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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

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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.

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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.

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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.

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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.

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