UL SOLUTIONS INC., 10-K filed on 2/20/2025
Annual Report
v3.25.0.1
Cover - USD ($)
 12 Months Ended
Dec. 31, 2024
Feb. 12, 2025
Jun. 28, 2024
Entity Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-42012    
Entity Registrant Name UL Solutions Inc.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 27-0913800    
Entity Address, Address Line One 333 Pfingsten Rd    
Entity Address, City or Town Northbrook    
Entity Address, State or Province IL    
Entity Address, Postal Zip Code 60062    
City Area Code 847    
Local Phone Number 272-8800    
Title of 12(b) Security Class A Common Stock, par value $0.001 per share    
Trading Symbol ULS    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Non-accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag false    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 1,615,000,000
Documents Incorporated by Reference
DOCUMENTS INCORPORATED BY REFERENCE


Portions of the registrant’s Proxy Statement for its 2025 Annual Meeting of Stockholders (“Proxy Statement”) are incorporated by reference into Part III of this Annual Report on Form 10-K. Such Proxy Statement will be filed with the Securities and Exchange Commission (“SEC”) within 120 days of the registrant’s fiscal year ended December 31, 2024.
    
Entity Central Index Key 0001901440    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Amendment Flag false    
Class A      
Entity Information [Line Items]      
Entity Common Stock, Shares Outstanding   62,044,493  
Class B      
Entity Information [Line Items]      
Entity Common Stock, Shares Outstanding   138,130,000  
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Audit Information
 12 Months Ended
Dec. 31, 2024
Audit Information [Abstract]  
Auditor Firm ID 238
Auditor Name PricewaterhouseCoopers LLP
Auditor Location Chicago, Illinois
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Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement [Abstract]      
Revenue $ 2,870 $ 2,678 $ 2,520
Cost of revenue 1,477 1,398 1,313
Selling, general and administrative expenses 931 875 795
Goodwill impairment 0 37 0
Operating income 462 368 412
Interest expense (55) (35) (17)
Other income (expense), net 8 13 (12)
Income before income taxes 415 346 383
Income tax expense 70 70 74
Net income 345 276 309
Less: net income attributable to non-controlling interests 19 16 16
Net income attributable to stockholders of UL Solutions $ 326 $ 260 $ 293
Earnings per common share:      
Basic (in dollars per share) $ 1.63 $ 1.30 $ 1.47
Diluted (in dollars per share) $ 1.62 $ 1.30 $ 1.47
Weighted average common shares outstanding:      
Basic (in shares) 200 200 200
Diluted (in shares) 201 200 200
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Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net income $ 345 $ 276 $ 309
Other comprehensive (loss) income, net of tax:      
Pension and postretirement benefit plans, net of tax 18 15 91
Foreign currency translation (loss) gain (40) 5 (42)
Total other comprehensive (loss) income (22) 20 49
Comprehensive income 323 296 358
Less: comprehensive income attributable to non-controlling interests 18 16 15
Comprehensive income attributable to stockholders of UL Solutions $ 305 $ 280 $ 343
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Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Pension and postretirement benefit plans, net of tax $ 5 $ 5 $ 31
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Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 298 $ 315
Accounts receivable, net of allowance of $9 and $9 380 362
Contract assets, net of allowance of $1 and $1 182 179
Other current assets 61 97
Total current assets 921 953
Property, plant and equipment, net of accumulated depreciation of $772 and $737 631 555
Goodwill 633 623
Intangible assets, net of accumulated amortization of $239 and $232 58 72
Operating lease right-of-use assets 186 151
Deferred income taxes 108 110
Capitalized software, net of accumulated amortization of $427 and $382 127 139
Other assets 136 133
Total Assets 2,800 2,736
Current liabilities:    
Current portion of long-term debt 50 0
Accounts payable 182 169
Accrued compensation and benefits 254 281
Operating lease liabilities - current 38 39
Contract liabilities 162 162
Other current liabilities 54 58
Total current liabilities 740 709
Long-term debt 692 904
Pension and postretirement benefit plans 196 232
Operating lease liabilities 155 120
Other liabilities 86 93
Total Liabilities 1,869 2,058
Commitments and contingencies (Note 19)
Stockholders’ equity:    
Additional paid-in capital 821 776
Retained earnings 250 24
Accumulated other comprehensive loss (167) (146)
Total stockholders’ equity before non-controlling interests 904 654
Non-controlling interests 27 24
Total Stockholders’ Equity 931 678
Total Liabilities and Stockholders’ Equity 2,800 2,736
Class A    
Stockholders’ equity:    
Common stock 0 0
Class B    
Stockholders’ equity:    
Common stock $ 0 $ 0
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Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Accounts receivable, allowance for credit loss $ 9 $ 9
Contract assets, allowance for credit loss 1 1
Property, plant, and equipment, accumulated depreciation 772 737
Intangible assets, accumulated amortization 239 232
Capitalized software, accumulated amortization $ 427 $ 382
Common stock, shares outstanding (in shares) 200,174,493 200,000,000
Class A    
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares issued (in shares) 62,000,000 200,000,000
Common stock, shares outstanding (in shares) 62,044,493 200,000,000
Class B    
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares issued (in shares) 138,000,000 0
Common stock, shares outstanding (in shares) 138,130,000 0
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Consolidated Statements of Stockholder's Equity - USD ($)
$ in Millions
Total
Common Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Loss
Non-controlling Interests
Balances, beginning of period at Dec. 31, 2021 $ 2,332 $ 0 $ 1,009 $ 1,518 $ (216) $ 21
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 309     293   16
Other comprehensive income (loss), net of tax 49       50 (1)
Dividends to stockholders of UL Solutions (1,600)     (1,600)    
Dividend to non-controlling interest (13)         (13)
Balances, end of period at Dec. 31, 2022 1,077 0 1,009 211 (166) 23
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 276     260   16
Other comprehensive income (loss), net of tax 20       20  
Dividends to stockholders of UL Solutions (680)   (233) (447)    
Dividend to non-controlling interest (15)         (15)
Balances, end of period at Dec. 31, 2023 678 0 776 24 (146) 24
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 345     326   19
Other comprehensive income (loss), net of tax (22)       (21) (1)
Stock-based compensation 45   45      
Dividends to stockholders of UL Solutions (100)     (100)    
Dividend to non-controlling interest (15)         (15)
Balances, end of period at Dec. 31, 2024 $ 931 $ 0 $ 821 $ 250 $ (167) $ 27
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Consolidated Statements of Stockholder's Equity (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]      
Dividend to stockholder of UL Solutions (in dollars per share) $ 0.50 $ 3.40 $ 8.00
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Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities      
Net income $ 345,000,000 $ 276,000,000 $ 309,000,000
Adjustments to reconcile net income to net cash flows provided by operating activities:      
Depreciation and amortization 172,000,000 154,000,000 135,000,000
Goodwill impairment 0 37,000,000 0
Gains on divestitures (24,000,000) (2,000,000) 0
Stock-based compensation 23,000,000 0 0
Losses on foreign exchange transactions 11,000,000 4,000,000 18,000,000
Losses (gains) on investments, net 6,000,000 (6,000,000) (18,000,000)
Deferred income taxes (6,000,000) 11,000,000 10,000,000
Settlement losses 0 0 18,000,000
Other, net 14,000,000 11,000,000 8,000,000
Changes in assets and liabilities, excluding the effects of acquisitions and divestitures:      
Accounts receivable (31,000,000) 6,000,000 (15,000,000)
Contract and other assets 3,000,000 (33,000,000) (12,000,000)
Accounts payable 13,000,000 1,000,000 (18,000,000)
Accrued expenses 7,000,000 (28,000,000) (85,000,000)
Pension and postretirement benefit plans (9,000,000) 4,000,000 19,000,000
Contract and other liabilities 0 32,000,000 3,000,000
Net cash flows provided by operating activities 524,000,000 467,000,000 372,000,000
Investing activities      
Capital expenditures (237,000,000) (215,000,000) (164,000,000)
Acquisitions, net of cash acquired (26,000,000) (18,000,000) (66,000,000)
Proceeds from divestitures 29,000,000 4,000,000 0
Sales of investments 0 144,000,000 155,000,000
Purchases of investments 0 (95,000,000) (162,000,000)
Other investing activities, net 0 5,000,000 (1,000,000)
Net cash flows used in investing activities (234,000,000) (175,000,000) (238,000,000)
Financing activities      
Proceeds from long-term debt 181,000,000 440,000,000 700,000,000
Repayments of long-term debt (346,000,000) (30,000,000) (200,000,000)
Dividends to stockholders of UL Solutions (100,000,000) (680,000,000) (1,600,000,000)
Dividends to non-controlling interest (15,000,000) (14,000,000) (13,000,000)
Other financing activities, net (4,000,000) (10,000,000) (3,000,000)
Net cash flows used in financing activities (284,000,000) (294,000,000) (1,116,000,000)
Effect of exchange rate changes on cash and cash equivalents (23,000,000) (5,000,000) (24,000,000)
Net decrease in cash and cash equivalents (17,000,000) (7,000,000) (1,006,000,000)
Cash and cash equivalents      
Beginning of period 315,000,000 322,000,000 1,328,000,000
End of period 298,000,000 315,000,000 322,000,000
Supplemental disclosures of cash flow information      
Cash paid during the period for interest 57,000,000 32,000,000 17,000,000
Cash paid during the period for income taxes 66,000,000 57,000,000 68,000,000
Cash paid during the period for stock-based compensation 19,000,000 61,000,000 48,000,000
Noncash investing and financing activities      
Capital expenditures funded by liabilities 43,000,000 46,000,000 29,000,000
Conversion of stock-based compensation awards to equity (Note 18) $ 26,000,000 $ 0 $ 0
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Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Significant Accounting Policies Significant Accounting Policies
Description of Business
UL Solutions Inc. (together with its consolidated subsidiaries, “UL Solutions” and the “Company”) is a global safety science leader that provides independent third-party testing, inspection and certification services and related software and advisory offerings. Underwriters Laboratories Inc. (“UL Research Institutes”) is the sole member of ULSE Inc. (“UL Standards & Engagement”), which controls the majority of the voting power of the Company’s common stock.
The Company serves its customers, manages the business and reports its financial results through three segments: Industrial, Consumer, and Software and Advisory (“S&A”). The Company generates revenue in these segments and the following service categories: Certification Testing; Ongoing Certification Services; Non-certification Testing and Other Services; and Software.
Public Offerings
On April 16, 2024, the Company completed its initial public offering of an aggregate of 38,870,000 shares of Class A common stock (the “IPO”) by UL Standards & Engagement at a price to the public of $28.00 per share. On September 9, 2024, the Company completed a follow-on public offering of an aggregate of 23,000,000 shares of Class A common stock by UL Standards & Engagement at a price to the public of $49.00 per share. The Company did not receive any proceeds from these offerings. Refer to Note 16 for further information.
Basis of Presentation
The consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries and variable interest entities for which the Company has determined it is the primary beneficiary. All intercompany accounts and transactions have been eliminated. The Company accounts for investments in businesses using the equity method when it has significant influence but not control (generally between 20% and 50% ownership) and is not the primary beneficiary. The significant accounting policies, as summarized below, conform to accounting principles generally accepted in the United States of America (“US GAAP”). The Company has reclassified certain amounts in prior period financial statements to conform to the current period’s presentation.
Effective April 1, 2022, the Company changed the inputs used to estimate the revenue recognition pattern of Certification Testing and Non-certification Testing and Other Services arrangements recognized over time. Previously measurement was based on the relationship between time elapsed and expected project duration, which was considered the most indicative of the Company’s performance to date under the terms of the contract. Beginning April 1, 2022, the Company measures progress towards completion of these contracts based on the relationship between time elapsed of each project phase relative to the expected duration of that phase. Project phase data was not previously available and is considered a more precise measure of the Company’s performance to-date under the terms of the contract. Refer to the revenue recognition section of Note 1 for additional information.
Use of Estimates
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Estimates are inherently uncertain and actual results could differ materially from estimated amounts. Estimates are used for, but are not limited to, contractual revenue recognized, future cash flows associated with impairment testing for goodwill, certain assumptions related to pension and postretirement benefits and income taxes. The Company adjusts such estimates and assumptions when facts and circumstances dictate. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods.
Cash and Cash Equivalents
Cash and cash equivalents include investments purchased with original maturities of three months or less.
Accounts Receivable and Contract Assets
Accounts receivable consists of trade receivables billed and currently due from customers as well as amounts currently due from other external parties. Contract assets represent revenues for projects that have been recognized for accounting purposes, but not yet billed to customers. The Company extends credit to customers in the normal course of business and maintains an allowance for credit losses. The allowance is an estimate based on historical collection experience, current and future economic and market conditions and a review of the current status of each customer’s trade accounts receivable. Management evaluates the aging of the accounts receivable balances and the financial condition of its customers and all other forward-looking information that is reasonably available to estimate the amount of accounts receivable that may not be collected in the future and records the appropriate provision. Account balances are written off against the allowance when it is determined the accounts receivables will not be recovered.
Allowance for Credit LossesBalance at Beginning of YearCharged to Costs and ExpensesDeductionsBalance at End of Year
(in millions)
Year ended December 31, 2024$10 9 (9)$10 
Year ended December 31, 2023$13 4 (7)$10 
Year ended December 31, 2022$14 6 (7)$13 
Concentration of Credit Risk
Financial instruments that potentially subject the Company to credit risk consist primarily of cash and cash equivalents, accounts receivable and contract assets. Credit risk represents the accounting loss that would be recognized at the reporting date if counterparties failed to perform as contracted. The Company believes the likelihood of incurring material losses due to concentration of credit risk is minimal. The Company actively limits its exposure to credit risk by maintaining cash deposits with major financial institutions as counterparties and by maintaining accounts receivable with a large number of customers in diverse industries and geographies in addition to establishing reasonable credit approvals and limits.
Property, Plant and Equipment
Property, plant and equipment are stated at cost, net of accumulated depreciation. Major replacements and improvements are capitalized, while maintenance and repairs, which do not improve or extend the life of the respective assets, are expensed as incurred. Gains and losses resulting from sales and retirements are included within operating income.
Depreciation is computed using the straight–line method over the estimated useful life of the asset as follows:
Land improvements15 years
Building and building improvements
15 - 50 years
Leasehold improvementsShorter of expected useful life or lease term
Machinery, equipment and office furniture
3 - 15 years
Goodwill
The Company accounts for business combinations using the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations, which requires an allocation of the purchase consideration transferred to the identifiable assets and liabilities based on the estimated fair values as of the acquisition date. Goodwill represents the excess of the purchase price of an acquired entity over the fair value of net assets acquired. Goodwill is tested for impairment annually in the fourth quarter, or more frequently if an event occurs or conditions change that would indicate it is more likely than not that the fair value of a reporting unit is below its carrying amount. The Company’s reporting units have been identified as one level below its operating segments. The goodwill impairment testing is performed by comparing the fair value of a reporting unit with its
carrying amount and recognizing an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value.
To evaluate the recoverability of a reporting unit’s goodwill the Company has the option to first perform a qualitative analysis. If the qualitative analysis indicates it is more likely than not that the fair value of a reporting unit is below its carrying amount, the Company performs a quantitative impairment assessment for that reporting unit. The Company did not perform a qualitative analysis for any of its reporting units for the years ended December 31, 2024 or 2023.
The Company’s quantitative assessment consists of a fair value calculation for each reporting unit that combines an income approach and a market approach, using an equal weighting. The quantitative assessment requires the application of a number of significant assumptions which are further described below, including estimated future cash flows of the reporting unit, discount rates, and market multiples.
The fair value using the income approach is determined based on the present value of estimated future cash flows of the reporting unit, discounted at an appropriate risk‑adjusted rate. The Company uses its internally developed long-range plans to estimate future cash flows and include an estimate of long‑term future growth rates based on its most recent views of the long‑term outlook for each reporting unit. Development of the Company’s long-range plans includes consideration of current and projected levels of income for the reporting unit based on management’s plans for that business, business trends, market and economic conditions, as well as other relevant factors. The discount rate is based on the weighted average cost of capital for the reporting unit. The Company uses discount rates that are commensurate with the risks and uncertainty inherent in the respective businesses and in the Company’s long-range plans.
The fair value using the market approach is derived from market multiples using comparable publicly traded companies for a group of benchmark companies. The selection of comparable businesses is based on the markets in which the reporting units operate given consideration to risk profiles, size, geography and diversity of products and services.
During the three months ended September 30, 2023, the Company identified a triggering event and performed a quantitative impairment assessment for a reporting unit in the Consumer segment, which resulted in a pre-tax impairment charge of $37 million. See Note 10 for further details. The Company did not recognize any impairments of goodwill for the years ended December 31, 2024 or 2022.
Intangible and Other Long-lived Assets
The Company amortizes finite-lived intangible assets using the straight-line method over their estimated economic useful lives, which range from three to twenty years. The Company reviews long-lived assets, including property, plant and equipment, capitalized software and intangible assets with finite lives for impairment whenever an event occurs or conditions change that indicate the carrying amount of the asset group may not be recoverable. When such events occur, the Company performs a recoverability test by comparing the projected undiscounted cash flows of the asset group to the carrying amount. If this comparison indicates that there is a potential impairment, the asset group’s fair value is determined based on the present value of its estimated future cash flows, discounted at an appropriate risk-adjusted rate. An impairment charge is recorded for the amount by which the carrying amount of the asset group exceeds its fair value. The Company did not recognize any material impairments of intangible or other long-lived assets for the years ended December 31, 2024, 2023 or 2022.
Leases
The Company determines if an arrangement is a lease at inception and reassesses that conclusion if the contract is modified. The Company evaluates whether the arrangement conveys the right to control the use of an identified asset for a period of time in exchange for consideration in order to determine if the contract is or contains a lease. The right to control the use of an identified asset includes the right to obtain substantially all of the economic benefits from use of the asset and the right to direct the use of the asset.
The Company’s classes of leased assets include real estate, vehicles, and equipment. When it is reasonably certain that an option to extend or terminate a lease will be exercised, the Company has included the option in the recognition of right-of-use (“ROU”) assets and lease liabilities. The Company does not recognize ROU assets or lease liabilities for leases with a term of twelve months or less. The Company accounts for lease and non-lease components as a single component for all asset classes.
ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at lease
commencement and measured based on the present value of lease payments over the lease term. Variable lease payments are recognized as incurred and are not presented as part of the ROU asset or lease liability. Operating lease cost is recognized on a straight-line basis over the lease term. The Company does not have material finance leases.
The Company uses its incremental borrowing rate at the commencement date in determining the present value of lease payments. The Company’s incremental borrowing rate is based on its estimated rate of interest for a collateralized borrowing over a similar term as the lease payments. The same process is followed for any new leases at their commencement dates or modification to existing leases that require remeasurement.
Capitalized Software
Costs related to software acquired, developed, or modified solely to meet the Company’s internal requirements, where no substantive plan either exists or is being developed to externally market the software, are capitalized in accordance with ASC Topic 350-40, Internal-use Software (“ASC 350-40”). Certain costs incurred after the completion of the preliminary project stage and after management, with the relevant authority, has authorized and committed funds to the software project, and it is probable that the project will be completed and the software will be used to perform the function intended, are capitalized. For development costs capitalized under the requirements of ASC 350-40, amortization begins when each software module is ready for its intended use. Costs are amortized on a straight-line basis over the estimated useful life of the software (generally three to seven years). Costs related to preliminary project activities and post implementation activities are expensed as incurred. Additions to capitalized software are reported within capital expenditures in the Consolidated Statements of Cash Flows.
The Company capitalizes certain implementation costs related to cloud computing service arrangements that are incurred during the application development stage. Subsequently, the costs are amortized on a straight-line basis over the non-cancelable term of the hosting agreement plus any reasonably certain renewal period. Capitalized implementation costs are included as a component of other assets on the Consolidated Balance Sheets and amortization is included as an operating expense in the Consolidated Statements of Operations. Additions to capitalized cloud implementation costs are reported within operating activities in the Consolidated Statements of Cash Flows.
Costs related to software to be sold, leased or otherwise marketed are expensed as incurred until technological feasibility has been established in accordance with ASC Topic 985-20, Costs of Software to be Sold, Leased, or Marketed. Certain costs incurred subsequent to establishing technological feasibility are capitalized up until the software is available for general release, and are amortized on a straight-line basis over the estimated useful life of the software (generally three to seven years).
Amortization expense of capitalized software costs totaled $59 million, $51 million and $43 million for the years ended December 31, 2024, 2023 and 2022.
Accounts Payable and Contract Liabilities
Accounts payable consists of trade payables currently due to vendors as well as amounts currently due to other external parties. Contract liabilities include payments received in advance of performance under the contract and are subsequently reduced when the associated revenue is recognized for the respective contract. Amounts initially recorded as contract liabilities are recognized as revenue in accordance with the Company’s revenue recognition policy.
Fair Value
The carrying amount of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate fair value due to their short maturities. For fair value of the Company’s debt see Note 6.
ASC Topic 820, Fair Value Measurement (“ASC 820”), defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also establishes a three-level fair value hierarchy that prioritizes information used in developing assumptions when pricing an asset or liability as follows:
•Level 1 observable inputs such as quoted prices in active markets;
•Level 2 inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and
•Level 3 unobservable inputs where there is little or no market data, which requires the reporting entity to develop its own assumptions.
ASC 820 requires the use of observable market data, when available, in making fair value measurements. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. The Company does not have any assets or liabilities measured at fair value on a recurring basis that are Level 3, except for certain pension assets discussed in Note 12. The Company did not have any transfers between fair value levels during the years ended December 31, 2024 and 2023.
Revenue Recognition
The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”), when its customer obtains control of promised goods or services, or as the Company renders services, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods and services. For each arrangement the Company performs the following five steps: (1) identify the contract(s) with a customer, (2) identify the performance obligation(s) in the contract, (3) determine the transaction price, (4) if applicable, allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) the Company satisfies a performance obligation.
The Company’s standard payment terms are due upon receipt of the invoice, except for certain customers, which may be required to make advance payments. Certain customers may be offered extended payment terms on a case-by-case basis generally not longer than 90 days.
The Company’s contracts with customers may include promises to transfer multiple goods and services to a customer. When a contract includes multiple goods and services, judgment is required to determine whether each good or service is considered distinct and accounted for separately, or not distinct and accounted for together with the other goods or services in the contract. Certain contracts contain goods or services that are highly integrated or highly interdependent and are accounted for as a single performance obligation. Other contracts have goods or services that are distinct and accounted for separately. Those goods and services that are determined to be separate performance obligations are treated as separate units of account and each separate performance obligations has its own stand-alone selling price, which is the price at which an entity would sell a promised good or service separately to a similar customer in similar circumstances. The stand-alone selling price is determined using an established list price for the specific service and geographical region, or through a needs-based assessment. If a needs-based assessment approach is used, the stand-alone selling price is estimated by multiplying the expected labor hours by a labor rate. The labor rate is determined by considering the cost of labor, other miscellaneous costs (e.g., overhead) and applying a margin. The labor rate may be adjusted for geographic differences and other items as determined necessary, and is reviewed on a periodic basis for appropriateness.
The transaction price for contracts may include both fixed and variable consideration, which includes customer volume rebates, discounts, and the consideration received if contingent upon the quantity of tasks completed or occurrence or nonoccurrence of a future event. The Company estimates variable consideration using both the most likely amount and expected value methods to determine the total consideration to which the Company expects to be entitled. The method used to estimate variable consideration varies by contract. Estimated amounts are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The Company’s estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of the Company’s anticipated performance and all information (historical, current and forecasted) that is reasonably available. As most variable consideration is estimable with a high degree of confidence, generally no such constraint is necessary. The Company typically has contracts in which the period between payment and transfer of the goods is less than one year. As such, the Company has elected the practical expedient to not adjust the amount of consideration for the effects of a significant financing component for all instances in which the period between payment and transfer of the goods will be one year or less. For those instances in which the period is greater than one year, UL Solutions determined that a significant financing component is not present in the transaction as the business purpose of these arrangements is not to provide financing to UL Solutions.
The majority of the Company’s revenue from contracts with customers represents revenue from services recognized over time as performance obligations are satisfied. The appropriate measure of progress is an input method, however, the amount of revenue to be recognized requires the Company to make estimates, in particular in relation to measuring progress towards completion.
For the Company’s Certification Testing and Non-certification Testing and Other Services arrangements recognized over time, until April 1, 2022, the Company measured progress towards completion based on the relationship between time elapsed and expected project duration, which was considered the most indicative of the Company’s performance to date under the terms of the contract. The portion of the project’s revenue to be recognized was determined based on the percentage of time elapsed for the project during the period relative to expected project duration. The start-date was determined by the receipt of a confirmed order, and the end-date was determined by the completion of the order’s deliverables. Beginning April 1, 2022, the Company measures progress towards completion of these contracts based on the relationship between time elapsed of each project phase relative to the expected duration of that phase. Project phase data was not previously available and is considered a more precise measure of the Company’s performance to-date under the terms of the contract. The portion of a project’s revenue to be recognized is determined based on the time elapsed between the start-date of each project phase relative to its estimated duration. The start-date of each phase is based on the date that work begins on the phase and the estimated duration is determined using an analysis of historical data from similar projects. Management applies judgment in determining the expected duration of each phase. The Company applied the change in estimate prospectively to contracts in-process at the date of the change, as well as new contracts with a start-date subsequent to the change. The portion of a project’s revenue estimated as earned, but not yet completed, and recognized as revenue, is included in contract assets or as a reduction to contract liabilities.
The net decrease to the Company’s results of operations and earnings per share was as follows:
(in millions, except per share dataDecember 31, 2022
Revenue$23 
Operating income$23 
Net income$21 
Earnings per share$0.11 
The net decrease to revenue and operating income of the Company’s Industrial segment for the year ended December 31, 2022 was $14 million. The net decrease to revenue and operating income of the Company’s Consumer segment for the year ended December 31, 2022 was $9 million.
The resulting impact to the Company’s results of operations and earnings per share during the years ended December 31, 2024 and 2023 were not material.
The Company’s cost to obtain a contract is generally commission paid to sales personnel for the sale of services. Management determined that the amortization period of the commission costs would be one year or less and therefore has elected the practical expedient to expense these costs as incurred. As a result, the costs to obtain a contract are expensed as incurred.
The Company typically does not incur costs to fulfill contracts which would meet the capitalization criteria and therefore these costs are typically expensed as incurred.
When the Company performs shipping and handling activities after the transfer of control to the customer (e.g., when control transfers prior to shipment), these are considered fulfillment activities, and accordingly, the costs are accrued when the related revenue is recognized. Taxes collected from customers relating to product sales and remitted to governmental authorities are excluded from revenues.
Refer to Note 3 for additional information.
Cost of Revenue
Cost of revenue includes employee compensation consisting of salaries, incentives, stock-based compensation and other benefits for employees directly attributable to revenue generation across each of the Company’s four major service categories. In addition, cost of revenue includes services and materials expenses including facility related costs for laboratories and other buildings where testing and inspection services are performed, customer-related travel costs, expenses related to third party contractors or third party facilities and consumable materials and supplies used in testing and inspection and other costs associated with generating revenue. Cost of revenue also includes depreciation on equipment used in testing and amortization of capitalized software.
Selling, General and Administrative Expenses
Selling, general and administrative expenses include employee compensation consisting of salaries, incentives, stock-based compensation and other benefits for sales and indirect administrative functions such as executive, finance, legal, human resources and information technology, not included within cost of revenue. In addition, selling, general and administrative expenses include services and materials expenses including third party consultancy costs, facility costs, internal research and development costs as well as legal and accounting fees, travel, marketing, bad debt and non‑chargeable materials and supplies. Selling, general and administrative expenses also include depreciation and amortization.
Foreign Currency
The functional currency of certain of the Company’s foreign affiliates is the local currency. Assets and liabilities of international subsidiaries have been translated into U.S. dollars at the balance sheet date, and income and expense items have been translated using monthly average exchange rates for the period. The resulting currency translation adjustments have been recorded as a separate component of other comprehensive income (loss). The Company revalues assets and liabilities entered in foreign currency at the balance sheet date and the resulting unrealized gain (loss) is recorded as other income (expense), net in the Consolidated Statements of Operations.
Beginning in the second quarter of 2023, realized gains (losses) on foreign currency transactions, which were previously recorded within selling, general and administrative expenses, are recorded within other income (expense), net in the Consolidated Statement of Operations. Losses on foreign currency transactions recorded within selling, general and administrative expenses were immaterial in 2023 and were $7 million in 2022.
Stock-based Compensation
The Company maintains long-term incentive plans under which equity awards are available to be issued to certain employees, officers and directors. Stock-based compensation expense, measured as the fair value of an award on the date of grant, is recognized ratably over the requisite service period, which is generally equal to the vesting period of the respective award, however may be impacted by certain factors including the employee’s death, disability or retirement. Compensation expense related to performance share units is adjusted each reporting period based on the probable outcome of the performance conditions applicable to each grant.
The fair value of restricted stock units and performance share units is determined using the closing price of the Company’s stock on the date of grant. The fair value of each stock option is measured on the date of grant using a Black-Scholes-Merton option-pricing model that uses various assumptions including expected stock price volatility, expected dividend yield, the risk-free interest rate, and expected term of the award.
Other Income (Expense), net
Other income (expense), net consists primarily of non-operating gains and losses, including gains and losses related to foreign exchange transactions and the revaluation performed on designated balance sheet accounts, interest income, gains and losses on equity investments, non-operating pension and postretirement benefit expenses and gains on divestitures.
Interest Expense
Interest expense consists primarily of interest expense on the Company's debt obligations.
Income Taxes
The Company recognizes income taxes based on amounts refundable or payable for the current year and records deferred tax assets or liabilities for temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, net operating loss carryforwards and tax credit carryforwards. Deferred tax assets and liabilities are measured using current enacted tax rates expected to apply to taxable income in the years in which temporary differences are expected to reverse. Inherent in determining the annual tax rate are judgments regarding business plans, planning opportunities and expectations about future outcomes. Realization of certain deferred tax assets, primarily net operating loss and other carryforwards, is dependent upon generating sufficient taxable income in the appropriate jurisdiction prior to the expiration of the carryforward periods. The Company has classified all deferred tax assets and liabilities, along with any related valuation allowances, as net non-current on the Consolidated Balance Sheets. Deferred tax expense or benefit is the result of changes in the deferred tax asset or liability.
The Company records valuation allowances to reduce deferred tax assets to reflect the amount that is more-likely-than-not to be realized. When assessing the need for valuation allowances, the Company considers all available evidence, including three years of cumulative operating income/(loss), expected future taxable income and ongoing prudent and feasible tax planning strategies. Should a change in circumstances lead to a change in judgment about the realizable value of deferred tax assets in future years, the Company would adjust related valuation allowances in the period that the change in circumstances occurs, along with a corresponding increase or charge to income.
For uncertain tax positions related to exposures associated with various tax filing positions, the Company recognizes a tax benefit only if it is more‑likely‑than‑not that the tax position will be sustained upon examination by the relevant taxing authorities, including resolutions of any related appeals or litigation processes, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that is more‑likely‑than‑not to be realized upon settlement. The Company adjusts its liability for unrecognized tax benefits in the period they are settled, the statute of limitations expires, or when new information becomes available. Interest and penalties related to unrecognized tax benefits are recorded in income tax expense.
The Company has generated income in certain foreign jurisdictions that may be subject to additional foreign withholding taxes and U.S. state income taxes, if repatriated. The Company regularly reviews its plans for reinvestment or repatriation of unremitted foreign earnings and has recorded deferred tax liabilities on certain foreign subsidiaries’ unremitted earnings that are not considered permanently reinvested. The Company’s assertion on indefinite reinvestment of foreign earnings is based upon assumptions of future liquidity needs of the business and cash flow projections of affiliates.
The accounting policy of the Company is to record U.S. tax on Global Intangible Low-Taxed Income in the provision for income taxes in the year it is incurred.
Recently Issued Accounting Standards – Adopted
Effective for the year ended December 31, 2024, and retrospectively for the years ended December 31, 2023 and 2022, the Company adopted Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which provides updates to qualitative and quantitative reportable segment disclosure requirements, including enhanced disclosures about significant segment expenses and increased interim disclosure requirements, among others. The ASU did not impact the Company’s financial condition, results of operations or cash flows. Refer to Note 21 for further information.
Recently Issued Accounting Standards – Not Adopted
In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which provides qualitative and quantitative updates to the rate reconciliation and income taxes paid disclosures, among others, in order to enhance the transparency of income tax disclosures, including consistent categories and greater disaggregation of information in the rate reconciliation and disaggregation by jurisdiction of income taxes paid. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied prospectively; however, retrospective application is also permitted. The ASU will result in additional income tax disclosures within the Company’s financial statements but is not expected to impact the Company’s financial condition, results of operations or cash flows.
In November 2024, the FASB issued ASU No. 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures, which is intended to improve disclosures about a public business entity’s expense and provide more detailed information to investors about the types of expenses in commonly presented expense captions. The amendments in ASU 2024-03 are effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, on either a prospective or retrospective basis, with early adoption permitted. The Company is currently evaluating the impact this ASU may have on its consolidated financial statements.
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Earnings Per Share
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
Basic and diluted earnings per share were calculated for the years ended December 31 as follows:
(in millions, except per share data)202420232022
Net income attributable to stockholders of UL Solutions$326 $260 $293 
Basic weighted average common shares outstanding200 200 200 
Effect of dilutive securities1 — — 
Diluted weighted average common shares outstanding201 200 200 
Basic earnings per share attributable to stockholders of UL Solutions$1.63 $1.30 $1.47 
Diluted earnings per share attributable to stockholders of UL Solutions$1.62 $1.30 $1.47 
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Revenue
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
The table below summarizes the major service categories from which the Company derives its revenues for the years ended December 31:
(in millions)202420232022
Certification Testing$784 $718 $657 
Ongoing Certification Services953 874 828 
Non-certification Testing and Other Services860 812 769 
Software273 274 266 
Total $2,870 $2,678 $2,520 

Description of Major Service Categories
Certification Testing
The Company evaluates products, components and systems according to global or regional regulatory requirements and other design and performance specifications. Select certification testing services include testing to global or regional standards, engineering evaluation and project review and functional safety testing of embedded software. Certification testing services generally align with the new product development cycle and help customers mitigate risk, demonstrate compliance with regulatory requirements and deliver confidence to businesses and consumers, resulting in demand for ongoing certification services. As a result of the certification process, the Company may authorize its customers to use the Company’s certification marks, including the Company’s registered UL-in-a-circle certification mark (the “UL Mark”), on their products, packaging and marketing collateral as part of their manufacturing, distribution and marketing processes to demonstrate to the marketplace that their product has met the applicable requirements. Certification testing services often lead to Ongoing Certification Services to support the continued safety, compliance and performance objectives of the customer.
Contracts are generally structured as fixed payments as the total amount to be charged to the customer does not vary. Revenue from Certification Testing is generally recognized over-time. In these cases, the services create an asset with no alternative use as each of the services are specific to the products and specifications provided by the customer, and the Company has an enforceable right to payment. Through April 1, 2022, revenue was generally recognized using an input method based on the relationship between time elapsed and expected project duration. After April 1, 2022, revenue is generally recognized based on the relationship between time elapsed of each project phase relative to the expected duration of that phase, which is considered the most indicative of the Company’s performance to-date under the terms of the contract.
In some instances, revenue from Certification Testing does not meet the over-time criteria and is recognized at a point in time when control is transferred to the customer. Control is transferred to the customer upon the delivery of the test report to the customer. These instances occur when the agreement or the nature of the services causes a lack of right to payment until control transfer.
Ongoing Certification Services
To maintain the right to use the Company’s certification marks, including the UL Mark, and meet certain regulatory requirements, the Company’s customers must meet certain certification program requirements, including mandatory inspection and monitoring by the Company. These requirements, addressed through standard certification and inspection services, are designed to validate the continued compliance of the Company’s customers’ previously certified products, components and systems. Services are delivered through periodic inspections, initial and follow-up audits, sample testing and UL Solutions label usage. The frequency and combination of these services can vary based on product, component or system type, production volume and historical risk-based customer compliance. These ongoing certification services are designed and executed to help the Company’s customers confirm ongoing compliance and to help protect the integrity of the UL Mark. Select services include factory inspection and testing to confirm products that are being produced match the configuration of products that were tested and certified.
Contracts are generally structured as fixed payments as the total amount to be charged to the customer does not vary. In some cases, the customer is charged a usage price based on its total production volume. Revenue from compliance program contracts is recognized over-time on a straight-line basis because the customer receives and consumes the benefit of continued certification as the Company performs services through the periodic verification of the customers’ compliance.
As part of Ongoing Certification Services, customers may order physical labels (recorded in other current assets) that bear the UL Mark to affix to their products to demonstrate to end-customers that the products comply with the certification requirements of the Company. The labels are a separate performance obligation, distinct from the compliance program. Revenue from physical labels is recognized upon shipment, the point in time in which the customer obtains control of the labels.
Non-certification Testing, and Other Services
The Company offers testing services to address performance and other requirements that may not be required by any regulation and may not result in a certification, but are still desired by the Company’s customers to help ensure the safety, performance and reliability of their products. Select services include on-site and remote inspections, audits and field engineering specialty services, testing for energy efficiency, wireless and electromagnetic compatibility, quality, chemical and reliability for customers in medical devices, information technologies, appliances, HVAC and lighting. For retail and consumer customers, the Company offers testing such as color-matching, sensory, emissions and flame resistance. Lastly, the Company offers advisory and technical services to support the Company’s customers in managing their safety, compliance, regulatory risk and sustainability programs.
Contracts are generally structured as fixed payments as the total amount to be charged to the customer does not vary. For services where the customer does not simultaneously receive and consume the benefit of the performance obligation, revenue is recognized upon the delivery of the final deliverables to the customer. For services that create an asset with no alternative use as each of the services are specific to the products and specifications provided by the customer, and the Company has an enforceable right to payment, through April 1, 2022, revenue was generally recognized using an input method based on the relationship between time elapsed and expected project duration. After April 1, 2022, revenue is generally recognized based on the relationship between time elapsed of each project phase relative to the expected duration of that phase, which is considered the most indicative of the Company’s performance to date under the terms of the contract. Advisory revenue is generally recognized over time.
In some instances, revenue from non-certification testing does not meet the over-time criteria and is recognized at a point in time when control is transferred to the customer. Control is transferred to the customer upon the delivery of the test report to the customer. These instances occur when the agreement or the nature of the services causes a lack of right to payment until control transfer.
Software
The Company provides SaaS and license-based software solutions, including implementation and training services related to software, to enable the Company's customers to manage complex regulatory requirements, deliver supply chain transparency and operationalize sustainability. The Company’s SaaS and licensed software solutions provide data-driven product stewardship, chemicals management, supply chain insights, ESG data and reporting, EHS training, management and compliance, and additional regulatory driven software solutions.
Contracts are structured as fixed payments as the total amount to be charged to the customer does not vary. The Company generally recognizes revenue from SaaS contracts, which are provided on a subscription basis, ratably over the contract period beginning on the date the service is first made available to the customer. The Company generally recognizes revenue from on-premise software at a point in time when it is made available to the customer. The revenue from implementation services, post-contract customer support services, and other customer support services is recognized over the service period as the customer benefits from the services as they are performed.
Contract Balances
Gross contract liabilities for services totaled $123 million and $121 million as of December 31, 2024 and 2023, respectively, which are reduced by previously recognized revenue of $31 million and $31 million as of December 31, 2024 and 2023, respectively. In addition, contract liabilities include amounts collected for annual fees as well as fees collected on software license arrangements that are earned over the term of the arrangement. Contract liabilities for these services totaled $70 million and $72 million as of December 31, 2024 and 2023, respectively.
The revenue recognized during the year ended December 31, 2024, that was included in contract liabilities at December 31, 2023, amounted to $119 million. The revenue recognized during the year ended December 31, 2023, that was included in contract liabilities at December 31, 2022, amounted to $110 million.
Remaining Performance Obligations
At December 31, 2024, the Company estimates that $211 million in revenue is expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period. The Company expects to recognize approximately 61% of its unsatisfied (or partially unsatisfied) performance obligations as revenue in the subsequent 12 months, with the remaining balance to be recognized thereafter.
Remaining consideration from contracts with customers is included in the amount presented above and includes contracts with multiple performance obligations and multi-year maintenance agreements, which are typically recognized as the performance obligation is satisfied.
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Acquisitions and Divestitures
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Acquisitions and Divestitures Acquisitions and Divestitures
Acquisitions
In July 2024, the Company acquired 100% of the outstanding stock of TesTneT Engineering GmbH (together with its subsidiaries, “TesTneT”) for approximately $19 million in cash consideration (subject to customary post-closing adjustments). TesTneT is a Germany-based company that provides testing services for various hydrogen storage systems, refueling stations and their components. Goodwill of $14 million, subject to finalization of the purchase price allocation, represents anticipated future revenue growth and margin expansion opportunities from new customers and has been included within the Company’s Industrial segment. Goodwill related to this acquisition is not deductible for income tax purposes.
In May 2024, the Company acquired 100% of the outstanding stock of Batterielngenieure GmbH (together with its subsidiaries, “Batterielngenieure”) for approximately $11 million in cash consideration (subject to customary post-closing adjustments). Batterielngenieure is a Germany-based battery testing company that is in the process of building a laboratory in Aachen, Germany to replace the leased facility it is currently using and to add testing and simulation capacity. The purchase price is primarily related to property, plant and equipment of $9 million and goodwill of $7 million, subject to finalization of the purchase price allocation. Goodwill represents anticipated future revenue growth and margin expansion opportunities from new customers and has been included within the Company’s Industrial segment. Goodwill related to this acquisition is not deductible for income tax purposes.
In August 2023, the Company acquired 100% of the outstanding stock of Certification Entity for Renewable Energies, S.L. (“CERE”) for approximately $14 million in cash consideration (as adjusted for customary post-closing adjustments). CERE is a Spain-based grid code compliance testing, simulation and certification company, focused on renewable energy and electric vehicle adoption. Goodwill of $11 million includes expected synergies with the Company’s existing business and has been included within the Company’s Industrial segment. Goodwill related to this acquisition is not deductible for income tax purposes.
In July 2023, the Company acquired 100% of the outstanding stock of HBI Compliance Limited (together with its subsidiaries, “Healthy Buildings International”) for approximately $6 million in cash consideration (as adjusted for customary post-closing adjustments). Healthy Buildings International is a United Kingdom-based health, safety and
compliance company and its results of operations have been included in the Software and Advisory segment since the date of acquisition.
In October 2022, the Company acquired 100% of the outstanding stock of Kugler Maag CIE GmbH (together with its operating subsidiaries, “Kugler Maag”) for $32 million in cash consideration (as adjusted for customary post-closing adjustments). Kugler Maag is a Germany-based provider of process excellence, assessment and training solutions that supports the automotive industry. Goodwill of $14 million primarily relates to expected synergies with the Company’s existing business, as well as the value of the assembled workforce, and has been included within the Company’s Consumer segment. Goodwill related to this acquisition is not deductible for income tax purposes. Intangible assets primarily consist of customer relationships of $14 million, which will be amortized over their estimated useful life of 10 years. In the second quarter of 2023, the Company recorded measurement period adjustments to the purchase price allocation which resulted in an increase to intangible assets of $9 million and other immaterial changes.
The following table summarizes the final allocation of the purchase price to the fair value of assets acquired and liabilities assumed for the Kugler Maag acquisition.
(in millions)
Cash$6 
Accounts receivable and other current assets7 
Intangible assets17 
Goodwill14 
Total assets44 
Accounts payable and other current liabilities(7)
Deferred income taxes(5)
Total fair value of net assets acquired$32 
In September 2022, the Company acquired 100% of the outstanding stock of Cimteq Holdings Limited (together with its operating subsidiary, “Cimteq”), a United Kingdom-based provider of design support and manufacturing software for the wire and cable industries. The purchase price, consisting of $15 million in cash consideration (as adjusted for customary post-closing adjustments) is primarily related to goodwill of $12 million. Goodwill primarily relates to expected synergies with the Company’s existing business and has been included within the Company’s Industrial segment. Goodwill related to this acquisition is not deductible for income tax purposes.
In June 2022, the Company acquired 100% of the outstanding stock of KAM Specialty Equipment Services Company (doing business as “Data Test Labs”), a US-based company focusing on electrical, environmental and mechanical testing for automakers and their suppliers. The purchase price, consisting of approximately $16 million in cash consideration (as adjusted for customary post-closing adjustments) is primarily related to goodwill of $9 million. Goodwill primarily relates to expected synergies with the Company’s existing business and has been included within the Company’s Consumer segment. Goodwill related to this acquisition is deductible for income tax purposes.
In February 2022, the Company acquired 100% of the outstanding stock of KBW Corporation (“KBW”), a Republic of Korea-based company specializing in electromagnetic, wireless and safety testing for the medical device and consumer technology industries. The purchase price, consisting of approximately $18 million in cash consideration (as adjusted for customary post-closing adjustments) is primarily related to property, plant and equipment of $14 million.
Aggregate acquisition-related costs associated with business combinations are not material for the years ended December 31, 2024, 2023 and 2022, and are included in selling, general and administrative expenses in the Company’s Consolidated Statements of Operations as incurred.
Divestiture
In May 2024, the Company completed the sale of its payments testing business in the Industrial segment to an affiliate of Gallant Capital Partners, a California-based private equity firm, for a base price of $29 million in cash (as adjusted for customary post-closing adjustments) with the potential for additional cash consideration if certain earn-out provisions are met. The divestiture resulted in a pre-tax gain on sale of $24 million, which was recorded within other income (expense), net in the Company’s Consolidated Statements of Operations.
Held for Sale
In May 2024, the Company signed a non-binding letter of intent with a prospective buyer to purchase one of its facilities and, as a result, the related assets of the facility were classified as held for sale in the second quarter of 2024. The facility is a testing laboratory, used in the Company’s Industrial and Consumer segments. In October 2024, the Company received a notice of termination from the prospective buyer. Despite no changes to the Company’s intention to sell the facility, the held for sale criteria were deemed no longer met as of December 31, 2024. Consequently, the carrying amount of $11 million of the land, building, and related improvements were reclassified from other assets held for sale to property, plant, and equipment on the Consolidated Balance Sheet.
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Other Income (Expense), net
 12 Months Ended
Dec. 31, 2024
Other Income and Expenses [Abstract]  
Other Income (Expense), net Other Income (Expense), net
The components of other income (expense), net for the years ended December 31 are as follows:    
(in millions)202420232022
Foreign exchange losses$(11)$(2)$(11)
Interest income4 12 1 
Unrealized gains on equity investments— 7 22 
Non-operating pension and postretirement benefit expense(7)(8)(13)
U.S. pension plan settlement losses— — (18)
Gains on divestitures, net of adjustments(a)(b)
24 2 — 
Other(a)
(2)2 7 
Total$8 $13 $(12)
__________
(a)The Company has reclassified the amounts presented for the year ended December 31, 2023 and 2022 to conform to the current period’s presentation.
(b)See Note 4.
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Fair Value of Financial Instruments
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
The carrying amount and fair value of the Company’s debt was as follows:
As of December 31, 2024As of December 31, 2023
(in millions)Carrying AmountFair ValueCarrying AmountFair Value
Term loans$444 $444 $500 $500 
Revolving credit facility— — 110 110 
Senior notes300 311 300315
Other3 3 — — 
Total$747 $758 $910 $925 
The fair value of the Company’s term loans and revolving credit facility reflects current market conditions and is primarily determined using broker quotes, which are Level 2 inputs in the fair value hierarchy. The fair value of the Company’s senior notes is estimated based on prevailing interest rates and trading activity, which are Level 2 inputs in the fair value hierarchy.
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Other Current Assets
 12 Months Ended
Dec. 31, 2024
Other Assets [Abstract]  
Other Current Assets Other Current Assets
The components of other current assets as of December 31, were as follows:
(in millions)20242023
Income tax receivable$24 $49 
Prepaid expenses33 35 
Other4 13 
Total$61 $97 
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Investments in Equity Securities
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Investments in Equity Securities Investments in Equity Securities
Equity Investments in Non-consolidated Affiliates
The Company holds investments in equity securities of various companies which are accounted for using the equity method when the Company has the ability to exercise significant influence, but not control, over the investee. The carrying amount of these investments was $22 million in both years December 31, 2024 and 2023, and includes approximately 28% of the registered share capital of DQS Holding GmbH (“DQS”), a global management system assessment company headquartered in Germany. The carrying amount of the Company’s investment in DQS was $21 million in both of the years ended December 31, 2024 and 2023.
The Company holds investments in equity securities of various companies, certain of which comprise less than 10% of the applicable company’s outstanding equity securities and are included within other assets in the Company’s Consolidated Balance Sheets. The Company accounts for these investments at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The carrying amount of these investments was $36 million and $42 million at December 31, 2024 and 2023, respectively. During the year ended December 31, 2022, the Company remeasured certain investments to fair value as a result of observable price changes in orderly transactions of the same issuer, resulting in unrealized gains of $11 million which were recorded within other income (expense), net. In addition, during the year ended December 31, 2022, the Company remeasured certain investments to fair value as a result of observable price changes in orderly transactions of the same issuer that occurred in 2021, resulting in unrealized gains of $11 million, which were recorded within other income (expense), net. The impact of this correction was not material to the year ended December 31, 2022 or any prior period. Fair value was determined primarily based on observable pricing information from issuances of identical or similar equity instruments, which is a Level 2 input in the fair value hierarchy.
Variable Interest Investment
The Company, via its wholly owned subsidiary UL LLC, owns 70% of the issued and outstanding equity interests of UL-CCIC Company Limited (“UL-CCIC”), an entity formed under the laws of the People’s Republic of China (“P.R.C”). The remaining 30% equity interest is owned by China Certification & Inspection (Group) Co., Ltd. (“CCIC”), a Chinese state-owned enterprise. UL-CCIC offers product safety testing services enabling its customers to access North American and other international markets, electromagnetic compatibility and commercial inspection and testing services. UL-CCIC provides local voluntary certification schemes to help their customers differentiate their products within the China market. UL-CCIC also offers China Compulsory Certification (“CCC”) testing services under some product categories, which is approved by the Certification and Accreditation Administration P.R.C. and market access agency services to manufacturers outside of the P.R.C. to help them obtain the CCC mark.
UL-CCIC is governed by an agreement first entered into on June 26, 2002, and has been amended from time to time. UL-CCIC was established with an initial duration of 10 years, starting from the date that it obtained its business license. This duration has been subsequently extended twice and currently expires in January 2033 pursuant to the amended and restated agreement the Company entered into with CCIC on October 28, 2022. The amendment and restatement of this agreement did not have a material financial statement impact to the Company.
The board of directors of UL-CCIC consists of up to seven directors, with four appointed by UL Solutions and three by CCIC. The chair of the UL-CCIC board of directors is appointed by UL Solutions and the vice chair by CCIC. UL-CCIC has a general manager, who is in charge of the day-to-day management of UL-CCIC and reports to the UL-CCIC board of directors. UL Solutions has the exclusive right to nominate the general manager and CCIC has the exclusive right to nominate the deputy general manager.
The Company determined that it is the primary beneficiary of UL-CCIC because UL Solutions has the power to direct many of the activities that most significantly impact the performance of the entity through its right to appoint a majority of the directors on UL-CCIC’s board of directors, as well as the exclusive right to nominate the general manager. Pursuant to the governing documents of UL-CCIC, certain decisions and actions of its board of directors require either unanimous approval or the approval of two-thirds of the directors, while certain other matters require either unanimous approval or the approval of a supermajority of the voting rights of the shareholders; however, the Company believes that such decisions and actions are not the most significant to the performance of UL-CCIC. As such, the Company consolidates UL-CCIC as a variable interest entity (“VIE”). The profits and losses of UL-CCIC are shared by the parties in proportion to their respective contributions to its registered capital. Such equity interest represents the Company’s variable interest in UL-CCIC and provides for
participation in both the risk of loss and future economic gains. Neither UL Solutions nor CCIC, as the shareholders of UL-CCIC, are required to provided additional financing support to UL-CCIC.
UL-CCIC is a separate legal entity and its assets are legally owned by UL-CCIC and are not available to the Company’s creditors. UL-CCIC assets of $193 million and $178 million and liabilities of $87 million and $82 million, inclusive of intercompany eliminations, were included in the Company’s Consolidated Balance Sheets at December 31, 2024 and 2023, respectively.
v3.25.0.1
Property, Plant, and Equipment
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Property, Plant and Equipment
The components of property, plant and equipment, net as of December 31 were as follows:
(in millions)20242023
Land and land improvements$41 $42 
Building and building improvements451 364 
Leasehold improvements182 172 
Machinery, equipment and office furniture729 714 
Property, plant and equipment, gross1,403 1,292 
Total accumulated depreciation(772)(737)
Property, plant and equipment, net$631 $555 
Depreciation expense for the years ended December 31, 2024, 2023 and 2022 was $100 million, $88 million and $75 million, respectively.
v3.25.0.1
Goodwill
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill Goodwill
Changes in the carrying amount of goodwill for the years ended December 31, 2024 and 2023 are as follows:
(in millions)IndustrialConsumerSoftware and AdvisoryTotal
Balance at December 31, 2022(a)
$311 $270 $66 $647 
Acquisitions11 — 2 13 
Measurement period adjustments— (4)— (4)
Divestitures— (1)— (1)
Effect of changes in foreign exchange rates1 2 2 5 
Impairment— (37)— (37)
Balance at December 31, 2023(a)
323 230 70 623 
Acquisitions21 — — 21 
Effect of changes in foreign exchange rates(4)(5)(2)(11)
Balance at December 31, 2024(a)
$340 $225 $68 $633 
__________
(a)Net of accumulated impairment losses of $137 million as of December 31, 2024, $166 million as of December 31, 2023 and $129 million as of December 31, 2022.
Goodwill is tested for impairment annually in the fourth quarter, or more frequently if an event occurs or conditions change that would indicate it is more likely than not that the fair value of a reporting unit is below its carrying amount. During the three months ended September 30, 2023, the Company identified a triggering event and performed a quantitative impairment assessment for a reporting unit in the Consumer segment, which resulted in a pre-tax impairment charge of $37 million. This partial impairment charge was the result of lower than expected demand for Non-certification Testing and Other Services in the mobility industry, which has been impacted by auto industry conditions in 2023, including slowing of the pace of electric vehicle transition, labor uncertainties, and the impact of more moderate growth expectations for the business. At December 31, 2024, the remaining goodwill related to this reporting unit was no longer considered at risk of further impairment.
The impairment assessment for this reporting unit consisted of a fair value calculation that combined an income approach and a market approach, using an equal weighting, and a number of significant assumptions including estimated future revenue
growth rates, EBITDA margins, discount rate, and market multiples. The fair value using the income approach was determined based on the present value of the estimated future cash flows of the reporting unit, discounted using the weighted average cost of capital. The Company used its internally developed long-range plans to estimate future cash flows for the business, which included estimated future revenue growth rates and EBITDA margins. Development of the Company’s long-range plans includes consideration of current and projected levels of income for the reporting unit based on management’s plans for the business, business trends, market and economic conditions, as well as other relevant factors. The fair value using the market approach was derived from market multiples using comparable publicly traded companies for a group of benchmark companies. The selection of comparable businesses was based on the markets in which the reporting unit operates given consideration to risk profiles, size, geography and diversity of products and services. These estimates and assumptions were considered Level 3 inputs under the fair value hierarchy. The Company believes the assumptions used in the impairment assessment are reasonable and consistent with assumptions that would be used by other market participants. However, such assumptions are inherently uncertain, and a change in assumptions could change the estimated fair value of the reporting unit. Therefore, future impairment charges could be required, which could have an adverse effect on the Company’s financial condition and results of operations.
v3.25.0.1
Intangible Assets
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets Intangible Assets
The following table summarizes intangible assets as of December 31:
20242023
(in millions)LifeGross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Customer relationships
5 - 20 years
$261 $(211)$50 $261 $(204)$57 
Intellectual property and patents
3 - 15 years
15 (11)4 18 (11)7 
Trademarks
5 - 13 years
21 (17)4 25 (17)8 
Total$297 $(239)$58 $304 $(232)$72 
Intangible Asset Amortization Expense
Intangible asset amortization expense, reported within selling, general and administrative expenses within the Consolidated Statements of Operations, was $13 million, $15 million and $16 million for the years ended December 31, 2024, 2023 and 2022, respectively.
As of December 31, 2024, estimated future amortization expense for intangible assets is as follows:
(in millions)
2025$11 
202610 
20278 
20288 
20297 
v3.25.0.1
Pension Postretirement Benefits Plans
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Pension Postretirement Benefits Plans Pension and Postretirement Benefit Plans
Pension
The Company has various non-contributory defined benefit pension plans covering certain employees and retired employees of the Company, UL Research Institutes and UL Standards & Engagement. The benefits are based on years of service and participant compensation. With the exception of Taiwan, Japan and Switzerland, these plans have been closed to new entrants. No future employees will be eligible to participate in these plans. The pension amounts reported here represent the balances related to all participants in the plans, including those of the U.S. employees and former employees of UL Research Institutes and UL Standards & Engagement. The Company uses the spot rate approach for calculating service cost and interest cost.
The Company recognized settlement losses of $18 million in 2022 in other income (expense), net related to its U.S. pension plan. The settlement losses resulted from lump sum payments that exceeded annual service and interest costs of the plan. The Company’s funding policy is to contribute to defined benefit pension plans in the United States and a number of other countries when pension laws and/or economics either require or encourage funding. The Company did not recognize settlement losses in 2024 or 2023 related to its U.S. pension plan.
The following table provides a reconciliation of changes in the defined benefit pension obligations and fair value of plan assets for the years ended December 31, and a statement of funded status as of December 31:
U.S.Non U.S.
(in millions)2024202320242023
Change in projected benefit obligation
Projected benefit obligation at beginning of year$336 $341 $132 $124 
Service cost2 2 5 4 
Interest cost16 17 3 4 
Benefits paid(16)(27)(5)(3)
Actuarial (gain) loss(9)3 8 1 
Exchange rate (gain) loss— — (9)2 
Projected benefit obligation at end of year329 336 134 132 
Change in fair value of plan assets
Fair value of plan assets at beginning of year208 195 56 48 
Actual return on plan assets21 33 4 6 
Employer contributions19 7 2 3 
Benefits paid(16)(27)(5)(3)
Exchange rate (loss) gain— — (4)2 
Fair value of plan assets at end of year232 208 53 56 
Underfunded status of plans$(97)$(128)$(81)$(76)
Amounts recognized in Consolidated Balance Sheets
Non-current assets$— $— $7 $7 
Current liabilities— — (1)(1)
Non-current liabilities(97)(128)(87)(82)
Net liability at end of year$(97)$(128)$(81)$(76)
Amounts recognized in accumulated other comprehensive loss
Net actuarial loss(53)(74)(7)— 
Net amount recognized$(53)$(74)$(7)$— 
Total benefits cost and amounts recognized in other comprehensive income for the years ended December 31 are as follows:
U.S.Non U.S.
(in millions)202420232022202420232022
Components of net periodic benefit cost
Service cost$2 $2 $3 $5 $4 $6 
Interest cost16 17 16 3 4 2 
Expected return on plan assets(13)(14)(14)(2)(2)(2)
Amortization of net actuarial loss3 3 9 — — 2 
Settlement losses— — 18 — — — 
Net periodic benefit cost$8 $8 $32 $6 $6 $8 
Amounts recorded in other comprehensive income
Balance at beginning of the year$74 $92 $167 $— $3 $41 
Net actuarial (gain) loss(18)(15)(48)6 (3)(36)
Amortization of net actuarial loss(3)(3)(27)— — (2)
Exchange rate loss— — — 1 — — 
Balance at end of the year$53 $74 $92 $7 $— $3 
The service cost component of net periodic benefit cost is recorded in the same line items as other compensation arising from services rendered, in cost of revenue, and in selling, general and administrative expense. The other components of net periodic benefit cost are recorded in other income (expense), net.
The following benefit payments, which reflect expected future service, are expected to be paid as follows:
(in millions)U.S.Non U.S.Total
2025$51 $5 $56 
202631 5 36 
202730 6 36 
202829 6 35 
202929 6 35 
Years 2030 through 2034125 40 165 
The Company anticipates making approximately $20 million of required contributions to its U.S. pension plan and approximately $3 million to its non U.S. pension plans in 2025.
The weighted average assumptions used in the measurement of the benefit obligations at December 31 are as follows:
U.S.Non U.S.
2024202320242023
Discount rate5.7 %5.0 %
0.9 - 4.6%
1.3 - 4.7%
Rate of compensation increase
4.0% for 2024 and 2025
3.0% for 2026+
4.0% for 2024
3.0% for 2025+
1.6 - 4.0%
2.3 - 4.0%
The weighted average assumptions used in the measurement of the net periodic benefit costs for the years ended December 31 are as follows:
U.S.Non U.S.
202420232022202420232022
Discount rate5.0 %5.2 %3.0 %
1.3 - 4.7%
1.6- 5.2%
0.8 - 4.2%
Expected return on plan assets6.9 %7.8 %6.0 %
2.4 - 5.6%
1.6 - 5.6%
1.2- 4.8%
Rate of compensation increase
4.0% for 2024
3.0% for 2025+
4.25% for 2023
3.0% for 2024+
3.0 %
0.0- 4.0%
2.3 - 4.0%
2.3- 4.0%
The expected rate of return on plan assets is determined based on long-term historical performance of plan assets, current asset allocation and expected future long-term asset returns.
The Company determines the discount rate used to measure plan liabilities as of the December 31 measurement date for the pension and postretirement benefit plans, which is also the date used for the related annual measurement assumptions. The Company uses the full Aon AA Above Median Yield Curve rather than a single discount rate.
The accumulated benefit obligation for all U.S. defined benefit pension plans was $313 million and $316 million at December 31, 2024 and 2023, respectively. The accumulated benefit obligation for all Non U.S. defined benefit pension plans was $110 million and $113 million at December 31, 2024 and 2023, respectively. The table below outlines the projected benefit obligations and the accumulated benefit obligations in excess of plan assets at December 31:
U.S.Non U.S.
(In millions)2024202320242023
Projected benefit obligation$329 $336 $100 $94 
Accumulated benefit obligation313 316 77 76 
Fair value of plan assets232 208 11 11 
Pension Assets
The assets in the investment portfolio for defined benefit pension plans are diversified in a manner that is intended to achieve the return objective and reduce the volatility of returns on the assets. The Company’s investment objective is to ensure that funds are available to meet the plans’ benefit obligations when they become due. The overall investment strategy is to prudently invest plan assets into diversified equity and debt securities, as well as alternative investments, to achieve long-term return expectations. The plan relies on a total return strategy in which investment returns consist of both capital appreciation (both realized and unrealized), as well as current yield (interest and dividends) over a long-term period.
The following tables present the Company’s fair value hierarchy (as defined in Note 1) for those pension assets measured at fair value at December 31:
2024
(In millions)Level 1Level 2Level 3Total Asset
Balance
U.S.
Cash and cash equivalents$1 $— $— $1 
Fixed income investments— 44 — 44 
Fixed income mutual funds26 — — 26 
Corporate equities6 — — 6 
Commingled equities— 48 — 48 
Equity mutual funds58 — — 58 
Real estate mutual funds10 — — 10 
Private real estate— — 5 5 
Total U.S. assets in the fair value hierarchy101 92 5 198 
Hedge funds(a)
34 
Total U.S. investments at fair value$232 
Non U.S.
Commingled funds— 30 — 30 
Other— — 23 23 
Total non U.S. assets— 30 23 53 
Total pension assets$285 
__________
(a)In accordance with ASC 820, certain investments that are measured at fair value using the 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 in the Consolidated Balance Sheets. The terms and conditions of the Company's hedge fund investments vary, however, the majority of the Company’s hedge fund investments may be redeemed quarterly with redemption notice periods between 45-90 days. The Company does not intend to sell or otherwise dispose of these investments at prices different than the net asset value per share.
2023
(In millions)Level 1Level 2Level 3Total Asset
Balance
U.S.
Cash and cash equivalents$2 $— $— $2 
Fixed income investments— 28 — 28 
Fixed income mutual funds21 — — 21 
Corporate equities— 22 — 22 
Commingled equities— 43 — 43 
Equity mutual funds43 — — 43 
Real estate mutual funds10 — — 10 
Private real estate— — 6 6 
Total U.S. assets in the fair value hierarchy76 93 6 175 
Hedge funds(a)
33 
Total U.S. investments at fair value$208 
Non U.S.
Cash and cash equivalents1 — — 1 
Commingled funds— 32 — 32 
Other— — 23 23 
Total non U.S. assets1 32 23 56 
Total pension assets$264 
__________
(a)Described in previous table.
The following table summarizes the changes in fair value of the Company’s Level 3 pension assets:
(In millions)
Balance at year ended December 31, 2022$27 
Purchases, sales and settlements, net1 
Unrealized gain1 
Balance at year ended December 31, 2023$29 
Purchases, sales and settlements, net(2)
Unrealized gain1 
Balance at year ended December 31, 2024$28 
Valuation Methods
The Company follows ASC Topic 820, Fair Value Measurement, in determining the fair value of plan assets within the Company’s defined benefit pension plans.
Quoted market prices in active markets for all Level 1 investments were available at December 31, 2024 and 2023.
Fixed-income investments, corporate equities, and master limited partnerships have been categorized as Level 2 as these investments do not have publicly quoted prices in active markets. Commingled funds have been categorized as Level 2 and are maintained by investment companies that hold investments in accordance with a stated set of fund objectives. The values of the commingled funds are not publicly quoted and must trade through a broker. These funds are invested in equity and fixed-income mutual funds. The fund administrator values the fund using the net asset value per fund share, derived from the quoted prices in active markets of the underlying securities.
Level 3 investments include several guaranteed investment contracts, government mandated pooled investments, and a private real estate fund. These investments do not have actively traded quotes as of December 31, 2024 and 2023, and require the use of unobservable inputs, such as indicative quotes from dealers, estimates provided by the fund managers and third-party property appraisals, to value these securities.
For the U.S. plan, the 2024 target investment allocation was 48% for equity strategies, 30% for fixed-income and cash strategies and 22% for alternative strategies. The 2023 target investment allocation was 52% for equity strategies, 25% for fixed-income and cash strategies and 23% for alternative strategies. Actual investment allocations may vary from target investment allocations due to prevailing market conditions. The Company regularly reviews actual investment allocations and periodically rebalances investments to achieve target allocations.
Actual pension plan asset allocations are as follows:
U.S.Non U.S.
2024202320242023
Equity securities48 %52 %9 %37 %
Fixed-income securities30 %24 %49 %20 %
Alternatives21 %23 %— %— %
Other— %— %42 %41 %
Cash1 %1 %— %2 %
100 %100 %100 %100 %
Postretirement Benefit Plans
The Company has contributory postretirement medical benefits plans for certain employees and retired employees of the Company, and in 2023 also included certain employees and retired employees of UL Research Institutes and UL Standards & Engagement. The U.S. plan has been closed to new entrants since January 1, 2016. The postretirement amounts reported here represent the balances related to all participants in the plans, including those of the U.S. employees and former employees of UL Research Institutes and UL Standards & Engagement, as applicable. For its U.S. plan, the Company adopted the spot rate approach for calculating service cost and interest cost.
The following table sets forth the projected benefit obligation of postretirement benefits at December 31:
U.S.Canada
(in millions)2024202320242023
Change in projected benefit obligation
Projected benefit obligation at beginning of year$17 $16 $6 $5 
Interest cost1 1 — — 
Plan amendment(a)
(8)— — — 
Plan participant contributions1 1 — — 
Benefits paid(3)(1)— — 
Actuarial gain(1)— — — 
Exchange rate (gain) loss— — (1)1 
Projected postretirement benefit obligation at end of year$7 $17 $5 $6 
Change in fair value of plan assets
Fair value of plan assets at beginning of year— — — — 
Employer contributions2 — — — 
Plan participant contributions1 1 — — 
Benefits paid(3)(1)— — 
Fair value of plan assets at end of year— — — — 
Underfunded status of plans$(7)$(17)$(5)$(6)
Amounts recognized in Consolidated Balance Sheets
Current liabilities$(1)$(1)$— $— 
Non-current liabilities(6)(16)(5)(6)
Total liability at end of year$(7)$(17)$(5)$(6)
Amounts recognized in accumulated other comprehensive loss
Prior service credit$8 $— $— $— 
Net actuarial gain12 12 — — 
Net amount recognized$20 $12 $— $— 
__________
(a)During the fourth quarter of 2024, the Company adopted a negative plan amendment to reduce benefits to certain retired employees of its U.S. postretirement medical plan. The amendment resulted in a reduction of the postretirement benefit plan liability of $8 million and a corresponding increase in prior service credits recorded in accumulated other comprehensive loss on the Company’s Consolidated Balance Sheet. The prior service credits will be recognized as a component of net periodic benefit costs within other income (expense), net over the average expected remaining service period of the plan participants.
Total benefits cost and amounts recognized in other comprehensive income for the years ended December 31 are as follows:
U.S.Canada
(in millions)202420232022202420232022
Component of net periodic benefit cost
Service cost$— $— $1 $— $— $— 
Interest cost1 1 1 — — — 
Amortization of net actuarial gain(1)(1)(1)— — — 
Net periodic cost$— $— $1 $— $— $— 
Amounts recorded in other comprehensive income
Balance at beginning of the year$(12)$(13)$(8)$— $(1)$3 
Net actuarial gain(1)— (6)— — (2)
Prior service credit(8)— — — — — 
Amortization of net actuarial gain1 1 1 — — — 
Exchange rate loss (gain)— — — — 1 (2)
Balance at end of the year$(20)$(12)$(13)$— $— $(1)
The service cost component of net periodic benefit cost is recorded in the same line items as other compensation arising from services rendered, in cost of revenue, and in selling, general and administrative expense. The other components of net periodic benefit cost are recorded in other income (expense), net.
The projected future benefit payments, which reflect expected future services are as follows:
(In millions)U.S.CanadaTotal
2025$1 $— $1 
20261 — 1 
2027— 1 1 
2028— 1 1 
20291 — 1 
Years 2030 through 20343 1 4 
The Company’s expected contributions to its U.S. and Canada postretirement benefit plans in 2025 are immaterial.
The following assumptions were used to determine the benefit obligations under the plans at December 31:
U.S.Canada
2024202320242023
Discount rate5.6 %5.1 %4.7 %4.7 %
Health care cost trend rate (Pre-65 for U.S.)9.0 %7.9 %5.2 %— %
Ultimate trend rate reached in 2035 for U.S. / 2040 for Canada4.5 %4.5 %4.1 %4.1 %
The following assumptions were used to determine the net periodic benefit costs under the plans for the years ended December 31:
U.S.Canada
202420232022202420232022
Discount rate5.1 %5.2 %3.1 %4.7 %4.7 %5.2 %
Health care cost trend rate7.9 %6.7 %6.3 %4.9 %4.9 %4.6 %
Savings Plans
The Company sponsors various defined contribution savings plans in the U.S., as well as certain international locations, that allow employees to contribute a portion of their pre-tax and/or after-tax income in accordance with plan specified guidelines. Under specified conditions, the Company will contribute to certain savings plans based on the employee’s eligible pay and/or will match a percentage of the employee contributions up to certain limits. For the years ended December 31, 2024, 2023 and 2022, the Company’s contributions were $46 million, $46 million and $45 million, respectively.
v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Components of income (loss) before income taxes:
(in millions)202420232022
Domestic$(20)$(1)$24 
Foreign435 347 359 
Total income before income taxes$415 $346 $383 
Components of the provision (benefit) for income taxes:
(in millions)202420232022
Current tax provision
U.S. Federal$(3)$1 $10 
U.S. State5 1 (1)
Foreign73 54 55 
Deferred tax provision
U.S. Federal(6)9 7 
U.S. State6 3 (4)
Foreign(5)2 7 
Total income tax provision$70 $70 $74 
Reconciliation of the U.S. federal statutory rate to UL Solutions effective tax rate:
202420232022
U.S. Federal Statutory Rate21.0 %21.0 %21.0 %
Effect of:
Foreign income taxed at different rates(a)
(4.2 %)(5.0 %)(2.3 %)
U.S. tax on foreign activities0.6 %2.0 %1.3 %
State and local income taxes, net of federal benefit2.0 %0.9 %(1.3 %)
Goodwill impairment— %1.8 %— %
U.S. nondeductible compensation1.9 %— %— %
Release of uncertain tax positions for lapse of statutes(a)
(4.7 %)(0.1 %)— %
Other reconciling items, net0.3 %(0.4 %)0.6 %
Effective tax rate16.9 %20.2 %19.3 %
__________
(a)The Company has reclassified the amounts presented for the year ended December 31, 2023 to conform to the current period’s presentation.

Of the 1.9% U.S. nondeductible compensation in 2024, 1.0% is for the reduction to previously established deferred tax assets due to the Company becoming subject to Section 162(m) of the U.S. Internal Revenue Code, which limits U.S. public company compensation expenses of certain executive officers that were previously deductible as a private company. The remainder is related to current year compensation expense limitations.
Other reconciling items consist of non-deductible expenses such as meals and entertainment, transaction costs related to merger and acquisition activities, movement in valuation allowances, and general business credits such as research and development tax credits.
The Company has not recognized deferred tax liabilities in the U.S. with respect to its outside basis differences in most foreign affiliates. As of December 31, 2024 and 2023, approximately $318 million and $289 million, respectively, of the Company’s accumulated undistributed earnings from these foreign subsidiaries are intended to be indefinitely reinvested. It is not practicable to determine the amount of unrecognized deferred tax liabilities on these earnings. The Company is not indefinitely reinvested with regard to select other foreign affiliates and has recorded a deferred tax liability of $6 million and $5 million in its financial statements as of December 31, 2024 and 2023, respectively, for foreign withholding taxes on the unrepatriated earnings of those entities, where applicable.
Components of the deferred income tax assets and liabilities:
(in millions)20242023
Deferred tax assets
Accrued pension and postretirement liabilities$38 $47 
Accrued employee benefits41 42 
Other accrued expenses7 9 
Net operating loss carryforward44 46 
Advance payments39 25 
Operating lease liabilities46 38 
Capitalized research and development18 10 
Foreign tax credit12 8 
Other12 5 
Subtotal (before valuation allowances)257 230 
Valuation allowances(53)(56)
Total deferred tax assets204 174 
Deferred tax liabilities
Basis difference for intangible assets(38)(32)
Basis difference for fixed assets(20)(6)
Operating lease right-of-use assets(45)(36)
Tax on unrepatriated earnings(6)(5)
Other(10)(9)
Total deferred tax liabilities(119)(88)
Net deferred income tax assets$85 $86 
As of December 31, 2024, the Company has approximately $44 million of deferred tax assets related to net operating loss (“NOL”) carryforwards primarily attributable to foreign affiliates. If not used, $8 million of deferred tax assets will be written off to reflect the reduction of the NOL carryforwards that will expire between 2025 and 2044, while the remaining carryforward is indefinite. The use of certain NOL carryforwards is limited due to rules regarding acquired tax attributes, loss sharing between group members, and business continuity. The valuation allowances represent a reduction to deferred tax assets, including certain NOLs, for which the realization is unlikely.
Movements in valuation allowance:
Deferred Tax Valuation AllowanceBalance at Beginning of YearCharged to Costs and ExpensesDeductionsBalance at End of Year
(in millions)
Year Ended December 31, 2024$56 $7 $(10)$53 
Year Ended December 31, 2023$47 $14 $(5)$56 
Year Ended December 31, 2022$42 $10 $(5)$47 
Uncertain Tax Positions
Movements in reserve for uncertain tax positions:
(in millions)202420232022
Balance at January 1,$30 $26 $25 
Increases related to prior period tax positions2 3 5 
Decreases related to prior period tax positions(5)— (3)
Increases related to current period tax positions— 2 1 
Lapse of statute of limitation(19)(1)— 
Settlement with taxing authorities(1)— (2)
Balance at December 31,$7 $30 $26 
The total unrecognized tax benefits that, if recognized, would affect the Company’s effective tax rate were $6 million, $30 million and $26 million as of December 31, 2024, 2023 and 2022, respectively. The Company had accrued for interest and penalties of $3 million, $12 million and $10 million, as of December 31, 2024, 2023 and 2022, respectively, which are included within other liabilities in the Company’s Consolidated Balance Sheets.
The Company is under audit in multiple state and foreign tax jurisdictions. It is reasonably possible that the amount of unrecognized tax benefits will change during the next 12 months. This could be due to completion of the aforementioned foreign and state income tax audits, the expiration of statutes of limitations and/or new information that causes the Company to reassess the total amount of unrecognized tax benefits recorded. The timing of the resolution of income tax examinations is uncertain as are the amounts and timing of tax payments that are part of any audit settlement process. These events could cause fluctuations in the balance sheet classification of our tax assets and liabilities. The Company believes that within the next 12 months, it is reasonably possible that either certain audits will conclude or statutes of limitations on certain income tax periods will expire, or both. Although the timing of resolution, settlement and closing of audits is not certain, the Company does not expect the balance of unrecognized tax benefits to change by a material amount in the next 12 months.
In the United States, the Company has open years ranging from 2016 to 2024 and significant foreign jurisdictions still open for audit between 2009 and 2024. The Company believes sufficient provision has been made for potential adjustments for all years that are not closed by the statute in all major tax jurisdictions and that any such adjustments would not have a material adverse effect on the Company’s financial position, liquidity, or results of operations.
v3.25.0.1
Long-Term Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
The Company’s outstanding debt consisted of the following:
(in millions)CurrencyMaturity DateAs of December 31, 2024As of December 31, 2023
Term loansUSDJanuary 2027$444 $500 
Revolving credit facility USDJanuary 2027— 110 
Senior notesUSDOctober 2028300 300 
OtherUSDAugust 20333 — 
Total debt747 910 
Less: unamortized debt issuance costs(5)(6)
Total debt, net of unamortized debt issuance costs742 904 
Less: current portion of long-term debt(50)— 
Long-term debt$692 $904 
The interest rate on the term loan was 5.58% as of December 31, 2024 and 6.46% as of December 31, 2023. The interest rate on the revolving credit facility was 6.45% as of December 31, 2023. Borrowings under the senior notes bear a fixed interest rate of 6.500% per annum.
Credit Facility
In January 2022, the Company entered into a credit agreement with Bank of America, N.A. and certain other lenders, which provides for senior unsecured credit facilities in an aggregate principal amount of $1,250 million (collectively, the “Credit Facility”), consisting of term loans in an initial aggregate principal amount of $500 million and revolving loan commitments in an initial aggregate commitment amount of $750 million (including a $25 million sub-facility for letters of credit). The Credit Facility includes an accordion feature permitting an increase in the Credit Facility by an aggregate amount of up to $625 million (of which up to $400 million may consist of term loans), subject to the consent of any lenders providing such increase, the absence of any default or event of default and entry into customary documentation with respect to such increase. The Company’s wholly owned subsidiary, UL LLC, a Delaware limited liability company, provides a guaranty of its obligations thereunder. Proceeds from the Credit Facility in January 2022, which included $500 million in term loans and $200 million in draws from the revolving loan commitments, were used to replace the Company’s previous revolving credit facilities and partially fund payment of a $1,600 million special cash dividend that was declared and paid to UL Standards & Engagement in January 2022, as well as for general corporate purposes. The Credit Facility matures in January 2027 and may be prepaid without fees or penalties. The Company made repayments of $56 million in 2024 related to the term loan, repayments of $110 million, net of proceeds, in 2024 related to the revolving credit facility, and received proceeds of $110 million, net of repayments, in 2023 related to the revolving credit facility. The Company had $6 million and $7 million outstanding in letters of credit, surety bonds, and performance and other guarantees with financial institutions as of December 31, 2024 and 2023, respectively.
In June 2024, the Company entered into an amendment (the “First Credit Facility Amendment”) to the Credit Facility with Bank of America, N.A. and certain other lenders. The First Credit Facility Amendment provided, among other things, for (i) the replacement of the Bloomberg Short-term Bank Yield (“BSBY”) with Term SOFR plus a SOFR adjustment as a benchmark rate for interest periods commencing subsequent to June 28, 2024; (ii) UL Solutions Inc., which was previously the guarantor of the facility, became the named borrower, and UL LLC, which was previously the named borrower, became the guarantor. The foregoing summary of certain provisions of the First Credit Facility Amendment is qualified in its entirety by reference to the amendment filed as Exhibit 10.62 to this Annual Report.
Effective from the date of the First Credit Facility Amendment, borrowings under the Credit Facility bear interest at a rate per annum equal to, at the Company’s option, (a) in the case of U.S. dollar loans, the Term SOFR plus a SOFR adjustment of 0.1% plus a margin, and for all other currencies, a specified benchmark rate for the applicable currency plus, in certain instances, a specified spread adjustment plus a margin (loans with a rate based on this clause (a), “benchmark rate loans”) or (b) for U.S. dollar loans only, the base rate plus a margin (loans with a rate based on this clause (b), “base rate loans”). Prior to the First Credit Facility Amendment, borrowings bore interest on the same terms with the exception that the BSBY Index rate plus a margin was used as the base rate in place of Term SOFR. As of December 31, 2024, the margin was 1.125% for benchmark rate loans and 0.125% for base rate loans but may be adjusted based on the Company’s most recently tested consolidated net leverage ratio and may vary from 1.0% to 1.5% for benchmark rate loans and 0% to 0.5% for base rate loans. The unused commitment fee varies from 0.1% to 0.2% based on the Company’s most recently tested consolidated net leverage ratio.
The Credit Facility also includes a financial covenant tested quarterly which requires the Company to maintain a consolidated net leverage ratio of not greater than 3.5 to 1.0, calculated on a consolidated basis for each consecutive four fiscal quarter period, with an increase in the maintenance level to 4.0 to 1.0 for each of the four test periods immediately following any permitted acquisition that involves the payment of aggregate consideration in excess of $100 million, subject to a two fiscal quarter rest period between increases for separate acquisitions. The calculation of the consolidated net leverage ratio permits the netting of up to $250 million of unrestricted cash from funded debt. As of December 31, 2024, the Company was in compliance with all covenants under this facility.
The Credit Facility includes customary representations and warranties, covenants and events of default, subject to certain customary exceptions, materiality thresholds and grace periods. The covenants include, among other things, financial reporting, maintenance of line of business, notices of default and other material changes, as well as limitations on investments and acquisitions, mergers and transfers of all or substantially all assets, dividends and distributions, burdensome contracts with affiliates, liens and indebtedness. Future borrowings under the Credit Facility are subject to the satisfaction of customary conditions, including the absence of any default or event of default and the accuracy of representations and warranties.
Senior Notes
In October 2023, the Company issued $300 million in aggregate principal amount of 6.500% senior notes due 2028 (the “notes”). The notes were sold to qualified institutional buyers in the United States in reliance on Rule 144A under the
Securities Act and to non-U.S. persons outside the United States in reliance on Regulation S under the Securities Act. The notes are senior unsecured obligations of UL Solutions Inc. and are unconditionally guaranteed by UL LLC, the Company’s wholly owned subsidiary. The Company used the net proceeds from the offering of the notes, together with borrowings under the Credit Facility and cash on hand, to fund a $600 million special cash dividend, which was paid to UL Standards & Engagement in December 2023.
UL Solutions pays interest on the notes semi-annually in arrears on April 20 and October 20 of each year, which began on April 20, 2024.
Pursuant to the indenture that governs the notes (the “indenture”), there are certain limitations on the ability of the Company and its restricted subsidiaries to create or incur liens and to enter into sale and leaseback transactions. The indenture also imposes certain limitations on the ability of the Company to merge, consolidate or amalgamate with or into any other person (other than a merger of a wholly owned subsidiary into the Company) or sell, transfer, assign, lease, convey or otherwise dispose of all or substantially all of the property of the Company in any one transaction or series of related transactions. These limitations are subject to significant exceptions.
If a change of control triggering event occurs, as defined in the indenture, UL Solutions will be required to offer to purchase the notes at a price equal to 101% of their principal amount, together with accrued and unpaid interest, if any. The Company may also redeem some or all of the notes at any time prior to their maturity pursuant to the indenture’s provisions and limitations.
In connection with the notes offering, the Company also entered into a registration rights agreement for the benefit of the holders of the notes, under which the Company is required to conduct an offer to exchange the notes pursuant to a registration statement filed with the SEC within 730 days after the original issue date of the notes or otherwise pay additional interest on the notes.
As of December 31, 2024, the remaining aggregate scheduled principal repayments of the Company’s debt are as follows:
(in millions)
2025$50 
202650 
2027344 
2028300 
20291 
Thereafter2 
Total$747 
v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases Leases
The Company has operating leases for real estate, vehicles and equipment. Operating leases are included in operating lease right-of-use assets, operating lease liabilities - current, and operating lease liabilities in the Consolidated Balance Sheets. Amounts recognized for finance leases as of and for the years ended December 31, 2024 and 2023 were immaterial.
Lease costs incurred by lease type, and/or type of payment for the annual periods ending December 31 were as follows:
(in millions)202420232022
Short-term lease cost$2 $1 $2 
Operating lease cost50 55 53 
Variable lease cost26 22 21 
Total lease cost$78 $78 $76 
Other supplemental quantitative disclosures for the years ended December 31 are as follows:
(in millions)202420232022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$50 $54 $52 
Right-of-use assets obtained in exchange for operating lease liabilities82 42 62 
Weighted-average remaining lease term (in years) - operating leases6.886.286.57
Weighted-average discount rate - operating leases4.11 %3.39 %2.83 %
Estimated undiscounted future lease payments under non-cancellable operating leases as of December 31, 2024, are as follows:
(in millions)Operating Lease
Liabilities
2025$45 
202642 
202730 
202824 
202918 
Thereafter65 
Total undiscounted future cash flows224 
Less: imputed interest31 
Present value of future cash flows$193 
Leases Leases
The Company has operating leases for real estate, vehicles and equipment. Operating leases are included in operating lease right-of-use assets, operating lease liabilities - current, and operating lease liabilities in the Consolidated Balance Sheets. Amounts recognized for finance leases as of and for the years ended December 31, 2024 and 2023 were immaterial.
Lease costs incurred by lease type, and/or type of payment for the annual periods ending December 31 were as follows:
(in millions)202420232022
Short-term lease cost$2 $1 $2 
Operating lease cost50 55 53 
Variable lease cost26 22 21 
Total lease cost$78 $78 $76 
Other supplemental quantitative disclosures for the years ended December 31 are as follows:
(in millions)202420232022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$50 $54 $52 
Right-of-use assets obtained in exchange for operating lease liabilities82 42 62 
Weighted-average remaining lease term (in years) - operating leases6.886.286.57
Weighted-average discount rate - operating leases4.11 %3.39 %2.83 %
Estimated undiscounted future lease payments under non-cancellable operating leases as of December 31, 2024, are as follows:
(in millions)Operating Lease
Liabilities
2025$45 
202642 
202730 
202824 
202918 
Thereafter65 
Total undiscounted future cash flows224 
Less: imputed interest31 
Present value of future cash flows$193 
v3.25.0.1
Common Stock
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Common Stock Common Stock
As of December 31, 2024, the Company was authorized to issue 1,000,000,000 shares of Class A common stock, par value $0.001 per share, 500,000,000 shares of Class B common stock, par value $0.001 per share, and 10,000,000 shares of preferred stock, par value $0.001 per share. As of December 31, 2023 the Company was authorized to issue 200,000,000 shares of Class A common stock, par value $0.001 per share and 200,000,000 shares of Class B common stock, par value $0.001 per share. Class A and Class B common stock each convey the same rights and privileges to their respective holders, except that Class A common stock entitles its holders to 1 vote per share in respect of matters on which shareholders are entitled to vote and Class B common stock entitles its holders to 10 votes per share.
UL Standards & Engagement is the sole holder of UL Solutions’ outstanding Class B common stock, resulting in beneficial ownership of 69.0% and voting power of 95.7% of the Company’s outstanding common stock as of December 31, 2024. As a result, UL Standards & Engagement has the ability to control the outcome of matters submitted to the Company’s stockholders for approval, including the election of directors and the approval of any change of control transaction. The Company meets the definition of a “controlled company” within the meaning of the corporate governance rules of the New York Stock Exchange.
The following table shows the number of shares of common stock outstanding and changes in each class of share:
Class AClass BTotal
Balance at December 31, 2022200,000,000 — 200,000,000 
Balance at December 31, 2023200,000,000 — 200,000,000 
Reclassification(a)
(200,000,000)200,000,000 — 
Initial public offering(b)
38,870,000 (38,870,000)— 
Follow-on public offering(c)
23,000,000 (23,000,000)— 
Shares issued under long-term incentive plans174,493 — 174,493 
Balance at December 31, 202462,044,493 138,130,000 200,174,493 
__________________
(a)On April 11, 2024, the Company filed an amended and restated certificate of incorporation with the Secretary of State of the State of Delaware, which, among other things, reclassified all shares of the Company’s Class A common stock outstanding into shares of Class B common stock. The amended and restated certificate of incorporation, as well as the Company’s amended and restated bylaws, became effective upon such filing.
(b)On April 16, 2024, the Company completed its initial public offering of an aggregate of 38,870,000 shares of Class A common stock by UL Standards & Engagement at a price to the public of $28.00 per share, which included the exercise in full by the underwriters of their overallotment option to purchase an additional 5,070,000 shares of Class A common stock. The Company did not receive any proceeds from the initial public offering.
(c)On September 9, 2024, the Company completed a follow-on public offering of an aggregate of 23,000,000 shares of Class A common stock by UL Standards & Engagement at a price to the public of $49.00 per share, which included the exercise in full by the underwriters of their overallotment option to purchase an additional 3,000,000 shares of Class A common stock. The Company did not receive any proceeds from this offering.
At December 31, 2024, 2023 and 2022, no shares of preferred stock were issued or outstanding.
v3.25.0.1
Accumulated Other Comprehensive Loss (“AOCL”)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Accumulated Other Comprehensive Loss (“AOCL”) Accumulated Other Comprehensive Loss (“AOCL”)
The following table summarizes the changes in accumulated other comprehensive loss.
(in millions)Foreign Currency TranslationPension and Postretirement PlansTotal
Balance at December 31, 2021, net of tax$(13)$(203)$(216)
Amounts before reclassifications(41)104 63 
Amounts reclassified out— 18 18 
Total other comprehensive (loss) income, before tax(41)122 81 
Tax effect— (31)(31)
Total other comprehensive (loss) income, net of tax(41)91 50 
Balance at December 31, 2022, net of tax$(54)$(112)$(166)
Amounts before reclassifications5 18 23 
Amounts reclassified out— 2 2 
Total other comprehensive income, before tax5 20 25 
Tax effect— (5)(5)
Total other comprehensive income, net of tax5 15 20 
Balance at December 31, 2023, net of tax$(49)$(97)$(146)
Amounts before reclassifications(39)21 (18)
Amounts reclassified out— 2 2 
Total other comprehensive (loss) income, before tax(39)23 (16)
Tax effect— (5)(5)
Total other comprehensive (loss) income, net of tax(39)18 (21)
Balance at December 31, 2024, net of tax$(88)$(79)$(167)
Components of AOCL
The components of AOCL for the years ended December 31 are as follows:
202420232022 Affected Line Item in the Consolidated Statements of Operations
(in millions)Amounts reclassified from AOCL
Pension and postretirement losses$2 $2 $18 Other income (expense), net
Tax effect— — (4)Income tax expense
Total reclassifications$2 $2 $14 Net income
v3.25.0.1
Stock-based and Other Incentive Compensation
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-based and Other Incentive Compensation Stock-based and Other Incentive Compensation
In April 2024, the UL Solutions Inc. 2024 Long-Term Incentive Plan (the “2024 LTIP”) became effective and the Company reserved for issuance 20,000,000 shares of Class A common stock in connection with the 2024 LTIP and the UL Solutions Inc. Long-Term Incentive Plan (the “Pre-IPO LTIP”), as well as 5,000,000 additional shares of Class A common stock reserved for issuance under the UL Solutions Inc. 2024 Employee Stock Purchase Plan (the “2024 ESPP”). Upon settlement of stock-based compensation awards, shares of Class A common stock are issued in respect of such awards. Equity awards that are granted and subsequently expire, are cancelled, forfeited, or are used to satisfy required withholding taxes are recycled back into the total number of shares available for issuance under the 2024 LTIP and the Pre-IPO LTIP. As of December 31, 2024, 19,825,507 shares remain available for issuance under the 2024 LTIP and the Pre-IPO LTIP and 5,000,000 shares remain available for issuance under the 2024 ESPP.
Annual equity awards are issued to certain employees and officers, including named executive officers, in order to attract, motivate and retain talent and to maximize their contribution to the long-term success of the Company. Equity awards are also used as part of the compensation provided to the board of directors in the form of restricted stock units. Directors may elect to defer receipt of some or all of their annual cash retainer amounts, which are converted into restricted stock units when and as such cash retainer amounts would have otherwise been paid, for either five years, 10 years or until termination of service from the board.
In May 2024, the Company granted annual equity awards, comprised of restricted stock units and performance share units, to eligible employees, officers and directors. In addition, in connection with the IPO, the Company granted nonqualified stock options and restricted stock units to the Company’s executive team, including named executive officers, and other key employees under the 2024 LTIP.
The Company has outstanding awards under the Pre-IPO LTIP, the majority of which will be settled in shares of Class A common stock.
Stock-based compensation expense (benefit) for the years ended December 31 was as follows:
(in millions)202420232022
Cost of revenue$4 $1 $(1)
Selling, general and administrative expenses29 14 (16)
Stock-based compensation expense (benefit)33 15 (17)
Income tax (benefit) expense(4)(3)4 
Stock-based compensation expense (benefit), net$29 $12 $(13)
Stock-based compensation expense (benefit) by type of award
Restricted stock units$10 $— $— 
Performance share units7 — — 
Stock options4 — — 
Stock-settled stock appreciation rights2 — — 
Cash-settled awards
10 15 (17)
Stock-based compensation expense (benefit)$33 $15 $(17)
Restricted Stock Units
Restricted stock units (“RSUs”) represent the right to receive shares of Class A common stock and are generally subject to continued employment through a three-year ratable vesting period.
The following table summarizes the activity related to the Company’s RSUs during the year ended December 31, 2024:
Number of RSUsWeighted Average
Grant Date
Fair Value
Outstanding as of December 31, 2023— $— 
Granted847,223 35.65 
Forfeited(45,012)34.85 
Outstanding as of December 31, 2024802,211 $35.70 
As of December 31, 2024, total unrecognized compensation expense related to RSUs was $18 million and is expected to be recognized over the remaining weighted-average vesting period of 2.2 years.
Performance Share Units
Performance share units (“PSUs”) represent the right to receive shares of Class A common stock based on the achievement of certain performance conditions and are generally subject to continued employment through a three-year cliff vesting period. The performance conditions are based on company-wide non-GAAP revenue and operating income metrics and the number of Class A common shares issued may range from 0% to a maximum potential value of 200% of the award’s target value based on the satisfaction of the applicable metrics over a three-year cumulative performance period.
The following table summarizes the activity related to the Company’s PSUs during the year ended December 31, 2024:
Number of PSUsWeighted Average
Grant Date
Fair Value
Outstanding as of December 31, 2023— $— 
Granted385,332 34.85 
Forfeited(14,566)34.85 
Outstanding as of December 31, 2024370,766 $34.85 
As of December 31, 2024, total unrecognized compensation expense related to PSUs was $13 million and is expected to be recognized over the remaining weighted-average vesting period of 2.0 years.
Stock Options
Stock options represent the right to purchase shares of Class A common stock and are generally subject to continued employment through a three-year cliff vesting period. Stock options expire ten years from the grant date.
The following table summarizes the activity related to the Company’s stock options during the year ended December 31, 2024:
Number of Stock OptionsWeighted Average
Exercise Price		Weighted Average
Remaining Term		Aggregate Intrinsic Value
(in millions)
Outstanding as of December 31, 2023— $— 
Granted2,074,299 28.00 
Forfeited(79,719)28.00 
Outstanding as of December 31, 20241,994,580 $28.00 9.3 years$44 
Exercisable as of December 31, 2024— 
The weighted average grant date fair value per share of stock options granted was $7.84 for the year ended December 31, 2024.
The following table summarizes the assumptions used in the Black-Scholes-Merton option-pricing model that was used to estimate the fair value of the stock options at the grant date:
April 12, 2024
Expected dividend yield1.79%
Risk-free interest rate4.48%
Weighted average volatility24.50%
Expected life (in years)6.50
As of December 31, 2024, total unrecognized compensation expense related to stock options was $12 million and is expected to be recognized over the remaining weighted-average vesting period of 2.3 years.
Stock Appreciation Rights
The Company has stock appreciation rights outstanding from its Pre-IPO LTIP, which represent the right to receive an amount based on the appreciation in the fair value of the Company’s Class A common stock from the grant date up to a specified date or dates. Prior to the IPO, all stock appreciation rights were Cash-settled Stock Appreciation Rights (“CSARs”). Upon completion of the IPO, the majority of outstanding CSARs were converted to the same number of Stock-settled Stock Appreciation Rights (“SSARs”), which will be settled in shares of Class A common stock under the Pre-IPO LTIP. As equity-settled awards, the fair value of the SSARs was determined on the conversion date of April 16, 2024 and, generally, will not be remeasured unless the awards are modified.
The conversion of CSARs to SSARs at the completion of the IPO resulted in a reclassification of $26 million from accrued compensation and benefits and other liabilities to additional paid-in capital on the Company’s Consolidated Balance Sheet. The CSARs were remeasured to fair value at the conversion date, which resulted in additional pre-tax compensation expense of $9 million in the second quarter of 2024, primarily within selling, general and administrative expenses. The pre-tax compensation expense reduced segment operating income by $4 million, $4 million and $1 million for the Industrial, Consumer and Software & Advisory segments, respectively.
The following table summarizes the activity related to the Company’s CSARs during the year ended December 31, 2024:
Number of CSAR AwardsWeighted Average
Exercise Price		Weighted Average
Remaining Term		Aggregate Intrinsic Value
(in millions)
Outstanding as of December 31, 20233,452,120 $18.77 1.72 years$37 
CSARs converted to SSARs(1,978,761)21.12 
Exercised(891,866)7.69 
Cancelled(470,992)30.06 
Forfeited (19,815)29.10 
Outstanding as of December 31, 202490,686 $15.65 1.05 years$3 
Exercisable as of December 31, 202476,400 $13.15 0.71 years$3 
As of December 31, 2024, total unrecognized compensation expense related to CSARs was immaterial. The weighted average grant date fair value per share of CSARs granted was $5.28, $4.83, and $7.66 for the years ended December 31, 2024, 2023 and 2022, respectively.
The following table summarizes the assumptions used in the Black-Scholes-Merton option-pricing models that were used to estimate the fair value of CSARs at the conversion date and as of December 31, 2023 and 2022:
April 16, 2024December 31, 2023December 31, 2022
Expected dividend yield1.44%1.70%—%
Risk-free interest rate
4.78% - 5.41%
3.99% - 5.60%
4.12% - 4.75%
Weighted average volatility22.50%22.24%29.87%
Expected life (in years)
0.11 - 2.96
0.06 - 3.25
0.06 - 3.25
The Company had a short-term liability related to its CSARs of $3 million and $37 million recorded within accrued compensation and benefits in the Consolidated Balance Sheets at December 31, 2024 and 2023, respectively. The Company had a long-term liability of $0 and $2 million recorded within other liabilities in the Consolidated Balance Sheets at December 31, 2024 and 2023, respectively. The fair value of the Company's vested CSAR awards was $3 million and $29 million at December 31, 2024 and 2023, respectively.
The following table summarizes the activity related to the Company’s SSARs during the year ended December 31, 2024:
Number of SSAR AwardsWeighted Average
Exercise Price		Weighted Average
Remaining Term		Aggregate Intrinsic Value
(in millions)
Outstanding as of December 31, 2023— $— 
SSARs converted from CSARs1,978,761 21.12 
Exercised(328,476)12.84 
Forfeited(52,146)29.13 
Outstanding as of December 31, 20241,598,139 $22.55 1.96 years$44 
Exercisable as of December 31, 2024660,165 $13.26 0.75 years$24 
As of December 31, 2024, total unrecognized compensation expense related to SSARs was $3 million and is expected to be recognized over the remaining weighted-average vesting period of 1.2 years. The weighted average grant date fair value per share of SSARs granted was $6.15 for the year ended December 31, 2024.
Performance Cash
The Company has Performance Cash awards outstanding from its Pre-IPO LTIP, which represent the right to receive an amount based on the achievement of certain performance conditions and are generally subject to continued employment through a three-year cliff vesting period. The amount may range from 0% to a maximum potential value of 200% of the award’s target value based on the satisfaction of the performance conditions over a three-year cumulative performance period. Prior to the IPO, all Performance Cash awards were settled in cash. Following the IPO, the majority of the outstanding Performance Cash awards will be settled in shares of Class A common stock under the Pre-IPO LTIP.
Compensation expense related to Performance Cash awards for the years ended December 31 was as follows:
(in millions)202420232022
Cost of revenue$3 $2 $2 
Selling, general and administrative expenses18 14 14 
Performance Cash compensation expense21 16 16 
Income tax benefit(4)(4)(4)
Performance Cash compensation expense, net$17 $12 $12 
The Company had a short-term liability related to its Performance Cash awards of $16 million recorded within accrued compensation and benefits in the Consolidated Balance Sheets for both years ended December 31, 2024 and 2023. The Company had a long-term liability of $18 million and $13 million recorded within other liabilities in the Consolidated Balance Sheets at December 31, 2024 and 2023 respectively.
v3.25.0.1
Commitment and Contingencies
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Future minimum payments for noncancelable purchase obligations with a remaining term of over one year as of December 31, 2024, are payable as follows:
(in millions)Purchase Obligations
2025$52 
202649
202712
20288
2029 and thereafter13
Total$134 
Purchase obligations exclude liabilities that are included on the Company’s Consolidated Balance Sheet as of December 31, 2024 and include commitments for outsourced services, facilities, capital expenditures, cloud service arrangements and various other types of noncancelable contracts.
The Company is party in the ordinary course of business to certain claims, litigation, audits and investigations. The Company will record an accrual for a loss contingency when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. The Company believes it has established adequate accruals for liabilities that are probable and reasonably estimable and that may be incurred in connection with any such currently pending or threatened matter, none of which are material. In the Company’s opinion, the settlement of any such currently pending or threatened matter is not expected to have a material impact on the Company’s financial position, results of operations, or cash flow.
v3.25.0.1
Related Party Transactions
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
In the years ended December 31, 2024, 2023 and 2022, the Company incurred expenses of $22 million, $21 million and $21 million, respectively, to allow its staff and customers access to the library of standards owned and maintained by UL Standards & Engagement. These expenses were recorded within cost of revenue in the Consolidated Statements of Operations.
In the years ended December 31, 2024, 2023 and 2022, the Company paid dividends to UL Standards & Engagement of $83 million, $680 million and $1,600 million, respectively. Dividends are reflected within the Consolidated Statements of Stockholders’ Equity as a decrease in retained earnings and, in 2023, additional paid-in capital.
v3.25.0.1
Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
ASC Topic 280, Segment Reporting (“ASC 280”) establishes the standards for reporting information about segments in financial statements. The Company has determined that it is organized, managed and internally grouped into three segments: Industrial, Consumer and Software and Advisory. UL Solutions segments provide common goods and services to their customers, which provides for efficient sharing of the segments’ resources as needed. Segment information is reported on the basis used for reporting to the Chief Executive Officer, who serves as the Company’s chief operating decision maker (“CODM”) and evaluates each segment’s performance using a variety of metrics, including operating income, which is the measure most consistent with amounts included in the Company’s consolidated financial statements. The CODM uses operating income to evaluate each segment’s performance and allocate resources, including employees and capital, considering budget-to-actual variances to review operating trends in the annual budgeting and quarterly forecasting processes.
The following is a brief description of the Company’s segments:
Industrial: The Industrial segment provides testing, inspection and certification (“TIC”) services to help ensure customers’ industrial products meet or exceed international standards for product safety, performance and sustainability. The Industrial segment provides services that address needs across a number of end markets, including energy, industrial automation, engineered materials (plastics and wire and cable) and built environment, and across a variety of stakeholders, including manufacturers, building and asset owners, end users and regulators. The Company believes the products it tests, certifies and inspects in this segment generally represent very high cost of failure components, which in turn drives customers in this segment to choose UL Solutions based on its deep technical expertise, consistency and quality of service.
Consumer: The Consumer segment provides a variety of global product market acceptance and risk mitigation services for customers in the consumer products end market, including consumer electronics, medical devices, information technologies, appliances, HVAC, lighting, retail (softlines and hardlines) and emerging consumer applications, including new mobility, smart products and 5G. The primary services offered by this segment include safety certification testing, ongoing certification, global market access, testing for connectivity, performance and quality and critical systems advisory and training.
Software and Advisory: The Software and Advisory segment provides complementary software and advisory solutions that extend the value proposition of TIC services the Company offers. The software and technical advisory offerings enable the Company’s customers to manage complex regulatory requirements, deliver supply chain transparency and operationalize sustainability.
The accounting policies applied to the segments are the same as those applied by the Company to the consolidated financial statements. The Company prepared the financial results of the segments on a basis that is consistent with the manner in which management internally disaggregates financial information to assist in making internal operating decisions. The Company manages income taxes and certain treasury related items, such as interest income and expense, on a global basis within corporate.
The Company allocates among segments certain common costs and expenses not specifically identifiable to the segments differently than the Company would for stand-alone financial information prepared in accordance with US GAAP. These include certain costs and expenses of the Company’s corporate functions, such as executive, finance, legal, human resources and information technology. Allocations are calculated primarily based on segment expenses proportionate to consolidated expenses.
The following table provides revenue, significant segment expenses and operating income, by segment for the years ended December 31, 2024, 2023 and 2022:
IndustrialConsumerSoftware and AdvisoryTotal
(in millions)202420232022202420232022202420232022202420232022
Revenue$1,254 $1,146 $1,044 $1,238 $1,172 $1,128 $378 $360 $348 $2,870 $2,678 $2,520 
Employee compensation595 556 503 714 693 647 255 241 224 1,564 1,490 1,374 
Services and materials274 244 223 331 322 314 67 63 62 672 629 599 
Depreciation and amortization47 38 32 79 75 66 46 41 37 172 154 135 
Goodwill impairment— — — — 37 — — — — — 37 — 
Operating income$338 $308 $286 $114 $45 $101 $10 $15 $25 $462 $368 $412 
Capital expenditures of the Company’s segments were as follows for the years ended December 31:
(in millions)202420232022
Industrial$96 $56 $19 
Consumer34 52 55 
Software and Advisory31 39 19 
Total segments161 147 93 
Corporate76 68 71 
Total$237 $215 $164 
Assets by segment are not disclosed as the Company does not allocate assets to segments for internal reporting presentations provided to the CODM.
Geographic Information
Revenue by major geographic region based on the location of the Company’s customers was as follows for the years ended December 31:
(in millions)202420232022
United States$1,178 $1,117 $1,051 
China(a)
710 632 608 
Asia Pacific375 346 335 
Europe, Middle East and Africa496 474 429 
Other Americas111 109 97 
Total$2,870 $2,678 $2,520 
__________
(a)Represents revenue from Greater China - mainland China, Hong Kong and Taiwan.
The following table provides a summary of long-lived assets, excluding financial instruments and tax assets, classified by major geographic region as of December 31:
(in millions)202420232022
United States$437 $327 $260 
China(a)
136 127 139 
Asia Pacific109 119 106 
Europe, Middle East and Africa109 101 107 
Other Americas26 32 25 
Total$817 $706 $637 
__________
(a)Represents long-lived assets from Greater China - mainland China, Hong Kong and Taiwan.
v3.25.0.1
Subsequent Events
 12 Months Ended
Dec. 31, 2024
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net income attributable to stockholders of UL Solutions $ 326 $ 260 $ 293
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
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
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
We have developed a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information. Our cybersecurity risk management program includes a cybersecurity incident response plan.
We design and assess our program based on various cybersecurity frameworks, including the National Institute of Standards and Technology (“NIST”) Cybersecurity Framework (“CSF”). This does not mean, and is not intended to imply, that we meet any particular technical standards, specifications, or requirements, only that we use the NIST CSF as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business.
Our cybersecurity risk management program is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas.
Our cybersecurity risk management program includes:
•risk assessments designed to help identify material cybersecurity risks to our critical systems, information, products, services, and our broader enterprise IT environment;

•a security team principally responsible for managing (1) our cybersecurity risk assessment processes, (2) our security controls, and (3) our response to cybersecurity incidents;

•the use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our security controls;

•cybersecurity awareness training of our employees, incident response personnel, and senior management;

•a cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents; and
•a third-party risk management process for service providers, suppliers, and vendors.
We have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected or are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition. However, notwithstanding our cybersecurity risk management program, we may not be successful in preventing or mitigating a cybersecurity incident that could have a material adverse effect on us. For further information, refer to Part I, Item 1A, Risk Factors of this Annual Report for a discussion of risks related to cybersecurity and technology.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
We have developed a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information. Our cybersecurity risk management program includes a cybersecurity incident response plan.
We design and assess our program based on various cybersecurity frameworks, including the National Institute of Standards and Technology (“NIST”) Cybersecurity Framework (“CSF”). This does not mean, and is not intended to imply, that we meet any particular technical standards, specifications, or requirements, only that we use the NIST CSF as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business.
Our cybersecurity risk management program is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas.
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 Board considers cybersecurity risk as part of its risk oversight function and it oversees management’s implementation of our cybersecurity risk management program. In addition, the Board has delegated to the Audit Committee of the Board oversight of our enterprise risk management (“ERM”) process, which regularly identifies, assesses, and mitigates enterprise and emerging risks, including cybersecurity related risks.
The Board receives semi-annual reports from management on our cybersecurity risks and our cyber risk management program. In addition, management updates the Board, as necessary, regarding any material cybersecurity incidents.
Board members receive presentations on cybersecurity topics from our Chief Information Security Officer (“CISO”), internal security staff or external experts as part of the Board’s continuing education on topics that impact public companies.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]
Board members receive presentations on cybersecurity topics from our Chief Information Security Officer (“CISO”), internal security staff or external experts as part of the Board’s continuing education on topics that impact public companies.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
The Board receives semi-annual reports from management on our cybersecurity risks and our cyber risk management program. In addition, management updates the Board, as necessary, regarding any material cybersecurity incidents.
Board members receive presentations on cybersecurity topics from our Chief Information Security Officer (“CISO”), internal security staff or external experts as part of the Board’s continuing education on topics that impact public companies.
Cybersecurity Risk Role of Management [Text Block]
Board members receive presentations on cybersecurity topics from our Chief Information Security Officer (“CISO”), internal security staff or external experts as part of the Board’s continuing education on topics that impact public companies.
Our CISO, who reports to our Chief Transformation Officer, is responsible for assessing and managing our material risks from cybersecurity threats. The CISO has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants. Our CISO has significant relevant experience, including previously serving as the Chief Information Security Officer for Hill-Rom, holding cybersecurity positions at Blue Cross Blue Shield of Michigan and the Wayne County Department of Technology, and earning multiple cybersecurity related certifications from the Information Systems Audit and Control Association (“ISACA”).
Our management team supervises efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include, among other things: briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in the IT environment.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
Board members receive presentations on cybersecurity topics from our Chief Information Security Officer (“CISO”), internal security staff or external experts as part of the Board’s continuing education on topics that impact public companies.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our CISO has significant relevant experience, including previously serving as the Chief Information Security Officer for Hill-Rom, holding cybersecurity positions at Blue Cross Blue Shield of Michigan and the Wayne County Department of Technology, and earning multiple cybersecurity related certifications from the Information Systems Audit and Control Association (“ISACA”).
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
The Board receives semi-annual reports from management on our cybersecurity risks and our cyber risk management program. In addition, management updates the Board, as necessary, regarding any material cybersecurity incidents.
Board members receive presentations on cybersecurity topics from our Chief Information Security Officer (“CISO”), internal security staff or external experts as part of the Board’s continuing education on topics that impact public companies.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries and variable interest entities for which the Company has determined it is the primary beneficiary. All intercompany accounts and transactions have been eliminated. The Company accounts for investments in businesses using the equity method when it has significant influence but not control (generally between 20% and 50% ownership) and is not the primary beneficiary. The significant accounting policies, as summarized below, conform to accounting principles generally accepted in the United States of America (“US GAAP”). The Company has reclassified certain amounts in prior period financial statements to conform to the current period’s presentation.
Effective April 1, 2022, the Company changed the inputs used to estimate the revenue recognition pattern of Certification Testing and Non-certification Testing and Other Services arrangements recognized over time. Previously measurement was based on the relationship between time elapsed and expected project duration, which was considered the most indicative of the Company’s performance to date under the terms of the contract. Beginning April 1, 2022, the Company measures progress towards completion of these contracts based on the relationship between time elapsed of each project phase relative to the expected duration of that phase. Project phase data was not previously available and is considered a more precise measure of the Company’s performance to-date under the terms of the contract. Refer to the revenue recognition section of Note 1 for additional information.
Use of Estimates
Use of Estimates
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Estimates are inherently uncertain and actual results could differ materially from estimated amounts. Estimates are used for, but are not limited to, contractual revenue recognized, future cash flows associated with impairment testing for goodwill, certain assumptions related to pension and postretirement benefits and income taxes. The Company adjusts such estimates and assumptions when facts and circumstances dictate. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods.
Cash and Cash Equivalents
Cash and Cash Equivalents
Cash and cash equivalents include investments purchased with original maturities of three months or less.
Accounts Receivable and Contract Assets
Accounts Receivable and Contract Assets
Accounts receivable consists of trade receivables billed and currently due from customers as well as amounts currently due from other external parties. Contract assets represent revenues for projects that have been recognized for accounting purposes, but not yet billed to customers. The Company extends credit to customers in the normal course of business and maintains an allowance for credit losses. The allowance is an estimate based on historical collection experience, current and future economic and market conditions and a review of the current status of each customer’s trade accounts receivable. Management evaluates the aging of the accounts receivable balances and the financial condition of its customers and all other forward-looking information that is reasonably available to estimate the amount of accounts receivable that may not be collected in the future and records the appropriate provision. Account balances are written off against the allowance when it is determined the accounts receivables will not be recovered.
Concentration of Credit Risk
Concentration of Credit Risk
Financial instruments that potentially subject the Company to credit risk consist primarily of cash and cash equivalents, accounts receivable and contract assets. Credit risk represents the accounting loss that would be recognized at the reporting date if counterparties failed to perform as contracted. The Company believes the likelihood of incurring material losses due to concentration of credit risk is minimal. The Company actively limits its exposure to credit risk by maintaining cash deposits with major financial institutions as counterparties and by maintaining accounts receivable with a large number of customers in diverse industries and geographies in addition to establishing reasonable credit approvals and limits.
Property, Plant and Equipment
Property, Plant and Equipment
Property, plant and equipment are stated at cost, net of accumulated depreciation. Major replacements and improvements are capitalized, while maintenance and repairs, which do not improve or extend the life of the respective assets, are expensed as incurred. Gains and losses resulting from sales and retirements are included within operating income.
Goodwill
Goodwill
The Company accounts for business combinations using the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations, which requires an allocation of the purchase consideration transferred to the identifiable assets and liabilities based on the estimated fair values as of the acquisition date. Goodwill represents the excess of the purchase price of an acquired entity over the fair value of net assets acquired. Goodwill is tested for impairment annually in the fourth quarter, or more frequently if an event occurs or conditions change that would indicate it is more likely than not that the fair value of a reporting unit is below its carrying amount. The Company’s reporting units have been identified as one level below its operating segments. The goodwill impairment testing is performed by comparing the fair value of a reporting unit with its
carrying amount and recognizing an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value.
To evaluate the recoverability of a reporting unit’s goodwill the Company has the option to first perform a qualitative analysis. If the qualitative analysis indicates it is more likely than not that the fair value of a reporting unit is below its carrying amount, the Company performs a quantitative impairment assessment for that reporting unit. The Company did not perform a qualitative analysis for any of its reporting units for the years ended December 31, 2024 or 2023.
The Company’s quantitative assessment consists of a fair value calculation for each reporting unit that combines an income approach and a market approach, using an equal weighting. The quantitative assessment requires the application of a number of significant assumptions which are further described below, including estimated future cash flows of the reporting unit, discount rates, and market multiples.
The fair value using the income approach is determined based on the present value of estimated future cash flows of the reporting unit, discounted at an appropriate risk‑adjusted rate. The Company uses its internally developed long-range plans to estimate future cash flows and include an estimate of long‑term future growth rates based on its most recent views of the long‑term outlook for each reporting unit. Development of the Company’s long-range plans includes consideration of current and projected levels of income for the reporting unit based on management’s plans for that business, business trends, market and economic conditions, as well as other relevant factors. The discount rate is based on the weighted average cost of capital for the reporting unit. The Company uses discount rates that are commensurate with the risks and uncertainty inherent in the respective businesses and in the Company’s long-range plans.
The fair value using the market approach is derived from market multiples using comparable publicly traded companies for a group of benchmark companies. The selection of comparable businesses is based on the markets in which the reporting units operate given consideration to risk profiles, size, geography and diversity of products and services.
During the three months ended September 30, 2023, the Company identified a triggering event and performed a quantitative impairment assessment for a reporting unit in the Consumer segment, which resulted in a pre-tax impairment charge of $37 million. See Note 10 for further details. The Company did not recognize any impairments of goodwill for the years ended December 31, 2024 or 2022.
Intangible And Other Long-lived Assets
Intangible and Other Long-lived Assets
The Company amortizes finite-lived intangible assets using the straight-line method over their estimated economic useful lives, which range from three to twenty years. The Company reviews long-lived assets, including property, plant and equipment, capitalized software and intangible assets with finite lives for impairment whenever an event occurs or conditions change that indicate the carrying amount of the asset group may not be recoverable. When such events occur, the Company performs a recoverability test by comparing the projected undiscounted cash flows of the asset group to the carrying amount. If this comparison indicates that there is a potential impairment, the asset group’s fair value is determined based on the present value of its estimated future cash flows, discounted at an appropriate risk-adjusted rate. An impairment charge is recorded for the amount by which the carrying amount of the asset group exceeds its fair value. The Company did not recognize any material impairments of intangible or other long-lived assets for the years ended December 31, 2024, 2023 or 2022.
Leases
Leases
The Company determines if an arrangement is a lease at inception and reassesses that conclusion if the contract is modified. The Company evaluates whether the arrangement conveys the right to control the use of an identified asset for a period of time in exchange for consideration in order to determine if the contract is or contains a lease. The right to control the use of an identified asset includes the right to obtain substantially all of the economic benefits from use of the asset and the right to direct the use of the asset.
The Company’s classes of leased assets include real estate, vehicles, and equipment. When it is reasonably certain that an option to extend or terminate a lease will be exercised, the Company has included the option in the recognition of right-of-use (“ROU”) assets and lease liabilities. The Company does not recognize ROU assets or lease liabilities for leases with a term of twelve months or less. The Company accounts for lease and non-lease components as a single component for all asset classes.
ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at lease
commencement and measured based on the present value of lease payments over the lease term. Variable lease payments are recognized as incurred and are not presented as part of the ROU asset or lease liability. Operating lease cost is recognized on a straight-line basis over the lease term. The Company does not have material finance leases.
The Company uses its incremental borrowing rate at the commencement date in determining the present value of lease payments. The Company’s incremental borrowing rate is based on its estimated rate of interest for a collateralized borrowing over a similar term as the lease payments. The same process is followed for any new leases at their commencement dates or modification to existing leases that require remeasurement.
Capitalized Software
Capitalized Software
Costs related to software acquired, developed, or modified solely to meet the Company’s internal requirements, where no substantive plan either exists or is being developed to externally market the software, are capitalized in accordance with ASC Topic 350-40, Internal-use Software (“ASC 350-40”). Certain costs incurred after the completion of the preliminary project stage and after management, with the relevant authority, has authorized and committed funds to the software project, and it is probable that the project will be completed and the software will be used to perform the function intended, are capitalized. For development costs capitalized under the requirements of ASC 350-40, amortization begins when each software module is ready for its intended use. Costs are amortized on a straight-line basis over the estimated useful life of the software (generally three to seven years). Costs related to preliminary project activities and post implementation activities are expensed as incurred. Additions to capitalized software are reported within capital expenditures in the Consolidated Statements of Cash Flows.
The Company capitalizes certain implementation costs related to cloud computing service arrangements that are incurred during the application development stage. Subsequently, the costs are amortized on a straight-line basis over the non-cancelable term of the hosting agreement plus any reasonably certain renewal period. Capitalized implementation costs are included as a component of other assets on the Consolidated Balance Sheets and amortization is included as an operating expense in the Consolidated Statements of Operations. Additions to capitalized cloud implementation costs are reported within operating activities in the Consolidated Statements of Cash Flows.
Costs related to software to be sold, leased or otherwise marketed are expensed as incurred until technological feasibility has been established in accordance with ASC Topic 985-20, Costs of Software to be Sold, Leased, or Marketed. Certain costs incurred subsequent to establishing technological feasibility are capitalized up until the software is available for general release, and are amortized on a straight-line basis over the estimated useful life of the software (generally three to seven years).
Accounts Payable and Contract Liabilities
Accounts Payable and Contract Liabilities
Accounts payable consists of trade payables currently due to vendors as well as amounts currently due to other external parties. Contract liabilities include payments received in advance of performance under the contract and are subsequently reduced when the associated revenue is recognized for the respective contract. Amounts initially recorded as contract liabilities are recognized as revenue in accordance with the Company’s revenue recognition policy.
Fair Value
Fair Value
The carrying amount of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate fair value due to their short maturities. For fair value of the Company’s debt see Note 6.
ASC Topic 820, Fair Value Measurement (“ASC 820”), defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also establishes a three-level fair value hierarchy that prioritizes information used in developing assumptions when pricing an asset or liability as follows:
•Level 1 observable inputs such as quoted prices in active markets;
•Level 2 inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and
•Level 3 unobservable inputs where there is little or no market data, which requires the reporting entity to develop its own assumptions.
ASC 820 requires the use of observable market data, when available, in making fair value measurements. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. The Company does not have any assets or liabilities measured at fair value on a recurring basis that are Level 3, except for certain pension assets discussed in Note 12. The Company did not have any transfers between fair value levels during the years ended December 31, 2024 and 2023.
Revenue Recognition
Revenue Recognition
The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”), when its customer obtains control of promised goods or services, or as the Company renders services, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods and services. For each arrangement the Company performs the following five steps: (1) identify the contract(s) with a customer, (2) identify the performance obligation(s) in the contract, (3) determine the transaction price, (4) if applicable, allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) the Company satisfies a performance obligation.
The Company’s standard payment terms are due upon receipt of the invoice, except for certain customers, which may be required to make advance payments. Certain customers may be offered extended payment terms on a case-by-case basis generally not longer than 90 days.
The Company’s contracts with customers may include promises to transfer multiple goods and services to a customer. When a contract includes multiple goods and services, judgment is required to determine whether each good or service is considered distinct and accounted for separately, or not distinct and accounted for together with the other goods or services in the contract. Certain contracts contain goods or services that are highly integrated or highly interdependent and are accounted for as a single performance obligation. Other contracts have goods or services that are distinct and accounted for separately. Those goods and services that are determined to be separate performance obligations are treated as separate units of account and each separate performance obligations has its own stand-alone selling price, which is the price at which an entity would sell a promised good or service separately to a similar customer in similar circumstances. The stand-alone selling price is determined using an established list price for the specific service and geographical region, or through a needs-based assessment. If a needs-based assessment approach is used, the stand-alone selling price is estimated by multiplying the expected labor hours by a labor rate. The labor rate is determined by considering the cost of labor, other miscellaneous costs (e.g., overhead) and applying a margin. The labor rate may be adjusted for geographic differences and other items as determined necessary, and is reviewed on a periodic basis for appropriateness.
The transaction price for contracts may include both fixed and variable consideration, which includes customer volume rebates, discounts, and the consideration received if contingent upon the quantity of tasks completed or occurrence or nonoccurrence of a future event. The Company estimates variable consideration using both the most likely amount and expected value methods to determine the total consideration to which the Company expects to be entitled. The method used to estimate variable consideration varies by contract. Estimated amounts are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The Company’s estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of the Company’s anticipated performance and all information (historical, current and forecasted) that is reasonably available. As most variable consideration is estimable with a high degree of confidence, generally no such constraint is necessary. The Company typically has contracts in which the period between payment and transfer of the goods is less than one year. As such, the Company has elected the practical expedient to not adjust the amount of consideration for the effects of a significant financing component for all instances in which the period between payment and transfer of the goods will be one year or less. For those instances in which the period is greater than one year, UL Solutions determined that a significant financing component is not present in the transaction as the business purpose of these arrangements is not to provide financing to UL Solutions.
The majority of the Company’s revenue from contracts with customers represents revenue from services recognized over time as performance obligations are satisfied. The appropriate measure of progress is an input method, however, the amount of revenue to be recognized requires the Company to make estimates, in particular in relation to measuring progress towards completion.
For the Company’s Certification Testing and Non-certification Testing and Other Services arrangements recognized over time, until April 1, 2022, the Company measured progress towards completion based on the relationship between time elapsed and expected project duration, which was considered the most indicative of the Company’s performance to date under the terms of the contract. The portion of the project’s revenue to be recognized was determined based on the percentage of time elapsed for the project during the period relative to expected project duration. The start-date was determined by the receipt of a confirmed order, and the end-date was determined by the completion of the order’s deliverables. Beginning April 1, 2022, the Company measures progress towards completion of these contracts based on the relationship between time elapsed of each project phase relative to the expected duration of that phase. Project phase data was not previously available and is considered a more precise measure of the Company’s performance to-date under the terms of the contract. The portion of a project’s revenue to be recognized is determined based on the time elapsed between the start-date of each project phase relative to its estimated duration. The start-date of each phase is based on the date that work begins on the phase and the estimated duration is determined using an analysis of historical data from similar projects. Management applies judgment in determining the expected duration of each phase. The Company applied the change in estimate prospectively to contracts in-process at the date of the change, as well as new contracts with a start-date subsequent to the change. The portion of a project’s revenue estimated as earned, but not yet completed, and recognized as revenue, is included in contract assets or as a reduction to contract liabilities.
The net decrease to the Company’s results of operations and earnings per share was as follows:
(in millions, except per share dataDecember 31, 2022
Revenue$23 
Operating income$23 
Net income$21 
Earnings per share$0.11 
The net decrease to revenue and operating income of the Company’s Industrial segment for the year ended December 31, 2022 was $14 million. The net decrease to revenue and operating income of the Company’s Consumer segment for the year ended December 31, 2022 was $9 million.
The resulting impact to the Company’s results of operations and earnings per share during the years ended December 31, 2024 and 2023 were not material.
The Company’s cost to obtain a contract is generally commission paid to sales personnel for the sale of services. Management determined that the amortization period of the commission costs would be one year or less and therefore has elected the practical expedient to expense these costs as incurred. As a result, the costs to obtain a contract are expensed as incurred.
The Company typically does not incur costs to fulfill contracts which would meet the capitalization criteria and therefore these costs are typically expensed as incurred.
When the Company performs shipping and handling activities after the transfer of control to the customer (e.g., when control transfers prior to shipment), these are considered fulfillment activities, and accordingly, the costs are accrued when the related revenue is recognized. Taxes collected from customers relating to product sales and remitted to governmental authorities are excluded from revenues.
Refer to Note 3 for additional information.
Cost of Revenue
Cost of revenue includes employee compensation consisting of salaries, incentives, stock-based compensation and other benefits for employees directly attributable to revenue generation across each of the Company’s four major service categories. In addition, cost of revenue includes services and materials expenses including facility related costs for laboratories and other buildings where testing and inspection services are performed, customer-related travel costs, expenses related to third party contractors or third party facilities and consumable materials and supplies used in testing and inspection and other costs associated with generating revenue. Cost of revenue also includes depreciation on equipment used in testing and amortization of capitalized software.
Description of Major Service Categories
Certification Testing
The Company evaluates products, components and systems according to global or regional regulatory requirements and other design and performance specifications. Select certification testing services include testing to global or regional standards, engineering evaluation and project review and functional safety testing of embedded software. Certification testing services generally align with the new product development cycle and help customers mitigate risk, demonstrate compliance with regulatory requirements and deliver confidence to businesses and consumers, resulting in demand for ongoing certification services. As a result of the certification process, the Company may authorize its customers to use the Company’s certification marks, including the Company’s registered UL-in-a-circle certification mark (the “UL Mark”), on their products, packaging and marketing collateral as part of their manufacturing, distribution and marketing processes to demonstrate to the marketplace that their product has met the applicable requirements. Certification testing services often lead to Ongoing Certification Services to support the continued safety, compliance and performance objectives of the customer.
Contracts are generally structured as fixed payments as the total amount to be charged to the customer does not vary. Revenue from Certification Testing is generally recognized over-time. In these cases, the services create an asset with no alternative use as each of the services are specific to the products and specifications provided by the customer, and the Company has an enforceable right to payment. Through April 1, 2022, revenue was generally recognized using an input method based on the relationship between time elapsed and expected project duration. After April 1, 2022, revenue is generally recognized based on the relationship between time elapsed of each project phase relative to the expected duration of that phase, which is considered the most indicative of the Company’s performance to-date under the terms of the contract.
In some instances, revenue from Certification Testing does not meet the over-time criteria and is recognized at a point in time when control is transferred to the customer. Control is transferred to the customer upon the delivery of the test report to the customer. These instances occur when the agreement or the nature of the services causes a lack of right to payment until control transfer.
Ongoing Certification Services
To maintain the right to use the Company’s certification marks, including the UL Mark, and meet certain regulatory requirements, the Company’s customers must meet certain certification program requirements, including mandatory inspection and monitoring by the Company. These requirements, addressed through standard certification and inspection services, are designed to validate the continued compliance of the Company’s customers’ previously certified products, components and systems. Services are delivered through periodic inspections, initial and follow-up audits, sample testing and UL Solutions label usage. The frequency and combination of these services can vary based on product, component or system type, production volume and historical risk-based customer compliance. These ongoing certification services are designed and executed to help the Company’s customers confirm ongoing compliance and to help protect the integrity of the UL Mark. Select services include factory inspection and testing to confirm products that are being produced match the configuration of products that were tested and certified.
Contracts are generally structured as fixed payments as the total amount to be charged to the customer does not vary. In some cases, the customer is charged a usage price based on its total production volume. Revenue from compliance program contracts is recognized over-time on a straight-line basis because the customer receives and consumes the benefit of continued certification as the Company performs services through the periodic verification of the customers’ compliance.
As part of Ongoing Certification Services, customers may order physical labels (recorded in other current assets) that bear the UL Mark to affix to their products to demonstrate to end-customers that the products comply with the certification requirements of the Company. The labels are a separate performance obligation, distinct from the compliance program. Revenue from physical labels is recognized upon shipment, the point in time in which the customer obtains control of the labels.
Non-certification Testing, and Other Services
The Company offers testing services to address performance and other requirements that may not be required by any regulation and may not result in a certification, but are still desired by the Company’s customers to help ensure the safety, performance and reliability of their products. Select services include on-site and remote inspections, audits and field engineering specialty services, testing for energy efficiency, wireless and electromagnetic compatibility, quality, chemical and reliability for customers in medical devices, information technologies, appliances, HVAC and lighting. For retail and consumer customers, the Company offers testing such as color-matching, sensory, emissions and flame resistance. Lastly, the Company offers advisory and technical services to support the Company’s customers in managing their safety, compliance, regulatory risk and sustainability programs.
Contracts are generally structured as fixed payments as the total amount to be charged to the customer does not vary. For services where the customer does not simultaneously receive and consume the benefit of the performance obligation, revenue is recognized upon the delivery of the final deliverables to the customer. For services that create an asset with no alternative use as each of the services are specific to the products and specifications provided by the customer, and the Company has an enforceable right to payment, through April 1, 2022, revenue was generally recognized using an input method based on the relationship between time elapsed and expected project duration. After April 1, 2022, revenue is generally recognized based on the relationship between time elapsed of each project phase relative to the expected duration of that phase, which is considered the most indicative of the Company’s performance to date under the terms of the contract. Advisory revenue is generally recognized over time.
In some instances, revenue from non-certification testing does not meet the over-time criteria and is recognized at a point in time when control is transferred to the customer. Control is transferred to the customer upon the delivery of the test report to the customer. These instances occur when the agreement or the nature of the services causes a lack of right to payment until control transfer.
Software
The Company provides SaaS and license-based software solutions, including implementation and training services related to software, to enable the Company's customers to manage complex regulatory requirements, deliver supply chain transparency and operationalize sustainability. The Company’s SaaS and licensed software solutions provide data-driven product stewardship, chemicals management, supply chain insights, ESG data and reporting, EHS training, management and compliance, and additional regulatory driven software solutions.
Contracts are structured as fixed payments as the total amount to be charged to the customer does not vary. The Company generally recognizes revenue from SaaS contracts, which are provided on a subscription basis, ratably over the contract period beginning on the date the service is first made available to the customer. The Company generally recognizes revenue from on-premise software at a point in time when it is made available to the customer. The revenue from implementation services, post-contract customer support services, and other customer support services is recognized over the service period as the customer benefits from the services as they are performed.
Selling, General and Administrative Expenses
Selling, General and Administrative Expenses
Selling, general and administrative expenses include employee compensation consisting of salaries, incentives, stock-based compensation and other benefits for sales and indirect administrative functions such as executive, finance, legal, human resources and information technology, not included within cost of revenue. In addition, selling, general and administrative expenses include services and materials expenses including third party consultancy costs, facility costs, internal research and development costs as well as legal and accounting fees, travel, marketing, bad debt and non‑chargeable materials and supplies. Selling, general and administrative expenses also include depreciation and amortization.
Foreign Currency
Foreign Currency
The functional currency of certain of the Company’s foreign affiliates is the local currency. Assets and liabilities of international subsidiaries have been translated into U.S. dollars at the balance sheet date, and income and expense items have been translated using monthly average exchange rates for the period. The resulting currency translation adjustments have been recorded as a separate component of other comprehensive income (loss). The Company revalues assets and liabilities entered in foreign currency at the balance sheet date and the resulting unrealized gain (loss) is recorded as other income (expense), net in the Consolidated Statements of Operations.
Stock-based Compensation
Stock-based Compensation
The Company maintains long-term incentive plans under which equity awards are available to be issued to certain employees, officers and directors. Stock-based compensation expense, measured as the fair value of an award on the date of grant, is recognized ratably over the requisite service period, which is generally equal to the vesting period of the respective award, however may be impacted by certain factors including the employee’s death, disability or retirement. Compensation expense related to performance share units is adjusted each reporting period based on the probable outcome of the performance conditions applicable to each grant.
The fair value of restricted stock units and performance share units is determined using the closing price of the Company’s stock on the date of grant. The fair value of each stock option is measured on the date of grant using a Black-Scholes-Merton option-pricing model that uses various assumptions including expected stock price volatility, expected dividend yield, the risk-free interest rate, and expected term of the award.
Other Income (Expense), net
Other Income (Expense), net
Other income (expense), net consists primarily of non-operating gains and losses, including gains and losses related to foreign exchange transactions and the revaluation performed on designated balance sheet accounts, interest income, gains and losses on equity investments, non-operating pension and postretirement benefit expenses and gains on divestitures.
Interest Expense
Interest Expense
Interest expense consists primarily of interest expense on the Company's debt obligations.
Income Taxes
Income Taxes
The Company recognizes income taxes based on amounts refundable or payable for the current year and records deferred tax assets or liabilities for temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, net operating loss carryforwards and tax credit carryforwards. Deferred tax assets and liabilities are measured using current enacted tax rates expected to apply to taxable income in the years in which temporary differences are expected to reverse. Inherent in determining the annual tax rate are judgments regarding business plans, planning opportunities and expectations about future outcomes. Realization of certain deferred tax assets, primarily net operating loss and other carryforwards, is dependent upon generating sufficient taxable income in the appropriate jurisdiction prior to the expiration of the carryforward periods. The Company has classified all deferred tax assets and liabilities, along with any related valuation allowances, as net non-current on the Consolidated Balance Sheets. Deferred tax expense or benefit is the result of changes in the deferred tax asset or liability.
The Company records valuation allowances to reduce deferred tax assets to reflect the amount that is more-likely-than-not to be realized. When assessing the need for valuation allowances, the Company considers all available evidence, including three years of cumulative operating income/(loss), expected future taxable income and ongoing prudent and feasible tax planning strategies. Should a change in circumstances lead to a change in judgment about the realizable value of deferred tax assets in future years, the Company would adjust related valuation allowances in the period that the change in circumstances occurs, along with a corresponding increase or charge to income.
For uncertain tax positions related to exposures associated with various tax filing positions, the Company recognizes a tax benefit only if it is more‑likely‑than‑not that the tax position will be sustained upon examination by the relevant taxing authorities, including resolutions of any related appeals or litigation processes, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that is more‑likely‑than‑not to be realized upon settlement. The Company adjusts its liability for unrecognized tax benefits in the period they are settled, the statute of limitations expires, or when new information becomes available. Interest and penalties related to unrecognized tax benefits are recorded in income tax expense.
The Company has generated income in certain foreign jurisdictions that may be subject to additional foreign withholding taxes and U.S. state income taxes, if repatriated. The Company regularly reviews its plans for reinvestment or repatriation of unremitted foreign earnings and has recorded deferred tax liabilities on certain foreign subsidiaries’ unremitted earnings that are not considered permanently reinvested. The Company’s assertion on indefinite reinvestment of foreign earnings is based upon assumptions of future liquidity needs of the business and cash flow projections of affiliates.
The accounting policy of the Company is to record U.S. tax on Global Intangible Low-Taxed Income in the provision for income taxes in the year it is incurred.
Recently Issued Accounting Standards - Adopted and Not Adopted
Recently Issued Accounting Standards – Adopted
Effective for the year ended December 31, 2024, and retrospectively for the years ended December 31, 2023 and 2022, the Company adopted Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which provides updates to qualitative and quantitative reportable segment disclosure requirements, including enhanced disclosures about significant segment expenses and increased interim disclosure requirements, among others. The ASU did not impact the Company’s financial condition, results of operations or cash flows. Refer to Note 21 for further information.
Recently Issued Accounting Standards – Not Adopted
In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which provides qualitative and quantitative updates to the rate reconciliation and income taxes paid disclosures, among others, in order to enhance the transparency of income tax disclosures, including consistent categories and greater disaggregation of information in the rate reconciliation and disaggregation by jurisdiction of income taxes paid. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied prospectively; however, retrospective application is also permitted. The ASU will result in additional income tax disclosures within the Company’s financial statements but is not expected to impact the Company’s financial condition, results of operations or cash flows.
In November 2024, the FASB issued ASU No. 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures, which is intended to improve disclosures about a public business entity’s expense and provide more detailed information to investors about the types of expenses in commonly presented expense captions. The amendments in ASU 2024-03 are effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, on either a prospective or retrospective basis, with early adoption permitted. The Company is currently evaluating the impact this ASU may have on its consolidated financial statements.
Segment Information
ASC Topic 280, Segment Reporting (“ASC 280”) establishes the standards for reporting information about segments in financial statements. The Company has determined that it is organized, managed and internally grouped into three segments: Industrial, Consumer and Software and Advisory. UL Solutions segments provide common goods and services to their customers, which provides for efficient sharing of the segments’ resources as needed. Segment information is reported on the basis used for reporting to the Chief Executive Officer, who serves as the Company’s chief operating decision maker (“CODM”) and evaluates each segment’s performance using a variety of metrics, including operating income, which is the measure most consistent with amounts included in the Company’s consolidated financial statements. The CODM uses operating income to evaluate each segment’s performance and allocate resources, including employees and capital, considering budget-to-actual variances to review operating trends in the annual budgeting and quarterly forecasting processes.
The accounting policies applied to the segments are the same as those applied by the Company to the consolidated financial statements. The Company prepared the financial results of the segments on a basis that is consistent with the manner in which management internally disaggregates financial information to assist in making internal operating decisions. The Company manages income taxes and certain treasury related items, such as interest income and expense, on a global basis within corporate.
The Company allocates among segments certain common costs and expenses not specifically identifiable to the segments differently than the Company would for stand-alone financial information prepared in accordance with US GAAP. These include certain costs and expenses of the Company’s corporate functions, such as executive, finance, legal, human resources and information technology. Allocations are calculated primarily based on segment expenses proportionate to consolidated expenses.
v3.25.0.1
Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Schedule Of Accounts Receivable, Allowance for Credit Loss
Allowance for Credit LossesBalance at Beginning of YearCharged to Costs and ExpensesDeductionsBalance at End of Year
(in millions)
Year ended December 31, 2024$10 9 (9)$10 
Year ended December 31, 2023$13 4 (7)$10 
Year ended December 31, 2022$14 6 (7)$13 
Schedule of Property and Equipment, Estimated Useful Life
Depreciation is computed using the straight–line method over the estimated useful life of the asset as follows:
Land improvements15 years
Building and building improvements
15 - 50 years
Leasehold improvementsShorter of expected useful life or lease term
Machinery, equipment and office furniture
3 - 15 years
The components of property, plant and equipment, net as of December 31 were as follows:
(in millions)20242023
Land and land improvements$41 $42 
Building and building improvements451 364 
Leasehold improvements182 172 
Machinery, equipment and office furniture729 714 
Property, plant and equipment, gross1,403 1,292 
Total accumulated depreciation(772)(737)
Property, plant and equipment, net$631 $555 
Summary of Decreases to the Company’s Results of Operations and Earnings Per Share
The net decrease to the Company’s results of operations and earnings per share was as follows:
(in millions, except per share dataDecember 31, 2022
Revenue$23 
Operating income$23 
Net income$21 
Earnings per share$0.11 
v3.25.0.1
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share
Basic and diluted earnings per share were calculated for the years ended December 31 as follows:
(in millions, except per share data)202420232022
Net income attributable to stockholders of UL Solutions$326 $260 $293 
Basic weighted average common shares outstanding200 200 200 
Effect of dilutive securities1 — — 
Diluted weighted average common shares outstanding201 200 200 
Basic earnings per share attributable to stockholders of UL Solutions$1.63 $1.30 $1.47 
Diluted earnings per share attributable to stockholders of UL Solutions$1.62 $1.30 $1.47 
v3.25.0.1
Revenue (Tables)
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Summary of Revenue by Major Customer Category
The table below summarizes the major service categories from which the Company derives its revenues for the years ended December 31:
(in millions)202420232022
Certification Testing$784 $718 $657 
Ongoing Certification Services953 874 828 
Non-certification Testing and Other Services860 812 769 
Software273 274 266 
Total $2,870 $2,678 $2,520 
v3.25.0.1
Acquisitions and Divestitures (Tables)
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Summary of Purchase Price for Assets Acquired and Liabilities Assumed
The following table summarizes the final allocation of the purchase price to the fair value of assets acquired and liabilities assumed for the Kugler Maag acquisition.
(in millions)
Cash$6 
Accounts receivable and other current assets7 
Intangible assets17 
Goodwill14 
Total assets44 
Accounts payable and other current liabilities(7)
Deferred income taxes(5)
Total fair value of net assets acquired$32 
v3.25.0.1
Other Income (Expense), net (Tables)
 12 Months Ended
Dec. 31, 2024
Other Income and Expenses [Abstract]  
Schedule of Other (Expense) Income
The components of other income (expense), net for the years ended December 31 are as follows:    
(in millions)202420232022
Foreign exchange losses$(11)$(2)$(11)
Interest income4 12 1 
Unrealized gains on equity investments— 7 22 
Non-operating pension and postretirement benefit expense(7)(8)(13)
U.S. pension plan settlement losses— — (18)
Gains on divestitures, net of adjustments(a)(b)
24 2 — 
Other(a)
(2)2 7 
Total$8 $13 $(12)
__________
(a)The Company has reclassified the amounts presented for the year ended December 31, 2023 and 2022 to conform to the current period’s presentation.
(b)See Note 4.
v3.25.0.1
Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Summary of Carrying Amount and Fair Value of Company's Debt
The carrying amount and fair value of the Company’s debt was as follows:
As of December 31, 2024As of December 31, 2023
(in millions)Carrying AmountFair ValueCarrying AmountFair Value
Term loans$444 $444 $500 $500 
Revolving credit facility— — 110 110 
Senior notes300 311 300315
Other3 3 — — 
Total$747 $758 $910 $925 
v3.25.0.1
Other Current Assets (Tables)
 12 Months Ended
Dec. 31, 2024
Other Assets [Abstract]  
Schedule of Other Current Assets
The components of other current assets as of December 31, were as follows:
(in millions)20242023
Income tax receivable$24 $49 
Prepaid expenses33 35 
Other4 13 
Total$61 $97 
v3.25.0.1
Property, Plant, and Equipment (Tables)
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment, Estimated Useful Life
Depreciation is computed using the straight–line method over the estimated useful life of the asset as follows:
Land improvements15 years
Building and building improvements
15 - 50 years
Leasehold improvementsShorter of expected useful life or lease term
Machinery, equipment and office furniture
3 - 15 years
The components of property, plant and equipment, net as of December 31 were as follows:
(in millions)20242023
Land and land improvements$41 $42 
Building and building improvements451 364 
Leasehold improvements182 172 
Machinery, equipment and office furniture729 714 
Property, plant and equipment, gross1,403 1,292 
Total accumulated depreciation(772)(737)
Property, plant and equipment, net$631 $555 
v3.25.0.1
Goodwill (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Changes in Carrying Amount of Goodwill
Changes in the carrying amount of goodwill for the years ended December 31, 2024 and 2023 are as follows:
(in millions)IndustrialConsumerSoftware and AdvisoryTotal
Balance at December 31, 2022(a)
$311 $270 $66 $647 
Acquisitions11 — 2 13 
Measurement period adjustments— (4)— (4)
Divestitures— (1)— (1)
Effect of changes in foreign exchange rates1 2 2 5 
Impairment— (37)— (37)
Balance at December 31, 2023(a)
323 230 70 623 
Acquisitions21 — — 21 
Effect of changes in foreign exchange rates(4)(5)(2)(11)
Balance at December 31, 2024(a)
$340 $225 $68 $633 
__________
(a)Net of accumulated impairment losses of $137 million as of December 31, 2024, $166 million as of December 31, 2023 and $129 million as of December 31, 2022.
v3.25.0.1
Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Intangible Assets
The following table summarizes intangible assets as of December 31:
20242023
(in millions)LifeGross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Customer relationships
5 - 20 years
$261 $(211)$50 $261 $(204)$57 
Intellectual property and patents
3 - 15 years
15 (11)4 18 (11)7 
Trademarks
5 - 13 years
21 (17)4 25 (17)8 
Total$297 $(239)$58 $304 $(232)$72 
Schedule of Future Amortization Expense
As of December 31, 2024, estimated future amortization expense for intangible assets is as follows:
(in millions)
2025$11 
202610 
20278 
20288 
20297 
v3.25.0.1
Pension Postretirement Benefits Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Projected Benefit Obligation in Excess of Plan Assets
The following table provides a reconciliation of changes in the defined benefit pension obligations and fair value of plan assets for the years ended December 31, and a statement of funded status as of December 31:
U.S.Non U.S.
(in millions)2024202320242023
Change in projected benefit obligation
Projected benefit obligation at beginning of year$336 $341 $132 $124 
Service cost2 2 5 4 
Interest cost16 17 3 4 
Benefits paid(16)(27)(5)(3)
Actuarial (gain) loss(9)3 8 1 
Exchange rate (gain) loss— — (9)2 
Projected benefit obligation at end of year329 336 134 132 
Change in fair value of plan assets
Fair value of plan assets at beginning of year208 195 56 48 
Actual return on plan assets21 33 4 6 
Employer contributions19 7 2 3 
Benefits paid(16)(27)(5)(3)
Exchange rate (loss) gain— — (4)2 
Fair value of plan assets at end of year232 208 53 56 
Underfunded status of plans$(97)$(128)$(81)$(76)
Amounts recognized in Consolidated Balance Sheets
Non-current assets$— $— $7 $7 
Current liabilities— — (1)(1)
Non-current liabilities(97)(128)(87)(82)
Net liability at end of year$(97)$(128)$(81)$(76)
Amounts recognized in accumulated other comprehensive loss
Net actuarial loss(53)(74)(7)— 
Net amount recognized$(53)$(74)$(7)$— 
The table below outlines the projected benefit obligations and the accumulated benefit obligations in excess of plan assets at December 31:
U.S.Non U.S.
(In millions)2024202320242023
Projected benefit obligation$329 $336 $100 $94 
Accumulated benefit obligation313 316 77 76 
Fair value of plan assets232 208 11 11 
The following table sets forth the projected benefit obligation of postretirement benefits at December 31:
U.S.Canada
(in millions)2024202320242023
Change in projected benefit obligation
Projected benefit obligation at beginning of year$17 $16 $6 $5 
Interest cost1 1 — — 
Plan amendment(a)
(8)— — — 
Plan participant contributions1 1 — — 
Benefits paid(3)(1)— — 
Actuarial gain(1)— — — 
Exchange rate (gain) loss— — (1)1 
Projected postretirement benefit obligation at end of year$7 $17 $5 $6 
Change in fair value of plan assets
Fair value of plan assets at beginning of year— — — — 
Employer contributions2 — — — 
Plan participant contributions1 1 — — 
Benefits paid(3)(1)— — 
Fair value of plan assets at end of year— — — — 
Underfunded status of plans$(7)$(17)$(5)$(6)
Amounts recognized in Consolidated Balance Sheets
Current liabilities$(1)$(1)$— $— 
Non-current liabilities(6)(16)(5)(6)
Total liability at end of year$(7)$(17)$(5)$(6)
Amounts recognized in accumulated other comprehensive loss
Prior service credit$8 $— $— $— 
Net actuarial gain12 12 — — 
Net amount recognized$20 $12 $— $— 
__________
(a)During the fourth quarter of 2024, the Company adopted a negative plan amendment to reduce benefits to certain retired employees of its U.S. postretirement medical plan. The amendment resulted in a reduction of the postretirement benefit plan liability of $8 million and a corresponding increase in prior service credits recorded in accumulated other comprehensive loss on the Company’s Consolidated Balance Sheet. The prior service credits will be recognized as a component of net periodic benefit costs within other income (expense), net over the average expected remaining service period of the plan participants.
Schedule of Net Periodic Benefit Cost
Total benefits cost and amounts recognized in other comprehensive income for the years ended December 31 are as follows:
U.S.Non U.S.
(in millions)202420232022202420232022
Components of net periodic benefit cost
Service cost$2 $2 $3 $5 $4 $6 
Interest cost16 17 16 3 4 2 
Expected return on plan assets(13)(14)(14)(2)(2)(2)
Amortization of net actuarial loss3 3 9 — — 2 
Settlement losses— — 18 — — — 
Net periodic benefit cost$8 $8 $32 $6 $6 $8 
Amounts recorded in other comprehensive income
Balance at beginning of the year$74 $92 $167 $— $3 $41 
Net actuarial (gain) loss(18)(15)(48)6 (3)(36)
Amortization of net actuarial loss(3)(3)(27)— — (2)
Exchange rate loss— — — 1 — — 
Balance at end of the year$53 $74 $92 $7 $— $3 
Total benefits cost and amounts recognized in other comprehensive income for the years ended December 31 are as follows:
U.S.Canada
(in millions)202420232022202420232022
Component of net periodic benefit cost
Service cost$— $— $1 $— $— $— 
Interest cost1 1 1 — — — 
Amortization of net actuarial gain(1)(1)(1)— — — 
Net periodic cost$— $— $1 $— $— $— 
Amounts recorded in other comprehensive income
Balance at beginning of the year$(12)$(13)$(8)$— $(1)$3 
Net actuarial gain(1)— (6)— — (2)
Prior service credit(8)— — — — — 
Amortization of net actuarial gain1 1 1 — — — 
Exchange rate loss (gain)— — — — 1 (2)
Balance at end of the year$(20)$(12)$(13)$— $— $(1)
Schedule of Expected Benefit Payments
The following benefit payments, which reflect expected future service, are expected to be paid as follows:
(in millions)U.S.Non U.S.Total
2025$51 $5 $56 
202631 5 36 
202730 6 36 
202829 6 35 
202929 6 35 
Years 2030 through 2034125 40 165 
The projected future benefit payments, which reflect expected future services are as follows:
(In millions)U.S.CanadaTotal
2025$1 $— $1 
20261 — 1 
2027— 1 1 
2028— 1 1 
20291 — 1 
Years 2030 through 20343 1 4 
Schedule of Weighted Average Assumptions
The weighted average assumptions used in the measurement of the benefit obligations at December 31 are as follows:
U.S.Non U.S.
2024202320242023
Discount rate5.7 %5.0 %
0.9 - 4.6%
1.3 - 4.7%
Rate of compensation increase
4.0% for 2024 and 2025
3.0% for 2026+
4.0% for 2024
3.0% for 2025+
1.6 - 4.0%
2.3 - 4.0%
The weighted average assumptions used in the measurement of the net periodic benefit costs for the years ended December 31 are as follows:
U.S.Non U.S.
202420232022202420232022
Discount rate5.0 %5.2 %3.0 %
1.3 - 4.7%
1.6- 5.2%
0.8 - 4.2%
Expected return on plan assets6.9 %7.8 %6.0 %
2.4 - 5.6%
1.6 - 5.6%
1.2- 4.8%
Rate of compensation increase
4.0% for 2024
3.0% for 2025+
4.25% for 2023
3.0% for 2024+
3.0 %
0.0- 4.0%
2.3 - 4.0%
2.3- 4.0%
The following assumptions were used to determine the benefit obligations under the plans at December 31:
U.S.Canada
2024202320242023
Discount rate5.6 %5.1 %4.7 %4.7 %
Health care cost trend rate (Pre-65 for U.S.)9.0 %7.9 %5.2 %— %
Ultimate trend rate reached in 2035 for U.S. / 2040 for Canada4.5 %4.5 %4.1 %4.1 %
The following assumptions were used to determine the net periodic benefit costs under the plans for the years ended December 31:
U.S.Canada
202420232022202420232022
Discount rate5.1 %5.2 %3.1 %4.7 %4.7 %5.2 %
Health care cost trend rate7.9 %6.7 %6.3 %4.9 %4.9 %4.6 %
Schedule of Projected Benefit Obligation in Excess of Plan Assets The table below outlines the projected benefit obligations and the accumulated benefit obligations in excess of plan assets at December 31:
U.S.Non U.S.
(In millions)2024202320242023
Projected benefit obligation$329 $336 $100 $94 
Accumulated benefit obligation313 316 77 76 
Fair value of plan assets232 208 11 11 
Schedule of Pension Assets Measured at Fair Value
The following tables present the Company’s fair value hierarchy (as defined in Note 1) for those pension assets measured at fair value at December 31:
2024
(In millions)Level 1Level 2Level 3Total Asset
Balance
U.S.
Cash and cash equivalents$1 $— $— $1 
Fixed income investments— 44 — 44 
Fixed income mutual funds26 — — 26 
Corporate equities6 — — 6 
Commingled equities— 48 — 48 
Equity mutual funds58 — — 58 
Real estate mutual funds10 — — 10 
Private real estate— — 5 5 
Total U.S. assets in the fair value hierarchy101 92 5 198 
Hedge funds(a)
34 
Total U.S. investments at fair value$232 
Non U.S.
Commingled funds— 30 — 30 
Other— — 23 23 
Total non U.S. assets— 30 23 53 
Total pension assets$285 
__________
(a)In accordance with ASC 820, certain investments that are measured at fair value using the 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 in the Consolidated Balance Sheets. The terms and conditions of the Company's hedge fund investments vary, however, the majority of the Company’s hedge fund investments may be redeemed quarterly with redemption notice periods between 45-90 days. The Company does not intend to sell or otherwise dispose of these investments at prices different than the net asset value per share.
2023
(In millions)Level 1Level 2Level 3Total Asset
Balance
U.S.
Cash and cash equivalents$2 $— $— $2 
Fixed income investments— 28 — 28 
Fixed income mutual funds21 — — 21 
Corporate equities— 22 — 22 
Commingled equities— 43 — 43 
Equity mutual funds43 — — 43 
Real estate mutual funds10 — — 10 
Private real estate— — 6 6 
Total U.S. assets in the fair value hierarchy76 93 6 175 
Hedge funds(a)
33 
Total U.S. investments at fair value$208 
Non U.S.
Cash and cash equivalents1 — — 1 
Commingled funds— 32 — 32 
Other— — 23 23 
Total non U.S. assets1 32 23 56 
Total pension assets$264 
__________
(a)Described in previous table.
Summary of Changes in Fair Value of Level 3 Pension Assets
The following table summarizes the changes in fair value of the Company’s Level 3 pension assets:
(In millions)
Balance at year ended December 31, 2022$27 
Purchases, sales and settlements, net1 
Unrealized gain1 
Balance at year ended December 31, 2023$29 
Purchases, sales and settlements, net(2)
Unrealized gain1 
Balance at year ended December 31, 2024$28 
Schedule of Actual Pension Plan Asset Allocations
Actual pension plan asset allocations are as follows:
U.S.Non U.S.
2024202320242023
Equity securities48 %52 %9 %37 %
Fixed-income securities30 %24 %49 %20 %
Alternatives21 %23 %— %— %
Other— %— %42 %41 %
Cash1 %1 %— %2 %
100 %100 %100 %100 %
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Components of Income (Losses) Before Income Taxes
Components of income (loss) before income taxes:
(in millions)202420232022
Domestic$(20)$(1)$24 
Foreign435 347 359 
Total income before income taxes$415 $346 $383 
Schedule of Components of Provision (Benefit) For Income Taxes
Components of the provision (benefit) for income taxes:
(in millions)202420232022
Current tax provision
U.S. Federal$(3)$1 $10 
U.S. State5 1 (1)
Foreign73 54 55 
Deferred tax provision
U.S. Federal(6)9 7 
U.S. State6 3 (4)
Foreign(5)2 7 
Total income tax provision$70 $70 $74 
Schedule of Reconciliation of U.S. Federal Statutory Rate
Reconciliation of the U.S. federal statutory rate to UL Solutions effective tax rate:
202420232022
U.S. Federal Statutory Rate21.0 %21.0 %21.0 %
Effect of:
Foreign income taxed at different rates(a)
(4.2 %)(5.0 %)(2.3 %)
U.S. tax on foreign activities0.6 %2.0 %1.3 %
State and local income taxes, net of federal benefit2.0 %0.9 %(1.3 %)
Goodwill impairment— %1.8 %— %
U.S. nondeductible compensation1.9 %— %— %
Release of uncertain tax positions for lapse of statutes(a)
(4.7 %)(0.1 %)— %
Other reconciling items, net0.3 %(0.4 %)0.6 %
Effective tax rate16.9 %20.2 %19.3 %
__________
(a)The Company has reclassified the amounts presented for the year ended December 31, 2023 to conform to the current period’s presentation.
Schedule of Components of Deferred Tax Assets and Liabilities
Components of the deferred income tax assets and liabilities:
(in millions)20242023
Deferred tax assets
Accrued pension and postretirement liabilities$38 $47 
Accrued employee benefits41 42 
Other accrued expenses7 9 
Net operating loss carryforward44 46 
Advance payments39 25 
Operating lease liabilities46 38 
Capitalized research and development18 10 
Foreign tax credit12 8 
Other12 5 
Subtotal (before valuation allowances)257 230 
Valuation allowances(53)(56)
Total deferred tax assets204 174 
Deferred tax liabilities
Basis difference for intangible assets(38)(32)
Basis difference for fixed assets(20)(6)
Operating lease right-of-use assets(45)(36)
Tax on unrepatriated earnings(6)(5)
Other(10)(9)
Total deferred tax liabilities(119)(88)
Net deferred income tax assets$85 $86 
Schedule of Movements in Valuation Allowance
Movements in valuation allowance:
Deferred Tax Valuation AllowanceBalance at Beginning of YearCharged to Costs and ExpensesDeductionsBalance at End of Year
(in millions)
Year Ended December 31, 2024$56 $7 $(10)$53 
Year Ended December 31, 2023$47 $14 $(5)$56 
Year Ended December 31, 2022$42 $10 $(5)$47 
Schedule of Movements in Reserve For Uncertain Tax Positions
Movements in reserve for uncertain tax positions:
(in millions)202420232022
Balance at January 1,$30 $26 $25 
Increases related to prior period tax positions2 3 5 
Decreases related to prior period tax positions(5)— (3)
Increases related to current period tax positions— 2 1 
Lapse of statute of limitation(19)(1)— 
Settlement with taxing authorities(1)— (2)
Balance at December 31,$7 $30 $26 
v3.25.0.1
Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Summary of outstanding debt
The Company’s outstanding debt consisted of the following:
(in millions)CurrencyMaturity DateAs of December 31, 2024As of December 31, 2023
Term loansUSDJanuary 2027$444 $500 
Revolving credit facility USDJanuary 2027— 110 
Senior notesUSDOctober 2028300 300 
OtherUSDAugust 20333 — 
Total debt747 910 
Less: unamortized debt issuance costs(5)(6)
Total debt, net of unamortized debt issuance costs742 904 
Less: current portion of long-term debt(50)— 
Long-term debt$692 $904 
Schedule of Maturities of Long-Term Debt
As of December 31, 2024, the remaining aggregate scheduled principal repayments of the Company’s debt are as follows:
(in millions)
2025$50 
202650 
2027344 
2028300 
20291 
Thereafter2 
Total$747 
v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Schedule of Lease, Cost
Lease costs incurred by lease type, and/or type of payment for the annual periods ending December 31 were as follows:
(in millions)202420232022
Short-term lease cost$2 $1 $2 
Operating lease cost50 55 53 
Variable lease cost26 22 21 
Total lease cost$78 $78 $76 
Other supplemental quantitative disclosures for the years ended December 31 are as follows:
(in millions)202420232022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$50 $54 $52 
Right-of-use assets obtained in exchange for operating lease liabilities82 42 62 
Weighted-average remaining lease term (in years) - operating leases6.886.286.57
Weighted-average discount rate - operating leases4.11 %3.39 %2.83 %
Schedule of Lessee, Operating Lease, Liability, to be Paid, Maturity
Estimated undiscounted future lease payments under non-cancellable operating leases as of December 31, 2024, are as follows:
(in millions)Operating Lease
Liabilities
2025$45 
202642 
202730 
202824 
202918 
Thereafter65 
Total undiscounted future cash flows224 
Less: imputed interest31 
Present value of future cash flows$193 
v3.25.0.1
Common Stock (Tables)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Schedule of Outstanding Common Stock
The following table shows the number of shares of common stock outstanding and changes in each class of share:
Class AClass BTotal
Balance at December 31, 2022200,000,000 — 200,000,000 
Balance at December 31, 2023200,000,000 — 200,000,000 
Reclassification(a)
(200,000,000)200,000,000 — 
Initial public offering(b)
38,870,000 (38,870,000)— 
Follow-on public offering(c)
23,000,000 (23,000,000)— 
Shares issued under long-term incentive plans174,493 — 174,493 
Balance at December 31, 202462,044,493 138,130,000 200,174,493 
__________________
(a)On April 11, 2024, the Company filed an amended and restated certificate of incorporation with the Secretary of State of the State of Delaware, which, among other things, reclassified all shares of the Company’s Class A common stock outstanding into shares of Class B common stock. The amended and restated certificate of incorporation, as well as the Company’s amended and restated bylaws, became effective upon such filing.
(b)On April 16, 2024, the Company completed its initial public offering of an aggregate of 38,870,000 shares of Class A common stock by UL Standards & Engagement at a price to the public of $28.00 per share, which included the exercise in full by the underwriters of their overallotment option to purchase an additional 5,070,000 shares of Class A common stock. The Company did not receive any proceeds from the initial public offering.
(c)On September 9, 2024, the Company completed a follow-on public offering of an aggregate of 23,000,000 shares of Class A common stock by UL Standards & Engagement at a price to the public of $49.00 per share, which included the exercise in full by the underwriters of their overallotment option to purchase an additional 3,000,000 shares of Class A common stock. The Company did not receive any proceeds from this offering.
v3.25.0.1
Accumulated Other Comprehensive Loss (“AOCL”) (Tables)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Summary of Changes in Accumulated Other Comprehensive Loss
The following table summarizes the changes in accumulated other comprehensive loss.
(in millions)Foreign Currency TranslationPension and Postretirement PlansTotal
Balance at December 31, 2021, net of tax$(13)$(203)$(216)
Amounts before reclassifications(41)104 63 
Amounts reclassified out— 18 18 
Total other comprehensive (loss) income, before tax(41)122 81 
Tax effect— (31)(31)
Total other comprehensive (loss) income, net of tax(41)91 50 
Balance at December 31, 2022, net of tax$(54)$(112)$(166)
Amounts before reclassifications5 18 23 
Amounts reclassified out— 2 2 
Total other comprehensive income, before tax5 20 25 
Tax effect— (5)(5)
Total other comprehensive income, net of tax5 15 20 
Balance at December 31, 2023, net of tax$(49)$(97)$(146)
Amounts before reclassifications(39)21 (18)
Amounts reclassified out— 2 2 
Total other comprehensive (loss) income, before tax(39)23 (16)
Tax effect— (5)(5)
Total other comprehensive (loss) income, net of tax(39)18 (21)
Balance at December 31, 2024, net of tax$(88)$(79)$(167)
Summary of Components of AOCL
The components of AOCL for the years ended December 31 are as follows:
202420232022 Affected Line Item in the Consolidated Statements of Operations
(in millions)Amounts reclassified from AOCL
Pension and postretirement losses$2 $2 $18 Other income (expense), net
Tax effect— — (4)Income tax expense
Total reclassifications$2 $2 $14 Net income
v3.25.0.1
Stock-based and Other Incentive Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of Compensation Expense
Stock-based compensation expense (benefit) for the years ended December 31 was as follows:
(in millions)202420232022
Cost of revenue$4 $1 $(1)
Selling, general and administrative expenses29 14 (16)
Stock-based compensation expense (benefit)33 15 (17)
Income tax (benefit) expense(4)(3)4 
Stock-based compensation expense (benefit), net$29 $12 $(13)
Stock-based compensation expense (benefit) by type of award
Restricted stock units$10 $— $— 
Performance share units7 — — 
Stock options4 — — 
Stock-settled stock appreciation rights2 — — 
Cash-settled awards
10 15 (17)
Stock-based compensation expense (benefit)$33 $15 $(17)
Compensation expense related to Performance Cash awards for the years ended December 31 was as follows:
(in millions)202420232022
Cost of revenue$3 $2 $2 
Selling, general and administrative expenses18 14 14 
Performance Cash compensation expense21 16 16 
Income tax benefit(4)(4)(4)
Performance Cash compensation expense, net$17 $12 $12 
Summary of Restricted Stock Units Activity
The following table summarizes the activity related to the Company’s RSUs during the year ended December 31, 2024:
Number of RSUsWeighted Average
Grant Date
Fair Value
Outstanding as of December 31, 2023— $— 
Granted847,223 35.65 
Forfeited(45,012)34.85 
Outstanding as of December 31, 2024802,211 $35.70 
Summary of Performance Share Units Activity
The following table summarizes the activity related to the Company’s PSUs during the year ended December 31, 2024:
Number of PSUsWeighted Average
Grant Date
Fair Value
Outstanding as of December 31, 2023— $— 
Granted385,332 34.85 
Forfeited(14,566)34.85 
Outstanding as of December 31, 2024370,766 $34.85 
Summary of Activity Related to Stock Options
The following table summarizes the activity related to the Company’s stock options during the year ended December 31, 2024:
Number of Stock OptionsWeighted Average
Exercise Price		Weighted Average
Remaining Term		Aggregate Intrinsic Value
(in millions)
Outstanding as of December 31, 2023— $— 
Granted2,074,299 28.00 
Forfeited(79,719)28.00 
Outstanding as of December 31, 20241,994,580 $28.00 9.3 years$44 
Exercisable as of December 31, 2024— 
Summary of Fair Value Assumptions
The following table summarizes the assumptions used in the Black-Scholes-Merton option-pricing model that was used to estimate the fair value of the stock options at the grant date:
April 12, 2024
Expected dividend yield1.79%
Risk-free interest rate4.48%
Weighted average volatility24.50%
Expected life (in years)6.50
The following table summarizes the assumptions used in the Black-Scholes-Merton option-pricing models that were used to estimate the fair value of CSARs at the conversion date and as of December 31, 2023 and 2022:
April 16, 2024December 31, 2023December 31, 2022
Expected dividend yield1.44%1.70%—%
Risk-free interest rate
4.78% - 5.41%
3.99% - 5.60%
4.12% - 4.75%
Weighted average volatility22.50%22.24%29.87%
Expected life (in years)
0.11 - 2.96
0.06 - 3.25
0.06 - 3.25
Summary of SAR Activity
The following table summarizes the activity related to the Company’s CSARs during the year ended December 31, 2024:
Number of CSAR AwardsWeighted Average
Exercise Price		Weighted Average
Remaining Term		Aggregate Intrinsic Value
(in millions)
Outstanding as of December 31, 20233,452,120 $18.77 1.72 years$37 
CSARs converted to SSARs(1,978,761)21.12 
Exercised(891,866)7.69 
Cancelled(470,992)30.06 
Forfeited (19,815)29.10 
Outstanding as of December 31, 202490,686 $15.65 1.05 years$3 
Exercisable as of December 31, 202476,400 $13.15 0.71 years$3 
The following table summarizes the activity related to the Company’s SSARs during the year ended December 31, 2024:
Number of SSAR AwardsWeighted Average
Exercise Price		Weighted Average
Remaining Term		Aggregate Intrinsic Value
(in millions)
Outstanding as of December 31, 2023— $— 
SSARs converted from CSARs1,978,761 21.12 
Exercised(328,476)12.84 
Forfeited(52,146)29.13 
Outstanding as of December 31, 20241,598,139 $22.55 1.96 years$44 
Exercisable as of December 31, 2024660,165 $13.26 0.75 years$24 
v3.25.0.1
Commitment and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Future Minimum Payments for Noncancelable Purchase Obligations
Future minimum payments for noncancelable purchase obligations with a remaining term of over one year as of December 31, 2024, are payable as follows:
(in millions)Purchase Obligations
2025$52 
202649
202712
20288
2029 and thereafter13
Total$134 
v3.25.0.1
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of Financial Information By Segment
The following table provides revenue, significant segment expenses and operating income, by segment for the years ended December 31, 2024, 2023 and 2022:
IndustrialConsumerSoftware and AdvisoryTotal
(in millions)202420232022202420232022202420232022202420232022
Revenue$1,254 $1,146 $1,044 $1,238 $1,172 $1,128 $378 $360 $348 $2,870 $2,678 $2,520 
Employee compensation595 556 503 714 693 647 255 241 224 1,564 1,490 1,374 
Services and materials274 244 223 331 322 314 67 63 62 672 629 599 
Depreciation and amortization47 38 32 79 75 66 46 41 37 172 154 135 
Goodwill impairment— — — — 37 — — — — — 37 — 
Operating income$338 $308 $286 $114 $45 $101 $10 $15 $25 $462 $368 $412 
Capital expenditures of the Company’s segments were as follows for the years ended December 31:
(in millions)202420232022
Industrial$96 $56 $19 
Consumer34 52 55 
Software and Advisory31 39 19 
Total segments161 147 93 
Corporate76 68 71 
Total$237 $215 $164 
Schedule of Revenue by Major Geographic Region and Summary of Long-Lived Assets
Revenue by major geographic region based on the location of the Company’s customers was as follows for the years ended December 31:
(in millions)202420232022
United States$1,178 $1,117 $1,051 
China(a)
710 632 608 
Asia Pacific375 346 335 
Europe, Middle East and Africa496 474 429 
Other Americas111 109 97 
Total$2,870 $2,678 $2,520 
__________
(a)Represents revenue from Greater China - mainland China, Hong Kong and Taiwan.
The following table provides a summary of long-lived assets, excluding financial instruments and tax assets, classified by major geographic region as of December 31:
(in millions)202420232022
United States$437 $327 $260 
China(a)
136 127 139 
Asia Pacific109 119 106 
Europe, Middle East and Africa109 101 107 
Other Americas26 32 25 
Total$817 $706 $637 
__________
(a)Represents long-lived assets from Greater China - mainland China, Hong Kong and Taiwan.
v3.25.0.1
Significant Accounting Policies - Public Offering (Details) - Class A - $ / shares
Sep. 09, 2024
Apr. 16, 2024
IPO    
Subsidiary, Sale of Stock [Line Items]    
Shares sold in IPO (in shares)   38,870,000
Price per share for IPO (in dollars per share)   $ 28.00
Follow on Public Offering    
Subsidiary, Sale of Stock [Line Items]    
Shares sold in IPO (in shares) 23,000,000  
Price per share for IPO (in dollars per share) $ 49.00  
v3.25.0.1
Significant Accounting Policies - Narrative (Details)
$ in Millions
 3 Months Ended 12 Months Ended
Sep. 30, 2023
USD ($)
Dec. 31, 2024
USD ($)
segment
serviceCategory
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Disaggregation of Revenue [Line Items]        
Number of reportable segments | segment   3    
Goodwill impairment   $ 0 $ 37 $ 0
Amortization expense of capitalized software   59 51 43
Total   2,870 2,678 2,520
Operating Income (Loss)   $ 462 368 412
Number of major service categories | serviceCategory   4    
Losses on foreign currency transactions       7
Minimum        
Disaggregation of Revenue [Line Items]        
Life   3 years    
Minimum | Computer Software, Intangible Asset        
Disaggregation of Revenue [Line Items]        
Life   3 years    
Maximum        
Disaggregation of Revenue [Line Items]        
Life   20 years    
Maximum | Computer Software, Intangible Asset        
Disaggregation of Revenue [Line Items]        
Life   7 years    
Revision of Prior Period, Accounting Standards Update, Adjustment        
Disaggregation of Revenue [Line Items]        
Total       23
Operating Income (Loss)       23
Operating Segments        
Disaggregation of Revenue [Line Items]        
Goodwill impairment   $ 0 37 0
Total   2,870 2,678 2,520
Operating Income (Loss)   462 368 412
Consumer | Operating Segments        
Disaggregation of Revenue [Line Items]        
Goodwill impairment $ 37 0 37 0
Total   1,238 1,172 1,128
Operating Income (Loss)   114 45 101
Consumer | Operating Segments | Revision of Prior Period, Accounting Standards Update, Adjustment        
Disaggregation of Revenue [Line Items]        
Total       9
Operating Income (Loss)       9
Industrial | Operating Segments        
Disaggregation of Revenue [Line Items]        
Goodwill impairment   0 0 0
Total   1,254 1,146 1,044
Operating Income (Loss)   $ 338 $ 308 286
Industrial | Operating Segments | Revision of Prior Period, Accounting Standards Update, Adjustment        
Disaggregation of Revenue [Line Items]        
Total       14
Operating Income (Loss)       $ 14
v3.25.0.1
Significant Accounting Policies - Schedule Of Accounts Receivable, Allowance for Credit Loss (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]      
Balance at Beginning of Year $ 10 $ 13 $ 14
Charged to Costs and Expenses 9 4 6
Deductions (9) (7) (7)
Balance at End of Year $ 10 $ 10 $ 13
v3.25.0.1
Significant Accounting Policies - Schedule of Property and Equipment, Estimated Useful Life (Details)
Dec. 31, 2024
Land improvements  
Property, Plant and Equipment [Line Items]  
Estimated useful lives 15 years
Building and building improvements | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated useful lives 15 years
Building and building improvements | Maximum  
Property, Plant and Equipment [Line Items]  
Estimated useful lives 50 years
Machinery, equipment and office furniture | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated useful lives 3 years
Machinery, equipment and office furniture | Maximum  
Property, Plant and Equipment [Line Items]  
Estimated useful lives 15 years
v3.25.0.1
Significant Accounting Policies - Schedule Of Net Decrease (Increase) in Results of Operations and Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Revenue $ 2,870 $ 2,678 $ 2,520
Operating income 462 368 412
Net income $ 345 $ 276 $ 309
Earnings Per Share, Basic (in dollars per share) $ 1.63 $ 1.30 $ 1.47
Earnings Per Share, Diluted (in dollars per share) $ 1.62 $ 1.30 $ 1.47
Revision of Prior Period, Accounting Standards Update, Adjustment      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Revenue     $ 23
Operating income     23
Net income     $ 21
Earnings Per Share, Basic (in dollars per share)     $ 0.11
Earnings Per Share, Diluted (in dollars per share)     $ 0.11
v3.25.0.1
Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Earnings Per Share [Abstract]      
Net income attributable to stockholders of UL Solutions $ 326 $ 260 $ 293
Basic weighted average common shares outstanding (in shares) 200 200 200
Effect of dilutive securities (in shares) 1 0 0
Diluted weighted average common shares outstanding (in shares) 201 200 200
Basic earnings per share attributable to stockholder of UL Solutions (in dollars per share) $ 1.63 $ 1.30 $ 1.47
Diluted earnings per share attributable to stockholder of UL Solutions (in dollars per share) $ 1.62 $ 1.30 $ 1.47
v3.25.0.1
Revenue - Major Service Categories (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue from External Customer [Line Items]      
Total $ 2,870 $ 2,678 $ 2,520
Certification Testing      
Revenue from External Customer [Line Items]      
Total 784 718 657
Ongoing Certification Services      
Revenue from External Customer [Line Items]      
Total 953 874 828
Non-certification Testing and Other Services      
Revenue from External Customer [Line Items]      
Total 860 812 769
Software      
Revenue from External Customer [Line Items]      
Total $ 273 $ 274 $ 266
v3.25.0.1
Revenue - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Contract with customer, liability $ 123 $ 121
Revenue previously recognized (31) (31)
Contract liability fees 70 72
Revenue recognized 119 $ 110
Revenue to be recognized in future $ 211  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Recognized revenue percentage 61.00%  
Recognized revenue satisfaction period 12 months  
v3.25.0.1
Acquisitions and Divestitures - Acquisitions (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended
Jul. 31, 2024
May 31, 2024
Aug. 31, 2023
Jul. 31, 2023
Oct. 31, 2022
Sep. 30, 2022
Feb. 28, 2022
Jun. 30, 2002
Jun. 30, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Jun. 30, 2022
Asset Acquisition [Line Items]                          
Goodwill                   $ 633 $ 623 $ 647  
TesTneT Engineering GmbH                          
Asset Acquisition [Line Items]                          
Percentage of business acquired 100.00%                        
Cash consideration $ 19                        
Goodwill $ 14                        
Batterielngenieure GmbH (“BI”)                          
Asset Acquisition [Line Items]                          
Percentage of business acquired   100.00%                      
Cash consideration   $ 11                      
Goodwill   7                      
Property, plant, and equipment   $ 9                      
Certification Entity for Renewable Energies (CERE)                          
Asset Acquisition [Line Items]                          
Percentage of business acquired     100.00%                    
Cash consideration     $ 14                    
Goodwill     $ 11                    
HBI Compliance Limited Asset Acquisition                          
Asset Acquisition [Line Items]                          
Percentage of business acquired       100.00%                  
Cash consideration       $ 6                  
Kugler Maag CIE GmbH                          
Asset Acquisition [Line Items]                          
Percentage of business acquired         100.00%                
Cash consideration         $ 32                
Goodwill         14                
Intangible assets acquired         $ 14       $ 9        
Estimated useful life of acquired intangible assets         10 years                
Cimteq Holdings Limited                          
Asset Acquisition [Line Items]                          
Percentage of business acquired           100.00%              
Cash consideration           $ 15              
Goodwill           $ 12              
KAM Specialty Equipment Services Company                          
Asset Acquisition [Line Items]                          
Percentage of business acquired                         100.00%
Cash consideration               $ 16          
Goodwill                         $ 9
KBW Corporation                          
Asset Acquisition [Line Items]                          
Percentage of business acquired             100.00%            
Cash consideration             $ 18            
Property, plant, and equipment             $ 14            
v3.25.0.1
Acquisitions and Divestitures - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Oct. 31, 2022
Business Acquisition [Line Items]        
Goodwill $ 633 $ 623 $ 647  
Kugler Maag CIE GmbH        
Business Acquisition [Line Items]        
Cash       $ 6
Accounts receivable and other current assets       7
Intangible assets       17
Goodwill       14
Total assets       44
Accounts payable and other current liabilities       (7)
Deferred income taxes       (5)
Total fair value of net assets acquired       $ 32
v3.25.0.1
Acquisitions and Divestitures - Divestitures and Held for Sale (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
May 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Gain on divestiture   $ 24 $ 2 $ 0
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Payments Testing Business        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Cash proceeds $ 29      
Gain on divestiture $ 24      
Disposal Group, Held-for-Sale, Not Discontinued Operations | Testing Laboratory        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Other assets classified as held-for-sale   $ 11    
v3.25.0.1
Other Income (Expense), net (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Other Income and Expenses [Abstract]      
Foreign exchange losses $ (11,000,000) $ (2,000,000) $ (11,000,000)
Interest income 4,000,000 12,000,000 1,000,000
Unrealized gains on equity investments 0 7,000,000 22,000,000
Non-operating pension and postretirement benefit expense (7,000,000) (8,000,000) (13,000,000)
Settlement losses 0 0 (18,000,000)
Gains on divestitures, net of adjustments 24,000,000 2,000,000 0
Other (2,000,000) 2,000,000 7,000,000
Total $ 8,000,000 $ 13,000,000 $ (12,000,000)
v3.25.0.1
Fair Value of Financial Instruments (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Carrying Amount    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total $ 747 $ 910
Carrying Amount | Revolving credit facility    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 0 110
Carrying Amount | Term loans    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 444 500
Carrying Amount | Senior notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 300 300
Carrying Amount | Other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 3 0
Fair Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 758 925
Fair Value | Revolving credit facility    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 0 110
Fair Value | Term loans    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 444 500
Fair Value | Senior notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total 311 315
Fair Value | Other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total $ 3 $ 0
v3.25.0.1
Other Current Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Other Assets [Abstract]    
Income tax receivable $ 24 $ 49
Prepaid expenses 33 35
Other 4 13
Total $ 61 $ 97
v3.25.0.1
Investments in Equity Securities (Details)
$ in Millions
 12 Months Ended
Jun. 26, 2002
Dec. 31, 2024
USD ($)
director
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2023
USD ($)
Debt and Equity Securities, FV-NI [Line Items]          
Carrying amount of investments   $ 36     $ 42
Unrealized gain     $ 11 $ 11  
Initial duration 10 years        
Total number of directors | director   7      
Number of directors appointed by UL Solutions | director   4      
Number of directors appointed by CCIC | director   3      
Assets   $ 2,800     2,736
Liabilities   1,869     2,058
Non-controlling Interests          
Debt and Equity Securities, FV-NI [Line Items]          
Equity investments in non-consolidated affiliates   22     22
Non-controlling Interests | DQS Holding GmbH          
Debt and Equity Securities, FV-NI [Line Items]          
Equity investments in non-consolidated affiliates   $ 21     $ 21
Ownership percentage   28.00%     28.00%
Variable Interest Entity, Primary Beneficiary          
Debt and Equity Securities, FV-NI [Line Items]          
Assets   $ 193     $ 178
Liabilities   $ 87     $ 82
Variable Interest Entity, Primary Beneficiary | UL-CCIC Company Limited          
Debt and Equity Securities, FV-NI [Line Items]          
Equity ownership percentage   70.00%      
Variable Interest Entity, Not Primary Beneficiary | UL-CCIC Company Limited | China Certification & Inspection Group          
Debt and Equity Securities, FV-NI [Line Items]          
Equity ownership percentage   30.00%      
v3.25.0.1
Property, Plant, and Equipment - Schedule Of Components of Property, Plant and Equipment (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 1,403 $ 1,292
Total accumulated depreciation (772) (737)
Property, plant and equipment, net 631 555
Land and land improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 41 42
Building and building improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 451 364
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 182 172
Machinery, equipment and office furniture    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 729 $ 714
v3.25.0.1
Property, Plant, and Equipment - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Abstract]      
Depreciation $ 100 $ 88 $ 75
v3.25.0.1
Goodwill - Schedule of Changes in Carrying Amount of Goodwill (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Sep. 30, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Goodwill [Roll Forward]        
Beginning balance   $ 623 $ 647  
Acquisitions   21 13  
Measurement period adjustments     (4)  
Divestitures     (1)  
Effect of changes in foreign exchange rates   (11) 5  
Impairment   0 (37) $ 0
Ending balance   633 623 647
Accumulated impairment loss   137 166 129
Operating Segments        
Goodwill [Roll Forward]        
Impairment   0 (37) 0
Industrial | Operating Segments        
Goodwill [Roll Forward]        
Beginning balance   323 311  
Acquisitions   21 11  
Measurement period adjustments     0  
Divestitures     0  
Effect of changes in foreign exchange rates   (4) 1  
Impairment   0 0 0
Ending balance   340 323 311
Consumer | Operating Segments        
Goodwill [Roll Forward]        
Beginning balance   230 270  
Acquisitions   0 0  
Measurement period adjustments     (4)  
Divestitures     (1)  
Effect of changes in foreign exchange rates   (5) 2  
Impairment $ (37) 0 (37) 0
Ending balance   225 230 270
Software and Advisory | Operating Segments        
Goodwill [Roll Forward]        
Beginning balance   70 66  
Acquisitions   0 2  
Measurement period adjustments     0  
Divestitures     0  
Effect of changes in foreign exchange rates   (2) 2  
Impairment   0 0 0
Ending balance   $ 68 $ 70 $ 66
v3.25.0.1
Goodwill - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Sep. 30, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Goodwill [Line Items]        
Goodwill impairment   $ 0 $ 37 $ 0
Operating Segments        
Goodwill [Line Items]        
Goodwill impairment   0 37 0
Operating Segments | Consumer        
Goodwill [Line Items]        
Goodwill impairment $ 37 $ 0 $ 37 $ 0
v3.25.0.1
Intangible Assets - Summary of Intangible Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Acquired Finite-Lived Intangible Assets [Line Items]      
Gross Carrying Amount $ 297 $ 304  
Accumulated Amortization (239) (232)  
Net Carrying Amount 58 72  
Intangible asset amortization expense $ 13 15 $ 16
Minimum      
Acquired Finite-Lived Intangible Assets [Line Items]      
Life 3 years    
Maximum      
Acquired Finite-Lived Intangible Assets [Line Items]      
Life 20 years    
Customer relationships      
Acquired Finite-Lived Intangible Assets [Line Items]      
Gross Carrying Amount $ 261 261  
Accumulated Amortization (211) (204)  
Net Carrying Amount $ 50 57  
Customer relationships | Minimum      
Acquired Finite-Lived Intangible Assets [Line Items]      
Life 5 years    
Customer relationships | Maximum      
Acquired Finite-Lived Intangible Assets [Line Items]      
Life 20 years    
Intellectual property and patents      
Acquired Finite-Lived Intangible Assets [Line Items]      
Gross Carrying Amount $ 15 18  
Accumulated Amortization (11) (11)  
Net Carrying Amount $ 4 7  
Intellectual property and patents | Minimum      
Acquired Finite-Lived Intangible Assets [Line Items]      
Life 3 years    
Intellectual property and patents | Maximum      
Acquired Finite-Lived Intangible Assets [Line Items]      
Life 15 years    
Trademarks      
Acquired Finite-Lived Intangible Assets [Line Items]      
Gross Carrying Amount $ 21 25  
Accumulated Amortization (17) (17)  
Net Carrying Amount $ 4 $ 8  
Trademarks | Minimum      
Acquired Finite-Lived Intangible Assets [Line Items]      
Life 5 years    
Trademarks | Maximum      
Acquired Finite-Lived Intangible Assets [Line Items]      
Life 13 years    
v3.25.0.1
Intangible Assets - Schedule of Future Amortization Expense (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2025 $ 11
2026 10
2027 8
2028 8
2029 $ 7
v3.25.0.1
Pension Postretirement Benefits Plans - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]      
Settlement losses $ 0 $ 0 $ 18,000,000
Contributions 46,000,000 46,000,000 45,000,000
U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Accumulated benefit obligation $ 313,000,000 $ 316,000,000  
U.S. | Equity securities      
Defined Benefit Plan Disclosure [Line Items]      
Target allocations (as a percent) 48.00% 52.00%  
U.S. | Fixed-income securities      
Defined Benefit Plan Disclosure [Line Items]      
Target allocations (as a percent) 30.00% 25.00%  
U.S. | Alternatives      
Defined Benefit Plan Disclosure [Line Items]      
Target allocations (as a percent) 22.00% 23.00%  
Non U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Accumulated benefit obligation $ 110,000,000 $ 113,000,000  
Pension Plan | U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Settlement losses 0 0 18,000,000
Anticipated employer contributions next fiscal year 20,000,000    
Pension Plan | Non U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Settlement losses 0 $ 0 $ 0
Anticipated employer contributions next fiscal year $ 3,000,000    
v3.25.0.1
Pension Postretirement Benefits Plans - Schedule of Changes in the Plans' Benefit Obligations and Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Change in fair value of plan assets        
Fair value of plan assets at beginning of year $ 264      
Fair value of plan assets at end of year 285 $ 264    
Amounts recognized in Consolidated Balance Sheets        
Non-current liabilities (196) (232)    
U.S.        
Change in fair value of plan assets        
Fair value of plan assets at beginning of year 208      
Fair value of plan assets at end of year 232 208    
U.S. | Pension Plan        
Change in projected benefit obligation        
Projected benefit obligation at beginning of year 336 341    
Service cost 2 2 $ 3  
Interest cost 16 17 16  
Benefits paid (16) (27)    
Actuarial (gain) loss (9) 3    
Exchange rate (gain) loss 0 0    
Projected benefit obligation at end of year 329 336 341  
Change in fair value of plan assets        
Fair value of plan assets at beginning of year 208 195    
Actual return on plan assets 21 33    
Employer contributions 19 7    
Benefits paid (16) (27)    
Exchange rate (loss) gain 0 0    
Fair value of plan assets at end of year 232 208 195  
Underfunded status of plans (97) (128)    
Amounts recognized in Consolidated Balance Sheets        
Non-current assets 0 0    
Current liabilities 0 0    
Non-current liabilities (97) (128)    
Total liability at end of year (97) (128)    
Amounts recognized in accumulated other comprehensive loss        
Net actuarial (loss) gain (53) (74)    
Net amount recognized (53) (74) (92) $ (167)
U.S. | Postretirement Benefit Plans        
Change in projected benefit obligation        
Projected benefit obligation at beginning of year 17 16    
Service cost 0 0 1  
Interest cost 1 1 1  
Plan amendments (8) 0    
Plan participant contributions 1 1    
Benefits paid (3) (1)    
Actuarial (gain) loss (1) 0    
Exchange rate (gain) loss 0 0    
Projected benefit obligation at end of year 7 17 16  
Change in fair value of plan assets        
Fair value of plan assets at beginning of year 0 0    
Employer contributions 2 0    
Plan participant contributions 1 1    
Benefits paid (3) (1)    
Fair value of plan assets at end of year 0 0 0  
Underfunded status of plans (7) (17)    
Amounts recognized in Consolidated Balance Sheets        
Current liabilities (1) (1)    
Non-current liabilities (6) (16)    
Total liability at end of year (7) (17)    
Amounts recognized in accumulated other comprehensive loss        
Prior service credit 8 0    
Net actuarial (loss) gain 12 12    
Net amount recognized 20 12 13 8
Non U.S.        
Change in fair value of plan assets        
Fair value of plan assets at beginning of year 56      
Fair value of plan assets at end of year 53 56    
Non U.S. | Pension Plan        
Change in projected benefit obligation        
Projected benefit obligation at beginning of year 132 124    
Service cost 5 4 6  
Interest cost 3 4 2  
Benefits paid (5) (3)    
Actuarial (gain) loss 8 1    
Exchange rate (gain) loss (9) 2    
Projected benefit obligation at end of year 134 132 124  
Change in fair value of plan assets        
Fair value of plan assets at beginning of year 56 48    
Actual return on plan assets 4 6    
Employer contributions 2 3    
Benefits paid (5) (3)    
Exchange rate (loss) gain (4) 2    
Fair value of plan assets at end of year 53 56 48  
Underfunded status of plans (81) (76)    
Amounts recognized in Consolidated Balance Sheets        
Non-current assets 7 7    
Current liabilities (1) (1)    
Non-current liabilities (87) (82)    
Total liability at end of year (81) (76)    
Amounts recognized in accumulated other comprehensive loss        
Net actuarial (loss) gain (7) 0    
Net amount recognized (7) 0 (3) (41)
Canada | Postretirement Benefit Plans        
Change in projected benefit obligation        
Projected benefit obligation at beginning of year 6 5    
Service cost 0 0 0  
Interest cost 0 0 0  
Plan amendments 0 0    
Plan participant contributions 0 0    
Benefits paid 0 0    
Actuarial (gain) loss 0 0    
Exchange rate (gain) loss (1) 1    
Projected benefit obligation at end of year 5 6 5  
Change in fair value of plan assets        
Fair value of plan assets at beginning of year 0 0    
Employer contributions 0 0    
Plan participant contributions 0 0    
Benefits paid 0 0    
Fair value of plan assets at end of year 0 0 0  
Underfunded status of plans (5) (6)    
Amounts recognized in Consolidated Balance Sheets        
Current liabilities 0 0    
Non-current liabilities (5) (6)    
Total liability at end of year (5) (6)    
Amounts recognized in accumulated other comprehensive loss        
Prior service credit 0 0    
Net actuarial (loss) gain 0 0    
Net amount recognized $ 0 $ 0 $ 1 $ (3)
v3.25.0.1
Pension Postretirement Benefits Plans - Schedule of Amounts Recognized in Other Comprehensive Income (Loss) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Components of net periodic benefit cost      
Settlement losses $ 0 $ 0 $ 18,000,000
U.S. | Pension Plan      
Components of net periodic benefit cost      
Service cost 2,000,000 2,000,000 3,000,000
Interest cost 16,000,000 17,000,000 16,000,000
Expected return on plan assets (13,000,000) (14,000,000) (14,000,000)
Amortization of net actuarial gain 3,000,000 3,000,000 9,000,000
Settlement losses 0 0 18,000,000
Net periodic benefit cost 8,000,000 8,000,000 32,000,000
Amounts recorded in other comprehensive income      
Balance at beginning of the year (74,000,000) (92,000,000) (167,000,000)
Net actuarial (gain) loss (18,000,000) (15,000,000) (48,000,000)
Amortization of net actuarial gain (3,000,000) (3,000,000) (27,000,000)
Exchange rate loss (gain) 0 0 0
Balance at end of the year (53,000,000) (74,000,000) (92,000,000)
U.S. | Postretirement Benefit Plans      
Components of net periodic benefit cost      
Service cost 0 0 1,000,000
Interest cost 1,000,000 1,000,000 1,000,000
Amortization of net actuarial gain (1,000,000) (1,000,000) (1,000,000)
Net periodic benefit cost 0 0 1,000,000
Amounts recorded in other comprehensive income      
Balance at beginning of the year 12,000,000 13,000,000 8,000,000
Net actuarial (gain) loss (1,000,000) 0 (6,000,000)
Prior service credit (8,000,000) 0 0
Amortization of net actuarial gain 1,000,000 1,000,000 1,000,000
Exchange rate loss (gain) 0 0 0
Balance at end of the year 20,000,000 12,000,000 13,000,000
Non U.S. | Pension Plan      
Components of net periodic benefit cost      
Service cost 5,000,000 4,000,000 6,000,000
Interest cost 3,000,000 4,000,000 2,000,000
Expected return on plan assets (2,000,000) (2,000,000) (2,000,000)
Amortization of net actuarial gain 0 0 2,000,000
Settlement losses 0 0 0
Net periodic benefit cost 6,000,000 6,000,000 8,000,000
Amounts recorded in other comprehensive income      
Balance at beginning of the year 0 (3,000,000) (41,000,000)
Net actuarial (gain) loss 6,000,000 (3,000,000) (36,000,000)
Amortization of net actuarial gain 0 0 (2,000,000)
Exchange rate loss (gain) 1,000,000 0 0
Balance at end of the year (7,000,000) 0 (3,000,000)
Canada | Postretirement Benefit Plans      
Components of net periodic benefit cost      
Service cost 0 0 0
Interest cost 0 0 0
Amortization of net actuarial gain 0 0 0
Net periodic benefit cost 0 0 0
Amounts recorded in other comprehensive income      
Balance at beginning of the year 0 1,000,000 (3,000,000)
Net actuarial (gain) loss 0 0 (2,000,000)
Prior service credit 0 0 0
Amortization of net actuarial gain 0 0 0
Exchange rate loss (gain) 0 1,000,000 (2,000,000)
Balance at end of the year $ 0 $ 0 $ 1,000,000
v3.25.0.1
Pension Postretirement Benefits Plans - Schedule of Expected Benefit Payments (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Pension Plan  
Defined Benefit Plan Disclosure [Line Items]  
2025 $ 56
2026 36
2027 36
2028 35
2029 35
Years 2030 through 2034 165
Postretirement Benefit Plans  
Defined Benefit Plan Disclosure [Line Items]  
2025 1
2026 1
2027 1
2028 1
2029 1
Years 2030 through 2034 4
U.S. | Pension Plan  
Defined Benefit Plan Disclosure [Line Items]  
2025 51
2026 31
2027 30
2028 29
2029 29
Years 2030 through 2034 125
U.S. | Postretirement Benefit Plans  
Defined Benefit Plan Disclosure [Line Items]  
2025 1
2026 1
2027 0
2028 0
2029 1
Years 2030 through 2034 3
Non U.S. | Pension Plan  
Defined Benefit Plan Disclosure [Line Items]  
2025 5
2026 5
2027 6
2028 6
2029 6
Years 2030 through 2034 40
Canada | Postretirement Benefit Plans  
Defined Benefit Plan Disclosure [Line Items]  
2025 0
2026 0
2027 1
2028 1
2029 0
Years 2030 through 2034 $ 1
v3.25.0.1
Pension Postretirement Benefits Plans - Schedule of Weighted Average Assumption in the Measurement of the Benefit Obligations (Details) - Pension Plan
Dec. 31, 2024
Dec. 31, 2023
U.S.    
Defined Benefit Plan Disclosure [Line Items]    
Discount rate 5.70% 5.00%
U.S. | Maximum    
Defined Benefit Plan Disclosure [Line Items]    
Rate of compensation increase, year one 4.00% 4.00%
U.S. | Minimum    
Defined Benefit Plan Disclosure [Line Items]    
Rate of compensation increase, year two and beyond 3.00% 3.00%
Non U.S. | Maximum    
Defined Benefit Plan Disclosure [Line Items]    
Discount rate 4.60% 4.70%
Rate of compensation increase 4.00% 4.00%
Non U.S. | Minimum    
Defined Benefit Plan Disclosure [Line Items]    
Discount rate 0.90% 1.30%
Rate of compensation increase 1.60% 2.30%
v3.25.0.1
Pension Postretirement Benefits Plans - Schedule of Defined Benefit Plan, Assumptions On Net Periodic Costs (Details) - Pension Plan
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate 5.00% 5.20% 3.00%
Expected return on plan assets 6.90% 7.80% 6.00%
Rate of compensation increase, year one 4.00% 4.25%  
Rate of compensation increase, year two and beyond 3.00% 3.00%  
Rate of compensation increase     3.00%
Non U.S. | Minimum      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate 1.30% 1.60% 0.80%
Expected return on plan assets 2.40% 1.60% 1.20%
Rate of compensation increase 0.00% 2.30% 2.30%
Non U.S. | Maximum      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate 4.70% 5.20% 4.20%
Expected return on plan assets 5.60% 5.60% 4.80%
Rate of compensation increase 4.00% 4.00% 4.00%
v3.25.0.1
Pension Postretirement Benefits Plans - Schedule of Accumulated Benefit Obligation (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
U.S.    
Defined Benefit Plan, Pension Plan with Project Benefit Obligation in Excess of Plan Assets [Abstract]    
Projected benefit obligation $ 329 $ 336
Accumulated benefit obligation 313 316
Fair value of plan assets 232 208
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract]    
Projected benefit obligation 329 336
Accumulated benefit obligation 313 316
Fair value of plan assets 232 208
Non U.S.    
Defined Benefit Plan, Pension Plan with Project Benefit Obligation in Excess of Plan Assets [Abstract]    
Projected benefit obligation 100 94
Accumulated benefit obligation 77 76
Fair value of plan assets 11 11
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract]    
Projected benefit obligation 100 94
Accumulated benefit obligation 77 76
Fair value of plan assets $ 11 $ 11
v3.25.0.1
Pension Postretirement Benefits Plans - Schedule of Fair Value Hierarchy (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]      
Total pension assets $ 285 $ 264  
U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Total pension assets 232 208  
Non U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Total pension assets 53 56  
Level 1 | Non U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Total pension assets 0 1  
Level 2 | Non U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Total pension assets 30 32  
Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Total pension assets 28 29 $ 27
Level 3 | Non U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Total pension assets 23 23  
Total U.S. assets in the fair value hierarchy | U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Total pension assets 198 175  
Total U.S. assets in the fair value hierarchy | Level 1 | U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Total pension assets 101 76  
Total U.S. assets in the fair value hierarchy | Level 2 | U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Total pension assets 92 93  
Total U.S. assets in the fair value hierarchy | Level 3 | U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Total pension assets 5 6  
Cash and cash equivalents | U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Total pension assets 1 2  
Cash and cash equivalents | Non U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Total pension assets   1  
Cash and cash equivalents | Level 1 | U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Total pension assets 1 2  
Cash and cash equivalents | Level 1 | Non U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Total pension assets   1  
Cash and cash equivalents | Level 2 | U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Total pension assets 0 0  
Cash and cash equivalents | Level 2 | Non U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Total pension assets   0  
Cash and cash equivalents | Level 3 | U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Total pension assets 0 0  
Cash and cash equivalents | Level 3 | Non U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Total pension assets   0  
Fixed income investments | U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Total pension assets 44 28  
Fixed income investments | Level 1 | U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Total pension assets 0 0  
Fixed income investments | Level 2 | U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Total pension assets 44 28  
Fixed income investments | Level 3 | U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Total pension assets 0 0  
Fixed income mutual funds | U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Total pension assets 26 21  
Fixed income mutual funds | Level 1 | U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Total pension assets 26 21  
Fixed income mutual funds | Level 2 | U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Total pension assets 0 0  
Fixed income mutual funds | Level 3 | U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Total pension assets 0 0  
Corporate equities | U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Total pension assets 6 22  
Corporate equities | Level 1 | U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Total pension assets 6 0  
Corporate equities | Level 2 | U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Total pension assets 0 22  
Corporate equities | Level 3 | U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Total pension assets 0 0  
Commingled equities | U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Total pension assets 48 43  
Commingled equities | Level 1 | U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Total pension assets 0 0  
Commingled equities | Level 2 | U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Total pension assets 48 43  
Commingled equities | Level 3 | U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Total pension assets 0 0  
Equity mutual funds | U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Total pension assets 58 43  
Equity mutual funds | Level 1 | U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Total pension assets 58 43  
Equity mutual funds | Level 2 | U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Total pension assets 0 0  
Equity mutual funds | Level 3 | U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Total pension assets 0 0  
Real estate mutual funds | U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Total pension assets 10 10  
Real estate mutual funds | Level 1 | U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Total pension assets 10 10  
Real estate mutual funds | Level 2 | U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Total pension assets 0 0  
Real estate mutual funds | Level 3 | U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Total pension assets 0 0  
Private real estate | U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Total pension assets 5 6  
Private real estate | Level 1 | U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Total pension assets 0 0  
Private real estate | Level 2 | U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Total pension assets 0 0  
Private real estate | Level 3 | U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Total pension assets 5 6  
Hedge funds | U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Total pension assets 34 33  
Commingled funds | Non U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Total pension assets 30 32  
Commingled funds | Level 1 | Non U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Total pension assets 0 0  
Commingled funds | Level 2 | Non U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Total pension assets 30 32  
Commingled funds | Level 3 | Non U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Total pension assets 0 0  
Other | Non U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Total pension assets 23 23  
Other | Level 1 | Non U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Total pension assets 0 0  
Other | Level 2 | Non U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Total pension assets 0 0  
Other | Level 3 | Non U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Total pension assets $ 23 $ 23  
v3.25.0.1
Pension Postretirement Benefits Plans - Schedule of Changes in Fair Value of Plan Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]    
Fair value of plan assets at beginning of year $ 264  
Fair value of plan assets at end of year 285 $ 264
Level 3    
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]    
Fair value of plan assets at beginning of year 29 27
Purchases, sales and settlements, net (2) 1
Unrealized gain 1 1
Fair value of plan assets at end of year $ 28 $ 29
v3.25.0.1
Pension Postretirement Benefits Plans- Schedule of Actual Pension Plan Asset Allocations (Details)
Dec. 31, 2024
Dec. 31, 2023
U.S.    
Defined Benefit Plan Disclosure [Line Items]    
Pension plan weighted average investment allocation 100.00% 100.00%
Non U.S.    
Defined Benefit Plan Disclosure [Line Items]    
Pension plan weighted average investment allocation 100.00% 100.00%
Equity securities | U.S.    
Defined Benefit Plan Disclosure [Line Items]    
Pension plan weighted average investment allocation 48.00% 52.00%
Equity securities | Non U.S.    
Defined Benefit Plan Disclosure [Line Items]    
Pension plan weighted average investment allocation 9.00% 37.00%
Fixed income investments | U.S.    
Defined Benefit Plan Disclosure [Line Items]    
Pension plan weighted average investment allocation 30.00% 24.00%
Fixed income investments | Non U.S.    
Defined Benefit Plan Disclosure [Line Items]    
Pension plan weighted average investment allocation 49.00% 20.00%
Alternatives | U.S.    
Defined Benefit Plan Disclosure [Line Items]    
Pension plan weighted average investment allocation 21.00% 23.00%
Alternatives | Non U.S.    
Defined Benefit Plan Disclosure [Line Items]    
Pension plan weighted average investment allocation 0.00% 0.00%
Other | U.S.    
Defined Benefit Plan Disclosure [Line Items]    
Pension plan weighted average investment allocation 0.00% 0.00%
Other | Non U.S.    
Defined Benefit Plan Disclosure [Line Items]    
Pension plan weighted average investment allocation 42.00% 41.00%
Cash | U.S.    
Defined Benefit Plan Disclosure [Line Items]    
Pension plan weighted average investment allocation 1.00% 1.00%
Cash | Non U.S.    
Defined Benefit Plan Disclosure [Line Items]    
Pension plan weighted average investment allocation 0.00% 2.00%
v3.25.0.1
Pension Postretirement Benefits Plans - Schedule of Health Care Cost Trend Rates on Benefit Obligations (Details)
Dec. 31, 2024
Dec. 31, 2023
U.S. | Pension Plan    
Defined Benefit Plan Disclosure [Line Items]    
Discount rate 5.70% 5.00%
U.S. | Postretirement Benefit Plans    
Defined Benefit Plan Disclosure [Line Items]    
Discount rate 5.60% 5.10%
Health care cost trend rate (Pre-65 for U.S.) 9.00% 7.90%
Ultimate trend rate reached in 2035 for U.S. / 2040 for Canada 4.50% 4.50%
Canada | Postretirement Benefit Plans    
Defined Benefit Plan Disclosure [Line Items]    
Discount rate 4.70% 4.70%
Health care cost trend rate (Pre-65 for U.S.) 5.20% 0.00%
Ultimate trend rate reached in 2035 for U.S. / 2040 for Canada 4.10% 4.10%
v3.25.0.1
Pension Postretirement Benefits Plans - Schedule of Health Care Cost Trend Rates On Net Periodic Benefit Costs (Details) - Postretirement Benefit Plans
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate 5.10% 5.20% 3.10%
Health care cost trend rate 7.90% 6.70% 6.30%
Canada      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate 4.70% 4.70% 5.20%
Health care cost trend rate 4.90% 4.90% 4.60%
v3.25.0.1
Income Taxes - Schedule of Components of Income (Losses) Before Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Domestic $ (20) $ (1) $ 24
Foreign 435 347 359
Income before income taxes $ 415 $ 346 $ 383
v3.25.0.1
Income Taxes - Schedule of Components of Provision (Benefit) For Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current tax provision      
U.S. Federal $ (3) $ 1 $ 10
U.S. State 5 1 (1)
Foreign 73 54 55
Deferred tax provision      
U.S. Federal (6) 9 7
U.S. State 6 3 (4)
Foreign (5) 2 7
Total income tax provision $ 70 $ 70 $ 74
v3.25.0.1
Income Taxes - Schedule of Reconciliation of U.S. Federal Statutory Rate (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
U.S. Federal Statutory Rate 21.00% 21.00% 21.00%
Effect of:      
Foreign income taxed at different rates (4.20%) (5.00%) (2.30%)
U.S. tax on foreign activities 0.60% 2.00% 1.30%
State and local income taxes, net of federal benefit 2.00% 0.90% (1.30%)
Goodwill impairment 0.00% 1.80% 0.00%
U.S. nondeductible compensation 1.90% 0.00% 0.00%
Release of uncertain tax positions for lapse of statutes (4.70%) (0.10%) 0.00%
Other reconciling items, net 0.30% (0.40%) 0.60%
Effective tax rate 16.90% 20.20% 19.30%
v3.25.0.1
Income Taxes - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating Loss Carryforwards [Line Items]      
U.S. nondeductible compensation 1.90% 0.00% 0.00%
Reduction percentage for deferred tax assets 1.00%    
Undistributed earnings of foreign subsidiaries $ 318 $ 289  
Deferred tax liability undistributed earnings of foreign subsidiaries 6 5  
Net operating loss carryforward 44 46  
Deferred tax assets, written off 8    
Unrecognized tax benefits that would affect the effective tax rate 6 30 $ 26
Accrued interest and penalties 3 $ 12 $ 10
Foreign Tax Jurisdiction      
Operating Loss Carryforwards [Line Items]      
Net operating loss carryforward $ 44    
v3.25.0.1
Income Taxes - Schedule of Components of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Deferred tax assets    
Accrued pension and postretirement liabilities $ 38 $ 47
Accrued employee benefits 41 42
Other accrued expenses 7 9
Net operating loss carryforward 44 46
Advance payments 39 25
Operating lease liabilities 46 38
Capitalized research and development 18 10
Foreign tax credit 12 8
Other 12 5
Subtotal (before valuation allowances) 257 230
Valuation allowances (53) (56)
Total deferred tax assets 204 174
Deferred tax liabilities    
Basis difference for intangible assets (38) (32)
Basis difference for fixed assets (20) (6)
Operating lease right-of-use assets (45) (36)
Tax on unrepatriated earnings (6) (5)
Other (10) (9)
Total deferred tax liabilities (119) (88)
Net deferred income tax assets $ 85 $ 86
v3.25.0.1
Income Taxes - Schedule of Movements in Valuation Allowance (Details) - SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Year $ 56 $ 47 $ 42
Charged to Costs and Expenses 7 14 10
Deductions (10) (5) (5)
Balance at End of Year $ 53 $ 56 $ 47
v3.25.0.1
Income Taxes - Schedule of Movements in Reserve For Uncertain Tax Positions (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Unrecognized Tax Benefits [Roll Forward]      
Balance at January 1, $ 30 $ 26 $ 25
Increases related to prior period tax positions 2 3 5
Decreases related to prior period tax positions (5) 0 (3)
Increases related to current period tax positions 0 2 1
Lapse of statute of limitation (19) (1) 0
Settlement with taxing authorities (1) 0 (2)
Balance at December 31, $ 7 $ 30 $ 26
v3.25.0.1
Long-Term Debt - Outstanding Debt (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Total debt $ 747 $ 910
Less: unamortized debt issuance costs (5) (6)
Total debt, net of unamortized debt issuance costs 742 904
Less: current portion of long-term debt (50) 0
Long-term debt 692 904
Term loans    
Debt Instrument [Line Items]    
Total debt 444 500
Revolving credit facility | Revolving credit facility    
Debt Instrument [Line Items]    
Total debt 0 110
Senior notes    
Debt Instrument [Line Items]    
Total debt 300 300
Other    
Debt Instrument [Line Items]    
Total debt $ 3 $ 0
v3.25.0.1
Long-Term Debt - Narrative (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Jun. 28, 2024
Dec. 31, 2023
Jan. 31, 2022
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Oct. 31, 2023
Debt Instrument [Line Items]              
Accordion feature, increase in limit     $ 625        
Dividends to stockholders of UL Solutions       $ 100 $ 680 $ 1,600  
Related Party              
Debt Instrument [Line Items]              
Dividends to stockholders of UL Solutions   $ 600   $ 83 $ 680 $ 1,600  
Term loans              
Debt Instrument [Line Items]              
Accordion feature, increase in limit     400        
Credit Facility | Term Loans and Revolving Credit Facility              
Debt Instrument [Line Items]              
Maximum borrowing capacity     1,250        
Credit Facility | Term loans              
Debt Instrument [Line Items]              
Interest rate   6.46%   5.58% 6.46%    
Credit Facility | Revolving credit facility              
Debt Instrument [Line Items]              
Credit facility, outstanding amount   $ 7   $ 6 $ 7    
SOFR adjustment 0.10%            
Maximum leverage ratio       350.00%      
Maximum maintenance level       4.0      
Maximum aggregate consideration       $ 100      
Maximum net leverage ratio, netting       $ 250      
Credit Facility | Revolving credit facility | Variable Rate Component One              
Debt Instrument [Line Items]              
Fixed interest rate       1.125%      
Credit Facility | Revolving credit facility | Variable Rate Component One | Minimum              
Debt Instrument [Line Items]              
SOFR adjustment       1.00%      
Credit Facility | Revolving credit facility | Variable Rate Component One | Maximum              
Debt Instrument [Line Items]              
SOFR adjustment       1.50%      
Credit Facility | Revolving credit facility | Variable Rate Component Two              
Debt Instrument [Line Items]              
Fixed interest rate       0.125%      
Credit Facility | Revolving credit facility | Variable Rate Component Two | Minimum              
Debt Instrument [Line Items]              
SOFR adjustment       0.00%      
Credit Facility | Revolving credit facility | Variable Rate Component Two | Maximum              
Debt Instrument [Line Items]              
SOFR adjustment       0.50%      
Credit Facility | Revolving credit facility | Variable Rate Component Three | Minimum              
Debt Instrument [Line Items]              
SOFR adjustment       0.10%      
Credit Facility | Revolving credit facility | Variable Rate Component Three | Maximum              
Debt Instrument [Line Items]              
SOFR adjustment       0.20%      
Credit Facility | Revolving credit facility | Revolving credit facility              
Debt Instrument [Line Items]              
Interest rate   6.45%     6.45%    
Maximum borrowing capacity     750        
Proceeds from credit facility     200        
Repayments       $ 110 $ 110    
Credit Facility | Revolving credit facility | Term loans              
Debt Instrument [Line Items]              
Maximum borrowing capacity     500        
Proceeds from credit facility     500        
Repayments       $ 56      
Credit Facility | Revolving credit facility | Letter of Credit              
Debt Instrument [Line Items]              
Maximum borrowing capacity     $ 25        
Senior Notes Due 2028 | Senior notes              
Debt Instrument [Line Items]              
Fixed interest rate             6.50%
Face amount             $ 300
Percentage of principal amount       101.00%      
v3.25.0.1
Long-Term Debt - Schedule of Maturities of Long-Term Debt (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Debt Disclosure [Abstract]    
2025 $ 50  
2026 50  
2027 344  
2028 300  
2029 1  
Thereafter 2  
Total $ 747 $ 910
v3.25.0.1
Leases - Schedule of Lease, Cost (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]      
Short-term lease cost $ 2 $ 1 $ 2
Operating lease cost 50 55 53
Variable lease cost 26 22 21
Total lease cost $ 78 $ 78 $ 76
v3.25.0.1
Leases - Schedule of Other Supplemental Quantitative Disclosures Related To Leases (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]      
Operating cash flows from operating leases $ 50 $ 54 $ 52
Right-of-use assets obtained in exchange for operating lease liabilities $ 82 $ 42 $ 62
Weighted-average remaining lease term (in years) - operating leases 6 years 10 months 17 days 6 years 3 months 10 days 6 years 6 months 25 days
Weighted-average discount rate - operating leases 4.11% 3.39% 2.83%
v3.25.0.1
Leases - Schedule of Lessee, Operating Lease, Liability, to be Paid, Maturity (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Leases [Abstract]  
2025 $ 45
2026 42
2027 30
2028 24
2029 18
Thereafter 65
Total undiscounted future cash flows 224
Less: imputed interest 31
Present value of future cash flows $ 193
v3.25.0.1
Common Stock - Narrative (Details)
Dec. 31, 2024
vote
$ / shares
shares
Dec. 31, 2023
$ / shares
shares
Dec. 31, 2022
shares
Class of Stock [Line Items]      
Preferred stock authorized (in shares) 10,000,000    
Preferred stock, par value (in dollars per share) | $ / shares $ 0.001    
Preferred stock outstanding (in shares) 0 0 0
Preferred stock, issued (in shares) 0 0 0
UL Solutions | UL Standards & Engagement Liabrary Access      
Class of Stock [Line Items]      
Ownership percentage 69.00%    
Voting power 95.70%    
Class A      
Class of Stock [Line Items]      
Common stock authorized (in shares) 1,000,000,000 200,000,000  
Common stock, par value (in dollars per share) | $ / shares $ 0.001 $ 0.001  
Votes per share | vote 1    
Class B      
Class of Stock [Line Items]      
Common stock authorized (in shares) 500,000,000 200,000,000  
Common stock, par value (in dollars per share) | $ / shares $ 0.001 $ 0.001  
Votes per share | vote 10    
v3.25.0.1
Common Stock - Common Stock Outstanding (Details) - $ / shares
 12 Months Ended
Sep. 09, 2024
Apr. 16, 2024
Dec. 31, 2024
Common Stock Outstanding [Roll Forward]      
Balance, beginning of period (in shares)     200,000,000
Reclassification (in shares)     0
Initial public offering (in shares)     0
Follow-on public offering (in shares)     0
Shares issued under long-term incentive plans (in shares)     174,493
Balance, end of period (in shares)     200,174,493
Class A      
Common Stock Outstanding [Roll Forward]      
Balance, beginning of period (in shares)     200,000,000
Reclassification (in shares)     (200,000,000)
Initial public offering (in shares)     38,870,000
Follow-on public offering (in shares)     23,000,000
Shares issued under long-term incentive plans (in shares)     174,493
Balance, end of period (in shares)     62,044,493
Class A | IPO      
Common Stock Outstanding [Roll Forward]      
Shares sold in IPO (in shares)   38,870,000  
Price per share for IPO (in dollars per share)   $ 28.00  
Class A | Over-Allotment Option      
Common Stock Outstanding [Roll Forward]      
Shares sold in IPO (in shares) 3,000,000 5,070,000  
Class A | Follow on Public Offering      
Common Stock Outstanding [Roll Forward]      
Shares sold in IPO (in shares) 23,000,000    
Price per share for IPO (in dollars per share) $ 49.00    
Class B      
Common Stock Outstanding [Roll Forward]      
Balance, beginning of period (in shares)     0
Reclassification (in shares)     200,000,000
Initial public offering (in shares)     (38,870,000)
Follow-on public offering (in shares)     (23,000,000)
Shares issued under long-term incentive plans (in shares)     0
Balance, end of period (in shares)     138,130,000
v3.25.0.1
Accumulated Other Comprehensive Loss (“AOCL”) - Summary of Changes in Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Balances, beginning of period $ 678 $ 1,077 $ 2,332
Total other comprehensive (loss) income (22) 20 49
Balances, end of period 931 678 1,077
​Foreign Currency Translation      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Balances, beginning of period (49) (54) (13)
Amounts before reclassifications (39) 5 (41)
Amounts reclassified out 0 0 0
Total other comprehensive (loss) income, before tax (39) 5 (41)
Tax effect 0 0 0
Total other comprehensive (loss) income (39) 5 (41)
Balances, end of period (88) (49) (54)
Pension and Postretirement Plans      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Balances, beginning of period (97) (112) (203)
Amounts before reclassifications 21 18 104
Amounts reclassified out 2 2 18
Total other comprehensive (loss) income, before tax 23 20 122
Tax effect (5) (5) (31)
Total other comprehensive (loss) income 18 15 91
Balances, end of period (79) (97) (112)
Accumulated Other Comprehensive Loss      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Balances, beginning of period (146) (166) (216)
Amounts before reclassifications (18) 23 63
Amounts reclassified out 2 2 18
Total other comprehensive (loss) income, before tax (16) 25 81
Tax effect (5) (5) (31)
Total other comprehensive (loss) income (21) 20 50
Balances, end of period $ (167) $ (146) $ (166)
v3.25.0.1
Accumulated Other Comprehensive Loss (“AOCL”) - Schedule of Components of AOCL (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Other income (expense), net $ 8 $ 13 $ (12)
Tax effect 70 70 74
Total reclassifications (345) (276) (309)
Amounts reclassified from AOCL | Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Other income (expense), net 2 2 18
Tax effect 0 0 (4)
Total reclassifications $ 2 $ 2 $ 14
v3.25.0.1
Stock-based and Other Incentive Compensation - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Apr. 30, 2024
Apr. 16, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]            
Weighted average grant date fair value, stock options (in dollars per share)   $ 7.84        
Additional paid-in capital   $ 821 $ 776      
Accrued compensation and benefits   254 281      
Other liabilities   $ 86 $ 93      
2024 Long-Term Incentive Plan            
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]            
Stock reserved for issuance (in shares)   19,825,507     20,000,000  
2024 Employee Stock Purchase Plan            
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]            
Stock reserved for issuance (in shares)   5,000,000     5,000,000  
Restricted stock units            
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]            
Vesting period   3 years        
Unrecognized compensation expense   $ 18        
Unrecognized share-based compensation cost, period of recognition   2 years 2 months 12 days        
Weighted average grant date fair value per share of rights granted (in dollars per share)   $ 35.65        
Restricted stock units | Minimum            
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]            
Conversion period   5 years        
Restricted stock units | Maximum            
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]            
Conversion period   10 years        
Performance share units            
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]            
Vesting period   3 years        
Unrecognized compensation expense   $ 13        
Unrecognized share-based compensation cost, period of recognition   2 years        
Weighted average grant date fair value per share of rights granted (in dollars per share)   $ 34.85        
Performance share units | Minimum            
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]            
Maximum potential value   0.00%        
Performance share units | Maximum            
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]            
Maximum potential value   200.00%        
Stock options            
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]            
Vesting period   3 years        
Unrecognized share-based compensation cost, period of recognition   2 years 3 months 18 days        
Expiration period   10 years        
Unrecognized stock-based compensation expense related to stock options   $ 12        
Cash-settled awards            
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]            
Accrued compensation and benefits and other liabilities           $ (26)
Additional paid-in capital           $ 26
Pre-tax compensation expense $ 9          
Weighted average grant date fair value per share of rights granted (in dollars per share)   $ 5.28 $ 4.83 $ 7.66    
Accrued compensation and benefits   $ 3 $ 37      
Other liabilities   0 2      
Fair value   3 29      
Cash-settled awards | Industrial            
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]            
Pre-tax compensation expense 4          
Cash-settled awards | Consumer            
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]            
Pre-tax compensation expense 4          
Cash-settled awards | Software and Advisory            
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]            
Pre-tax compensation expense $ 1          
Stock-settled stock appreciation rights            
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]            
Unrecognized compensation expense   $ 3        
Unrecognized share-based compensation cost, period of recognition   1 year 2 months 12 days        
Weighted average grant date fair value per share of rights granted (in dollars per share)   $ 6.15        
Performance Cash Awards            
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]            
Vesting period   3 years        
Accrued compensation and benefits   $ 16 16      
Other liabilities   $ 18 $ 13      
Performance Cash Awards | Minimum            
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]            
Maximum potential value   0.00%        
Performance Cash Awards | Maximum            
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]            
Maximum potential value   200.00%        
v3.25.0.1
Stock-based and Other Incentive Compensation - Compensation Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based / Performance cash compensation expense (benefit) $ 33 $ 15 $ (17)
Income tax (benefit) expense (4) (3) 4
Stock-based / Performance cash compensation expense (benefit), net 29 12 (13)
Restricted stock units      
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based / Performance cash compensation expense (benefit) 10 0 0
Performance share units      
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based / Performance cash compensation expense (benefit) 7 0 0
Stock options      
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based / Performance cash compensation expense (benefit) 4 0 0
Stock-settled stock appreciation rights      
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based / Performance cash compensation expense (benefit) 2 0 0
Cash-settled awards      
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based / Performance cash compensation expense (benefit) 10 15 (17)
Performance Cash Awards      
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based / Performance cash compensation expense (benefit) 21 16 16
Income tax (benefit) expense (4) (4) (4)
Stock-based / Performance cash compensation expense (benefit), net 17 12 12
Cost of revenue      
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based / Performance cash compensation expense (benefit) 4 1 (1)
Cost of revenue | Performance Cash Awards      
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based / Performance cash compensation expense (benefit) 3 2 2
Selling, general and administrative expenses      
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based / Performance cash compensation expense (benefit) 29 14 (16)
Selling, general and administrative expenses | Performance Cash Awards      
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based / Performance cash compensation expense (benefit) $ 18 $ 14 $ 14
v3.25.0.1
Stock-based and Other Incentive Compensation - Stock Activity (Details)
 12 Months Ended
Dec. 31, 2024
$ / shares
shares
Restricted stock units  
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]  
Outstanding, beginning balance (in shares) | shares 0
Granted (in shares) | shares 847,223
Forfeited (in shares) | shares (45,012)
Outstanding, ending balance (in shares) | shares 802,211
Weighted Average Grant Date Fair Value  
Shares outstanding, Weighted average grant price, beginning balance (in dollars per share) | $ / shares $ 0
Granted (in dollars per share) | $ / shares 35.65
Forfeited (in dollars per share) | $ / shares 34.85
Shares outstanding, Weighted average grant price, ending balance (in dollars per share) | $ / shares $ 35.70
Performance share units  
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]  
Outstanding, beginning balance (in shares) | shares 0
Granted (in shares) | shares 385,332
Forfeited (in shares) | shares (14,566)
Outstanding, ending balance (in shares) | shares 370,766
Weighted Average Grant Date Fair Value  
Shares outstanding, Weighted average grant price, beginning balance (in dollars per share) | $ / shares $ 0
Granted (in dollars per share) | $ / shares 34.85
Forfeited (in dollars per share) | $ / shares 34.85
Shares outstanding, Weighted average grant price, ending balance (in dollars per share) | $ / shares $ 34.85
v3.25.0.1
Stock-based and Other Incentive Compensation - Stock Options (Details)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
$ / shares
shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]  
Outstanding, beginning balance (in shares) 0
Granted (in shares) 2,074,299
Forfeited (in shares) (79,719)
Outstanding, ending balance (in shares) 1,994,580
Weighted Average Exercise Price  
Granted (in dollars per share) | $ / shares $ 28.00
Forfeited (in dollars per share) | $ / shares 28.00
Outstanding, ending balance (in dollars per share) | $ / shares $ 28.00
Stock Options Additional Disclosures  
Options outstanding, Weighted average remaining contractual term 9 years 3 months 18 days
Options outstanding, Aggregate intrinsic value | $ $ 44
Options exercisable, Number of options (in shares) 0
v3.25.0.1
Stock-based and Other Incentive Compensation - Fair Value Assumptions (Details)
 12 Months Ended
Apr. 16, 2024
Apr. 12, 2024
Dec. 31, 2023
Dec. 31, 2022
Stock options        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Expected dividend yield   1.79%    
Risk-free interest rate   4.48%    
Weighted average volatility   24.50%    
Expected life (in years)   6 years 6 months    
Stock Appreciation Rights (SARs)        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Expected dividend yield 1.44%   1.70% 0.00%
Risk-free interest rate, minimum 4.78%   3.99% 4.12%
Risk-free interest rate, maximum 5.41%   5.60% 4.75%
Weighted average volatility 22.50%   22.24% 29.87%
Minimum | Stock Appreciation Rights (SARs)        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Expected life (in years) 1 month 9 days   21 days 21 days
Maximum | Stock Appreciation Rights (SARs)        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Expected life (in years) 2 years 11 months 15 days   3 years 3 months 3 years 3 months
v3.25.0.1
Stock-based and Other Incentive Compensation - Stock Appreciation Rights Activity (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash-settled awards    
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]    
Outstanding, beginning balance (in shares) 3,452,120  
CSARs converted to SSARs / SSARs converted from CSARs (in shares) (1,978,761)  
Exercised (in shares) (891,866)  
Cancelled (in shares) (470,992)  
Forfeited (in shares) (19,815)  
Outstanding, ending balance (in shares) 90,686 3,452,120
Weighted Average Exercise Price    
Shares outstanding, Weighted average grant price, beginning balance (in dollars per share)   $ 18.77
CSARs converted to SSARs / SSARs converted from CSARs (in dollars per share) $ 21.12  
Exercised (in dollars per share) 7.69  
Cancelled (in dollars per share) 30.06  
Forfeited (in dollars per share) 29.10  
Shares outstanding, Weighted average grant price, ending balance (in dollars per share) $ 15.65  
Shares outstanding, Weighted average remaining contractual life 1 year 18 days 1 year 8 months 19 days
Shares outstanding, Aggregate intrinsic value $ 3 $ 37
Exercisable (in shares) 76,400  
Exercisable (in dollars per share) $ 13.15  
Exercisable, Weighted average remaining contractual life 8 months 15 days  
Exercisable, Aggregate intrinsic value $ 3  
Stock-settled stock appreciation rights    
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]    
Outstanding, beginning balance (in shares) 0  
CSARs converted to SSARs / SSARs converted from CSARs (in shares) 1,978,761  
Exercised (in shares) (328,476)  
Forfeited (in shares) (52,146)  
Outstanding, ending balance (in shares) 1,598,139 0
Weighted Average Exercise Price    
CSARs converted to SSARs / SSARs converted from CSARs (in dollars per share) $ 21.12  
Exercised (in dollars per share) 12.84  
Forfeited (in dollars per share) 29.13  
Shares outstanding, Weighted average grant price, ending balance (in dollars per share) $ 22.55  
Shares outstanding, Weighted average remaining contractual life 1 year 11 months 15 days  
Shares outstanding, Aggregate intrinsic value $ 44  
Exercisable (in shares) 660,165  
Exercisable (in dollars per share) $ 13.26  
Exercisable, Weighted average remaining contractual life 9 months  
Exercisable, Aggregate intrinsic value $ 24  
v3.25.0.1
Commitment and Contingencies - Schedule of Future Minimum Payments For Noncancelable Purchase Obligations (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2025 $ 52
2026 49
2027 12
2028 8
2029 and thereafter 13
Total $ 134
v3.25.0.1
Related Party Transactions (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Related Party Transaction [Line Items]        
Dividends to stockholders of UL Solutions   $ 100 $ 680 $ 1,600
UL Standards & Engagement Transactions        
Related Party Transaction [Line Items]        
Incurred expenses   22 21 21
Related Party        
Related Party Transaction [Line Items]        
Dividends to stockholders of UL Solutions $ 600 $ 83 $ 680 $ 1,600
v3.25.0.1
Segment Information - Narrative (Details)
 12 Months Ended
Dec. 31, 2024
segment
Segment Reporting [Abstract]  
Number of reportable segments 3
v3.25.0.1
Segment Information - Schedule of Financial Information By Segment (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Sep. 30, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]        
Revenue   $ 2,870 $ 2,678 $ 2,520
Depreciation and amortization   172 154 135
Goodwill impairment   0 37 0
Operating income   462 368 412
Operating Segments        
Segment Reporting Information [Line Items]        
Revenue   2,870 2,678 2,520
Employee compensation   1,564 1,490 1,374
Services and materials   672 629 599
Depreciation and amortization   172 154 135
Goodwill impairment   0 37 0
Operating income   462 368 412
Industrial | Operating Segments        
Segment Reporting Information [Line Items]        
Revenue   1,254 1,146 1,044
Employee compensation   595 556 503
Services and materials   274 244 223
Depreciation and amortization   47 38 32
Goodwill impairment   0 0 0
Operating income   338 308 286
Consumer | Operating Segments        
Segment Reporting Information [Line Items]        
Revenue   1,238 1,172 1,128
Employee compensation   714 693 647
Services and materials   331 322 314
Depreciation and amortization   79 75 66
Goodwill impairment $ 37 0 37 0
Operating income   114 45 101
Software and Advisory | Operating Segments        
Segment Reporting Information [Line Items]        
Revenue   378 360 348
Employee compensation   255 241 224
Services and materials   67 63 62
Depreciation and amortization   46 41 37
Goodwill impairment   0 0 0
Operating income   $ 10 $ 15 $ 25
v3.25.0.1
Segment Information - Schedule of Capital Expenditures of Segments (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Capital expenditures $ 237 $ 215 $ 164
Operating Segments      
Segment Reporting Information [Line Items]      
Capital expenditures 161 147 93
Operating Segments | Industrial      
Segment Reporting Information [Line Items]      
Capital expenditures 96 56 19
Operating Segments | Consumer      
Segment Reporting Information [Line Items]      
Capital expenditures 34 52 55
Operating Segments | Software and Advisory      
Segment Reporting Information [Line Items]      
Capital expenditures 31 39 19
Corporate Segment      
Segment Reporting Information [Line Items]      
Capital expenditures $ 76 $ 68 $ 71
v3.25.0.1
Segment Information - Schedule of Net Revenue by Geographic Region (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Total $ 2,870 $ 2,678 $ 2,520
United States      
Segment Reporting Information [Line Items]      
Total 1,178 1,117 1,051
China      
Segment Reporting Information [Line Items]      
Total 710 632 608
Asia Pacific      
Segment Reporting Information [Line Items]      
Total 375 346 335
Europe, Middle East and Africa      
Segment Reporting Information [Line Items]      
Total 496 474 429
Other Americas      
Segment Reporting Information [Line Items]      
Total $ 111 $ 109 $ 97
v3.25.0.1
Segment Information - Schedule of Disclosure on Geographic Areas, Long-Lived Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Total $ 817 $ 706 $ 637
U.S.      
Segment Reporting Information [Line Items]      
Total 437 327 260
China      
Segment Reporting Information [Line Items]      
Total 136 127 139
Asia Pacific      
Segment Reporting Information [Line Items]      
Total 109 119 106
Europe, Middle East and Africa      
Segment Reporting Information [Line Items]      
Total 109 101 107
Other Americas      
Segment Reporting Information [Line Items]      
Total $ 26 $ 32 $ 25