v3.25.3
NET REVENUES
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
NET REVENUES NET REVENUES
Contracts with customers
The Company derives net revenues primarily from contracts with a duration of less than one week to three years (with the majority of contracts with durations of less than six months), which are subject to multiple pricing options, including fixed price, unit price, time and material, or cost plus a markup. Net revenues are primarily recognized by the Company over time
utilizing the cost-to-cost measure of progress. Net revenues recognized at a point in time primarily relate to distribution contracts and short-term time and material contracts. The Company also enters into fixed-price service contracts related to monitoring, maintenance, and inspection of safety systems.
The Company disaggregates its net revenues primarily by segment, service type, and country from which revenues are invoiced, as the nature, timing, and uncertainty of cash flows are relatively consistent within each of these categories. The following tables provide disclosure of disaggregated net revenues by segment for the three and nine months ended September 30, 2025 and 2024. During 2025, in conjunction with the movement of the Heating, Ventilation, and Air Conditioning ("HVAC") business from the Safety Services segment to the Specialty Services segment, the Company reassessed the categories by which it disaggregates net revenues. The Company determined the nature, timing, and uncertainty of the cash flows of the HVAC business are consistent with the cash flows of the Specialty Contracting businesses. Additionally, the Company determined the nature, timing, and uncertainty of the cash flows of a distribution business previously included within Specialty Contracting are more consistent with the cash flows of the Fabrication business. As such, prior period amounts in this table have been recast to reflect the current period presentation. See Note 17 – “Segment Information” for additional information. Disaggregated net revenues information is as follows:
Three Months Ended September 30, 2025
Safety
Services		Specialty
Services		Consolidated
Life Safety$1,403 $— $1,403 
Infrastructure/Utility— 291 291 
Fabrication and Distribution— 103 103 
Specialty Contracting— 289 289 
Corporate and Eliminations— — (1)
Net revenues$1,403 $683 $2,085 
Three Months Ended September 30, 2024
Safety
Services		Specialty
Services		Consolidated
Life Safety$1,216 $— $1,216 
Infrastructure/Utility— 283 283 
Fabrication and Distribution— 82 82 
Specialty Contracting— 247 247 
Corporate and Eliminations— — (2)
Net revenues$1,216 $612 $1,826 
    
Nine Months Ended September 30, 2025
Safety
Services		Specialty
Services		Consolidated
Life Safety$4,032 $— $4,032 
Infrastructure/Utility— 732 732 
Fabrication and Distribution— 272 272 
Specialty Contracting— 761 761 
Corporate and Eliminations— — (3)
Net revenues$4,032 $1,765 $5,794 
Nine Months Ended September 30, 2024
Safety
Services		Specialty
Services		Consolidated
Life Safety$3,509 $— $3,509 
Infrastructure/Utility— 734 734 
Fabrication and Distribution— 206 206 
Specialty Contracting— 713 713 
Corporate and Eliminations— — (5)
Net revenues$3,509 $1,653 $5,157 
Three Months Ended September 30, 2025
Safety
Services		Specialty
Services		Corporate and
Eliminations 		Consolidated
United States$715 $683 $(1)$1,397 
France170 — — 170 
Other518 — — 518 
Net revenues$1,403 $683 $(1)$2,085 
Three Months Ended September 30, 2024
Safety
Services		Specialty
Services		Corporate and
Eliminations 		Consolidated
United States$570 $612 $(2)$1,180 
France153 — — 153 
Other493 — — 493 
Net revenues$1,216 $612 $(2)$1,826 
Nine Months Ended September 30, 2025
Safety
Services		Specialty
Services		Corporate and
Eliminations 		Consolidated
United States$2,016 $1,765 $(3)$3,778 
France503 — — 503 
Other1,513 — — 1,513 
Net revenues$4,032 $1,765 $(3)$5,794 
Nine Months Ended September 30, 2024
Safety
Services		Specialty
Services		Corporate and
Eliminations 		Consolidated
United States$1,574 $1,648 $(5)$3,217 
France472 — — 472 
Other1,463 5 — 1,468 
Net revenues$3,509 $1,653 $(5)$5,157 
For in-process contracts, the aggregate amount of transaction price allocated to the unsatisfied performance obligations at September 30, 2025 was $3,594. The Company expects to recognize revenue on approximately 74% of the remaining performance obligations over the next twelve months.
Contract assets and liabilities
Contract assets and contract liabilities are classified as current in the condensed consolidated balance sheets as all amounts are expected to be relieved within one year. The balances of accounts receivable, net of allowances, contract assets, and contract liabilities from contracts with customers as of September 30, 2025 and December 31, 2024 are as follows:
Accounts
receivable,
net of
allowances		Contract
assets		Contract
liabilities
Balance at September 30, 2025$1,562 $577 $672 
Balance at December 31, 20241,444 453 590 
The Company did not recognize significant revenues associated with the final settlement of contract value for any projects completed in prior periods. In accordance with industry practice, accounts receivable includes retentions receivable, a portion of which may not be received within one year. At September 30, 2025 and December 31, 2024, retentions receivable were $182 and $160, respectively, while the portions that may not be received within one year were $43 and $38, respectively.