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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense (benefit) are as follows:
| Year Ended December 31,
(in millions) | 2025 |  | 2024 |  | 2023
Current: |  |  |  |  |
Federal | $ | 235 |  |  | $ | (10) |  |  | $ | (3) |
Foreign | 138 |  |  | 214 |  |  | 240 |
State and local | 190 |  |  | 13 |  |  | 12 |
Total current | 563 |  |  | 217 |  |  | 249 |
Deferred: |  |  |  |  |
Federal | (477) |  |  | 326 |  |  | — |
Foreign | (37) |  |  | 19 |  |  | (13) |
State and local | (88) |  |  | 72 |  |  | — |
Total deferred | (602) |  |  | 417 |  |  | (13) |
Total income tax expense | $ | (39) |  |  | $ | 634 |  |  | $ | 236 |
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 benefit follows:
| Year Ended December 31,
(in millions) | 2025
U.S. statutory federal tax expense (includes equity method earnings) | $ | (21) |  | 21 | %
Increase (decrease) in taxes resulting from: |  |
State and local income taxes(1) | 61 |  | (60) | %
Foreign tax effects: |  |
Australia: |  |
Valuation allowance | 34 |  | (34) | %
Other | (11) |  | 11 | %
Other foreign jurisdictions | 60 |  | (59) | %
Valuation allowance | (130) |  | 129 | %
Foreign tax credits | (56) |  | 55 | %
Other, net | 24 |  | (24) | %
Total income tax benefit | $ | (39) |  | 39 | %
(1) State taxes in Alabama, Indiana, South Carolina made up the majority of the tax effect in this category for 2025. A reconciliation of the provision for income taxes to the amount computed by applying the 21% of statutory U.S. federal income tax rate to income before income taxes for years prior to the adoption of ASU 2023-09 is as follows:
| Year Ended December 31,
(in millions) | 2024 |  | 2023
U.S. statutory federal tax expense (includes equity method earnings) | $ | 571 |  |  | $ | 66 |
Increase (decrease) in taxes resulting from: |  |  |
State and local income taxes | 66 |  |  | 6 |
Sale of foreign subsidiaries | — |  |  | (10) |
NCI | 13 |  |  | 13 |
Foreign tax differential, net | 53 |  |  | 48 |
Valuation allowance, net | (97) |  |  | 122 |
Other, net | 28 |  |  | (9) |
Total income tax expense | $ | 634 |  |  | $ | 236 |
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) | 2025 |  | 2024
Deferred tax assets: |  |  |
Accrued liabilities not currently deductible: |  |  |
Employee compensation and benefits | $ | 86 |  |  | $ | 98 |
Project and non-project reserves | 22 |  |  | 50 |
Revenue recognition | 52 |  |  | 44 |
Net operating loss carryforward | 397 |  |  | 362 |
Tax basis of investment in excess of book basis, net | 473 |  |  | 135 |
U.S. foreign tax credit carryforward | 331 |  |  | 663 |
AOCI | 27 |  |  | 29 |
Other | 85 |  |  | 92 |
Total deferred tax assets | 1,473 |  |  | 1,473 |
Valuation allowance | (1,179) |  |  | (1,241) |
Deferred tax assets, net | $ | 294 |  |  | $ | 232 |
Deferred tax liabilities: |  |  |
Book basis of property and equipment in excess of tax basis | (58) |  |  | (52) |
Book basis of investments in excess of tax basis | (4) |  |  | (546) |
Dividend withholding on unremitted foreign earnings | (54) |  |  | (59) |
Other | (13) |  |  | (13) |
Total deferred tax liabilities | (129) |  |  | (670) |
Net deferred tax assets (liabilities) | $ | 165 |  |  | $ | (438) |
Schedule of Tax Credit Carryforwards | As of December 31, 2025, tax credit carryforwards and tax loss carryforwards are as follows:
(in millions) | Federal FTC |  | State NOLs |  | Foreign NOLs
Expiration periods: |  |  |  |  |
2026-2030 | $ | 54 |  |  | $ | 4 |  |  | $ | 66 |
2031-2035 | 277 |  |  | 110 |  |  | 23 |
2036-2045 | — |  |  | 185 |  |  | 2 |
Indefinite | — |  |  | 248 |  |  | 1,360 |
Schedule of Unrecognized Tax Benefits | A summary of unrecognized tax benefits follows:
(in millions) | 2025 |  | 2024
Balance at beginning of year | $ | 33 |  |  | $ | 52 |
Change in tax positions of prior years | — |  |  | 15 |
Change in tax positions of current year | — |  |  | — |
Reduction in tax positions for statute expirations | — |  |  | (1) |
Reduction in tax positions for audit settlements | (2) |  |  | (33) |
Balance at end of year | $ | 31 |  |  | $ | 33 |
Schedule of U.S. and Foreign Earnings (Loss) Before Taxes, Including Equity Method Earnings | U.S. and foreign earnings (loss) before taxes, including equity method earnings, are as follows:
| Year Ended December 31,
(in millions) | 2025 | 2024 | 2023
United States | $ | (196) |  | $ | 1,589 |  | $ | 185 |
Foreign | 95 |  | 1,129 |  | 130 |
Total | $ | (101) |  | $ | 2,718 |  | $ | 315 |
Schedule of Cash paid for Income Taxes, Net of Refunds | Cash paid for income taxes, net of refunds, was as follows:
| Year Ended December 31,
(in millions) | 2025
Federal | $ | 2 |
State and local: |
Other | 58 |
Foreign: |
Canada | 69 |
Other | 84 |
Total cash paid for income taxes, net of refunds | $ | 213 |
The changes in assets and liabilities included in operating cash flow follow:
| Year Ended December 31,
(in millions) | 2025 | 2024 | 2023
(Increase) decrease in: |  |  |
Accounts and notes receivable, net | $ | (154) |  | $ | 90 |  | $ | (87) |
Contract assets | 12 |  | (227) |  | (72) |
Other current assets | (1,691) |  | 159 |  | (12) |
Other assets | 1,714 |  | 40 |  | (111) |
Increase (decrease) in: |  |  |
Accounts payable | 244 |  | 76 |  | 218 |
Contract liabilities | (75) |  | 109 |  | (120) |
Accrued liabilities | 348 |  | 31 |  | 79 |
Other liabilities | 4 |  | 69 |  | (9) |
Increase (decrease) in cash due to changes in assets and liabilities | $ | 402 |  | $ | 347 |  | $ | (114) |
Noncash investing and financing activities: |  |  |
Marketable securities transferred to trustee to discharge the 2024 Notes | $ | — |  | $ | — |  | $ | 262 |
Debt assumed by buyer of Stork Latin America | — |  | — |  | 19 |
Cash paid during the year for: |  |  |
Interest | $ | 40 |  | $ | 42 |  | $ | 53 |
Income taxes (net of refunds) | 213 |  | 13 |  | 169 |

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