v3.26.1
SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company manages its operations under three operating segments which represent the Company’s two reportable segments: Safety Services, comprised of the North American Life Safety and International Life Safety operating segments, and Specialty Services. This structure is generally comprised of various businesses related to contracted services, inspections, and monitoring of industrial and commercial facilities. The segments have separate management and have results that are regularly reviewed by the Chief Executive Officer and President, who acts as the Company's Chief Operating Decision Maker (“CODM”), for the purpose of allocating resources and evaluating performance, identifying them as separate reportable segments.
The Safety Services segment focuses on fire and life safety solutions, electronic security systems, and elevators and escalators, including the design, installation, inspection, service, and monitoring of these systems. The work performed within this segment spans across a diverse mix of end markets with a focus on high tech services, advanced manufacturing, healthcare, fulfillment and distribution centers, and critical infrastructure.
The Specialty Services segment provides a variety of specialty contracting, fabrication and distribution, and infrastructure and utility services. The work within this segment spans across a diverse mix of end markets with a focus on high tech services, healthcare, and critical infrastructure throughout North America.
The accounting policies of the reportable segments are the same as those described in Note 1 – “Basis of Presentation and Significant Accounting Policies.” All intercompany transactions and balances are eliminated in consolidation. Intercompany revenues and costs between entities within a reportable segment are eliminated to arrive at segment totals, and eliminations between segments are separately presented.
Segment earnings is the measure of profitability used by the CODM to manage the segments and, accordingly, in segment reporting. Segment earnings is defined as earnings before interest, taxes, depreciation, and amortization and after adjustments for non-recurring items. Adjustments include expenses that management deems are non-recurring in nature and not indicative of the Company’s core operating results. These adjustments include contingent consideration and compensation, non-service pension cost, systems and business enablement expenses, business process transformation expenses, acquisition and divestiture related expenses, restructuring program related costs, and other miscellaneous items.
The CODM establishes budgets for the segments, including growth of segment earnings. The CODM considers segment earnings budget-to-actual variances when making decisions about allocating capital to the segments. Segment earnings is also used in the compensation of certain employees and to assess the performance of each segment by regularly comparing the results of each segment with forecasted amounts. The CODM uses segment earnings to evaluate the Company's performance, both internally and as compared with its peers, because it excludes certain items that may not be indicative of the Company’s core operating results for its reportable segments. The CODM does not review assets and capital expenditures by segment.
Summarized financial information for the Company’s reportable segments are presented and reconciled to consolidated financial information in the following tables, including a reconciliation of segment earnings to income before income taxes:
Three Months Ended June 30, 2026
Safety
Services		Specialty
Services		Total
Revenues from external customers$1,481 $773 $2,254 
Intersegment revenues1 — 1 
Net revenues1,482 773 2,255 
Reconciliation of revenue:
Elimination of intersegment revenues(1)
Total consolidated revenues$2,254 
Less: (a)
Segment cost of revenues(b)
927 624 
Segment operating expenses (c)
314 71 
Plus:
Segment other income/expense2 4 
Depreciation9 10 
Segment earnings$252 $92 $344 
Reconciliation of profit/(loss):
Corporate/other profit/(loss) (d)
(33)
Interest expense, net
(36)
Depreciation(21)
Amortization(68)
Contingent consideration and compensation1 
Non-service pension cost
(5)
Systems and business enablement
(25)
Business process transformation expenses— 
Acquisition and divestiture related expenses
(9)
Restructuring program related costs— 
Other(10)
Income before income taxes$138 
(a)     The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Intersegment expenses are included within the amounts shown and amortization expense is excluded from the amounts shown.
(b)     Segment cost of revenues consists of costs such as direct labor, materials, subcontract costs and indirect costs related to contract performance, adjusted for non-recurring items.
(c)     Segment operating expenses consist primarily of compensation and associated costs for sales and corporate marketing, administrative expenses associated with accounting, finance, legal, information systems, leadership development, and other corporate expenses, adjusted for non-recurring items.
(d)     Corporate/other profit/(loss) includes amounts related to corporate functions such as administrative costs, professional fees, and other discrete items.
Three Months Ended June 30, 2025
Safety
Services		Specialty
Services		Total
Revenues from external customers$1,361 $629 $1,990 
Intersegment revenues1 — 1 
Net revenues1,362 629 1,991 
Reconciliation of revenue:
Elimination of intersegment revenues(1)
Total consolidated revenues$1,990 
Less: (a)
Segment cost of revenues (b)
856 516 
Segment operating expenses (c)
285 58 
Plus:
Segment other income/expense1 5 
Depreciation10 11 
Segment earnings$232 $71 $303 
Reconciliation of profit/(loss):
Corporate/other profit/(loss) (d)
(31)
Interest expense, net
(37)
Depreciation(22)
Amortization(59)
Contingent consideration and compensation— 
Non-service pension cost
(5)
Systems and business enablement
(18)
Business process transformation expenses— 
Acquisition and divestiture related expenses
(11)
Restructuring program related costs(11)
Other(1)
Income before income taxes$108 
(a)     The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Intersegment expenses are included within the amounts shown and amortization expense is excluded from the amounts shown.
(b)     Segment cost of revenues consists of costs such as direct labor, materials, subcontract costs and indirect costs related to contract performance, adjusted for non-recurring items.
(c)     Segment operating expenses consist primarily of compensation and associated costs for sales and corporate marketing, administrative expenses associated with accounting, finance, legal, information systems, leadership development, and other corporate expenses, adjusted for non-recurring items.
(d)     Corporate/other profit/(loss) includes amounts related to corporate functions such as administrative costs, professional fees, and other discrete items.
Six Months Ended June 30, 2026
Safety
Services		Specialty
Services		Total
Revenues from external customers$2,896 $1,340 $4,236 
Intersegment revenues1 2 3 
Net revenues2,897 1,342 4,239 
Reconciliation of revenue:
Elimination of intersegment revenues(3)
Total consolidated revenues$4,236 
Less: (a)
Segment cost of revenues(b)
1,815 1,100 
Segment operating expenses (c)
620 138 
Plus:
Segment other income/expense2 7 
Depreciation18 20 
Segment earnings$482 $131 $613 
Reconciliation of profit/(loss):
Corporate/other profit/(loss) (d)
(67)
Interest expense, net
(66)
Depreciation(42)
Amortization(131)
Contingent consideration and compensation1 
Non-service pension cost
(10)
Systems and business enablement
(52)
Business process transformation expenses— 
Acquisition and divestiture related expenses
(28)
Restructuring program related costs— 
Other(9)
Income before income taxes$209 
(a)     The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Intersegment expenses are included within the amounts shown and amortization expense is excluded from the amounts shown.
(b)     Segment cost of revenues consists of costs such as direct labor, materials, subcontract costs and indirect costs related to contract performance, adjusted for non-recurring items.
(c)     Segment operating expenses consist primarily of compensation and associated costs for sales and corporate marketing, administrative expenses associated with accounting, finance, legal, information systems, leadership development, and other corporate expenses, adjusted for non-recurring items.
(d)     Corporate/other profit/(loss) includes amounts related to corporate functions such as administrative costs, professional fees, and other discrete items.
Six Months Ended June 30, 2025
Safety
Services		Specialty
Services		Total
Revenues from external customers$2,628 $1,081 $3,709 
Intersegment revenues1 1 2 
Net revenues2,6291,0823,711
Reconciliation of revenue:
Elimination of intersegment revenues(2)
Total consolidated revenues$3,709 
Less: (a)
Segment cost of revenues (b)
1,654 893 
Segment operating expenses (c)
563 120 
Plus:
Segment other income/expense1 9 
Depreciation18 22 
Segment earnings$431 $100 $531 
Reconciliation of profit/(loss):
Corporate/other profit/(loss) (d)
(66)
Interest expense, net
(75)
Depreciation(42)
Amortization(119)
Contingent consideration and compensation(1)
Non-service pension cost
(9)
Systems and business enablement
(30)
Business process transformation expenses(4)
Acquisition and divestiture related expenses
(14)
Restructuring program related costs(14)
Other(3)
Income before income taxes$154 
(a)     The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Intersegment expenses are included within the amounts shown and amortization expense is excluded from the amounts shown.
(b)     Segment cost of revenues consists of costs such as direct labor, materials, subcontract costs and indirect costs related to contract performance, adjusted for non-recurring items.
(c)     Segment operating expenses consist primarily of compensation and associated costs for sales and corporate marketing, administrative expenses associated with accounting, finance, legal, information systems, leadership development, and other corporate expenses, adjusted for non-recurring items.
(d)     Corporate/other profit/(loss) includes amounts related to corporate functions such as administrative costs, professional fees, and other discrete items.