XML 23 R12.htm IDEA: XBRL DOCUMENT v3.24.3
Operating Information by Segment and Geographic Area
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Operating Information by Segment and Geographic Area Operating Information by Segment and Geographic Area
3ME
September 30,		9ME
September 30,
(in millions)2024202320242023
Revenue
Energy Solutions$1,428 $1,553 $4,456 $4,886 
Urban Solutions1,931 1,431 5,240 3,842 
Mission Solutions635 655 1,940 2,009 
Other100 324 419 917 
Total revenue$4,094 $3,963 $12,055 $11,654 
Segment profit (loss)
Energy Solutions$50 $177 $193 $355 
Urban Solutions68 66 223 121 
Mission Solutions45 38 108 84 
Other(46)(5)(95)(108)
Total segment profit$117 $276 $429 $452 
G&A(37)(56)(147)(177)
Foreign currency gain (loss)(2)23 58 (62)
Interest income (expense), net37 42 114 120 
Earnings (loss) attributable to NCI(29)(25)(63)(42)
Earnings before taxes$86 $260 $391 $291 
Intercompany revenue for our professional staffing business, excluded from revenue above$70 $77 $226 $221 
Energy Solutions. Segment profit declined in the 2024 Quarter and 2024 YTD primarily due to the initial recognition of inflation-adjusted variable consideration on certain downstream projects during the 2023 Quarter and 2023 YTD. Segment profit in 2024 YTD was also impacted by lower contributions from a large project in the late stages of execution. We recognized a positive adjustment upon the negotiation of change orders on the same project in 2023 YTD. Further, cost growth on a construction-only subcontract executed by our joint venture in Mexico resulted in a $57 million (or $0.23 per share) charge during 2024 YTD. The decrease in segment profit during 2024 YTD was partially offset by final negotiations and handover of a large upstream legacy project which was completed during the second quarter of 2024. We recorded $58 million (or $0.34 per share) for cost growth on the now-completed project during 2023 YTD. Segment profit in the 2024 Quarter and 2024 YTD also included gains of $20 million and $47 million, respectively, on embedded foreign currency derivatives compared to a gain of $24 million in the 2023 Quarter and a loss of $23 million in 2023 YTD.
Urban Solutions. Segment profit in 2024 YTD included an 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 2023 YTD.
Mission Solutions. Segment profit improved during the 2024 Quarter due to an increase in execution activities on 2 DOE contracts. Segment profit significantly improved during 2024 YTD compared to 2023 YTD that included a $30 million (or $0.17 per share) charge for cost growth associated with schedule delays on a weapons facility project that was completed in October 2024.
Other. Segment profit (loss) for NuScale, Stork and AMECO follows:
3ME
September 30,		9ME
September 30,
(in millions)2024202320242023
NuScale(1)
$(40)$(19)$(100)$(71)
Stork(6)14 6 25 
AMECO— — (1)(62)
Segment profit (loss)$(46)$(5)$(95)$(108)
(1) As of September 30, 2024, we had an approximate 50% ownership in NuScale.
In March 2024, we completed the sale of Stork's operations in continental Europe for $67 million. During 2024 YTD, 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 as early as the first quarter of 2025, 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 September 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 2023 YTD, 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)September 30,
2024		December 31,
2023
Energy Solutions$847 $1,053 
Urban Solutions1,462 1,211 
Mission Solutions676 577 
Other218 509 
Corporate3,897 3,623 
Total assets$7,100 $6,973 
Revenue by project location follows:
3ME
September 30,		9ME
September 30,
(in millions)2024202320242023
North America$2,877 $2,609 $8,177 $8,022 
Asia Pacific (includes Australia)475 442 1,476 1,203 
Europe590 640 1,923 1,682 
Central and South America113 201 315 599 
Middle East and Africa39 71 164 148 
Total revenue$4,094 $3,963 $12,055 $11,654