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Operating Information by Segment and Geographic Area | 6 Months Ended
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Jun. 30, 2023
Segment Reporting [Abstract] |
Operating Information by Segment and Geographic Area | Operating Information by Segment and Geographic Area We have decided to retain Stork's North American operations, which largely consists of our operations and maintenance business owned by Fluor prior to our acquisition of Stork. Beginning in 2023, this business line, which was previously a part of the "Other" segment, was renamed Plant & Facility Services, and is included in our Urban Solutions segment for all periods presented.
|  | 3ME June 30, |  | 6ME June 30,
(in millions) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Revenue |  |  |  |  |  |  |  |
Energy Solutions |  | $ | 1,721 |  |  | $ | 1,330 |  |  | $ | 3,333 |  |  | $ | 2,505 |
Urban Solutions |  | 1,202 |  |  | 1,134 |  |  | 2,411 |  |  | 2,195 |
Mission Solutions |  | 705 |  |  | 547 |  |  | 1,354 |  |  | 1,140 |
Other |  | 311 |  |  | 288 |  |  | 594 |  |  | 582 |
Total revenue |  | $ | 3,939 |  |  | $ | 3,299 |  |  | $ | 7,692 |  |  | $ | 6,422 |
Segment profit (loss) |  |  |  |  |  |  |  |
Energy Solutions |  | $ | 89 |  |  | $ | 65 |  |  | $ | 178 |  |  | $ | 119 |
Urban Solutions |  | 76 |  |  | 12 |  |  | 55 |  |  | 29 |
Mission Solutions |  | 40 |  |  | 28 |  |  | 47 |  |  | 86 |
Other |  | (14) |  |  | 3 |  |  | (104) |  |  | (11) |
Total segment profit |  | $ | 191 |  |  | $ | 108 |  |  | $ | 176 |  |  | $ | 223 |
G&A |  | (60) |  |  | (45) |  |  | (121) |  |  | (117) |
Impairment |  | — |  |  | — |  |  | — |  |  | 63 |
Foreign currency gain (loss) |  | (44) |  |  | 36 |  |  | (86) |  |  | 18 |
Interest income (expense), net |  | 37 |  |  | (1) |  |  | 78 |  |  | (10) |
Earnings (loss) attributable to NCI |  | 7 |  |  | 7 |  |  | (16) |  |  | 14 |
Earnings before taxes |  | $ | 131 |  |  | $ | 105 |  |  | $ | 31 |  |  | $ | 191 |
Intercompany revenue for our professional staffing business, excluded from revenue above |  | $ | 74 |  |  | $ | 61 |  |  | $ | 143 |  |  | $ | 121 |
Energy Solutions. Segment profit in the 2023 Quarter and 2023 Period increased primarily due to the ramp up of execution activities on refinery projects in Mexico, positive forecast adjustments totaling $74 million (or $0.31 per share) on two projects and close out matters on a chemicals project. Despite the overall increase in segment profit, both the 2023 Quarter and 2023 Period included a charge of $34 million (or $0.20 per share) for cost growth and schedule extension on an upstream project. The 2023 Period included a favorable foreign currency remeasurement effect totaling $22 million (or $0.09 per share) on a project with multiple currencies. Segment profit in the 2023 Quarter and 2023 Period included losses of $8 million and $47 million, respectively, related to embedded foreign currency derivatives. Segment profit in the 2022 Quarter and 2022 Period included gains of $17 million and $4 million, respectively, related to an embedded foreign currency derivative. Urban Solutions. Segment profit for the 2023 Quarter and 2023 Period improved due to a positive forecast adjustment on one legacy infrastructure project as well as the ramp up of execution activities on several new ATLS projects. Segment profit in the 2023 Period included a $59 million (or $0.34 per share) charge for rework associated with subcontractor design errors, related schedule impacts and system integration testing timelines on the LAX Automated People Mover project. Segment profit in the 2022 Quarter and 2022 Period included a project charge of $32 million (or $0.14 per share) related to procurement and subcontractor cost growth on an infrastructure project. Mission Solutions. Segment profit in the 2023 Period included a $30 million (or $0.17 per share) charge for cost growth resulting from government directed change orders and the associated schedule delays on a weapons facility project. Other. Segment profit (loss) for NuScale, Stork and AMECO follows:
| 3ME June 30, |  | 6ME June 30,
(in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
NuScale(1) | $ | (23) |  |  | $ | (8) |  |  | $ | (52) |  |  | $ | (29) |
Stork | 9 |  |  | 8 |  |  | 10 |  |  | 12 |
AMECO | — |  |  | 3 |  |  | (62) |  |  | 6 |
Segment profit (loss) | $ | (14) |  |  | $ | 3 |  |  | $ | (104) |  |  | $ | (11) |
(1) As of June 30, 2023, we had an approximate 56% ownership in NuScale. In March 2023, we sold our AMECO South America business, which included operations in Chile and Peru. This transaction marks the completion of the AMECO divestiture for total proceeds of $144 million, including $17 million during the 2023 Period. Previous AMECO divestitures included assets in Africa, the Caribbean, Mexico and North America. Upon the sale of AMECO South America in the 2023 Period, we recognized a $60 million negative earnings impact, including $35 million associated with foreign currency translation. Total assets by segment are as follows:
(in millions) |  | June 30, 2023 |  | December 31, 2022
Energy Solutions |  | $ | 1,146 |  |  | $ | 967 |
Urban Solutions |  | 1,162 |  |  | 1,170 |
Mission Solutions |  | 543 |  |  | 485 |
Other |  | 574 |  |  | 583 |
Corporate |  | 3,331 |  |  | 3,622 |
Total assets |  | $ | 6,756 |  |  | $ | 6,827 |
Revenue by project location follows:
|  | 3ME June 30, |  | 6ME June 30,
(in millions) |  | 2023 |  | 2022 |  | 2023 |  | 2022
North America |  | $ | 2,762 |  |  | $ | 2,101 |  |  | $ | 5,413 |  |  | $ | 4,009 |
Asia Pacific (includes Australia) |  | 436 |  |  | 203 |  |  | 761 |  |  | 452 |
Europe |  | 530 |  |  | 595 |  |  | 1,042 |  |  | 1,145 |
Central and South America |  | 177 |  |  | 356 |  |  | 398 |  |  | 707 |
Middle East and Africa |  | 34 |  |  | 44 |  |  | 78 |  |  | 109 |
Total revenue |  | $ | 3,939 |  |  | $ | 3,299 |  |  | $ | 7,692 |  |  | $ | 6,422 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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