Operations by Business Segment and Geographical Area

3 Months Ended

Mar. 31, 2013

Operations by Business Segment and Geographical Area

Operations by Business Segment and Geographical Area

(16) Effective January 1, 2013, the company implemented certain organizational changes that impacted the composition of its reportable segments. The company’s operations and maintenance activities, previously included in the Global Services segment, have been integrated into the Industrial & Infrastructure segment. Additionally, the Global Services segment now includes activities associated with the company’s efforts to grow its fabrication and construction capabilities and the operations of a new procurement entity, Acqyre, which was formed to provide strategic sourcing solutions to third parties. Segment operating information and total assets for 2012 have been recast to reflect these organizational changes.

Operating information by segment is as follows:

	Three Months Ended
	March 31,
External Revenue (in millions)	2013		2012
Oil & Gas	$	2,769.3	$	2,040.8
Industrial & Infrastructure	3,132.2		3,041.7
Government	751.2		850.1
Global Services	149.9		182.6
Power	383.0		174.9
Total external revenue	$	7,185.6	$	6,290.1

Intercompany revenue for the Global Services segment, excluded from the amounts above, was $117.2 million and $115.6 million for the three months ended March 31, 2013 and 2012, respectively.

	Three Months Ended
	March 31,
Segment Profit (Loss) (in millions)	2013			2012
Oil & Gas	$	104.5		$	73.4
Industrial & Infrastructure	126.9			113.5
Government	41.3			35.3
Global Services	27.7			33.0
Power	(6.8		)	(1.9		)
Total segment profit	$	293.6		$	253.3

Power segment profit for the three months ended March 31, 2013 and 2012 included research and development expenses of $15.0 million and $10.3 million, respectively, associated with the operations of NuScale.

A reconciliation of the segment information to consolidated amounts is as follows:

	Three Months Ended
	March 31,
Reconciliation of Total Segment Profit to Earnings Before Taxes (in millions)	2013			2012
Total segment profit	$	293.6		$	253.3
Corporate general and administrative expense	(32.6		)	(37.8		)
Interest income (expense), net	(2.9		)	2.7
Earnings attributable to noncontrolling interests	48.2			22.6
Earnings before taxes	$	306.3		$	240.8

Total assets by segment are as follows:

	March 31,		December 31,
Total Assets (in millions)	2013		2012
Oil & Gas	$	1,785.9	$	1,704.4
Industrial & Infrastructure	900.8		751.7
Government	893.6		827.2
Global Services	775.6		768.9
Power	154.9		120.6

The increase in total assets for the Industrial & Infrastructure segments resulted primarily from the consolidation of a variable interest entity in the mining and metals business line.