated financial statements, nor were there any material commitments outside the normal course of business other than those described above.
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Basis of Presentation and Summary of Significant Accounting Policies (Policies) |
6 Months Ended |
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Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | The unaudited condensed consolidated interim financial statements have been prepared in accordance with generally accepted accounting principles ("GAAP") in the United States of America and the rules and regulations of the Securities and Exchange Commission ("SEC") and include the accounts of the Company and its subsidiaries in which the Company has a controlling interest. These condensed consolidated interim financial statements do not include all of the information and footnotes required for complete financial statements. In management’s opinion, these financial statements reflect all adjustments of a normal, recurring nature necessary for a fair presentation of the results for the interim periods presented. The presentation of certain prior period amounts includes the reclassification of intangible amortization expense, restructuring costs and net foreign currency (gain) loss into separate components within operating expenses to conform to the current period presentation. In addition certain prior period amounts have been reclassed to confirm with current year presentation. The preparation of financial statements in conformity with GAAP in the United States requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from the estimates. On an ongoing basis, management reviews its estimates based on currently available information. Changes in facts and circumstances may result in revised estimates. Results for these interim periods are not necessarily indicative of results to be expected for the full year due to, among other reasons, the continued uncertainty of general economic conditions due to the COVID-19 pandemic that has impacted, and may continue to impact, our sales channels, supply chain, manufacturing operations, workforce, or other key aspects of our operations. The notes included herein should be read in conjunction with the Company's audited consolidated financial statements included in the Company's Annual Report on Form 10-K/A filed with the SEC on April 30, 2021 (the "2020 Form 10-K/A").
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Revenue (Tables) |
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following table disaggregates our revenue by business segment, product and service offering and timing of transfer of control:
(1)Comparative results for Critical infrastructure & solutions, Services & spares and Integrated rack solutions for the three months ended June 30, 2020 have been adjusted by $4.9, $(8.7), and $3.8, respectively, to reflect the strategic realignment described above.
(1)Comparative results for Critical infrastructure & solutions, Services & spares and Integrated rack solutions for the six months ended June 30, 2020 have been adjusted by $7.0, $(11.4), and $4.4, respectively, to reflect the strategic realignment described above.
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Schedule of Contract Assets, Liabilities and Deferred Revenue | The opening and closing balances of our current and long-term contract assets and current and long-term deferred revenue are as follows:
(1) Current deferred revenue and contract liabilities are included within accrued expenses and other liabilities. (2) Noncurrent deferred revenue is recorded within other long-term liabilities.
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Restructuring Costs (Tables) |
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Restructuring Costs by Segment | Restructuring costs by business segment are as follows:
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Summary of the Change in the Liability for the Restructuring of Operations | The change in the liability for the restructuring of operations during the six months ended June 30, 2021 are as follows:
The change in the liability for the restructuring of operations during the six months ended June 30, 2020 are as follows:
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Debt (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Long-term Debt, Net | Long-term debt, net, consists of the following as of June 30, 2021 and December 31, 2020:
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Schedule of Maturities of Long-term Debt | Contractual maturities of the Company’s debt obligations as of June 30, 2021 are shown below:
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Leases (Tables) |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Operating Lease Expense, Cash Flow Information, And Weighted Average Remaining Lease Terms and Discount Rates | Operating lease expenses are recorded in "Cost of sales" and "Selling, general and administrative expenses" on the Unaudited Condensed Consolidated Statements of Earnings (Loss). Refer to the below table for a summary of these lease expenses:
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Supplemental Balance Sheet Information Related to Operating Leases | Supplemental balance sheet information related to operating leases is as follows:
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Summary of Maturities of Lease Liabilities | Maturities of lease liabilities are as follows:
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Other Financial Information (Tables) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Cash, Cash Equivalents, and Restricted Cash |
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Other Supplemental Balance Sheet Information |
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Financial Instruments and Risk Management (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
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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:
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Fair Value Measurement Inputs and Valuation Techniques | The significant assumptions which the Company used in the model are:
(1) Interest rate determined from a constant maturity treasury yield (2) June 30, 2021 and December 31, 2020 dividend yield assumes $0.01 per share per annum.
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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 June 30, 2021 and December 31, 2020.
(1)See Note 5 — Debt for additional information
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Accumulated Other Comprehensive Income (Loss) (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Activity in Accumulated Other Comprehensive Income (Loss) | Activity in accumulated other comprehensive income (loss) is as follows:
(1)During the three and six months ended June 30, 2021 and 2020, $2.6, $5.3, $0.5 and $0.5, respectively, was reclassified into earnings. (2)The fair value movement on the Tax Receivable Agreement attributable to our own credit risk spread is recorded in other comprehensive (loss) income.
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Segment Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | Reportable Segments
(1)Intersegment selling prices approximate market prices.
(1)Beginning in the first quarter of 2021, operating profit (loss) is the primary income measure used for assessing segment performance and making operating decisions. Comparative results for the three and six months ended June 30, 2020 have been presented in conformity with the updated format.
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Earnings (Loss) Per Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The details of the earnings per share calculations for the three and six months ended June 30, 2021 and 2020 are as follows (in millions, except per share and per share amounts):
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Description of Business - Narrative (Details) |
6 Months Ended |
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Jun. 30, 2021
segment
| |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of operating segments | 3 |
Number of reportable segments | 3 |
Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 1,260.3 | $ 1,005.7 | $ 2,358.7 | $ 1,903.0 |
Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 967.2 | 742.6 | 1,804.3 | 1,382.5 |
Transferred over Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 293.1 | 263.1 | 554.4 | 520.5 |
Critical infrastructure & solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 726.8 | 547.3 | 1,354.7 | 1,006.7 |
Critical infrastructure & solutions | Restatement Adjustment | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 4.9 | 7.0 | ||
Services & spares | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 363.2 | 311.9 | 684.9 | 617.5 |
Services & spares | Restatement Adjustment | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | (8.7) | (11.4) | ||
Integrated rack solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 170.3 | 146.5 | 319.1 | 278.8 |
Integrated rack solutions | Restatement Adjustment | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 3.8 | 4.4 | ||
Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 564.9 | 484.7 | 1,066.4 | 951.4 |
Americas | Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 403.1 | 332.4 | 763.6 | 645.6 |
Americas | Transferred over Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 161.8 | 152.3 | 302.8 | 305.8 |
Americas | Critical infrastructure & solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 305.3 | 251.1 | 584.8 | 491.2 |
Americas | Services & spares | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 179.6 | 161.1 | 333.7 | 322.7 |
Americas | Integrated rack solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 80.0 | 72.5 | 147.9 | 137.5 |
Asia Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 398.0 | 322.8 | 755.4 | 546.7 |
Asia Pacific | Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 315.8 | 256.8 | 597.4 | 417.7 |
Asia Pacific | Transferred over Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 82.2 | 66.0 | 158.0 | 129.0 |
Asia Pacific | Critical infrastructure & solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 239.8 | 196.8 | 455.8 | 310.8 |
Asia Pacific | Services & spares | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 106.3 | 86.1 | 201.8 | 164.9 |
Asia Pacific | Integrated rack solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 51.9 | 39.9 | 97.8 | 71.0 |
Europe, Middle East, & Africa | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 297.4 | 198.2 | 536.9 | 404.9 |
Europe, Middle East, & Africa | Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 248.3 | 153.4 | 443.3 | 319.2 |
Europe, Middle East, & Africa | Transferred over Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 49.1 | 44.8 | 93.6 | 85.7 |
Europe, Middle East, & Africa | Critical infrastructure & solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 181.7 | 99.4 | 314.1 | 204.7 |
Europe, Middle East, & Africa | Services & spares | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 77.3 | 64.7 | 149.4 | 129.9 |
Europe, Middle East, & Africa | Integrated rack solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 38.4 | $ 34.1 | $ 73.4 | $ 70.3 |
Revenue - Contract Liabilities (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Revenue from Contract with Customer [Abstract] | ||
Deferred revenue - current | $ 231.1 | $ 199.6 |
Deferred revenue - noncurrent | 42.3 | 38.8 |
Other contract liabilities - current | $ 50.5 | $ 36.1 |
Revenue - Performance Obligation (Details) $ in Millions |
Jun. 30, 2021
USD ($)
|
---|---|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized over time | $ 13.2 |
Performance obligation expected timing, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized over time | $ 15.0 |
Performance obligation expected timing, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized over time | $ 14.1 |
Performance obligation expected timing, period |
Restructuring Costs - By Business Segment (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Restructuring Cost and Reserve [Line Items] | ||||
Expense | $ 1.1 | $ 2.4 | $ 3.1 | $ 1.3 |
Operating Segments | Americas | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Expense | 1.4 | 0.7 | 2.1 | 1.0 |
Operating Segments | Asia Pacific | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Expense | 3.2 | 0.0 | 3.4 | 0.2 |
Operating Segments | Europe, Middle East, & Africa | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Expense | (3.8) | 1.6 | (2.7) | 0.8 |
Corporate | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Expense | $ 0.3 | $ 0.1 | $ 0.3 | $ (0.7) |
Restructuring Costs - Summary of Changes in Restructuring Reserve (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Restructuring Reserve [Roll Forward] | ||||
Restructuring reserve, beginning balance | $ 69.3 | $ 22.2 | ||
Expense | $ 1.1 | $ 2.4 | 3.1 | 1.3 |
Paid/Utilized | (19.4) | (13.5) | ||
Restructuring reserve, ending balance | 53.0 | 10.0 | 53.0 | 10.0 |
Severance and benefits | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring reserve, beginning balance | 68.9 | 21.6 | ||
Expense | (0.4) | 0.6 | ||
Paid/Utilized | (15.8) | (12.7) | ||
Restructuring reserve, ending balance | 52.7 | 9.5 | 52.7 | 9.5 |
Plant closing and other | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring reserve, beginning balance | 0.4 | 0.6 | ||
Expense | 3.5 | 0.7 | ||
Paid/Utilized | (3.6) | (0.8) | ||
Restructuring reserve, ending balance | $ 0.3 | $ 0.5 | $ 0.3 | $ 0.5 |
Debt - Summary of Debt (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Debt Instrument [Line Items] | ||
Unamortized discount and issuance costs | $ (28.0) | $ (31.0) |
Long-term debt, gross | 2,144.6 | 2,152.5 |
Less: Current Portion | (21.8) | (22.0) |
Total long-term debt, net of current portion | 2,122.8 | 2,130.5 |
Term Loan due 2027 at 2.84% and 3.15% at June 30, 2021 and December 31, 2020, respectively. | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 2,172.6 | $ 2,183.5 |
Weighted average borrowing rate | 2.84% | 3.15% |
Debt - Maturity of Long Term Debt (Details) - Revolving Credit Facility - Term Loan due 2027 at 2.84% and 3.15% at June 30, 2021 and December 31, 2020, respectively. - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Debt Instrument [Line Items] | ||
Remainder of 2021 | $ 10.9 | |
2022 | 21.8 | |
2023 | 21.8 | |
2024 | 21.8 | |
2025 | 21.8 | |
2026 | 21.8 | |
Thereafter | 2,052.7 | |
Total | $ 2,172.6 | $ 2,183.5 |
Debt - Term Loan due 2027 (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Mar. 10, 2021 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Debt Instrument [Line Items] | |||||
Loss on extinguishment of debt | $ 0.0 | $ 0.0 | $ 0.4 | $ 174.0 | |
Term Loan due 2027 at 2.84% and 3.15% at June 30, 2021 and December 31, 2020, respectively. | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Interest rate decrease | 0.25% | ||||
Term Loan due 2027 at 2.84% and 3.15% at June 30, 2021 and December 31, 2020, respectively. | Revolving Credit Facility | Stated Percentage | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.75% | ||||
Loss on extinguishment of debt | $ 0.4 | ||||
Term Loan due 2027 at 2.84% and 3.15% at June 30, 2021 and December 31, 2020, 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 | 2.75% |
Debt - ABL Revolving Credit Facility (Details) - Revolving Credit Facility - ABL Revolving Credit Facility - Line of Credit $ in Millions |
Jun. 30, 2021
USD ($)
|
---|---|
Debt Instrument [Line Items] | |
Line of credit facility, remaining borrowing capacity | $ 434.9 |
Letters of credit outstanding | 20.1 |
Long-term debt, gross | $ 0.0 |
Leases - Narrative (Details) |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term | 20 years |
Leases - Operating Lease Costs, and Cash Flow Information (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Leases [Abstract] | ||||
Operating lease cost | $ 14.9 | $ 12.3 | $ 28.6 | $ 25.2 |
Short-term and variable lease cost | 5.3 | 5.6 | 10.5 | 13.1 |
Total lease cost | $ 20.2 | $ 17.9 | 39.1 | 38.3 |
Cash paid for amounts included in the measurement of lease liabilities: | ||||
Operating cash outflows - Payments on operating leases | 27.9 | 25.2 | ||
Right-of-use assets obtained in exchange for new lease obligations: | ||||
Operating leases | $ 45.4 | $ 24.6 |
Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 163.9 | $ 145.8 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssets | us-gaap:OtherAssets |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accrued expenses and other liabilities | Accrued expenses and other liabilities |
Operating lease liabilities | $ 43.7 | $ 42.3 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other long-term liabilities | Other long-term liabilities |
Operating lease liability, noncurrent | $ 124.4 | $ 107.3 |
Total lease liabilities | $ 168.1 | $ 149.6 |
Leases - Assumption Used in Calculating Operating Lease Liability (Details) |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Leases [Abstract] | ||
Weighted Average Remaining Lease Term | 5 years 8 months 12 days | 4 years 6 months |
Weighted Average Discount Rate | 5.50% | 5.80% |
Leases - Operating Lease Liability Maturity Schedule (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Leases [Abstract] | ||
2021 | $ 27.4 | $ 51.0 |
2022 | 47.6 | 41.4 |
2023 | 39.7 | 33.4 |
2024 | 27.1 | 20.9 |
2025 | 16.1 | 10.4 |
Thereafter | 41.8 | 17.2 |
Total Lease Payments | 199.7 | 174.3 |
Less: Imputed Interest | (31.6) | (24.7) |
Present value of lease liabilities | $ 168.1 | $ 149.6 |
Income Taxes (Details) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | 11.80% | (34.30%) | 21.40% | (11.90%) |
Related Party Transactions (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Related Party Transactions [Abstract] | |||||
Services for the corporate advisory services agreement | $ 0.5 | ||||
Noncash merger costs | 25.0 | ||||
True-up of merger consideration, cash received | $ 5.5 | ||||
Purchases from related party | $ 19.1 | $ 12.9 | $ 33.7 | $ 24.4 |
Other Financial Information - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Cash and cash equivalents | $ 708.8 | $ 534.6 | ||
Restricted cash included in other current assets | 8.0 | 8.0 | ||
Total cash, cash equivalents, and restricted cash | $ 716.8 | $ 542.6 | $ 379.9 | $ 233.7 |
Other Financial Information - Inventories (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Finished products | $ 222.9 | $ 201.0 |
Raw materials | 177.2 | 155.7 |
Work in process | 151.3 | 89.9 |
Total inventories | $ 551.4 | $ 446.6 |
Other Financial Information - Property, Plant And Equipment, Net (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | $ 659.9 | $ 648.4 |
Less: Accumulated depreciation | (250.7) | (220.8) |
Property, plant and equipment, net | 409.2 | 427.6 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | 341.3 | 322.4 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | 255.0 | 255.5 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | 46.9 | 47.4 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, at cost | $ 16.7 | $ 23.1 |
Other Financial Information - Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Deferred revenue | $ 231.1 | $ 199.6 | ||
Accrued payroll and other employee compensation | 119.1 | 138.5 | ||
Litigation reserve | 96.2 | 96.6 | ||
Contract liabilities | 50.5 | 36.1 | ||
Operating lease liabilities | 43.7 | 42.3 | ||
Product warranty | 35.9 | 36.5 | ||
Restructuring | 53.0 | 69.3 | $ 10.0 | $ 22.2 |
Other | 267.7 | 282.9 | ||
Accrued expenses and other liabilities | $ 897.2 | $ 901.8 |
Other Financial Information - Change in Product Warranty Accrual (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward] | ||
Beginning balance, January 1 | $ 36.5 | $ 43.3 |
Provision charge to expense | 11.3 | 13.2 |
Paid/utilized | (11.9) | (19.6) |
Ending balance, June 30, | $ 35.9 | $ 36.9 |
Financial Instruments and Risk Management - Summary of Assets By Fair Value Hierarchy (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | $ 2.7 | |
Tax Receivable Agreement | 162.5 | $ 155.6 |
Public Warrants | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrant liabilities | 68.5 | |
Private Placement Warrant | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrant liabilities | 172.5 | 87.7 |
Interest Rate Swap | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | 2.7 | |
Interest rate swaps | 10.2 | |
Total liabilities | 345.2 | 344.6 |
Interest Rate Swap | Accrued Expenses | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | 10.2 | |
Interest rate swaps | 10.3 | |
Interest Rate Swap | Other Long-Term Liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | 2.7 | |
Interest rate swaps | 22.5 | |
Quoted prices in active markets for identical assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | 0.0 | |
Total assets | 0.0 | |
Interest rate swaps | 0.0 | |
Tax Receivable Agreement | 0.0 | 0.0 |
Total liabilities | 0.0 | 68.5 |
Quoted prices in active markets for identical assets (Level 1) | Accrued Expenses | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | 0.0 | |
Quoted prices in active markets for identical assets (Level 1) | Other Long-Term Liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | 0.0 | |
Quoted prices in active markets for identical assets (Level 1) | Public Warrants | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrant liabilities | 68.5 | |
Quoted prices in active markets for identical assets (Level 1) | Private Placement Warrant | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrant liabilities | 0.0 | 0.0 |
Other observable inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | 2.7 | |
Total assets | 2.7 | |
Interest rate swaps | 10.2 | |
Tax Receivable Agreement | 0.0 | 0.0 |
Total liabilities | 182.7 | 120.5 |
Other observable inputs (Level 2) | Accrued Expenses | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | 10.3 | |
Other observable inputs (Level 2) | Other Long-Term Liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | 22.5 | |
Other observable inputs (Level 2) | Public Warrants | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrant liabilities | 0.0 | |
Other observable inputs (Level 2) | Private Placement Warrant | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrant liabilities | 172.5 | 87.7 |
Unobservable inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | 0.0 | |
Total assets | 0.0 | |
Interest rate swaps | 0.0 | |
Tax Receivable Agreement | 162.5 | 155.6 |
Total liabilities | 162.5 | 155.6 |
Unobservable inputs (Level 3) | Accrued Expenses | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | 0.0 | |
Unobservable inputs (Level 3) | Other Long-Term Liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | 0.0 | |
Unobservable inputs (Level 3) | Public Warrants | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrant liabilities | 0.0 | |
Unobservable inputs (Level 3) | Private Placement Warrant | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrant liabilities | $ 0.0 | $ 0.0 |
Financial Instruments and Risk Management - Tax Receivable Agreement Narrative (Details) $ in Millions |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Jun. 30, 2021
USD ($)
|
Jun. 30, 2020
USD ($)
|
Mar. 31, 2020
USD ($)
|
Jun. 30, 2021
USD ($)
|
Jun. 30, 2020
USD ($)
|
Dec. 31, 2020
USD ($)
|
|
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Tax Receivable Agreement, estimated payments, undiscounted | $ 191.5 | $ 191.5 | ||||
Fair value of the estimated liability included as an adjustment to additional pain in capital | $ 133.4 | |||||
Accretion expense, Tax Receivable Agreement | (0.1) | $ 7.1 | 1.6 | $ 16.2 | ||
Unrealized gain (loss) recorded in other comprehensive income | $ (9.4) | $ (9.7) | (5.3) | $ 16.2 | ||
Tax Receivable Agreement, effect of one percentage point change on fair value | $ 11.0 | |||||
Measurement Input, Discount Rate | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Tax Receivable Agreement, measurement input | 0.029 | 0.029 | ||||
Additional Paid in Capital | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair value of the estimated liability included as an adjustment to additional pain in capital | $ 133.4 | $ 133.4 |
Financial Instruments and Risk Management - Tax Receivable Agreement Rollforward (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning liability balance, January 1 | $ 155.6 | $ 0.0 |
Tax receivable agreement, initially recorded | 0.0 | 133.4 |
Change in fair value | 6.9 | (0.1) |
Ending liability balance, June 30, | $ 162.5 | $ 133.3 |
Financial Instruments and Risk Management - Interest Rate Risk Management Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Mar. 02, 2020 |
|
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Recognized earnings | $ 2.6 | $ 0.5 | $ 5.3 | $ 0.5 | |
Cash flow hedge loss expected to be reclassified within twelve months | 10.2 | ||||
Interest Rate Swap | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Derivative, notional amount | 1,000.0 | 1,000.0 | $ 1,200.0 | ||
Interest rate swaps | 2.7 | 2.7 | |||
Interest Rate Swap | Accrued Expenses | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Interest rate swaps | 10.2 | 10.2 | |||
Interest Rate Swap | Other Long-Term Liabilities | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Interest rate swaps | $ 2.7 | $ 2.7 |
Financial Instruments and Risk Management - Private Placement Warrants Level 2 Valuations Assumptions (Details) |
Jun. 30, 2021
$ / shares
|
Dec. 31, 2020
$ / shares
|
---|---|---|
Measurement Input, Expected Dividend Payment | ||
Class of Warrant or Right [Line Items] | ||
Warrants outstanding, ,measurement input | 0.01 | 0.01 |
Private Placement Warrant | Measurement Input, Share Price | Other observable inputs (Level 2) | ||
Class of Warrant or Right [Line Items] | ||
Warrants outstanding, ,measurement input | 27.30 | 18.67 |
Private Placement Warrant | Measurement Input, Exercise Price | Other observable inputs (Level 2) | ||
Class of Warrant or Right [Line Items] | ||
Warrants outstanding, ,measurement input | 11.50 | 11.50 |
Private Placement Warrant | Measurement Input, Expected Term | Other observable inputs (Level 2) | ||
Class of Warrant or Right [Line Items] | ||
Remaining life | 3 years 7 months 6 days | 4 years 1 month 6 days |
Private Placement Warrant | Measurement Input, Price Volatility | Other observable inputs (Level 2) | ||
Class of Warrant or Right [Line Items] | ||
Warrants outstanding, ,measurement input | 0.328 | 0.290 |
Private Placement Warrant | Measurement Input, Risk Free Interest Rate | Other observable inputs (Level 2) | ||
Class of Warrant or Right [Line Items] | ||
Warrants outstanding, ,measurement input | 0.0058 | 0.0027 |
Private Placement Warrant | Measurement Input, Expected Dividend Rate | Other observable inputs (Level 2) | ||
Class of Warrant or Right [Line Items] | ||
Warrants outstanding, ,measurement input | 0.0004 | 0.0005 |
Financial Instruments and Risk Management - Fair Value and Carrying Value of Debt (Details) - Revolving Credit Facility - Term Loan due 2027 at 2.84% and 3.15% at June 30, 2021 and December 31, 2020, respectively. - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value disclosure | $ 2,156.3 | $ 2,169.9 |
Par Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value disclosure | $ 2,172.6 | $ 2,183.5 |
Accumulated Other Comprehensive Income (Loss) - Schedule of Activity in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
Beginning balance | $ 728.7 | $ 276.2 | $ 512.1 | $ (704.8) | [1] | ||
Other comprehensive income (loss), net of tax | 2.4 | (9.3) | 3.5 | (61.9) | |||
Ending balance | 743.7 | 213.0 | 743.7 | 213.0 | |||
Unrealized losses on cash flow hedges reclassified into earnings | 0.5 | 0.5 | |||||
Foreign Currency Translation | |||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
Beginning balance | 68.8 | (21.4) | 104.9 | 32.9 | |||
Other comprehensive income (loss), net of tax | 20.2 | 11.9 | (15.9) | (42.4) | |||
Ending balance | 89.0 | (9.5) | 89.0 | (9.5) | |||
Interest Rate Swap | |||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
Beginning balance | 1.1 | (24.0) | (32.8) | 0.0 | |||
Other comprehensive income (loss), net of tax | (8.6) | (11.5) | 25.3 | (35.5) | |||
Ending balance | (7.5) | (35.5) | (7.5) | (35.5) | |||
Pension | |||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
Beginning balance | (20.5) | (15.0) | (19.7) | (14.8) | |||
Other comprehensive income (loss), net of tax | 0.2 | 0.0 | (0.6) | (0.2) | |||
Ending balance | (20.3) | (15.0) | (20.3) | (15.0) | |||
Tax Receivable Agreement | |||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
Beginning balance | 3.2 | 25.9 | (0.9) | 0.0 | |||
Other comprehensive income (loss), net of tax | (9.4) | (9.7) | (5.3) | 16.2 | |||
Ending balance | (6.2) | 16.2 | (6.2) | 16.2 | |||
Accumulated Other Comprehensive Income (Loss) | |||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||
Beginning balance | 52.6 | (34.5) | 51.5 | 18.1 | [1] | ||
Ending balance | $ 55.0 | $ (43.8) | $ 55.0 | $ (43.8) | |||
|
Segment Information - Narrative (Details) |
6 Months Ended |
---|---|
Jun. 30, 2021
USD ($)
segment
| |
Segment Reporting [Abstract] | |
New operating segments identified | segment | 2 |
Goodwill, impairment loss | $ | $ 0 |
Segment Information - Schedule of Sales By Business Segment (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net sales | $ 1,260.3 | $ 1,005.7 | $ 2,358.7 | $ 1,903.0 |
Americas | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net sales | 564.9 | 484.7 | 1,066.4 | 951.4 |
Asia Pacific | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net sales | 398.0 | 322.8 | 755.4 | 546.7 |
Europe, Middle East, & Africa | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net sales | 297.4 | 198.2 | 536.9 | 404.9 |
Operating Segments | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net sales | 1,294.7 | 1,038.8 | 2,428.6 | 1,964.9 |
Operating Segments | Americas | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net sales | 568.2 | 488.1 | 1,074.1 | 957.5 |
Operating Segments | Asia Pacific | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net sales | 416.3 | 340.6 | 793.9 | 579.6 |
Operating Segments | Europe, Middle East, & Africa | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net sales | 310.2 | 210.1 | 560.6 | 427.8 |
Intersegment Eliminations | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net sales | 34.4 | 33.1 | 69.9 | 61.9 |
Intersegment Eliminations | Americas | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net sales | 3.3 | 3.4 | 7.7 | 6.1 |
Intersegment Eliminations | Asia Pacific | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net sales | 18.3 | 17.8 | 38.5 | 32.9 |
Intersegment Eliminations | Europe, Middle East, & Africa | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net sales | $ 12.8 | $ 11.9 | $ 23.7 | $ 22.9 |
Segment Information - Schedule of Earnings (Loss) from Continuing Operations before Income Taxes by Segment (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Income (loss) before income taxes | $ 11.0 | $ (41.7) | $ 52.7 | $ (236.2) |
Foreign currency (gain) loss, net | (4.1) | (2.8) | 2.8 | (4.6) |
Amortization of intangibles | (70.5) | (72.0) | ||
Operating profit (loss) | 102.2 | 70.6 | 182.0 | 58.4 |
Operating Segments | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Income (loss) before income taxes | 253.8 | 213.6 | 466.7 | 346.8 |
Operating Segments | Americas | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Income (loss) before income taxes | 128.6 | 130.0 | 255.0 | 221.5 |
Operating Segments | Asia Pacific | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Income (loss) before income taxes | 62.8 | 56.1 | 115.9 | 77.0 |
Operating Segments | Europe, Middle East, & Africa | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Income (loss) before income taxes | 62.4 | 27.5 | 95.8 | 48.3 |
Segment Reconciling Items | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Amortization of intangibles | (31.9) | (32.2) | (63.7) | (64.6) |
Corporate and other | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Income (loss) before income taxes | (115.6) | (108.0) | (223.8) | (219.2) |
Total corporate, other and eliminations | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Income (loss) before income taxes | $ (119.7) | $ (110.8) | $ (221.0) | $ (223.8) |
Earnings (Loss) Per Share - Earnings Per Share Reconciliation (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2021 |
Mar. 31, 2021 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Earnings Per Share [Abstract] | ||||||
Net income (loss) | $ 9.7 | $ 31.7 | $ (56.0) | $ (208.3) | $ 41.4 | $ (264.3) |
Weighted-average numb er of ordinary shares outstanding - basic (in shares) | 352,199,184 | 328,411,705 | 350,908,612 | 284,534,285 | ||
Dilutive effect of equity-based compensation and warrants (in shares) | 4,453,627 | 0 | 3,975,257 | 0 | ||
Weighted-average number of ordinary shares outstanding - diluted (in shares) | 356,652,811 | 328,411,705 | 354,883,869 | 284,534,285 | ||
Net income per share attributable to common shareholders | ||||||
Basic (USD per share) | $ 0.03 | $ (0.17) | $ 0.12 | $ (0.93) | ||
Diluted (USD per share) | $ 0.03 | $ (0.17) | $ 0.12 | $ (0.93) |
Earnings (Loss) Per Share - Narrative (Details) - shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Dilutive effect of equity-based compensation and warrants (in shares) | 4,453,627 | 0 | 3,975,257 | 0 |
Stock options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 500,000 | 1,500,000 | 1,000,000.0 | 3,100,000 |
Warrant | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 5,500,000 | 33,500,000 | 6,500,000 | 33,500,000 |
Commitments and Contingencies - Narrative (Details) - USD ($) |
Sep. 06, 2019 |
Mar. 11, 2019 |
May 10, 2018 |
Jun. 30, 2021 |
Dec. 31, 2020 |
Aug. 12, 2019 |
Jun. 04, 2019 |
Dec. 28, 2017 |
---|---|---|---|---|---|---|---|---|
Loss Contingencies [Line Items] | ||||||||
Other current assets | $ 215,200,000 | $ 183,200,000 | ||||||
Energy Labs | ||||||||
Loss Contingencies [Line Items] | ||||||||
Business combination, contingent consideration arrangements, range of outcomes, value, low | $ 0 | |||||||
Business combination, contingent consideration arrangements, range of outcomes, value, high | $ 34,500,000 | |||||||
Business combination, contingent consideration, liability | $ 0 | |||||||
Bladeroom Group Limited, Et Al | ||||||||
Loss Contingencies [Line Items] | ||||||||
Amount awarded to other party | $ 30,000,000.0 | $ 30,000,000.0 | ||||||
Loss contingency accrual | 96,200,000 | |||||||
Bladeroom Group Limited, Et Al | Indemnification Agreement | ||||||||
Loss Contingencies [Line Items] | ||||||||
Other current assets | 96,200,000 | |||||||
Energy Labs | ||||||||
Loss Contingencies [Line Items] | ||||||||
Loss contingency accrual | 2,800,000 | $ 2,800,000 | ||||||
Loss contingency, damages sought | $ 34,500,000 | |||||||
Loss contingency, range of possible loss, portion not accrued | $ 31,700,000 | |||||||
Surety Bond | Bladeroom Group Limited, Et Al | ||||||||
Loss Contingencies [Line Items] | ||||||||
Estimate of possible loss | $ 120,100,000 |