XML 53 R37.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) Recognized in Continuing Operations (Details) | The components of income tax expense (benefit) recognized in continuing operations are as follows:
| Year Ended December 31,
(in millions) | 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
Federal | $ | (10) |  |  | $ | (3) |  |  | $ | 1 |
Foreign | 214 |  |  | 240 |  |  | 148 |
State and local | 13 |  |  | 12 |  |  | 5 |
Total current | 217 |  |  | 249 |  |  | 154 |
Deferred: |  |  |  |  |
Federal | 326 |  |  | — |  |  | — |
Foreign | 19 |  |  | (13) |  |  | 17 |
State and local | 72 |  |  | — |  |  | — |
Total deferred | 417 |  |  | (13) |  |  | 17 |
Total income tax expense | $ | 634 |  |  | $ | 236 |  |  | $ | 171 |
Schedule of Reconciliation of U.S. Statutory Federal Income Tax Expense (Benefit) to Income Tax Expense (Benefit) | A reconciliation of U.S. statutory federal tax expense to total income tax expense follows:
| Year Ended December 31,
(in millions) | 2024 |  | 2023 |  | 2022
U.S. statutory federal tax expense (includes equity method earnings) | $ | 571 |  |  | $ | 66 |  |  | $ | 51 |
Increase (decrease) in taxes resulting from: |  |  |  |  |
State and local income taxes | 66 |  |  | 6 |  |  | — |
Goodwill Impairment | — |  |  | — |  |  | 10 |
Sale of foreign subsidiaries | — |  |  | (10) |  |  | — |
NCI | 13 |  |  | 13 |  |  | 15 |
Foreign tax differential, net | 53 |  |  | 48 |  |  | (106) |
Valuation allowance, net | (97) |  |  | 122 |  |  | 194 |
Other, net | 28 |  |  | (9) |  |  | 7 |
Total income tax expense | $ | 634 |  |  | $ | 236 |  |  | $ | 171 |
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) | 2024 |  | 2023
Deferred tax assets: |  |  |
Accrued liabilities not currently deductible: |  |  |
Employee compensation and benefits | $ | 98 |  |  | $ | 105 |
Project and non-project reserves | 50 |  |  | 20 |
Revenue recognition | 44 |  |  | 51 |
Net operating loss carryforward | 362 |  |  | 399 |
Tax basis of investment in excess of book basis, net | 135 |  |  | 156 |
U.S. foreign tax credit carryforward | 663 |  |  | 611 |
AOCI | 29 |  |  | 42 |
Other | 92 |  |  | 64 |
Total deferred tax assets | 1,473 |  |  | 1,448 |
Valuation allowance | (1,241) |  |  | (1,340) |
Deferred tax assets, net | $ | 232 |  |  | $ | 108 |
Deferred tax liabilities: |  |  |
Book basis of property and equipment in excess of tax basis | (52) |  |  | (19) |
Book basis of investments in excess of tax basis | (546) |  |  | (33) |
Dividend withholding on unremitted foreign earnings | (59) |  |  | (60) |
Other | (13) |  |  | (15) |
Total deferred tax liabilities | (670) |  |  | (127) |
Deferred tax liabilities, net of deferred tax assets | $ | (438) |  |  | $ | (19) |
Summary of Tax Credit Carryforwards | As of December 31, 2024, tax credit carryforwards and tax loss carryforwards are as follows:
(in millions) | Federal FTC |  | State NOLs |  | Foreign NOLs
Expiration periods: |  |  |  |  |
2025-2029 | $ | 266 |  |  | $ | 4 |  |  | $ | 28 |
2030-2034 | 317 |  |  | 117 |  |  | 65 |
2035-2044 | 79 |  |  | 218 |  |  | 2 |
Indefinite | — |  |  | 324 |  |  | 1,207 |
Schedule of Unrecognized Tax Benefits | A summary of unrecognized tax benefits follows:
(in millions) | 2024 |  | 2023
Balance at beginning of year | $ | 52 |  |  | $ | 49 |
Change in tax positions of prior years | 15 |  |  | 3 |
Change in tax positions of current year | — |  |  | — |
Reduction in tax positions for statute expirations | (1) |  |  | — |
Reduction in tax positions for audit settlements | (33) |  |  | — |
Balance at end of year | $ | 33 |  |  | $ | 52 |
Schedule of U.S. and Foreign Earnings From Continuing Operations Before Taxes | U.S. and foreign earnings (loss) before taxes are as follows:
| Year Ended December 31,
(in millions) | 2024 |  | 2023 |  | 2022
United States | $ | 1,589 |  |  | $ | 185 |  |  | $ | (465) |
Foreign | 1,129 |  |  | 130 |  |  | 709 |
Total | $ | 2,718 |  |  | $ | 315 |  |  | $ | 244 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 217 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-217 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-15A + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of tax credit carryforwards available to reduce future taxable income, including amounts, expiration dates, limitations on use and the related deferred tax assets and valuation allowances. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-3 + Details
Name: | us-gaap_SummaryOfTaxCreditCarryforwardsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration