UL Solutions (ULS) 10-Q20 May 242024 Q1 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	May 10, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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 Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001901440
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Class A
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		38,873,693
Common Class B
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		161,130,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenue	$ 670	$ 629
Cost of revenue	351	335
Selling, general and administrative expenses	228	219
Operating income	91	75
Interest expense	(15)	(8)
Other (expense) income, net	(3)	5
Income before income taxes	73	72
Income tax expense	13	14
Net income	60	58
Less: net income attributable to non-controlling interests	4	3
Net income attributable to stockholder of UL Solutions	$ 56	$ 55
Earnings per common share:
Basic (in dollars per share)	$ 0.28	$ 0.28
Diluted (in dollars per share)	$ 0.28	$ 0.28
Weighted average common shares outstanding:
Basic (in shares)	200	200
Diluted (in shares)	200	200

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 60	$ 58
Other comprehensive (loss) income, net of tax:
Pension and postretirement benefit plans, net of tax	1	1
Foreign currency translation (loss) gain	(16)	6
Total other comprehensive (loss) income	(15)	7
Comprehensive income	45	65
Less: comprehensive income attributable to non-controlling interests	3	2
Comprehensive income attributable to stockholder of UL Solutions	$ 42	$ 63

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 344	$ 315
Accounts receivable, net of allowance of $11 and $9	429	362
Contract assets, net of allowance of $1 and $1	193	179
Other current assets	85	97
Total current assets	1,051	953
Property, plant and equipment, net of accumulated depreciation of $750 and $737	555	555
Goodwill	618	623
Intangible assets, net of accumulated amortization of $232 and $232	66	72
Operating lease right-of-use assets	147	151
Deferred income taxes	112	110
Capitalized software, net of accumulated amortization of $395 and $382	136	139
Other assets	134	133
Total Assets	2,819	2,736
Current liabilities:
Accounts payable	156	169
Accrued compensation and benefits	170	281
Operating lease liabilities - current	37	39
Contract liabilities	385	162
Other current liabilities	81	58
Total current liabilities	829	709
Long-term debt	867	904
Pension and postretirement benefit plans	227	232
Operating lease liabilities	116	120
Other liabilities	97	93
Total Liabilities	2,136	2,058
Commitments and contingencies (Note 15)
Stockholder’s equity:
Common stock, $0.001 per share, 200 million shares issued and outstanding at March 31, 2024 and December 31, 2023	0	0
Additional paid-in capital	776	776
Retained earnings	55	24
Accumulated other comprehensive loss	(160)	(146)
Total stockholder’s equity before non-controlling interests	671	654
Non-controlling interests	12	24
Total Stockholder’s Equity	683	678
Total Liabilities and Stockholder’s Equity	$ 2,819	$ 2,736

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit loss	$ 11	$ 9
Contract assets, allowance for credit loss	1	1
Property, plant, and equipment, accumulated depreciation	750	737
Intangible assets, accumulated amortization	232	232
Capitalized software, accumulated amortization	$ 395	$ 382
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares issued (in shares)	200	200
Common stock, shares outstanding (in shares)	200	200

Condensed Consolidated Statem_3

Condensed 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, 2022	$ 1,077	$ 0	$ 1,009	$ 211	$ (166)	$ 23
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	58			55		3
Dividend to stockholder of UL Solutions	(20)			(20)
Other comprehensive (loss) income, net of tax	7				7
Balances, end of period at Mar. 31, 2023	1,122	0	1,009	246	(159)	26
Balances, beginning of period at Dec. 31, 2023	678	0	776	24	(146)	24
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	60			56		4
Dividend to stockholder of UL Solutions	(25)			(25)
Dividend to non-controlling interest	(15)
Other comprehensive (loss) income, net of tax	(15)				(14)	(1)
Balances, end of period at Mar. 31, 2024	$ 683	$ 0	$ 776	$ 55	$ (160)	$ 12

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholder's Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Dividend to stockholder of UL Solutions (in dollars per share)	$ 0.13	$ 0.10

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating activities
Net income	$ 60	$ 58
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	41	36
Foreign exchange (losses) gains	3	0
Deferred income taxes	(3)	11
Other, net	6	(3)
Changes in assets and liabilities, excluding the effects of acquisitions:
Accounts receivable	(78)	(34)
Contract and other assets	(8)	(29)
Accounts payable	(13)	(18)
Accrued expenses	(98)	(61)
Pension and postretirement benefit plans	(1)	4
Contract and other liabilities	232	197
Net cash flows provided by operating activities	141	161
Investing activities
Capital expenditures	(57)	(63)
Sales of investments	0	51
Purchases of investments	0	(66)
Other investing activities, net	0	3
Net cash flows used in investing activities	(57)	(75)
Financing activities
Proceeds from long-term debt	20	30
Repayment of long-term debt	(45)	0
Dividend to stockholder of UL Solutions	(25)	(20)
Other financing activities, net	1	0
Net cash flows (used in) provided by financing activities	(49)	10
Effect of exchange rate changes on cash and cash equivalents	(6)	0
Net increase in cash and cash equivalents	29	96
Cash and cash equivalents
Beginning of period	315	322
End of period	344	418
Supplemental disclosures of cash flow information
Cash paid during the period for interest	10	8
Cash paid during the period for income taxes	9	10
Cash paid during the period for stock-based compensation	0	7
Noncash investing and financing activities
Capital expenditures funded by liabilities	$ 33	$ 21

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
Significant Accounting Policies	Mar. 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. ULSE Inc. (“UL Standards & Engagement”) controls the majority of the voting power of the Company’s common stock. Underwriters Laboratories Inc. (“UL Research Institutes”) is the sole member of UL Standards & Engagement. Initial Public Offering On April 16, 2024, after the quarter end, 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. The Company did not receive any proceeds from the IPO. Refer to Note 18 for further information. Basis of Presentation The condensed consolidated financial statements are unaudited and have been prepared in accordance with applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) have been omitted. The condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2023 included in the Company’s final prospectus for its initial public offering filed with the SEC on April 15, 2024. It is management’s opinion that these financial statements include all normal and recurring adjustments necessary for a fair statement of the Company’s results of operations, financial position and cash flows. Results of operations for any interim period are not necessarily indicative of future or annual results. The Company has reclassified certain amounts in prior period financial statements to conform to the current period’s presentation. On November 20, 2023, the Company effected a 2-for-1 forward split of the Company’s Class A common stock. All share and per share information presented in the accompanying condensed consolidated financial statements and notes thereto has been retrospectively adjusted to reflect the stock split for all periods presented. The authorized shares and the par value of the Class A common stock were not adjusted as a result of the stock split. Recently Issued Accounting Standards - Not Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued 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 amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted, and the amendments will be applied retrospectively. The ASU will result in additional segment information 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 December 2023, the 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.

Earnings Per Share

Earnings Per Share	3 Months Ended
Earnings Per Share	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic and diluted earnings per share were calculated as follows: Three Months Ended (in millions, except per share data) 2024 2023 Net income attributable to stockholder of UL Solutions $ 56 $ 55 Basic weighted average common shares outstanding 200 200 Effect of dilutive securities — — Diluted weighted average common shares outstanding 200 200 Basic earnings per share attributable to stockholder of UL Solutions $ 0.28 $ 0.28 Diluted earnings per share attributable to stockholder of UL Solutions $ 0.28 $ 0.28

Revenue

Revenue	3 Months Ended
Revenue	Mar. 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: Three Months Ended (in millions) 2024 2023 Certification Testing $ 176 $ 161 Ongoing Certification Services 233 219 Non-certification Testing and Other Services (a) 194 182 Software (a) 67 67 Total $ 670 $ 629 __________ (a) The Company has reclassified revenue transactions related to advisory services that were previously included within the Software and Advisory service category (now known as Software) to the Non-certification Testing and Other Services category (previously known as Non-certification Testing, Inspections and Audit) for the three months ended March 31, 2023 to conform to the current period’s presentation. Contract Balances The revenue recognized during the three months ended March 31, 2024, which was included in contract liabilities at December 31, 2023, amounted to $30 million. The revenue recognized during the three months ended March 31, 2023, which was included in contract liabilities at December 31, 2022, amounted to $36 million. Remaining Performance Obligations At March 31, 2024, the Company estimates that $152 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 70% o f 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.

Acquisitions and Divestitures

Acquisitions and Divestitures	3 Months Ended
Acquisitions and Divestitures	Mar. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures Acquisitions 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, subject to finalization of the purchase price allocation and valuation of intangible assets, 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 operating 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. Aggregate acquisition-related costs associated with business combinations are not material for the three months ended March 31, 2024 and 2023, and are included in selling, general and administrative expenses in the Company’s Condensed Consolidated Statements of Operations as incurred. Divestiture In December 2023, the Company entered an agreement with an affiliate of Gallant Capital Partners, a California-based private equity firm, to sell the assets and liabilities of its payments testing business in the Industrial segment that performs Software and Non-certification Testing and Other Services for a base price of $30 million in cash, subject to customary post-closing adjustments, with the potential for additional cash consideration if certain earn-out provisions are met. In connection with the approval of the sale by the Company’s board of directors, the Company reclassified all assets and liabilities of the business as held for sale. As the expected sale proceeds exceed the carrying amount of the disposal group, no impairment was recognized. At March 31, 2024, the assets and liabilities classified as held for sale included $10 million of other current assets, primarily consisting of accounts receivable, $4 million of other assets and $12 million of other current liabilities, primarily consisting of contract liabilities. At December 31, 2023, the assets and liabilities classified as held for sale included $9 million of other current assets, primarily consisting of accounts receivable, $3 million of other assets and $10 million of other current liabilities, primarily consisting of contract liabilities.

Other (Expense) Income, net

Other (Expense) Income, net	3 Months Ended
Other (Expense) Income, net	Mar. 31, 2024
Other Income and Expenses [Abstract]
Other (Expense) Income, net	Other (Expense) Income, net The components of other (expense) income, net are as follows: Three Months Ended (in millions) 2024 2023 Foreign exchange (losses) gains $ (3) $ 3 Non-operating pension and postretirement benefit expense (2) (2) Other 2 4 Total $ (3) $ 5

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
Fair Value of Financial Instruments	Mar. 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: March 31, 2024 December 31, 2023 (in millions) Carrying Amount Fair Value Carrying Amount Fair Value Term loans $ 500 $ 500 $ 500 $ 500 Revolving credit facility 85 85 110 110 Senior notes 300 313 300 315 Total $ 885 $ 898 $ 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.

Investments in Equity Securitie

Investments in Equity Securities	3 Months Ended
Investments in Equity Securities	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Investments in Equity Securities	Investments in Equity Securities 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 Condensed 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 $42 million for both periods ended March 31, 2024 and December 31, 2023. The Company 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. The Company determined that it is the primary beneficiary of UL-CCIC and assets of $144 million and $178 million and liabilities of $87 million and $82 million, inclusive of intercompany eliminations, were included in the Company’s Condensed Consolidated Balance Sheets at March 31, 2024 and December 31, 2023, respectively.

Goodwill

Goodwill	3 Months Ended
Goodwill	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill Changes in the carrying amount of goodwill for the three months ended March 31, 2024 were as follows: Testing, Inspection and Certification Software and Advisory Total (in millions) Industrial Consumer Balance at December 31, 2023 (a) $ 323 $ 230 $ 70 $ 623 Effect of changes in foreign exchange rates (1) (3) (1) (5) Balance at March 31, 2024 (a) $ 322 $ 227 $ 69 $ 618 __________ (a) Net of accumulated impairment losses of $166 million.

Intangible Assets

Intangible Assets	3 Months Ended
Intangible Assets	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets The following tables summarize intangible assets: March 31, 2024 (in millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 260 $ (205) $ 55 Intellectual property and patents 15 (9) 6 Trademarks 23 (18) 5 Total $ 298 $ (232) $ 66 December 31, 2023 (in millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 261 $ (204) $ 57 Intellectual property and patents 18 (11) 7 Trademarks 25 (17) 8 Total $ 304 $ (232) $ 72 Intangible asset amortization expense for the three months ended March 31, 2024 and 2023, reported within the Condensed Consolidated Statements of Operations, was $3 million and $4 million, respectively.

Pension

Pension	3 Months Ended
Pension	Mar. 31, 2024
Retirement Benefits [Abstract]
Pension	Pension The components of net periodic benefit cost for the Company’s U.S. defined benefit pension plan were as follows: Three Months Ended March 31, (in millions) 2024 2023 Components of net periodic benefit cost Interest cost 4 4 Expected return on plan assets (3) (3) Amortization of net actuarial loss 1 1 Net periodic benefit cost $ 2 $ 2 For the three months ended March 31, 2024 and 2023, the Company’s contributions to various defined contribution savings plans were $12 million and $11 million, respectively.

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe effective tax rate for the three months ended March 31, 2024 and 2023 was 17.8% and 19.4%, respectively, which differed from the U.S. statutory tax rate of 21% primarily due to earnings subject to lower tax rates in foreign jurisdictions, partially offset by U.S. tax on Global Intangible Low Taxed Income net of related foreign tax credits.

Long-Term Debt

Long-Term Debt	3 Months Ended
Long-Term Debt	Mar. 31, 2024
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt The Company’s outstanding debt consisted of the following: (in millions) Currency Maturity Date March 31, 2024 December 31, 2023 Term loans USD January 2027 $ 500 $ 500 Revolving credit facility USD January 2027 85 110 Senior notes USD October 2028 300 300 Total debt 885 910 Less: unamortized debt issuance costs (6) (6) Total debt, net of unamortized debt issuance costs 879 904 Less: current portion of long-term debt (12) — Long-term debt $ 867 $ 904 In October 2023, the Company issued $300 million in aggregate principal amount of senior notes due 2028 (the “notes”). The notes are senior unsecured obligations of UL Solutions Inc. and are unconditionally guaranteed by UL LLC, a Delaware limited liability company and wholly owned subsidiary of the Company (“UL LLC”). Borrowings under the notes bear a fixed interest rate of 6.500% per annum. 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 and revolving loan commitments. UL LLC is the named borrower under the Credit Facility and, together with other affiliates, the Company provides a guaranty of the obligations thereunder. As of March 31, 2024, the Company was in compliance with all covenants under the Credit Facility. The interest rate on the term loans was 6.35% as of March 31, 2024 and 6.46% as of December 31, 2023 and the weighted average interest rate on the revolving credit facility was 6.36% as of March 31, 2024 and 6.45% as of December 31, 2023.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
Accumulated Other Comprehensive Loss	Mar. 31, 2024
Equity [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss The following tables summarize the changes in accumulated other comprehensive loss. Three Months Ended March 31, 2024 (in millions) Foreign Currency Translation Pension and Postretirement Plans Total Balance at December 31, 2023, net of tax $ (49) $ (97) $ (146) Amounts before reclassifications (15) — (15) Amounts reclassified out — 1 1 Total other comprehensive (loss) income, net of tax (15) 1 (14) Balance at March 31, 2024, net of tax $ (64) $ (96) $ (160) Three Months Ended March 31, 2023 (in millions) Foreign Currency Translation Pension and Postretirement Plans Total Balance at December 31, 2022, net of tax $ (54) $ (112) $ (166) Total other comprehensive income, net of tax 6 1 7 Balance at March 31, 2023, net of tax $ (48) $ (111) $ (159)

Stock-based and Other Incentive

Stock-based and Other Incentive Compensation	3 Months Ended
Stock-based and Other Incentive Compensation	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-based and Other Incentive Compensation	Stock-based and Other Incentive Compensation Cash-settled Stock Appreciation Rights (“CSARs”) CSAR activity during the three months ended March 31, 2024, was as follows: Number of CSAR Awards Weighted Average Weighted Average Aggregate Intrinsic Value Outstanding as of December 31, 2023 3,452,120 $ 18.77 1.72 years $ 37 Outstanding as of March 31, 2024 3,452,120 $ 18.77 1.47 years $ 36 Exercisable as of March 31, 2024 2,423,412 $ 14.39 0.59 years $ 36 As of March 31, 2024, there was $2 million of compensation expense that has yet to be recognized related to non-vested CSAR awards. This expense is expected to be recognized over the remaining weighted-average vesting period of 21 months. The following table summarizes the assumptions used in the Black-Scholes-Merton model, which the Company uses to estimate the fair value of the CSARs: March 31, 2024 December 31, 2023 Expected dividend yield 1.73% 1.70% Risk-free interest rate 4.51% - 5.49% 3.99% - 5.60% Weighted average volatility 21.76% 22.24% Expected life (in years) 0.00 - 3.00 0.06 - 3.25 Weighted average grant date fair value per share of rights granted $4.71 $4.83 Compensation expense (benefit) related to CSAR awards was as follows: Three Months Ended (in millions) 2024 2023 Selling, general and administrative expenses (1) 10 Income tax expense (benefit) — (2) CSAR compensation (benefit) expense, net $ (1) $ 8 The Company had a short-term liability of $36 million and $37 million recorded within accrued compensation and benefits in the Condensed Consolidated Balance Sheets at March 31, 2024 and December 31, 2023, respectively. The Company had a long-term liability of $2 million and $2 million recorded within other liabilities in the Condensed Consolidated Balance Sheets at March 31, 2024 and December 31, 2023, respectively. Performance Cash Awards Compensation expense related to Performance Cash Awards was as follows: Three Months Ended (in millions) 2024 2023 Cost of revenue $ 1 $ 1 Selling, general and administrative expenses 3 3 Performance Cash compensation expense 4 4 Income tax benefit (1) (1) Performance Cash compensation expense, net $ 3 $ 3 The Company had a short-term liability of $1 million and $16 million recorded within accrued compensation and benefits in the Condensed Consolidated Balance Sheets at March 31, 2024 and December 31, 2023, respectively. The Company had a long-term liability of $17 million and $13 million recorded within other liabilities in the Condensed Consolidated Balance Sheets at March 31, 2024 and December 31, 2023 respectively.

Commitment and Contingencies

Commitment and Contingencies	3 Months Ended
Commitment and Contingencies	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies 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 flows.

Related Party Transactions

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions In each of the three month periods ended March 31, 2024 and 2023, the Company incurred expenses of $5 million to access the library of standards owned and maintained by UL Standards & Engagement. In the three months ended March 31, 2024 and 2023, the Company declared and paid cash dividends to UL Standards & Engagement of $25 million and $20 million, respectively.

Segment Information

Segment Information	3 Months Ended
Segment Information	Mar. 31, 2024
Segment Reporting [Abstract]
Segment Information	Segment Information Revenue and operating income of the Company’s segments is as follows: Three Months Ended (in millions) 2024 2023 Revenue Industrial $ 295 $ 270 Consumer 286 275 Software and Advisory 89 84 Total revenue $ 670 $ 629 Operating income (loss) Industrial $ 75 $ 72 Consumer 17 3 Software and Advisory (1) — Total operating income $ 91 $ 75

Subsequent Events

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 11, 2024, the Company filed its amended and restated certificate of incorporation with the Secretary of State of the State of Delaware, which, among other things, effected the authorization of 1,000,000,000 shares of Class A common stock and 500,000,000 shares of Class B common stock, as well as the reclassification of 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. 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 includes 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 IPO. Upon completion of the IPO, UL Standards & Engagement beneficially owned 80.6% of UL Solutions’ outstanding capital stock and held 97.6% of the voting power of UL Solutions’ outstanding capital stock. As a result, the Company meets the definition of a “controlled company” within the meaning of the corporate governance rules of the New York Stock Exchange. In connection with the IPO, the Company adopted the UL Solutions Inc. 2024 Long-Term Incentive Plan (the “2024 LTIP”) and reserved for issuance 20,000,000 shares of Class A common stock pursuant to equity awards approved under the 2024 LTIP and the UL Solutions Inc. Long-Term Incentive Plan (formerly known as the UL Inc. Long-Term Incentive Plan) (the “Pre-IPO LTIP”). As of March 31, 2024, 3,452,120 CSARs were outstanding. On April 1, 2024, 1,334,640 CSARs reached the end of their contractual term, which will result in cash payments of approximately $18 million in the second quarter of 2024. Upon completion of the IPO on April 16 2024, 1,978,761 CSARs were converted to the same number of stock-settled stock appreciation rights, and will result in a reclassification of approximately $25 million from accrued compensation and benefits to additional paid-in capital on the Company’s Condensed Consolidated Balance Sheet. The CSARs were remeasured to fair value at the conversion date, which will result in additional pre-tax compensation expense of approximately $9 million in the second quarter of 2024, primarily within selling, general and administrative expenses. As equity-settled awards, the fair value of the stock-settled stock appreciation rights was determined on the conversion date and, generally, will not be remeasured unless the awards are modified. Following these maturities and conversions, as well as forfeitures that occurred prior to the IPO, 118,904 CSARs remained outstanding. As cash-settled awards, CSARs are remeasured to fair value at each reporting date. The Pre-IPO LTIP permits settlement of outstanding Performance Cash awards in shares of the Company’s Class A common stock. As such, upon vesting the Performance Cash awards may be settled in a number of newly issued shares of the Company’s Class A common stock with a fair market value equal to the payout amount approved by the Human Capital and Compensation Committee of the board of directors for the applicable performance period. As a result of the IPO, the Company is subject to Section 162(m) of the Internal Revenue Code in the U.S., which limits deductions related to compensation expenses of certain executive officers which were previously tax deductible as a private company. Accordingly, the Company’s annual effective tax rate will be impacted by the Section 162(m) limitations. In addition, in the second quarter of 2024 the Company will record a reduction to its previously established deferred tax assets of approximately $5 million, with a corresponding increase to income tax expense as a discrete item. In connection with the IPO, the Human Capital and Compensation Committee granted equity awards with an aggregate value of $17 million to the Company’s executive team, including named executive officers, and other key employees under the 2024 LTIP. These awards consisted of 2,074,299 nonqualified stock options and 22,486 restricted stock units. The stock options, which expire ten years from the grant date, represent the right to purchase shares of the Company’s Class A common stock and are subject to continued employment through a three-year vesting period. The restricted stock units represent the right to receive shares of the Company’s Class A common stock and are subject to continued employment through a three-year ratable vesting period. Under the 2024 LTIP, similar to prior long-term company compensation programs, equity awards are available to be issued to certain directors, officers and employees in order to attract, motivate and retain talent and to maximize their contribution to the long-term success of the Company. On May 1, 2024, the Human Capital and Compensation Committee granted annual equity awards to eligible employees and officers, including named executive officers. These awards include 711,256 restricted stock units with an aggregate value of $25 million and 382,455 performance share units with an aggregate value of $13 million. The restricted stock units represent the right to receive shares of the Company’s Class A common stock and are subject to continued employment through a three-year ratable vesting period. The performance share units represent the right to earn shares of the Company’s Class A common stock based on the achievement of certain performance conditions and are subject to continued employment through a three-year vesting period. On May 1, 2024, the Company completed the sale of its payments testing business to an affiliate of Gallant Capital Partners for a base price of $30 million in cash, subject to customary post-closing adjustments. The divestiture will result in a pre-tax gain on sale of approximately $25 million , which wil l be recorded within other (expense) income, net in the second quarter of 2024 .

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements are unaudited and have been prepared in accordance with applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) have been omitted. The condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2023 included in the Company’s final prospectus for its initial public offering filed with the SEC on April 15, 2024. It is management’s opinion that these financial statements include all normal and recurring adjustments necessary for a fair statement of the Company’s results of operations, financial position and cash flows. Results of operations for any interim period are not necessarily indicative of future or annual results. The Company has reclassified certain amounts in prior period financial statements to conform to the current period’s presentation. On November 20, 2023, the Company effected a 2-for-1 forward split of the Company’s Class A common stock. All share and per share information presented in the accompanying condensed consolidated financial statements and notes thereto has been retrospectively adjusted to reflect the stock split for all periods presented. The authorized shares and the par value of the Class A common stock were not adjusted as a result of the stock split.
Recently Issued Accounting Standards - Not Adopted	Recently Issued Accounting Standards - Not Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued 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 amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted, and the amendments will be applied retrospectively. The ASU will result in additional segment information 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 December 2023, the 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.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
Earnings Per Share (Tables)	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share	Basic and diluted earnings per share were calculated as follows: Three Months Ended (in millions, except per share data) 2024 2023 Net income attributable to stockholder of UL Solutions $ 56 $ 55 Basic weighted average common shares outstanding 200 200 Effect of dilutive securities — — Diluted weighted average common shares outstanding 200 200 Basic earnings per share attributable to stockholder of UL Solutions $ 0.28 $ 0.28 Diluted earnings per share attributable to stockholder of UL Solutions $ 0.28 $ 0.28

Revenue (Tables)

Revenue (Tables)	3 Months Ended
Revenue (Tables)	Mar. 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: Three Months Ended (in millions) 2024 2023 Certification Testing $ 176 $ 161 Ongoing Certification Services 233 219 Non-certification Testing and Other Services (a) 194 182 Software (a) 67 67 Total $ 670 $ 629 __________ (a) The

Other (Expense) Income, net (Ta

Other (Expense) Income, net (Tables)	3 Months Ended
Other (Expense) Income, net (Tables)	Mar. 31, 2024
Other Income and Expenses [Abstract]
Schedule of Other (Expense) Income	The components of other (expense) income, net are as follows: Three Months Ended (in millions) 2024 2023 Foreign exchange (losses) gains $ (3) $ 3 Non-operating pension and postretirement benefit expense (2) (2) Other 2 4 Total $ (3) $ 5

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
Fair Value of Financial Instruments (Tables)	Mar. 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: March 31, 2024 December 31, 2023 (in millions) Carrying Amount Fair Value Carrying Amount Fair Value Term loans $ 500 $ 500 $ 500 $ 500 Revolving credit facility 85 85 110 110 Senior notes 300 313 300 315 Total $ 885 $ 898 $ 910 $ 925

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
Goodwill (Tables)	Mar. 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 three months ended March 31, 2024 were as follows: Testing, Inspection and Certification Software and Advisory Total (in millions) Industrial Consumer Balance at December 31, 2023 (a) $ 323 $ 230 $ 70 $ 623 Effect of changes in foreign exchange rates (1) (3) (1) (5) Balance at March 31, 2024 (a) $ 322 $ 227 $ 69 $ 618 __________ (a) Net of accumulated impairment losses of $166 million.

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
Intangible Assets (Tables)	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Intangible Assets	The following tables summarize intangible assets: March 31, 2024 (in millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 260 $ (205) $ 55 Intellectual property and patents 15 (9) 6 Trademarks 23 (18) 5 Total $ 298 $ (232) $ 66 December 31, 2023 (in millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 261 $ (204) $ 57 Intellectual property and patents 18 (11) 7 Trademarks 25 (17) 8 Total $ 304 $ (232) $ 72

Pension (Tables)

Pension (Tables)	3 Months Ended
Pension (Tables)	Mar. 31, 2024
Retirement Benefits [Abstract]
Schedule of Net Periodic Benefit Cost for Defined Benefit Plan	The components of net periodic benefit cost for the Company’s U.S. defined benefit pension plan were as follows: Three Months Ended March 31, (in millions) 2024 2023 Components of net periodic benefit cost Interest cost 4 4 Expected return on plan assets (3) (3) Amortization of net actuarial loss 1 1 Net periodic benefit cost $ 2 $ 2

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
Long-Term Debt (Tables)	Mar. 31, 2024
Debt Disclosure [Abstract]
Summary of outstanding debt	The Company’s outstanding debt consisted of the following: (in millions) Currency Maturity Date March 31, 2024 December 31, 2023 Term loans USD January 2027 $ 500 $ 500 Revolving credit facility USD January 2027 85 110 Senior notes USD October 2028 300 300 Total debt 885 910 Less: unamortized debt issuance costs (6) (6) Total debt, net of unamortized debt issuance costs 879 904 Less: current portion of long-term debt (12) — Long-term debt $ 867 $ 904

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
Accumulated Other Comprehensive Loss (Tables)	Mar. 31, 2024
Equity [Abstract]
Summary of Changes in Accumulated Other Comprehensive Loss	The following tables summarize the changes in accumulated other comprehensive loss. Three Months Ended March 31, 2024 (in millions) Foreign Currency Translation Pension and Postretirement Plans Total Balance at December 31, 2023, net of tax $ (49) $ (97) $ (146) Amounts before reclassifications (15) — (15) Amounts reclassified out — 1 1 Total other comprehensive (loss) income, net of tax (15) 1 (14) Balance at March 31, 2024, net of tax $ (64) $ (96) $ (160) Three Months Ended March 31, 2023 (in millions) Foreign Currency Translation Pension and Postretirement Plans Total Balance at December 31, 2022, net of tax $ (54) $ (112) $ (166) Total other comprehensive income, net of tax 6 1 7 Balance at March 31, 2023, net of tax $ (48) $ (111) $ (159)

Stock-based and Other Incenti_2

Stock-based and Other Incentive Compensation (Tables)	3 Months Ended
Stock-based and Other Incentive Compensation (Tables)	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Summary of CSAR Activity	CSAR activity during the three months ended March 31, 2024, was as follows: Number of CSAR Awards Weighted Average Weighted Average Aggregate Intrinsic Value Outstanding as of December 31, 2023 3,452,120 $ 18.77 1.72 years $ 37 Outstanding as of March 31, 2024 3,452,120 $ 18.77 1.47 years $ 36 Exercisable as of March 31, 2024 2,423,412 $ 14.39 0.59 years $ 36
Summary of Fair Value Assumptions	The following table summarizes the assumptions used in the Black-Scholes-Merton model, which the Company uses to estimate the fair value of the CSARs: March 31, 2024 December 31, 2023 Expected dividend yield 1.73% 1.70% Risk-free interest rate 4.51% - 5.49% 3.99% - 5.60% Weighted average volatility 21.76% 22.24% Expected life (in years) 0.00 - 3.00 0.06 - 3.25 Weighted average grant date fair value per share of rights granted $4.71 $4.83
Summary of Compensation Expense (Benefit)	Compensation expense (benefit) related to CSAR awards was as follows: Three Months Ended (in millions) 2024 2023 Selling, general and administrative expenses (1) 10 Income tax expense (benefit) — (2) CSAR compensation (benefit) expense, net $ (1) $ 8 Compensation expense related to Performance Cash Awards was as follows: Three Months Ended (in millions) 2024 2023 Cost of revenue $ 1 $ 1 Selling, general and administrative expenses 3 3 Performance Cash compensation expense 4 4 Income tax benefit (1) (1) Performance Cash compensation expense, net $ 3 $ 3

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
Segment Information (Tables)	Mar. 31, 2024
Segment Reporting [Abstract]
Reconciliation of Revenue and Operating Income of the Company's Reportable Segments	Revenue and operating income of the Company’s segments is as follows: Three Months Ended (in millions) 2024 2023 Revenue Industrial $ 295 $ 270 Consumer 286 275 Software and Advisory 89 84 Total revenue $ 670 $ 629 Operating income (loss) Industrial $ 75 $ 72 Consumer 17 3 Software and Advisory (1) — Total operating income $ 91 $ 75

Significant Accounting Polici_3

Significant Accounting Policies - Initial Public Offering (Details) - Common Class A - Subsequent Event - IPO	Apr. 16, 2024 $ / shares shares
Subsidiary, Sale of Stock [Line Items]
Shares sold in IPO (in shares) \| shares	38,870,000
Price per share for IPO (in dollars per share) \| $ / shares	$ 28

Significant Accounting Polici_4

Significant Accounting Policies - Narrative (Details)	Nov. 20, 2023
Accounting Policies [Abstract]
Forward stock split conversion ratio	2

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net income attributable to stockholder of UL Solutions	$ 56	$ 55
Basic weighted average common shares outstanding (in shares)	200	200
Effect of dilutive securities (in shares)	0	0
Diluted weighted average common shares outstanding (in shares)	200	200
Basic earnings per share attributable to stockholder of UL Solutions (in dollars per share)	$ 0.28	$ 0.28
Diluted earnings per share attributable to stockholder of UL Solutions (in dollars per share)	$ 0.28	$ 0.28

Revenue - Major Service Categor

Revenue - Major Service Categories (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue from External Customer [Line Items]
Total revenue	$ 670	$ 629
Certification Testing
Revenue from External Customer [Line Items]
Total revenue	176	161
Ongoing Certification Services
Revenue from External Customer [Line Items]
Total revenue	233	219
Non-certification Testing and Other Services
Revenue from External Customer [Line Items]
Total revenue	194	182
Software
Revenue from External Customer [Line Items]
Total revenue	$ 67	$ 67

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue recognized	$ 30	$ 36
Revenue to be recognized in future	$ 152
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Recognized revenue percentage	70%
Recognized revenue satisfaction period	12 months

Acquisitions and Divestitures -

Acquisitions and Divestitures - Acquisitions (Details) - USD ($) $ in Millions	1 Months Ended
	Aug. 31, 2023	Jul. 31, 2023	Mar. 31, 2024	Dec. 31, 2023
Asset Acquisition [Line Items]
Goodwill			$ 618	$ 623
Certification Entity for Renewable Energies (CERE)
Asset Acquisition [Line Items]
Percentage of business acquired	100%
Cash consideration	$ 14
Goodwill	$ 11
HBI Compliance Limited Asset Acquisition
Asset Acquisition [Line Items]
Percentage of business acquired		100%
Cash consideration		$ 6

Acquisitions and Divestitures_2

Acquisitions and Divestitures - Divestitures (Details) - Disposal Group, Held-for-Sale, Not Discontinued Operations - Payments Testing Business - USD ($) $ in Millions	1 Months Ended
	Dec. 31, 2023	Mar. 31, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash proceeds	$ 30
Impairment	0
Other current assets classified as held-for-sale	9	$ 10
Other assets classified as held-for-sale	3	4
Other current liabilities classified as held-for-sale	$ 10	$ 12

Other (Expense) Income, net (De

Other (Expense) Income, net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Other Income and Expenses [Abstract]
Foreign exchange (losses) gains	$ (3)	$ 0
Foreign exchange (losses) gains		3
Non-operating pension and postretirement benefit expense	(2)	(2)
Other	2	4
Total	$ (3)	$ 5

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 885	$ 910
Carrying Amount \| Term loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	500	500
Carrying Amount \| Senior notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	300	300
Carrying Amount \| Revolving credit facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	85	110
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	898	925
Fair Value \| Term loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	500	500
Fair Value \| Senior notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	313	315
Fair Value \| Revolving credit facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 85	$ 110

Investments in Equity Securit_2

Investments in Equity Securities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Debt and Equity Securities, FV-NI [Line Items]
Carrying amount of investments	$ 42	$ 42
Assets	2,819	2,736
Liabilities	$ 2,136	2,058
Variable Interest Entity, Primary Beneficiary
Debt and Equity Securities, FV-NI [Line Items]
Equity ownership percentage	70%
Assets	$ 144	178
Liabilities	$ 87	$ 82

Goodwill (Details)

Goodwill (Details) - USD ($) $ in Millions	3 Months Ended
Goodwill (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Beginning balance	$ 623
Effect of changes in foreign exchange rates	(5)
Ending balance	618
Accumulated impairment loss	166	$ 166
Industrial \| Operating Segments
Goodwill [Roll Forward]
Beginning balance	323
Effect of changes in foreign exchange rates	(1)
Ending balance	322
Consumer \| Operating Segments
Goodwill [Roll Forward]
Beginning balance	230
Effect of changes in foreign exchange rates	(3)
Ending balance	227
Software and Advisory \| Operating Segments
Goodwill [Roll Forward]
Beginning balance	70
Effect of changes in foreign exchange rates	(1)
Ending balance	$ 69

Intangible Assets (Details)

Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended
Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 298		$ 304
Accumulated Amortization	(232)		(232)
Net Carrying Amount	66		72
Intangible asset amortization expense	3	$ 4
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	260		261
Accumulated Amortization	(205)		(204)
Net Carrying Amount	55		57
Intellectual property and patents
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	15		18
Accumulated Amortization	(9)		(11)
Net Carrying Amount	6		7
Trademarks
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	23		25
Accumulated Amortization	(18)		(17)
Net Carrying Amount	$ 5		$ 8

Pension - Defined Benefit Plan

Pension - Defined Benefit Plan (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Components of net periodic benefit cost
Interest cost	$ 4	$ 4
Expected return on plan assets	(3)	(3)
Amortization of net actuarial loss	1	1
Net periodic benefit cost	$ 2	$ 2

Pension - Defined Contribution

Pension - Defined Contribution Plan (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Retirement Benefits [Abstract]
Contributions	$ 12	$ 11

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
Income Taxes (Details)	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	17.80%	19.40%

Long-Term Debt - Outstanding De

Long-Term Debt - Outstanding Debt (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total debt	$ 885	$ 910
Less: unamortized debt issuance costs	(6)	(6)
Total debt, net of unamortized debt issuance costs	879	904
Less: current portion of long-term debt	(12)	0
Long-term debt	867	904
Term loans
Debt Instrument [Line Items]
Total debt	500	500
Senior notes
Debt Instrument [Line Items]
Total debt	300	300
Revolving credit facility \| Line of Credit
Debt Instrument [Line Items]
Total debt	$ 85	$ 110

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Oct. 31, 2023	Jan. 31, 2022
Senior Notes Due 2028 \| Senior notes
Debt Instrument [Line Items]
Face amount			$ 300
Fixed interest rate			6.50%
Credit Facility \| Term Loans and Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 1,250
Credit Facility \| Line of Credit \| Revolving credit facility
Debt Instrument [Line Items]
Interest rate	6.36%	6.45%
Credit Facility \| Term loans
Debt Instrument [Line Items]
Interest rate	6.35%	6.46%

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balances, beginning of period	$ 678	$ 1,077
Total other comprehensive (loss) income	(15)	7
Balances, end of period	683	1,122
Foreign Currency Translation
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balances, beginning of period	(49)	(54)
Total other comprehensive (loss) income	(15)	6
Amounts before reclassifications	(15)
Amounts reclassified out	0
Balances, end of period	(64)	(48)
Pension and Postretirement Plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balances, beginning of period	(97)	(112)
Total other comprehensive (loss) income	1	1
Amounts before reclassifications	0
Amounts reclassified out	1
Balances, end of period	(96)	(111)
Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balances, beginning of period	(146)	(166)
Total other comprehensive (loss) income	(14)	7
Amounts before reclassifications	(15)
Amounts reclassified out	1
Balances, end of period	$ (160)	$ (159)

Stock-based and Other Incenti_3

Stock-based and Other Incentive Compensation - CSAR Activity (Details) - Cash-settled Stock Appreciation Rights - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding, beginning balance (in shares)	3,452,120
Outstanding, ending balance (in shares)	3,452,120	3,452,120
Weighted Average Grant Price
Shares outstanding, Weighted average grant price, beginning balance (in dollars per share)	$ 18.77
Shares outstanding, Weighted average grant price, ending balance (in dollars per share)	$ 18.77	$ 18.77
Shares outstanding, Weighted average remaining contractual life	1 year 5 months 19 days	1 year 8 months 19 days
Shares outstanding, Aggregate intrinsic value	$ 36	$ 37
CSARs exercisable, Number of shares exercisable (in shares)	2,423,412
CSARs exercisable, Weighted average grant price (in dollars per share)	$ 14.39
CSARs exercisable, Weighted average remaining contractual life	7 months 2 days
CSARs exercisable, Aggregate intrinsic value	$ 36

Stock-based and Other Incenti_4

Stock-based and Other Incentive Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense	$ 2
Unrecognized share-based compensation cost, period of recognition	21 months
Accrued compensation and benefits	$ 170	$ 281
Other liabilities	97	93
Cash-settled Stock Appreciation Rights
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Accrued compensation and benefits	36	37
Other liabilities	2	2
Performance Cash Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Accrued compensation and benefits	1	16
Other liabilities	$ 17	$ 13

Stock-based and Other Incenti_5

Stock-based and Other Incentive Compensation - Fair Value Assumptions (Details) - Cash-settled Stock Appreciation Rights - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected dividend yield	1.73%	1.70%
Risk-free interest rate, minimum	4.51%	3.99%
Risk-free interest rate, maximum	5.49%	5.60%
Weighted average volatility	21.76%	22.24%
Weighted average grant date fair value per share of rights granted (in dollars per share)	$ 4.71	$ 4.83
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected life (in years)	0 years	21 days
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected life (in years)	3 years	3 years 3 months

Stock-based and Other Incenti_6

Stock-based and Other Incentive Compensation - Compensation Expense (Details) - Cash-settled Stock Appreciation Rights - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Selling, general and administrative expenses	$ (1)	$ 10
Income tax expense (benefit)	0	(2)
CSAR compensation (benefit) expense, net / Performance Cash compensation expense, net	$ (1)	$ 8

Stock-based and Other Incenti_7

Stock-based and Other Incentive Compensation - Performance Cash Awards (Details) - Performance Cash Awards - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Performance Cash compensation expense	$ 4	$ 4
Income tax benefit	(1)	(1)
CSAR compensation (benefit) expense, net / Performance Cash compensation expense, net	3	3
Cost of revenue
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Performance Cash compensation expense	1	1
Selling, general and administrative expenses
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Performance Cash compensation expense	$ 3	$ 3

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Related Party Transaction [Line Items]
Dividend to stockholder of UL Solutions	$ 25	$ 20
UL Standards & Engagement Transactions
Related Party Transaction [Line Items]
Incurred expenses	5	5
Related Party
Related Party Transaction [Line Items]
Dividend to stockholder of UL Solutions	$ 25	$ 20

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Millions	3 Months Ended
Segment Information (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Total revenue	$ 670	$ 629
Total operating income	91	75
Industrial \| Operating Segments
Segment Reporting Information [Line Items]
Total revenue	295	270
Total operating income	75	72
Consumer \| Operating Segments
Segment Reporting Information [Line Items]
Total revenue	286	275
Total operating income	17	3
Software and Advisory \| Operating Segments
Segment Reporting Information [Line Items]
Total revenue	89	84
Total operating income	$ (1)	$ 0

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)				3 Months Ended
Subsequent Events (Details) - USD ($)	May 01, 2024	Apr. 16, 2024	Apr. 01, 2024	Jun. 30, 2024	Mar. 31, 2024	Mar. 31, 2023	Apr. 11, 2024	Dec. 31, 2023
Cash-settled Stock Appreciation Rights
Subsequent Event [Line Items]
Remaining outstanding shares (in shares)					3,452,120			3,452,120
Pre-tax compensation expense					$ (1,000,000)	$ 10,000,000
Subsequent Event \| Forecast
Subsequent Event [Line Items]
Reduction of deferred income tax assets				$ 5,000,000
Increase in income taxes from changes to previously deductible expenses				5,000,000
Subsequent Event \| UL Standards & Engagement Liabrary Access \| UL Solutions
Subsequent Event [Line Items]
Ownership percentage		80.60%
Voting power		97.60%
Subsequent Event \| Payments Testing Business \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Subsequent Event [Line Items]
Proceeds from sale	$ 30,000,000
Subsequent Event \| Payments Testing Business \| Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Forecast
Subsequent Event [Line Items]
Gain on sale of business				25,000,000
Subsequent Event \| Cash-settled Stock Appreciation Rights
Subsequent Event [Line Items]
Remaining outstanding shares (in shares)		118,904
Subsequent Event \| 2024 Long-Term Incentive Plan
Subsequent Event [Line Items]
Aggregate value of granted equity awards		$ 17,000,000
Nonqualified stock options granted (in shares)		2,074,299
Subsequent Event \| 2024 Long-Term Incentive Plan \| Revision of Prior Period, Adjustment \| Forecast
Subsequent Event [Line Items]
Pre-tax compensation expense				9,000,000
Subsequent Event \| 2024 Long-Term Incentive Plan \| Stock Appreciation Rights (SARs)
Subsequent Event [Line Items]
Decrease in shares upon conversion (in shares)		(1,978,761)
Increase in shares upon conversion (in shares)		1,978,761
Subsequent Event \| 2024 Long-Term Incentive Plan \| Cash-settled Stock Appreciation Rights
Subsequent Event [Line Items]
Expired CSARs (in shares)			1,334,640
Decrease in shares upon conversion (in shares)		1,978,761
Increase in shares upon conversion (in shares)		(1,978,761)
Decrease in accrued compensation upon conversion		$ 25,000,000
Increase in accrued compensation upon conversion		(25,000,000)
Subsequent Event \| 2024 Long-Term Incentive Plan \| Cash-settled Stock Appreciation Rights \| Forecast
Subsequent Event [Line Items]
Cash paid during the period for stock-based compensation				$ 18,000,000
Subsequent Event \| 2024 Long-Term Incentive Plan \| Stock Appreciation Rights Reclassified
Subsequent Event [Line Items]
Decrease in accrued compensation upon conversion		(25,000,000)
Increase in accrued compensation upon conversion		$ 25,000,000
Subsequent Event \| 2024 Long-Term Incentive Plan \| Employee Stock Option
Subsequent Event [Line Items]
Expiration period		10 years
Vesting period		3 years
Subsequent Event \| 2024 Long-Term Incentive Plan \| Restricted Stock Units (RSUs)
Subsequent Event [Line Items]
Stock units granted (in shares)	711,256	22,486
Vesting period		3 years
Aggregate value	$ 25,000,000
Subsequent Event \| 2024 Long-Term Incentive Plan \| Performance Shares
Subsequent Event [Line Items]
Stock units granted (in shares)	382,455
Vesting period		3 years
Aggregate value	$ 13,000,000
Common Class A \| Subsequent Event
Subsequent Event [Line Items]
Common stock authorized (in shares)							1,000,000,000
Common Class A \| Subsequent Event \| 2024 Long-Term Incentive Plan
Subsequent Event [Line Items]
Stock reserved for issuance (in shares)		20,000,000
Common Class A \| Subsequent Event \| IPO
Subsequent Event [Line Items]
Shares sold in IPO (in shares)		38,870,000
Price per share for IPO (in dollars per share)		$ 28
Proceeds from IPO		$ 0
Common Class A \| Subsequent Event \| Over-Allotment Option
Subsequent Event [Line Items]
Shares sold in IPO (in shares)		5,070,000
Common Class B \| Subsequent Event
Subsequent Event [Line Items]
Common stock authorized (in shares)							500,000,000