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Income Taxes (Tables)

12 Months Ended

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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