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Operating Information by Segment and Geographic Area | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Operating Information by Segment and Geographic Area | Operating Information by Segment and Geographic Area
| Year Ended December 31,
(in millions) | 2024 |  | 2023 |  | 2022
Revenue |  |  |  |  |
Urban Solutions | $ | 7,239 |  |  | $ | 5,262 |  |  | $ | 4,373 |
Energy Solutions | 5,976 |  |  | 6,307 |  |  | 5,872 |
Mission Solutions | 2,594 |  |  | 2,655 |  |  | 2,289 |
Other | 506 |  |  | 1,250 |  |  | 1,210 |
Total revenue | $ | 16,315 |  |  | $ | 15,474 |  |  | $ | 13,744 |
Cost of revenue |  |  |  |  |
Urban Solutions | $ | (6,931) |  |  | $ | (4,978) |  |  | $ | (4,407) |
Energy Solutions | (5,715) |  |  | (5,942) |  |  | (5,573) |
Mission Solutions | (2,427) |  |  | (2,525) |  |  | (2,141) |
Other | (668) |  |  | (1,552) |  |  | (1,268) |
Total cost of revenue | $ | (15,741) |  |  | $ | (14,997) |  |  | $ | (13,389) |
Segment profit (loss) |  |  |  |  |
Urban Solutions | $ | 304 |  |  | $ | 268 |  |  | $ | 17 |
Energy Solutions | 256 |  |  | 381 |  |  | 301 |
Mission Solutions | 153 |  |  | 116 |  |  | 136 |
Other | (78) |  |  | (228) |  |  | (27) |
Total segment profit | $ | 635 |  |  | $ | 537 |  |  | $ | 427 |
G&A | (203) |  |  | (232) |  |  | (237) |
Impairment | — |  |  | — |  |  | 24 |
Gain (loss) on pension settlement | — |  |  | — |  |  | 42 |
Foreign currency gain (loss) | 92 |  |  | (98) |  |  | 25 |
Interest income (expense), net | 150 |  |  | 168 |  |  | 35 |
Earnings (loss) attributable to NCI | (61) |  |  | (60) |  |  | (72) |
Earnings before taxes | $ | 613 |  |  | $ | 315 |  |  | $ | 244 |
Depreciation (all but Corporate included in segment profit) |  |  |  |  |
Urban Solutions | $ | 27 |  |  | $ | 10 |  |  | $ | 9 |
Energy Solutions | 24 |  |  | — |  |  | — |
Mission Solutions | 5 |  |  | 3 |  |  | 3 |
Other | 8 |  |  | 19 |  |  | 18 |
Corporate | 9 |  |  | 42 |  |  | 43 |
Total depreciation | $ | 73 |  |  | $ | 74 |  |  | $ | 73 |
Capital expenditures |  |  |  |  |
Urban Solutions | $ | 21 |  |  | $ | 20 |  |  | $ | 14 |
Energy Solutions | — |  |  | — |  |  | — |
Mission Solutions | 3 |  |  | 4 |  |  | 4 |
Other | 6 |  |  | 15 |  |  | 21 |
Corporate | 134 |  |  | 67 |  |  | 36 |
Total capital expenditures | $ | 164 |  |  | $ | 106 |  |  | $ | 75 |
(in millions) | December 31, 2024 |  | December 31, 2023 |  |
Total assets |  |  |  |  |
Urban Solutions | $ | 1,472 |  |  | $ | 1,211 |  |  |
Energy Solutions | 729 |  |  | 1,053 |  |  |
Mission Solutions | 734 |  |  | 577 |  |  |
Other | 2,338 |  |  | 509 |  |  |
Corporate | 3,870 |  |  | 3,623 |  |  |
Total assets | $ | 9,143 |  |  | $ | 6,973 |  |  |
Goodwill |  |  |  |  |
Urban Solutions | $ | 129 |  |  | $ | 129 |  |  |
Energy Solutions | 13 |  |  | 13 |  |  |
Mission Solutions | 58 |  |  | 58 |  |  |
Other | — |  |  | 6 |  |  |
Total goodwill | $ | 199 |  |  | $ | 206 |  |  |
Urban Solutions. Segment profit increased in 2024 due to the ramp up of several recently awarded projects, partially offset by cost growth on an infrastructure project. Segment profit in 2024 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. Further, segment profit in 2023 included the favorable settlement of a claim on an international bridge project. Energy Solutions. The revenue of 2 customers each amounted to 10% of our consolidated revenue during 2023. The revenue of a single customer amounted to 14% of our consolidated revenue during 2022. Segment profit declined in 2024 primarily due to the initial recognition of inflation-adjusted variable consideration on certain downstream projects during 2023. Segment profit in 2024 was also impacted by cost growth related to schedule delays and reduced productivity on 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. Further, cost growth on a construction-only subcontract executed by our joint venture in Mexico resulted in charges totaling $66 million (or $0.26 per share) during 2024. The decrease in segment profit during 2024 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 $91 million (or $0.53 per share) for cost growth on the now-completed project during 2023. Segment profit in 2024 also included gains of $47 million on embedded foreign currency derivatives compared to a loss of $17 million in 2023. Mission Solutions. Revenue from work performed for various agencies of the U.S. government amounted to 16%, 9% and 16% of our consolidated revenue during 2024, 2023 and 2022, respectively. Segment profit and profit margin significantly improved during 2024 which reflected a $30 million (or $0.17 per share) charge for cost growth associated with schedule delays on a weapons facility project during 2023 that is now complete. The increase in segment profit and profit margin in 2024 was further driven by an increase in execution activities on a DOE contract partially offset by the cancellation of a project in 2023. Other. Other includes the operations of NuScale prior to deconsolidation and the operations of the remaining Stork and AMECO business prior to their sale. Segment profit (loss) follows:
|  | YEAR ENDED DECEMBER 31,
(in millions) |  | 2024 |  | 2023 |  | 2022
NuScale |  | $ | (100) |  |  | $ | (106) |  |  | $ | (73) |
Stork |  | 23 |  |  | (55) |  |  | 45 |
AMECO |  | (1) |  |  | (67) |  |  | 1 |
Segment profit (loss) |  | (78) |  |  | $ | (228) |  |  | $ | (27) |
Beginning in October 2024, based principally on their equity sales, we no longer met the criteria to consolidate NuScale. As a consequence, their results for all periods prior to October 2024 were consolidated, but we deconsolidated NuScale after that date and recognized a pre-tax gain of $1.6 billion in the fourth quarter of 2024, based on a stock price of $13.15 for our 126 million shares. We recognize the fair value of our investment in NuScale on a mark-to-market basis based upon the prevailing price of their stock on our balance sheet dates, which resulted in an additional pre-tax gain of $604 million for the fourth quarter of 2024. These fair value changes are not included in segment profit. In December 2023, we sold the Stork business in Latin America, largely for the assumption of debt by the purchaser. We recognized a $93 million negative earnings impact on sale, including $31 million of cash transferred to the buyer and $33 million associated with foreign currency translation. During March 2024, we completed the sale of Stork's operations in continental Europe for $67 million and 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 agreement to sell Stork's U.K. operations, which we completed in the first quarter of 2025. The sale did not meet the requirements for discontinued operations as of December 31, 2024 and will not have a material impact on the financial statements. During December 2024, we completed the sale of Stork's operations in the Middle East. After completion of the wind down of immaterial operations in Trinidad and Tobago, expected in the first quarter of 2025, the Stork divestiture will be complete. 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 for total proceeds of $144 million, including $17 million in 2023. Previous AMECO divestitures included assets in Africa, the Caribbean, Mexico and North America. Upon the sale of AMECO South America in 2023, we recognized a negative earnings impact of $60 million, including $35 million associated with foreign currency translation. Operating Information by Geographic Area
| Revenue by project location Year Ended December 31, |  | Total Assets As of December 31,
(in millions) | 2024 | 2023 | 2022 |  | 2024 | 2023
North America | $ | 11,089 |  | $ | 10,514 |  | $ | 8,819 |  |  | $ | 7,459 |  | $ | 5,034 |
Asia Pacific (includes Australia) | 1,837 |  | 1,744 |  | 1,138 |  |  | 710 |  | 686 |
Europe | 2,689 |  | 2,268 |  | 2,240 |  |  | 568 |  | 724 |
Central and South America | 484 |  | 741 |  | 1,338 |  |  | 133 |  | 175 |
Middle East and Africa | 216 |  | 207 |  | 209 |  |  | 273 |  | 354 |
Total | $ | 16,315 |  | $ | 15,474 |  | $ | 13,744 |  |  | $ | 9,143 |  | $ | 6,973 |

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