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Operating Information by Segment and Geographic Area
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Operating Information by Segment and Geographic Area Operating Information by Segment and Geographic Area
3ME
June 30,		6ME
June 30,
(in millions)2024202320242023
Revenue
Energy Solutions$1,595 $1,721 $3,028 $3,333 
Urban Solutions1,831 1,202 3,309 2,411 
Mission Solutions704 705 1,305 1,354 
Other97 311 319 594 
Total revenue$4,227 $3,939 $7,961 $7,692 
Segment profit (loss)
Energy Solutions$75 $89 $143 $178 
Urban Solutions105 76 155 55 
Mission Solutions41 40 63 47 
Other(27)(14)(49)(104)
Total segment profit$194 $191 $312 $176 
G&A(50)(60)(110)(121)
Foreign currency gain (loss)48 (44)60 (86)
Interest income (expense), net38 37 77 78 
Earnings (loss) attributable to NCI(16)7 (34)(16)
Earnings before taxes$214 $131 $305 $31 
Intercompany revenue for our professional staffing business, excluded from revenue above$75 $74 $156 $143 
Energy Solutions. Segment profit declined in the 2024 Quarter and 2024 Period primarily due to lower contributions from a large project in the late stages of execution. We recognized a positive forecast adjustment upon the negotiation of change orders on the same project in the 2023 Quarter and 2023 Period. Segment profit in the 2024 Quarter and 2024 Period was also impacted by a decline in the volume of execution activity for projects completed or nearing completion as well as cost growth on a construction only subcontract executed by our joint venture in Mexico resulting in a $39 million (or $0.16 per share) charge during the 2024 Period. The decline in segment profit during the 2024 Quarter and 2024 Period was partially offset by final negotiations and handover of a large upstream legacy project which was completed during the 2024 Quarter. We recorded $34 million (or $0.20 per share) for cost growth on the now-completed project during 2023 Quarter and 2023 Period. Segment profit in the 2024 Quarter and 2024 Period also included gains of $20 million and $27 million, respectively, on embedded foreign currency derivatives compared to losses of $8 million and $47 million, respectively, in the 2023 Quarter and 2023 Period.
Urban Solutions. Segment profit significantly improved in the 2024 Quarter and 2024 Period due to an increase in execution activities on advanced technology projects and a life sciences project. Segment profit in the 2024 Quarter and 2024 Period included the agreement to the terms of a change order on a legacy infrastructure project compared to a $59 million (or $0.34 per share) charge for rework associated with subcontractor design errors and related schedule impacts on the same project during the 2023 Period.
Mission Solutions. Segment profit was higher in the 2024 Period compared to the 2023 Period that included a $30 million (or $0.17 per share) charge for cost growth associated with schedule delays on a weapons facility project that is substantially complete.
Other. Segment profit (loss) for NuScale, Stork and AMECO follows:
3ME
June 30,		6ME
June 30,
(in millions)2024202320242023
NuScale(1)
$(28)$(23)$(61)$(52)
Stork1 9 12 10 
AMECO— — — (62)
Segment profit (loss)$(27)$(14)$(49)$(104)
(1) As of June 30, 2024, we had an approximate 51% ownership in NuScale.
In March 2024, we completed the sale of Stork's operations in continental Europe for $67 million. During the 2024 Period, we recognized a gain on sale of $11 million including de-recognition of Stork's net assets and cumulative foreign currency translation.
During April 2024, we also entered into a definitive sale agreement for Stork's U.K. operations, which could close in late 2024, most significantly dependent upon regulatory approval. The financial statement effects for this proposed U.K. sale did not meet the requirements for discontinued operations and held-for-sale reporting as of June 30, 2024. The transaction, as agreed to, is not expected to have a material earnings impact when consummated.
In March 2023, we sold our AMECO South America business, which included operations in Chile and Peru. This transaction marked the completion of the AMECO divestiture. 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,
2024		December 31,
2023
Energy Solutions$956 $1,053 
Urban Solutions1,336 1,211 
Mission Solutions585 577 
Other226 509 
Corporate3,708 3,623 
Total assets$6,811 $6,973 
Revenue by project location follows:
3ME
June 30,		6ME
June 30,
(in millions)2024202320242023
North America$2,929 $2,762 $5,299 $5,413 
Asia Pacific (includes Australia)558 436 1,001 761 
Europe558 530 1,333 1,042 
Central and South America136 177 203 398 
Middle East and Africa46 34 125 78 
Total revenue$4,227 $3,939 $7,961 $7,692