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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Income Tax Expense (Benefit) Included in Consolidated Statement of Earnings From Continuing Operations | The income tax expense (benefit) components recognized in Cont Ops follow:
| Year Ended December 31,
(in millions) | 2023 |  | 2022 |  | 2021
Current: |  |  |  |  |
Federal | $ | (3) |  |  | $ | 1 |  |  | $ | 1 |
Foreign | 240 |  |  | 148 |  |  | 47 |
State and local | 12 |  |  | 5 |  |  | (5) |
Total current | 249 |  |  | 154 |  |  | 43 |
Deferred: |  |  |  |  |
Federal | — |  |  | — |  |  | — |
Foreign | (13) |  |  | 17 |  |  | (23) |
State and local | — |  |  | — |  |  | — |
Total deferred | (13) |  |  | 17 |  |  | (23) |
Total income tax expense | $ | 236 |  |  | $ | 171 |  |  | $ | 20 |
Schedule of Reconciliation of U.S. Statutory Federal Income Tax Expense (Benefit) to Income Tax Expense (Benefit) | A reconciliation of U.S. statutory federal income tax expense (benefit) to income tax expense (benefit) from Cont Ops follows:
| Year Ended December 31,
(in millions) | 2023 |  | 2022 |  | 2021
U.S. statutory federal tax expense (benefit) | $ | 66 |  |  | $ | 51 |  |  | $ | (73) |
Increase (decrease) in taxes resulting from: |  |  |  |  |
State and local income taxes | 6 |  |  | — |  |  | 12 |
Goodwill Impairment | — |  |  | 10 |  |  | 36 |
Sale of foreign subsidiaries | (10) |  |  | — |  |  | — |
NCI | 13 |  |  | 15 |  |  | (7) |
Foreign tax differential, net | 48 |  |  | (106) |  |  | (11) |
Valuation allowance, net | 122 |  |  | 194 |  |  | 103 |
Stranded tax effects from AOCI | — |  |  | — |  |  | (52) |
Other, net | (9) |  |  | 7 |  |  | 12 |
Total income tax expense | $ | 236 |  |  | $ | 171 |  |  | $ | 20 |
Schedule of Tax Effects of Significant Temporary Differences Giving Rise to Deferred Tax Assets and Liabilities | The tax effects of significant temporary differences giving rise to deferred tax assets and liabilities are as follows:
| December 31,
(in millions) | 2023 |  | 2022
Deferred tax assets: |  |  |
Accrued liabilities not currently deductible: |  |  |
Employee compensation and benefits | $ | 105 |  |  | $ | 107 |
Project and non-project reserves | 20 |  |  | 33 |
Net operating loss carryforward | 399 |  |  | 397 |
Tax basis of investment in excess of book basis, net | 123 |  |  | 66 |
U.S. foreign tax credit carryforward | 611 |  |  | 567 |
AOCI | 42 |  |  | 21 |
Other | 115 |  |  | 57 |
Total deferred tax assets | 1,415 |  |  | 1,248 |
Valuation allowance | (1,340) |  |  | (1,211) |
Deferred tax assets, net | $ | 75 |  |  | $ | 37 |
Deferred tax liabilities: |  |  |
Book basis of property and equipment in excess of tax basis | (19) |  |  | (10) |
Dividend withholding on unremitted non-U.S. earnings | (60) |  |  | (46) |
Other | (15) |  |  | (20) |
Total deferred tax liabilities | (94) |  |  | (76) |
Deferred tax liabilities, net of deferred tax assets | $ | (19) |  |  | $ | (39) |
Summary of Tax Credit Carryforwards | As of December 31, 2023, tax credit carryforwards, principally federal, and tax loss carryforwards, principally federal, state, and foreign, were as follows:
(in millions) | Federal FTC |  | Federal NOLs |  | State NOLs |  | Foreign NOLs
Expiration periods: |  |  |  |  |  |  |
2024-2028 | $ | 21 |  |  | $ | — |  |  | $ | 9 |  |  | $ | 25 |
2029-2033 | 532 |  |  | — |  |  | 76 |  |  | 56 |
2034-2043 | 58 |  |  | — |  |  | 276 |  |  | 5 |
Indefinite | — |  |  | — |  |  | 319 |  |  | 1,355 |
Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits Including Interest and Penalties | A summary of unrecognized tax benefits follows:
(in millions) | 2023 |  | 2022
Balance at beginning of year | $ | 49 |  |  | $ | 48 |
Change in tax positions of prior years | 3 |  |  | 1 |
Change in tax positions of current year | — |  |  | — |
Reduction in tax positions for statute expirations | — |  |  | — |
Reduction in tax positions for audit settlements | — |  |  | — |
Balance at end of year | $ | 52 |  |  | $ | 49 |
Schedule of U.S. and Foreign Earnings From Continuing Operations Before Taxes | U.S. and foreign earnings (loss) from Cont Ops before taxes are as follows:
| Year Ended December 31,
(in millions) | 2023 |  | 2022 |  | 2021
United States | $ | 185 |  |  | $ | (465) |  |  | $ | (394) |
Foreign | 130 |  |  | 709 |  |  | 48 |
Total | $ | 315 |  |  | $ | 244 |  |  | $ | (346) |

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- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 19 -SubTopic 10 -Topic 740 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-19 + Details
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