Vertiv Holdings Co
For the period ended Dec 31, 2024. Filed Feb 18, 2025.
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FY2024 · Filed Feb 18, 2025
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5: Goodwill and other intangibles
The change in the carrying value of goodwill by segment follows:
| Americas | Asia Pacific | Europe, Middle East & Africa | Total | |
|---|---|---|---|---|
| Balance, December 31, 2022 | $634.3 | $47.1 | $603.3 | $1,284.7 |
| Acquisition/Divestiture(1) | — | — | 24.5 | 24.5 |
| Foreign currency translation and other | 1.0 | (0.7) | 20.8 | 21.1 |
| Balance, December 31, 2023 | $635.3 | $46.4 | $648.6 | $1,330.3 |
| Acquisition(2) | — | 8.7 | — | 8.7 |
| Foreign currency translation and other | (1.6) | (1.2) | (15.1) | (17.9) |
| Balance, December 31, 2024 | $633.7 | $53.9 | $633.5 | $1,321.1 |
(1) Represents the goodwill acquired in December 2023 related to CoolTera Ltd., refer to "Note 2 - Acquisition" for additional information, offset by the write-off of goodwill associated with the disposition of a technical furniture business.
(2) Represents the goodwill acquired through an acquisition in December 2024.
The gross carrying amount and accumulated amortization of identifiable intangible assets by major class follow:
| As of December 31, 2024 | Gross | Accumulated Amortization | Net |
|---|---|---|---|
| Customer relationships | $1,740.1 | $(829.6) | $910.5 |
| Developed technology | 492.3 | (302.9) | 189.4 |
| Capitalized software | 121.0 | (86.9) | 34.1 |
| Trademarks | 96.9 | (41.7) | 55.2 |
| Other | 43.7 | (36.9) | 6.8 |
| Total finite-lived identifiable intangible assets | $2,494.0 | $(1,298.0) | $1,196.0 |
| Indefinite-lived trademarks | 291.1 | — | 291.1 |
| Total intangible assets | $2,785.1 | $(1,298.0) | $1,487.1 |
| As of December 31, 2023 | Gross | Accumulated Amortization | Net |
| Customer relationships | $1,768.6 | $(710.7) | $1,057.9 |
| Developed technology | 494.3 | (261.2) | 233.1 |
| Capitalized software | 111.2 | (82.6) | 28.6 |
| Trademarks | 88.9 | (35.9) | 53.0 |
| Other | 45.5 | (37.3) | 8.2 |
| Total finite-lived identifiable intangible assets | $2,508.5 | $(1,127.7) | $1,380.8 |
| Indefinite-lived trademarks | 292.1 | — | 292.1 |
| Total intangible assets | $2,800.6 | $(1,127.7) | $1,672.9 |
Total intangible asset amortization expense for the years ended December 31, 2024, 2023 and 2022 was $195.4, $196.7, and $230.4, respectively.
Based on intangible asset balances as of December 31, 2024, expected amortization expense is as follows:
| 2025 | 2026 | 2027 | 2028 | 2029 |
|---|---|---|---|---|
| $200.3 | $190.2 | $157.7 | $145.6 | $94.5 |
Annual Goodwill Impairment Analysis
The Company performed a qualitative impairment test for all of its reporting units during the fourth quarter of 2024. Based on the results of our qualitative impairment assessment, we concluded that it is more likely than not that the fair value of each reporting unit exceeded their carrying value and, therefore, our goodwill wasnot impaired as of December 31, 2024.
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