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Operating Information by Segment and Geographic Area
 6 Months Ended
Jun. 30, 2020
Segment Reporting [Abstract]  
Operating Information by Segment and Geographic Area Operating Information by Segment and Geographic Area
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
(in millions)
 
2020
 
2019
 
2020
 
2019
Revenue
 
 
 
 
 
 
 
 
Energy & Chemicals
 
$
1,495.9

 
$
1,398.9

 
$
2,851.4

 
$
2,873.6

Mining & Industrial
 
1,013.0

 
1,278.3

 
2,186.9

 
2,329.6

Infrastructure & Power
 
474.7

 
229.4

 
860.5

 
573.4

Government
 
701.8

 
721.9

 
1,419.4

 
1,478.0

Diversified Services
 
382.9

 
514.9

 
840.1

 
1,003.3

Other
 
22.7

 
3.0

 
51.2

 
22.1

Total revenue
 
$
4,091.0

 
$
4,146.4

 
$
8,209.5

 
$
8,280.0

 
 
 
 
 
 
 
 
 
Segment profit (loss)
 
 
 
 
 
 
 
 
Energy & Chemicals
 
$
41.0

 
$
(222.0
)
 
$
34.6

 
$
(209.8
)
Mining & Industrial
 
29.8

 
44.7

 
68.4

 
72.2

Infrastructure & Power
 
3.5

 
(167.2
)
 
8.7

 
(189.0
)
Government
 
10.5

 
26.4

 
41.4

 
64.8

Diversified Services
 
(4.8
)
 
3.0

 
0.3

 
11.7

Other
 
(19.3
)
 
(77.4
)
 
(40.8
)
 
(103.5
)
Total segment profit (loss)
 
$
60.7

 
$
(392.5
)
 
$
112.6

 
$
(353.6
)
 
 
 
 
 
 
 
 
 
Corporate G&A
 
(39.7
)
 
(49.9
)
 
(25.7
)
 
(108.6
)
Impairment, restructuring and other exit costs
 
(5.1
)
 
(26.7
)
 
(302.6
)
 
(54.0
)
Interest income (expense), net
 
(11.7
)
 
(4.1
)
 
(18.0
)
 
(9.8
)
Earnings (loss) attributable to NCI from Cont Ops
 
6.7

 
(38.7
)
 
16.2

 
(14.8
)
Earnings (loss) from Cont Ops before taxes
 
$
10.9

 
$
(511.9
)
 
$
(217.5
)
 
$
(540.8
)

Energy & Chemicals. Segment profit for the 2019 Quarter and 2019 Period included charges totaling $179 million (or $1.07 per share) and $240 million (or $1.40 per share), respectively, for cost growth on an offshore project. Additional charges totaling $87 million (or $0.50 per share) for both the 2019 Quarter and 2019 Period resulted from schedule-driven cost growth and client and subcontractor negotiations on two downstream projects and scope reductions on a large upstream project. Pre-contract costs of $26 million (or $0.15 per share) were expensed in both the 2019 Quarter and 2019 Period due to our evaluation of the probability of receiving an award. Segment profit during the 2019 Period was also impacted by a charge of $31 million (or $0.22 per share) resulting from the resolution of certain close-out matters with a customer. There were no similar material charges in 2020.
Infrastructure & Power. Segment profit for the 2019 Quarter and 2019 Period included charges totaling $109 million (or $0.60 per share) and $135 million (or $0.74 per share), respectively, which included the settlement of client disputes, as well as cost growth related to certain close-out matters, on three lump-sum, gas-fired power plant projects that were substantially complete as of December 31, 2019. Segment profit during both the 2019 Quarter and 2019 Period also included charges totaling $55 million (or $0.30 per share) resulting from late engineering changes and schedule-driven cost growth, as well as negotiations with clients and subcontractors on pending change orders, for several infrastructure projects. There were no similar material charges in 2020.
Diversified Services. Intercompany revenue for Diversified Services, excluded from the amounts shown above, was $62 million and $140 million for the 2020 Quarter and 2020 Period, respectively, and $92 million and $172 million for the 2019 Quarter and 2019 Period, respectively.
Other. Segment loss for the 2019 Quarter included charges totaling $57 million (or $0.32 per share) resulting from estimated cost growth related to the Radford project. There were no similar material charges in 2020. Segment loss for all periods included
the operations of NuScale, which are primarily for research and development activities associated with the licensing and commercialization of small modular nuclear reactor technology. NuScale expenses included in the determination of segment loss were $18 million and $41 million for the 2020 Quarter and 2020 Period, respectively, and $18 million and $34 million for the 2019 Quarter and 2019 Period, respectively. NuScale expenses were reported net of qualified reimbursable expenses of $20 million and $33 million for the 2020 Quarter and 2020 Period, respectively, and $15 million and $28 million for the 2019 Quarter and 2019 Period, respectively.
Corporate G&A. Foreign currency gains and (losses) of $45 million and ($18 million) were included in corporate G&A during the 2020 Period and 2019 Period, respectively.
Total assets by segment are as follows:
(in millions)
 
June 30,
2020
 
December 31,
2019
Energy & Chemicals
 
$
961.5

 
$
1,139.3

Mining & Industrial
 
549.6

 
594.9

Infrastructure & Power
 
540.6

 
471.2

Government
 
594.6

 
629.1

Diversified Services
 
951.8

 
1,290.6

Other
 
37.2

 
68.5

Corporate
 
3,345.8

 
3,379.3


Energy & Chemicals. During the 2020 Period, we recognized impairment expense of $86 million for equity method investments in "Impairment, restructuring and other exit costs". We also recorded a reserve of $55 million on receivables and contract assets during the 2020 Period for expected credit losses associated with certain joint venture clients that were affected by the impacts of COVID-19 and declining oil prices.
Diversified Services. During the 2020 Period, we recognized impairment expense of $169 million on goodwill and $27 million on intangible customer relationships in the Diversified Services segment. Additionally, accounts receivable and contract assets at June 30, 2020 decreased by $101 million compared to December 31, 2019.
Revenue by project location follows:
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
(in millions)
 
2020
 
2019
 
2020
 
2019
North America
 
$
2,545.7

 
$
1,931.1

 
$
4,990.8

 
$
3,836.8

Asia Pacific (includes Australia)
 
360.0

 
478.8

 
686.6

 
898.7

Europe
 
792.9

 
957.5

 
1,464.5

 
1,968.1

Central and South America
 
258.7

 
574.2

 
766.0

 
1,028.2

Middle East and Africa
 
133.7

 
204.8

 
301.6

 
548.2

Total revenue
 
$
4,091.0

 
$
4,146.4

 
$
8,209.5

 
$
8,280.0