| NET REVENUES |
NET REVENUES Contracts with customers The Company derives net revenues primarily from contracts with a duration of less than one week to five years (with the majority of contracts having short durations), 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 six months ended June 30, 2026 and 2025. Disaggregated net revenues information is as follows: | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2026 | | Safety Services | | Specialty Services | | Consolidated | | Life Safety | $ | 1,482 | | | $ | — | | | $ | 1,482 | | | Infrastructure and Utility | — | | | 299 | | | 299 | | | Fabrication and Distribution | — | | | 101 | | | 101 | | | Specialty Contracting | — | | | 373 | | | 373 | | | Corporate and Eliminations | — | | | — | | | (1) | | | Net revenues | $ | 1,482 | | | $ | 773 | | | $ | 2,254 | |
| | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2025 | | Safety Services | | Specialty Services | | Consolidated | | Life Safety | $ | 1,362 | | | $ | — | | | $ | 1,362 | | | Infrastructure and Utility | — | | | 256 | | | 256 | | | Fabrication and Distribution | — | | | 99 | | | 99 | | | Specialty Contracting | — | | | 274 | | | 274 | | | Corporate and Eliminations | — | | | — | | | (1) | | | Net revenues | $ | 1,362 | | | $ | 629 | | | $ | 1,990 | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2026 | | Safety Services | | Specialty Services | | Consolidated | | Life Safety | $ | 2,897 | | | $ | — | | | $ | 2,897 | | | Infrastructure and Utility | — | | | 517 | | | 517 | | | Fabrication and Distribution | — | | | 183 | | | 183 | | | Specialty Contracting | — | | | 642 | | | 642 | | | Corporate and Eliminations | — | | | — | | | (3) | | | Net revenues | $ | 2,897 | | | $ | 1,342 | | | $ | 4,236 | |
| | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2025 | | Safety Services | | Specialty Services | | Consolidated | | Life Safety | $ | 2,629 | | | $ | — | | | $ | 2,629 | | | Infrastructure and Utility | — | | | 441 | | | 441 | | | Fabrication and Distribution | — | | | 169 | | | 169 | | | Specialty Contracting | — | | | 472 | | | 472 | | | Corporate and Eliminations | — | | | — | | | (2) | | | Net revenues | $ | 2,629 | | | $ | 1,082 | | | $ | 3,709 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2026 | | Safety Services | | Specialty Services | | Corporate and Eliminations | | Consolidated | | United States | $ | 773 | | | $ | 773 | | | $ | (1) | | | $ | 1,545 | | | France | 177 | | | — | | | — | | | 177 | | | Other | 532 | | | — | | | — | | | 532 | | | Net revenues | $ | 1,482 | | | $ | 773 | | | $ | (1) | | | $ | 2,254 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2025 | | Safety Services | | Specialty Services | | Corporate and Eliminations | | Consolidated | | United States | $ | 674 | | | $ | 629 | | | $ | (1) | | | $ | 1,302 | | | France | 172 | | | — | | | — | | | 172 | | | Other | 516 | | | — | | | — | | | 516 | | | Net revenues | $ | 1,362 | | | $ | 629 | | | $ | (1) | | | $ | 1,990 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2026 | | Safety Services | | Specialty Services | | Corporate and Eliminations | | Consolidated | | United States | $ | 1,497 | | | $ | 1,342 | | | $ | (3) | | | $ | 2,836 | | | France | 357 | | | — | | | — | | | 357 | | | Other | 1,043 | | | — | | | — | | | 1,043 | | | Net revenues | $ | 2,897 | | | $ | 1,342 | | | $ | (3) | | | $ | 4,236 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2025 | | Safety Services | | Specialty Services | | Corporate and Eliminations | | Consolidated | | United States | $ | 1,301 | | | $ | 1,082 | | | $ | (2) | | | $ | 2,381 | | | France | 333 | | | — | | | — | | | 333 | | | Other | 995 | | | — | | | — | | | 995 | | | Net revenues | $ | 2,629 | | | $ | 1,082 | | | $ | (2) | | | $ | 3,709 | |
For in-process contracts, the aggregate amount of transaction price allocated to the unsatisfied performance obligations at June 30, 2026 was $4,066. The Company expects to recognize revenue on approximately 81% 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 June 30, 2026 and December 31, 2025 are as follows: | | | | | | | | | | | | | | | | | | | Accounts receivable, net of allowances | | Contract assets | | Contract liabilities | | Balance at June 30, 2026 | $ | 1,706 | | | $ | 630 | | | $ | 815 | | | Balance at December 31, 2025 | 1,563 | | | 484 | | | 694 | |
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 June 30, 2026 and December 31, 2025, retentions receivable were $190 and $187, respectively, while the portions that may not be received within one year were $45 and $48, respectively.
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