The changes in the Company’s investments accounted for using the equity method under Topic 323 and for

financial assets carried at cost under Topic 321 are as follows (In millions):


	Equity method	Other
	investees	investments
	(Topic 323)	(Topic 321)	Total
Balance, January 1, 2023 ................................................................	$30	$18	$48
Investments ................................................................................	–	1	1
Share of investee net losses .......................................................	(5)	–	(5)
Balance, December 31, 2023 ..........................................................	$25	$19	$44
Investments ................................................................................	8	—	8
Share of investee net income .....................................................	2	—	2
Balance, December 31, 2024 ..........................................................	35	19	54
Investments ................................................................................	10	3	13
Share of investee net losses .......................................................	—	—	—
Remeasurement of investments .................................................	8	8	16
Change in ownership .................................................................	(22)	(1)	(23)
Other ..........................................................................................	(1)	—	(1)
Balance, December 31, 2025 ..........................................................	$30	$29	$59

Prior to 2022, the Company acquired a 49.9% noncontrolling ownership interest in The Morey Corporation

(“Morey”), a business that designs, manufactures, and sells custom electronic components, including telematics

tracker devices and cloud-based access control keypads. The ownership interest provided the Company with

significant influence, but not control, of this investee. On September 19, 2025, the Company entered into a stock

purchase agreement to acquire 50.1% of the common stock of Morey, increasing the Company’s ownership interest

from 49.9% to 100% (see Note 22). Pursuant to the accounting guidance under ASC Topic 805, Business

Combinations ("Topic 805") in connection with a business combination achieved in stages, the Company used a

provisional estimate of Morey’s equity value to remeasure its previously held 49.9% noncontrolling ownership

interest in Morey from $14 million to its acquisition-date estimated fair value of $22 million, resulting in a gain of

approximately $8 million that is included in other income, net on the consolidated statement of net income for year

ended December 31, 2025. The transaction resulted in Morey becoming a wholly-owned subsidiary of the Company

and derecognizing the existing equity method investment of $22 million due to the change of ownership.

In connection with the acquisition of Morey, the Company acquired a 50% ownership interest in 10G LLC

(“10G”), a joint venture that designs, develops, engineers, tests and distributes electronic components and

warehouses and sells electronic systems and products, focusing on legacy products. Morey formed the joint venture

prior to 2022. The 50% ownership interest provides the Company with significant influence, but not control, of 10G.

The carrying amount of the investment at the time of the acquisition was accounted for under the equity method,

valued at $9 million and remeasured to its acquisition-date estimated fair value of $10 million.

During the year ended December 31, 2025, the Company identified an observable price change related to an

investment in an equity security that was carried at cost of $0.2 million under the measurement alternative under

Topic 321, resulting in the remeasurement of the equity security to an estimated fair value of $8 million, resulting in

a gain of approximately $8 million that is included in other income, net on the consolidated statement of net income

for year ended December 31, 2025. The remeasured fair value was estimated based on the investee’s sale of the

same equity instrument to a new investor for cash consideration.

On December 31, 2024, the Company entered into an agreement with Powers Group, Inc. (“Powers”), a third-

party insurance agency that provides customers with a range of personal and business insurance policies and related

services, whereby the Company exchanged its 70.01% controlling ownership in a less than wholly owned and

consolidated subsidiary that exclusively handles construction insurance products for a 26.95% noncontrolling

ownership interest in Powers. The 26.95% ownership interest, valued at $7 million, provides the Company with

significant influence, but not control, of Powers. The Company recorded a non-cash investment in an equity method

investee of $8 million and deconsolidated $1 million of net assets representing its 70.01% controlling ownership

interest in a subsidiary, resulting in a gain of approximately $6 million that is included in other income, net on the

consolidated statement of net income for the year ended December 31, 2024.

The Company’s other investment activities were not material during the years ended December 31, 2025, 2024,