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Operating Information by Segment and Geographic Area
 12 Months Ended
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)202420232022
Revenue
Urban Solutions$7,239 $5,262 $4,373 
Energy Solutions5,976 6,307 5,872 
Mission Solutions2,594 2,655 2,289 
Other506 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 Solutions256 381 301 
Mission Solutions153 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), net150 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 Solutions24 — — 
Mission Solutions5 3 3 
Other8 19 18 
Corporate9 42 43 
Total depreciation$73 $74 $73 
Capital expenditures
Urban Solutions$21 $20 $14 
Energy Solutions— — — 
Mission Solutions3 4 4 
Other6 15 21 
Corporate134 67 36 
Total capital expenditures$164 $106 $75 
(in millions)December 31, 2024December 31, 2023
Total assets
Urban Solutions$1,472 $1,211 
Energy Solutions729 1,053 
Mission Solutions734 577 
Other2,338 509 
Corporate3,870 3,623 
Total assets$9,143 $6,973 
Goodwill
Urban Solutions$129 $129 
Energy Solutions13 13 
Mission Solutions58 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)202420232022
NuScale
$(100)$(106)$(73)
Stork23 (55)45 
AMECO(1)(67)1 
Segment profit (loss)(78)$(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)20242023202220242023
North America$11,089 $10,514 $8,819 $7,459 $5,034 
Asia Pacific (includes Australia)1,837 1,744 1,138 710 686 
Europe2,689 2,268 2,240 568 724 
Central and South America484 741 1,338 133 175 
Middle East and Africa216 207 209 273 354 
Total$16,315 $15,474 $13,744 $9,143 $6,973