Net Revenues

6 Months Ended

Jun. 30, 2023

Revenues [Abstract]

Net Revenues

NOTE 5. NET REVENUES

Contracts with customers

The Company derives net revenues primarily from contracts with a duration of less than one week to three years (with the majority of contracts with durations of less than six months), which are subject to multiple pricing options, including fixed price, unit price, time and material, or cost plus a markup. Net revenues are primarily recognized by the Company over time utilizing the cost-to-cost measure of progress. Net revenues recognized at a point in time primarily relate to distribution contracts and short-term time and material contracts. The Company also enters into fixed-price service contracts related to monitoring, maintenance, and inspection of safety systems.

The Company disaggregates its net revenues primarily by segment, service type, and country from which revenues are invoiced, as the nature, timing, and uncertainty of cash flows are relatively consistent within each of these categories. The following tables provide disclosure of disaggregated net revenues by segment for the three and six months ended June 30, 2023, and 2022. During 2023, the Company moved an immaterial business component within the Safety Services segment from the HVAC to the Life Safety reporting unit, and prior period amounts in this table have been recast to reflect the current period presentation. The Company also recorded an immaterial revision of $74 for the three-month period ended June 30, 2022, to reclassify revenues from the Infrastructure/Utility service type to the Specialty Contracting service type within its Specialty Services segment. The revision of service type revenues did not impact the Specialty Services segment disaggregated revenues for the six months ended June 30, 2022. Disaggregated net revenues information is as follows:

	Three Months Ended June 30, 2023
	Safety Services		Specialty Services		Corporate and Eliminations			Consolidated
Life Safety	$	1,098	$	—	$	—		$	1,098
Heating, Ventilation, and Air Conditioning ("HVAC")		127		—		—			127
Infrastructure/Utility		—		307		—			307
Fabrication		—		58		—			58
Specialty Contracting		—		190		—			190
Corporate and Eliminations		—		—		(9	)		(9	)
Net revenues	$	1,225	$	555	$	(9	)	$	1,771

	Three Months Ended June 30, 2022
	Safety Services		Specialty Services		Corporate and Eliminations			Consolidated
Life Safety	$	1,019	$	—	$	—		$	1,019
HVAC		127		—		—			127
Infrastructure/Utility		—		292		—			292
Fabrication		—		53		—			53
Specialty Contracting		—		173		—			173
Corporate and Eliminations		—		—		(15	)		(15	)
Net revenues	$	1,146	$	518	$	(15	)	$	1,649

	Six Months Ended June 30, 2023
	Safety Services		Specialty Services		Corporate and Eliminations			Consolidated
Life Safety	$	2,166	$	—	$	—		$	2,166
HVAC		250		—		—			250
Infrastructure/Utility		—		547		—			547
Fabrication		—		113		—			113
Specialty Contracting		—		325		—			325
Corporate and Eliminations		—		—		(16	)		(16	)
Net revenues	$	2,416	$	985	$	(16	)	$	3,385

	Six Months Ended June 30, 2022
	Safety Services		Specialty Services		Corporate and Eliminations			Consolidated
Life Safety	$	1,982	$	—	$	—		$	1,982
HVAC		238		—		—			238
Infrastructure/Utility		—		508		—			508
Fabrication		—		107		—			107
Specialty Contracting		—		315		—			315
Corporate and Eliminations		—		—		(30	)		(30	)
Net revenues	$	2,220	$	930	$	(30	)	$	3,120

	Three Months Ended June 30, 2023
	Safety Services		Specialty Services		Corporate and Eliminations			Consolidated
United States	$	583	$	549	$	(9	)	$	1,123
France		150		—		—			150
Other		492		6		—			498
Net revenues	$	1,225	$	555	$	(9	)	$	1,771

	Three Months Ended June 30, 2022
	Safety Services		Specialty Services		Corporate and Eliminations			Consolidated
United States	$	534	$	507	$	(15	)	$	1,026
France		144		—		—			144
Other		468		11		—			479
Net revenues	$	1,146	$	518	$	(15	)	$	1,649

	Six Months Ended June 30, 2023
	Safety Services		Specialty Services		Corporate and Eliminations			Consolidated
United States	$	1,143	$	966	$	(16	)	$	2,093
France		306		—		—			306
Other		967		19		—			986
Net revenues	$	2,416	$	985	$	(16	)	$	3,385

	Six Months Ended June 30, 2022
	Safety Services		Specialty Services		Corporate and Eliminations			Consolidated
United States	$	1,008	$	916	$	(30	)	$	1,894
France		292		—		—			292
Other		920		14		—			934
Net revenues	$	2,220	$	930	$	(30	)	$	3,120

For in-process contracts, the aggregate amount of transaction price allocated to the unsatisfied performance obligations at June 30, 2023 was $2,401. The Company expects to recognize revenue on approximately 88% of the remaining performance obligations over the next twelve months.

Contract assets and liabilities

Contract assets and contract liabilities are classified as current in the condensed consolidated balance sheets as all amounts are expected to be relieved within one year. The balances of accounts receivable, net of allowances, contract assets, and contract liabilities from contracts with customers as of June 30, 2023 and December 31, 2022 are as follows:

	Accounts receivable, net of allowances		Contract assets		Contract liabilities
Balance at June 30, 2023	$	1,318	$	509	$	491
Balance at December 31, 2022		1,313		459		463

The Company did not recognize significant revenues associated with the final settlement of contract value for any projects completed in prior periods. In accordance with industry practice, accounts receivable includes retentions receivable, a portion of which may not be received within one year. At June 30, 2023 and December 31, 2022, retentions receivable were $140 and $150, respectively, while the portions that may not be received within one year were $27 and $35, respectively.