API GROUP CORP, 10-K filed on 2/25/2026
Annual Report
v3.25.4
Cover - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2025
Feb. 18, 2026
Jun. 30, 2025
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Current Fiscal Year End Date --12-31    
Document Period End Date Dec. 31, 2025    
Document Transition Report false    
Entity File Number 001-39275    
Entity Registrant Name APi Group Corporation    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 98-1510303    
Entity Address, Address Line One 1100 Old Highway 8 NW    
Entity Address, City or Town New Brighton    
Entity Address, State or Province MN    
Entity Address, Postal Zip Code 55112    
City Area Code 651    
Local Phone Number 636-4320    
Title of 12(b) Security Common Stock, par value $0.0001 per share    
Trading Symbol APG    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction false    
Entity Shell Company false    
Entity Public Float     $ 12.7
Entity Common Stock, Shares Outstanding   431,456,087  
Documents Incorporated by Reference
Portions of the registrant’s definitive proxy statement for the 2026 Annual Meeting of Stockholders, which is to be filed no later than 120 days after December 31, 2025, are incorporated by reference into Part III of this Form 10-K.
    
Entity Central Index Key 0001796209    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Amendment Flag false    
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Auditor Information [Abstract]  
Auditor Firm ID 185
Auditor Name KPMG LLP
Auditor Location Minneapolis, Minnesota
v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 912 $ 499
Accounts receivable, net of allowances of $14 and $9 at December 31, 2025 and 2024, respectively 1,563 1,444
Inventories 145 143
Contract assets 484 453
Prepaid expenses and other current assets 125 119
Total current assets 3,229 2,658
Property and equipment, net 397 379
Operating lease right-of-use assets 301 268
Goodwill 3,167 2,894
Intangible assets, net 1,584 1,660
Deferred tax assets 40 57
Pension and post-retirement assets 129 120
Other assets 89 116
Total assets 8,936 8,152
Current liabilities:    
Short-term and current portion of long-term debt 5 4
Accounts payable 526 497
Contingent consideration and compensation liabilities 60 20
Accrued salaries and wages 444 381
Contract liabilities 694 590
Operating and finance leases 98 90
Other accrued liabilities 323 303
Total current liabilities 2,150 1,885
Long-term debt, less current portion 2,754 2,749
Pension and post-retirement obligations 50 48
Contingent consideration and compensation liabilities 8 22
Operating and finance leases 215 192
Deferred tax liabilities 205 198
Other noncurrent liabilities 146 105
Total liabilities 5,528 5,199
Commitments and contingencies (Note 18) 0 0
Shareholders’ equity:    
Series A Preferred Stock, $0.0001 par value; 7,000,000 authorized shares; 4,000,000 shares issued and outstanding at December 31, 2025 and 2024 0 0
Common stock, $0.0001 par value; 1,000,000,000 and 500,000,000 authorized shares; and 415,915,273 shares and 412,167,491 shares issued at December 31, 2025 and 2024, respectively (excluding 15,212,810 and 11,916,156 shares declared for stock dividend at December 31, 2025 and 2024, respectively) 0 0
Additional paid-in capital 3,296 3,305
Retained earnings 517 215
Accumulated other comprehensive loss (405) (567)
Total shareholders’ equity 3,408 2,953
Total liabilities and shareholders’ equity $ 8,936 $ 8,152
v3.25.4
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Accounts receivable, net of allowances $ 14 $ 9
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 1,000,000,000 500,000,000
Common stock issued (in shares) 415,915,273 412,167,491
Dividends declared (in shares) 15,212,810 11,916,156
Series A Preferred Stock    
Preferred stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Preferred stock, shares authorized (in shares) 7,000,000 7,000,000
Preferred stock issued (in shares) 4,000,000 4,000,000
Preferred stock outstanding (in shares) 4,000,000 4,000,000
v3.25.4
Consolidated Statements of Operations - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Net revenues $ 7,911 $ 7,018 $ 6,928
Cost of revenues 5,424 4,840 4,988
Gross profit 2,487 2,178 1,940
Selling, general, and administrative expenses 1,933 1,694 1,581
Operating income 554 484 359
Interest expense, net 141 146 145
Investment expense (income) and other, net 0 8 (18)
Other expense, net 141 154 127
Income before income taxes 413 330 232
Income tax provision 111 80 79
Net income 302 250 153
Net loss attributable to common shareholders:      
Stock conversion of Series B Preferred Stock 0 (372) 0
Net loss attributable to common shareholders $ (288) $ (224) $ (161)
Net loss per common share (basic) (in dollars per share) $ (0.69) $ (0.56) $ (0.46)
Net loss per common share (diluted) (in dollars per share) $ (0.69) $ (0.56) $ (0.46)
Weighted-average shares outstanding (basic) (in shares) 415,709,895 401,513,646 352,705,274
Weighted-average shares outstanding (diluted) (in shares) 415,709,895 401,513,646 352,705,274
Series A Preferred Stock      
Net loss attributable to common shareholders:      
Stock dividend attributable to Series Preferred Stock $ (590) $ (95) $ (270)
Series B Preferred Stock      
Net loss attributable to common shareholders:      
Stock dividend attributable to Series Preferred Stock $ 0 $ (7) $ (44)
v3.25.4
Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Net income $ 302 $ 250 $ 153
Other comprehensive income (loss):      
Fair value change - derivatives, net of tax benefit (expense) of $10, ($7), and $8, respectively (29) 18 (24)
Defined benefit pension plans adjustment, net of tax (expense) benefit of $(5), $(9), and $81, respectively 15 26 (244)
Foreign currency translation adjustment 176 (107) 61
Comprehensive income (loss) $ 464 $ 187 $ (54)
v3.25.4
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Derivatives, tax benefit (expense) $ 10 $ (7) $ 8
Defined benefit pension plans adjustment, tax (expense) benefit $ (5) $ (9) $ 81
v3.25.4
Consolidated Statements of Shareholders' Equity - USD ($)
$ in Millions
Total
Series A Preferred Stock
Series B Preferred Stock
Preferred Stock
Common Stock
Common Stock
Series A Preferred Stock
Common Stock
Series B Preferred Stock
Additional Paid-In Capital
Additional Paid-In Capital
Series B Preferred Stock
(Accumulated Deficit) Retained Earnings
(Accumulated Deficit) Retained Earnings
Series B Preferred Stock
Accumulated Other Comprehensive Loss
Preferred stock, beginning balance (in shares) at Dec. 31, 2022       4,000,000                
Beginning balance at Dec. 31, 2022 $ 2,127     $ 0 $ 0     $ 2,558   $ (164)   $ (267)
Common stock, beginning balance (in shares) at Dec. 31, 2022         350,105,868              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net income 153                 153    
Fair value change - derivatives (24)                     (24)
Foreign currency translation adjustment 61                     61
Defined benefit pension plans adjustment, net of tax (expense) benefit of $(5), $(9), and $81, respectively (244)                     (244)
Loss on dedesignated derivatives amortized from AOCI into income (16)                     (16)
Preferred Stock dividend (in shares)             2,899,506          
Share repurchases (in shares)         (2,439,739)              
Share repurchases (41)             (41)        
Profit sharing plan contributions (in shares)         946,791              
Profit sharing plan contributions 14             14        
Share-based compensation and other, net (in shares)         1,850,548              
Share-based compensation and other, net 41             41        
Preferred stock, ending balance (in shares) at Dec. 31, 2023       4,000,000                
Ending balance at Dec. 31, 2023 2,071     $ 0 $ 0     2,572   (11)   (490)
Common stock, ending balance (in shares) at Dec. 31, 2023         353,362,974              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net income 250                 250    
Fair value change - derivatives 18                     18
Foreign currency translation adjustment (107)                     (107)
Defined benefit pension plans adjustment, net of tax (expense) benefit of $(5), $(9), and $81, respectively 26                     26
Loss on dedesignated derivatives amortized from AOCI into income $ (14)                     (14)
Preferred Stock dividend (in shares) 11,916,156         11,916,156 930,360          
Series B Preferred Stock dividend     $ 0           $ 7   $ (7)  
Conversion of Series B Preferred Stock, net (in shares)         24,390,245              
Conversion of Series B Preferred Stock, net $ 197             214   (17)    
Issuance of common shares (in shares)         18,975,000              
Issuance of common shares 458             458        
Profit sharing plan contributions (in shares)         765,479              
Profit sharing plan contributions 16             16        
Share-based compensation and other, net (in shares)         1,827,277              
Share-based compensation and other, net 38             38        
Preferred stock, ending balance (in shares) at Dec. 31, 2024   4,000,000   4,000,000                
Ending balance at Dec. 31, 2024 2,953     $ 0 $ 0     3,305   215   (567)
Common stock, ending balance (in shares) at Dec. 31, 2024         412,167,491              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net income 302                 302    
Fair value change - derivatives (29)                     (29)
Foreign currency translation adjustment 176                     176
Defined benefit pension plans adjustment, net of tax (expense) benefit of $(5), $(9), and $81, respectively $ 15                     15
Preferred Stock dividend (in shares) 15,212,810         3,815,493            
Share repurchases (in shares)         (3,095,573)              
Share repurchases $ (75)             (75)        
Profit sharing plan contributions (in shares)         928,483              
Profit sharing plan contributions 24             24        
Share-based compensation and other, net (in shares)         2,099,379              
Share-based compensation and other, net 42             42        
Preferred stock, ending balance (in shares) at Dec. 31, 2025   4,000,000   4,000,000                
Ending balance at Dec. 31, 2025 $ 3,408     $ 0 $ 0     $ 3,296   $ 517   $ (405)
Common stock, ending balance (in shares) at Dec. 31, 2025         415,915,273              
v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income $ 302 $ 250 $ 153
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 85 80 79
Amortization 242 222 224
Restructuring charges, net of cash paid (6) (16) 9
Deferred taxes 15 (30) (32)
Share-based compensation expense 44 32 29
Profit-sharing expense 36 27 19
Non-cash lease expense 110 97 88
Net periodic pension cost (benefit) 23 27 (8)
Other, net (9) (28) 3
Changes in operating assets and liabilities, net of effects of acquisitions:      
Accounts receivable (57) (2) (69)
Contract assets (17) (9) 26
Inventories 6 9 13
Prepaid expenses and other current assets 1 6 (14)
Accounts payable 5 16 (14)
Accrued liabilities and income taxes payable 45 (3) 42
Contract liabilities 85 46 51
Other assets and liabilities (151) (104) (85)
Net cash provided by operating activities 759 620 514
Cash flows from investing activities:      
Acquisitions, net of cash acquired (186) (778) (83)
Purchases of property and equipment (96) (84) (86)
Proceeds from sales of property, equipment, held for sale assets, and businesses 28 33 54
Net cash used in investing activities (254) (829) (115)
Cash flows from financing activities:      
Proceeds from long-term borrowings 0 850 0
Payments on long-term borrowings (7) (437) (484)
Repurchases of common stock (75) 0 (41)
Proceeds from the issuance of common shares 0 458 0
Conversion of Series B Preferred Stock 0 (600) 0
Payments of acquisition-related consideration (18) (8) (4)
Restricted shares tendered for taxes (21) (13) (3)
Other financing activities 0 (5) 0
Net cash (used in) provided by financing activities (121) 245 (532)
Effect of foreign currency exchange rate change on cash, cash equivalents, and restricted cash 28 (15) 6
Net increase (decrease) in cash, cash equivalents, and restricted cash 412 21 (127)
Cash, cash equivalents, and restricted cash, beginning of period 501 480 607
Cash, cash equivalents, and restricted cash, end of period 913 501 480
Supplemental cash flow disclosures:      
Cash paid for interest, net of interest income 136 152 150
Cash paid for income taxes, net of refunds 111 101 95
Accrued consideration 30 31 11
Shares of common stock issued to profit sharing plan 24 18 14
Shares of common stock issued for conversion of Series B Preferred Stock $ 0 $ 569 $ 0
v3.25.4
NATURE OF BUSINESS
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
NATURE OF BUSINESS NATURE OF BUSINESSAPi Group Corporation (the “Company,” “APG,” or "APi Group") is a global, market-leading business services provider of fire and life safety, security, elevator and escalator, and specialty services with a substantial recurring revenue base and over 500 locations worldwide.
v3.25.4
SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
SIGNIFICANT ACCOUNTING POLICIES SIGNIFICANT ACCOUNTING POLICIES
Principles of consolidation
The accompanying consolidated financial statements (the “Financial Statements”) include the accounts of the Company and of its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Investments in entities over which the Company has significant influence but not control are accounted for using the equity method of accounting. These investments are initially recorded at cost and subsequently adjusted based on the Company’s proportionate share of earnings, losses, and distributions from each entity.
Use of estimates
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of net revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates include the estimation of total contract costs used for net revenues and cost recognition from construction contracts, fair value estimates included in the accounting for acquisitions, valuation of long-lived assets and acquisition-related contingent consideration, self-insurance liabilities, income taxes, and the estimated effects of litigation and other contingencies.
Foreign currency and currency translation
The assets and liabilities of foreign subsidiaries with a functional currency other than the U.S. dollar are translated into U.S. dollars at exchange rates in effect at year-end, with resulting translation gains or losses included within other comprehensive income or loss. Net revenues and expenses are translated into U.S. dollars at average monthly rates of exchange in effect during the year. Foreign currency transaction gains and losses, including hedging impacts, are classified in investment expense (income) and other, net, in the consolidated statements of operations and were a loss (gain) of $2, $2 and $(1) for the years ended December 31, 2025, 2024, and 2023, respectively. These net foreign currency transaction gains and losses include derivative instruments designed to reduce foreign currency exchange rate risks. Refer to Note 10 – "Derivatives" for further information. Translation gains or losses, which are recorded in accumulated other comprehensive income (loss) on the consolidated balance sheets, result from translation of the assets and liabilities of APi Group’s foreign subsidiaries into U.S. dollars. Foreign currency translation gains (losses) totaled approximately $176, $(107), and $61 for the years ended December 31, 2025, 2024, and 2023, respectively.
Nearly all of the Company’s foreign operations use their local currency as their functional currency. Currency gains or losses resulting from transactions executed in currencies other than the functional currency are included in investment expense (income) and other, net, in the consolidated statements of operations.
Cash and cash equivalents
The Company considers all highly liquid investments purchased with an original maturity date of three months or less to be cash equivalents. The Company maintains cash in bank accounts that, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts. Restricted cash is reported as other current assets in the consolidated balance sheets. Restricted cash reflects collateral against certain bank guarantees.
Fair value of financial instruments
The financial instruments of the Company include cash and cash equivalents, accounts receivable, accounts payable, contingent consideration and compensation liabilities, and debt obligations.
Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal or most advantageous market as of the measurement date. ASC Topic 820, Fair Value Measurements, provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to and is composed of the following levels:
Level 1:Observable inputs such as quoted prices for identical assets or liabilities in active markets.
Level 2:Observable inputs other than quoted prices that are directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets; quoted prices for similar or identical assets or liabilities in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.
Level 3:Unobservable inputs that reflect the Company's own assumptions.
The carrying values of cash and cash equivalents, accounts receivable, contract assets, other receivables, accounts payable, contingent compensation liabilities, accrued liabilities, and contract liabilities approximate their fair values because of their short maturity. The fair value of the Company’s revolving line of credit facility and long-term debt are based on current lending rates for similar borrowings, assuming the debt is outstanding through maturity, and considering the collateral. The carrying values of revolving line of credit facility approximate its fair values because the variable interest rates of these instruments are generally reset monthly.
The fair value of the Company's debt is estimated by discounting future cash flows at currently available rates for borrowing arrangements with similar terms and conditions, which are considered to be Level 2 inputs under the fair value hierarchy. The fair value of the Company’s derivative instruments designated as hedging instruments are determined using standard pricing models and market-based assumptions for all significant inputs, such as yield curves and quoted spot and forward exchange rates. The fair value of the Company’s contingent consideration obligations is determined using a probability-weighted discounted cash flow method. This fair value measurement is based on significant unobservable inputs in the market and thus represents a Level 3 measurement within the fair value hierarchy.
Inventories
Inventories consist primarily of wholesale insulation products, contracting materials and supplies. Inventories are valued at the lower of cost or net realizable value.
Property and equipment
Property and equipment, including additions, replacements, and improvements is stated at cost, or fair value for assets acquired in a business combination, less accumulated depreciation. Expenditures for maintenance and repairs are charged to operating expenses as incurred unless such expenditures extend the life of the asset or increase its capacity or efficiency. Depreciation expense is recognized over the estimated useful lives of the assets using the straight-line method. Leasehold improvements are amortized over the shorter of the term of the lease or the estimated useful lives of the improvements. Upon sale or disposition of property and equipment, the cost and related accumulated depreciation and amortization are removed from the consolidated balance sheets and any resulting gain or loss is recognized in the consolidated statements of operations.
Leases
The Company’s lease portfolio mainly consists of facilities, equipment, and vehicles. Operating lease assets represent the Company’s right to use an underlying asset for the lease term whereas lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term (or at fair values in the case of those leases assumed in an acquisition). As most of the Company’s leases do not provide an implicit rate, the Company uses incremental borrowing rates that are based on its own external unsecured borrowing rates and are risk-adjusted to approximate secured borrowing rates over similar terms. These rates are assessed on a quarterly basis for measurement of new lease obligations. The
operating lease assets are calculated based on the value of the lease liability plus prepaid rental payments less lease incentives that the Company expects to receive. Leases with an initial term of less than one year are not recorded on the Company’s consolidated balance sheets. Operating lease expense is recognized on a straight-line basis over the lease term. Many leases include one or more options to renew, with renewal terms that can extend the lease term for several years. The exercise of lease renewal options is generally at the Company’s sole discretion. Certain leases also include options to purchase the leased assets. The Company's lease terms include these renewal or purchase options when it is reasonably certain that those options will be exercised. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. The Company’s lease agreements contain lease and non-lease components, which are accounted for as a single lease component for all asset classes except for certain asset classes within its information technology arrangements. Operating lease right-of-use assets are reported as separate lines in the consolidated balance sheets. Finance leases are generally those leases that allow the Company to substantially utilize or pay for the entire asset over its estimated life. For finance leases, the Company recognizes more expense in the initial years of total lease expense recognition due to the accretion of the lease liability and the straight-line amortization of the leased asset. Assets acquired under finance leases are recorded in property and equipment, net.
Goodwill impairment
Goodwill represents the excess of cost over the fair market value of net tangible and identifiable intangible assets of acquired businesses. The Company has recorded goodwill in connection with its historical acquisitions of businesses. Upon acquisition, these businesses were either combined into one of the existing components or managed on a stand-alone basis as an individual component.
The components are aligned to one of the Company’s two reportable segments, Safety Services or Specialty Services. Goodwill is required to be evaluated for impairment at the reporting unit level, which represents the operating segment level or one level below the operating segment level for which discrete financial information is available.
Management identifies its reporting units by assessing whether components have discrete financial information available, engage in business activities, and have a segment manager regularly review the component’s operating results. If two or more components are deemed economically similar, those components are aggregated into one reporting unit when performing the annual goodwill impairment test.
Goodwill is not amortized, but instead is annually tested for impairment on October 1 each fiscal year, or more frequently if events or circumstances indicate that the carrying amount of goodwill may be impaired. Qualitative indicators that may trigger the need for annual or interim quantitative impairment testing include, among other things, deterioration in macroeconomic conditions, declining financial performance, deterioration in the operational environment, or an expectation of selling or disposing of a portion of a reporting unit. Additionally, a significant change in business climate, a loss of a significant customer, increased competition, a sustained decrease in share price, or a decrease in estimated fair value below book value may trigger the need for interim impairment testing of goodwill associated with one or more reporting units.
Accounting standards for testing goodwill for impairment require the application of either a qualitative or quantitative assessment to analyze whether or not goodwill has been impaired. The Company performs the qualitative analysis by evaluating financial performance, macroeconomic conditions, and industry trends. Under the quantitative assessment, the Company evaluates each reporting unit for impairment comparing the fair value of each reporting unit with its carrying amount, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss is recorded as a reduction to goodwill with a corresponding change to earnings in the period the goodwill is determined to be impaired. Any goodwill impairment is limited to the total amount of goodwill allocated to that reporting unit.
During 2025, the Company performed a qualitative assessment for all reporting units to analyze whether or not goodwill has been impaired. See Note 8 – “Goodwill and Intangibles” for additional detail on goodwill and other intangible assets.
Impairment of long-lived assets excluding goodwill
The Company periodically reviews the carrying amount of its long-lived asset groups, including property and equipment and other identifiable intangible assets subject to amortization, when events or changes in circumstances indicate the carrying value may not be recoverable. Qualitative indicators that may trigger the need for impairment testing include an expectation of selling or disposing of a business unit. If facts and circumstances support the possibility of impairment, the
Company will compare the carrying value of the asset or asset group with the undiscounted future cash flows related to the asset or asset group. If the carrying value of the asset or asset group is greater than its undiscounted cash flows, the resulting impairment will be determined as the difference between the carrying value and the fair value, where fair value is determined for the carrying amount of the specific asset groups based on discounted future cash flows or appraisal of the asset groups.
Investments
The Company holds investments in joint ventures, the majority of which are accounted for under the equity method of accounting as the Company does not exercise control over the joint ventures. The Company exercises control over one joint venture that is consolidated into the Company's financial statements. The share of earnings from the consolidated joint venture was $0, $1, and $0, for the years ended December 31, 2025, 2024, and 2023, respectively. The Company’s share of earnings from the non-consolidated joint ventures was $13, $8, and $7, during the years ended December 31, 2025, 2024, and 2023, respectively. The earnings are recorded within investment expense (income) and other, net in the consolidated statements of operations. The investment balances were $6 and $4 as of December 31, 2025 and 2024, respectively, and are recorded within other assets in the consolidated balance sheets.
Pension and post-retirement obligations
The Company sponsors both funded and unfunded foreign defined benefit pension plans that cover a portion of the Company's employees. The Company accounts for its benefit plans in accordance with ASC 715, Compensation - Retirement Benefits, which requires balance sheet recognition of the overfunded or underfunded status of pension and post-retirement benefit plans. The amounts associated with these benefits are determined by actuaries and dependent on various actuarial assumptions including discount rates, expected return on plan assets, compensation increases, mortality, and health care cost trends. Under this guidance, actuarial gains and losses, prior service costs or credits, and any remaining transition assets or obligations that have not been recognized under previous accounting standards must be recognized in accumulated other comprehensive loss, net of tax effects, until they are amortized as a component of net periodic benefit cost. The Company reviews its actuarial assumptions at each measurement date and makes modifications to the assumptions based on current rates and trends, if appropriate.
During 2023, an annuity purchase transaction, commonly known as a “buy-in,” was executed for the two pension plans in the United Kingdom. Under the terms of the insurance contracts, which were issued by a third-party insurance company with no affiliation to the Company, all pension obligations will be funded by the insurer’s annuity payments, but the plans still retain full legal responsibility to pay the benefits to plan participants using the insurance payments. The Company's accounting policies related to pension obligations and the buy-in transaction are disclosed in Note 16 – "Pension."
In December 2024, the Company entered into a non-binding agreement in principle with the Trustees of the two pension plans in the United Kingdom to proceed with wind-up of the plans contingent on certain conditions. If all conditions are met, the Company expects to execute the final wind-up in 2027.
Definite-lived intangibles
Intangibles consist of trade names and trademarks, customer relationships, and backlog intangibles. The intangibles are amortized over their estimated useful lives, which range from two to fifteen years for trade names and trademarks and customer relationships, and a period of six to thirty-six months for backlog.
Cloud computing implementation costs
The Company capitalizes certain implementation costs incurred associated with cloud computing arrangements ("CCA") that are service contracts. Capitalized costs for CCA are included in other assets on the Company's consolidated balance sheets. Costs not subject to capitalization are recognized within selling, general, and administrative expenses in the consolidated statements of operations. Amounts capitalized are recognized over the initial term of the software licenses, plus any probable renewals, beginning on the date the associated hosting arrangement is ready for its intended use. Costs related to preliminary project activities and post-implementation activities are expensed as incurred.
Insurance liabilities
Other accrued and other noncurrent liabilities include management’s best estimates of amounts expected to be incurred for health insurance claims, workers’ compensation, general liability, and automobile liability losses. A portion of this risk is retained on a self-insured basis through Sprocket, the Company's wholly-owned captive insurance subsidiary. The estimates are based on claim reports provided by the insurance carrier, management’s best estimates, and the maximum premium for a policy period. The amounts the Company will ultimately incur could differ in the near-term from the estimated amounts accrued. At December 31, 2025 and 2024, the Company had accrued $125 and $112, respectively, relating to workers’ compensation, general and automobile claims, with $90 and $87, respectively, included in other noncurrent liabilities. The Company recorded a receivable from the insurance carriers of $5 and $11 at December 31, 2025 and 2024, respectively, to offset the liabilities due above the Company’s deductible, which, under contract, are payable by the insurance carrier. The Company has outstanding letters of credit as collateral totaling approximately $153 and $147 at December 31, 2025 and 2024, respectively. The Company had $8 and $7 recorded within accrued salaries and wages relating to outstanding health insurance claims at December 31, 2025 and 2024, respectively.
Share-based compensation
The Company recognizes share-based compensation over the requisite service period of the awards (usually the vesting period) based on the grant date fair value of awards. An offsetting increase to shareholders’ equity is recorded equal to the amount of the compensation expense charge. For restricted stock grants with performance-based milestones, the expense is valued based on the closing market share price of the Company’s stock on the date of grant and recorded over the service period after the achievement of the milestone is probable or the performance condition is achieved. Forfeitures are estimated and recorded using historical forfeiture rates.
The Company has an employee stock purchase plan (“ESPP”) under which shares of the Company’s common stock are available for purchase by eligible participants. The plan allows participants to purchase APi Group common stock at 85% of its fair market value at the lower of (i) the date of commencement of the offering period or (ii) the last day of the exercise period, as defined in the plan documents. The fair value of purchases under the Company’s ESPP is estimated using the Black-Scholes option-pricing valuation model. The determination of fair value of stock-based awards using an option-pricing model is affected by the Company’s stock price as well as assumptions pertaining to several variables, including expected stock price volatility, the expected term of the award and the risk-free rate of interest. In the option-pricing model for the Company’s ESPP, expected stock price volatility is based on historical volatility of the Company’s common stock. The expected term of the award is based on historical and expected exercise patterns and the risk-free rate of interest is based on U.S. Treasury yields.
Earnings per share
Basic earnings per common share excludes dilution and is computed by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding during the period. The Company has determined that its Series A Preferred Stock and, prior to its extinguishment, Series B Preferred Stock were participating securities as the Series A Preferred Stock and Series B Preferred Stock participated in dividends with common stock according to a predetermined formula. Accordingly, the Company used the two-class method of computing basic and diluted earnings per share for common stock according to participation rights of the Series A Preferred Stock and Series B Preferred Stock. Under this method, net income applicable to holders of common stock is first reduced by the amount of dividends declared on Series A Preferred Stock and Series B Preferred Stock in the current period with remaining undistributed earnings allocated on a pro rata basis to the holders of common stock, Series A Preferred Stock, and Series B Preferred Stock to the extent that each class may share income for the period; whereas undistributed net loss is allocated to common stock because holders of Series A Preferred Stock and Series B Preferred Stock are not contractually obligated to share the loss.
Revenue recognition and contract costs
Refer to Note 7 – “Net Revenues,” for further discussion on the Company’s revenue recognition policies.
Income taxes
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax
assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the consolidated statements of operations in the period that includes the enactment date.
The Company recognizes the effect of income tax positions only if those positions are more-likely-than-not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest and penalties relating to unrecognized tax benefits and delinquent payments in income tax expense.
v3.25.4
RECENT ACCOUNTING PRONOUNCEMENTS
 12 Months Ended
Dec. 31, 2025
Accounting Standards Update and Change in Accounting Principle [Abstract]  
RECENT ACCOUNTING PRONOUNCEMENTS RECENT ACCOUNTING PRONOUNCEMENTS
Accounting standards issued and adopted
In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU focuses on the rate reconciliation and income taxes paid. ASU 2023-09 requires the Company to disclose, on an annual basis, a tabular rate reconciliation using both percentages and currency amounts, broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. The Company prospectively adopted this ASU on January 1, 2025. Refer to Note 14 – "Income Taxes" for details.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), which requires business entities to disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The ASU also requires disclosure of purchases of inventory, employee compensation, depreciation, and intangible asset amortization.
ASU 2024-03 is effective for annual periods beginning after December 15, 2026, with early adoption permitted. In January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, which amends the effective date of ASU 2024-03 to clarify that all public business entities are required to adopt the guidance in annual periods beginning after December 15, 2026, and interim periods in fiscal years beginning after December 15, 2027. The Company is currently evaluating the potential impact of adopting these ASUs on its consolidated financial statements and disclosures.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient for estimating expected credit losses on current accounts receivable and current contract assets arising from revenue transactions accounted for under FASB Accounting Standards Codification ("ASC") Topic 606. ASU 2025-05 is effective for the Company's annual and interim periods in fiscal years beginning after December 15, 2025, with early adoption permitted. The Company is currently evaluating the potential impact of adopting this ASU on its consolidated financial statements and disclosures but does not expect the impact to be material.

On September 18, 2025, the FASB issued ASU 2025-06, Intangibles — Goodwill and Other—Internal‑Use Software (Subtopic 350-40): Target Improvements to the Accounting for Internal-Use Software, which improves ASC Subtopic 350-40 to better align the guidance (1) for development of software to be sold via SaaS and software to sold via license by introducing new capitalization considerations and (2) with agile software development by eliminating the existing software project staging guidance. This ASU is effective for all entities for annual and interim periods in fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the potential impact of adopting this ASU on its consolidated financial statements and disclosures but does not expect the impact to be material.
v3.25.4
BUSINESS COMBINATIONS
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
BUSINESS COMBINATIONS BUSINESS COMBINATIONS
The Company regularly evaluates potential acquisitions that strategically fit with the Company’s existing portfolio or expand the Company’s portfolio into a new and attractive business area. Acquisitions are accounted for as business combinations using the acquisition method of accounting. As such, the Company makes a preliminary allocation of the purchase price to the tangible assets and identifiable intangible assets acquired and liabilities assumed. In the months after closing, as the Company obtains additional information about the acquired assets and liabilities and learns more about the newly acquired business, it is able to refine the estimates of fair value and more accurately allocate the purchase price. Purchase price is allocated to assets acquired and liabilities assumed based upon their estimated fair values, with limited exceptions as permitted pursuant to GAAP, as determined based on estimates and assumptions deemed reasonable by the Company. The Company engages third-party valuation specialists to assist with preparation of critical assumptions and
calculations of the fair value of acquired tangible and intangible assets in connection with significant acquisitions. The excess of the purchase price over the tangible and intangible assets acquired and liabilities assumed is recorded as goodwill. Goodwill is attributable to the workforce of the acquired businesses, the complementary strategic fit and resulting synergies these businesses bring to existing operations, and the opportunities in new markets expected to be achieved from the expanded platform.
2025 acquisitions
During the year ended December 31, 2025, the Company completed 14 acquisitions for total net consideration transferred of $233, made up of cash paid at closing of $186, cash deposited into escrow of $17, and accrued consideration of $30. The results of operations of these acquisitions are included in the Company's consolidated statements of operations from their respective dates of acquisition and were not material.
2025 Acquisitions
Cash paid at closing $186 
Cash deposited into escrow17 
Accrued consideration30 
Total net consideration$233 
Cash and cash equivalents$15 
Accounts receivable25 
Contract assets2 
Other current assets2 
Property and equipment3 
Intangible assets86 
Goodwill126 
Accounts Payable(8)
Other accrued liabilities (8)
Contract liabilities (6)
Other noncurrent liabilities(4)
Net assets acquired $233 
The Company has not finalized its accounting for any of the acquisitions completed during 2025 and will make appropriate adjustments to the purchase price allocation prior to completion of the measurement periods, as required. Based on preliminary estimates, the total amount of goodwill from acquisitions expected to be deductible for tax purposes is $118. See Note 8 – “Goodwill and Intangibles” for the provisional goodwill assigned to each segment.
2024 Acquisitions
Elevated acquisition
On June 3, 2024, the Company completed its acquisition of 100% of the equity interests of Elevated Facility Services Group ("Elevated"). Elevated is a premier provider of contractually based services for all major brands of elevator and escalator equipment. Elevated is headquartered in Florida and serves customers in over 18 states. The results of the Elevated business are reported in the consolidated financial statements of the Company from the date of acquisition within the Company's Safety Services segment.
The following table summarizes the final fair values of the assets acquired and liabilities assumed at the date of the Elevated acquisition:
Cash paid at closing$572 
Cash deposited into escrow6 
Total net consideration$578 
Cash and cash equivalents$7 
Accounts receivable29 
Contract assets14 
Other current assets6 
Property and equipment4 
Operating lease right-of-use assets2 
Intangible assets222 
Goodwill394 
Accounts payable(12)
Contract liabilities(10)
Other accrued liabilities(26)
Current and noncurrent operating and finance lease liabilities(3)
Deferred tax liabilities(49)
Net assets acquired$578 
The Company finalized its accounting for the Elevated acquisition during the year ended December 31, 2025. The total amount of goodwill from the Elevated acquisition expected to be deductible for tax purposes is $19.
During the year ended December 31, 2024, the Company incurred transaction costs of $7, which were expensed and included as a component of selling, general, and administrative expenses in the consolidated statements of operations.
Other 2024 Acquisitions
On September 3, 2024, the Company completed an acquisition included within the Safety Services segment ("Acquisition A24"). The results of the A24 business are reported within the Company's Safety Services segment. Consideration for Acquisition A24 included cash paid at closing of $24 and accrued consideration of $9.
On October 1, 2024, the Company completed an acquisition included within the Safety Services segment ("Acquisition B24"). The results of the B24 business are reported within the Company's Safety Services segment. Consideration for Acquisition B24 included cash paid at closing of $99, cash deposited into escrow for future deferred payments of $2, and no accrued consideration.
On December 2, 2024, the Company completed an acquisition included within the Safety Services segment ("Acquisition C24"). The results of the C24 business are reported within the Company's Safety Services segment. Consideration for Acquisition C24 included cash paid at closing of $26 and accrued consideration of $7.
During 2024, the Company completed nine individually immaterial acquisitions for total net consideration transferred of $77, made up of cash paid at closing of $63 and accrued consideration of $14.
The results of operations of these acquisitions are included in the Company’s consolidated statements of operations from their respective dates of acquisition and were not material. The total amount of goodwill from acquisitions deductible for tax purposes is $106.
The following table summarizes the final fair values of the assets acquired and liabilities assumed at the dates of acquisition:
Acquisition A24Acquisition B24Acquisition C24Other 2024 acquisitions
Cash paid at closing$24 $99 $26 $63 
Cash deposited into escrow— 2 — — 
Accrued consideration9 — 7 14 
Total net consideration$33 $101 $33 $77 
Cash and cash equivalents$6 $— $2 $— 
Accounts receivable15 18 10 2 
Contract assets— 2 — — 
Other current assets2 4 1 1 
Property and equipment2 3 — 3 
Intangible assets8 38 10 33 
Goodwill10 52 16 43 
Other assets— 2 — — 
Accounts payable(2)(4)(2)— 
Other accrued liabilities(3)(8)(2)(1)
Contract liabilities(5)(1)— (2)
Deferred tax liabilities— (2)(2)(2)
Other noncurrent liabilities— (3)— — 
Net assets acquired$33 $101 $33 $77 

The Company finalized its accounting for all 2024 acquisitions during the year ended 2025. The final allocations of the purchase prices did not differ materially from preliminary estimates with the exception of measurement period adjustments, primarily related to accounts receivable, other current assets, intangible assets, goodwill, other assets, other accrued liabilities, and other noncurrent liabilities recorded during the year ended December 31, 2025.
Accrued consideration
The Company’s acquisition purchase agreements typically include deferred payment provisions, often to sellers who become employees of the Company or its subsidiaries. The provisions are made up of three general types of arrangements, contingent compensation and contingent consideration (both of which are contingent on the future performance of the acquired entity) and deferred payments related to indemnities. Contingent compensation arrangements are typically contingent on the former owner’s future employment with the Company, and the related amounts are recognized over the required employment period, which is typically one to four years. Contingent consideration arrangements are not contingent on employment and are included as part of purchase consideration at the time of the initial acquisition and are paid over a one- to four-year period. The liability for deferred payments is recognized at the date of acquisition based on the Company’s best estimate and is typically payable over a one- to three-year period. Deferred payments are not contingent on any future performance or employment obligations and can be offset for working capital true-ups, and representations and warranty items.
The total contingent compensation arrangement liability was $7 and $0 at December 31, 2025 and 2024, respectively. The maximum payout of these arrangements upon completion of the future performance periods was $15 and $2, inclusive of the $7 and $0, accrued as of December 31, 2025 and 2024, respectively. The contingent compensation liability is included in contingent consideration and compensation liabilities in the consolidated balance sheets for all periods presented. The Company primarily determines the contingent compensation liability based on forecasted cumulative earnings compared to the cumulative earnings target set forth in the arrangement. Compensation expense associated with these arrangements is recognized ratably over the required employment period.
The contingent consideration obligations are measured at fair value each reporting period and changes in estimates of fair value are recognized in earnings. For additional considerations regarding the fair value of the Company's contingent consideration liabilities, see Note 9 – "Fair Value of Financial Instruments."
The total liability for deferred payments was $39 and $28 at December 31, 2025 and 2024, respectively, and is included in contingent consideration and compensation liabilities in the consolidated balance sheets for all periods presented.
v3.25.4
DIVESTITURES
 12 Months Ended
Dec. 31, 2025
Discontinued Operations and Disposal Groups [Abstract]  
DIVESTITURES DIVESTITURES
During 2023, the Company completed the divestiture of an infrastructure and utility operating company in the Specialty Services segment (the "Operating Company"). The Company received $38 in cash for the sale. During the year ended December 31, 2023, the Company recorded an impairment charge of $12 in selling, general, and administrative expenses in the consolidated statements of operating related to impairment of goodwill, intangible assets, and other assets of the Operating Company.
v3.25.4
RESTRUCTURING
 12 Months Ended
Dec. 31, 2025
Restructuring and Related Activities [Abstract]  
RESTRUCTURING RESTRUCTURING
In 2022, the Company announced its multi-year Chubb restructuring program designed to drive efficiencies and synergies and optimize operating margin. The Chubb restructuring program included expenses related to workforce reductions, lease termination costs, and other facility rationalization costs.
During 2025, the Company incurred $4 of pre-tax restructuring costs within the Safety Services segment in connection with the Chubb restructuring program. As of December 31, 2025, the Company had $13 in restructuring liabilities recorded in other accrued liabilities on the consolidated balance sheets for this plan. In addition, the Company incurred $3 of related costs which include lease impairment charges, asset write-downs, and consulting fees. As of June 30, 2025, the Chubb restructuring program ended, and no additional expenses are expected.
For the restructuring program, employee-related costs consisted of termination benefits provided to employees who were involuntarily terminated and voluntary early retirement benefits. Program related costs include costs incurred as a direct result of the restructuring program such as consulting fees and facility relocation costs.
The following table summarizes the Company's restructuring liabilities for the years ended December 31, 2025 and 2024:
December 31, 2023$32 
Charges12 
Payments(28)
Reversals(1)
December 31, 202415 
Charges4 
Payments(7)
Currency translation adjustment1 
December 31, 2025$13 
In addition to the costs noted above, the Company incurred asset write-down costs of $0 and $1 for the years ended December 31, 2025 and 2024, respectively. The Company incurred program related costs of $3 and $13 for the years ended December 31, 2025 and 2024, respectively.
v3.25.4
NET REVENUES
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
NET REVENUES NET REVENUES
Under ASC 606, revenue is recognized when or as control of promised goods and services is transferred to customers, and the amount of revenue recognized reflects the consideration to which an entity expects to be entitled in exchange for the goods and services transferred. 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 materials contracts.
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 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. The Company also enters into fixed price service contracts related to inspection, service, and monitoring of safety systems. The Company may utilize subcontractors in the fulfillment of its performance obligations. When doing so, the Company is considered the principal in these transactions and revenues are recognized on a gross basis.
Net revenues for fixed price agreements are generally recognized over time using the cost-to-cost method of accounting, which measures progress based on the cost incurred relative to total expected cost in satisfying its performance obligation. The cost-to-cost method is used as it best depicts the continuous transfer of control of goods or services to the customer. Costs incurred include direct materials, labor and subcontract costs, and indirect costs related to contract performance, such as indirect labor, supplies, tools, repairs, and depreciation costs. Labor and subcontractor labor costs are considered to be incurred and recognized as the work is performed. These contract costs are included in the results of operations under cost of revenues.
Net revenues from time and material contracts are recognized as the services are provided and is equal to the sum of the contract costs incurred plus an agreed upon markup. Net revenues earned from distribution contracts are recognized upon shipment or performance of the service.
The cost estimation process for recognizing net revenues over time under the cost-to-cost method is based on the professional knowledge and experience of the Company’s project managers, engineers, and finance professionals. Management reviews estimates of total contract transaction price and total project costs on an ongoing basis. Changes in job performance, job conditions, and management’s assessment of expected variable consideration are factors that influence estimates of the total contract transaction price, total costs to complete those contracts, and the Company’s profit recognition. Changes in these factors could result in cumulative revisions to net revenues in the period in which the revisions are determined, which could materially affect the Company’s consolidated results of operations for that period. Provisions for estimated losses on uncompleted contracts are recorded in the period in which such estimated losses are determined.
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 years ended December 31, 2025, 2024, and 2023. 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 22 – “Segment Information” for additional information. Disaggregated net revenues information is as follows:
Year Ended December 31, 2025
Safety
Services		Specialty
Services		Consolidated
Life Safety$5,456 $— $5,456 
Infrastructure and Utility— 1,024 1,024 
Fabrication and Distribution— 342 342 
Specialty Contracting— 1,094 1,094 
Corporate and Eliminations— — (5)
Net revenues$5,456 $2,460 $7,911 
Year Ended December 31, 2024
Safety
Services		Specialty
Services		Consolidated
Life Safety$4,797 $— $4,797 
Infrastructure and Utility— 998 998 
Fabrication and Distribution— 290 290 
Specialty Contracting— 941 941 
Corporate and Eliminations— — (8)
Net revenues$4,797 $2,229 $7,018 
Year Ended December 31, 2023
Safety
Services		Specialty
Services		Consolidated
Life Safety$4,425 $— $4,425 
Infrastructure and Utility— 1,216 1,216 
Fabrication and Distribution— 262 262 
Specialty Contracting— 1,040 1,040 
Corporate and Eliminations— — (15)
Net revenues$4,425 $2,518 $6,928 
Year Ended December 31, 2025
Safety
Services		Specialty
Services		Corporate and
Eliminations 		Consolidated
United States$2,725 $2,460 $(5)$5,180 
France691 — — 691 
Other2,040 — — 2,040 
Net revenues$5,456 $2,460 $(5)$7,911 
Year Ended December 31, 2024
Safety
Services		Specialty
Services		Corporate and
Eliminations 		Consolidated
United States$2,168 $2,223 $(8)$4,383 
France637 — — 637 
Other1,992 6 — 1,998 
Net revenues$4,797 $2,229 $(8)$7,018 
Year Ended December 31, 2023
Safety
Services		Specialty
Services		Corporate and
Eliminations 		Consolidated
United States$1,876 $2,477 $(15)$4,338 
France607 — — 607 
Other1,942 41 — 1,983 
Net revenues$4,425 $2,518 $(15)$6,928 
The Company’s contracts with its customers generally require significant services to integrate complex activities and equipment into a single deliverable and are, therefore, generally accounted for as a single performance obligation to provide a single contracted service for the duration of the project. For contracts with multiple performance obligations, the transaction price of a contract is allocated to each performance obligation and recognized as net revenues when or as the performance obligation is satisfied using the estimated stand-alone selling price of each distinct good or service. The stand-alone selling price is estimated using the expected cost plus a margin approach for each performance obligation. For in-process contracts, the aggregate amount of transaction price allocated to the unsatisfied performance obligations at
December 31, 2025 was $3,605. The Company expects to recognize revenue on approximately 74% of the remaining performance obligations over the next twelve months.
When more than one contract is entered into with a customer on or close to the same date, management evaluates whether those contracts should be combined and accounted for as a single contract as well as whether those contracts should be accounted for as one, or more than one, performance obligation. This evaluation requires significant judgment and is based on the facts and circumstances of the various contracts.
Contracts are often modified through change orders to account for changes in the scope and price of the goods or services being provided. Although the Company evaluates each change order to determine whether such modification creates a separate performance obligation, the majority of change orders are for goods or services that are not distinct within the context of the original contract and, therefore, not treated as a separate performance obligation but rather as a modification of the existing contract and performance obligation.
Variable consideration
Transaction prices for customer contracts may include variable consideration, which comprises items such as early completion bonuses and liquidated damages provisions. Management estimates variable consideration for a performance obligation utilizing estimation methods believed to best predict the amount of consideration to which the Company will be entitled. Variable consideration is included in the transaction price only to the extent it is probable, in the Company’s judgment, that a significant future reversal in the amount of cumulative revenue recognized under the contract will not occur when the uncertainty associated with the variable consideration is subsequently resolved.
Changes in the estimates of transaction prices are recognized in net revenues on a cumulative catch-up basis in the period in which the revisions to the estimates are made. Such changes in estimates may also result in the reversal of previously recognized net revenues if the ultimate outcome differs from the Company’s previous estimate. For the years ended December 31, 2025, 2024, and 2023, there were no significant reversals of revenues recognized associated with the revision of transaction prices. The Company typically does not incur any returns, refunds, or similar obligations after the completion of the performance obligation since any deficiencies are corrected during the course of performance.
Contract assets and liabilities
The Company typically invoices customers with payment terms of net due in 30 days. It is also common for contracts in the Company's end markets to specify a general contractor is not required to submit payments to a subcontractor until it has received those funds from the owner or funding source. In most instances, the Company receives payment of invoices between 30 to 90 days of the date of the invoice.
The timing of revenue recognition may differ from the timing of invoicing to customers. Contract assets include unbilled amounts from the Company’s projects when revenues are recognized under the cost-to-cost measure of progress and exceeds the amounts invoiced to the Company’s customers, as the amounts cannot be billed under the terms of the Company's contracts. In addition, many of the Company’s time and material arrangements are billed in arrears pursuant to contract terms, resulting in the Company recording contract assets as net revenues are recognized in advance of billings.
Contract liabilities from the Company’s contracts arise when amounts invoiced to the Company’s customers exceed net revenues recognized under the cost-to-cost measure of progress. Contract liabilities also include advance payments from the Company’s customers on certain contracts. Contract liabilities decrease as the Company recognizes net revenues from the satisfaction of the related performance obligation.
The Company utilizes the practical expedient under ASC 606 and does not adjust for a significant financing component if the time between payment and the transfer of the related good or service is expected to be one year or less. The Company’s revenue arrangements are typically accounted for under such expedient as payments are within one year of performance for the Company’s services. As of December 31, 2025 and 2024, none of the Company’s contracts contained a significant financing component.
Contract assets and contract liabilities are classified as current in the 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 December 31, 2025, 2024, and 2023 are as follows:
Accounts receivable, net of allowancesContract
assets		Contract
liabilities
Balance at December 31, 2025$1,563 $484 $694 
Balance at December 31, 20241,444 453 590 
Balance at December 31, 20231,395 436 526 
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 December 31, 2025 and 2024, retentions receivable were $187 and $160, respectively, while the portions that may not be received within one year were $48 and $38, respectively. There were no other significant changes due to business acquisitions or significant changes in estimates of contract progress or transaction price. There were no significant impairments of contract assets recognized during the period.
Costs to obtain or fulfill a contract
The Company generally does not incur significant incremental costs related to obtaining or fulfilling a contract prior to the start of a project. The Company may incur certain fulfillment costs such as initial design or mobilization costs which are capitalized if: (i) they relate directly to the contract, (ii) are expected to generate resources that will be used to satisfy the Company’s performance obligation under the contract, and (iii) are expected to be recovered through revenues generated under the contract. Such costs, which are amortized over the life of the respective project, were not material for any period presented.
v3.25.4
GOODWILL AND INTANGIBLES
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLES GOODWILL AND INTANGIBLES
Goodwill
The following table provides disclosure of goodwill by segment as of December 31, 2025 and 2024. During 2025, the Company moved the HVAC business from the Safety Services segment to the Specialty Services segment, and segment-related prior period amounts have been recast to reflect this adjustment as of the beginning of the period presented. As a result of the reallocation of goodwill between reportable segments, the Company performed an impairment test for the impacted reporting unit pre-realignment and post-realignment and there was no impairment to be recorded. The changes in the carrying amount of goodwill by reportable segment for the years ended December 31, 2025 and 2024 are as follows:
Safety
Services 		Specialty
Services		Total
Goodwill
Goodwill as of December 31, 2023$2,241 $230 $2,471 
Acquisitions510 3 513 
Foreign currency translation and other, net (1)
(90)— (90)
Goodwill as of December 31, 20242,661 233 2,894 
Acquisitions119 7 126 
Foreign currency translation and other, net (1)
147 — 147 
Goodwill as of December 31, 2025$2,927 $240 $3,167 
(1)Other includes immaterial measurement period adjustments related to acquisitions for which the measurement period was open at the beginning of the year (see Note 4 – "Business Combinations").
Intangibles
The Company's identifiable intangible assets are comprised of the following as of December 31, 2025 and 2024:
December 31, 2025
Weighted- Average Remaining Useful
Lives
(in Years)		Gross
Carrying
Amount		Accumulated
Amortization 		Net Carrying
Amount
Amortized intangibles:
Contractual backlog0.8$169 $(168)$1 
Customer relationships8.71,897 (869)1,028 
Trade names and trademarks10.6801 (246)555 
Total$2,867 $(1,283)$1,584 
December 31, 2024
Weighted- Average Remaining Useful
Lives
(in Years)		Gross
Carrying
Amount		Accumulated
Amortization 		Net Carrying
Amount
Amortized intangibles:
Contractual backlog1.3$171 $(158)$13 
Customer relationships9.01,753 (672)1,081 
Trade names and trademarks11.1748 (182)566 
Total$2,672 $(1,012)$1,660 
Approximate annual aggregate amortization expense of the intangible assets for the five years subsequent to December 31, 2025, is as follows:
Years ending December 31:
2026$243 
2027218 
2028149 
2029146 
2030143 
Thereafter685 
Total$1,584 
Amortization expense recognized on identifiable intangible assets are as follows:
Year Ended December 31,
202520242023
Cost of revenues$14 $6 $27 
Selling, general, and administrative expenses228216197
Total intangible asset amortization expense$242 $222 $224 
v3.25.4
FAIR VALUE OF FINANCIAL INSTRUMENTS
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE OF FINANCIAL INSTRUMENTS FAIR VALUE OF FINANCIAL INSTRUMENTS
GAAP defines fair value as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The authoritative guidance discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of
future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). These valuation techniques are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. As the basis for evaluating such inputs, a three-tier value hierarchy prioritizes the inputs used in measuring fair value as follows:
Level 1:Observable inputs such as quoted prices for identical assets or liabilities in active markets.
Level 2:Observable inputs other than quoted prices that are directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets; quoted prices for similar or identical assets or liabilities in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.
Level 3:Unobservable inputs that reflect the Company’s own assumptions.
Recurring fair value measurements
The Company’s financial assets and liabilities (adjusted to fair value at least quarterly) are derivative instruments and contingent consideration obligations. In the consolidated balance sheets, derivative instruments are primarily included in other noncurrent assets and other noncurrent liabilities and contingent consideration obligations are primarily included in contingent consideration and compensation liabilities.
The following tables summarize the fair values and levels within the fair value hierarchy in which the measurements fall for assets and liabilities measured on a recurring basis as of December 31, 2025 and 2024:
Fair Value Measurements at December 31, 2025
Level 1Level 2Level 3 Total
Financial assets:
Derivatives designated as hedging instruments:
Cash flow hedges:
Interest rate swaps$— $1 $— $1 
Cross currency contracts— 3 — 3 
Foreign currency forward contracts— — — — 
Fair value hedges – cross currency contracts— 2 — 2 
Net investment hedges – cross currency contracts— 10 — 10 
Derivatives not designated as hedging instruments:
Foreign currency forward contracts— 1 — 1 
Total$— $17 $— $17 
Financial liabilities:
Derivatives not designated as hedging instruments:
Foreign currency forward contracts— (5)— (5)
Contingent consideration obligations— — (16)(16)
Total$— $(5)$(16)$(21)
Fair Value Measurements at December 31, 2024
Level 1Level 2Level 3Total
Financial assets:
Derivatives designated as hedging instruments:
Cash flow hedges:
Interest rate swaps$— $25 $— $25 
Cross currency contracts— 14 — 14 
Foreign currency forward contracts— — — — 
Fair value hedges – cross currency contracts— 54 — 54 
Net investment hedges – cross currency contracts— 28 — 28 
Derivatives not designated as hedging instruments:
Foreign currency forward contracts— — — — 
Total$— $121 $— $121 
Financial liabilities:
Derivatives not designated as hedging instruments:
Foreign currency forward contracts— — — — 
Contingent consideration obligations— — (13)(13)
Total$— $— $(13)$(13)
The Company determines the fair value of its derivative instruments designated as hedging instruments using standard pricing models and market-based assumptions for all inputs such as yield curves and quoted spot and forward exchange rates. Accordingly, the Company’s derivative instruments are classified as Level 2.
Contingent consideration obligations
The value of the contingent consideration obligations is determined using a probability-weighted discounted cash flow method. This fair value measurement is based on unobservable inputs in the market and thus represents a Level 3 measurement within the fair value hierarchy. This analysis reflects the contractual terms of the purchase agreements (e.g., potential payment amounts, length of measurement periods, manner of calculating any amounts due) and utilizes assumptions with regard to future cash flows, probabilities of achieving such future cash flows, and a discount rate. Depending on the contractual terms of the purchase agreement, the probabilities of achieving future cash flows or earnings generally represent the only significant unobservable inputs. The contingent consideration obligations are measured at fair value each reporting period and changes in estimates of fair value are recognized in earnings.
The table below presents a reconciliation of the fair value of the Company’s contingent consideration obligations that use unobservable inputs, as well as other information about the contingent consideration obligations:
Year Ended December 31,
202520242023
Balance at the beginning of the year$13 $6 $4 
Issuances9 13 3 
Settlements(4)(6)(1)
Adjustments to fair value(2)— — 
Balance at the end of the year$16 $13 $6 
Number of open contingent consideration arrangements at the end of the year1092
Maximum potential payout at the end of the year$18 $13 $6 
At December 31, 2025, the remaining open contingent consideration arrangements are set to expire at various dates through 2028. Level 3 unobservable inputs were used to calculate the fair value adjustments shown in the table above. The fair value adjustments and the related unobservable inputs were not considered significant for the year ended December 31, 2025.
Fair value estimates
The following table presents the carrying amount and fair value of the Company’s variable and non-variable interest rate debt (instruments defined in Note 13 – “Debt”), including current portion and excluding unamortized debt issuance costs. Fair value is estimated by discounting future cash flows at currently available rates for borrowing arrangements with similar terms and conditions, which are considered to be Level 2 inputs under the fair value hierarchy. The interest rates of the variable interest rate long-term debt instruments are generally reset monthly.
December 31, 2025December 31, 2024
Carrying ValueFair ValueCarrying ValueFair Value
2021 Term Loan$2,157 $2,162 $2,157 $2,155 
4.125% Senior Notes
337 327 337 305 
4.750% Senior Notes
277 271 277 259 
v3.25.4
DERIVATIVES
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVES DERIVATIVES
The Company uses foreign currency forward contracts, cross-currency swaps, and interest rate swap agreements to manage risks associated with foreign currency exchange rates, net investments in foreign operations, and interest rates. The Company does not hold derivative financial instruments of a speculative nature or for trading purposes. The Company records derivatives as assets and liabilities on the consolidated balance sheets at fair value. Changes in fair value are recognized immediately in earnings unless the derivative qualifies and is designated as a hedge under ASC 815, Derivatives and Hedging. Cash flows from derivatives are classified in the consolidated statements of cash flows in the same category as the cash flows from items subject to designated hedge or undesignated (economic) hedge relationships. The Company evaluates hedge effectiveness at inception and on an ongoing basis. If a derivative is no longer expected to be effective, hedge accounting is discontinued.
The Company is exposed to credit risk in the event of nonperformance of counterparties for foreign currency forward exchange contracts, cross currency swaps, and interest rate swap agreements. The Company monitors its exposure to credit risk by using credit approvals and credit limits and by selecting major global banks and financial institutions as counterparties. The Company does not enter into derivative transactions for trading purposes and is not party to any derivatives that require collateral to be posted prior to settlement.
Certain of the Company’s derivative transactions are subject to master netting arrangements that allow the Company to net settle contracts with the same counterparties. These arrangements do not call for collateral and no cash collateral has been received or pledged related to the underlying derivatives.
The following table presents the fair value of derivative instruments:
December 31, 2025December 31, 2024
Outstanding Gross Notional AmountOther
Assets		Other Noncurrent LiabilitiesOutstanding Gross Notional AmountOther
Assets		Other Noncurrent Liabilities
Derivatives designated as hedging instruments:
Cash flow hedges:
Interest rate swaps$1,840 $1 $— $1,840 $25 $— 
Cross currency contracts120 3 — 120 14 — 
Foreign currency forward contracts— — — — — — 
Fair value hedges:
Cross currency contracts689 2 — 737 54 — 
Net investment hedges:
Cross currency contracts931 10 — 230 28 — 
Total derivatives designated as hedging instruments3,580 16 — 2,927 121 — 
Derivatives not designated as hedging instruments:
Foreign currency forward contracts312 1 (5)77 — — 
Total derivatives$3,892 $17 $(5)$3,004 $121 $— 
The following table presents the effect of derivatives on the consolidated statements of operations:
Amount of expense (income) recognized in income
Location of expense (income)
recognized in income		Year ended December 31,
Derivatives202520242023
Cash flow hedging relationships:
Interest rate swapsInterest expense, net$(8)$(32)$(32)
Cross currency contractsInvestment expense (income) and other, net14 (7)3 
Cross currency contractsInterest expense, net(2)(2)(2)
Fair value hedging relationships:
Cross currency contractsInvestment expense (income) and other, net54 (37)25 
Cross currency contractsInterest expense, net1 (3)(2)
Net investment hedging relationships:
Cross currency contractsInterest expense, net(9)(4)(4)
Not designated as hedging instruments:
Foreign currency forward contractsInvestment expense (income) and other, net— — (1)
Currency Effects
The expense (income) from derivatives designed to offset foreign currency exposure and recorded in investment expense (income) and other, net were offset by foreign currency transaction gains and losses resulting in a net loss (gain) of $2, $2 and $(1) for the years ended December 31, 2025, 2024, and 2023, respectively.
The following table presents the effect of cash flow and fair value hedge accounting on accumulated other comprehensive income (loss) ("AOCI"):
Amount of gain (loss)
recognized in other
comprehensive income 		Location of gain (loss) reclassified from AOCI into incomeAmount of gain (loss)
reclassified from
AOCI into income
Year ended December 31, Year ended December 31,
Derivatives202520242023202520242023
Cash flow hedging relationships:
Interest rate swaps$(18)$14 $(6)Interest expense, net$— $13 $16 
Cross currency contracts2 (2)(3)Investment expense (income) and other, net(14)7 (3)
Fair value hedging relationships:
Cross currency contracts— — — Interest expense, net(2)— — 
Cross currency contracts3 — (6)Investment expense (income) and other, net(52)36 (25)
Net investment hedging relationships:
Cross currency contracts(16)7 (9)Interest expense, net3 1 1 
Cross currency contracts— — — Investment expense (income) and other, net3 — — 
Cash flow hedges
For derivative instruments that are designated and qualify as cash flow hedges, the gain or loss on the derivative is reported as a component of other comprehensive income and reclassified into earnings in the same period during which the hedged transaction affects earnings. Gains and losses on the derivative representing hedge components excluded from the assessment of effectiveness are recognized in current earnings.
Interest rate swaps
The Company manages its fixed and floating rate debt mix using interest rate swaps. The Company uses interest rate swap contracts to separate interest rate risk management from the debt funding decision. The Company elected a method that does not require continuous evaluation of hedge effectiveness.
The Company has an aggregate $720 notional amount interest rate swap ("2026 Interest Rate Swap") and aggregate $400 notional swaps ("2028 Interest Rate Swap"). The 2026 Interest Rate Swap exchanges a variable rate of interest (SOFR) for an average fixed rate of interest of approximately 3.59% over the term of the agreement, which matures in October 2026. The 2028 Interest Rate Swap exchanges a variable rate of interest (SOFR) for an average fixed rate of interest of approximately 3.41% over the term of the agreements, which mature in January 2028.
During 2024, the Company entered into a $720 notional amount forward starting interest rate swap that exchanges a variable rate of interest (SOFR) for an average fixed rate of interest of approximately 3.13% over the term of the agreement, commencing in October 2026 and maturing in January 2029 ("2029 Interest Rate Swap"). Upon commencement, the 2029 Interest Rate Swap will cover the remainder of the interest payments starting in October 2026 to the maturity of the 2021 Term Loan.
As of December 31, 2025, the Company had $1,840 notional amount outstanding in the 2026 Interest Rate Swap, the 2028 Interest Rate Swap, and the 2029 Interest Rate Swap. The Company has designated these swaps as cash flow hedges of the interest rate risk attributable to forecasted variable interest (SOFR) payments for its SOFR-based term loan of $2,157. As of December 31, 2025, the weighted-average fixed rate of interest on these swaps was approximately 3.52%. Variations in the assets and liability balances related to the swaps are primarily driven by changes in the applicable forward yield curves related to SOFR.
Cross-currency swaps
The Company enters into cross-currency exchange contracts utilized to hedge against the effect of exchange rate fluctuations on cash flows denominated in foreign currencies and to hedge exposures of certain intercompany loans subject to changes in foreign currency exchange rates. The Company periodically assesses whether its currency exchange contracts are effective, and when a contract is determined to be no longer effective as a hedge, the Company discontinues hedge accounting prospectively.
During 2021, the Company entered into two cross-currency swaps designated as cash flow hedges with gross notional U.S. dollar equivalent amounts of $26 and $94 with maturity dates of September 2027 and 2030, respectively.
Foreign currency forward contracts
The Company utilizes foreign currency forward contracts to hedge the effect of foreign currency exchange rate fluctuations on forecasted foreign currency transactions, including inventory purchases and intercompany charges and other payments. These forward contracts are designated as cash flow hedges. The changes in fair value of these contracts are recorded in other comprehensive income until the hedged items affect earnings, at which time the hedge gain or loss is reclassified into current earnings. The Company periodically assesses whether its currency exchange contracts are effective, and when a contract is determined to be no longer effective as a hedge, the Company discontinues hedge accounting prospectively.
As of December 31, 2025, the Company had $0 total notional amount outstanding in foreign currency forward contracts designated as cash flow hedges.
Fair value hedges
The Company uses cross-currency swaps designated as fair value hedges to manage exposure from intercompany loans subject to foreign exchange risks. During 2024, an Australian dollars ("AUD") swap with a notional amount of $16 U.S. dollars ("USD") equivalent and a maturity date in June 2029 was added to the existing British pounds ("GBP"), Canadian dollars ("CAD"), and Euros ("EUR") swaps, which had a total notional amount of $721 USD equivalent and a maturity date in January 2027. During 2025, the Company partially terminated its CAD swap, resulting in the reclassification of $2 of losses from AOCI to interest expense, net in its consolidated statements of operations. Following the partial termination of the CAD swap, the remaining notional amount outstanding was $689 USD equivalent.
The Company measures the effectiveness of fair value hedges on a spot-to-spot basis. Accordingly, the spot-to-spot change in the derivative fair values are recorded in the consolidated statements of operations and perfectly offset the spot-to-spot change in the underlying intercompany loans, and as such, these hedges are deemed highly effective. The excluded component of the fair values of these derivatives is reported in AOCI within shareholders’ equity in the consolidated balance sheets. Any cash flows associated with these instruments are included in operating activities in the consolidated statements of cash flows.
Net investment hedges
The Company has net investments in foreign subsidiaries subject to changes in foreign currency exchange rates. During 2025, the Company entered into a $701 notional foreign currency swap designated as a net investment hedge ("2025 Net Investment Hedge") for a portion of the Company’s net investments in Euro-denominated subsidiaries. In 2021, the Company entered into a $230 notional foreign currency swap designated as a net investment hedge ("2021 Net Investment Hedge") for a portion of the Company’s net investments in Euro-denominated subsidiaries. Gains and losses resulting from a change in fair value of the net investment hedges are offset by gains and losses on the underlying foreign currency exposure and are included in AOCI in the consolidated balance sheets. The Company evaluates the effectiveness of its net investment hedges at inception and on an ongoing basis. If a net investment hedge is no longer expected to be effective, the Company discontinues hedge accounting prospectively.
In 2021, the Company amended the critical terms of the 2021 Net Investment Hedge by extending the maturity date to July 2029 and modifying the U.S. dollar and Euro coupons. The amended swap was redesignated as a net investment hedge and is recorded at fair value with changes recorded in AOCI. The initial net investment hedge was dedesignated. The fair value previously recognized in AOCI related to interest rate movements of the dedesignated swap is being amortized to interest expense on a straight-line basis through the third quarter of 2029 and is less than $1 annually.
Foreign currency contracts
The Company utilizes foreign currency forward contracts to hedge the effect of foreign currency exchange rate fluctuations on confirmed foreign currency transactions, including inventory purchases and intercompany charges and other payments. These forward contracts are undesignated for hedge accounting purposes. The changes in fair value of these contracts are recorded in investment expense (income) and other, net.
v3.25.4
PROPERTY AND EQUIPMENT, NET
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT, NET PROPERTY AND EQUIPMENT, NET
The components of property and equipment as of December 31, 2025 and 2024 are as follows:
Estimated
Useful Lives
(In Years)		December 31
20252024
LandN/A$20 $21 
Building3986 100 
Machinery, equipment, and office equipment1-20429 372 
Autos and trucks4-10138 113 
Leasehold improvements1-1565 47 
Total cost738 653 
Accumulated depreciation(341)(274)
Property and equipment, net$397 $379 
Depreciation expense related to property and equipment, including finance leases, was $85, $80, and $79, during the years ended December 31, 2025, 2024 and 2023, respectively. Depreciation expense is included within cost of revenues and selling, general, and administrative expenses in the consolidated statements of operations.
v3.25.4
LEASES
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
LEASES LEASES
The Company determines if an arrangement is or contains a lease at inception, which is the date on which the terms of the contract are agreed to, and the agreement creates enforceable rights and obligations. Under ASC 842, a contract is or contains a lease when (i) explicitly or implicitly identified assets have been deployed in the contract and (ii) the customer obtains substantially all of the economic benefits from the use of that underlying asset and directs how and for what purpose the asset is used during the term of the contract. The Company also considers whether its service arrangements include the right to control the use of an asset.
The Company leases various facilities, equipment and vehicles from unrelated parties, which are primarily classified and accounted for as operating leases. The facility leases are primarily for office space with initial terms extending up to ten years. The equipment leases are primarily related to heavy equipment utilized in the completion of construction jobs, and the terms of the agreements range from one to seven years. Vehicle leases have a minimum lease term ranging from one to seven years. Some leases include one or more options to renew, generally at the Company’s sole discretion, with renewal terms that can extend the lease term by one to twelve years or more.
The Company made an accounting policy election to not recognize lease assets and lease liabilities for leases with terms of twelve months or less. For all other leases, the Company recognizes right-of-use ("ROU") assets and lease liabilities based on the present value of the lease payments over the lease term at the commencement date of the lease (or January 1, 2019 for leases existing upon the adoption of ASC 842). The ROU assets also include any initial direct costs incurred and lease payments made at or before the commencement date and are reduced by lease incentives.
When material leases are acquired in business combinations, the Company is required to measure the acquired lease liabilities at the present value of the remaining lease payments as if the acquired leases were new leases. A reassessment of the lease term, lessee options to purchase an underlying asset, lease payments, and discount rates is performed as of the date of acquisition. The ROU assets are then remeasured at the amount of the lease liability, adjusted for any off-market terms present in the acquired leases.
The Company’s future lease payments may include payments that depend on an index or a rate (such as the consumer price index). The Company initially measures payments based on an index or rate using the applicable rate at lease commencement, and subsequent changes in such rates are recognized as variable lease costs in the period incurred. Some leases contain variable payments that are not based on an index or rate and therefore are not included in the initial measurement of ROU assets and lease liabilities. These variable payments typically represent additional services transferred to the Company, such as common area maintenance for real estate, and maintenance or service programs for vehicles, and are recorded in lease expense in the period incurred. For leases that include residual value guarantees or payments for terminating the lease, the Company includes these costs in the lease liability when it is probable they will be incurred.
The Company determines the present value of lease payments using its incremental borrowing rate (“IBR”), as the Company’s leases generally do not have a readily determinable implicit discount rate. The Company applies judgment in assessing factors such as Company-specific credit risk, lease term, nature and quality of the underlying collateral, and economic environment in determining the incremental borrowing rates for its leases.
The Company’s IBR reflects the rate of the parent or group level. The Company acts as the central treasury function for all its subsidiaries and its collateral quality was considered in aggregate for the IBR. The Company developed IBR curves for all currency denominations of its leases. To determine its creditworthiness, the Company considered publicly available credit ratings from S&P Global Ratings ("S&P") and Moody’s Investors Service ("Moody’s"). Both the S&P local currency long-term rating and the Moody’s long-term corporate family credit ratings have remained stable at BB and Ba2 in 2025. The amount (and impact) of the Company’s future operating lease payments, a consideration in the development of the IBR, would be reflected in the Company’s underlying credit rating. In its development of the IBR, the Company applied a base market yield curve reflective of its unsecured credit rating. Adjustments to the base market yield curve were then considered for any Company-specific debt instruments outstanding at the measurement date, and securitization adjustments were made to conclude on a lessee specific securitized market yield curve. No adjustment was considered for economic environment risk for the U.S. IBR as the underlying market data to derive the IBR was in USD. The Company also has significant leases located in (denominated in): Canada (CAD), the European Union (EUR), the United Kingdom (GBP), and Australia (AUD). To derive the applicable foreign IBR curves, the Company adjusted its calculated United States/USD IBR curve to the applicable foreign IBR curves using the covered interest rate parity theory, which captures foreign currency risk. The Company developed its IBR curves with tenors ranging from 1-year to 30-years to match its anticipated lease terms. For each lease, the Company applied the IBR that aligned with the concluded lease term. The Company estimated the IBRs on a quarterly basis throughout 2025.
The Company has made an accounting policy election to account for lease and non-lease components in its contracts as a single lease component for all asset classes except for certain asset classes within its information technology arrangements. The Company allocates the consideration for certain asset classes within information technology arrangements to the separate components based on relative stand-alone prices using observable prices, if available, or estimates of stand-alone prices using observable information available.
Operating lease cost is recognized on a straight-line basis over the lease term. Finance lease cost is recognized as a combination of amortization expense for the ROU assets and interest expense for the outstanding lease liabilities, and results in a front-loaded expense pattern over the lease term.
The components of lease expense are as follows:
Year Ended December 31,
202520242023
Operating lease cost$112 $99 $88 
Finance lease cost - amortization of right-of-use assets5 6 6 
Short-term lease cost66 42 41 
Variable lease cost24 21 22 
Total lease cost$207 $168 $157 
Supplemental consolidated statements of cash flows information related to leases is as follows:
Year Ended December 31,
202520242023
Cash paid for amounts included in measurement of lease liabilities: 
Operating cash outflows - payments on operating leases$110 $97 $88 
Financing cash outflows - payments on finance leases7 7 7 
Right-of-use assets obtained in exchange for new lease obligations: 
Operating leases$126 $135 $81 
Finance leases4 5 5 
Supplemental consolidated balance sheets information related to leases is as follows:
Year Ended December 31,
20252024
Finance leases:
Machinery and equipment8 11 
Property and equipment, net$8 $11 
Weighted-average remaining lease term:
Operating leases4.5 years4.4 years
Finance leases2.9 years2.1 years
Weighted-average discount rate:
Operating leases5.6%5.7%
Finance leases4.7%5.1%
The future undiscounted cash flows for each of the next five years and thereafter and reconciliation to the lease liabilities recognized on the consolidated balance sheets as of December 31, 2025 is as follows:
Operating LeasesFinance LeasesTotal
Year ending December 31:
2026$103 $4 $107 
202781 2 83 
202858 2 60 
202934 1 35 
203020 — 20 
Thereafter43 — 43 
Total lease payments339 9 348 
Less imputed interest35 — 35 
Total present value of lease liabilities$304 $9 $313 
Operating and finance leases - current$93 $5 $98 
Operating and finance leases - noncurrent211 4 215 
Total present value of lease liabilities$304 $9 $313 
The Company leases office and operating facilities from various parties that are in management positions at certain businesses and the Company incurred rent expense, including real estate taxes and operating costs of approximately $3, $4, and $4 during the years ended December 31, 2025, 2024, and 2023, respectively, under these arrangements.
LEASES LEASES
The Company determines if an arrangement is or contains a lease at inception, which is the date on which the terms of the contract are agreed to, and the agreement creates enforceable rights and obligations. Under ASC 842, a contract is or contains a lease when (i) explicitly or implicitly identified assets have been deployed in the contract and (ii) the customer obtains substantially all of the economic benefits from the use of that underlying asset and directs how and for what purpose the asset is used during the term of the contract. The Company also considers whether its service arrangements include the right to control the use of an asset.
The Company leases various facilities, equipment and vehicles from unrelated parties, which are primarily classified and accounted for as operating leases. The facility leases are primarily for office space with initial terms extending up to ten years. The equipment leases are primarily related to heavy equipment utilized in the completion of construction jobs, and the terms of the agreements range from one to seven years. Vehicle leases have a minimum lease term ranging from one to seven years. Some leases include one or more options to renew, generally at the Company’s sole discretion, with renewal terms that can extend the lease term by one to twelve years or more.
The Company made an accounting policy election to not recognize lease assets and lease liabilities for leases with terms of twelve months or less. For all other leases, the Company recognizes right-of-use ("ROU") assets and lease liabilities based on the present value of the lease payments over the lease term at the commencement date of the lease (or January 1, 2019 for leases existing upon the adoption of ASC 842). The ROU assets also include any initial direct costs incurred and lease payments made at or before the commencement date and are reduced by lease incentives.
When material leases are acquired in business combinations, the Company is required to measure the acquired lease liabilities at the present value of the remaining lease payments as if the acquired leases were new leases. A reassessment of the lease term, lessee options to purchase an underlying asset, lease payments, and discount rates is performed as of the date of acquisition. The ROU assets are then remeasured at the amount of the lease liability, adjusted for any off-market terms present in the acquired leases.
The Company’s future lease payments may include payments that depend on an index or a rate (such as the consumer price index). The Company initially measures payments based on an index or rate using the applicable rate at lease commencement, and subsequent changes in such rates are recognized as variable lease costs in the period incurred. Some leases contain variable payments that are not based on an index or rate and therefore are not included in the initial measurement of ROU assets and lease liabilities. These variable payments typically represent additional services transferred to the Company, such as common area maintenance for real estate, and maintenance or service programs for vehicles, and are recorded in lease expense in the period incurred. For leases that include residual value guarantees or payments for terminating the lease, the Company includes these costs in the lease liability when it is probable they will be incurred.
The Company determines the present value of lease payments using its incremental borrowing rate (“IBR”), as the Company’s leases generally do not have a readily determinable implicit discount rate. The Company applies judgment in assessing factors such as Company-specific credit risk, lease term, nature and quality of the underlying collateral, and economic environment in determining the incremental borrowing rates for its leases.
The Company’s IBR reflects the rate of the parent or group level. The Company acts as the central treasury function for all its subsidiaries and its collateral quality was considered in aggregate for the IBR. The Company developed IBR curves for all currency denominations of its leases. To determine its creditworthiness, the Company considered publicly available credit ratings from S&P Global Ratings ("S&P") and Moody’s Investors Service ("Moody’s"). Both the S&P local currency long-term rating and the Moody’s long-term corporate family credit ratings have remained stable at BB and Ba2 in 2025. The amount (and impact) of the Company’s future operating lease payments, a consideration in the development of the IBR, would be reflected in the Company’s underlying credit rating. In its development of the IBR, the Company applied a base market yield curve reflective of its unsecured credit rating. Adjustments to the base market yield curve were then considered for any Company-specific debt instruments outstanding at the measurement date, and securitization adjustments were made to conclude on a lessee specific securitized market yield curve. No adjustment was considered for economic environment risk for the U.S. IBR as the underlying market data to derive the IBR was in USD. The Company also has significant leases located in (denominated in): Canada (CAD), the European Union (EUR), the United Kingdom (GBP), and Australia (AUD). To derive the applicable foreign IBR curves, the Company adjusted its calculated United States/USD IBR curve to the applicable foreign IBR curves using the covered interest rate parity theory, which captures foreign currency risk. The Company developed its IBR curves with tenors ranging from 1-year to 30-years to match its anticipated lease terms. For each lease, the Company applied the IBR that aligned with the concluded lease term. The Company estimated the IBRs on a quarterly basis throughout 2025.
The Company has made an accounting policy election to account for lease and non-lease components in its contracts as a single lease component for all asset classes except for certain asset classes within its information technology arrangements. The Company allocates the consideration for certain asset classes within information technology arrangements to the separate components based on relative stand-alone prices using observable prices, if available, or estimates of stand-alone prices using observable information available.
Operating lease cost is recognized on a straight-line basis over the lease term. Finance lease cost is recognized as a combination of amortization expense for the ROU assets and interest expense for the outstanding lease liabilities, and results in a front-loaded expense pattern over the lease term.
The components of lease expense are as follows:
Year Ended December 31,
202520242023
Operating lease cost$112 $99 $88 
Finance lease cost - amortization of right-of-use assets5 6 6 
Short-term lease cost66 42 41 
Variable lease cost24 21 22 
Total lease cost$207 $168 $157 
Supplemental consolidated statements of cash flows information related to leases is as follows:
Year Ended December 31,
202520242023
Cash paid for amounts included in measurement of lease liabilities: 
Operating cash outflows - payments on operating leases$110 $97 $88 
Financing cash outflows - payments on finance leases7 7 7 
Right-of-use assets obtained in exchange for new lease obligations: 
Operating leases$126 $135 $81 
Finance leases4 5 5 
Supplemental consolidated balance sheets information related to leases is as follows:
Year Ended December 31,
20252024
Finance leases:
Machinery and equipment8 11 
Property and equipment, net$8 $11 
Weighted-average remaining lease term:
Operating leases4.5 years4.4 years
Finance leases2.9 years2.1 years
Weighted-average discount rate:
Operating leases5.6%5.7%
Finance leases4.7%5.1%
The future undiscounted cash flows for each of the next five years and thereafter and reconciliation to the lease liabilities recognized on the consolidated balance sheets as of December 31, 2025 is as follows:
Operating LeasesFinance LeasesTotal
Year ending December 31:
2026$103 $4 $107 
202781 2 83 
202858 2 60 
202934 1 35 
203020 — 20 
Thereafter43 — 43 
Total lease payments339 9 348 
Less imputed interest35 — 35 
Total present value of lease liabilities$304 $9 $313 
Operating and finance leases - current$93 $5 $98 
Operating and finance leases - noncurrent211 4 215 
Total present value of lease liabilities$304 $9 $313 
The Company leases office and operating facilities from various parties that are in management positions at certain businesses and the Company incurred rent expense, including real estate taxes and operating costs of approximately $3, $4, and $4 during the years ended December 31, 2025, 2024, and 2023, respectively, under these arrangements.
v3.25.4
DEBT
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
DEBT DEBT
Debt obligations consist of the following:
December 31,
Maturity Date20252024
Term loan facility
2021 Term LoanJanuary 3, 2029$2,157 $2,157 
Revolving Credit FacilityMay 20, 2030— — 
Senior notes
4.125% Senior Notes
July 15, 2029337 337 
4.750% Senior Notes
October 15, 2029277 277 
Other obligations5 5 
Total debt obligations2,776 2,776 
Less: unamortized deferred financing costs(17)(23)
Total debt, net of deferred financing costs2,759 2,753 
Less: short-term and current portion of long-term debt(5)(4)
Long-term debt, less current portion$2,754 $2,749 
Term loan facility
As of December 31, 2025, the Company had $2,157 of principal outstanding under the incremental term loan (the "2021 Term Loan") with a maturity date of January 3, 2029. The interest rate applicable to the 2021 Term Loan is, at the Company's option, either (1) a base rate plus an applicable margin equal to 0.75% or (2) Term SOFR rate (adjusted for statutory reserves) plus an applicable margin equal to 1.75%.
The interest rate applicable to borrowings under the $750 five-year senior secured revolving credit facility (the “Revolving Credit Facility”) is, at the Company’s option, either (1) a base rate plus an applicable margin equal to 0.25%, or (2) a Term SOFR rate (adjusted for statutory reserves) plus an applicable margin equal to 1.25%.
As of December 31, 2025 and 2024, the Company had no amounts outstanding under the Revolving Credit Facility, and $745 and $494 was available at December 31, 2025 and 2024, after giving effect to $5 and $6, respectively, of outstanding letters of credit.
In the second quarter of 2025, the Company completed its Eighth Amendment to its credit agreement, which increased the Revolving Credit Facility from $500 to $750, extended the facility's maturity to five years from the date of the Eighth Amendment, reduced the applicable margin by 75 basis points, and eliminated the credit spread adjustment ("CSA").
During the first quarter of 2025, the Company completed its Seventh Amendment to its credit agreement, repricing the 2021 Term Loan. The repricing reduced the applicable margin on the 2021 Term Loan by 25 basis points.
During 2024, the Company completed its Sixth Amendment to its credit agreement, refining the 2021 Term Loan by increasing its principal amount and lowering the interest margin by 50 basis points. The amendment also removed the CSA. In connection with this transaction, the Company added approximately $550 of incremental principal to the 2021 Term Loan. The proceeds were used to fully repay the remaining $330 balance of the 2019 Term Loan, to pay down $100 outstanding under the Revolving Credit Facility, and for general corporate purposes, including partial funding of the Elevated acquisition.
During 2024, the Company completed its Fifth Amendment to its credit agreement, upsizing its 2021 Term Loan by an aggregate principal amount equal to $300. The loan proceeds were directed as consideration for a portion of the purchase price for the Series B Preferred Stock Conversion. For additional information regarding the Series B Preferred Stock Conversion, see Note 19 – "Shareholders' Equity and Redeemable Convertible Preferred Stock."
As of December 31, 2025 and 2024, the Company was in compliance with all applicable debt covenants.
Swap activity
As of December 31, 2025, the Company had the 2026 Interest Rate Swap with $720 notional value, exchanging one-month SOFR for a fixed rate of 3.59% per annum, and 2028 Interest Rate Swap with aggregate $400 notional value, exchanging one-month SOFR for a rate of 3.41%. Accordingly, the Company's fixed interest rate per annum on the swapped $720 notional value of the term loans is 5.34% and the second swapped $400 notional value of the term loans is 5.16% through the maturity of the swaps. The remaining $1,037 of the term loan balance will bear interest based on one-month SOFR plus 175 basis points, and the rate will fluctuate as SOFR fluctuates. During 2024, the Company entered into a $720 notional amount forward starting interest rate swap commencing in October 2026 and maturing in January 2029 that exchanges a variable rate of interest (SOFR) for an average fixed rate of interest of approximately 3.13% over the term of the agreement. Refer to Note 10 – "Derivatives" for additional information.
Senior notes
4.125% Senior Notes
During 2021, the Company completed a private offering of $350 aggregate principal amount of 4.125% Senior Notes (the “4.125% Senior Notes”) issued under an indenture dated June 22, 2021. The 4.125% Senior Notes are fully and unconditionally guaranteed on a senior unsecured basis by the Company and certain of the Company’s subsidiaries. The balance as of December 31, 2025 was $337.
4.750% Senior Notes
During 2021, the Company completed a private offering of $300 aggregate principal amount of 4.750% Senior Notes due 2029 (the "4.750% Senior Notes"), issued under an indenture dated October 21, 2021, as supplemented by a supplemental indenture dated January 3, 2022. The 4.750% Senior Notes are fully and unconditionally guaranteed on a senior unsecured basis by the Company and certain of the Company's subsidiaries. The balance as of December 31, 2025 was $277.
The Company was in compliance with all covenants contained in the indentures for the 4.125% Senior Notes and 4.750% Senior Notes as of December 31, 2025 and 2024.
Other obligations
As of December 31, 2025 and 2024, the Company had $5 in notes outstanding for working capital purposes and the acquisition of equipment and vehicles. Amounts outstanding under these notes are included in the table below.
Approximate annual maturities, excluding amortization of debt issuance costs, of the Company’s financing arrangements for years subsequent to December 31, 2025, are as follows:
Years Ending December 31:
2026$5 
2027— 
2028— 
20292,771 
2030— 
Thereafter— 
Total$2,776 
v3.25.4
INCOME TAXES
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
For the years ended December 31, 2025, 2024, and 2023, the components of income before income taxes are as follows:
Year Ended December 31,
202520242023
U.S. earnings$251 $177 $186 
Foreign earnings 162 153 46 
Total earnings$413 $330 $232 
The income tax provision for the years ended December 31, 2025, 2024, and 2023, consisted of the following:
Year Ended December 31,
202520242023
Current:
U.S. federal$21 $47 $48 
State20 14 23 
Foreign56 46 40 
Total current tax provision$97 $107 $111 
Deferred:
U.S. federal$33 $(15)$(10)
State2 — (1)
Foreign(21)(12)(21)
Total deferred tax benefit$14 $(27)$(32)
Total:
U.S. federal$54 $32 $38 
State22 14 22 
Foreign35 34 19 
Total income tax provision$111 $80 $79 
The Company has elected to prospectively adopt the guidance in ASU No, 2023-09, Income Taxes (Topic 740): Improvements to Income Taxes Disclosures. The reconciliation of the federal statutory income tax rate to the Company's provision for income taxes for the year ended December 31, 2025 in accordance with the guidance in ASU No. 2023-09 is as follows:
Year Ended December 31, 2025
U.S. federal statutory tax rate$87 21.0 %
State and local income taxes, net of federal income tax effect(1)
18 4.4 %
Foreign tax effects
United Kingdom
Other permanent differences(4)(1.0)%
Other adjustments(2)(0.5)%
Other foreign jurisdictions6 1.5 %
Effect of cross-border tax laws
Cross-border financing arrangement(6)(1.5)%
Other1 0.2 %
Nontaxable or nondeductible items
Section 162(m) limitation6 1.5 %
Other adjustments5 1.3 %
Total provision for income taxes$111 26.9 %
(1) State taxes in Minnesota, New Jersey, Illinois, Wisconsin, and Tennessee made up the majority (greater than 50%) of the tax effect in this category.
The reconciliation of the federal statutory income tax rate to the Company’s provision for income taxes for the years ended December 31, 2024 and 2023 in accordance with the guidance prior to the adoption of ASU 2023-09 is as follows:
Year Ended December 31,
20242023
Expected provision at statutory federal rate$70 21.0%$49 21.0%
State tax provision, net of federal benefit11 3.3%17 7.3%
Foreign rate differential(3)(0.9%)(1)(0.4%)
Valuation allowance(5)(1.5%)8 3.4%
Permanent differences and other3 0.9%3 1.3%
Transaction costs1 0.3%— —%
Section 162(m) limitation3 0.9%3 1.3%
Total provision for income taxes$80 24.0%$79 33.9%

The income taxes paid for the year ended December 31, 2025 consisted of the following:
Year Ended December 31, 2025
U.S. federal$42 
State20 
Australia9 
Canada7 
France14 
Hong Kong8 
United Kingdom6 
Other foreign 5 
Total$111 
The components of deferred tax assets and liabilities consisted of the following:
December 31,
20252024
Deferred tax assets:
Operating and finance lease liabilities$45 $68 
Accrued compensation43 42 
Accrued expenses32 27 
Net operating loss carryforwards17 22 
Contingent consideration and compensation liabilities9 14 
Capital loss carryforwards55 51 
Credits40 37 
Reserves and allowances4 6 
Interest limitation29 36 
Derivatives1 — 
Other14 7 
Gross deferred tax assets289 310 
Valuation allowances(107)(92)
Net deferred tax assets$182 $218 
Deferred tax liabilities:
Depreciation on fixed assets$41 $39 
Goodwill69 44 
Amortization on identified intangible assets174 177 
Operating lease right-of-use assets43 67 
Derivatives— 7 
Deferred payments3 3 
Pension and post-retirement obligations15 16 
Other2 6 
Gross deferred tax liabilities$347 $359 
Net deferred tax liabilities$165 $141 
Deferred income tax assets represent potential future income tax benefits. Realization of these assets is ultimately dependent upon future taxable income. Deferred tax assets must be reduced by a valuation allowance if, based on all available evidence, it is considered more likely than not that some or all of the recorded deferred tax assets will not be realized in a future period. The Company considers all negative and positive evidence, including the weight of the evidence, to determine if a valuation allowance is required. As of December 31, 2025 and 2024, valuation allowances of $107 and $92 were recorded against certain deferred tax assets of the Company’s domestic and foreign subsidiaries.
As of December 31, 2025, the Company had gross federal, state and foreign net operating loss carryforwards of approximately $1, $20, and $70, respectively, foreign capital loss carryforwards of $220, and foreign credit carryforwards of $40. The state net operating loss carryforwards have carryforward periods of five to twenty years and begin to expire in 2029. The foreign attributes generally have carryforward periods of twenty years, which begin to expire in 2026, or can be carried forward indefinitely, subject to utilization rules.
As of December 31, 2025, there were accumulated undistributed earnings of subsidiaries outside of the United States, all of which are considered to be indefinitely reinvested. Due to the complexity of the legal entity structure, the number of legal entities and jurisdictions involved, and the complexity of the laws and regulations, the Company believes it is not practicable to estimate the amount of additional taxes which may be payable upon distribution of these undistributed
earnings. Accordingly, no deferred taxes have been provided for withholding taxes or other taxes on permanent reinvested earnings.
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
Year Ended December 31,
202520242023
Gross unrecognized tax benefits at the beginning of the year$9 $7 $8 
Additions for tax positions taken in a prior period (including acquired uncertain tax positions)— 3 — 
Reductions for tax positions taken in a prior period (including acquired uncertain tax positions)— (1)(1)
Additions for tax positions taken in the current period— — 1 
Reductions for tax positions due to lapse in statute of limitations— — (1)
Gross unrecognized tax benefits as of the end of the year$9 $9 $7 
The Company’s liability for unrecognized tax benefits is recorded within other noncurrent liabilities on the consolidated balance sheets and recognizes interest and penalties accrued related to unrecognized tax benefits in the provision for income taxes in the consolidated statements of operations. The Company had $4 and $3 of accrued gross interest and penalties as of December 31, 2025 and 2024, respectively. During the years ended December 31, 2025, 2024, and 2023, the Company did not recognize net interest expense.
As of December 31, 2025, $12 of unrecognized tax benefit would impact the Company’s effective tax rate, if recognized.
The Company files income tax returns in the U.S. federal jurisdiction, and various state, local and foreign jurisdictions. As of December 31, 2025, with few exceptions, neither the Company nor its subsidiaries are subject to examination. There are various other audits in state and foreign jurisdictions. The IRS exam related to the 2019 final S Corporation return has been closed without adjustments.
On July 4, 2025, the “One Big Beautiful Bill Act” was enacted into law. The legislation includes several changes to federal tax law including permanent extension of certain expiring Tax Cuts and Jobs Act provisions and modifications to US taxation of foreign activity. Certain provisions were effective for 2025, while others will be effective for tax years beginning after December 31, 2025. The Company has evaluated the impact of the legislation and incorporated the applicable tax provisions into its consolidated financial statements for the current reporting period.
v3.25.4
EMPLOYEE BENEFIT PLANS
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
EMPLOYEE BENEFIT PLANS EMPLOYEE BENEFIT PLANS
Employee stock purchase plan
Most of the Company’s employees in the U.S and Canada, including named executive officers, are eligible to participate in the Company’s ESPP. Sales of shares of the Company’s common stock under the ESPP are generally made pursuant to offerings that are intended to satisfy the requirements of Section 423 of the Internal Revenue Code. The ESPP permits employees of the Company to purchase common stock at a price equal to 85% of the lesser of (i) the market value of the common stock on the first date of the offering period, or (ii) the market value of the common stock on the purchase date, whichever is lower. Participants are subject to eligibility requirements and may not purchase more than 500 shares in any offering period or more than ten thousand dollars of common stock in a year under the ESPP.
During the year ended December 31, 2025, the Company recognized $7 of expense, and issued 907,005 shares of the Company's common stock at a weighted-average price per share of $20.44 related to the ESPP. As of December 31, 2025, the Company accrued a liability of $9, which has been recorded as accrued salaries and wages in the consolidated balance sheets, for 311,400 shares of the Company's common stock that were issued to employees in January 2026. As of December 31, 2025, there were approximately 7,583,500 shares reserved for future issuance under the ESPP.
401(k) plans
The Company has 401(k) plans that provide for annual contributions not to exceed the maximum amount allowed by the Internal Revenue Code. The plans are qualified and cover employees meeting certain eligibility requirements who are not covered by collective bargaining agreements. The amounts contributed each year are discretionary and are determined annually by management.
The Company recognized $18, $16, and $13, in 401(k) expense during the years ended December 31, 2025, 2024, and 2023, respectively.
Defined benefit pension plans
The Company sponsors both funded and unfunded foreign defined benefit pension plans that cover a portion of the Company's employees, and the largest plans are closed to new participants and frozen for accrual of future service. Refer to Note 16 – "Pension" for more information on these plans.
Post-retirement benefit plans
As part of the Chubb Acquisition, the Company assumed an unfunded post-retirement benefit plan that provides life benefits to certain eligible retirees in Canada. As of December 31, 2025, the benefit obligation was $3. The PBO discount rate was 4.8% at December 31, 2025.
Benefit payments, including amounts to be paid from corporate assets and reflecting expected future service, as appropriate, are expected to be less than $1 for 2026 through 2029 and thereafter.
Profit sharing plans
The Company has a trustee-administered, profit sharing retirement plan covering substantially all of the Company's employees in the U.S. not covered by collective bargaining agreements and a profit sharing plan for employees in Canada (collectively, “Profit Sharing Plans”). The Profit Sharing Plans provide for annual discretionary contributions in amounts based on a performance grid as determined by the Company’s directors, which may be settled in shares of the Company's common stock or in cash. In connection with these plans, the Company recognized $36, $27, and $19 in expense for shares distributed to eligible employees during the years ended December 31, 2025, 2024, and 2023, respectively. As of December 31, 2025 and 2024, the Company accrued a liability of $40 and $28, respectively, which has been recorded as accrued salaries and wages in the consolidated balance sheets for shares of the Company's common stock. The liability accrued as of December 31, 2024 was settled in common stock during the year ended December 31, 2025.
Multiemployer pension plans
The Company participates in several multiemployer pension plans ("MEPP") that provide retirement benefits to certain union employees in accordance with various collective bargaining agreements ("CBA"). As one of many participating employers in these MEPPs, the Company may be responsible with the other participating employers for any plan underfunding. The Company’s contributions to a particular MEPP are established by the applicable CBAs; however, its required contributions may increase based on the funded status of the MEPP and the legal requirements of the Pension Protection Act of 2006 (the "PPA"), which requires substantially underfunded MEPPs to implement a funding improvement plan ("FIP") or a rehabilitation plan ("RP") to improve their funded status. Factors that could impact the funded status of the MEPP include, without limitation, investment performance, changes in the participant demographics, decline in the number of contributing employers, changes in actuarial assumptions, and the utilization of extended amortization provisions.
The Company believes that certain of the MEPPs in which the Company participates may have underfunded vested benefits. Due to uncertainty regarding future factors that could trigger withdrawal liability, as well as the absence of specific information regarding the MEPPs current financial situation, the Company is unable to determine (a) the amount and timing of any future withdrawal liability, if any, and (b) whether the Company’s participation in these MEPPs could have a material adverse impact on the Company’s consolidated financial position, results of operations, or liquidity. The Company did not record any withdrawal liability for the years ended December 31, 2025, 2024, and 2023.
The Company’s participation in MEPPs for the year ended December 31, 2025, is outlined in the table below. The EIN/PN column provides the Employer Identification Number ("EIN") and the three-digit plan number ("PN"). The most recent PPA zone status available for 2025, 2024 and 2023 is for the plan year-ends, as indicated below. The zone status is based on information that the Company received from the plans and is certified by the plans’ actuaries. Among other factors, plans in the red zone are generally less than 65% funded, plans in the yellow zone are between 65% and 80% funded, and plans in the green zone are at least 80% funded. The FIP/RP status pending/implemented column indicates plans for which an FIP or an RP either is pending or has been implemented. In addition, the Company may be subject to a surcharge if the Plan is in the red zone. The Surcharge imposed column indicates whether a surcharge has been imposed on contributions to
the Plan. The last column lists the expiration date(s) of the collective bargaining agreement(s) to which the plans are subject.
Pension FundEIN/PNPlan
Year-End
PPA Zone Status(1)
FIP/RP
Status
Pending/
Implement		Contributions
More Than 5%(2)
Surcharge
Imposed		Expiration
Date of
CBA
December 31(in millions)
2025202420232025
(3)
2024
(3)
2023
(3)
National Automatic Sprinkler Industry Pension Fund 52-6054620-00112/31/2024Green Green  Green No$38 $34 $32  Yes No3/31/2030
Pipe Trades Services MN Pension Fund41-6131800-0014/30/2025 Green  Green  Green No12 8 11  Yes No4/30/2027
Sheet Metal Workers' National Pension Fund 52-6112463-00112/31/2024 Green  Green  Green No6 4 6  No No4/30/2026
Heavy And General Laborers Local Unions 472 And 172 Of New Jersey Pension Fund 22-6032103-0013/31/2025 Green  Green  Green No5 10 5  Yes No2/28/2027
Boilermaker-Blacksmith National Pension Trust 48-6168020-00112/31/2024 Red  Red  Green Yes5 5 6  No No9/30/2026
Total other33 28 40 
Total$99 $89 $100 

(1)The zone status represents the most recent available information for the respective MEPP, which may be 2024 or earlier for the 2025 year and 2023 or earlier for the 2024 year.
(2)This information was obtained from the respective plan’s Form 5500 (Forms) for the most current available filing. These dates may not correspond with the Company’s fiscal year contributions. The above-noted percentages of contributions are based upon disclosures contained in the plans’ Forms. Those Forms, among other things, disclose the names of individual participating employers whose annual contributions account for more than 5% of the aggregate annual amount contributed by all participating employers for a plan year. Accordingly, if the annual contribution of two or more of the Company’s subsidiaries each accounted for less than 5% of such contributions, but in the aggregate accounted for in excess of 5% of such contributions, that greater percentage is not available and accordingly is not disclosed.
(3)2025, 2024, and 2023 periods represent the years ended December 31, 2025, 2024, and 2023.
The nature and diversity of the Company’s business may result in volatility in the amount of its contributions to a particular MEPP for any given period. That is because, in any given market, the Company could be working on a significant project and/or projects, which could result in an increase in its direct labor force and a corresponding increase in its contributions to the MEPP dictated by the applicable CBA. When that particular project finishes and is not replaced, the number of participants in the MEPP who are employed by the Company would also decrease, as would its level of contributions to the particular MEPP. Additionally, the amount of contributions to a particular MEPP could also be affected by the terms of the CBA, which could require, at a particular time, an increase in the contribution rate and/or surcharges. During the year ended December 31, 2025, the Company’s contributions to various MEPPs did not significantly increase as a result of acquisitions.
v3.25.4
PENSION
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
PENSION PENSION
The Company sponsors both funded and unfunded foreign defined benefit pension plans that cover a portion of the Company's employees, and the largest plans are closed to new participants and frozen for accrual of future service. The Company assumed the pension plans as part of the Chubb Acquisition on January 3, 2022.
Guidance under FASB ASC Topic 715, Compensation – Retirement Benefits, requires balance sheet recognition of the overfunded or underfunded status of pension and postretirement benefit plans. Under this guidance, actuarial gains and losses, prior service costs or credits, and any remaining transition assets or obligations that have not been recognized under previous accounting standards must be recognized in accumulated other comprehensive loss, net of tax effects, until they are amortized as a component of net periodic benefit cost. Pension and post-retirement obligation balances and related costs reflected within the consolidated balance sheets include costs directly attributable to plans dedicated to the Company.
During 2023, an annuity purchase transaction, commonly known as a “buy-in,” was executed for the two pension plans in the United Kingdom ("U.K."). Under the terms of the insurance contracts, which were issued by a third-party insurance company with no affiliation to the Company, all pension obligations will be funded by the insurer’s annuity payments, but the plans still retain full legal responsibility to pay the benefits to plan participants using the insurance payments. As the plans maintain full legal responsibility, with the insurance contracts being assets of the plans, settlement accounting has not been applied. Given the funded status of the plans, the Company does not expect any future contributions to be required.

In July 2024, the U.K. Court of Appeal upheld a ruling in the matter of Virgin Media Limited versus NTL Pension Trustees II Limited, that certain historical amendments for contracted out defined benefit schemes were invalid if they were not accompanied by the correct actuarial confirmation, a decision that the Company was not a party to or involved in and could impact the Company's non-U.S. pension plans in the U.K. The Company has not identified any benefit uncertainties for which the potential impact would need to be considered and will continue to monitor this development during 2026 and beyond.
December 31,
20252024
Projected benefit obligation ("PBO") funded status
Fair value of plan assets$1,521 $1,466 
Benefit obligations(1,436)(1,388)
Funded status of plans$85 $78 
December 31,
20252024
Change in benefit obligation
Beginning balance$1,388 $1,588 
Service cost4 5 
Interest cost65 60 
Plan participants' contributions1 1 
Actuarial gain(18)(132)
Benefits paid(100)(98)
Settlements(9)(5)
Other(1)1 
Foreign currency translation adjustment106 (32)
Ending balance$1,436 $1,388 
Change in plan assets
Beginning balance$1,466 $1,650 
Employer contributions5 6 
Plan participants' contributions1 1 
Benefits paid(100)(98)
Actual return (loss) on assets49 (58)
Settlements(9)(5)
Other(1)2 
Foreign currency translation adjustment110 (32)
Ending balance$1,521 $1,466 
Supplemental consolidated balance sheets information related to pension is as follows:
December 31,
20252024
Pension and post-retirement assets$129 $120 
Other accrued liabilities(1)— 
Other noncurrent liabilities(43)(42)
Net amount recognized$85 $78 
Information for pension plans with accumulated and projected benefit obligations in excess of plan assets:
December 31,
20252024
Benefit obligation$60 $56 
Accumulated benefit obligation51 46 
Fair value of plan assets16 14 
The components of the net periodic pension cost for the defined benefit pension plans are as follows:
December 31,
20252024
Service cost$4 $5 
Interest cost65 60 
Expected return on plan assets(69)(62)
Amortization of net loss 22 22 
Settlements1 — 
Net periodic pension cost$23 $25 
Major assumptions used in determining the benefit obligation and net periodic benefit cost for pension plans are presented in the following table as weighted averages:
Year Ended December 31,
20252024
Benefit Obligation Net Periodic
Benefit Cost 		Benefit ObligationNet Periodic
Benefit Cost
Discount rates:
PBO5.0%4.9%4.9%4.0%
Interest cost—%3.9%—%3.9%
Service cost—%4.6%—%3.9%
Salary scale3.0%4.6%3.0%3.1%
Expected return on plan assets—%3.0%—%3.9%
Except for the U.K. pension plans, the discount rate assumptions are developed using a bond yield curve constructed from a population of high-quality, non-callable, corporate bond issues with maturities ranging from five years to nineteen years. A discount rate is estimated for, and is based on, the durations of the underlying plans. For the U.K. pension plans, the discount rate is set using the U.K. Gilt yield curve.
The expected long-term rate of return used for the Company’s pension plans is determined in each local jurisdiction and is based on the assets held in that jurisdiction, the expected rate of returns for the type of assets held and any guaranteed rate of return provided by the investment. The other assumptions used to measure the pension obligations, including discount rate, vary by country based on specific local requirements and information.
Non-U.S. pension plan assets are typically managed by decentralized fiduciary committees. The disclosure below of asset categories is presented in aggregate for 12 defined benefit plans in 7 countries; however, there is variation in asset allocation policy from country to country. Local regulations, local funding rules, and local financial and tax considerations are part of the funding and investment allocation process in each country. Each plan has its own strategic asset allocation. The asset allocations are reviewed periodically and rebalanced when necessary. The Company has no significant concentration of risk in the assets of its pension plans, other than the insurance contract assets, which are held with a single insurance company and subject to the insurance company’s ability to meet its payment obligations under the contracts.
The allocation of the pension plan assets are presented in the following table as weighted averages:
Year Ended December 31,
20252024
Target Asset Allocation Percentage Percentage of Plan Assets Target Asset Allocation PercentagePercentage of Plan Assets
Equity securities3.4%3.4%4.1%4.1%
Debt securities5.0%5.2%4.6%4.7%
Real estate0.5%0.5%0.6%0.6%
Other 1
91.1%90.9%90.7%90.6%
Total100.0%100.0%100.0%100.0%
(1)Other includes insurance contracts.
The fair values of the pension plan assets by asset category are as follows:
Asset CategoryQuoted Prices in
Active Markets for
Identical Assets
Level 1		Significant
Observable
Inputs
Level 2		Significant
Unobservable
Inputs
Level 3
Not
Subject to
Leveling (1)
Total
Equities:
Global equity funds$— $61 $— $— $61 
Insurance contracts— — 1,244 — 1,244 
Fixed income securities:
Governments— 110 — — 110 
Corporate bonds— 4 — — 4 
Global fixed income at net asset value— 71 — — 71 
Real estate (2)
— 8 — — 8 
Other (3)
— 3 — 3 6 
Cash & cash equivalents (4)
17 — — — 17 
Total at December 31, 2025$17 $257 $1,244 $3 $1,521 
Asset CategoryQuoted Prices in
Active Markets for
Identical Assets
Level 1		Significant
Observable
Inputs
Level 2		Significant
Unobservable
Inputs
Level 3
Not
Subject to
Leveling 1
Total
Equities:
Global equity funds$— $75 $— $— $75 
Insurance contracts— — 1,203 — 1,203 
Fixed income securities:
Governments— 99 — — 99 
Corporate bonds— 3 — — 3 
Global fixed income at net asset value— 57 — — 57 
Real estate (2)
— 1 — — 1 
Other (3)
— 7 — 7 14 
Cash & cash equivalents (4)
13 — — 1 14 
Total at December 31, 2024$13 $242 $1,203 $8 $1,466 
(1)In accordance with ASU 2015-07, Fair Value Measurement (Topic 820), certain investments that are measured at fair value using net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented for the total pension assets.
(2)Represents investments in real estate, including commingled funds and directly held properties.
(3)Represents various contracts and global risk balanced commingled funds consisting mainly of equity, bonds, and some commodities.
(4)Represents short-term commercial paper, bonds, and other cash or cash-like investments.
The insurance contracts were initially valued by taking the initial purchase price for the buy-in contract and using this to assess an assumed pricing basis. This pricing basis is then adjusted over time to reflect broad changes in insurers’ pricing methodologies under different prevailing market conditions, using third party actuarial guidance as to typical insurer pricing based on similar transactions.
The table below presents a reconciliation of the fair value of the Company’s pension assets that use significant unobservable inputs (Level 3):
December 31, 2023$1,383 
Return on assets(94)
Payments from insurance policy(86)
December 31, 20241,203 
Return on assets132 
Payments from insurance policy(91)
December 31, 2025$1,244 
The plans review assets at least quarterly to ensure they are within the targeted asset allocation ranges and, if necessary, asset balances are adjusted back within target allocations. The plans generally employ a broadly diversified investment manager structure that includes diversification by active and passive management, style, capitalization, country, sector, industry, and number of investment managers.
Quoted market prices are used to value investments when available. Investments in securities traded on exchanges, including listed futures and options, are valued at the last reported sale prices on the last business day of the year or, if not available, the last reported bid prices. Fixed income securities are primarily measured using a market approach pricing methodology, where observable prices are obtained by market transactions involving identical or comparable securities of issuers with similar credit ratings.
Over-the-counter securities and government obligations are valued at the bid prices or the average of the bid and ask prices on the last business day of the year from published sources or, if not available, from other sources considered reliable, generally broker quotes. Temporary cash investments are stated at cost, which approximates fair value.
The Company made total contributions of approximately $5 to the global defined benefit pension plans in 2025. Contributions do not reflect benefits to be paid directly from corporate assets. The Company estimates contributions to be made to its pension plans will approximate $7 in 2026.
Benefit payments, including amounts to be paid from the plans and corporate assets, and reflecting expected future service, as appropriate, are expected to be paid as follows: $102 in 2026, $107 in 2027, $109 in 2028, $106 in 2029, $106 in 2030, and $517 from 2031 through 2035.
As of December 31, 2025 and 2024, the amount in accumulated other comprehensive loss not yet recognized as a component of net periodic pension cost was $534 and $517, respectively, and relates primarily to the net actuarial loss.
v3.25.4
RELATED-PARTY TRANSACTIONS
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
RELATED-PARTY TRANSACTIONS RELATED-PARTY TRANSACTIONS
The Company incurred advisory fees of $4 during both the years ended December 31, 2025 and 2024, in each case payable to Mariposa Capital, LLC, an entity owned by a co-chair of the Company’s Board of Directors. In addition, dividends for Series A Preferred Stock were declared as of December 31, 2025 and December 31, 2024 settled in 15,212,810 shares and 3,815,493 shares, respectively, issued during January 2026 and January 2025, respectively. The shares were issued to Mariposa Acquisition IV, LLC, a related entity that is controlled by a co-chair of the Company's Board of Directors.
During 2022, the Company issued and sold 800,000 shares of the Company’s 5.5% Series B Redeemable Convertible Preferred Stock, par value $0.0001 per share (the “Series B Preferred Stock”) for an aggregate purchase price of $800. Of the 800,000 shares issued and sold, 200,000 shares were sold to Viking Global Equities Master Ltd. and Viking Global Equities II LP ("Viking Purchasers"), which is the aggregate owner of more than 5% of the Company's outstanding stock, for an aggregate purchase price of $200. During the year ended December 31, 2024, the Company declared and issued dividends of 106,197 shares of common stock on the Series B Preferred Stock held by Viking Purchasers. During the year-ended December 31, 2023, the Company declared dividends of 632,046 shares of common stock on the Series B Preferred Stock held by Viking Purchasers, with 505,655 shares issued in 2023 and 126,392 shares issued in 2024.
During 2024, the Company executed an agreement with the Viking Purchasers which allowed the exercise of their right to convert all of their Series B Preferred Stock into common stock. For additional information regarding the Series B Preferred Stock Conversion, see Note 19 –"Shareholders' Equity and Redeemable Convertible Preferred Stock."
From time to time, the Company also enters into other immaterial related-party transactions.
v3.25.4
CONTINGENCIES
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
CONTINGENCIES CONTINGENCIES
The Company is involved in various litigation matters and is subject to claims from time to time from customers and various government entities. While it is not feasible to determine the outcome of any of these uncertainties, it is the opinion of management that their outcomes will not have a material adverse effect on the financial position, results of operations, or cash flows of the Company.
Environmental
The Company's operations are subject to environmental regulation by various authorities. The Company has accrued for the costs of environmental remediation activities, including but not limited to, investigatory, remediation, operating and maintenance costs, and performance guarantees, and periodically reassess these amounts. Management believes that the likelihood of incurring losses materially in excess of the amounts accrued is remote.
The outstanding liability for these obligations was $13 and $15 and was included in other noncurrent liabilities as of December 31, 2025 and 2024, respectively.
v3.25.4
SHAREHOLDERS' EQUITY AND REDEEMABLE CONVERTIBLE PREFERRED STOCK
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
SHAREHOLDERS' EQUITY AND REDEEMABLE CONVERTIBLE PREFERRED STOCK SHAREHOLDERS' EQUITY AND REDEEMABLE CONVERTIBLE PREFERRED STOCK
Shareholders' equity
Series A Preferred Stock
The Company has 4,000,000 shares of Series A Preferred Stock issued and outstanding as of December 31, 2025 ("Series A Preferred Stock"). As a result of the three-for-two stock split completed in the second quarter of 2025, the Series A Preferred Stock will be convertible into 6,000,000 shares of common stock upon conversion on the last day of 2026 pursuant to the Company’s Certificate of Incorporation.
The holders of the Series A Preferred Stock are entitled to receive an annual dividend in the form of common shares or cash, at the Company’s sole option (for which the Company settled in shares subsequent to year end) based on the increase in the market price of the Company’s common stock (the "Annual Dividend Amount"). The Annual Dividend Amount is equal to 20% of the increase in the volume-weighted average market price per share of the Company’s common shares for the last ten trading days of the calendar year, multiplied by 211,791,957 shares. As of December 31, 2025, an annual dividend was calculated based on the appreciation of the Company’s share price of $38.8096 over the highest price previously used in calculating the Annual Dividend Amount of $24.8713. The annual dividend declared as of December 31, 2025 was settled in shares and the Company issued 15,212,810 common shares to the holders of the Series A Preferred Stock in January 2026.
As of December 31, 2024, an annual dividend was calculated based on the appreciation of the Company's share price of $24.8713 over the highest price previously used in calculating the Annual Dividend Amount of $22.6310. The annual dividend declared as of December 31, 2024 was settled in shares and the Company issued 3,815,493 common shares to the holders of the Series A Preferred Stock in January 2025.
The holders of Series A Preferred Stock are also entitled to participate in any dividends on the common shares on an if-converted basis. In addition, if the Company pays a dividend on its common shares, the Series A Preferred Stock holders will also receive an amount equal to 20% of the dividend which would be distributable on 211,791,957 of common shares. All such dividends on the Series A Preferred Stock will be paid at the same time as the dividends on the common shares. Dividends are paid for the term the Series A Preferred Stock is outstanding.

Every two shares of Series A Preferred Stock is convertible to three common shares at the option of the holder until conversion. If there is more than one holder of Series A Preferred Stock, a holder of Series A Preferred Stock may exercise its rights independently of any other holder of Series A Preferred Stock.
Common stock
During 2024, the Company issued 18,975,000 shares of the Company’s common stock in a public underwritten offering. The proceeds from this offering totaled approximately $458, net of related expenses. The Company used the net proceeds from this offering to finance a portion of the consideration for the Elevated acquisition and for general corporate purposes.
Stock repurchases
During the second quarter of 2025, the Company's Board of Directors authorized a share repurchase program ("2025 SRP") to purchase up to $1,000 shares of the Company's common stock. The timing, amount, and manner of any repurchases under the new repurchase program will be determined at the discretion of the Company's leadership based on a number of factors, including the availability of capital, capital allocation alternatives, and market conditions for the common stock. The share repurchase program is open-ended and does not require the Company to acquire any specific number of shares. It may be modified, suspended, extended, or terminated by the Company at any time without prior notice and may be executed through open-market purchases, privately negotiated transactions or otherwise, and the Company may enter into Rule 10b5-1 trading plans in connection with such repurchases. This new authorization replaces the Company's previous share repurchase authorization announced in 2024 ("2024 SRP"). Prior to the new authorization, the Company repurchased 3,095,573 shares of common stock for approximately $75 under the 2024 SRP. As of December 31, 2025, the Company had approximately $1,000 of authorized repurchases remaining under the 2025 SRP.
During 2024, the Company's Board of Directors authorized the 2024 SRP to purchase up to an aggregate of $1,000 of shares of the Company's common stock. During the year ended December 31, 2024, the Company repurchased 24,390,240 shares of the Company's common stock for approximately $600.
Authorized Shares
During the second quarter of 2025, upon the recommendation of the Company's Board of Directors, the Company's shareholders approved an amendment to the Company's Certificate of Incorporation to increase the number of authorized shares of the Company's common stock, par value $0.0001 per share, from 500,000,000 to 1,000,000,000 shares.
Stock Split
During the second quarter of 2025, the Company executed a three-for-two stock split by issuing a stock dividend of one-half of one share of common stock for each share of common stock. No shares of common stock were issued to the holders of the Company’s Series A Preferred Stock in connection with the stock split. The Series A Preferred Stock will convert to 6,000,000 shares of common stock upon conversion as a result of the stock split. The Company retained the current par value of $0.0001 per share for all common shares. All references to the number of shares outstanding, issued shares, and per share amounts of the Company’s common shares have been restated to reflect the effect of the stock split for all historical periods presented in the Company’s accompanying consolidated financial statements and footnotes thereto.
Redeemable Convertible Preferred Stock
Series B Preferred Stock
During 2022, the Company authorized, issued and sold, for an aggregate purchase price of $800, 800,000 shares of the Company’s 5.5% Series B Preferred Stock, par value $0.0001 per share.
On February 28, 2024, the Company entered into a Conversion and Repurchase Agreement with Juno Lower Holdings L.P. ("Juno Lower Holdings"), FD Juno Holdings L.P. ("FD Juno Holdings," and together with Juno Lower Holdings, "Blackstone"), Viking Global Equities Master Ltd. ("VGEM") and Viking Global Equities II L.P. (VGE II, and collectively with VGEM, "Viking" and collectively with Blackstone, the "Series B Holders") pursuant to which Blackstone and Viking agreed to convert all of the outstanding shares of the Series B Preferred Stock that they hold, which represents all of the Series B Preferred Stock outstanding. The transactions contemplated by the agreement (the "Series B Preferred Stock Conversion") were also consummated on February 28, 2024.
Under the terms of the agreement, (i) the Series B Holders each agreed to exercise their respective right to convert all of their Series B Preferred Stock into common stock, resulting in a total of 800,000 shares of Series B Preferred Stock being converted into approximately 49,205,279 shares of common stock of the Company (inclusive of approximately 424,794 shares attributable to accrued and unpaid dividends thereon (the "Conversion Shares")) and (ii) upon issuance of
the Conversion Shares, the Company agreed to immediately repurchase one-half of the Conversion Shares, on a pro rata basis, from the Series B Holders for an aggregate purchase price of $600. The fair value of the issued one-half of the remaining Conversion Shares was $569.
The repurchase price was financed by (i) an incremental term facility of $300 and (ii) cash and available credit from the balance sheet.
Dividends
Following the Series B Preferred Stock Conversion there are no Series B Preferred Shares issued or outstanding and the former holders of Series B Preferred Stock are no longer entitled to receive cumulative dividends. The Company declared a pro rata Series B Preferred Stock dividend of $7, or 424,794 shares of common stock, during the year ended December 31, 2024 for the Series B Preferred Stock outstanding through February 28, 2024. The Company declared and issued Series B Preferred Stock dividends of $33 or 2,022,630 shares of common stock during the year ended December 21, 2023. The Company declared a Series B Preferred Stock dividend of $11 or 505,566 shares of common stock in December 2023 and issued the shares in January 2024.
v3.25.4
SHARE-BASED COMPENSATION
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
SHARE-BASED COMPENSATION SHARE-BASED COMPENSATION
The Company maintains a 2019 Equity Incentive Plan (the “2019 Plan”), which allows for grants of share-based awards.
At December 31, 2025, there were 15,787,149 share-based awards collectively available for grant under the 2019 Plan. The 2019 Plan generally provides for awards to vest no earlier than one year from the date of grant, although most awards entitle the recipient to common shares if specified market or performance conditions are achieved, if applicable, and vest over a minimum of three years. The share-based awards granted to employees include stock options and restricted stock units.
Stock Options
In 2017, upon its initial public offering, the Company issued 243,750 nonqualified stock options to independent, non-executive directors at an exercise price of $7.67 per share with contractual terms of five years from the date of the acquisition of APi Group (the "APi Acquisition"), October 1, 2019. These stock options were performance-based and vested on the consummation of the APi Acquisition. The Company has not granted stock options since 2017 and all outstanding stock options were exercised during 2024.
The following table summarizes the changes in the number of common shares underlying options for the year ended December 31, 2024 (shares in whole numbers and per share values in whole dollars):
Shares Weighted-Average Exercise PriceWeighted-Average Remaining Contractual Term
(in Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2023187,500 $7.67 0.8$3 
Exercised(187,500)7.67 
Outstanding at December 31, 2024— $— 0.0$— 
Restricted Stock Units
The Company has issued Time-Based Restricted Stock Units ("RSUs"), Performance-Based Restricted Stock Units with EBITDA-based performance conditions (“PSUs”), and Performance-Based Restricted Stock Units with share-price targets ("MSUs"), which are independent of stock option grants and all generally subject to forfeiture if employment terminates prior to vesting. Forfeitures are estimated and recorded using historical forfeiture rates. As of December 31, 2025, the Company had outstanding RSUs, PSUs, and MSUs, detailed below (shares in whole numbers and per share values in whole dollars).
Time-Based Restricted Stock Units
The RSUs entitle recipients to shares of the Company’s common stock and primarily vest in equal installments over a three-year service period from date of grant. The time-based RSUs granted to the Company’s directors vest at the end of the anniversary date of their grant date.
Time-Based
Restricted
Stock Units 		Weighted-Average
Grant Date Fair
Value Per Share		Weighted-Average
Remaining
Contractual Term
(in Years)
Outstanding at December 31, 20231,356,516$14.85 1.0
Granted787,81724.13 
Vested(617,928)14.46 
Forfeited(165,387)20.26 
Outstanding at December 31, 20241,361,018$19.76 1.6
Granted784,09026.60 
Vested(696,297)18.31 
Forfeited(59,340)28.34 
Outstanding at December 31, 20251,389,471$23.98 1.5
Expected to vest at December 31, 20251,373,318$23.94 1.5
EBITDA Performance-Based Restricted Stock Units
The PSUs entitle recipients to shares of the Company's common stock if specified performance conditions are achieved. During the years ended December 31, 2025 and 2024, the Company approved and granted PSUs with EBITDA-based financial performance conditions. PSUs vest, if at all, following a three-year performance period. If the performance conditions are not met, no compensation cost is recognized and any recognized compensation cost is reversed.
Performance-
Based Restricted
Stock Units 		Weighted-Average
Grant Date Fair
Value Per Share		Weighted-Average
Remaining
Contractual Term
(in Years)
Outstanding at December 31, 20232,478,030$14.23 1.0
Granted611,52923.87 
Vested(702,433)12.73 
Forfeited(607,148)17.43 
Change in units based on performance expectations(21,666)13.85 
Outstanding at December 31, 20241,758,312$17.72 1.1
Granted827,39325.77 
Vested(812,591)13.93 
Forfeited(99,667)19.73 
Change in units based on performance expectations356,54113.85 
Outstanding at December 31, 20252,029,988$21.74 1.0
Expected to vest at December 31, 20251,967,186$21.64 1.0
Market-Based Performance Restricted Stock Units
The MSUs entitle the recipient to shares of the Company's common stock if specified market conditions are achieved. During the year ended December 31, 2022, the Company approved and granted MSUs with certain share-price targets. The MSUs vested 100% on March 9, 2025, the third anniversary of the grant date, as the performance condition was satisfied during the year ended December 31, 2023.
Market-Based
Performance Restricted
Stock Units		Weighted-Average
Grant Date Fair
Value Per Share		Weighted-Average
Remaining
Contractual Term
(in Years)
Outstanding at December 31, 2023620,042 $11.37 1.2
Forfeited(107,553)10.87 
Outstanding at December 31, 2024512,489 $10.87 0.2
Vested(508,830)10.87 
Forfeited(3,659)10.87 
Outstanding at December 31, 2025— $— 0.0
The Company recognized $37 and $29 of compensation expense during the years ended December 31, 2025 and 2024, respectively, for the RSUs, PSUs, and MSUs in total. Total unrecognized compensation related to unvested RSUs and PSUs as of December 31, 2025 was approximately $24, which is expected to be recognized over a weighted-average period of approximately 1.5 years and 1.0 year, respectively. The Company's actual tax benefits realized from the tax deductions related to the vesting of RSUs was $11 and $7 during the years ended December 31, 2025 and 2024, respectively.
v3.25.4
EARNINGS (LOSS) PER SHARE
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
EARNINGS (LOSS) PER SHARE EARNINGS (LOSS) PER SHARE
Net income is allocated between the Company’s common shares and other participating securities based on their participation rights. The Series A Preferred Stock and Series B Preferred Stock represent participating securities. Earnings attributable to Series A Preferred Stock and Series B Preferred Stock are not included in earnings attributable to common shares in calculating earnings per common share (the two-class method). For periods of net loss, there is no impact from the two-class method on earnings per share (“EPS”) as net loss is allocated to common shares because Series A Preferred Stock and Series B Preferred Stock are not contractually obligated to share the loss.
The following table sets forth the computation of earnings per common share using the two-class method. The dilutive effect of outstanding Series A Preferred Stock, Series B Preferred Stock, the Series A Preferred Stock dividend, and the Series B Preferred Stock dividend is reflected in diluted EPS using the if-converted method and options, RSUs, PSUs and MSUs are reflected using the treasury stock method. For periods of net loss, basic and diluted EPS are the same, as the assumed exercise of Series A Preferred Stock, Series B Preferred Stock, RSUs, PSUs, MSUs, and stock options are anti-dilutive. (Amounts in millions, except share and per share amounts.)
Year Ended December 31,
202520242023
Basic and diluted loss per common share:
Net income$302 $250 $153 
Less stock dividend attributable to Series A Preferred Stock(590)(95)(270)
Less stock dividend attributable to Series B Preferred Stock— (7)(44)
Less stock conversion of Series B Preferred Stock— (372)— 
Net loss attributable to common shareholders$(288)$(224)$(161)
Weighted-average shares outstanding - basic and diluted(1)
415,709,895401,513,646352,705,274
Loss per common share - basic and diluted$(0.69)$(0.56)$(0.46)
(1)The following items were excluded from the calculation of diluted shares as their inclusion would be anti-dilutive:
a.For each of the years ended December 31, 2025, 2024, and 2023, 4,000,000 shares of Series A Preferred Stock, which are convertible to 6,000,000 common shares.
b.For the year ended December 31, 2023, 800,000 shares of Series B Preferred Stock which were convertible to 48,780,000 shares of common stock.
c.For the year ended December 31, 2023, 187,500 stock options to purchase the same number of common shares.
d.For the years ended December 31, 2025, 2024, and 2023, 15,212,810, 3,815,493, and 11,916,156 common share equivalents, respectively, which represent the dividend that the Series A Preferred Stock holders are entitled to receive. (See additional description in Note 19 – "Shareholders' Equity and Redeemable Convertible Preferred Stock.")
e.For the years ended December 31, 2025, 2024, and 2023, 1,389,471 RSUs and 2,029,988 PSUs; 1,361,018 RSUs, 1,758,312 PSUs, and 512,489 MSUs; and 1,356,516 RSUs, 2,478,030 PSUs, and 620,042 MSUs, respectively.
v3.25.4
SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2025
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 protection solutions, electronic security systems, and elevators and escalators, including the design, installation, inspection, service, and monitoring of these life safety 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 critical infrastructure, high tech services, and healthcare throughout North America.
In January 2025, due to a change in the way the businesses are managed, the Company realigned its segments by moving the HVAC business from Safety Services to Specialty Services. As a result, information for the HVAC business is combined with the Specialty Services segment within the information reviewed by the CODM. The CODM began regularly reviewing financial information to allocate resources and assess performance utilizing these reorganized segments in January 2025. As such, all segment-related prior period amounts in these financial statements have been recast to reflect this change as of the beginning of the earliest period presented.
The accounting policies of the reportable segments are the same as those described in Note 2 – “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 business transformation and other expenses for the integration of acquired businesses, the impact and results of businesses classified as held-for-sale and divested, and one-time and other events such as impairment charges, restructuring costs, transaction and other costs related to acquisitions, amortization of intangible assets, and non-service pension cost or benefit.
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 its 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.
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:
For the Year Ended December 31, 2025
Safety
Services		Specialty
Services		Total
Revenues from external customers$5,455 $2,456 $7,911 
Intersegment revenues1 4 5 
Net revenues5,456 2,460 7,916 
Reconciliation of revenue:
Elimination of intersegment revenues(5)
Total consolidated revenues$7,911 
Less: (a)
Segment cost of revenues(b)
3,420 1,994 
Segment operating expenses (c)
1,161 259 
Plus:
Segment other income/expense5 14 
Depreciation36 43 
Segment earnings$916 $264 $1,180 
Reconciliation of profit/(loss):
Corporate/other profit/(loss) (d)
$(139)
Interest expense, net(141)
Depreciation(85)
Amortization(242)
Contingent consideration and compensation(2)
Non-service pension cost(19)
Systems and business enablement(96)
Business process transformation expenses(4)
Acquisition and divestiture related expenses(24)
Restructuring program related costs(14)
Other(1)
Income before income taxes$413 
Asset information:
Total assets$6,861 $1,374 $8,235 
Capital expenditures29 42 71 
(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.
For the Year Ended December 31, 2024
Safety
Services		Specialty
Services		Total
Revenues from external customers$4,795 $2,223 $7,018 
Intersegment revenues2 6 8 
Net revenues4,797 2,229 7,026 
Reconciliation of revenue:
Elimination of intersegment revenues(8)
Total consolidated revenues$7,018 
Less: (a)
Segment cost of revenues (b)
3,050 1,790 
Segment operating expenses (c)
1,019 242 
Plus:
Segment other income/expense6 10 
Depreciation31 46 
Segment earnings$765 $253 $1,018 
Reconciliation of profit/(loss):
Corporate/other profit/(loss) (d)
$(125)
Interest expense, net(146)
Depreciation(80)
Amortization(222)
Contingent consideration and compensation(3)
Non-service pension cost(22)
Business process transformation expenses(52)
Acquisition and divestiture related expenses(13)
Restructuring program related costs(32)
Other7 
Income before income taxes$330 
Asset information:
Total assets$6,266 $1,368 $7,634 
Capital expenditures23 48 71 
(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.
For the Year Ended December 31, 2023
Safety
Services		Specialty
Services		Total
Revenues from external customers$4,422 $2,506 $6,928 
Intersegment revenues3 12 15 
Net revenues4,425 2,518 6,943 
Reconciliation of revenue:
Elimination of intersegment revenues(15)
Total consolidated revenues$6,928 
Less: (a)
Segment cost of revenues (b)
2,898 2,064 
Segment operating expenses (c)
930 237 
Plus:
Segment other income/expense3 10 
Depreciation25 51 
Segment earnings$625 $278 $903 
Reconciliation of profit/(loss):
Corporate/other profit/(loss) (d)
$(121)
Interest expense, net(145)
Depreciation(79)
Amortization(224)
Contingent consideration and compensation(14)
Non-service pension benefit12 
Business process transformation expenses(30)
Acquisition and divestiture related expenses(7)
Restructuring program related costs(46)
Other(17)
Income before income taxes$232 
Asset information:
Total assets$5,586 $1,423 $7,009 
Capital expenditures23 50 73 
(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.
v3.25.4
SUBSEQUENT EVENTS
 12 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
On February 2, 2026, the Company completed the acquisition of CertaSite, LLC, an inspection-first provider of fire and life safety services. The total consideration transferred by the Company consists of approximately $271 cash paid at closing,
v3.25.4
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS
(in millions)
Balance at beginning of periodCredit loss expenseWrite-offsBalance at end of period
Allowance for doubtful accounts:
Year ended December 31, 2025$9 $8 $(3)$14 
Year ended December 31, 20245 4 — 9 
Year ended December 31, 20233 3 (1)5 
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Risk Management and Strategy
Our cybersecurity risk management program primarily leverages the National Institute of Standards and Technology Cybersecurity Framework ("NIST CSF"). We routinely assess the threat landscape and take a holistic view of cybersecurity risks, with a layered cybersecurity strategy based on prevention, detection and mitigation. Our risk management program also assesses third party risks to attempt to identify and mitigate risks from third parties such as vendors, suppliers, and other business partners associated with our use of third-party service providers. As part of our cybersecurity risk management program, we also gather Threat Intelligence through our multiple security partners and tools. This intelligence (including tactics, techniques and procedures used by cyber criminals) provides insights into potential threats and vulnerabilities, which helps us to defend against cyber-attacks.
As part of our cybersecurity risk management system, our incident management teams track and log privacy and security incidents across the Company. Significant incidents are reviewed by a cross-functional and multi-disciplinary working group to determine whether further escalation is appropriate. Any cybersecurity incident that meets certain pre-established criteria is reported to our Executive Crisis Management Team ("ECMT"), which includes members of the Company’s senior leadership team. The ECMT maintains an ongoing relationship with third-party advisors, such as forensic and incident management, crisis communications, and legal advisors, which we engage as necessary based on the specific facts of an incident. Incidents are evaluated to determine materiality for external reporting purposes as well as operational and business impact.
Assessment of our Program
We regularly test defenses by performing simulations and drills at both a technical level (including through penetration tests) and by reviewing our operational policies and procedures with third parties. Our IT security team monitors alerts and meets as needed to discuss threat levels, trends, and remediation.
We periodically perform simulations and tabletop exercises with the senior leadership team and incorporate external resources and advisors as needed. As part of those tabletop exercises, we review our Executive Cyber Crisis Management Plan, which is intended to provide senior leadership with operational structure and key considerations in the event of a cybersecurity incident. We also conduct employee training for Cybersecurity through our online learning management systems, regular communications, and other interactive education, such as phishing simulations.
In addition, our cybersecurity policies, standards, processes and practices are regularly assessed by consultants and external auditors. These assessments include a variety of activities including information security maturity assessments, audits and independent reviews of our information security control environment and operating effectiveness.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] We routinely assess the threat landscape and take a holistic view of cybersecurity risks, with a layered cybersecurity strategy based on prevention, detection and mitigation.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block] Our commitment to cybersecurity begins at the Board, includes our Audit Committee, and extends to our senior leaders across the company.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Audit Committee’s responsibilities include regular review of policies and practices with respect to risk assessment and risk management – including in the areas of cybersecurity and other information technology risk and privacy.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The Audit Committee’s responsibilities include regular review of policies and practices with respect to risk assessment and risk management – including in the areas of cybersecurity and other information technology risk and privacy. The Audit Committee performs an annual review of the Company’s cybersecurity program and reports to the Board on the results of that review. Material cybersecurity incidents are discussed with our Audit Committee and Board of Directors
Cybersecurity Risk Role of Management [Text Block]
We recognize the critical importance of maintaining the safety and security of our information systems and data and have a holistic process for overseeing and managing cybersecurity and related risks. This process is supported by our senior leadership team, the Audit Committee, and our Board of Directors.
The responsibilities of the Chief Information Officer ("CIO") include overseeing cybersecurity measures with the global Chief Information Security Officer ("CISO"). The CIO's background includes over 25 years of IT leadership, including his role at a major medical device retailer and experience in various industries such as manufacturing, consumer packaged goods, and automotive. He holds a Master of Science in Engineering from the Polytechnic University of Turin.
The CISO, who reports to our CIO, is generally responsible for management of cybersecurity risk and the protection and defense of our networks and systems. The CISO manages a team of professionals with broad cybersecurity experience and expertise. Our CISO has served in various roles in information technology and information security for over 20 years and holds an undergraduate degree in Information Systems from Xavier University and an MBA from Michigan State. The CISO and his regional security leaders have a combined total of over 25 Information Technology and Cybersecurity certifications, including Certified Information Systems Security Professional, Certified Cloud Security Professional, and Certified Information Security Manager.
The CISO and the cybersecurity team are committed to ongoing education and professional development, regularly participating in training programs and industry conferences to stay abreast of the latest cybersecurity trends, threats, and mitigation strategies.
The CISO has appointed experienced security leaders over the North American and International regions to create additional alignment and collaboration.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
The responsibilities of the Chief Information Officer ("CIO") include overseeing cybersecurity measures with the global Chief Information Security Officer ("CISO"). The CIO's background includes over 25 years of IT leadership, including his role at a major medical device retailer and experience in various industries such as manufacturing, consumer packaged goods, and automotive. He holds a Master of Science in Engineering from the Polytechnic University of Turin.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] The CIO's background includes over 25 years of IT leadership, including his role at a major medical device retailer and experience in various industries such as manufacturing, consumer packaged goods, and automotive. He holds a Master of Science in Engineering from the Polytechnic University of Turin.Our CISO has served in various roles in information technology and information security for over 20 years and holds an undergraduate degree in Information Systems from Xavier University and an MBA from Michigan State. The CISO and his regional security leaders have a combined total of over 25 Information Technology and Cybersecurity certifications, including Certified Information Systems Security Professional, Certified Cloud Security Professional, and Certified Information Security Manager.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] The Audit Committee performs an annual review of the Company’s cybersecurity program and reports to the Board on the results of that review. Material cybersecurity incidents are discussed with our Audit Committee and Board of Directors.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Principles of consolidation
The accompanying consolidated financial statements (the “Financial Statements”) include the accounts of the Company and of its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Investments in entities over which the Company has significant influence but not control are accounted for using the equity method of accounting. These investments are initially recorded at cost and subsequently adjusted based on the Company’s proportionate share of earnings, losses, and distributions from each entity.
Use of estimates
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of net revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates include the estimation of total contract costs used for net revenues and cost recognition from construction contracts, fair value estimates included in the accounting for acquisitions, valuation of long-lived assets and acquisition-related contingent consideration, self-insurance liabilities, income taxes, and the estimated effects of litigation and other contingencies.
Foreign currency and currency translation
The assets and liabilities of foreign subsidiaries with a functional currency other than the U.S. dollar are translated into U.S. dollars at exchange rates in effect at year-end, with resulting translation gains or losses included within other comprehensive income or loss. Net revenues and expenses are translated into U.S. dollars at average monthly rates of exchange in effect during the year. Foreign currency transaction gains and losses, including hedging impacts, are classified in investment expense (income) and other, net, in the consolidated statements of operations and were a loss (gain) of $2, $2 and $(1) for the years ended December 31, 2025, 2024, and 2023, respectively. These net foreign currency transaction gains and losses include derivative instruments designed to reduce foreign currency exchange rate risks. Refer to Note 10 – "Derivatives" for further information. Translation gains or losses, which are recorded in accumulated other comprehensive income (loss) on the consolidated balance sheets, result from translation of the assets and liabilities of APi Group’s foreign subsidiaries into U.S. dollars. Foreign currency translation gains (losses) totaled approximately $176, $(107), and $61 for the years ended December 31, 2025, 2024, and 2023, respectively.
Nearly all of the Company’s foreign operations use their local currency as their functional currency. Currency gains or losses resulting from transactions executed in currencies other than the functional currency are included in investment expense (income) and other, net, in the consolidated statements of operations.
Cash and cash equivalents
The Company considers all highly liquid investments purchased with an original maturity date of three months or less to be cash equivalents. The Company maintains cash in bank accounts that, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts. Restricted cash is reported as other current assets in the consolidated balance sheets. Restricted cash reflects collateral against certain bank guarantees.
Fair value of financial instruments
The financial instruments of the Company include cash and cash equivalents, accounts receivable, accounts payable, contingent consideration and compensation liabilities, and debt obligations.
Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal or most advantageous market as of the measurement date. ASC Topic 820, Fair Value Measurements, provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to and is composed of the following levels:
Level 1:Observable inputs such as quoted prices for identical assets or liabilities in active markets.
Level 2:Observable inputs other than quoted prices that are directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets; quoted prices for similar or identical assets or liabilities in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.
Level 3:Unobservable inputs that reflect the Company's own assumptions.
The carrying values of cash and cash equivalents, accounts receivable, contract assets, other receivables, accounts payable, contingent compensation liabilities, accrued liabilities, and contract liabilities approximate their fair values because of their short maturity. The fair value of the Company’s revolving line of credit facility and long-term debt are based on current lending rates for similar borrowings, assuming the debt is outstanding through maturity, and considering the collateral. The carrying values of revolving line of credit facility approximate its fair values because the variable interest rates of these instruments are generally reset monthly.
The fair value of the Company's debt is estimated by discounting future cash flows at currently available rates for borrowing arrangements with similar terms and conditions, which are considered to be Level 2 inputs under the fair value hierarchy. The fair value of the Company’s derivative instruments designated as hedging instruments are determined using standard pricing models and market-based assumptions for all significant inputs, such as yield curves and quoted spot and forward exchange rates. The fair value of the Company’s contingent consideration obligations is determined using a probability-weighted discounted cash flow method. This fair value measurement is based on significant unobservable inputs in the market and thus represents a Level 3 measurement within the fair value hierarchy.
Inventories
Inventories consist primarily of wholesale insulation products, contracting materials and supplies. Inventories are valued at the lower of cost or net realizable value.
Property and equipment
Property and equipment, including additions, replacements, and improvements is stated at cost, or fair value for assets acquired in a business combination, less accumulated depreciation. Expenditures for maintenance and repairs are charged to operating expenses as incurred unless such expenditures extend the life of the asset or increase its capacity or efficiency. Depreciation expense is recognized over the estimated useful lives of the assets using the straight-line method. Leasehold improvements are amortized over the shorter of the term of the lease or the estimated useful lives of the improvements. Upon sale or disposition of property and equipment, the cost and related accumulated depreciation and amortization are removed from the consolidated balance sheets and any resulting gain or loss is recognized in the consolidated statements of operations.
Leases
The Company’s lease portfolio mainly consists of facilities, equipment, and vehicles. Operating lease assets represent the Company’s right to use an underlying asset for the lease term whereas lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term (or at fair values in the case of those leases assumed in an acquisition). As most of the Company’s leases do not provide an implicit rate, the Company uses incremental borrowing rates that are based on its own external unsecured borrowing rates and are risk-adjusted to approximate secured borrowing rates over similar terms. These rates are assessed on a quarterly basis for measurement of new lease obligations. The
operating lease assets are calculated based on the value of the lease liability plus prepaid rental payments less lease incentives that the Company expects to receive. Leases with an initial term of less than one year are not recorded on the Company’s consolidated balance sheets. Operating lease expense is recognized on a straight-line basis over the lease term. Many leases include one or more options to renew, with renewal terms that can extend the lease term for several years. The exercise of lease renewal options is generally at the Company’s sole discretion. Certain leases also include options to purchase the leased assets. The Company's lease terms include these renewal or purchase options when it is reasonably certain that those options will be exercised. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. The Company’s lease agreements contain lease and non-lease components, which are accounted for as a single lease component for all asset classes except for certain asset classes within its information technology arrangements. Operating lease right-of-use assets are reported as separate lines in the consolidated balance sheets. Finance leases are generally those leases that allow the Company to substantially utilize or pay for the entire asset over its estimated life. For finance leases, the Company recognizes more expense in the initial years of total lease expense recognition due to the accretion of the lease liability and the straight-line amortization of the leased asset. Assets acquired under finance leases are recorded in property and equipment, net.
The Company determines if an arrangement is or contains a lease at inception, which is the date on which the terms of the contract are agreed to, and the agreement creates enforceable rights and obligations. Under ASC 842, a contract is or contains a lease when (i) explicitly or implicitly identified assets have been deployed in the contract and (ii) the customer obtains substantially all of the economic benefits from the use of that underlying asset and directs how and for what purpose the asset is used during the term of the contract. The Company also considers whether its service arrangements include the right to control the use of an asset.
The Company leases various facilities, equipment and vehicles from unrelated parties, which are primarily classified and accounted for as operating leases. The facility leases are primarily for office space with initial terms extending up to ten years. The equipment leases are primarily related to heavy equipment utilized in the completion of construction jobs, and the terms of the agreements range from one to seven years. Vehicle leases have a minimum lease term ranging from one to seven years. Some leases include one or more options to renew, generally at the Company’s sole discretion, with renewal terms that can extend the lease term by one to twelve years or more.
Goodwill impairment
Goodwill represents the excess of cost over the fair market value of net tangible and identifiable intangible assets of acquired businesses. The Company has recorded goodwill in connection with its historical acquisitions of businesses. Upon acquisition, these businesses were either combined into one of the existing components or managed on a stand-alone basis as an individual component.
The components are aligned to one of the Company’s two reportable segments, Safety Services or Specialty Services. Goodwill is required to be evaluated for impairment at the reporting unit level, which represents the operating segment level or one level below the operating segment level for which discrete financial information is available.
Management identifies its reporting units by assessing whether components have discrete financial information available, engage in business activities, and have a segment manager regularly review the component’s operating results. If two or more components are deemed economically similar, those components are aggregated into one reporting unit when performing the annual goodwill impairment test.
Goodwill is not amortized, but instead is annually tested for impairment on October 1 each fiscal year, or more frequently if events or circumstances indicate that the carrying amount of goodwill may be impaired. Qualitative indicators that may trigger the need for annual or interim quantitative impairment testing include, among other things, deterioration in macroeconomic conditions, declining financial performance, deterioration in the operational environment, or an expectation of selling or disposing of a portion of a reporting unit. Additionally, a significant change in business climate, a loss of a significant customer, increased competition, a sustained decrease in share price, or a decrease in estimated fair value below book value may trigger the need for interim impairment testing of goodwill associated with one or more reporting units.
Accounting standards for testing goodwill for impairment require the application of either a qualitative or quantitative assessment to analyze whether or not goodwill has been impaired. The Company performs the qualitative analysis by evaluating financial performance, macroeconomic conditions, and industry trends. Under the quantitative assessment, the Company evaluates each reporting unit for impairment comparing the fair value of each reporting unit with its carrying amount, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss is recorded as a reduction to goodwill with a corresponding change to earnings in the period the goodwill is determined to be impaired. Any goodwill impairment is limited to the total amount of goodwill allocated to that reporting unit.
During 2025, the Company performed a qualitative assessment for all reporting units to analyze whether or not goodwill has been impaired. See Note 8 – “Goodwill and Intangibles” for additional detail on goodwill and other intangible assets.
Impairment of long-lived assets excluding goodwill
The Company periodically reviews the carrying amount of its long-lived asset groups, including property and equipment and other identifiable intangible assets subject to amortization, when events or changes in circumstances indicate the carrying value may not be recoverable. Qualitative indicators that may trigger the need for impairment testing include an expectation of selling or disposing of a business unit. If facts and circumstances support the possibility of impairment, the
Company will compare the carrying value of the asset or asset group with the undiscounted future cash flows related to the asset or asset group. If the carrying value of the asset or asset group is greater than its undiscounted cash flows, the resulting impairment will be determined as the difference between the carrying value and the fair value, where fair value is determined for the carrying amount of the specific asset groups based on discounted future cash flows or appraisal of the asset groups.
Investments The Company holds investments in joint ventures, the majority of which are accounted for under the equity method of accounting as the Company does not exercise control over the joint ventures.
Pension and post-retirement obligations
The Company sponsors both funded and unfunded foreign defined benefit pension plans that cover a portion of the Company's employees. The Company accounts for its benefit plans in accordance with ASC 715, Compensation - Retirement Benefits, which requires balance sheet recognition of the overfunded or underfunded status of pension and post-retirement benefit plans. The amounts associated with these benefits are determined by actuaries and dependent on various actuarial assumptions including discount rates, expected return on plan assets, compensation increases, mortality, and health care cost trends. Under this guidance, actuarial gains and losses, prior service costs or credits, and any remaining transition assets or obligations that have not been recognized under previous accounting standards must be recognized in accumulated other comprehensive loss, net of tax effects, until they are amortized as a component of net periodic benefit cost. The Company reviews its actuarial assumptions at each measurement date and makes modifications to the assumptions based on current rates and trends, if appropriate.
During 2023, an annuity purchase transaction, commonly known as a “buy-in,” was executed for the two pension plans in the United Kingdom. Under the terms of the insurance contracts, which were issued by a third-party insurance company with no affiliation to the Company, all pension obligations will be funded by the insurer’s annuity payments, but the plans still retain full legal responsibility to pay the benefits to plan participants using the insurance payments. The Company's accounting policies related to pension obligations and the buy-in transaction are disclosed in Note 16 – "Pension."
In December 2024, the Company entered into a non-binding agreement in principle with the Trustees of the two pension plans in the United Kingdom to proceed with wind-up of the plans contingent on certain conditions. If all conditions are met, the Company expects to execute the final wind-up in 2027.
Definite-lived intangibles
Intangibles consist of trade names and trademarks, customer relationships, and backlog intangibles. The intangibles are amortized over their estimated useful lives, which range from two to fifteen years for trade names and trademarks and customer relationships, and a period of six to thirty-six months for backlog.
Cloud computing implementation costs The Company capitalizes certain implementation costs incurred associated with cloud computing arrangements ("CCA") that are service contracts. Capitalized costs for CCA are included in other assets on the Company's consolidated balance sheets. Costs not subject to capitalization are recognized within selling, general, and administrative expenses in the consolidated statements of operations. Amounts capitalized are recognized over the initial term of the software licenses, plus any probable renewals, beginning on the date the associated hosting arrangement is ready for its intended use. Costs related to preliminary project activities and post-implementation activities are expensed as incurred.
Insurance liabilities Other accrued and other noncurrent liabilities include management’s best estimates of amounts expected to be incurred for health insurance claims, workers’ compensation, general liability, and automobile liability losses. A portion of this risk is retained on a self-insured basis through Sprocket, the Company's wholly-owned captive insurance subsidiary. The estimates are based on claim reports provided by the insurance carrier, management’s best estimates, and the maximum premium for a policy period. The amounts the Company will ultimately incur could differ in the near-term from the estimated amounts accrued.
Share-based compensation
The Company recognizes share-based compensation over the requisite service period of the awards (usually the vesting period) based on the grant date fair value of awards. An offsetting increase to shareholders’ equity is recorded equal to the amount of the compensation expense charge. For restricted stock grants with performance-based milestones, the expense is valued based on the closing market share price of the Company’s stock on the date of grant and recorded over the service period after the achievement of the milestone is probable or the performance condition is achieved. Forfeitures are estimated and recorded using historical forfeiture rates.
The Company has an employee stock purchase plan (“ESPP”) under which shares of the Company’s common stock are available for purchase by eligible participants. The plan allows participants to purchase APi Group common stock at 85% of its fair market value at the lower of (i) the date of commencement of the offering period or (ii) the last day of the exercise period, as defined in the plan documents. The fair value of purchases under the Company’s ESPP is estimated using the Black-Scholes option-pricing valuation model. The determination of fair value of stock-based awards using an option-pricing model is affected by the Company’s stock price as well as assumptions pertaining to several variables, including expected stock price volatility, the expected term of the award and the risk-free rate of interest. In the option-pricing model for the Company’s ESPP, expected stock price volatility is based on historical volatility of the Company’s common stock. The expected term of the award is based on historical and expected exercise patterns and the risk-free rate of interest is based on U.S. Treasury yields.
Earnings per share
Basic earnings per common share excludes dilution and is computed by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding during the period. The Company has determined that its Series A Preferred Stock and, prior to its extinguishment, Series B Preferred Stock were participating securities as the Series A Preferred Stock and Series B Preferred Stock participated in dividends with common stock according to a predetermined formula. Accordingly, the Company used the two-class method of computing basic and diluted earnings per share for common stock according to participation rights of the Series A Preferred Stock and Series B Preferred Stock. Under this method, net income applicable to holders of common stock is first reduced by the amount of dividends declared on Series A Preferred Stock and Series B Preferred Stock in the current period with remaining undistributed earnings allocated on a pro rata basis to the holders of common stock, Series A Preferred Stock, and Series B Preferred Stock to the extent that each class may share income for the period; whereas undistributed net loss is allocated to common stock because holders of Series A Preferred Stock and Series B Preferred Stock are not contractually obligated to share the loss.
Income taxes
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax
assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the consolidated statements of operations in the period that includes the enactment date.
The Company recognizes the effect of income tax positions only if those positions are more-likely-than-not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest and penalties relating to unrecognized tax benefits and delinquent payments in income tax expense.
Accounting standards issued and adopted
Accounting standards issued and adopted
In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU focuses on the rate reconciliation and income taxes paid. ASU 2023-09 requires the Company to disclose, on an annual basis, a tabular rate reconciliation using both percentages and currency amounts, broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. The Company prospectively adopted this ASU on January 1, 2025. Refer to Note 14 – "Income Taxes" for details.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), which requires business entities to disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The ASU also requires disclosure of purchases of inventory, employee compensation, depreciation, and intangible asset amortization.
ASU 2024-03 is effective for annual periods beginning after December 15, 2026, with early adoption permitted. In January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, which amends the effective date of ASU 2024-03 to clarify that all public business entities are required to adopt the guidance in annual periods beginning after December 15, 2026, and interim periods in fiscal years beginning after December 15, 2027. The Company is currently evaluating the potential impact of adopting these ASUs on its consolidated financial statements and disclosures.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient for estimating expected credit losses on current accounts receivable and current contract assets arising from revenue transactions accounted for under FASB Accounting Standards Codification ("ASC") Topic 606. ASU 2025-05 is effective for the Company's annual and interim periods in fiscal years beginning after December 15, 2025, with early adoption permitted. The Company is currently evaluating the potential impact of adopting this ASU on its consolidated financial statements and disclosures but does not expect the impact to be material.

On September 18, 2025, the FASB issued ASU 2025-06, Intangibles — Goodwill and Other—Internal‑Use Software (Subtopic 350-40): Target Improvements to the Accounting for Internal-Use Software, which improves ASC Subtopic 350-40 to better align the guidance (1) for development of software to be sold via SaaS and software to sold via license by introducing new capitalization considerations and (2) with agile software development by eliminating the existing software project staging guidance. This ASU is effective for all entities for annual and interim periods in fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the potential impact of adopting this ASU on its consolidated financial statements and disclosures but does not expect the impact to be material.
Business combinations
The Company regularly evaluates potential acquisitions that strategically fit with the Company’s existing portfolio or expand the Company’s portfolio into a new and attractive business area. Acquisitions are accounted for as business combinations using the acquisition method of accounting. As such, the Company makes a preliminary allocation of the purchase price to the tangible assets and identifiable intangible assets acquired and liabilities assumed. In the months after closing, as the Company obtains additional information about the acquired assets and liabilities and learns more about the newly acquired business, it is able to refine the estimates of fair value and more accurately allocate the purchase price. Purchase price is allocated to assets acquired and liabilities assumed based upon their estimated fair values, with limited exceptions as permitted pursuant to GAAP, as determined based on estimates and assumptions deemed reasonable by the Company. The Company engages third-party valuation specialists to assist with preparation of critical assumptions and
calculations of the fair value of acquired tangible and intangible assets in connection with significant acquisitions. The excess of the purchase price over the tangible and intangible assets acquired and liabilities assumed is recorded as goodwill. Goodwill is attributable to the workforce of the acquired businesses, the complementary strategic fit and resulting synergies these businesses bring to existing operations, and the opportunities in new markets expected to be achieved from the expanded platform
Contracts with customers, variable consideration, contract assets and liabilities, and costs to obtain or fulfill a contract
Under ASC 606, revenue is recognized when or as control of promised goods and services is transferred to customers, and the amount of revenue recognized reflects the consideration to which an entity expects to be entitled in exchange for the goods and services transferred. 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 materials contracts.
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 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. The Company also enters into fixed price service contracts related to inspection, service, and monitoring of safety systems. The Company may utilize subcontractors in the fulfillment of its performance obligations. When doing so, the Company is considered the principal in these transactions and revenues are recognized on a gross basis.
Net revenues for fixed price agreements are generally recognized over time using the cost-to-cost method of accounting, which measures progress based on the cost incurred relative to total expected cost in satisfying its performance obligation. The cost-to-cost method is used as it best depicts the continuous transfer of control of goods or services to the customer. Costs incurred include direct materials, labor and subcontract costs, and indirect costs related to contract performance, such as indirect labor, supplies, tools, repairs, and depreciation costs. Labor and subcontractor labor costs are considered to be incurred and recognized as the work is performed. These contract costs are included in the results of operations under cost of revenues.
Net revenues from time and material contracts are recognized as the services are provided and is equal to the sum of the contract costs incurred plus an agreed upon markup. Net revenues earned from distribution contracts are recognized upon shipment or performance of the service.
The cost estimation process for recognizing net revenues over time under the cost-to-cost method is based on the professional knowledge and experience of the Company’s project managers, engineers, and finance professionals. Management reviews estimates of total contract transaction price and total project costs on an ongoing basis. Changes in job performance, job conditions, and management’s assessment of expected variable consideration are factors that influence estimates of the total contract transaction price, total costs to complete those contracts, and the Company’s profit recognition. Changes in these factors could result in cumulative revisions to net revenues in the period in which the revisions are determined, which could materially affect the Company’s consolidated results of operations for that period. Provisions for estimated losses on uncompleted contracts are recorded in the period in which such estimated losses are determined.
The Company’s contracts with its customers generally require significant services to integrate complex activities and equipment into a single deliverable and are, therefore, generally accounted for as a single performance obligation to provide a single contracted service for the duration of the project. For contracts with multiple performance obligations, the transaction price of a contract is allocated to each performance obligation and recognized as net revenues when or as the performance obligation is satisfied using the estimated stand-alone selling price of each distinct good or service. The stand-alone selling price is estimated using the expected cost plus a margin approach for each performance obligation. For in-process contracts, the aggregate amount of transaction price allocated to the unsatisfied performance obligations at
December 31, 2025 was $3,605. The Company expects to recognize revenue on approximately 74% of the remaining performance obligations over the next twelve months.
When more than one contract is entered into with a customer on or close to the same date, management evaluates whether those contracts should be combined and accounted for as a single contract as well as whether those contracts should be accounted for as one, or more than one, performance obligation. This evaluation requires significant judgment and is based on the facts and circumstances of the various contracts.
Contracts are often modified through change orders to account for changes in the scope and price of the goods or services being provided. Although the Company evaluates each change order to determine whether such modification creates a separate performance obligation, the majority of change orders are for goods or services that are not distinct within the context of the original contract and, therefore, not treated as a separate performance obligation but rather as a modification of the existing contract and performance obligation.
Variable consideration
Transaction prices for customer contracts may include variable consideration, which comprises items such as early completion bonuses and liquidated damages provisions. Management estimates variable consideration for a performance obligation utilizing estimation methods believed to best predict the amount of consideration to which the Company will be entitled. Variable consideration is included in the transaction price only to the extent it is probable, in the Company’s judgment, that a significant future reversal in the amount of cumulative revenue recognized under the contract will not occur when the uncertainty associated with the variable consideration is subsequently resolved.
Changes in the estimates of transaction prices are recognized in net revenues on a cumulative catch-up basis in the period in which the revisions to the estimates are made. Such changes in estimates may also result in the reversal of previously recognized net revenues if the ultimate outcome differs from the Company’s previous estimate. For the years ended December 31, 2025, 2024, and 2023, there were no significant reversals of revenues recognized associated with the revision of transaction prices. The Company typically does not incur any returns, refunds, or similar obligations after the completion of the performance obligation since any deficiencies are corrected during the course of performance.
Contract assets and liabilities
The Company typically invoices customers with payment terms of net due in 30 days. It is also common for contracts in the Company's end markets to specify a general contractor is not required to submit payments to a subcontractor until it has received those funds from the owner or funding source. In most instances, the Company receives payment of invoices between 30 to 90 days of the date of the invoice.
The timing of revenue recognition may differ from the timing of invoicing to customers. Contract assets include unbilled amounts from the Company’s projects when revenues are recognized under the cost-to-cost measure of progress and exceeds the amounts invoiced to the Company’s customers, as the amounts cannot be billed under the terms of the Company's contracts. In addition, many of the Company’s time and material arrangements are billed in arrears pursuant to contract terms, resulting in the Company recording contract assets as net revenues are recognized in advance of billings.
Contract liabilities from the Company’s contracts arise when amounts invoiced to the Company’s customers exceed net revenues recognized under the cost-to-cost measure of progress. Contract liabilities also include advance payments from the Company’s customers on certain contracts. Contract liabilities decrease as the Company recognizes net revenues from the satisfaction of the related performance obligation.
The Company utilizes the practical expedient under ASC 606 and does not adjust for a significant financing component if the time between payment and the transfer of the related good or service is expected to be one year or less. The Company’s revenue arrangements are typically accounted for under such expedient as payments are within one year of performance for the Company’s services. As of December 31, 2025 and 2024, none of the Company’s contracts contained a significant financing component.
Costs to obtain or fulfill a contract
The Company generally does not incur significant incremental costs related to obtaining or fulfilling a contract prior to the start of a project. The Company may incur certain fulfillment costs such as initial design or mobilization costs which are capitalized if: (i) they relate directly to the contract, (ii) are expected to generate resources that will be used to satisfy the Company’s performance obligation under the contract, and (iii) are expected to be recovered through revenues generated under the contract. Such costs, which are amortized over the life of the respective project, were not material for any period presented.
Right-of-use assets and liabilities
The Company made an accounting policy election to not recognize lease assets and lease liabilities for leases with terms of twelve months or less. For all other leases, the Company recognizes right-of-use ("ROU") assets and lease liabilities based on the present value of the lease payments over the lease term at the commencement date of the lease (or January 1, 2019 for leases existing upon the adoption of ASC 842). The ROU assets also include any initial direct costs incurred and lease payments made at or before the commencement date and are reduced by lease incentives.
When material leases are acquired in business combinations, the Company is required to measure the acquired lease liabilities at the present value of the remaining lease payments as if the acquired leases were new leases. A reassessment of the lease term, lessee options to purchase an underlying asset, lease payments, and discount rates is performed as of the date of acquisition. The ROU assets are then remeasured at the amount of the lease liability, adjusted for any off-market terms present in the acquired leases.
The Company’s future lease payments may include payments that depend on an index or a rate (such as the consumer price index). The Company initially measures payments based on an index or rate using the applicable rate at lease commencement, and subsequent changes in such rates are recognized as variable lease costs in the period incurred. Some leases contain variable payments that are not based on an index or rate and therefore are not included in the initial measurement of ROU assets and lease liabilities. These variable payments typically represent additional services transferred to the Company, such as common area maintenance for real estate, and maintenance or service programs for vehicles, and are recorded in lease expense in the period incurred. For leases that include residual value guarantees or payments for terminating the lease, the Company includes these costs in the lease liability when it is probable they will be incurred.
v3.25.4
BUSINESS COMBINATIONS (Tables)
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Business Combination The results of operations of these acquisitions are included in the Company's consolidated statements of operations from their respective dates of acquisition and were not material.
2025 Acquisitions
Cash paid at closing $186 
Cash deposited into escrow17 
Accrued consideration30 
Total net consideration$233 
Cash and cash equivalents$15 
Accounts receivable25 
Contract assets2 
Other current assets2 
Property and equipment3 
Intangible assets86 
Goodwill126 
Accounts Payable(8)
Other accrued liabilities (8)
Contract liabilities (6)
Other noncurrent liabilities(4)
Net assets acquired $233 
The following table summarizes the final fair values of the assets acquired and liabilities assumed at the date of the Elevated acquisition:
Cash paid at closing$572 
Cash deposited into escrow6 
Total net consideration$578 
Cash and cash equivalents$7 
Accounts receivable29 
Contract assets14 
Other current assets6 
Property and equipment4 
Operating lease right-of-use assets2 
Intangible assets222 
Goodwill394 
Accounts payable(12)
Contract liabilities(10)
Other accrued liabilities(26)
Current and noncurrent operating and finance lease liabilities(3)
Deferred tax liabilities(49)
Net assets acquired$578 
The following table summarizes the final fair values of the assets acquired and liabilities assumed at the dates of acquisition:
Acquisition A24Acquisition B24Acquisition C24Other 2024 acquisitions
Cash paid at closing$24 $99 $26 $63 
Cash deposited into escrow— 2 — — 
Accrued consideration9 — 7 14 
Total net consideration$33 $101 $33 $77 
Cash and cash equivalents$6 $— $2 $— 
Accounts receivable15 18 10 2 
Contract assets— 2 — — 
Other current assets2 4 1 1 
Property and equipment2 3 — 3 
Intangible assets8 38 10 33 
Goodwill10 52 16 43 
Other assets— 2 — — 
Accounts payable(2)(4)(2)— 
Other accrued liabilities(3)(8)(2)(1)
Contract liabilities(5)(1)— (2)
Deferred tax liabilities— (2)(2)(2)
Other noncurrent liabilities— (3)— — 
Net assets acquired$33 $101 $33 $77 
v3.25.4
RESTRUCTURING (Tables)
 12 Months Ended
Dec. 31, 2025
Restructuring and Related Activities [Abstract]  
Summary of Restructuring Program
The following table summarizes the Company's restructuring liabilities for the years ended December 31, 2025 and 2024:
December 31, 2023$32 
Charges12 
Payments(28)
Reversals(1)
December 31, 202415 
Charges4 
Payments(7)
Currency translation adjustment1 
December 31, 2025$13 
v3.25.4
NET REVENUES (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Summary of Disaggregated Net Revenues The following tables provide disclosure of disaggregated net revenues by segment for the years ended December 31, 2025, 2024, and 2023. 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 22 – “Segment Information” for additional information. Disaggregated net revenues information is as follows:
Year Ended December 31, 2025
Safety
Services		Specialty
Services		Consolidated
Life Safety$5,456 $— $5,456 
Infrastructure and Utility— 1,024 1,024 
Fabrication and Distribution— 342 342 
Specialty Contracting— 1,094 1,094 
Corporate and Eliminations— — (5)
Net revenues$5,456 $2,460 $7,911 
Year Ended December 31, 2024
Safety
Services		Specialty
Services		Consolidated
Life Safety$4,797 $— $4,797 
Infrastructure and Utility— 998 998 
Fabrication and Distribution— 290 290 
Specialty Contracting— 941 941 
Corporate and Eliminations— — (8)
Net revenues$4,797 $2,229 $7,018 
Year Ended December 31, 2023
Safety
Services		Specialty
Services		Consolidated
Life Safety$4,425 $— $4,425 
Infrastructure and Utility— 1,216 1,216 
Fabrication and Distribution— 262 262 
Specialty Contracting— 1,040 1,040 
Corporate and Eliminations— — (15)
Net revenues$4,425 $2,518 $6,928 
Year Ended December 31, 2025
Safety
Services		Specialty
Services		Corporate and
Eliminations 		Consolidated
United States$2,725 $2,460 $(5)$5,180 
France691 — — 691 
Other2,040 — — 2,040 
Net revenues$5,456 $2,460 $(5)$7,911 
Year Ended December 31, 2024
Safety
Services		Specialty
Services		Corporate and
Eliminations 		Consolidated
United States$2,168 $2,223 $(8)$4,383 
France637 — — 637 
Other1,992 6 — 1,998 
Net revenues$4,797 $2,229 $(8)$7,018 
Year Ended December 31, 2023
Safety
Services		Specialty
Services		Corporate and
Eliminations 		Consolidated
United States$1,876 $2,477 $(15)$4,338 
France607 — — 607 
Other1,942 41 — 1,983 
Net revenues$4,425 $2,518 $(15)$6,928 
Summary of Accounts Receivable, Net of Allowances, Contract Assets and Contract Liabilities from Contracts with Customers The balances of accounts receivable, net of allowances, contract assets and contract liabilities from contracts with customers as of December 31, 2025, 2024, and 2023 are as follows:
Accounts receivable, net of allowancesContract
assets		Contract
liabilities
Balance at December 31, 2025$1,563 $484 $694 
Balance at December 31, 20241,444 453 590 
Balance at December 31, 20231,395 436 526 
v3.25.4
GOODWILL AND INTANGIBLES (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Changes In Carrying Amounts of Goodwill By Reportable Segments The changes in the carrying amount of goodwill by reportable segment for the years ended December 31, 2025 and 2024 are as follows:
Safety
Services 		Specialty
Services		Total
Goodwill
Goodwill as of December 31, 2023$2,241 $230 $2,471 
Acquisitions510 3 513 
Foreign currency translation and other, net (1)
(90)— (90)
Goodwill as of December 31, 20242,661 233 2,894 
Acquisitions119 7 126 
Foreign currency translation and other, net (1)
147 — 147 
Goodwill as of December 31, 2025$2,927 $240 $3,167 
(1)Other includes immaterial measurement period adjustments related to acquisitions for which the measurement period was open at the beginning of the year (see Note 4 – "Business Combinations").
Summary of Identifiable Intangible Assets
The Company's identifiable intangible assets are comprised of the following as of December 31, 2025 and 2024:
December 31, 2025
Weighted- Average Remaining Useful
Lives
(in Years)		Gross
Carrying
Amount		Accumulated
Amortization 		Net Carrying
Amount
Amortized intangibles:
Contractual backlog0.8$169 $(168)$1 
Customer relationships8.71,897 (869)1,028 
Trade names and trademarks10.6801 (246)555 
Total$2,867 $(1,283)$1,584 
December 31, 2024
Weighted- Average Remaining Useful
Lives
(in Years)		Gross
Carrying
Amount		Accumulated
Amortization 		Net Carrying
Amount
Amortized intangibles:
Contractual backlog1.3$171 $(158)$13 
Customer relationships9.01,753 (672)1,081 
Trade names and trademarks11.1748 (182)566 
Total$2,672 $(1,012)$1,660 
Schedule of Aggregate Amortization Expense of the Intangible
Approximate annual aggregate amortization expense of the intangible assets for the five years subsequent to December 31, 2025, is as follows:
Years ending December 31:
2026$243 
2027218 
2028149 
2029146 
2030143 
Thereafter685 
Total$1,584 
Summary of Amortization Expense Recognized on Intangible Assets
Amortization expense recognized on identifiable intangible assets are as follows:
Year Ended December 31,
202520242023
Cost of revenues$14 $6 $27 
Selling, general, and administrative expenses228216197
Total intangible asset amortization expense$242 $222 $224 
v3.25.4
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Summary of Fair Value Measurement Assets And Liabilities Measured On Recurring Basis
The following tables summarize the fair values and levels within the fair value hierarchy in which the measurements fall for assets and liabilities measured on a recurring basis as of December 31, 2025 and 2024:
Fair Value Measurements at December 31, 2025
Level 1Level 2Level 3 Total
Financial assets:
Derivatives designated as hedging instruments:
Cash flow hedges:
Interest rate swaps$— $1 $— $1 
Cross currency contracts— 3 — 3 
Foreign currency forward contracts— — — — 
Fair value hedges – cross currency contracts— 2 — 2 
Net investment hedges – cross currency contracts— 10 — 10 
Derivatives not designated as hedging instruments:
Foreign currency forward contracts— 1 — 1 
Total$— $17 $— $17 
Financial liabilities:
Derivatives not designated as hedging instruments:
Foreign currency forward contracts— (5)— (5)
Contingent consideration obligations— — (16)(16)
Total$— $(5)$(16)$(21)
Fair Value Measurements at December 31, 2024
Level 1Level 2Level 3Total
Financial assets:
Derivatives designated as hedging instruments:
Cash flow hedges:
Interest rate swaps$— $25 $— $25 
Cross currency contracts— 14 — 14 
Foreign currency forward contracts— — — — 
Fair value hedges – cross currency contracts— 54 — 54 
Net investment hedges – cross currency contracts— 28 — 28 
Derivatives not designated as hedging instruments:
Foreign currency forward contracts— — — — 
Total$— $121 $— $121 
Financial liabilities:
Derivatives not designated as hedging instruments:
Foreign currency forward contracts— — — — 
Contingent consideration obligations— — (13)(13)
Total$— $— $(13)$(13)
Summary of Reconciliation of Fair Value of Contingent Consideration Obligations
The table below presents a reconciliation of the fair value of the Company’s contingent consideration obligations that use unobservable inputs, as well as other information about the contingent consideration obligations:
Year Ended December 31,
202520242023
Balance at the beginning of the year$13 $6 $4 
Issuances9 13 3 
Settlements(4)(6)(1)
Adjustments to fair value(2)— — 
Balance at the end of the year$16 $13 $6 
Number of open contingent consideration arrangements at the end of the year1092
Maximum potential payout at the end of the year$18 $13 $6 
Summary of Carrying and Fair Value of Non-Variable Interest Rate Debt
The following table presents the carrying amount and fair value of the Company’s variable and non-variable interest rate debt (instruments defined in Note 13 – “Debt”), including current portion and excluding unamortized debt issuance costs. Fair value is estimated by discounting future cash flows at currently available rates for borrowing arrangements with similar terms and conditions, which are considered to be Level 2 inputs under the fair value hierarchy. The interest rates of the variable interest rate long-term debt instruments are generally reset monthly.
December 31, 2025December 31, 2024
Carrying ValueFair ValueCarrying ValueFair Value
2021 Term Loan$2,157 $2,162 $2,157 $2,155 
4.125% Senior Notes
337 327 337 305 
4.750% Senior Notes
277 271 277 259 
v3.25.4
DERIVATIVES (Tables)
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Fair Value of Derivative Instruments
The following table presents the fair value of derivative instruments:
December 31, 2025December 31, 2024
Outstanding Gross Notional AmountOther
Assets		Other Noncurrent LiabilitiesOutstanding Gross Notional AmountOther
Assets		Other Noncurrent Liabilities
Derivatives designated as hedging instruments:
Cash flow hedges:
Interest rate swaps$1,840 $1 $— $1,840 $25 $— 
Cross currency contracts120 3 — 120 14 — 
Foreign currency forward contracts— — — — — — 
Fair value hedges:
Cross currency contracts689 2 — 737 54 — 
Net investment hedges:
Cross currency contracts931 10 — 230 28 — 
Total derivatives designated as hedging instruments3,580 16 — 2,927 121 — 
Derivatives not designated as hedging instruments:
Foreign currency forward contracts312 1 (5)77 — — 
Total derivatives$3,892 $17 $(5)$3,004 $121 $— 
Summary of Effect of Derivatives on Consolidated Statements of Operations and Accumulated Other Comprehensive (Income) Loss
The following table presents the effect of derivatives on the consolidated statements of operations:
Amount of expense (income) recognized in income
Location of expense (income)
recognized in income		Year ended December 31,
Derivatives202520242023
Cash flow hedging relationships:
Interest rate swapsInterest expense, net$(8)$(32)$(32)
Cross currency contractsInvestment expense (income) and other, net14 (7)3 
Cross currency contractsInterest expense, net(2)(2)(2)
Fair value hedging relationships:
Cross currency contractsInvestment expense (income) and other, net54 (37)25 
Cross currency contractsInterest expense, net1 (3)(2)
Net investment hedging relationships:
Cross currency contractsInterest expense, net(9)(4)(4)
Not designated as hedging instruments:
Foreign currency forward contractsInvestment expense (income) and other, net— — (1)
The following table presents the effect of cash flow and fair value hedge accounting on accumulated other comprehensive income (loss) ("AOCI"):
Amount of gain (loss)
recognized in other
comprehensive income 		Location of gain (loss) reclassified from AOCI into incomeAmount of gain (loss)
reclassified from
AOCI into income
Year ended December 31, Year ended December 31,
Derivatives202520242023202520242023
Cash flow hedging relationships:
Interest rate swaps$(18)$14 $(6)Interest expense, net$— $13 $16 
Cross currency contracts2 (2)(3)Investment expense (income) and other, net(14)7 (3)
Fair value hedging relationships:
Cross currency contracts— — — Interest expense, net(2)— — 
Cross currency contracts3 — (6)Investment expense (income) and other, net(52)36 (25)
Net investment hedging relationships:
Cross currency contracts(16)7 (9)Interest expense, net3 1 1 
Cross currency contracts— — — Investment expense (income) and other, net3 — — 
v3.25.4
PROPERTY AND EQUIPMENT, NET (Tables)
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Summary of Components of Property and Equipment
The components of property and equipment as of December 31, 2025 and 2024 are as follows:
Estimated
Useful Lives
(In Years)		December 31
20252024
LandN/A$20 $21 
Building3986 100 
Machinery, equipment, and office equipment1-20429 372 
Autos and trucks4-10138 113 
Leasehold improvements1-1565 47 
Total cost738 653 
Accumulated depreciation(341)(274)
Property and equipment, net$397 $379 
v3.25.4
LEASES (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Components of Lease Expense
The components of lease expense are as follows:
Year Ended December 31,
202520242023
Operating lease cost$112 $99 $88 
Finance lease cost - amortization of right-of-use assets5 6 6 
Short-term lease cost66 42 41 
Variable lease cost24 21 22 
Total lease cost$207 $168 $157 
Supplemental consolidated statements of cash flows information related to leases is as follows:
Year Ended December 31,
202520242023
Cash paid for amounts included in measurement of lease liabilities: 
Operating cash outflows - payments on operating leases$110 $97 $88 
Financing cash outflows - payments on finance leases7 7 7 
Right-of-use assets obtained in exchange for new lease obligations: 
Operating leases$126 $135 $81 
Finance leases4 5 5 
Schedule of Supplemental Balance Sheet Information
Supplemental consolidated balance sheets information related to leases is as follows:
Year Ended December 31,
20252024
Finance leases:
Machinery and equipment8 11 
Property and equipment, net$8 $11 
Weighted-average remaining lease term:
Operating leases4.5 years4.4 years
Finance leases2.9 years2.1 years
Weighted-average discount rate:
Operating leases5.6%5.7%
Finance leases4.7%5.1%
Schedule of Operating Lease Maturity
The future undiscounted cash flows for each of the next five years and thereafter and reconciliation to the lease liabilities recognized on the consolidated balance sheets as of December 31, 2025 is as follows:
Operating LeasesFinance LeasesTotal
Year ending December 31:
2026$103 $4 $107 
202781 2 83 
202858 2 60 
202934 1 35 
203020 — 20 
Thereafter43 — 43 
Total lease payments339 9 348 
Less imputed interest35 — 35 
Total present value of lease liabilities$304 $9 $313 
Operating and finance leases - current$93 $5 $98 
Operating and finance leases - noncurrent211 4 215 
Total present value of lease liabilities$304 $9 $313 
Schedule of Finance Lease Maturity
The future undiscounted cash flows for each of the next five years and thereafter and reconciliation to the lease liabilities recognized on the consolidated balance sheets as of December 31, 2025 is as follows:
Operating LeasesFinance LeasesTotal
Year ending December 31:
2026$103 $4 $107 
202781 2 83 
202858 2 60 
202934 1 35 
203020 — 20 
Thereafter43 — 43 
Total lease payments339 9 348 
Less imputed interest35 — 35 
Total present value of lease liabilities$304 $9 $313 
Operating and finance leases - current$93 $5 $98 
Operating and finance leases - noncurrent211 4 215 
Total present value of lease liabilities$304 $9 $313 
v3.25.4
DEBT (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Summary of Debt Obligations
Debt obligations consist of the following:
December 31,
Maturity Date20252024
Term loan facility
2021 Term LoanJanuary 3, 2029$2,157 $2,157 
Revolving Credit FacilityMay 20, 2030— — 
Senior notes
4.125% Senior Notes
July 15, 2029337 337 
4.750% Senior Notes
October 15, 2029277 277 
Other obligations5 5 
Total debt obligations2,776 2,776 
Less: unamortized deferred financing costs(17)(23)
Total debt, net of deferred financing costs2,759 2,753 
Less: short-term and current portion of long-term debt(5)(4)
Long-term debt, less current portion$2,754 $2,749 
Schedule of Annual Maturities, Excluding Amortization of Debt Issuance Costs
Approximate annual maturities, excluding amortization of debt issuance costs, of the Company’s financing arrangements for years subsequent to December 31, 2025, are as follows:
Years Ending December 31:
2026$5 
2027— 
2028— 
20292,771 
2030— 
Thereafter— 
Total$2,776 
v3.25.4
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Summary of Components of Income (Loss) Before Income Taxes
For the years ended December 31, 2025, 2024, and 2023, the components of income before income taxes are as follows:
Year Ended December 31,
202520242023
U.S. earnings$251 $177 $186 
Foreign earnings 162 153 46 
Total earnings$413 $330 $232 
Summary of Income Tax Provision
The income tax provision for the years ended December 31, 2025, 2024, and 2023, consisted of the following:
Year Ended December 31,
202520242023
Current:
U.S. federal$21 $47 $48 
State20 14 23 
Foreign56 46 40 
Total current tax provision$97 $107 $111 
Deferred:
U.S. federal$33 $(15)$(10)
State2 — (1)
Foreign(21)(12)(21)
Total deferred tax benefit$14 $(27)$(32)
Total:
U.S. federal$54 $32 $38 
State22 14 22 
Foreign35 34 19 
Total income tax provision$111 $80 $79 
Summary of Reconciliation of Federal Statutory Income Tax Rate
The Company has elected to prospectively adopt the guidance in ASU No, 2023-09, Income Taxes (Topic 740): Improvements to Income Taxes Disclosures. The reconciliation of the federal statutory income tax rate to the Company's provision for income taxes for the year ended December 31, 2025 in accordance with the guidance in ASU No. 2023-09 is as follows:
Year Ended December 31, 2025
U.S. federal statutory tax rate$87 21.0 %
State and local income taxes, net of federal income tax effect(1)
18 4.4 %
Foreign tax effects
United Kingdom
Other permanent differences(4)(1.0)%
Other adjustments(2)(0.5)%
Other foreign jurisdictions6 1.5 %
Effect of cross-border tax laws
Cross-border financing arrangement(6)(1.5)%
Other1 0.2 %
Nontaxable or nondeductible items
Section 162(m) limitation6 1.5 %
Other adjustments5 1.3 %
Total provision for income taxes$111 26.9 %
(1) State taxes in Minnesota, New Jersey, Illinois, Wisconsin, and Tennessee made up the majority (greater than 50%) of the tax effect in this category.
The reconciliation of the federal statutory income tax rate to the Company’s provision for income taxes for the years ended December 31, 2024 and 2023 in accordance with the guidance prior to the adoption of ASU 2023-09 is as follows:
Year Ended December 31,
20242023
Expected provision at statutory federal rate$70 21.0%$49 21.0%
State tax provision, net of federal benefit11 3.3%17 7.3%
Foreign rate differential(3)(0.9%)(1)(0.4%)
Valuation allowance(5)(1.5%)8 3.4%
Permanent differences and other3 0.9%3 1.3%
Transaction costs1 0.3%— —%
Section 162(m) limitation3 0.9%3 1.3%
Total provision for income taxes$80 24.0%$79 33.9%
Schedule of Income Taxes Paid
The income taxes paid for the year ended December 31, 2025 consisted of the following:
Year Ended December 31, 2025
U.S. federal$42 
State20 
Australia9 
Canada7 
France14 
Hong Kong8 
United Kingdom6 
Other foreign 5 
Total$111 
Summary of Components of Deferred Tax Assets And Liabilities
The components of deferred tax assets and liabilities consisted of the following:
December 31,
20252024
Deferred tax assets:
Operating and finance lease liabilities$45 $68 
Accrued compensation43 42 
Accrued expenses32 27 
Net operating loss carryforwards17 22 
Contingent consideration and compensation liabilities9 14 
Capital loss carryforwards55 51 
Credits40 37 
Reserves and allowances4 6 
Interest limitation29 36 
Derivatives1 — 
Other14 7 
Gross deferred tax assets289 310 
Valuation allowances(107)(92)
Net deferred tax assets$182 $218 
Deferred tax liabilities:
Depreciation on fixed assets$41 $39 
Goodwill69 44 
Amortization on identified intangible assets174 177 
Operating lease right-of-use assets43 67 
Derivatives— 7 
Deferred payments3 3 
Pension and post-retirement obligations15 16 
Other2 6 
Gross deferred tax liabilities$347 $359 
Net deferred tax liabilities$165 $141 
Summary of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
Year Ended December 31,
202520242023
Gross unrecognized tax benefits at the beginning of the year$9 $7 $8 
Additions for tax positions taken in a prior period (including acquired uncertain tax positions)— 3 — 
Reductions for tax positions taken in a prior period (including acquired uncertain tax positions)— (1)(1)
Additions for tax positions taken in the current period— — 1 
Reductions for tax positions due to lapse in statute of limitations— — (1)
Gross unrecognized tax benefits as of the end of the year$9 $9 $7 
v3.25.4
EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Multiemployer Plan
Pension FundEIN/PNPlan
Year-End
PPA Zone Status(1)
FIP/RP
Status
Pending/
Implement		Contributions
More Than 5%(2)
Surcharge
Imposed		Expiration
Date of
CBA
December 31(in millions)
2025202420232025
(3)
2024
(3)
2023
(3)
National Automatic Sprinkler Industry Pension Fund 52-6054620-00112/31/2024Green Green  Green No$38 $34 $32  Yes No3/31/2030
Pipe Trades Services MN Pension Fund41-6131800-0014/30/2025 Green  Green  Green No12 8 11  Yes No4/30/2027
Sheet Metal Workers' National Pension Fund 52-6112463-00112/31/2024 Green  Green  Green No6 4 6  No No4/30/2026
Heavy And General Laborers Local Unions 472 And 172 Of New Jersey Pension Fund 22-6032103-0013/31/2025 Green  Green  Green No5 10 5  Yes No2/28/2027
Boilermaker-Blacksmith National Pension Trust 48-6168020-00112/31/2024 Red  Red  Green Yes5 5 6  No No9/30/2026
Total other33 28 40 
Total$99 $89 $100 

(1)The zone status represents the most recent available information for the respective MEPP, which may be 2024 or earlier for the 2025 year and 2023 or earlier for the 2024 year.
(2)This information was obtained from the respective plan’s Form 5500 (Forms) for the most current available filing. These dates may not correspond with the Company’s fiscal year contributions. The above-noted percentages of contributions are based upon disclosures contained in the plans’ Forms. Those Forms, among other things, disclose the names of individual participating employers whose annual contributions account for more than 5% of the aggregate annual amount contributed by all participating employers for a plan year. Accordingly, if the annual contribution of two or more of the Company’s subsidiaries each accounted for less than 5% of such contributions, but in the aggregate accounted for in excess of 5% of such contributions, that greater percentage is not available and accordingly is not disclosed.
(3)2025, 2024, and 2023 periods represent the years ended December 31, 2025, 2024, and 2023.
v3.25.4
PENSION (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Information for Pension Plans with Projected Benefit Obligations in Excess of Plan Assets
December 31,
20252024
Projected benefit obligation ("PBO") funded status
Fair value of plan assets$1,521 $1,466 
Benefit obligations(1,436)(1,388)
Funded status of plans$85 $78 
December 31,
20252024
Change in benefit obligation
Beginning balance$1,388 $1,588 
Service cost4 5 
Interest cost65 60 
Plan participants' contributions1 1 
Actuarial gain(18)(132)
Benefits paid(100)(98)
Settlements(9)(5)
Other(1)1 
Foreign currency translation adjustment106 (32)
Ending balance$1,436 $1,388 
Change in plan assets
Beginning balance$1,466 $1,650 
Employer contributions5 6 
Plan participants' contributions1 1 
Benefits paid(100)(98)
Actual return (loss) on assets49 (58)
Settlements(9)(5)
Other(1)2 
Foreign currency translation adjustment110 (32)
Ending balance$1,521 $1,466 
Summary of Supplemental Consolidated Balance Sheets Information Related to Pension
Supplemental consolidated balance sheets information related to pension is as follows:
December 31,
20252024
Pension and post-retirement assets$129 $120 
Other accrued liabilities(1)— 
Other noncurrent liabilities(43)(42)
Net amount recognized$85 $78 
Information for Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets
Information for pension plans with accumulated and projected benefit obligations in excess of plan assets:
December 31,
20252024
Benefit obligation$60 $56 
Accumulated benefit obligation51 46 
Fair value of plan assets16 14 
Components of Net Periodic Pension Cost (Benefit)
The components of the net periodic pension cost for the defined benefit pension plans are as follows:
December 31,
20252024
Service cost$4 $5 
Interest cost65 60 
Expected return on plan assets(69)(62)
Amortization of net loss 22 22 
Settlements1 — 
Net periodic pension cost$23 $25 
Major Assumptions Used to Determine Benefit Obligation
Major assumptions used in determining the benefit obligation and net periodic benefit cost for pension plans are presented in the following table as weighted averages:
Year Ended December 31,
20252024
Benefit Obligation Net Periodic
Benefit Cost 		Benefit ObligationNet Periodic
Benefit Cost
Discount rates:
PBO5.0%4.9%4.9%4.0%
Interest cost—%3.9%—%3.9%
Service cost—%4.6%—%3.9%
Salary scale3.0%4.6%3.0%3.1%
Expected return on plan assets—%3.0%—%3.9%
Summary of Allocation of Pension Plan Assets
The allocation of the pension plan assets are presented in the following table as weighted averages:
Year Ended December 31,
20252024
Target Asset Allocation Percentage Percentage of Plan Assets Target Asset Allocation PercentagePercentage of Plan Assets
Equity securities3.4%3.4%4.1%4.1%
Debt securities5.0%5.2%4.6%4.7%
Real estate0.5%0.5%0.6%0.6%
Other 1
91.1%90.9%90.7%90.6%
Total100.0%100.0%100.0%100.0%
(1)Other includes insurance contracts.
Summary of Fair Value of Pension Plan Assets by Asset Category
The fair values of the pension plan assets by asset category are as follows:
Asset CategoryQuoted Prices in
Active Markets for
Identical Assets
Level 1		Significant
Observable
Inputs
Level 2		Significant
Unobservable
Inputs
Level 3
Not
Subject to
Leveling (1)
Total
Equities:
Global equity funds$— $61 $— $— $61 
Insurance contracts— — 1,244 — 1,244 
Fixed income securities:
Governments— 110 — — 110 
Corporate bonds— 4 — — 4 
Global fixed income at net asset value— 71 — — 71 
Real estate (2)
— 8 — — 8 
Other (3)
— 3 — 3 6 
Cash & cash equivalents (4)
17 — — — 17 
Total at December 31, 2025$17 $257 $1,244 $3 $1,521 
Asset CategoryQuoted Prices in
Active Markets for
Identical Assets
Level 1		Significant
Observable
Inputs
Level 2		Significant
Unobservable
Inputs
Level 3
Not
Subject to
Leveling 1
Total
Equities:
Global equity funds$— $75 $— $— $75 
Insurance contracts— — 1,203 — 1,203 
Fixed income securities:
Governments— 99 — — 99 
Corporate bonds— 3 — — 3 
Global fixed income at net asset value— 57 — — 57 
Real estate (2)
— 1 — — 1 
Other (3)
— 7 — 7 14 
Cash & cash equivalents (4)
13 — — 1 14 
Total at December 31, 2024$13 $242 $1,203 $8 $1,466 
(1)In accordance with ASU 2015-07, Fair Value Measurement (Topic 820), certain investments that are measured at fair value using net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented for the total pension assets.
(2)Represents investments in real estate, including commingled funds and directly held properties.
(3)Represents various contracts and global risk balanced commingled funds consisting mainly of equity, bonds, and some commodities.
(4)Represents short-term commercial paper, bonds, and other cash or cash-like investments.
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets
The table below presents a reconciliation of the fair value of the Company’s pension assets that use significant unobservable inputs (Level 3):
December 31, 2023$1,383 
Return on assets(94)
Payments from insurance policy(86)
December 31, 20241,203 
Return on assets132 
Payments from insurance policy(91)
December 31, 2025$1,244 
v3.25.4
SHARE-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of Changes in Number of Common Shares Underlying Options
The following table summarizes the changes in the number of common shares underlying options for the year ended December 31, 2024 (shares in whole numbers and per share values in whole dollars):
Shares Weighted-Average Exercise PriceWeighted-Average Remaining Contractual Term
(in Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2023187,500 $7.67 0.8$3 
Exercised(187,500)7.67 
Outstanding at December 31, 2024— $— 0.0$— 
Summary of Changes in Number of Outstanding RSUs and PSUs The time-based RSUs granted to the Company’s directors vest at the end of the anniversary date of their grant date.
Time-Based
Restricted
Stock Units 		Weighted-Average
Grant Date Fair
Value Per Share		Weighted-Average
Remaining
Contractual Term
(in Years)
Outstanding at December 31, 20231,356,516$14.85 1.0
Granted787,81724.13 
Vested(617,928)14.46 
Forfeited(165,387)20.26 
Outstanding at December 31, 20241,361,018$19.76 1.6
Granted784,09026.60 
Vested(696,297)18.31 
Forfeited(59,340)28.34 
Outstanding at December 31, 20251,389,471$23.98 1.5
Expected to vest at December 31, 20251,373,318$23.94 1.5
During the years ended December 31, 2025 and 2024, the Company approved and granted PSUs with EBITDA-based financial performance conditions. PSUs vest, if at all, following a three-year performance period. If the performance conditions are not met, no compensation cost is recognized and any recognized compensation cost is reversed.
Performance-
Based Restricted
Stock Units 		Weighted-Average
Grant Date Fair
Value Per Share		Weighted-Average
Remaining
Contractual Term
(in Years)
Outstanding at December 31, 20232,478,030$14.23 1.0
Granted611,52923.87 
Vested(702,433)12.73 
Forfeited(607,148)17.43 
Change in units based on performance expectations(21,666)13.85 
Outstanding at December 31, 20241,758,312$17.72 1.1
Granted827,39325.77 
Vested(812,591)13.93 
Forfeited(99,667)19.73 
Change in units based on performance expectations356,54113.85 
Outstanding at December 31, 20252,029,988$21.74 1.0
Expected to vest at December 31, 20251,967,186$21.64 1.0
Schedule of Unvested Restricted Stock Units Roll Forward The MSUs vested 100% on March 9, 2025, the third anniversary of the grant date, as the performance condition was satisfied during the year ended December 31, 2023.
Market-Based
Performance Restricted
Stock Units		Weighted-Average
Grant Date Fair
Value Per Share		Weighted-Average
Remaining
Contractual Term
(in Years)
Outstanding at December 31, 2023620,042 $11.37 1.2
Forfeited(107,553)10.87 
Outstanding at December 31, 2024512,489 $10.87 0.2
Vested(508,830)10.87 
Forfeited(3,659)10.87 
Outstanding at December 31, 2025— $— 0.0
v3.25.4
EARNINGS (LOSS) PER SHARE (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Summary of Computation Earnings (Loss) Per Common Share Using Two Class Method
The following table sets forth the computation of earnings per common share using the two-class method. The dilutive effect of outstanding Series A Preferred Stock, Series B Preferred Stock, the Series A Preferred Stock dividend, and the Series B Preferred Stock dividend is reflected in diluted EPS using the if-converted method and options, RSUs, PSUs and MSUs are reflected using the treasury stock method. For periods of net loss, basic and diluted EPS are the same, as the assumed exercise of Series A Preferred Stock, Series B Preferred Stock, RSUs, PSUs, MSUs, and stock options are anti-dilutive. (Amounts in millions, except share and per share amounts.)
Year Ended December 31,
202520242023
Basic and diluted loss per common share:
Net income$302 $250 $153 
Less stock dividend attributable to Series A Preferred Stock(590)(95)(270)
Less stock dividend attributable to Series B Preferred Stock— (7)(44)
Less stock conversion of Series B Preferred Stock— (372)— 
Net loss attributable to common shareholders$(288)$(224)$(161)
Weighted-average shares outstanding - basic and diluted(1)
415,709,895401,513,646352,705,274
Loss per common share - basic and diluted$(0.69)$(0.56)$(0.46)
(1)The following items were excluded from the calculation of diluted shares as their inclusion would be anti-dilutive:
a.For each of the years ended December 31, 2025, 2024, and 2023, 4,000,000 shares of Series A Preferred Stock, which are convertible to 6,000,000 common shares.
b.For the year ended December 31, 2023, 800,000 shares of Series B Preferred Stock which were convertible to 48,780,000 shares of common stock.
c.For the year ended December 31, 2023, 187,500 stock options to purchase the same number of common shares.
d.For the years ended December 31, 2025, 2024, and 2023, 15,212,810, 3,815,493, and 11,916,156 common share equivalents, respectively, which represent the dividend that the Series A Preferred Stock holders are entitled to receive. (See additional description in Note 19 – "Shareholders' Equity and Redeemable Convertible Preferred Stock.")
e.For the years ended December 31, 2025, 2024, and 2023, 1,389,471 RSUs and 2,029,988 PSUs; 1,361,018 RSUs, 1,758,312 PSUs, and 512,489 MSUs; and 1,356,516 RSUs, 2,478,030 PSUs, and 620,042 MSUs, respectively.
v3.25.4
SEGMENT INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Summary of Reconciliation Operating Income to EBITDA
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:
For the Year Ended December 31, 2025
Safety
Services		Specialty
Services		Total
Revenues from external customers$5,455 $2,456 $7,911 
Intersegment revenues1 4 5 
Net revenues5,456 2,460 7,916 
Reconciliation of revenue:
Elimination of intersegment revenues(5)
Total consolidated revenues$7,911 
Less: (a)
Segment cost of revenues(b)
3,420 1,994 
Segment operating expenses (c)
1,161 259 
Plus:
Segment other income/expense5 14 
Depreciation36 43 
Segment earnings$916 $264 $1,180 
Reconciliation of profit/(loss):
Corporate/other profit/(loss) (d)
$(139)
Interest expense, net(141)
Depreciation(85)
Amortization(242)
Contingent consideration and compensation(2)
Non-service pension cost(19)
Systems and business enablement(96)
Business process transformation expenses(4)
Acquisition and divestiture related expenses(24)
Restructuring program related costs(14)
Other(1)
Income before income taxes$413 
Asset information:
Total assets$6,861 $1,374 $8,235 
Capital expenditures29 42 71 
(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.
For the Year Ended December 31, 2024
Safety
Services		Specialty
Services		Total
Revenues from external customers$4,795 $2,223 $7,018 
Intersegment revenues2 6 8 
Net revenues4,797 2,229 7,026 
Reconciliation of revenue:
Elimination of intersegment revenues(8)
Total consolidated revenues$7,018 
Less: (a)
Segment cost of revenues (b)
3,050 1,790 
Segment operating expenses (c)
1,019 242 
Plus:
Segment other income/expense6 10 
Depreciation31 46 
Segment earnings$765 $253 $1,018 
Reconciliation of profit/(loss):
Corporate/other profit/(loss) (d)
$(125)
Interest expense, net(146)
Depreciation(80)
Amortization(222)
Contingent consideration and compensation(3)
Non-service pension cost(22)
Business process transformation expenses(52)
Acquisition and divestiture related expenses(13)
Restructuring program related costs(32)
Other7 
Income before income taxes$330 
Asset information:
Total assets$6,266 $1,368 $7,634 
Capital expenditures23 48 71 
(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.
For the Year Ended December 31, 2023
Safety
Services		Specialty
Services		Total
Revenues from external customers$4,422 $2,506 $6,928 
Intersegment revenues3 12 15 
Net revenues4,425 2,518 6,943 
Reconciliation of revenue:
Elimination of intersegment revenues(15)
Total consolidated revenues$6,928 
Less: (a)
Segment cost of revenues (b)
2,898 2,064 
Segment operating expenses (c)
930 237 
Plus:
Segment other income/expense3 10 
Depreciation25 51 
Segment earnings$625 $278 $903 
Reconciliation of profit/(loss):
Corporate/other profit/(loss) (d)
$(121)
Interest expense, net(145)
Depreciation(79)
Amortization(224)
Contingent consideration and compensation(14)
Non-service pension benefit12 
Business process transformation expenses(30)
Acquisition and divestiture related expenses(7)
Restructuring program related costs(46)
Other(17)
Income before income taxes$232 
Asset information:
Total assets$5,586 $1,423 $7,009 
Capital expenditures23 50 73 
(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.
v3.25.4
NATURE OF BUSINESS - Additional Information (Details)
Dec. 31, 2025
location
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of locations 500
v3.25.4
SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details)
$ in Millions
 1 Months Ended 12 Months Ended
Dec. 31, 2024
USD ($)
pensionPlan
Dec. 31, 2025
USD ($)
segment
jointVenture
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
pensionPlan
Product Information [Line Items]        
Foreign currency transaction loss (gain)   $ 2 $ 2 $ (1)
Foreign currency translation gain (loss)   $ 176 (107) 61
Number of reportable segments | segment   2    
Number of consolidated joint ventures | jointVenture   1    
Earnings from joint ventures, consolidated   $ 0 1 0
Earnings from joint ventures, non-consolidated   302 250 $ 153
Number of pension plans | pensionPlan 2     2
Accrued liabilities for workers' compensation, general and automobile claims $ 112 125 112  
Receivable from Insurance carriers 11 5 11  
Accrued liabilities for health insurance claims 7 8 7  
Letters of Credit        
Product Information [Line Items]        
Total debt obligations $ 147 $ 153 $ 147  
Customer relationships        
Product Information [Line Items]        
Intangible assets, estimated useful lives 9 years 8 years 8 months 12 days 9 years  
Customer relationships | Minimum        
Product Information [Line Items]        
Intangible assets, estimated useful lives   2 years    
Customer relationships | Maximum        
Product Information [Line Items]        
Intangible assets, estimated useful lives   15 years    
Trade names and trademarks        
Product Information [Line Items]        
Intangible assets, estimated useful lives 11 years 1 month 6 days 10 years 7 months 6 days 11 years 1 month 6 days  
Trade names and trademarks | Minimum        
Product Information [Line Items]        
Intangible assets, estimated useful lives   2 years    
Trade names and trademarks | Maximum        
Product Information [Line Items]        
Intangible assets, estimated useful lives   15 years    
Contractual backlog        
Product Information [Line Items]        
Intangible assets, estimated useful lives 1 year 3 months 18 days 9 months 18 days 1 year 3 months 18 days  
Contractual backlog | Minimum        
Product Information [Line Items]        
Intangible assets, estimated useful lives   6 months    
Contractual backlog | Maximum        
Product Information [Line Items]        
Intangible assets, estimated useful lives   36 months    
Other Noncurrent Liabilities        
Product Information [Line Items]        
Accrued liabilities for workers' compensation, general and automobile claims $ 87 $ 90 $ 87  
Joint Ventures        
Product Information [Line Items]        
Earnings from joint ventures, non-consolidated   13 8 $ 7
Joint Ventures | Other Assets        
Product Information [Line Items]        
Investment balance $ 4 $ 6 $ 4  
ESPP        
Product Information [Line Items]        
Percentage of fair market value of common stock   85.00%    
v3.25.4
BUSINESS COMBINATIONS - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 02, 2024
USD ($)
Oct. 01, 2024
USD ($)
Sep. 03, 2024
USD ($)
Jun. 03, 2024
USD ($)
state
Dec. 31, 2025
USD ($)
business
arrangement
Dec. 31, 2024
USD ($)
acquisition
Business Combination [Line Items]            
Goodwill, expected tax deduction           $ 118
Number of arrangements for provisions | arrangement         3  
Series of Individually Immaterial Business Combinations            
Business Combination [Line Items]            
Number of businesses acquired         14 9
Total net consideration         $ 233 $ 77
Cash paid at closing         186 63
Cash deposited into escrow         17 0
Accrued consideration         30 14
Goodwill, expected tax deduction           106
Elevated Acquisition            
Business Combination [Line Items]            
Total net consideration       $ 578    
Cash paid at closing       572    
Cash deposited into escrow       $ 6    
Goodwill, expected tax deduction         19  
Equity interests acquired       100.00%    
Number of states in which customers are served | state       18    
Transaction costs           7
Acquisition A24            
Business Combination [Line Items]            
Total net consideration     $ 33      
Cash paid at closing     24      
Cash deposited into escrow     0      
Accrued consideration     $ 9      
Acquisition B24            
Business Combination [Line Items]            
Total net consideration   $ 101        
Cash paid at closing   99        
Cash deposited into escrow   2        
Accrued consideration   $ 0        
Acquisition C24            
Business Combination [Line Items]            
Total net consideration $ 33          
Cash paid at closing 26          
Cash deposited into escrow 0          
Accrued consideration $ 7          
2019 APi Acquisition            
Business Combination [Line Items]            
Contingent compensation         7 0
Maximum payout of contingent compensation         15 2
Payout of accrued contingent compensation         7 0
Liability for deferred payments         $ 39 $ 28
2019 APi Acquisition | Minimum            
Business Combination [Line Items]            
Contingent compensation arrangements recognized period         1 year  
Liability for deferred payments recognition period         1 year  
2019 APi Acquisition | Maximum            
Business Combination [Line Items]            
Contingent compensation arrangements recognized period         4 years  
Liability for deferred payments recognition period         3 years  
v3.25.4
BUSINESS COMBINATIONS - Schedule of Net Assets Acquired (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 02, 2024
Oct. 01, 2024
Sep. 03, 2024
Jun. 03, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Business Combination [Line Items]              
Goodwill         $ 3,167 $ 2,894 $ 2,471
Series of Individually Immaterial Business Combinations              
Business Combination [Line Items]              
Cash paid at closing         186 63  
Cash deposited into escrow         17 0  
Accrued consideration         30 14  
Total net consideration         233 77  
Cash and cash equivalents         15 0  
Accounts receivable         25 2  
Contract assets         2 0  
Other current assets         2 1  
Property and equipment         3 3  
Intangible assets         86 33  
Goodwill         126 43  
Other assets           0  
Accounts payable         (8) 0  
Other accrued liabilities         (8) (1)  
Contract liabilities         (6) (2)  
Deferred tax liabilities           (2)  
Other noncurrent liabilities         (4) 0  
Net assets acquired         $ 233 $ 77  
Elevated Acquisition              
Business Combination [Line Items]              
Cash paid at closing       $ 572      
Cash deposited into escrow       6      
Total net consideration       578      
Cash and cash equivalents       7      
Accounts receivable       29      
Contract assets       14      
Other current assets       6      
Property and equipment       4      
Operating lease right-of-use assets       2      
Intangible assets       222      
Goodwill       394      
Accounts payable       (12)      
Other accrued liabilities       (26)      
Contract liabilities       (10)      
Current and noncurrent operating and finance lease liabilities       (3)      
Deferred tax liabilities       (49)      
Net assets acquired       $ 578      
Acquisition A24              
Business Combination [Line Items]              
Cash paid at closing     $ 24        
Cash deposited into escrow     0        
Accrued consideration     9        
Total net consideration     33        
Cash and cash equivalents     6        
Accounts receivable     15        
Contract assets     0        
Other current assets     2        
Property and equipment     2        
Intangible assets     8        
Goodwill     10        
Other assets     0        
Accounts payable     (2)        
Other accrued liabilities     (3)        
Contract liabilities     (5)        
Deferred tax liabilities     0        
Other noncurrent liabilities     0        
Net assets acquired     $ 33        
Acquisition B24              
Business Combination [Line Items]              
Cash paid at closing   $ 99          
Cash deposited into escrow   2          
Accrued consideration   0          
Total net consideration   101          
Cash and cash equivalents   0          
Accounts receivable   18          
Contract assets   2          
Other current assets   4          
Property and equipment   3          
Intangible assets   38          
Goodwill   52          
Other assets   2          
Accounts payable   (4)          
Other accrued liabilities   (8)          
Contract liabilities   (1)          
Deferred tax liabilities   (2)          
Other noncurrent liabilities   (3)          
Net assets acquired   $ 101          
Acquisition C24              
Business Combination [Line Items]              
Cash paid at closing $ 26            
Cash deposited into escrow 0            
Accrued consideration 7            
Total net consideration 33            
Cash and cash equivalents 2            
Accounts receivable 10            
Contract assets 0            
Other current assets 1            
Property and equipment 0            
Intangible assets 10            
Goodwill 16            
Other assets 0            
Accounts payable (2)            
Other accrued liabilities (2)            
Contract liabilities 0            
Deferred tax liabilities (2)            
Other noncurrent liabilities 0            
Net assets acquired $ 33            
v3.25.4
DIVESTITURES (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Asset impairment charges $ 0 $ 1  
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Operating Company      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Consideration on disposal of assets     $ 38
Asset impairment charges     $ 12
v3.25.4
RESTRUCTURING - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]      
Asset impairment charges $ 0 $ 1  
Program related costs 14 32 $ 46
Program Related Costs      
Restructuring Cost and Reserve [Line Items]      
Program related costs 3 13  
2022 Restructuring Program      
Restructuring Cost and Reserve [Line Items]      
Restructuring liabilities 13    
Restructuring costs 3    
2022 Restructuring Program | Employee Severance      
Restructuring Cost and Reserve [Line Items]      
Restructuring charges, net of cash paid $ 4 $ 12  
v3.25.4
RESTRUCTURING - Summary of Restructuring Program (Details) - Employee Severance - 2022 Restructuring Program - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Restructuring Reserve [Roll Forward]    
Restructuring reserve, beginning balance $ 15 $ 32
Charges 4 12
Payments (7) (28)
Reversals   (1)
Currency translation adjustment 1  
Restructuring reserve, ending balance $ 13 $ 15
v3.25.4
NET REVENUES - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Disaggregation Of Revenue [Line Items]    
Revenue from contract with customer, typical contract period (less than) 6 months  
Aggregate amount of transaction price allocated to unsatisfied performance obligation $ 3,605  
Customers with payment terms 30 days  
Retentions receivable $ 187 $ 160
Retentions receivable, may not be received within one year $ 48 $ 38
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01    
Disaggregation Of Revenue [Line Items]    
Percentage of recognized revenue of remaining performance obligations over the next 12 months 74.00%  
Revenue, remaining performance obligation, expected timing of satisfaction, period 12 months  
Minimum    
Disaggregation Of Revenue [Line Items]    
Revenue from contract with customer, contract period 7 days  
Payment of invoices 30 days  
Maximum    
Disaggregation Of Revenue [Line Items]    
Revenue from contract with customer, contract period 5 years  
Payment of invoices 90 days  
v3.25.4
NET REVENUES - Summary of Disaggregated Revenue (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation Of Revenue [Line Items]      
Net revenues $ 7,911 $ 7,018 $ 6,928
Operating Segments      
Disaggregation Of Revenue [Line Items]      
Net revenues 7,916 7,026 6,943
Corporate and Eliminations      
Disaggregation Of Revenue [Line Items]      
Net revenues (5) (8) (15)
United States      
Disaggregation Of Revenue [Line Items]      
Net revenues 5,180 4,383 4,338
United States | Corporate and Eliminations      
Disaggregation Of Revenue [Line Items]      
Net revenues (5) (8) (15)
France      
Disaggregation Of Revenue [Line Items]      
Net revenues 691 637 607
France | Corporate and Eliminations      
Disaggregation Of Revenue [Line Items]      
Net revenues 0 0 0
Other      
Disaggregation Of Revenue [Line Items]      
Net revenues 2,040 1,998 1,983
Other | Corporate and Eliminations      
Disaggregation Of Revenue [Line Items]      
Net revenues 0 0 0
Life Safety      
Disaggregation Of Revenue [Line Items]      
Net revenues 5,456 4,797 4,425
Infrastructure and Utility      
Disaggregation Of Revenue [Line Items]      
Net revenues 1,024 998 1,216
Fabrication and Distribution      
Disaggregation Of Revenue [Line Items]      
Net revenues 342 290 262
Specialty Contracting      
Disaggregation Of Revenue [Line Items]      
Net revenues 1,094 941 1,040
Consolidated      
Disaggregation Of Revenue [Line Items]      
Net revenues 7,911 7,018 6,928
Safety Services | Operating Segments      
Disaggregation Of Revenue [Line Items]      
Net revenues 5,456 4,797 4,425
Safety Services | United States | Operating Segments      
Disaggregation Of Revenue [Line Items]      
Net revenues 2,725 2,168 1,876
Safety Services | France | Operating Segments      
Disaggregation Of Revenue [Line Items]      
Net revenues 691 637 607
Safety Services | Other | Operating Segments      
Disaggregation Of Revenue [Line Items]      
Net revenues 2,040 1,992 1,942
Safety Services | Life Safety | Operating Segments      
Disaggregation Of Revenue [Line Items]      
Net revenues 5,456 4,797 4,425
Safety Services | Infrastructure and Utility | Operating Segments      
Disaggregation Of Revenue [Line Items]      
Net revenues 0 0 0
Safety Services | Fabrication and Distribution | Operating Segments      
Disaggregation Of Revenue [Line Items]      
Net revenues 0 0 0
Safety Services | Specialty Contracting | Operating Segments      
Disaggregation Of Revenue [Line Items]      
Net revenues 0 0 0
Specialty Services | Operating Segments      
Disaggregation Of Revenue [Line Items]      
Net revenues 2,460 2,229 2,518
Specialty Services | United States | Operating Segments      
Disaggregation Of Revenue [Line Items]      
Net revenues 2,460 2,223 2,477
Specialty Services | France | Operating Segments      
Disaggregation Of Revenue [Line Items]      
Net revenues 0 0 0
Specialty Services | Other | Operating Segments      
Disaggregation Of Revenue [Line Items]      
Net revenues 0 6 41
Specialty Services | Life Safety | Operating Segments      
Disaggregation Of Revenue [Line Items]      
Net revenues 0 0 0
Specialty Services | Infrastructure and Utility | Operating Segments      
Disaggregation Of Revenue [Line Items]      
Net revenues 1,024 998 1,216
Specialty Services | Fabrication and Distribution | Operating Segments      
Disaggregation Of Revenue [Line Items]      
Net revenues 342 290 262
Specialty Services | Specialty Contracting | Operating Segments      
Disaggregation Of Revenue [Line Items]      
Net revenues $ 1,094 $ 941 $ 1,040
v3.25.4
NET REVENUES - Summary of Accounts Receivable, Net of Allowances, Contract Assets and Contract Liabilities from Contracts with Customers (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]      
Accounts receivable, net of allowances $ 1,563 $ 1,444 $ 1,395
Contract assets 484 453 436
Contract liabilities $ 694 $ 590 $ 526
v3.25.4
GOODWILL AND INTANGIBLES - Summary of Changes In Carrying Amounts of Goodwill By Reportable Segments (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Goodwill [Roll Forward]    
Beginning Balance $ 2,894 $ 2,471
Acquisitions 126 513
Foreign currency translation and other, net 147 (90)
Ending Balance 3,167 2,894
Safety Services    
Goodwill [Roll Forward]    
Beginning Balance 2,661 2,241
Acquisitions 119 510
Foreign currency translation and other, net 147 (90)
Ending Balance 2,927 2,661
Specialty Services    
Goodwill [Roll Forward]    
Beginning Balance 233 230
Acquisitions 7 3
Foreign currency translation and other, net 0 0
Ending Balance $ 240 $ 233
v3.25.4
GOODWILL AND INTANGIBLES - Summary of Identifiable Intangible Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 2,867 $ 2,672
Accumulated Amortization (1,283) (1,012)
Net Carrying Amount $ 1,584 $ 1,660
Contractual backlog    
Finite-Lived Intangible Assets [Line Items]    
Weighted- Average Remaining Useful Lives (in Years) 9 months 18 days 1 year 3 months 18 days
Gross Carrying Amount $ 169 $ 171
Accumulated Amortization (168) (158)
Net Carrying Amount $ 1 $ 13
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Weighted- Average Remaining Useful Lives (in Years) 8 years 8 months 12 days 9 years
Gross Carrying Amount $ 1,897 $ 1,753
Accumulated Amortization (869) (672)
Net Carrying Amount $ 1,028 $ 1,081
Trade names and trademarks    
Finite-Lived Intangible Assets [Line Items]    
Weighted- Average Remaining Useful Lives (in Years) 10 years 7 months 6 days 11 years 1 month 6 days
Gross Carrying Amount $ 801 $ 748
Accumulated Amortization (246) (182)
Net Carrying Amount $ 555 $ 566
v3.25.4
GOODWILL AND INTANGIBLES - Summary of Aggregate Amortization Expense of the Intangible (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2026 $ 243
2027 218
2028 149
2029 146
2030 143
Thereafter 685
Total $ 1,584
v3.25.4
GOODWILL AND INTANGIBLES - Summary of Amortization Expense Recognized on Intangible Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]      
Total intangible asset amortization expense $ 242 $ 222 $ 224
Cost of revenues      
Finite-Lived Intangible Assets [Line Items]      
Total intangible asset amortization expense 14 6 27
Selling, general, and administrative expenses      
Finite-Lived Intangible Assets [Line Items]      
Total intangible asset amortization expense $ 228 $ 216 $ 197
v3.25.4
FAIR VALUE OF FINANCIAL INSTRUMENTS - Summary of Fair Value Measurement Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets $ 17 $ 121
Contingent consideration obligations (16) (13)
Financial liabilities (21) (13)
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 0 0
Contingent consideration obligations 0 0
Financial liabilities 0 0
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 17 121
Contingent consideration obligations 0 0
Financial liabilities (5) 0
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 0 0
Contingent consideration obligations (16) (13)
Financial liabilities (16) (13)
Derivatives designated as hedging instruments:    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets 16 121
Derivatives designated as hedging instruments: | Interest rate swaps | Cash flow hedges:    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets 1 25
Derivatives designated as hedging instruments: | Cross currency contracts | Cash flow hedges:    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets 3 14
Derivatives designated as hedging instruments: | Cross currency contracts | Fair value hedges:    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets 2 54
Derivatives designated as hedging instruments: | Cross currency contracts | Net investment hedges    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets 10 28
Derivatives designated as hedging instruments: | Foreign currency forward contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets 0 0
Derivatives designated as hedging instruments: | Foreign currency forward contracts | Cash flow hedges:    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets 0 0
Derivatives designated as hedging instruments: | Level 1 | Interest rate swaps | Cash flow hedges:    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets 0 0
Derivatives designated as hedging instruments: | Level 1 | Cross currency contracts | Cash flow hedges:    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets 0 0
Derivatives designated as hedging instruments: | Level 1 | Cross currency contracts | Fair value hedges:    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets 0 0
Derivatives designated as hedging instruments: | Level 1 | Cross currency contracts | Net investment hedges    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets 0 0
Derivatives designated as hedging instruments: | Level 1 | Foreign currency forward contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets 0 0
Derivatives designated as hedging instruments: | Level 2 | Interest rate swaps | Cash flow hedges:    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets 1 25
Derivatives designated as hedging instruments: | Level 2 | Cross currency contracts | Cash flow hedges:    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets 3 14
Derivatives designated as hedging instruments: | Level 2 | Cross currency contracts | Fair value hedges:    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets 2 54
Derivatives designated as hedging instruments: | Level 2 | Cross currency contracts | Net investment hedges    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets 10 28
Derivatives designated as hedging instruments: | Level 2 | Foreign currency forward contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets 0 0
Derivatives designated as hedging instruments: | Level 3 | Interest rate swaps | Cash flow hedges:    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets 0 0
Derivatives designated as hedging instruments: | Level 3 | Cross currency contracts | Cash flow hedges:    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets 0 0
Derivatives designated as hedging instruments: | Level 3 | Cross currency contracts | Fair value hedges:    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets 0 0
Derivatives designated as hedging instruments: | Level 3 | Cross currency contracts | Net investment hedges    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets 0 0
Derivatives designated as hedging instruments: | Level 3 | Foreign currency forward contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets 0 0
Derivatives not designated as hedging instruments:    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets 17 121
Derivatives not designated as hedging instruments: | Foreign currency forward contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets 1 0
Derivatives not designated as hedging instruments: | Foreign currency forward contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets 1 0
Derivative liability (5) 0
Derivatives not designated as hedging instruments: | Level 1 | Foreign currency forward contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets 0 0
Derivatives not designated as hedging instruments: | Level 1 | Foreign currency forward contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability 0 0
Derivatives not designated as hedging instruments: | Level 2 | Foreign currency forward contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets 1 0
Derivatives not designated as hedging instruments: | Level 2 | Foreign currency forward contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability (5) 0
Derivatives not designated as hedging instruments: | Level 3 | Foreign currency forward contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets 0 0
Derivatives not designated as hedging instruments: | Level 3 | Foreign currency forward contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability $ 0 $ 0
v3.25.4
FAIR VALUE OF FINANCIAL INSTRUMENTS - Summary of Reconciliation of Fair Value of Contingent Consideration Obligations (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
arrangement
Dec. 31, 2024
USD ($)
arrangement
Dec. 31, 2023
USD ($)
arrangement
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Balance at the beginning of the year $ 13,000 $ 6,000 $ 4,000
Issuances 9,000 13,000 3,000
Settlements (4,000) (6,000) (1,000)
Adjustments to fair value (2,000) 0 0
Balance at the end of the year $ 16,000 $ 13,000 $ 6,000
Number of open contingent consideration arrangements at the end of the year | arrangement 10 9 2
Maximum potential payout at the end of the year $ 18,000 $ 13,000 $ 6,000
v3.25.4
FAIR VALUE OF FINANCIAL INSTRUMENTS - Summary of Carrying And Fair Value Of Non-Variable Interest Rate Debt (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2021
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]      
Carrying Value $ 2,776 $ 2,776  
2021 Term Loan | Level 2      
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]      
Carrying Value 2,157 2,157  
Fair Value 2,162 2,155  
4.125% Senior Notes      
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]      
Carrying Value $ 337 $ 337  
Line of credit facility, interest rate 4.125% 4.125% 4.125%
4.125% Senior Notes | Level 2 | Senior Notes | Non-Variable Interest Rate Debt      
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]      
Carrying Value $ 337 $ 337  
Fair Value 327 305  
4.750% Senior Notes      
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]      
Carrying Value $ 277 $ 277  
Line of credit facility, interest rate 4.75% 4.75% 4.75%
4.750% Senior Notes | Level 2 | Senior Notes | Non-Variable Interest Rate Debt      
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]      
Carrying Value $ 277 $ 277  
Fair Value $ 271 $ 259  
v3.25.4
DERIVATIVES - Summary of Fair Value of Derivative Instruments (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Derivatives designated as hedging instruments:    
Derivative Instruments, Gain (Loss) [Line Items]    
Outstanding Gross Notional Amount $ 3,580 $ 2,927
Other Assets 16 121
Other Noncurrent Liabilities 0 0
Derivatives designated as hedging instruments: | Interest rate swaps | Cash flow hedges:    
Derivative Instruments, Gain (Loss) [Line Items]    
Outstanding Gross Notional Amount 1,840 1,840
Other Assets 1 25
Other Noncurrent Liabilities 0 0
Derivatives designated as hedging instruments: | Cross currency contracts | Cash flow hedges:    
Derivative Instruments, Gain (Loss) [Line Items]    
Outstanding Gross Notional Amount 120 120
Other Assets 3 14
Other Noncurrent Liabilities 0 0
Derivatives designated as hedging instruments: | Cross currency contracts | Fair value hedges:    
Derivative Instruments, Gain (Loss) [Line Items]    
Outstanding Gross Notional Amount 689 737
Other Assets 2 54
Other Noncurrent Liabilities 0 0
Derivatives designated as hedging instruments: | Cross currency contracts | Net investment hedges:    
Derivative Instruments, Gain (Loss) [Line Items]    
Outstanding Gross Notional Amount 931 230
Other Assets 10 28
Other Noncurrent Liabilities 0 0
Derivatives designated as hedging instruments: | Foreign currency forward contracts | Cash flow hedges:    
Derivative Instruments, Gain (Loss) [Line Items]    
Outstanding Gross Notional Amount 0 0
Other Assets 0 0
Other Noncurrent Liabilities 0 0
Derivatives not designated as hedging instruments:    
Derivative Instruments, Gain (Loss) [Line Items]    
Outstanding Gross Notional Amount 3,892 3,004
Other Assets 17 121
Other Noncurrent Liabilities (5) 0
Derivatives not designated as hedging instruments: | Foreign currency forward contracts    
Derivative Instruments, Gain (Loss) [Line Items]    
Outstanding Gross Notional Amount 312 77
Other Assets 1 0
Other Noncurrent Liabilities $ (5) $ 0
v3.25.4
DERIVATIVES - Summary of Effect of Derivatives on Consolidated Statements of Operations (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Derivatives designated as hedging instruments: | Interest rate swaps | Cash flow hedges:      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of (income) expense recognized in income $ (8) $ (32) $ (32)
Derivatives designated as hedging instruments: | Cross currency contracts | Cash flow hedges: | Interest expense, net      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of (income) expense recognized in income (2) (2) (2)
Derivatives designated as hedging instruments: | Cross currency contracts | Cash flow hedges: | Investment expense (income) and other, net      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of (income) expense recognized in income 14 (7) 3
Derivatives designated as hedging instruments: | Cross currency contracts | Fair value hedges: | Interest expense, net      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of (income) expense recognized in income 1 (3) (2)
Derivatives designated as hedging instruments: | Cross currency contracts | Fair value hedges: | Investment expense (income) and other, net      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of (income) expense recognized in income 54 (37) 25
Derivatives designated as hedging instruments: | Cross currency contracts | Net investment hedges:      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of (income) expense recognized in income (9) (4) (4)
Derivatives not designated as hedging instruments: | Foreign currency forward contracts      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of (income) expense recognized in income $ 0 $ 0 $ (1)
v3.25.4
DERIVATIVES - Additional Information (Details)
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2021
USD ($)
swap
Derivative Instruments, Gain (Loss) [Line Items]        
Total debt obligations $ 2,776,000,000 $ 2,776,000,000    
Term loan facility        
Derivative Instruments, Gain (Loss) [Line Items]        
Total debt obligations 2,157,000,000      
Foreign currency forward contracts        
Derivative Instruments, Gain (Loss) [Line Items]        
Other (income) expense 2,000,000 2,000,000 $ (1,000,000)  
Derivative notional amount 0      
2026 interest rate swap        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative notional amount $ 720,000,000      
Derivative, fixed interest rate 3.59%      
2028 interest rate swap        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative notional amount $ 400,000,000      
Interest rate swaps        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative notional amount $ 1,840,000,000      
Derivative, fixed interest rate 3.41%      
Interest rate swaps | Derivatives Designated as Effective Hedges [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative, fixed interest rate 3.52%      
2029 interest rate swap        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative notional amount   $ 720,000,000    
Derivative, fixed interest rate   3.13%    
Cross currency contracts        
Derivative Instruments, Gain (Loss) [Line Items]        
Reclassification from AOCI $ 2,000,000      
Cross currency contracts | Derivatives Designated as Effective Hedges [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Number of foreign currency derivatives held | swap       2
Cross currency contracts | Derivatives Designated as Effective Hedges [Member] | Australia, Dollars | Net investment hedges        
Derivative Instruments, Gain (Loss) [Line Items]        
Fair value of hedges 689,000,000 $ 16,000,000    
Cross currency contracts | Derivatives Designated as Effective Hedges [Member] | Euro Member Countries, Euro | Net investment hedges        
Derivative Instruments, Gain (Loss) [Line Items]        
Fair value of hedges   721,000,000    
Cross currency contracts | Derivatives Designated as Effective Hedges [Member] | Canada, Dollars | Net investment hedges        
Derivative Instruments, Gain (Loss) [Line Items]        
Fair value of hedges   721,000,000    
Cross currency contracts | Derivatives Designated as Effective Hedges [Member] | United Kingdom, Pounds | Net investment hedges        
Derivative Instruments, Gain (Loss) [Line Items]        
Fair value of hedges   $ 721,000,000    
Cross currency contracts | Derivatives Designated as Effective Hedges [Member] | September 2027        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative notional amount       $ 26,000,000
Cross currency contracts | Derivatives Designated as Effective Hedges [Member] | September 2030        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative notional amount       94,000,000
Currency Swap | Derivatives Designated as Effective Hedges [Member] | Net investment hedges        
Derivative Instruments, Gain (Loss) [Line Items]        
Derivative notional amount $ 701,000,000     230,000,000
Currency Swap | Derivatives Designated as Effective Hedges [Member] | Net investment hedges | Maximum        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount amortized from AOCI into interest expenses       $ 1,000,000
v3.25.4
DERIVATIVES - Summary of Effect of Cash Flow and Fair Value Hedge Accounting on Accumulated Other Comprehensive (Income) Loss (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flow hedges: | Interest rate swaps | Interest expense, net      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of gain (loss) recognized in other comprehensive income, cash flow hedges $ (18) $ 14 $ (6)
Amount of (gain) loss reclassified from AOCI into income, cash flow hedges 0 13 16
Cash flow hedges: | Cross currency contracts | Investment expense (income) and other, net      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of gain (loss) recognized in other comprehensive income, cash flow hedges 2 (2) (3)
Amount of (gain) loss reclassified from AOCI into income, cash flow hedges (14) 7 (3)
Fair value hedges: | Cross currency contracts | Interest expense, net      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of (gain) loss recognized in other comprehensive income, fair value hedges 0 0 0
Amount of (gain) loss reclassified from AOCI into income, fair value hedges (2) 0 0
Fair value hedges: | Cross currency contracts | Investment expense (income) and other, net      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of (gain) loss recognized in other comprehensive income, fair value hedges 3 0 (6)
Amount of (gain) loss reclassified from AOCI into income, fair value hedges (52) 36 (25)
Net investment hedges: | Cross currency contracts | Interest expense, net      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of (gain) loss recognized in other comprehensive income, net investment hedging (16) 7 (9)
Amount of (gain) loss reclassified from AOCI into income, net investment hedges 3 1 1
Net investment hedges: | Cross currency contracts | Investment expense (income) and other, net      
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of (gain) loss recognized in other comprehensive income, net investment hedging 0 0 0
Amount of (gain) loss reclassified from AOCI into income, net investment hedges $ 3 $ 0 $ 0
v3.25.4
PROPERTY AND EQUIPMENT, NET - Summary of Components of Property and Equipment (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Total cost $ 738 $ 653
Accumulated depreciation (341) (274)
Property and equipment, net 397 379
Land    
Property, Plant and Equipment [Line Items]    
Total cost $ 20 21
Building    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, useful life 39 years  
Total cost $ 86 100
Machinery, equipment, and office equipment    
Property, Plant and Equipment [Line Items]    
Total cost $ 429 372
Machinery, equipment, and office equipment | Minimum    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, useful life 1 year  
Machinery, equipment, and office equipment | Maximum    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, useful life 20 years  
Autos and trucks    
Property, Plant and Equipment [Line Items]    
Total cost $ 138 113
Autos and trucks | Minimum    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, useful life 4 years  
Autos and trucks | Maximum    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, useful life 10 years  
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Total cost $ 65 $ 47
Leasehold improvements | Minimum    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, useful life 1 year  
Leasehold improvements | Maximum    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, useful life 15 years  
v3.25.4
PROPERTY AND EQUIPMENT, NET - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Abstract]      
Depreciation $ 85 $ 80 $ 79
v3.25.4
LEASES - Additional Information (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
renewalOption
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Lessee Lease Description [Line Items]      
Number of lease renewal options (or more) | renewalOption 1    
Rent expense, including real estate taxes and operating costs | $ $ 3 $ 4 $ 4
Minimum      
Lessee Lease Description [Line Items]      
Operating lease term, extension option 1 year    
Incremental borrowing rates tenor 1 year    
Maximum      
Lessee Lease Description [Line Items]      
Operating lease term, extension option 12 years    
Incremental borrowing rates tenor 30 years    
Building | Maximum      
Lessee Lease Description [Line Items]      
Operating lease term 10 years    
Equipment | Minimum      
Lessee Lease Description [Line Items]      
Operating lease term 1 year    
Equipment | Maximum      
Lessee Lease Description [Line Items]      
Operating lease term 7 years    
Autos and trucks | Minimum      
Lessee Lease Description [Line Items]      
Operating lease term 1 year    
Autos and trucks | Maximum      
Lessee Lease Description [Line Items]      
Operating lease term 7 years    
v3.25.4
LEASES - Schedule of Components of Lease Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Operating lease cost $ 112 $ 99 $ 88
Finance lease cost - amortization of right-of-use assets 5 6 6
Short-term lease cost 66 42 41
Variable lease cost 24 21 22
Total lease cost $ 207 $ 168 $ 157
v3.25.4
LEASES - Schedule of Supplemental Consolidated Statements of Cash Flows Information Related to Leases (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash paid for amounts included in measurement of lease liabilities:      
Operating cash outflows - payments on operating leases $ 110 $ 97 $ 88
Financing cash outflows - payments on finance leases 7 7 7
Right-of-use assets obtained in exchange for new lease obligations:      
Operating leases 126 135 81
Finance leases $ 4 $ 5 $ 5
v3.25.4
LEASES - Schedule of Supplemental Consolidated Balance Sheets Information Related to Leases (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Finance leases:    
Property and equipment, net $ 8 $ 11
Weighted-average remaining lease term:    
Operating leases 4 years 6 months 4 years 4 months 24 days
Finance leases 2 years 10 months 24 days 2 years 1 month 6 days
Weighted-average discount rate:    
Operating leases 5.60% 5.70%
Finance leases 4.70% 5.10%
Machinery, equipment, and office equipment    
Finance leases:    
Property and equipment, net $ 8 $ 11
v3.25.4
LEASES - Schedule of Future Undiscounted Cash Flows and Reconciliation to the Lease Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Operating Leases    
2026 $ 103  
2027 81  
2028 58  
2029 34  
2030 20  
Thereafter 43  
Total lease payments 339  
Less imputed interest 35  
Total present value of lease liabilities 304  
Operating leases - current $ 93  
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] Operating and finance leases - current  
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Operating and finance leases - current  
Operating leases - non-current $ 211  
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Operating and finance leases - noncurrent  
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Operating and finance leases - noncurrent  
Finance Leases    
2026 $ 4  
2027 2  
2028 2  
2029 1  
2030 0  
Thereafter 0  
Total lease payments 9  
Less imputed interest 0  
Total present value of lease liabilities 9  
Finance leases - current 5  
Finance leases - non-current 4  
Total    
2026 107  
2027 83  
2028 60  
2029 35  
2030 20  
Thereafter 43  
Total lease payments 348  
Less imputed interest 35  
Total present value of lease liabilities 313  
Operating and finance leases - current 98 $ 90
Operating and finance leases - noncurrent $ 215 $ 192
v3.25.4
DEBT - Summary of Debt Obligations (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2021
Line of Credit Facility [Line Items]      
Total debt obligations $ 2,776 $ 2,776  
Less: unamortized deferred financing costs (17) (23)  
Total debt, net of deferred financing costs 2,759 2,753  
Less: short-term and current portion of long-term debt (5) (4)  
Long-term debt, less current portion 2,754 2,749  
Term loan facility      
Line of Credit Facility [Line Items]      
Total debt obligations 2,157    
Term loan facility | Term Loan      
Line of Credit Facility [Line Items]      
Total debt obligations 2,157 2,157  
Term loan facility | Revolving Credit Facility      
Line of Credit Facility [Line Items]      
Total debt obligations $ 0 $ 0  
4.125% Senior Notes      
Line of Credit Facility [Line Items]      
Line of credit facility, interest rate 4.125% 4.125% 4.125%
Total debt obligations $ 337 $ 337  
4.750% Senior Notes      
Line of Credit Facility [Line Items]      
Line of credit facility, interest rate 4.75% 4.75% 4.75%
Total debt obligations $ 277 $ 277  
Other obligations      
Line of Credit Facility [Line Items]      
Total debt obligations $ 5 $ 5  
v3.25.4
DEBT - Additional Information (Details)
$ in Millions
 3 Months Ended 12 Months Ended
Jun. 30, 2025
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2021
USD ($)
Mar. 31, 2025
USD ($)
Feb. 28, 2024
USD ($)
Dec. 31, 2022
USD ($)
Short Term Debt [Line Items]                
Line of credit, maximum borrowing capacity             $ 300  
Aggregate amount repaid   $ 7 $ 437 $ 484        
Acquisition of Construction Equipment and Vehicles                
Short Term Debt [Line Items]                
Notes payable   5 5          
2026 interest rate swap                
Short Term Debt [Line Items]                
Derivative notional amount   $ 720            
Derivative, fixed interest rate   3.59%            
2028 interest rate swap                
Short Term Debt [Line Items]                
Derivative notional amount   $ 400            
Interest rate swaps                
Short Term Debt [Line Items]                
Derivative notional amount   $ 1,840            
Derivative, fixed interest rate   3.41%            
2029 interest rate swap                
Short Term Debt [Line Items]                
Derivative notional amount     $ 720          
Derivative, fixed interest rate     3.13%          
4.125% Senior Notes                
Short Term Debt [Line Items]                
Total debt obligations         $ 350      
Line of credit facility, interest rate   4.125% 4.125%   4.125%      
Repurchase amount of senior notes   $ 337            
4.750% Senior Notes                
Short Term Debt [Line Items]                
Total debt obligations         $ 300      
Line of credit facility, interest rate   4.75% 4.75%   4.75%      
Repurchase amount of senior notes               $ 277
Term Loan                
Short Term Debt [Line Items]                
Total debt obligations   $ 2,157            
Debt instrument, reduction in basis spread on variable rate     0.0050     0.0025    
Remaining line of credit outstanding (unswapped portion)   $ 1,037            
Term Loan | Term loan facility                
Short Term Debt [Line Items]                
Line of credit, maximum borrowing capacity     $ 300          
Line of credit facility, increase     550          
Term Loan | Term loan facility | 2026 interest rate swap                
Short Term Debt [Line Items]                
Derivative, fixed interest rate   5.34%            
Term Loan | Term loan facility | 2028 interest rate swap                
Short Term Debt [Line Items]                
Derivative, fixed interest rate   5.16%            
Term Loan | Term loan facility | 2029 interest rate swap                
Short Term Debt [Line Items]                
Derivative notional amount     $ 720          
Derivative, fixed interest rate     3.13%          
Term Loan | Term loan facility | Base Rate                
Short Term Debt [Line Items]                
Debt, variable interest rate   0.75%            
Term Loan | Term loan facility | Secured Overnight Financing Rate (SOFR)                
Short Term Debt [Line Items]                
Debt, variable interest rate   1.75%            
Term Loan | Term loan facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | 2026 interest rate swap                
Short Term Debt [Line Items]                
Derivative, fixed interest rate   3.59%            
Term Loan | Term loan facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | 2028 interest rate swap                
Short Term Debt [Line Items]                
Derivative, fixed interest rate   3.41%            
Term Loan | Term loan facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Interest rate swaps | Minimum                
Short Term Debt [Line Items]                
Derivative, basis spread on variable rate   1.75%            
Revolving Credit Facility | Term loan facility                
Short Term Debt [Line Items]                
Total debt obligations   $ 0 $ 0          
Debt instrument term   5 years            
Line of credit net letters of credit outstanding   $ 745 494          
Letters of credit outstanding   5 6          
Aggregate amount repaid     100          
Revolving Credit Facility | Term loan facility | 2022 Incremental Amendment                
Short Term Debt [Line Items]                
Line of credit, maximum borrowing capacity $ 750 $ 750       $ 500    
Debt instrument term 5 years              
Debt instrument, reduction in basis spread on variable rate 0.0075              
Revolving Credit Facility | Term loan facility | Base Rate                
Short Term Debt [Line Items]                
Debt, variable interest rate   0.25%            
Revolving Credit Facility | Term loan facility | Secured Overnight Financing Rate (SOFR)                
Short Term Debt [Line Items]                
Debt, variable interest rate   1.25%            
2019 Term Loan | Term loan facility                
Short Term Debt [Line Items]                
Aggregate amount repaid     $ 330          
v3.25.4
DEBT - Schedule of Annual Maturities, Excluding Amortization of Debt Issuance Costs (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Debt Disclosure [Abstract]    
2026 $ 5  
2027 0  
2028 0  
2029 2,771  
2030 0  
Thereafter 0  
Total $ 2,776 $ 2,776
v3.25.4
INCOME TAXES - Summary of Components of Income (Loss) Before Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
U.S. earnings $ 251 $ 177 $ 186
Foreign earnings 162 153 46
Total earnings $ 413 $ 330 $ 232
v3.25.4
INCOME TAXES - Summary of Income Tax Provision (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current:      
U.S. federal $ 21 $ 47 $ 48
State 20 14 23
Foreign 56 46 40
Total current tax provision 97 107 111
Deferred:      
U.S. federal 33 (15) (10)
State 2 0 (1)
Foreign (21) (12) (21)
Total deferred tax benefit 14 (27) (32)
Total:      
U.S. federal 54 32 38
State 22 14 22
Foreign 35 34 19
Total income tax provision $ 111 $ 80 $ 79
v3.25.4
INCOME TAXES - Summary of Reconciliation of Federal Statutory Income Tax Rate In Acordance With the Guidance in ASU No. 2023-09 (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]      
U.S. federal statutory tax rate $ 87 $ 70 $ 49
State and local income taxes, net of federal income tax effect 18 11 17
Foreign rate differential   (3) (1)
Effect of cross-border tax laws      
Cross-border financing arrangement (6)    
Other 1    
Nontaxable or nondeductible items      
Section 162(m) limitation 6 3 3
Valuation allowance   (5) 8
Transaction costs   1 0
Other adjustments   3 3
Total income tax provision $ 111 $ 80 $ 79
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
U.S. federal statutory tax rate 21.00% 21.00% 21.00%
State and local income taxes, net of federal income tax effect 4.40% 3.30% 7.30%
Foreign rate differential   (0.90%) (0.40%)
Effect of cross-border tax laws      
Cross-border financing arrangement (1.50%)    
Other 0.20%    
Nontaxable or nondeductible items      
Section 162(m) limitation 1.50% 0.90% 1.30%
Valuation allowance   (1.50%) 3.40%
Transaction costs   0.30% 0.00%
Other adjustments   0.90% 1.30%
Total provision for income taxes 26.90% 24.00% 33.90%
United Kingdom      
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Foreign rate differential $ (4)    
Nontaxable or nondeductible items      
Other adjustments $ (2)    
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Foreign rate differential (1.00%)    
Nontaxable or nondeductible items      
Other adjustments (0.50%)    
Other foreign jurisdictions      
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Foreign rate differential $ 6    
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Foreign rate differential 1.50%    
United States      
Nontaxable or nondeductible items      
Other adjustments $ 5    
Nontaxable or nondeductible items      
Other adjustments 1.30%    
v3.25.4
INCOME TAXES - Summary of Income Taxes Paid (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Examination [Line Items]      
U.S. federal $ 42    
State 20    
France 111 $ 101 $ 95
Australia      
Income Tax Examination [Line Items]      
Foreign 9    
Canada      
Income Tax Examination [Line Items]      
Foreign 7    
France      
Income Tax Examination [Line Items]      
Foreign 14    
Hong Kong      
Income Tax Examination [Line Items]      
Foreign 8    
United Kingdom      
Income Tax Examination [Line Items]      
Foreign 6    
Other foreign jurisdictions      
Income Tax Examination [Line Items]      
Foreign $ 5    
v3.25.4
INCOME TAXES - Summary of Components of Deferred Tax Assets And Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Deferred tax assets:    
Operating and finance lease liabilities $ 45 $ 68
Accrued compensation 43 42
Accrued expenses 32 27
Net operating loss carryforwards 17 22
Contingent consideration and compensation liabilities 9 14
Capital loss carryforwards 55 51
Credits 40 37
Reserves and allowances 4 6
Interest limitation 29 36
Derivatives 1 0
Other 14 7
Gross deferred tax assets 289 310
Valuation allowances (107) (92)
Net deferred tax assets 182 218
Deferred tax liabilities:    
Depreciation on fixed assets 41 39
Goodwill 69 44
Amortization on identified intangible assets 174 177
Operating lease right-of-use assets 43 67
Derivatives 0 7
Deferred payments 3 3
Pension and post-retirement obligations 15 16
Other 2 6
Gross deferred tax liabilities 347 359
Net deferred tax liabilities $ 165 $ 141
v3.25.4
INCOME TAXES - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Deferred tax assets, valuation allowance $ 107,000 $ 92,000  
Income tax penalties and interest accrued 4,000 3,000  
Income tax interest expense 0 $ 0 $ 0
Unrecognized tax benefits that would impact effective tax rate 12,000    
Domestic Tax Authority      
Operating loss carryforwards 1,000    
State and Local Jurisdiction      
Operating loss carryforwards $ 20,000    
State and Local Jurisdiction | Minimum      
Operating loss carryback term 5 years    
State and Local Jurisdiction | Maximum      
Operating loss carryback term 20 years    
Foreign Tax Authority      
Operating loss carryforwards $ 70,000    
Tax credit carryforward, amount $ 40,000    
Operating loss carryforwards, carryforward term 20 years    
Foreign Tax Authority | Capital Loss Carryforward      
Tax credit carryforward, amount $ 220,000    
v3.25.4
INCOME TAXES - Summary of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Gross unrecognized tax benefits at the beginning of the year $ 9 $ 7 $ 8
Additions for tax positions taken in a prior period (including acquired uncertain tax positions) 0 3 0
Reductions for tax positions taken in a prior period (including acquired uncertain tax positions) 0 (1) (1)
Additions for tax positions taken in the current period 0 0 1
Reductions for tax positions due to lapse in statute of limitations 0 0 (1)
Gross unrecognized tax benefits as of the end of the year $ 9 $ 9 $ 7
v3.25.4
EMPLOYEE BENEFIT PLANS - Additional Information (Details) - USD ($)
 1 Months Ended 12 Months Ended
Jan. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Multiemployer Plans [Line Items]        
Expense recognized   $ 18,000,000 $ 16,000,000 $ 13,000,000
Benefit obligation   $ 1,436,000,000 $ 1,388,000,000 1,588,000,000
PBO discount   5.00% 4.90%  
Benefit payments, year one   $ 102,000,000    
Benefit payments, year two   107,000,000    
Defined benefit plan, year three   109,000,000    
Defined benefit plan, year four   106,000,000    
Benefit payments, year five   106,000,000    
Expense for shares distributed to eligible employees   36,000,000 $ 27,000,000 19,000,000
Deferred compensation arrangement with individual, recorded liability   $ 40,000,000 28,000,000  
ESPP        
Multiemployer Plans [Line Items]        
Share-based compensation arrangement by share-based payment award, purchase price of common stock, percent   85.00%    
Maximum number of shares purchased in offering period (in shares)   500    
Maximum value of common stock purchased during period under ESPP   $ 10,000    
Expense related to ESPP   $ 7,000,000    
Number of common stock issued related to ESPP (in shares) 311,400 907,005    
Weighted average price per share (in dollars per share)   $ 20.44    
Accrued liability   $ 9,000,000    
Common stock reserved for future issuance (in shares)   7,583,500    
Postemployment Retirement Benefits        
Multiemployer Plans [Line Items]        
Benefit obligation   $ 3,000,000    
PBO discount   4.80%    
Multiemployer Pension Plans        
Multiemployer Plans [Line Items]        
Withdrawal liability   $ 0 $ 0 $ 0
Maximum | Postemployment Retirement Benefits        
Multiemployer Plans [Line Items]        
Benefit payments, year one   1,000,000    
Benefit payments, year two   1,000,000    
Defined benefit plan, year three   1,000,000    
Defined benefit plan, year four   1,000,000    
Benefit payments, year five   1,000,000    
Defined benefit plan, thereafter   $ 1,000,000    
v3.25.4
EMPLOYEE BENEFIT PLANS - Schedule of Participation in MEPPs (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Multiemployer Plans [Line Items]      
Contributions $ 99 $ 89 $ 100
National Automatic Sprinkler Industry Pension Fund      
Multiemployer Plans [Line Items]      
Contributions 38 34 32
Pipe Trades Services MN Pension Fund      
Multiemployer Plans [Line Items]      
Contributions 12 8 11
Sheet Metal Workers' National Pension Fund      
Multiemployer Plans [Line Items]      
Contributions 6 4 6
Heavy And General Laborers Local Unions 472 And 172 Of New Jersey Pension Fund      
Multiemployer Plans [Line Items]      
Contributions 5 10 5
Boilermaker-Blacksmith National Pension Trust      
Multiemployer Plans [Line Items]      
Contributions 5 5 6
Total other      
Multiemployer Plans [Line Items]      
Contributions $ 33 $ 28 $ 40
v3.25.4
PENSION - Additional Information (Details)
$ in Millions
 1 Months Ended 12 Months Ended
Dec. 31, 2024
USD ($)
pensionPlan
Dec. 31, 2025
USD ($)
plan
country
Dec. 31, 2023
pensionPlan
Defined Benefit Plan Disclosure [Line Items]      
Number of pension plans | pensionPlan 2   2
Defined benefit plan number of plans | plan   12  
Number of countries in which retirement plans sponsored | country   7  
Defined benefit pension plans contributions   $ 5  
Estimated contributions to pension plans in next fiscal year   7  
Benefit payments, year one   102  
Benefit payments, year two   107  
Benefit payments, year three   109  
Benefit payments, year four   106  
Benefit payments, year five   106  
Benefit payments, after year five   517  
Defined benefit plan, AOCI, loss not yet recognized $ 517 $ 534  
Minimum      
Defined Benefit Plan Disclosure [Line Items]      
Maturity of corporate bond used in calculation of discount rate assumptions   5 years  
Maximum      
Defined Benefit Plan Disclosure [Line Items]      
Maturity of corporate bond used in calculation of discount rate assumptions   19 years  
v3.25.4
PENSION - Schedule of Changes in Benefit Obligations and Plan Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Projected benefit obligation ("PBO") Funded Status [Abstract]    
Fair value of plan assets $ 1,521 $ 1,466
Benefit obligations (1,436) (1,388)
Funded status of plans 85 78
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]    
Beginning balance 1,388 1,588
Service cost 4 5
Interest cost 65 $ 60
Defined Benefit Plan Net Periodic Benefit Cost Credit Interest Cost Statement Of Income Or Comprehensive Income Extensible List Not Disclosed Flag   Interest cost
Plan participants' contributions 1 $ 1
Actuarial gain (18) (132)
Benefits paid (100) (98)
Settlements (9) (5)
Other (1) 1
Foreign currency translation adjustment 106 (32)
Ending balance 1,436 1,388
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]    
Beginning balance 1,466 1,650
Employer contributions 5 6
Plan participants' contributions 1 1
Benefits paid (100) (98)
Actual return gain (loss) on assets 49 (58)
Settlements (9) (5)
Other (1) 2
Foreign currency translation adjustment 110 (32)
Ending balance $ 1,521 $ 1,466
v3.25.4
PENSION - Summary of Supplemental Consolidated Balance Sheets Information Related to Pension (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Retirement Benefits [Abstract]    
Pension and post-retirement assets $ 129 $ 120
Other accrued liabilities (1) 0
Other noncurrent liabilities (43) (42)
Net amount recognized $ 85 $ 78
v3.25.4
PENSION - Information for Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Retirement Benefits [Abstract]    
Benefit obligation $ 60 $ 56
Accumulated benefit obligation 51 46
Fair value of plan assets $ 16 $ 14
v3.25.4
PENSION - Components of Net Periodic Pension Cost (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Retirement Benefits [Abstract]    
Service cost $ 4 $ 5
Interest cost 65 60
Expected return on plan assets (69) $ (62)
Defined Benefit Plan Net Periodic Benefit Cost Credit Expected Return Loss Statement Of Income Or Comprehensive Income Extensible List Not Disclosed Flag   Expected return on plan assets
Amortization of net loss $ 22 $ 22
Defined Benefit Plan Net Periodic Benefit Cost Credit Amortization Of Gain Loss Statement Of Income Or Comprehensive Income Extensible List Not Disclosed Flag Amortization of net loss  
Settlements $ 1 0
Net periodic pension cost $ 23 $ 25
v3.25.4
PENSION - Major Assumptions Used to Determine Benefit Obligation (Details)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Retirement Benefits [Abstract]    
Benefit Obligation, Discount rates, PBO 5.00% 4.90%
Benefit Obligation, Discount rates, Interest cost 0 0
Benefit Obligation, Discount rates, Service cost 0 0
Benefit Obligation, Salary Scale 3.00% 3.00%
Benefit Obligation, Expected return on plan assets 0 0
Net Periodic Benefit Cost, Discount rates, PBO 4.90% 4.00%
Net Periodic Benefit Cost, Discount rates, Interest cost 3.90% 3.90%
Net Periodic Benefit Cost, Discount rates, Service cost 4.60% 3.90%
Net Periodic Benefit Cost, Salary scale 4.60% 3.10%
Net Periodic Benefit Cost, Expected return on plan assets 3.00% 3.90%
v3.25.4
PENSION - Summary of Allocation of Pension Plan Asset (Details)
Dec. 31, 2025
Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items]    
Target Asset Allocation Percentage 100.00% 100.00%
Percentage of Plan Assets 100.00% 100.00%
Equity securities    
Defined Benefit Plan Disclosure [Line Items]    
Target Asset Allocation Percentage 3.40% 4.10%
Percentage of Plan Assets 3.40% 4.10%
Debt securities    
Defined Benefit Plan Disclosure [Line Items]    
Target Asset Allocation Percentage 5.00% 4.60%
Percentage of Plan Assets 5.20% 4.70%
Real estate    
Defined Benefit Plan Disclosure [Line Items]    
Target Asset Allocation Percentage 0.50% 0.60%
Percentage of Plan Assets 0.50% 0.60%
Other    
Defined Benefit Plan Disclosure [Line Items]    
Target Asset Allocation Percentage 91.10% 90.70%
Percentage of Plan Assets 90.90% 90.60%
v3.25.4
PENSION - Summary of Fair Value of Pension Plan Assets by Asset Category (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets $ 1,521 $ 1,466 $ 1,650
Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 1,244 1,203 $ 1,383
Equities and Fixed Income Securities      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 1,521 1,466  
Equities and Fixed Income Securities | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 17 13  
Equities and Fixed Income Securities | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 257 242  
Equities and Fixed Income Securities | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 1,244 1,203  
Equities and Fixed Income Securities | Not Subject to Leveling      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 3 8  
Global equity funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 61 75  
Global equity funds | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Global equity funds | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 61 75  
Global equity funds | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Insurance contracts      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 1,244 1,203  
Insurance contracts | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Insurance contracts | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Insurance contracts | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 1,244 1,203  
Governments      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 110 99  
Governments | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Governments | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 110 99  
Governments | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Corporate bonds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 4 3  
Corporate bonds | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Corporate bonds | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 4 3  
Corporate bonds | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Global fixed income at net asset value      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 71 57  
Global fixed income at net asset value | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Global fixed income at net asset value | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 71 57  
Global fixed income at net asset value | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Real estate      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 8 1  
Real estate | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Real estate | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 8 1  
Real estate | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Other      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 6 14  
Other | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Other | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 3 7  
Other | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Other | Not Subject to Leveling      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 3 7  
Cash & cash equivalents      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 17 14  
Cash & cash equivalents | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 17 13  
Cash & cash equivalents | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Cash & cash equivalents | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Cash & cash equivalents | Not Subject to Leveling      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets $ 0 $ 1  
v3.25.4
PENSION - Plan Assets That Use Unobservable Inputs (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]    
Beginning balance $ 1,466 $ 1,650
Ending balance 1,521 1,466
Level 3    
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]    
Beginning balance 1,203 1,383
Return on assets 132 (94)
Payments from insurance policy (91) (86)
Ending balance $ 1,244 $ 1,203
v3.25.4
RELATED-PARTY TRANSACTIONS (Details) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 12 Months Ended
Feb. 28, 2024
Jan. 31, 2025
Jan. 31, 2024
Dec. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Related Party Transaction [Line Items]                
Numbers of shares issued         15,212,810 11,916,156    
Director                
Related Party Transaction [Line Items]                
Advisory services fees payable         $ 4 $ 4    
Series A Preferred Stock                
Related Party Transaction [Line Items]                
Preferred stock dividend (in shares)   15,212,810 3,815,493          
Preferred stock, dividend percentage         20.00%      
Preferred stock, par value (in dollars per share)         $ 0.0001 $ 0.0001    
Series A Preferred Stock | Director                
Related Party Transaction [Line Items]                
Preferred stock dividend (in shares)         15,212,810 3,815,493    
Series B Preferred Stock                
Related Party Transaction [Line Items]                
Preferred stock dividend (in shares)       505,566   424,794 2,022,630  
Number of shares sold (in shares) 800,000             800,000
Preferred stock, dividend percentage               5.50%
Preferred stock, par value (in dollars per share)               $ 0.0001
Aggregate purchase price               $ 800
Series B Preferred Stock | Related Party                
Related Party Transaction [Line Items]                
Preferred stock dividend (in shares)           106,197    
Number of shares sold (in shares)               200,000
Aggregate purchase price               $ 200
Dividends declared (in shares)             632,046  
Numbers of shares issued           126,392 505,655  
Series B Preferred Stock | Related Party | Minimum                
Related Party Transaction [Line Items]                
Percentage of outstanding stock owned by related party under agreement               5.00%
v3.25.4
CONTINGENCIES - Additional Information (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]    
Outstanding liability for environmental obligation including asset retirement obligations $ 13 $ 15
v3.25.4
SHAREHOLDERS' EQUITY AND REDEEMABLE CONVERTIBLE PREFERRED STOCK (Details)
$ / shares in Units, $ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Feb. 28, 2024
USD ($)
shares
Jan. 31, 2025
shares
Jan. 31, 2024
shares
Dec. 31, 2023
USD ($)
shares
Jun. 30, 2025
USD ($)
$ / shares
shares
Dec. 31, 2025
USD ($)
holder
day
$ / shares
shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
shares
Dec. 31, 2022
USD ($)
$ / shares
shares
Mar. 31, 2025
shares
Class Of Stock [Line Items]                    
Stock split, conversion ratio         1.5          
Current dividend price per share (in dollars per share) | $ / shares           $ 38.8096 $ 24.8713      
Previous dividend price per share (in dollars per share) | $ / shares           $ 24.8713 $ 22.6310      
Stock repurchase program, authorized amount | $         $ 1,000   $ 1,000      
Repurchases of common stock (in shares)           3,095,573 24,390,240      
Repurchases of common stock, value | $           $ 75 $ 600      
Stock repurchase program, remaining authorized amount | $           $ 1,000        
Common stock, par value (in dollars per share) | $ / shares         $ 0.0001 $ 0.0001 $ 0.0001      
Common stock, shares authorized (in shares)         1,000,000,000 1,000,000,000 500,000,000     500,000,000
Stock splits (in shares)         0          
Share repurchases | $ $ 600         $ 75   $ 41    
Stock repurchased during period, percentage repurchased upon issuance 0.50                  
Shares of common stock issued for conversion of Series B Preferred Stock | $ $ 569         $ 0 $ 569 $ 0    
Line of credit, maximum borrowing capacity | $ $ 300                  
Common Stock | Public Stock Offering                    
Class Of Stock [Line Items]                    
Number of shares sold (in shares)             18,975,000      
Proceeds from public stock offering | $             $ 458      
Series A Preferred Stock                    
Class Of Stock [Line Items]                    
Preferred stock issued (in shares)           4,000,000 4,000,000      
Preferred stock outstanding (in shares)           4,000,000 4,000,000      
Shares issued upon conversion (in shares)         6,000,000 6,000,000        
Percentage of annual dividend rate           20.00%        
Preferred stock, dividend percentage, threshold consecutive trading days | day           10        
Annual dividend shares preferred stock (in shares)           211,791,957        
Preferred stock dividend (in shares)   15,212,810 3,815,493              
Preferred stock, conversion ratio           0.666        
Number of holders which trigger independent rights (more than) | holder           1        
Preferred stock, par value (in dollars per share) | $ / shares           $ 0.0001 $ 0.0001      
Series B Preferred Stock                    
Class Of Stock [Line Items]                    
Shares issued upon conversion (in shares)       48,780,000       48,780,000    
Percentage of annual dividend rate                 5.50%  
Preferred stock dividend (in shares)       505,566     424,794 2,022,630    
Number of shares sold (in shares) 800,000               800,000  
Aggregate purchase price | $                 $ 800  
Preferred stock, par value (in dollars per share) | $ / shares                 $ 0.0001  
Dividends issued as shares, value | $       $ 11     $ 7 $ 33    
Common Stock                    
Class Of Stock [Line Items]                    
Conversion of stock, shares issued (in shares) 49,205,279                  
Shares issued attributable to accrued and unpaid dividends (in shares) 424,794                  
v3.25.4
SHARE-BASED COMPENSATION - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Exercise price per share (in dollars per share)   $ 7.67      
Share-based compensation expense $ 44 $ 32 $ 29    
Non-Qualified Stock Options | Independent, Non-Executive Directors          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Number of shares issued in period (in shares)         243,750
Exercise price per share (in dollars per share)         $ 7.67
Contractual term         5 years
Time-Based Restricted Stock Units          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Service period from date of grant 3 years        
Unrecognized equity-based compensation cost, restricted stock units   1 year      
Market Performance-Based Restricted Stock Units          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Vesting percentage       100.00%  
Restricted Stock Units          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Share-based compensation expense $ 37 $ 29      
Unearned compensation related to unvested RSUs $ 24        
Unrecognized equity-based compensation cost, restricted stock units 1 year 6 months        
Tax benefits realized from tax deductions related to vesting of RSUs $ 11 $ 7      
Minimum | Performance-Based Restricted Stock Units          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Share-based awards, vesting period 3 years        
2019 Equity Incentive Plan          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Number of shares available for grant (in shares) 15,787,149        
2019 Equity Incentive Plan | Minimum          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Share-based awards, vesting period 1 year        
2019 Equity Incentive Plan | Minimum | Performance Shares          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Share-based awards, vesting period 3 years        
v3.25.4
SHARE-BASED COMPENSATION - Summary of Changes in Number of Common Shares Underlying Options (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]    
Outstanding, beginning balance (in shares) 187,500  
Exercised (in shares) (187,500)  
Outstanding, ending balance (in shares) 0 187,500
Weighted-Average Exercise Price    
Outstanding, beginning balance (in dollars per share) $ 7.67  
Exercised (in dollars per share) 7.67  
Outstanding, ending balance (in dollars per share) $ 0 $ 7.67
Weighted-Average Remaining Contractual Term (in Years)    
Outstanding 0 years 9 months 18 days
Aggregate Intrinsic Value    
Outstanding, beginning balance $ 3  
Outstanding, ending balance $ 0 $ 3
v3.25.4
SHARE-BASED COMPENSATION - Summary of Changes in Number of Outstanding RSUs and PSUs (Details) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Time-Based Restricted Stock Units      
Restricted Stock Units      
Outstanding, beginning balance (in shares) 1,361,018 1,356,516  
Granted (in shares) 784,090 787,817  
Vested (in shares) (696,297) (617,928)  
Forfeited (in shares) (59,340) (165,387)  
Outstanding, ending balance (in shares) 1,389,471 1,361,018 1,356,516
Expected to vest (in shares) 1,373,318    
Weighted-Average Grant Date Fair Value Per Share      
Outstanding, beginning balance (in dollars per share) $ 19.76 $ 14.85  
Granted (in dollars per share) 26.60 24.13  
Vested (in dollars per share) 18.31 14.46  
Forfeited (in dollars per share) 28.34 20.26  
Outstanding, ending balance (in dollars per share) 23.98 $ 19.76 $ 14.85
Expected to vest (in dollars per share) $ 23.94    
Weighted-Average Remaining Contractual Term (in Years)      
Weighted-average remaining contractual term 1 year 6 months 1 year 7 months 6 days 1 year
Expected to vest 1 year 6 months    
Performance-Based Restricted Stock Units      
Restricted Stock Units      
Outstanding, beginning balance (in shares) 1,758,312 2,478,030  
Granted (in shares) 827,393 611,529  
Vested (in shares) (812,591) (702,433)  
Forfeited (in shares) (99,667) (607,148)  
Change in units based on performance expectations (in shares) 356,541 (21,666)  
Outstanding, ending balance (in shares) 2,029,988 1,758,312 2,478,030
Expected to vest (in shares) 1,967,186    
Weighted-Average Grant Date Fair Value Per Share      
Outstanding, beginning balance (in dollars per share) $ 17.72 $ 14.23  
Granted (in dollars per share) 25.77 23.87  
Vested (in dollars per share) 13.93 12.73  
Forfeited (in dollars per share) 19.73 17.43  
Change in units based on performance expectations (in dollars per share) 13.85 13.85  
Outstanding, ending balance (in dollars per share) 21.74 $ 17.72 $ 14.23
Expected to vest (in dollars per share) $ 21.64    
Weighted-Average Remaining Contractual Term (in Years)      
Weighted-average remaining contractual term 1 year 1 year 1 month 6 days 1 year
Expected to vest 1 year    
Market Performance-Based Restricted Stock Units      
Restricted Stock Units      
Outstanding, beginning balance (in shares) 512,489 620,042  
Vested (in shares) (508,830)    
Forfeited (in shares) (3,659)   (107,553)
Outstanding, ending balance (in shares) 0 512,489 620,042
Weighted-Average Grant Date Fair Value Per Share      
Outstanding, beginning balance (in dollars per share) $ 10.87 $ 11.37  
Vested (in dollars per share) 10.87    
Forfeited (in dollars per share) 10.87   $ 10.87
Outstanding, ending balance (in dollars per share) $ 0 $ 10.87 $ 11.37
Weighted-Average Remaining Contractual Term (in Years)      
Weighted-average remaining contractual term 0 years 2 months 12 days 1 year 2 months 12 days
v3.25.4
EARNINGS (LOSS) PER SHARE - Summary of Computation Earnings (Loss) Per Common Share Using Two Class Method (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Jun. 30, 2025
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]        
Net income $ 302 $ 250 $ 153  
Less stock conversion of Series B Preferred Stock 0 (372) 0  
Net loss attributable to common shareholders (288) (224) (161)  
Net loss attributable to common shareholders $ (288) $ (224) $ (161)  
Weighted average shares outstanding - basic (in shares) 415,709,895 401,513,646 352,705,274  
Weighted average shares outstanding - diluted (in shares) 415,709,895 401,513,646 352,705,274  
Loss per common share - basic (in dollars per share) $ (0.69) $ (0.56) $ (0.46)  
Loss per common share - diluted (in dollars per share) $ (0.69) $ (0.56) $ (0.46)  
Series A Preferred Stock        
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]        
Less stock dividend attributable to Preferred Stock $ (590) $ (95) $ (270)  
Shares issued upon conversion (in shares) 6,000,000     6,000,000
Series B Preferred Stock        
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]        
Less stock dividend attributable to Preferred Stock $ 0 $ (7) $ (44)  
Antidilutive securities excluded from computation of earnings per share (in shares)     800,000  
Shares issued upon conversion (in shares)     48,780,000  
Series A Preferred Stock        
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]        
Antidilutive securities excluded from computation of earnings per share (in shares) 4,000,000 4,000,000 4,000,000  
Shares issued upon conversion (in shares) 6,000,000 6,000,000 6,000,000  
Dilutive securities includes common shares issuable pursuant to the annual preferred share dividend (in shares) 15,212,810 3,815,493 11,916,156  
Employee Stock Option        
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]        
Antidilutive securities excluded from computation of earnings per share (in shares)     187,500  
Restricted Stock Units RSUs        
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]        
Antidilutive securities excluded from computation of earnings per share (in shares) 1,389,471 1,361,018 1,356,516  
Performance Stock Units PSUs        
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]        
Antidilutive securities excluded from computation of earnings per share (in shares) 2,029,988 1,758,312 2,478,030  
Market Performance-Based Restricted Stock Units        
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]        
Antidilutive securities excluded from computation of earnings per share (in shares)   512,489 620,042  
v3.25.4
SEGMENT INFORMATION - Additional Information (Details)
 12 Months Ended
Dec. 31, 2025
segment
Segment Reporting [Abstract]  
Number of operating segments 3
Number of reportable segments 2
v3.25.4
SEGMENT INFORMATION - Summary of Reconciliation Operating Income to EBITDA (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net revenues $ 7,911 $ 7,018 $ 6,928
Segment cost of revenues 5,424 4,840 4,988
Depreciation 85 80 79
Segment earnings 554 484 359
Reconciliation of profit/(loss):      
Corporate/other profit/(loss) (139) (125) (121)
Interest expense, net (141) (146) (145)
Depreciation (85) (80) (79)
Amortization (242) (222) (224)
Contingent consideration and compensation (2) (3) (14)
Non-service pension (expense) benefit (19) (22) 12
Systems and business enablement (96)    
Business process transformation expenses (4) (52) (30)
Acquisition and divestiture related expenses (24) (13) (7)
Restructuring program related costs (14) (32) (46)
Other income (expense) (1) 7 (17)
Income before income taxes 413 330 232
Total assets 8,235 7,634 7,009
Capital expenditures 71 71 73
Operating Segments, Excluding Intersegment Elimination      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net revenues 7,911 7,018 6,928
Intersegment revenues      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net revenues (5) (8) (15)
Operating Segments      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net revenues 7,916 7,026 6,943
Segment earnings 1,180 1,018 903
Safety Services      
Reconciliation of profit/(loss):      
Total assets 6,861 6,266 5,586
Capital expenditures 29 23 23
Safety Services | Operating Segments, Excluding Intersegment Elimination      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net revenues 5,455 4,795 4,422
Safety Services | Intersegment revenues      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net revenues (1) (2) (3)
Safety Services | Operating Segments      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net revenues 5,456 4,797 4,425
Segment cost of revenues 3,420 3,050 2,898
Segment operating expenses 1,161 1,019 930
Segment other income/expense 5 6 3
Depreciation 36 31 25
Segment earnings 916 765 625
Reconciliation of profit/(loss):      
Depreciation (36) (31) (25)
Specialty Services      
Reconciliation of profit/(loss):      
Total assets 1,374 1,368 1,423
Capital expenditures 42 48 50
Specialty Services | Operating Segments, Excluding Intersegment Elimination      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net revenues 2,456 2,223 2,506
Specialty Services | Intersegment revenues      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net revenues (4) (6) (12)
Specialty Services | Operating Segments      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net revenues 2,460 2,229 2,518
Segment cost of revenues 1,994 1,790 2,064
Segment operating expenses 259 242 237
Segment other income/expense 14 10 10
Depreciation 43 46 51
Segment earnings 264 253 278
Reconciliation of profit/(loss):      
Depreciation $ (43) $ (46) $ (51)
v3.25.4
SUBSEQUENT EVENTS (Details)
$ in Millions
Feb. 02, 2026
USD ($)
CertaSite, LLC | Subsequent Event  
Subsequent Event [Line Items]  
Cash paid at closing $ 271
v3.25.4
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - Allowance for doubtful accounts - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at beginning of period $ 9 $ 5 $ 3
Credit loss expense 8 4 3
Write-offs (3) 0 (1)
Balance at end of period $ 14 $ 9 $ 5