Vertiv Holdings Co
For the period ended Dec 31, 2023. Filed Feb 23, 2024.
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FY2023 · Filed Feb 23, 2024
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Item 1. 6
(13)ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME
Activity in accumulated other comprehensive (loss) income is as follows:
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Foreign currency translation, beginning | $(157.0) | $39.8 | $104.9 |
| Other comprehensive income (loss)(1) | 67.2 | (196.8) | (65.1) |
| Foreign currency translation, ending | (89.8) | (157.0) | 39.8 |
| Interest rate swaps, beginning | 110.2 | 8.7 | (32.8) |
| Unrealized gain (loss) deferred during the period(2)(3) | (22.5) | 101.5 | 41.5 |
| Interest rate swaps, ending | 87.7 | 110.2 | 8.7 |
| Pension, beginning | 0.6 | (12.9) | (19.7) |
| Actuarial gain (loss), net of income taxes(4) | (3.0) | 13.5 | 6.8 |
| Pension, ending | (2.4) | 0.6 | (12.9) |
| Tax receivable agreement, beginning | — | — | (0.9) |
| Unrealized gain (loss) during the period (5) | — | — | (3.2) |
| TRA settlement (6) | — | — | 4.1 |
| Tax receivable agreement, ending | — | — | — |
| Accumulated other comprehensive (loss) income | $(4.5) | $(46.2) | $35.6 |
(1)For the year ended December 31, 2023 foreign currency translation included tax effects of $(0.7), refer to "Note 9 - Income taxes" for additional information.
(2)During the year ended December 31, 2023, 2022, and 2021, $38.9, $2.4, and $(10.5) respectively, was reclassified into earnings.
(3)For the year ended December 31, 2023 interest rate swaps included tax effects of $6.9.
(4)For the year ended December 31, 2023 pension included tax effects of $0.7.
(5)The fair value movement on the Tax Receivable Agreement attributable to our own credit risk spread is recorded in “Other comprehensive (loss) income (loss)” prior to amending the Tax Receivable Agreement.
(6)See “Note 10 - Related Party” for additional information.
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